On behalf of Mirae Asset Securities, I would like to thank you for your continuing trust and encouragement. The fiscal year of 2007 (FY07) was a year of extraordinary growth and fluctuation. The KOSPI Index exceeded 2,000 points, opening a new era for the Korean capital markets. In the second half of the year, the entire world witnessed the subprime mortgage crisis, skyrocketing oil prices, and inflation, all of which added to the financial crisis.

Even under these severe conditions, our company recorded an all-time high market share of 8.2% in the stock brokerage business. Furthermore, our company saw incomparable growth in the wealth management business with total wealth under management (WUM) increasing 105.6% YoY to W38.4 trillion. With regard to the retirement pension business, our company continues to hold the top position in Korea with reserves of W71.4 billion as of the end of March 2008. In addition, the investment banking division has expanded globally by establishing our global IB center in Hong Kong as our research sector has enhanced its competitiveness by renewing and expanding the Global Research Center.

Constantly exploring overseas markets, our company established subsidiaries in Hong Kong in January, in Beijing in July, and in Vietnam in December 2007. Furthermore, a first for a foreign securities company in Vietnam, our company has obtained the Vietnamese government’s authorization to do business as a securities firm.

In November 2007, our company successfully issued convertible bonds worth W455 billion, of which a remarkable 80.3% were converted as of the end of March 2008. This has become a foothold for our company’s expansion of its equity capital and was the inception of our transformation into a mega investment company.

Our company has also developed into the strongest franchise in the Korean market. At the end of FY07, the number of retail branch offices in Korea numbered 149, with 73 of them opened within that fiscal year. We also hired 1,169 competent and highly skilled employees and introduced an advanced internal regulation system which further improved our company’s risk management capabilities. We will satisfy our customers and shareholders with better performance, young In FY07, our company achieved our most outstanding accomplishments since the inception of the company, with earnings before taxes amounting to W372.2 billion and net income of W267.6 billion. The financial soundness of the company has also changed for the better as seen in our issuer credit rating having been elevated to AA-. Our company has been recognized in Korea and overseas by winning the ‘Grand Award of 2007’, ‘Korea Financial Innovation Awards’, and ‘The Excellent Seller Award’ of ‘The Korea Fund Awards’.With your Our company is fully aware of the fact that all of the achievements were due to the generous support of our clients. Not complacent with the advancements in FY07, our management promises the following in order to further grow in FY08.

First, we will continue to fulfill the role of a friendly and prudent financial advisor who always takes the interests of our valued customers into consideration above all else. We will continue to do everything we can to become the most reliable partner in the wealth management industry. Second, our company will do its best, based on our competitiveness in wealth management, to become the leading company in the area of retirement pension business. We will redouble our efforts to expand this very important and key investment area. Third, our company will concentrate its investment banking capabilities not only in Korea, but also in overseas countries emerging as promising investment markets. By doing so, we will live up to the reputation of becoming a global IB powerhouse. Fourth, our company will focus on successfully launching our subsidiaries in the U.S., U.K., India, and Brazil within FY08 and will strive to firmly and quickly establish the overseas business.

Through concentrating on these initiatives, FY08 will be the year our company will further gain a competitive edge amongst securities firms both in the domestic market and overseas markets. The senior management at Mirae Asset Securities promise to do their best to meet our clients’ expectations and strive to meet and beat expectations in the coming years.

Thank you.

May 30, 2008