Mirae Asset Securities and Mirae Asset Investment Management work together and cooperate globally. Generally our strategy is for Mirae Asset Investment Management to enter a new country and region first to determine and establish good investments. Mirae Asset Securities then can follow and also enter the country or region, based on the relative success of Mirae Asset Securities as well as the final determination of how much opportunity there may be in that country or region.

The Hong Kong Mirae Asset Securities office, a full subsidiary is a good example. We have had a very successful 1st year in Hong Kong after establishing this entity, and we would like to duplicate this success in Vietnam in 2008 (expected to start in March 08).