Index - Fundamental Value - Based on Analysts Estimates

26.03.2013

DOW JONES INDUS. AVG Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 1119.90 1142.29 373.00 5567.25 11219.88 2159.74 8.87 2013.61 1119.90 1119.90 11219.88

4Wk Chg -0.39 3.33 0.65 -6.97 -0.11 4.55 0.14 -45.01 -0.39 -0.39 -0.11

12.90 1.29 2.60 12.65 2.58 7.49

BEst for 31.12.2014

BEst for 31.12.2015 4Wk Chg 1221.25 -0.27 1333.02 499.30 -0.10 -275.73 399.87 0.86 425.81 6117.06 -16.76 6726.79 11735.97 -24.40 12335.92 2300.28 5.94 2436.03 8.87 0.14 8.87 1702.82 -61.49 1179.37 1221.25 -0.27 1333.02 1221.25 -0.27 1333.02 11735.97 -24.40 12335.92 Valuation Measure 11.83 10.84 1.23 1.17 2.36 2.15 28.94 2.77 2.95 7.03 6.64

4Wk Chg 1.09 -867.03 0.50 2.92 -69.38 -10.77 0.14 -4.66 1.09 1.09 -69.38

BEst for 31.12.2016 1119.90 1142.29 373.00 5567.25 11219.88 2159.74 8.87 2013.61 1119.90 1119.90 11219.88

4Wk Chg -0.39 3.33 0.65 -6.97 -0.11 4.55 0.14 -45.01 -0.39 -0.39 -0.11

12.90 1.29 2.60 12.65 2.58 7.49

BEst for 31.12.2017 1119.90 1142.29 373.00 5567.25 11219.88 2159.74 8.87 2013.61 1119.90 1119.90 11219.88

4Wk Chg -0.39 3.33 0.65 -6.97 -0.11 4.55 0.14 -45.01 -0.39 -0.39 -0.11

12.90 1.29 2.60 12.65 2.58 7.49

S&P 500 INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 110.54 156.13 34.49 720.42 1115.69 220.00 10.64 209.31 110.54 110.54 1115.69

4Wk Chg -0.11 -0.90 0.04 -0.57 0.99 0.20 0.10 0.60 -0.11 -0.11 0.99

14.04 1.39 2.15 9.94 2.22 8.74

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 123.36 -0.04 136.47 160.90 -0.29 164.48 36.89 0.07 40.00 784.48 -0.42 864.85 1170.91 1.25 1219.91 238.19 0.39 254.26 10.64 0.10 10.64 177.02 0.24 98.09 123.36 -0.04 136.47 123.36 -0.04 136.47 1170.91 1.25 1219.91 Valuation Measure 12.58 11.37 1.33 1.27 1.98 1.79 9.64 9.43 2.38 2.58 8.08 7.57

4Wk Chg -0.26 -11.33 0.11 2.06 -1.84 -0.53 0.10 7.23 -0.26 -0.26 -1.84

BEst for 31.12.2016 110.54 156.13 34.49 720.42 1115.69 220.00 10.64 209.31 110.54 110.54 1115.69

4Wk Chg -0.11 -0.90 0.04 -0.57 0.99 0.20 0.10 0.60 -0.11 -0.11 0.99

14.04 1.39 2.15 9.94 2.22 8.74

BEst for 31.12.2017 110.54 156.13 34.49 720.42 1115.69 220.00 10.64 209.31 110.54 110.54 1115.69

4Wk Chg -0.11 -0.90 0.04 -0.57 0.99 0.20 0.10 0.60 -0.11 -0.11 0.99

14.04 1.39 2.15 9.94 2.22 8.74

NASDAQ COMPOSITE INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 190.66 285.67 46.82 1227 1796.36 366.03 15.51 -95.22 190.66 190.66 1796.36

4Wk Chg -1.66 -7.92 0.55 -3 -1.33 -0.79 -0.03 18.21 -1.66 -1.66 -1.33

16.97 1.80 2.64 11.33 1.45 9.68

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 226.05 -1.89 258.32 325.49 -7.10 364.23 47.23 0.11 50.93 1384 -5 1514 1949.47 4.63 2090.20 415.15 -1.08 457.21 15.51 -0.03 15.51 -226.30 19.18 -397.62 226.05 -1.89 258.32 226.05 -1.89 258.32 1949.47 4.63 2090.20 Valuation Measure 14.31 12.52 1.66 1.55 2.34 2.14 9.94 8.88 1.46 1.57 8.54 7.75

4Wk Chg -1.22 -0.64 0.04 -4 7.80 0.21 -0.03 25.76 -1.22 -1.22 7.80

BEst for 31.12.2016 190.66 285.67 46.82 1227 1796.36 366.03 15.51 -95.22 190.66 190.66 1796.36

4Wk Chg -1.66 -7.92 0.55 -3 -1.33 -0.79 -0.03 18.21 -1.66 -1.66 -1.33

16.97 1.80 2.64 11.33 1.45 9.68

BEst for 31.12.2017 190.66 285.67 46.82 1227 1796.36 366.03 15.51 -95.22 190.66 190.66 1796.36

4Wk Chg -1.66 -7.92 0.55 -3 -1.33 -0.79 -0.03 18.21 -1.66 -1.66 -1.33

16.97 1.80 2.64 11.33 1.45 9.68

S&P/TSX COMPOSITE INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 905.73 1507.42 397.12 7547.72 8059.64 2123.66 9.67 3694.11 905.73 905.73 8059.64 14.00 1.57 1.68 8.41 3.13 8.22

4Wk Chg -3.57 -14.15 1.49 -54.38 -34.18 -32.68 -0.19 58.30 -3.57 -3.57 -34.18

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 1027.79 -9.68 1117.53 1679.14 -13.58 1808.45 416.57 1.60 442.02 8163.38 -71.92 8719.75 8585.33 -39.17 8917.99 2401.08 -42.10 2536.29 9.67 -0.19 9.67 3666.10 102.99 3303.19 1027.79 -9.68 1117.53 1027.79 -9.68 1117.53 8585.33 -39.17 8917.99 Valuation Measure 12.34 11.35 1.48 1.42 1.55 1.45 7.55 7.01 3.29 3.49 7.27 6.88

4Wk Chg -0.63 19.76 4.28 -58.44 -92.99 -7.98 -0.19 89.30 -0.63 -0.63 -92.99

BEst for 31.12.2016 905.73 1507.42 397.12 7547.72 8059.64 2123.66 9.67 3694.11 905.73 905.73 8059.64 14.00 1.57 1.68 8.41 3.13 8.22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4Wk Chg -3.57 -14.15 1.49 -54.38 -34.18 -32.68 -0.19 58.30 -3.57 -3.57 -34.18

BEst for 31.12.2017 905.73 1507.42 397.12 7547.72 8059.64 2123.66 9.67 3694.11 905.73 905.73 8059.64 14.00 1.57 1.68 8.41 3.13 8.22

4Wk Chg -3.57 -14.15 1.49 -54.38 -34.18 -32.68 -0.19 58.30 -3.57 -3.57 -34.18

26.03.2013

Euro Stoxx 50 Pr Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 239.48 497.09 115.07 2319.46 3601.03 602.82 11.70 775.31 239.48 239.48 3601.03

4Wk Chg -2.16 1.12 0.69 -29.46 -21.02 -13.34 1.06 -7.84 -2.16 -2.16 -21.02

11.08 0.74 1.14 5.34 4.34 7.00

BEst for 31.12.2014

BEst for 31.12.2015 4Wk Chg 267.34 -2.77 292.03 532.01 -3.36 558.52 123.92 0.42 131.63 2452.32 -31.30 2602.05 3704.98 -22.25 3818.56 637.25 -14.99 669.42 11.70 1.06 11.70 721.88 -6.82 703.44 267.34 -2.77 292.03 267.34 -2.77 292.03 3704.98 -22.25 3818.56 Valuation Measure 9.93 9.09 0.72 0.70 1.08 1.02 4.99 4.75 4.67 4.96 6.62 6.30

4Wk Chg -2.88 -8.83 0.62 -46.58 -83328.15 -18.26 1.06 -20.26 -2.88 -2.88 -83328.15

BEst for 31.12.2016 239.48 497.09 115.07 2319.46 3601.03 602.82 11.70 775.31 239.48 239.48 3601.03

4Wk Chg -2.16 1.12 0.69 -29.46 -21.02 -13.34 1.06 -7.84 -2.16 -2.16 -21.02

11.08 0.74 1.14 5.34 4.34 7.00

BEst for 31.12.2017 239.48 497.09 115.07 2319.46 3601.03 602.82 11.70 775.31 239.48 239.48 3601.03

4Wk Chg -2.16 1.12 0.69 -29.46 -21.02 -13.34 1.06 -7.84 -2.16 -2.16 -21.02

11.08 0.74 1.14 5.34 4.34 7.00

STXE 600 â‚Ź Pr Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 23.29 39.35 10.97 192.55 313.61 51.81 10.22 75.46 23.29 23.29 313.61

4Wk Chg -0.06 0.25 0.10 -0.13 -0.29 -1.46 0.14 -8.14 -0.06 -0.06 -0.29

12.62 0.94 1.53 7.47 3.74 7.83

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 26.29 -0.01 29.02 43.29 0.16 52.47 11.96 0.09 13.12 205.58 -0.29 225.43 325.22 -0.21 332.41 55.61 -1.50 58.80 10.22 0.14 10.22 67.49 -72.48 22.29 26.29 -0.01 29.02 26.29 -0.01 29.02 325.22 -0.21 332.41 Valuation Measure 11.18 10.12 0.90 0.88 1.43 1.30 6.79 5.60 4.07 4.47 7.29 6.90

4Wk Chg -0.02 0.97 -0.06 -2.04 -1.83 -1.88 0.14 -30.70 -0.02 -0.02 -1.83

BEst for 31.12.2016 23.29 39.35 10.97 192.55 313.61 51.81 10.22 75.46 23.29 23.29 313.61

4Wk Chg -0.06 0.25 0.10 -0.13 -0.29 -1.46 0.14 -8.14 -0.06 -0.06 -0.29

12.62 0.94 1.53 7.47 3.74 7.83

BEst for 31.12.2017 23.29 39.35 10.97 192.55 313.61 51.81 10.22 75.46 23.29 23.29 313.61

4Wk Chg -0.06 0.25 0.10 -0.13 -0.29 -1.46 0.14 -8.14 -0.06 -0.06 -0.29

12.62 0.94 1.53 7.47 3.74 7.83

SWISS MARKET INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 523.60 634.86 258.16 3261 3909.10 793.51 6.78 7985.55 523.60 523.60 3909.10

4Wk Chg 0.97 1.64 6.23 12 40.04 0.90 -1.08 -8.36 0.97 0.97 40.04

14.84 1.99 2.38 12.24 3.32 13.09

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 584.89 2.32 643.94 694.59 2.93 791.30 286.35 6.95 325.05 3512 11 3811 4113.95 42.78 4298.14 858.11 2.68 917.73 6.78 -1.08 6.78 7697.48 -4.86 25.42 584.89 2.32 643.94 584.89 2.32 643.94 4113.95 42.78 4298.14 Valuation Measure 13.29 12.07 1.89 1.81 2.21 2.04 11.19 9.82 3.68 4.18 12.11 11.32

4Wk Chg 3.34 15.36 9.06 -5 41.15 2.42 -1.08 7.15 3.34 3.34 41.15

BEst for 31.12.2016 523.60 634.86 258.16 3261 3909.10 793.51 6.78 7985.55 523.60 523.60 3909.10

4Wk Chg 0.97 1.64 6.23 12 40.04 0.90 -1.08 -8.36 0.97 0.97 40.04

14.84 1.99 2.38 12.24 3.32 13.09

BEst for 31.12.2017 523.60 634.86 258.16 3261 3909.10 793.51 6.78 7985.55 523.60 523.60 3909.10

4Wk Chg 0.97 1.64 6.23 12 40.04 0.90 -1.08 -8.36 0.97 0.97 40.04

14.84 1.99 2.38 12.24 3.32 13.09

DAX INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 669.24 1092.10 263.90 5588.95 11837.85 1617.96 9.28 1966.89 669.24 669.24 11837.85 11.80 0.67 1.41 7.23 3.34 7.06

4Wk Chg -6.68 -7.34 -0.11 -107.91 -0.94 -16.86 -3.31 11.43 -6.68 -6.68 -0.94

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 759.30 -6.86 836.25 1297.19 -14.93 1396.32 287.43 -0.47 310.77 6015.71 -107.41 6521.54 12265.22 -18.45 12772.61 1752.34 -14.36 1861.68 9.28 -3.31 9.28 1776.94 13.31 1423.76 759.30 -6.86 836.25 759.30 -6.86 836.25 12265.22 -18.45 12772.61 Valuation Measure 10.40 9.44 0.64 0.62 1.31 1.21 6.09 5.66 3.64 3.94 6.52 6.13

4Wk Chg -7.75 -45.45 -5.00 -58.81 -52.95 -30.37 -3.31 -54.65 -7.75 -7.75 -52.95

BEst for 31.12.2016 669.24 1092.10 263.90 5588.95 11837.85 1617.96 9.28 1966.89 669.24 669.24 11837.85 11.80 0.67 1.41 7.23 3.34 7.06

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4Wk Chg -6.68 -7.34 -0.11 -107.91 -0.94 -16.86 -3.31 11.43 -6.68 -6.68 -0.94

BEst for 31.12.2017 669.24 1092.10 263.90 5588.95 11837.85 1617.96 9.28 1966.89 669.24 669.24 11837.85 11.80 0.67 1.41 7.23 3.34 7.06

4Wk Chg -6.68 -7.34 -0.11 -107.91 -0.94 -16.86 -3.31 11.43 -6.68 -6.68 -0.94

26.03.2013

CAC 40 INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 329.69 592.66 152.15 3206.10 4918.17 798.94 9.39 840.41 329.69 329.69 4918.17

4Wk Chg -1.74 2.79 0.46 -12.15 -1.09 -9.28 0.87 25.06 -1.74 -1.74 -1.09

11.38 0.76 1.17 6.33 4.06 6.40

BEst for 31.12.2014

BEst for 31.12.2015 4Wk Chg 367.59 -1.09 406.30 639.29 1.39 694.17 165.21 0.53 179.08 3392.54 -14.71 3624.50 5063.12 -1.51 5224.77 849.06 -10.69 899.67 9.39 0.87 9.39 780.08 33.08 642.65 367.59 -1.09 406.30 367.59 -1.09 406.30 5063.12 -1.51 5224.77 Valuation Measure 10.21 9.23 0.74 0.72 1.11 1.04 5.87 5.41 4.40 4.77 6.02 5.68

4Wk Chg 1.04 31.08 0.13 -19.62 -128.92 -26.33 0.87 -31.12 1.04 1.04 -128.92

BEst for 31.12.2016 329.69 592.66 152.15 3206.10 4918.17 798.94 9.39 840.41 329.69 329.69 4918.17

4Wk Chg -1.74 2.79 0.46 -12.15 -1.09 -9.28 0.87 25.06 -1.74 -1.74 -1.09

11.38 0.76 1.17 6.33 4.06 6.40

BEst for 31.12.2017 329.69 592.66 152.15 3206.10 4918.17 798.94 9.39 840.41 329.69 329.69 4918.17

4Wk Chg -1.74 2.79 0.46 -12.15 -1.09 -9.28 0.87 25.06 -1.74 -1.74 -1.09

11.38 0.76 1.17 6.33 4.06 6.40

FTSE MIB INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 1421.59 4786.15 614.02 21979.94 35810.43 6741.88 27.04 9684.68 1421.59 1421.59 35810.43

4Wk Chg -54.32 -45.26 -11.07 -311.09 -263.63 -217.93 14.70 -387.97 -54.32 -54.32 -263.63

11.00 0.44 0.71 3.27 3.93 5.31

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 1728.11 -57.57 1980.22 5134.04 -110.53 5284.86 711.16 -12.98 782.01 22986.63 -412.67 24206.52 36960.56 -282.96 37906.70 7166.01 -234.18 7536.74 27.04 14.70 27.04 9195.10 -343.94 7968.53 1728.11 -57.57 1980.22 1728.11 -57.57 1980.22 36960.56 -282.96 37906.70 Valuation Measure 9.05 7.90 0.42 0.41 0.68 0.65 3.05 2.96 4.55 5.00 4.99 4.75

4Wk Chg -43.62 132.54 -14.83 -678.09 -792.93 -223.46 14.70 -158.51 -43.62 -43.62 -792.93

BEst for 31.12.2016 1421.59 4786.15 614.02 21979.94 35810.43 6741.88 27.04 9684.68 1421.59 1421.59 35810.43

4Wk Chg -54.32 -45.26 -11.07 -311.09 -263.63 -217.93 14.70 -387.97 -54.32 -54.32 -263.63

11.00 0.44 0.71 3.27 3.93 5.31

BEst for 31.12.2017 1421.59 4786.15 614.02 21979.94 35810.43 6741.88 27.04 9684.68 1421.59 1421.59 35810.43

4Wk Chg -54.32 -45.26 -11.07 -311.09 -263.63 -217.93 14.70 -387.97 -54.32 -54.32 -263.63

11.00 0.44 0.71 3.27 3.93 5.31

IBEX 35 INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 709.01 2126.17 498.02 7417 9924.76 2267.06 13.86 5982.52 709.01 709.01 9924.76

4Wk Chg -7.63 11.68 11.06 -62 8.54 -71.61 -290.47 -7.63 -7.63 8.54

11.44 0.82 1.09 3.81 6.14 6.69

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 821.18 -12.21 889.70 2245.77 -0.94 2163.00 523.19 7.19 520.40 7726 -70 8045 10248.59 9.91 10390.24 2372.82 -83.47 2471.61 13.86 13.86 5685.31 -292.45 5232.62 821.18 -12.21 889.70 821.18 -12.21 889.70 10248.59 9.91 10390.24 Valuation Measure 9.88 9.12 0.79 0.78 1.05 1.01 3.61 3.75 6.45 6.42 6.39 6.13

4Wk Chg -22.69 -170.49 14.80 -354 -241.72 -107.52 -251.76 -22.69 -22.69 -241.72

BEst for 31.12.2016 709.01 2126.17 498.02 7417 9924.76 2267.06 13.86 5982.52 709.01 709.01 9924.76

4Wk Chg -7.63 11.68 11.06 -62 8.54 -71.61 -290.47 -7.63 -7.63 8.54

11.44 0.82 1.09 3.81 6.14 6.69

BEst for 31.12.2017 709.01 2126.17 498.02 7417 9924.76 2267.06 13.86 5982.52 709.01 709.01 9924.76

4Wk Chg -7.63 11.68 11.06 -62 8.54 -71.61 -290.47 -7.63 -7.63 8.54

11.44 0.82 1.09 3.81 6.14 6.69

AEX-Index Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 30.24 46.13 11.21 302.83 532.47 66.73 14.34 96.78 30.24 30.24 532.47 11.55 0.66 1.15 7.57 3.21 10.79

4Wk Chg 0.41 0.09 0.21 12.61 13.31 0.06 3.71 0.47 0.41 0.41 13.31

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 33.88 0.47 37.14 51.74 0.26 62.35 13.06 0.15 14.44 322.53 13.19 338.94 547.00 12.77 560.98 72.38 0.34 76.83 14.34 3.71 14.34 88.15 0.78 138.15 33.88 0.47 37.14 33.88 0.47 37.14 547.00 12.77 560.98 Valuation Measure 10.31 9.40 0.64 0.62 1.08 1.03 6.75 5.60 3.74 4.13 9.94 9.37

4Wk Chg 0.76 -0.08 0.16 10.58 3.71 -0.45 3.71 1.88 0.76 0.76 3.71

BEst for 31.12.2016 30.24 46.13 11.21 302.83 532.47 66.73 14.34 96.78 30.24 30.24 532.47 11.55 0.66 1.15 7.57 3.21 10.79

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4Wk Chg 0.41 0.09 0.21 12.61 13.31 0.06 3.71 0.47 0.41 0.41 13.31

BEst for 31.12.2017 30.24 46.13 11.21 302.83 532.47 66.73 14.34 96.78 30.24 30.24 532.47 11.55 0.66 1.15 7.57 3.21 10.79

4Wk Chg 0.41 0.09 0.21 12.61 13.31 0.06 3.71 0.47 0.41 0.41 13.31

26.03.2013

NIKKEI 225 Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 518.54 1319.96 206.26 8294.00 17710.24 1848.86 17.84 2917.33 518.54 518.54 17710.24

4Wk Chg -8.32 -4.21 0.27 30.80 59.15 1.27 1.53 26.67 -8.32 -8.32 59.15

24.05 0.70 1.50 9.45 1.65 9.55

BEst for 31.12.2014

BEst for 31.12.2015 4Wk Chg 662.41 8.34 854.74 1531.63 4.81 1638.81 206.74 0.97 241.44 8843.25 33.59 9438.39 18821.51 17.19 19079.29 2121.62 15.71 2264.02 17.84 1.53 17.84 2785.40 23.10 2346.34 662.41 8.34 854.74 662.41 8.34 854.74 18821.51 17.19 19079.29 Valuation Measure 18.83 14.59 0.66 0.65 1.41 1.32 8.14 7.61 1.66 1.94 8.32 7.80

4Wk Chg 9.34 3.24 1.36 36.95 90.37 19.34 1.53 40.79 9.34 9.34 90.37

BEst for 31.12.2016 518.54 1319.96 206.26 8294.00 17710.24 1848.86 17.84 2917.33 518.54 518.54 17710.24

4Wk Chg -8.32 -4.21 0.27 30.80 59.15 1.27 1.53 26.67 -8.32 -8.32 59.15

24.05 0.70 1.50 9.45 1.65 9.55

BEst for 31.12.2017 518.54 1319.96 206.26 8294.00 17710.24 1848.86 17.84 2917.33 518.54 518.54 17710.24

4Wk Chg -8.32 -4.21 0.27 30.80 59.15 1.27 1.53 26.67 -8.32 -8.32 59.15

24.05 0.70 1.50 9.45 1.65 9.55

TOPIX INDEX (TOKYO) Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 48.65 125.84 19.25 855.03 2190.57 188.60 19.30 444.07 48.65 48.65 2190.57

4Wk Chg -0.39 -0.41 0.02 2.28 2.36 0.38 1.01 3.39 -0.39 -0.39 2.36

21.47 0.48 1.22 8.30 1.84 10.20

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 66.74 0.97 83.33 149.88 0.17 161.59 19.57 0.10 22.49 909.57 2.17 969.65 2281.27 -2.63 2164.18 220.47 1.52 236.29 19.30 1.01 19.30 423.46 2.43 390.29 66.74 0.97 83.33 66.74 0.97 83.33 2281.27 -2.63 2164.18 Valuation Measure 15.65 12.53 0.46 0.48 1.15 1.08 6.97 6.46 1.87 2.15 8.73 8.14

4Wk Chg 1.07 0.07 0.20 3.70 7.41 1.82 1.01 6.36 1.07 1.07 7.41

BEst for 31.12.2016 48.65 125.84 19.25 855.03 2190.57 188.60 19.30 444.07 48.65 48.65 2190.57

4Wk Chg -0.39 -0.41 0.02 2.28 2.36 0.38 1.01 3.39 -0.39 -0.39 2.36

21.47 0.48 1.22 8.30 1.84 10.20

BEst for 31.12.2017 48.65 125.84 19.25 855.03 2190.57 188.60 19.30 444.07 48.65 48.65 2190.57

4Wk Chg -0.39 -0.41 0.02 2.28 2.36 0.38 1.01 3.39 -0.39 -0.39 2.36

21.47 0.48 1.22 8.30 1.84 10.20

HANG SENG INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 2066.31 3132.37 797.07 16777 13706.75 3712.80 12.01 -1020.62 2066.31 2066.31 13706.75

4Wk Chg 1.90 22.59 5.98 51 254.31 2.30 0.75 195.57 1.90 1.90 254.31

10.80 1.63 1.33 7.12 3.57 7.59

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 2255.15 -14.48 2476.72 3388.31 19.30 3622.30 861.90 -0.91 975.54 18157 -11 19489 14852.32 304.02 15959.51 4062.27 -2.70 4408.91 12.01 0.75 12.01 -2050.03 302.43 -2310.82 2255.15 -14.48 2476.72 2255.15 -14.48 2476.72 14852.32 304.02 15959.51 Valuation Measure 9.89 9.01 1.50 1.40 1.23 1.14 6.58 6.16 3.86 4.37 6.93 6.39

4Wk Chg 10.16 13.79 -40.42 381 -320.88 134.59 0.75 12.85 10.16 10.16 -320.88

BEst for 31.12.2016 2066.31 3132.37 797.07 16777 13706.75 3712.80 12.01 -1020.62 2066.31 2066.31 13706.75

4Wk Chg 1.90 22.59 5.98 51 254.31 2.30 0.75 195.57 1.90 1.90 254.31

10.80 1.63 1.33 7.12 3.57 7.59

BEst for 31.12.2017 2066.31 3132.37 797.07 16777 13706.75 3712.80 12.01 -1020.62 2066.31 2066.31 13706.75

4Wk Chg 1.90 22.59 5.98 51 254.31 2.30 0.75 195.57 1.90 1.90 254.31

10.80 1.63 1.33 7.12 3.57 7.59

S&P/ASX 200 INDEX Measure EPS Cash Flow Per Share Dividends Per Share Book Value Per Share Sales EBITDA Long Term Growth Net Debt Diluted EPS From Continuing Ops EPS before Abnormal Items Est Comparable Sales Price/EPS Adjusted Price/Sales Price/Book Price/Cash Flow Dividend Yield EV/EBITDA

BEst for 31.12.2013 326.79 446.43 217.48 2628.53 2744.33 673.50 7.81 326.79 326.79 2744.33 15.15 1.80 1.88 11.09 4.39 9.59

4Wk Chg -4.03 -5.03 -0.72 -19.46 -33.72 0.47 0.23 0.00 -4.03 -4.03 -33.72

BEst for BEst for 31.12.2014 31.12.2015 4Wk Chg 367.54 -4.26 400.16 499.92 -2.92 547.46 232.84 -1.97 251.05 2781.16 -22.58 2949.24 2917.40 -40.11 3072.87 765.70 1.99 824.73 7.81 0.23 7.81 2996.11 -3.42 -172.97 367.54 -4.26 400.16 367.54 -4.26 400.16 2917.40 -40.11 3072.87 Valuation Measure 13.47 12.37 1.70 1.61 1.78 1.68 9.90 9.04 4.70 5.07 8.44 7.83

4Wk Chg -3.29 -6.64 -1.98 -27.30 -36.98 -2.21 0.23 14.53 -3.29 -3.29 -36.98

BEst for 31.12.2016 326.79 446.43 217.48 2628.53 2744.33 673.50 7.81 326.79 326.79 2744.33 15.15 1.80 1.88 11.09 4.39 9.59

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4Wk Chg -4.03 -5.03 -0.72 -19.46 -33.72 0.47 0.23 0.00 -4.03 -4.03 -33.72

BEst for 31.12.2017 326.79 446.43 217.48 2628.53 2744.33 673.50 7.81 326.79 326.79 2744.33 15.15 1.80 1.88 11.09 4.39 9.59

4Wk Chg -4.03 -5.03 -0.72 -19.46 -33.72 0.47 0.23 0.00 -4.03 -4.03 -33.72