TPX 1000 Index - Dividends and Implied Volatility Surfaces Parameters

07.08.2013

Option Implied Volatility Skew Parameters by Terms: 2 IVt = atx + btx + ct

At The Money Implied Volatilities by Terms

TOPIX 1000 Index - TPX1000

Ticker

Name

GICS_SECTOR_NAME

ATM Ref

Dividend Yield

Next ExDividend Date

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew ATM Vol - ATM Vol - ATM Vol - ATM Vol - ATM Vol - ATM Vol - ATM Vol (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

7203 JT Equity

TOYOTA MOTOR CORP

Consumer Discretionary

6230.00

1.28%

26.09.2013

33.67

38.75

43.94

50.68

-0.122 -0.056 -0.054 -0.034

0.034

0.014

0.008

8306 JT Equity

MITSUBISHI UFJ FINANCIAL GRO

Financials

611.00

2.29%

26.09.2014

35.22

42.93

50.54

60.82

-0.328 -0.244 -0.191 -0.057

0.042

0.012

0.004 -0.004

8316 JT Equity

SUMITOMO MITSUI FINANCIAL GR

Financials

4560.00

2.41%

26.09.2014

38.66

45.26

50.33

56.76

-0.159 -0.059 -0.018 0.052

0.029

0.004

0.003

7267 JT Equity

HONDA MOTOR CO LTD

Consumer Discretionary

3735.00

2.20%

26.06.2014

24.63

28.84

34.23

41.32

-0.289 -0.183 -0.164 -0.044

0.022 -0.003 -0.007 -0.005

9984 JT Equity

SOFTBANK CORP

Telecommunication Services6340.00

0.63%

26.09.2013

47.23

50.36

55.04

61.55

-0.077 -0.019 -0.002 0.020

0.032

0.015

0.009

8411 JT Equity

MIZUHO FINANCIAL GROUP INC

Financials

210.00

2.86%

26.09.2014

34.21

40.74

47.31

55.54

-0.282 -0.156 -0.094 -0.003

0.071

0.032

0.017 -0.001

2914 JT Equity

JAPAN TOBACCO INC

Consumer Staples

3465.00

2.66%

26.09.2014

28.90

32.12

35.71

40.03

-0.115 0.005

0.008

0.011

0.029

0.007

0.004

9432 JT Equity

NIPPON TELEGRAPH & TELEPHONE

Telecommunication Services5080.00

3.15%

26.09.2014

21.40

27.60

34.63

44.13

0.160

0.247

0.117

0.039

0.012

0.002 -0.005

7751 JT Equity

CANON INC

Information Technology

3130.00

4.15%

26.12.2013

31.26

32.57

34.28

36.56

-0.117 -0.041 -0.042 -0.024

0.024

0.000 -0.001 -0.001

8802 JT Equity

MITSUBISHI ESTATE CO LTD

Financials

2607.00

0.46%

26.09.2014

45.12

51.53

58.20

66.94

0.124

0.030

0.010

4502 JT Equity

TAKEDA PHARMACEUTICAL CO LTD

Health Care

4575.00

3.93%

26.09.2014

27.55

29.64

30.41

31.48

-0.083 0.000 -0.005 0.009

0.022 -0.001 -0.001 -0.001

6954 JT Equity

FANUC CORP

Industrials

15170.00

1.32%

26.09.2013

28.86

33.41

38.33

44.56

-0.374 -0.262 -0.251 -0.080

0.011 -0.007 -0.013 -0.009

6501 JT Equity

HITACHI LTD

Information Technology

641.00

1.56%

26.09.2013

30.45

36.40

44.08

54.07

-0.033 0.075

0.052

0.017

0.049

0.019

0.011

3382 JT Equity

SEVEN & I HOLDINGS CO LTD

Consumer Staples

3700.00

1.78%

27.08.2014

30.95

36.96

44.59

54.45

-0.097 0.043

0.039

0.016

0.033

0.011

0.006 -0.001

8604 JT Equity

NOMURA HOLDINGS INC

Financials

752.00

1.60%

26.09.2013

40.26

49.06

57.03

67.45

-0.221 -0.097 -0.025 0.024

0.056

0.028

0.017

9433 JT Equity

KDDI CORP

Telecommunication Services5320.00

2.26%

26.09.2014

38.40

40.69

43.14

46.16

-0.071 0.054

0.020

0.004

0.001 -0.002

9020 JT Equity

EAST JAPAN RAILWAY CO

Industrials

7850.00

1.53%

26.09.2014

28.14

32.03

35.18

39.31

-0.189 -0.090 -0.100 -0.028

0.019 -0.004 -0.006 -0.004

8801 JT Equity

MITSUI FUDOSAN CO LTD

Financials

3090.00

0.71%

26.09.2014

35.18

42.15

52.27

65.35

-0.305 -0.327 -0.373 -0.166

0.011 -0.010 -0.020 -0.015

8058 JT Equity

MITSUBISHI CORP

Industrials

1866.00

3.22%

26.09.2014

23.21

26.14

29.43

33.64

-0.177 -0.044 -0.051 -0.020

0.019 -0.003 -0.004 -0.002

7201 JT Equity

NISSAN MOTOR CO LTD

Consumer Discretionary

1056.00

2.41%

26.09.2013

31.97

38.75

45.57

53.84

-0.219 -0.128 -0.075 -0.019

0.055

0.027

0.016

5401 JT Equity

NIPPON STEEL & SUMITOMO META

Materials

296.00

1.01%

27.03.2014

37.71

42.90

49.85

58.65

-0.091 0.069

0.039

0.014

0.008 -0.001

9437 JT Equity

NTT DOCOMO INC

Telecommunication Services 154400.00

3.89%

26.09.2014

19.76

22.96

25.56

29.02

-0.247 -0.156 -0.137 -0.038

0.016 -0.003 -0.005 -0.004

6758 JT Equity

SONY CORP

Consumer Discretionary

1952.00

1.28%

26.09.2013

27.59

37.23

48.55

62.95

-0.165 -0.024 0.115

0.110

0.064

0.036

0.013 -0.006

8766 JT Equity

TOKIO MARINE HOLDINGS INC

Financials

3180.00

1.89%

26.09.2014

39.89

44.41

49.75

56.37

-0.035 0.059

0.042

0.014

0.036

0.014

0.008

0.000

4503 JT Equity

ASTELLAS PHARMA INC

Health Care

5260.00

2.57%

26.09.2014

27.92

31.28

34.63

39.12

-0.103 -0.021 0.002

0.035

0.034

0.010

0.005

0.000

4063 JT Equity

SHIN-ETSU CHEMICAL CO LTD

Materials

6260.00

1.60%

26.09.2014

37.09

39.09

41.52

44.39

-0.066 0.024

0.014

0.029

0.007

0.004

0.001

8031 JT Equity

MITSUI & CO LTD

Industrials

1366.00

3.73%

26.09.2014

23.49

27.74

32.86

39.73

-0.330 -0.205 -0.202 -0.078

0.020 -0.006 -0.010 -0.008

5108 JT Equity

BRIDGESTONE CORP

Consumer Discretionary

3500.00

1.49%

26.06.2014

34.19

39.84

45.62

53.34

-0.073 0.068

0.060

0.043

0.029

0.010

0.005

0.000

6902 JT Equity

DENSO CORP

Consumer Discretionary

4460.00

1.52%

26.09.2014

39.01

43.52

48.17

54.19

-0.063 0.033

0.030

0.019

0.031

0.008

0.005

0.000

6301 JT Equity

KOMATSU LTD

Industrials

2135.00

2.72%

26.09.2014

29.21

33.04

38.24

45.20

0.108

0.041

0.013

0.029

0.010

0.006

0.000

9022 JT Equity

CENTRAL JAPAN RAILWAY CO

Industrials

12320.00

0.89%

26.09.2014

28.17

32.73

38.39

45.48

-0.106 -0.011 -0.005 0.010

0.030

0.012

0.007

0.000

8830 JT Equity

SUMITOMO REALTY & DEVELOPMNT

Financials

4260.00

0.47%

26.09.2014

41.28

41.00

40.83

40.88

-0.325 -0.246 -0.273 -0.303

0.012

0.001

0.002

0.002

6503 JT Equity

MITSUBISHI ELECTRIC CORP

Industrials

1006.00

1.29%

26.09.2013

42.31

52.15

61.64

73.79

0.133

0.049

0.021

0.013

0.001

6752 JT Equity

PANASONIC CORP

Consumer Discretionary

880.00

27.03.2014

37.20

41.58

47.90

56.01

-0.392 -0.252 -0.272 -0.140

0.010 -0.009 -0.012 -0.008

8001 JT Equity

ITOCHU CORP

Industrials

1200.00

3.50%

26.09.2014

26.89

29.86

32.92

37.16

-0.055 0.044

0.019

0.036

0.008

0.005

7011 JT Equity

MITSUBISHI HEAVY INDUSTRIES

Industrials

560.00

1.43%

26.09.2014

37.95

41.40

44.60

48.96

-0.138 -0.033 -0.017 0.020

0.042

0.012

0.007 -0.001

8309 JT Equity

SUMITOMO MITSUI TRUST HOLDIN

Financials

470.00

2.13%

26.09.2014

37.08

37.67

37.43

37.08

-0.088 0.005

0.005

0.029

0.000

0.000

0.000

4452 JT Equity

KAO CORP

Consumer Staples

3180.00

2.01%

26.06.2014

32.50

32.48

32.27

32.13

-0.197 -0.109 -0.060 0.003

0.026

0.002

0.001

0.000

8591 JT Equity

ORIX CORP

Financials

1411.00

0.92%

27.03.2014

52.84

60.94

68.70

78.93

-0.166 -0.069 0.000

0.046

0.021

0.012

0.002

8601 JT Equity

DAIWA SECURITIES GROUP INC

Financials

841.00

1.66%

26.09.2013

48.53

61.79

72.59

87.15

-0.557 -0.619 -0.551 -0.255

0.026 -0.001 -0.012 -0.010

6861 JT Equity

KEYENCE CORP

Information Technology

33350.00

0.18%

17.09.2014

29.30

29.31

29.24

29.09

-0.233 0.003

0.003

0.005

0.010

0.000

0.000

0.000

6502 JT Equity

TOSHIBA CORP

Industrials

414.00

1.93%

26.09.2013

34.16

40.43

47.07

55.53

0.013

0.035 -0.029

0.040

0.010

0.006

0.001

6971 JT Equity

KYOCERA CORP

Information Technology

9800.00

1.22%

26.09.2013

32.43

43.41

56.35

73.29

-0.179 -0.028 -0.018 -0.026

0.054

0.031

0.018

0.001

7270 JT Equity

FUJI HEAVY INDUSTRIES LTD

Consumer Discretionary

2453.00

0.82%

26.09.2014

8725 JT Equity

MS&AD INSURANCE GROUP HOLDIN

Financials

2624.00

2.13%

26.09.2014

39.87

46.01

52.87

62.04

-0.096 -0.048 -0.089 -0.042

0.028

0.008 -0.001 -0.005

8053 JT Equity

SUMITOMO CORP

Industrials

1320.00

3.56%

26.09.2014

24.27

32.99

44.07

58.44

-0.202 -0.136 -0.143 -0.057

0.051

0.023

0.008 -0.005

6326 JT Equity

KUBOTA CORP

Industrials

1404.00

1.28%

26.09.2013

39.74

46.28

53.19

62.74

-0.146 -0.050 -0.004 0.014

0.047

0.021

0.013

9983 JT Equity

FAST RETAILING CO LTD

Consumer Discretionary

32900.00

0.85%

26.02.2014

44.81

53.35

65.80

82.83

-0.756 -0.691 -0.668 -0.255

-0.021 -0.042 -0.046 -0.021

6981 JT Equity

MURATA MANUFACTURING CO LTD

Information Technology

7130.00

1.68%

26.09.2014

48.92

50.77

53.28

56.71

-0.076 0.006

0.028

7974 JT Equity

NINTENDO CO LTD

Information Technology

13010.00

2.00%

27.03.2015

52.60

52.00

49.85

47.34

-0.110 -0.006 -0.003 0.013

0.005 -0.009 -0.005 -0.001

8750 JT Equity

DAI-ICHI LIFE INSURANCE

Financials

136500.00

1.47%

27.03.2015

39.44

39.37

39.24

39.01

-0.062 0.002

0.003

0.006

0.018

0.000

0.000

0.000

2503 JT Equity

KIRIN HOLDINGS CO LTD

Consumer Staples

1479.00

2.43%

26.06.2014

29.55

34.16

37.84

42.57

0.096

0.090

0.029

0.032

0.007

0.004

0.001

7261 JT Equity

MAZDA MOTOR CORP

Consumer Discretionary

418.00

36.81

40.18

43.87

48.91

-0.492 -0.414 -0.427 -0.443

0.033

0.007

0.004

0.000

6273 JT Equity

SMC CORP

Industrials

21190.00

0.18%

26.09.2014

33.50

33.45

33.32

33.10

-0.167 0.003

0.003

0.005

0.012

0.000

0.000

0.000

4578 JT Equity

OTSUKA HOLDINGS CO LTD

Health Care

3030.00

2.15%

26.09.2014

9531 JT Equity

TOKYO GAS CO LTD

Utilities

522.00

1.92%

26.09.2014

28.88

32.00

35.62

40.60

0.009

0.035

0.011

0.035

0.006

0.003 -0.001

5411 JT Equity

JFE HOLDINGS INC

Materials

2296.00

1.31%

27.03.2014

54.65

59.10

64.09

70.94

-0.156 -0.064 -0.033 0.003

0.034

0.014

0.008

0.000

6367 JT Equity

DAIKIN INDUSTRIES LTD

Industrials

4455.00

0.85%

26.09.2013

39.72

39.16

39.14

39.18

-0.251 -0.150 -0.076 0.011

0.024

0.003

0.002

0.000

9201 JT Equity

JAPAN AIRLINES CO LTD

Industrials

5400.00

3.52%

27.03.2014

27.16

27.14

27.04

26.84

-0.054 -0.001 0.001

0.004

0.019

0.000

0.000

0.000

5020 JT Equity

JX HOLDINGS INC

Energy

523.00

3.06%

26.09.2014

28.80

33.96

38.87

45.32

-0.189 -0.077 -0.030 0.019

0.051

0.019

0.011

0.000

9735 JT Equity

SECOM CO LTD

Industrials

5570.00

2.06%

27.03.2015

34.21

34.49

33.30

31.80

-0.078 -0.016 -0.007 0.005

0.018 -0.004 -0.003 0.000

8002 JT Equity

MARUBENI CORP

Industrials

714.00

3.50%

26.09.2014

26.56

32.69

39.06

47.27

-0.227 -0.104 -0.113 -0.050

0.040

0.010

1605 JT Equity

INPEX CORP

Energy

422500.00

1.70%

26.09.2014

33.54

35.14

36.02

37.29

-0.082 -0.028 -0.024 0.003

0.010

0.000 -0.001 -0.001

2502 JT Equity

ASAHI GROUP HOLDINGS LTD

Consumer Staples

2555.00

1.70%

26.06.2014

35.58

38.84

41.21

44.50

-0.080 0.015 -0.005 -0.008

0.031

0.006

0.004

8630 JT Equity

NKSJ HOLDINGS INC

Financials

2547.00

2.36%

26.09.2014

39.56

47.34

55.60

65.99

-0.023 0.072

0.056

0.044

0.041

0.015

0.008 -0.001

9501 JT Equity

TOKYO ELECTRIC POWER CO INC

Utilities

656.00

27.03.2015

97.72

112.24

129.10

151.40

0.259

0.244

0.060

0.043

0.035

0.021

0.002

1925 JT Equity

DAIWA HOUSE INDUSTRY CO LTD

Financials

1801.00

2.11%

26.09.2014

32.30

35.63

43.27

53.24

-0.071 -0.012 0.002

0.016

0.036

0.016

0.009

0.000

4523 JT Equity

EISAI CO LTD

Health Care

4095.00

3.66%

26.09.2014

24.89

28.48

31.57

35.42

-0.318 -0.175 -0.178 -0.062

0.013 -0.010 -0.012 -0.006

9503 JT Equity

KANSAI ELECTRIC POWER CO INC

Utilities

1292.00

27.03.2014

64.80

75.73

83.46

93.41

0.085

0.163

0.080

0.002

0.049

0.022

0.014

4568 JT Equity

DAIICHI SANKYO CO LTD

Health Care

1586.00

3.78%

26.09.2014

29.55

35.36

39.23

44.19

-0.012 0.081

0.052

0.015

0.038

0.009

0.005 -0.001

8308 JT Equity

RESONA HOLDINGS INC

Financials

515.00

2.91%

27.03.2015

21.60

30.77

43.07

58.91

-0.122 -0.015 -0.004 0.009

0.079

0.043

0.025

7269 JT Equity

SUZUKI MOTOR CORP

Consumer Discretionary

2482.00

0.73%

26.09.2014

40.39

44.70

49.13

55.01

-0.194 -0.116 -0.088 0.009

0.025

0.005

0.000 -0.002

3402 JT Equity

TORAY INDUSTRIES INC

Materials

627.00

1.59%

26.09.2014

31.30

35.93

40.94

47.23

-0.060 0.048

0.017

0.043

0.013

0.007

0.000

4661 JT Equity

ORIENTAL LAND CO LTD

Consumer Discretionary

16360.00

0.73%

26.09.2014

19.99

20.31

20.24

20.12

-0.265 -0.019 -0.009 0.003

0.015

0.001

0.001

0.000

7741 JT Equity

HOYA CORP

Information Technology

2057.00

3.40%

26.09.2013

24.19

24.45

23.94

23.34

-0.095 -0.007 0.006

0.021

0.027

0.000

0.000 -0.001

4901 JT Equity

FUJIFILM HOLDINGS CORP

Information Technology

2200.00

1.82%

26.09.2014

36.86

39.65

41.44

44.06

-0.027 0.078

0.056

0.020

0.030

0.005

0.003

8267 JT Equity

AEON CO LTD

Consumer Staples

1396.00

1.86%

27.08.2014

27.05

30.30

34.11

38.97

-0.164 0.022

0.006 -0.011

0.027

0.006

0.003 -0.002

6988 JT Equity

NITTO DENKO CORP

Materials

5630.00

1.78%

26.09.2014

34.76

40.18

45.32

52.13

0.031

0.040

0.025

0.030

0.009

0.005

0.000

5802 JT Equity

SUMITOMO ELECTRIC INDUSTRIES

Industrials

1312.00

1.60%

26.09.2014

41.16

47.28

55.13

65.73

-0.116 -0.035 -0.024 -0.007

0.049

0.025

0.014

0.000

3407 JT Equity

ASAHI KASEI CORP

Materials

712.00

1.97%

26.09.2014

36.18

37.77

38.86

40.19

-0.378 -0.174 -0.173 -0.056

0.011 -0.009 -0.011 -0.006

6594 JT Equity

NIDEC CORP

Industrials

8230.00

1.03%

26.09.2014

45.95

41.78

36.15

29.28

-0.205 -0.032 -0.031 -0.024

-0.001 -0.011 -0.006 0.000

1928 JT Equity

SEKISUI HOUSE LTD

Consumer Discretionary

1310.00

2.90%

29.07.2014

27.85

31.87

36.68

43.21

-0.029 0.030

0.021

0.016

0.040

0.013

0.007

0.000

8795 JT Equity

T&D HOLDINGS INC

Financials

1295.00

1.74%

27.03.2015

41.64

45.86

48.00

50.85

-0.025 0.051

0.035

0.002

0.030

0.004

0.002

0.000

9502 JT Equity

CHUBU ELECTRIC POWER CO INC

Utilities

1420.00

26.09.2013

39.76

47.04

56.24

68.43

-0.071 -0.013 -0.094 -0.173

0.046

0.027

0.016

0.001

9064 JT Equity

YAMATO HOLDINGS CO LTD

Industrials

2188.00

1.10%

26.09.2014

33.88

35.88

37.71

40.20

-0.123 0.021

0.003

0.024

0.004

0.002 -0.001

9202 JT Equity

ANA HOLDINGS INC

Industrials

206.00

1.94%

27.03.2015

32.92

32.68

32.41

32.11

-0.138 -0.028 -0.013 0.006

0.037

0.002

0.001

7202 JT Equity

ISUZU MOTORS LTD

Consumer Discretionary

692.00

1.73%

26.09.2014

52.41

46.40

38.78

29.40

-0.323 -0.279 -0.292 -0.336

0.012 -0.011 -0.005 0.005

1963 JT Equity

JGC CORP

Industrials

3555.00

1.31%

27.03.2015

29.48

31.45

33.24

35.54

-0.248 -0.102 -0.112 -0.148

0.022

7733 JT Equity

OLYMPUS CORP

Health Care

2989.00

27.03.2015

48.08

44.16

37.47

29.02

-0.342 -0.279 -0.282 -0.295

-0.003 -0.016 -0.008 0.001

9532 JT Equity

OSAKA GAS CO LTD

Utilities

407.00

2.21%

26.09.2014

27.68

32.09

37.06

43.51

-0.160 -0.010 -0.020 -0.007

0.038

0.008

0.003 -0.001

1878 JT Equity

DAITO TRUST CONSTRUCT CO LTD

Financials

9130.00

3.73%

26.09.2014

9005 JT Equity

TOKYU CORP

Industrials

655.00

1.15%

26.09.2014

24.72

25.36

25.25

25.09

-0.123 -0.030 -0.016 0.004

0.033

0.001

0.001

0.000

7309 JT Equity

SHIMANO INC

Consumer Discretionary

8910.00

0.14%

26.06.2014

9041 JT Equity

KINTETSU CORP

Industrials

425.00

1.18%

27.03.2015

6201 JT Equity

TOYOTA INDUSTRIES CORP

Consumer Discretionary

4185.00

1.43%

26.09.2014

7731 JT Equity

NIKON CORP

Consumer Discretionary

2040.00

2.01%

26.09.2014

24.98

29.76

35.28

42.42

0.017 -0.003 0.001

0.007

0.041

0.018

0.010

0.000

4543 JT Equity

TERUMO CORP

Health Care

4895.00

1.18%

26.09.2014

36.78

36.62

36.46

35.95

-0.167 -0.079 -0.044 0.004

0.024

0.003

0.002

0.000

2802 JT Equity

AJINOMOTO CO INC

Consumer Staples

1357.00

1.47%

26.09.2014

26.52

29.80

33.79

38.97

-0.093 -0.002 0.006

0.018

0.037

0.008

0.005

0.000

4689 JT Equity

YAHOO JAPAN CORP

Information Technology

52100.00

0.81%

27.03.2014

34.15

33.58

33.25

32.85

0.010

0.097

0.098

0.061

0.010 -0.005 -0.004 -0.002

6702 JT Equity

FUJITSU LTD

Information Technology

379.00

27.03.2014

28.38

36.03

47.53

62.28

0.225

0.236

0.160

0.033

0.053

8035 JT Equity

TOKYO ELECTRON LTD

Information Technology

4320.00

1.16%

26.09.2014

48.37

54.16

60.24

67.94

0.452

0.582

0.562

0.213

0.012 -0.010 -0.018 -0.012

9042 JT Equity

HANKYU HANSHIN HOLDINGS INC

Industrials

574.00

0.87%

26.09.2014

7259 JT Equity

AISIN SEIKI CO LTD

Consumer Discretionary

3955.00

1.90%

26.09.2014

34.68

39.36

45.27

52.94

-0.107 0.039

0.031

0.042

0.027

0.013

9021 JT Equity

WEST JAPAN RAILWAY CO

Industrials

4150.00

2.65%

26.09.2014

19.86

24.77

30.49

37.93

-0.309 -0.153 -0.154 -0.044

0.022

0.001 -0.005 -0.005

7752 JT Equity

RICOH CO LTD

Information Technology

1151.00

2.87%

26.09.2014

32.48

37.32

42.78

49.90

-0.207 -0.100 -0.067 -0.004

0.037

0.010

5938 JT Equity

LIXIL GROUP CORP

Industrials

2329.00

1.72%

26.09.2014

52.18

47.99

52.74

58.57

-1.099 -0.974 -0.948 -0.647

0.004 -0.010 -0.016 -0.009

5713 JT Equity

SUMITOMO METAL MINING CO LTD

Materials

1234.00

2.76%

26.09.2014

40.40

43.19

46.67

51.22

-0.236 -0.121 -0.121 -0.044

0.018 -0.003 -0.007 -0.005

8332 JT Equity

BANK OF YOKOHAMA LTD/THE

Financials

544.00

2.02%

26.09.2014

4528 JT Equity

ONO PHARMACEUTICAL CO LTD

Health Care

6460.00

2.79%

26.09.2014

6645 JT Equity

OMRON CORP

Information Technology

3120.00

1.15%

27.03.2014

4324 JT Equity

DENTSU INC

Consumer Discretionary

3275.00

0.98%

26.09.2014

30.03

28.13

28.49

29.18

-0.129 -0.024 -0.029 -0.037

0.017

8355 JT Equity

SHIZUOKA BANK LTD/THE

Financials

1107.00

1.36%

26.09.2014

9508 JT Equity

KYUSHU ELECTRIC POWER CO INC

Utilities

1441.00

45.05

57.83

74.00

94.07

-0.711 -0.964 -0.952 -0.396

-0.006 -0.037 -0.052 -0.028

4507 JT Equity

SHIONOGI & CO LTD

Health Care

2082.00

2.11%

26.09.2014

7211 JT Equity

MITSUBISHI MOTORS CORP

Consumer Discretionary

1262.00

4188 JT Equity

MITSUBISHI CHEMICAL HOLDINGS

Materials

479.00

2.51%

26.09.2014

38.14

43.55

49.79

57.90

-0.181 -0.076 -0.024 0.049

0.049

0.011

0.000

8113 JT Equity

UNICHARM CORP

Consumer Staples

5410.00

0.67%

26.09.2014

25.94

26.26

26.14

25.96

-0.036 0.006

0.005

0.005

0.022 -0.001 0.000

0.000

9007 JT Equity

ODAKYU ELECTRIC RAILWAY CO

Industrials

953.00

0.84%

26.09.2014

9506 JT Equity

TOHOKU ELECTRIC POWER CO INC

Utilities

1221.00

35.87

36.37

36.24

36.06

-0.110 -0.001 0.001

0.006

0.024

0.000

0.000

0.000

2267 JT Equity

YAKULT HONSHA CO LTD

Consumer Staples

4645.00

0.52%

26.09.2014

6586 JT Equity

MAKITA CORP

Industrials

5000.00

1.52%

27.03.2014

5201 JT Equity

ASAHI GLASS CO LTD

Industrials

577.00

3.12%

26.06.2014

37.08

37.82

39.12

41.51

0.009 -0.004 -0.002 0.010

0.026

0.002

0.000 -0.002

2651 JT Equity 4911 JT Equity

LAWSON INC SHISEIDO CO LTD

Consumer Staples Consumer Staples

7910.00 1572.00

2.65% 1.27%

27.08.2014 26.09.2014

25.42 27.78

25.87 28.22

26.44 27.96

26.94 27.50

-0.331 -0.155 -0.157 -0.168 -0.265 -0.037 -0.019 0.004

0.015 -0.001 -0.001 -0.001 0.023 0.003 0.002 0.000

27.03.2014

27.03.2014

0.240 0.154

0.061

0.205

0.078

0.129

0.054

0.358

0.054

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

0.067

0.010

0.029 -0.008

0.050

0.028

0.141 0.035 0.004

0.016

0.036

0.012

0.026

0.037

0.066

0.016

0.011

0.002

0.026

0.001

0.019

0.000 0.002 0.001 0.000

0.004 -0.002

0.007

0.001 0.002

0.002

0.000

0.002 0.001

0.002 -0.003

0.001

0.016

0.007

0.001

0.004 0.001

0.000

0.000 0.000

0.001

0.000

0.004 -0.002

0.000

0.000

07.08.2013

Option Implied Volatility Skew Parameters by Terms: IVt = atx + btx2 + ct

At The Money Implied Volatilities by Terms

TOPIX 1000 Index - TPX1000

Ticker 9001 JT Equity 6701 JT Equity 7012 JT Equity 8015 JT Equity 7013 JT Equity 7912 JT Equity 3099 JT Equity 8331 JT Equity 4005 JT Equity 6460 JT Equity 6806 JT Equity 8697 JT Equity 9101 JT Equity 3405 JT Equity 5406 JT Equity 7262 JT Equity 1801 JT Equity 9513 JT Equity 7272 JT Equity 9006 JT Equity 6869 JT Equity 6753 JT Equity 4204 JT Equity 5711 JT Equity 4902 JT Equity 6471 JT Equity 9504 JT Equity 4519 JT Equity 3003 JT Equity 6762 JT Equity 9613 JT Equity 8333 JT Equity 8253 JT Equity 5233 JT Equity 8815 JT Equity 6963 JT Equity 3861 JT Equity 9008 JT Equity 7911 JT Equity 7205 JT Equity 1802 JT Equity 5333 JT Equity 8303 JT Equity 9062 JT Equity 9104 JT Equity 5334 JT Equity 8354 JT Equity 7832 JT Equity 2897 JT Equity 5332 JT Equity 3086 JT Equity 1812 JT Equity 4307 JT Equity 9831 JT Equity 8804 JT Equity 4185 JT Equity 4530 JT Equity 4581 JT Equity 4676 JT Equity 8358 JT Equity 7936 JT Equity 9507 JT Equity 4536 JT Equity 9843 JT Equity 2801 JT Equity 8729 JT Equity 2875 JT Equity 9404 JT Equity 2269 JT Equity 7532 JT Equity 4613 JT Equity 8369 JT Equity 6923 JT Equity 5012 JT Equity 9602 JT Equity 9009 JT Equity 9505 JT Equity 4732 JT Equity 4704 JT Equity 1803 JT Equity 8905 JT Equity 6417 JT Equity 6448 JT Equity 6481 JT Equity 8473 JT Equity 5110 JT Equity 4182 JT Equity 6841 JT Equity 6473 JT Equity 8028 JT Equity 6965 JT Equity 8227 JT Equity 8377 JT Equity 8233 JT Equity 6506 JT Equity 4088 JT Equity 9509 JT Equity 8252 JT Equity 8334 JT Equity 4151 JT Equity 5901 JT Equity 4612 JT Equity 8136 JT Equity 8379 JT Equity 4544 JT Equity 8593 JT Equity 2282 JT Equity 9533 JT Equity 6302 JT Equity 2784 JT Equity 7459 JT Equity 9987 JT Equity 2002 JT Equity 6370 JT Equity 4183 JT Equity 5947 JT Equity 4508 JT Equity 5101 JT Equity 6361 JT Equity 6113 JT Equity 2768 JT Equity 8359 JT Equity 8410 JT Equity 8570 JT Equity 4202 JT Equity 6504 JT Equity

Name TOBU RAILWAY CO LTD NEC CORP KAWASAKI HEAVY INDUSTRIES TOYOTA TSUSHO CORP IHI CORP DAI NIPPON PRINTING CO LTD ISETAN MITSUKOSHI HOLDINGS L CHIBA BANK LTD/THE SUMITOMO CHEMICAL CO LTD SEGA SAMMY HOLDINGS INC HIROSE ELECTRIC CO LTD JAPAN EXCHANGE GROUP INC NIPPON YUSEN KURARAY CO LTD KOBE STEEL LTD DAIHATSU MOTOR CO LTD TAISEI CORP ELECTRIC POWER DEVELOPMENT C YAMAHA MOTOR CO LTD KEIKYU CORP SYSMEX CORP SHARP CORP SEKISUI CHEMICAL CO LTD MITSUBISHI MATERIALS CORP KONICA MINOLTA INC NSK LTD CHUGOKU ELECTRIC POWER CO CHUGAI PHARMACEUTICAL CO LTD HULIC CO LTD TDK CORP NTT DATA CORP JOYO BANK LTD/THE CREDIT SAISON CO LTD TAIHEIYO CEMENT CORP TOKYU LAND CORP ROHM CO LTD OJI HOLDINGS CORP KEIO CORP TOPPAN PRINTING CO LTD HINO MOTORS LTD OBAYASHI CORP NGK INSULATORS LTD SHINSEI BANK LTD NIPPON EXPRESS CO LTD MITSUI OSK LINES LTD NGK SPARK PLUG CO LTD FUKUOKA FINANCIAL GROUP INC NAMCO BANDAI HOLDINGS INC NISSIN FOODS HOLDINGS CO LTD TOTO LTD J FRONT RETAILING CO LTD KAJIMA CORP NOMURA RESEARCH INSTITUTE LT YAMADA DENKI CO LTD TOKYO TATEMONO CO LTD JSR CORP HISAMITSU PHARMACEUTICAL CO TAISHO PHARMACEUTICAL HOLDIN FUJI MEDIA HOLDINGS INC SURUGA BANK LTD ASICS CORP SHIKOKU ELECTRIC POWER CO SANTEN PHARMACEUTICAL CO LTD NITORI HOLDINGS CO LTD KIKKOMAN CORP SONY FINANCIAL HOLDINGS INC TOYO SUISAN KAISHA LTD NIPPON TELEVISION HOLDINGS MEIJI HOLDINGS CO LTD DON QUIJOTE CO LTD KANSAI PAINT CO LTD BANK OF KYOTO LTD/THE STANLEY ELECTRIC CO LTD TONENGENERAL SEKIYU KK TOHO CO LTD KEISEI ELECTRIC RAILWAY CO HOKURIKU ELECTRIC POWER CO USS CO LTD TREND MICRO INC SHIMIZU CORP AEON MALL CO LTD SANKYO CO LTD BROTHER INDUSTRIES LTD THK CO LTD SBI HOLDINGS INC SUMITOMO RUBBER INDUSTRIES MITSUBISHI GAS CHEMICAL CO YOKOGAWA ELECTRIC CORP JTEKT CORP FAMILYMART CO LTD HAMAMATSU PHOTONICS KK SHIMAMURA CO LTD HOKUHOKU FINANCIAL GROUP INC TAKASHIMAYA CO LTD YASKAWA ELECTRIC CORP AIR WATER INC HOKKAIDO ELECTRIC POWER CO MARUI GROUP CO LTD GUNMA BANK LTD/THE KYOWA HAKKO KIRIN CO LTD TOYO SEIKAN GROUP HOLDINGS L NIPPON PAINT CO LTD SANRIO CO LTD HIROSHIMA BANK LTD/THE MIRACA HOLDINGS INC MITSUBISHI UFJ LEASE & FINAN NIPPON MEAT PACKERS INC TOHO GAS CO LTD SUMITOMO HEAVY INDUSTRIES ALFRESA HOLDINGS CORP MEDIPAL HOLDINGS CORP SUZUKEN CO LTD NISSHIN SEIFUN GROUP INC KURITA WATER INDUSTRIES LTD MITSUI CHEMICALS INC RINNAI CORP MITSUBISHI TANABE PHARMA YOKOHAMA RUBBER CO LTD EBARA CORP AMADA CO LTD SOJITZ CORP HACHIJUNI BANK LTD/THE SEVEN BANK LTD AEON FINANCIAL SERVICE CO LT DAICEL CORP FUJI ELECTRIC CO LTD

GICS_SECTOR_NAME Industrials Information Technology Industrials Industrials Industrials Industrials Consumer Discretionary Financials Materials Consumer Discretionary Information Technology Financials Industrials Materials Materials Consumer Discretionary Industrials Utilities Consumer Discretionary Industrials Health Care Consumer Discretionary Consumer Discretionary Materials Information Technology Industrials Utilities Health Care Financials Information Technology Information Technology Financials Financials Materials Financials Information Technology Materials Industrials Industrials Industrials Industrials Industrials Financials Industrials Industrials Consumer Discretionary Financials Consumer Discretionary Consumer Staples Industrials Consumer Discretionary Industrials Information Technology Consumer Discretionary Financials Materials Health Care Health Care Consumer Discretionary Financials Consumer Discretionary Utilities Health Care Consumer Discretionary Consumer Staples Financials Consumer Staples Consumer Discretionary Consumer Staples Consumer Discretionary Materials Financials Consumer Discretionary Energy Consumer Discretionary Industrials Utilities Consumer Discretionary Information Technology Industrials Financials Consumer Discretionary Information Technology Industrials Financials Consumer Discretionary Materials Information Technology Industrials Consumer Staples Information Technology Consumer Discretionary Financials Consumer Discretionary Information Technology Materials Utilities Consumer Discretionary Financials Health Care Materials Materials Consumer Discretionary Financials Health Care Financials Consumer Staples Utilities Industrials Health Care Health Care Health Care Consumer Staples Industrials Materials Consumer Discretionary Health Care Consumer Discretionary Industrials Industrials Industrials Financials Financials Financials Materials Industrials

ATM Ref 513.00 223.00 367.00 2543.00 409.00 880.00 1363.00 701.00 346.00 2314.00 14010.00 9330.00 288.00 1275.00 155.00 2077.00 388.00 3530.00 1439.00 848.00 6070.00 413.00 988.00 346.00 802.00 950.00 1514.00 2007.00 1242.00 3640.00 335500.00 547.00 2354.00 352.00 935.00 3790.00 426.00 694.00 674.00 1509.00 557.00 1372.00 218.00 467.00 377.00 2020.00 455.00 1758.00 4100.00 1110.00 769.00 364.00 3185.00 3935.00 874.00 1835.00 5350.00 6800.00 176400.00 1746.00 1769.00 1825.00 4570.00 8200.00 1749.00 1689.00 3080.00 1763.00 4745.00 5340.00 1302.00 852.00 1900.00 936.00 2079.00 976.00 1481.00 12400.00 3295.00 416.00 2536.00 4660.00 1087.00 2098.00 1098.00 1683.00 831.00 1358.00 1252.00 4380.00 3375.00 11410.00 194.00 963.00 1163.00 1474.00 1355.00 982.00 571.00 1007.00 1695.00 1386.00 5040.00 428.00 4540.00 496.00 1456.00 487.00 432.00 4745.00 1193.00 3095.00 1155.00 2026.00 263.00 6890.00 1319.00 981.00 532.00 706.00 180.00 614.00 335.00 3045.00 890.00 368.00

Dividend Yield 1.17% 1.79% 1.36% 1.81% 1.22% 3.64% 0.73% 1.71% 2.60% 1.73% 1.14% 1.71% 1.39% 2.82% 2.89% 1.29% 1.98% 1.39% 0.71% 0.69% 2.02% 1.73% 1.87% 1.26% 2.31% 2.39% 0.40% 1.92% 1.79% 1.65% 1.27% 1.14% 0.75% 1.06% 2.35% 1.08% 2.67% 1.99% 1.44% 1.46% 0.46% 2.14% 1.09% 2.42% 1.37% 1.83% 1.44% 1.30% 1.37% 1.63% 1.52% 0.46% 2.07% 1.31% 1.62% 2.49% 0.86% 0.79% 2.19% 1.22% 1.03% 1.48% 1.62% 1.64% 1.69% 0.75% 1.08% 1.17% 1.58% 4.06% 0.48% 0.61% 3.38% 2.57% 2.28% 1.68% 0.87% 3.22% 2.21% 1.05% 0.91% 1.37% 1.44% 0.88% 1.28% 2.33% 1.27% 1.31% 1.93% 1.04% 1.03% 1.63% 1.83% 1.66% 2.23% 0.83% 1.15% 1.19% 1.40% 1.89% 1.35% 1.79% 1.85% 1.39% 2.07% 1.84% 1.62% 1.73% 2.17% 2.28% 0.93% 3.03% 2.24% 0.94% 1.98% 2.22% 1.30% 2.09% 1.97% 1.35% 1.36%

Next ExDividend Date 26.09.2014 27.03.2015 27.03.2015 26.09.2014 27.03.2015 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.09.2013 26.09.2014 26.09.2014 26.06.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2013 26.06.2014 26.06.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 27.03.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.08.2014 26.09.2014 26.09.2014 27.03.2015 26.12.2014 26.09.2014 27.08.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 27.03.2014 26.09.2014 18.08.2014 27.03.2015 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.12.2013 26.09.2014 26.09.2014 26.09.2014 26.06.2014 27.08.2014 26.09.2014 26.09.2013 26.09.2014 26.12.2013 26.09.2014 27.08.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.06.2014 26.09.2014 26.09.2014 26.09.2014 27.08.2014 27.03.2014 18.08.2014 27.03.2015 27.08.2014 17.09.2014 26.09.2014 27.03.2014 26.09.2014 26.09.2014 26.06.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.06.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2013

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew ATM Vol - ATM Vol - ATM Vol - ATM Vol - ATM Vol - ATM Vol - ATM Vol (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M 36.13 39.53

40.58 44.59

46.89 52.30

54.63 62.87

-0.113 -0.001 0.001 0.012 -0.491 -0.393 -0.409 -0.151

0.053 0.019 0.010 -0.001 0.008 -0.017 -0.024 -0.014

37.42 30.03

41.58 30.37

45.79 29.67

51.36 28.81

-0.335 -0.197 -0.210 -0.230 -0.218 -0.114 -0.062 0.000

0.035 0.032

0.009 0.002

36.79

40.53

44.76

50.43

-0.323 -0.171 -0.148 -0.037

0.030

0.002 -0.003 -0.003

31.05

31.44

31.27

31.02

-0.175 0.002

0.014

0.000

33.40 34.17 45.28

39.80 34.46 45.56

47.49 33.69 45.52

57.24 32.80 45.36

-0.052 0.038 0.025 0.010 -0.249 -0.151 -0.089 -0.009 0.064 0.223 0.216 0.208

0.061 0.026 0.014 -0.001 0.031 0.004 0.002 0.001 0.026 -0.007 -0.007 -0.007

33.83

39.90

49.01

61.00

-0.061 0.061

0.030

0.045

0.017

0.009 -0.001

44.26

64.56

90.51

123.02

-0.178 -0.129 -0.099 0.003

0.098

0.059

0.037

0.004

32.26 35.79 43.40 42.24 36.04

34.45 36.80 43.62 39.44 38.08

36.32 37.98 43.38 34.41 40.07

38.71 39.49 43.00 28.31 43.34

-0.292 -0.321 -0.081 -0.152 0.091

0.034 0.005 0.003 0.016 0.001 0.000 0.024 0.000 0.000 0.005 -0.014 -0.010 0.024 0.001 0.001

0.001 -0.001 0.000 -0.003 0.000

29.03 47.29

34.17 48.86

39.79 50.71

47.02 53.35

-0.250 -0.123 -0.151 -0.075 -0.088 0.005 0.012 0.011

0.020 0.015

0.001 -0.005 -0.005 0.005 0.003 0.001

45.43

45.97

45.55

44.98

-0.170 -0.073 -0.039 0.006

0.024

0.001

36.57 37.51

45.89 44.37

59.31 50.13

76.65 57.55

0.324 0.488 0.500 0.224 -0.225 -0.030 -0.002 0.037

-0.001 -0.030 -0.044 -0.026 0.037 0.013 0.007 0.000

30.28

30.58

30.35

30.06

-0.072 0.021

0.028 -0.001 -0.001 0.000

39.53 32.49

45.57 35.37

50.88 37.08

57.68 39.18

0.039 0.165 0.128 0.059 -0.288 -0.063 -0.034 0.007

0.045 0.020

0.014 0.001

0.009 0.001

0.001 0.000

36.81 36.09

37.59 42.17

37.80 48.08

38.29 55.91

-0.104 0.011 0.021 0.020 -0.050 0.040 -0.015 -0.076

0.032 0.046

0.001 0.013

0.001 0.008

0.001 0.002

41.33 42.11 41.89

44.57 40.62 41.35

49.62 38.14 40.95

56.28 35.12 40.45

-0.090 0.014 0.018 0.025 -0.223 -0.094 -0.097 -0.111 -0.074 0.017 0.028 0.029

0.040 0.010 0.006 -0.001 0.010 -0.007 -0.004 0.001 0.019 -0.002 -0.001 0.000

33.06

40.15

46.73

55.17

0.086

0.039

0.020

0.006

0.004

0.001

25.66

31.74

39.80

50.59

-0.156 -0.036 -0.019 -0.003

0.041

0.014

0.008

0.000

24.07

24.22

24.13

24.11

-0.060 -0.032 -0.016 0.007

0.029

0.002

0.001

0.000

33.91 26.84

33.81 27.42

35.02 27.25

36.65 27.02

-0.158 0.015 0.006 0.008 -0.192 -0.022 -0.011 0.005

0.014 0.029

0.002 0.001

0.001 -0.001 0.000 0.000

59.82

55.25

49.77

42.90

-0.340 -0.257 -0.220 -0.192

0.006 -0.013 -0.007 0.000

27.22

27.19

27.13

26.85

-0.208 0.002

0.003

0.005

0.017

0.000

0.000

0.000

43.95

48.26

52.09

57.11

-0.009 0.078

0.061

0.038

0.032

0.008

0.004

0.000

39.25

41.78

43.71

45.99

-0.303 -0.102 -0.052 0.008

0.023

0.004

0.002

0.000

36.30

36.47

36.55

36.95

-0.122 -0.035 -0.038 -0.042

0.032

0.001

0.001

0.000

26.96

27.82

27.90

27.82

-0.227 -0.069 -0.038 0.003

0.027

0.003

0.002

0.000

41.66

42.83

42.54

42.15

-0.211 0.010

0.007

0.002

0.022 -0.001 0.000

0.000

45.75

56.21

69.28

86.73

0.534

0.302

0.015

0.082

0.004

-0.196 -0.008 0.002 0.045 0.128

0.165

0.503

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

0.003

0.046

-0.224 -0.006 0.003 0.078 0.081

0.012

0.106

0.004

-0.245 -0.001 0.006 0.097 0.010

0.004

0.052

0.006 0.001

0.000

0.001

0.033

0.002 0.000

0.000

0.000

07.08.2013

TOPIX 1000 Index - TPX1000

Ticker

Name

GICS_SECTOR_NAME

ATM2 Ref

Dividend Yield

Next ExDividend Date

9783 JT Equity

BENESSE HOLDINGS INC

Consumer Discretionary

3465.00

2.74%

26.09.2014

4768 JT Equity

OTSUKA CORP

Information Technology

12410.00

1.65%

26.12.2014

2371 JT Equity

KAKAKU.COM INC

Information Technology

3855.00

0.52%

27.03.2014

3231 JT Equity

NOMURA REAL ESTATE HOLDINGS

Financials

2280.00

1.32%

26.09.2014

5486 JT Equity

HITACHI METALS LTD

Materials

1218.00

1.15%

26.09.2014

6268 JT Equity

NABTESCO CORP

Industrials

2068.00

1.84%

26.09.2014

4205 JT Equity

ZEON CORP

Materials

1168.00

1.11%

26.09.2014

5019 JT Equity

IDEMITSU KOSAN CO LTD

Energy

8500.00

2.35%

26.09.2014

8385 JT Equity

IYO BANK LTD/THE

Financials

999.00

1.00%

26.09.2014

8304 JT Equity

AOZORA BANK LTD

Financials

294.00

4.08%

26.09.2013

2433 JT Equity

HAKUHODO DY HOLDINGS INC

Consumer Discretionary

7120.00

1.26%

26.09.2014

6305 JT Equity

HITACHI CONSTRUCTION MACHINE

Industrials

1903.00

2.63%

26.09.2014

4042 JT Equity

TOSOH CORP

Materials

360.00

1.67%

26.09.2014

5714 JT Equity

DOWA HOLDINGS CO LTD

Materials

871.00

1.38%

27.03.2015

9301 JT Equity

MITSUBISHI LOGISTICS CORP

Industrials

1409.00

0.85%

2432 JT Equity

DENA CO LTD

Information Technology

1928.00

2.59%

4091 JT Equity

TAIYO NIPPON SANSO CORP

Materials

720.00

1.67%

26.09.2014

2212 JT Equity

YAMAZAKI BAKING CO LTD

Consumer Staples

1202.00

1.33%

26.12.2014

2229 JT Equity

CALBEE INC

Consumer Staples

9610.00

0.75%

27.03.2015

6366 JT Equity

CHIYODA CORP

Industrials

1211.00

1.57%

27.03.2015

9048 JT Equity

NAGOYA RAILROAD CO LTD

Industrials

279.00

1.43%

27.03.2015

4631 JT Equity

DIC CORP

Materials

262.00

3.44%

26.06.2014

4021 JT Equity

NISSAN CHEMICAL INDUSTRIES

Materials

1351.00

1.92%

26.09.2014

8382 JT Equity

CHUGOKU BANK LTD/THE

Financials

1316.00

1.06%

26.09.2014

7951 JT Equity

YAMAHA CORP

Consumer Discretionary

1315.00

1.14%

26.09.2014

4684 JT Equity

OBIC CO LTD

Information Technology

28310.00

1.77%

26.09.2014

4506 JT Equity

DAINIPPON SUMITOMO PHARMA CO

Health Care

1299.00

1.39%

26.09.2014

4272 JT Equity

NIPPON KAYAKU CO LTD

Materials

1299.00

1.54%

26.09.2014

3659 JT Equity

NEXON CO LTD

Information Technology

1171.00

0.85%

26.06.2014

9766 JT Equity

KONAMI CORP

Information Technology

2136.00

1.59%

26.09.2014

4208 JT Equity

UBE INDUSTRIES LTD

Materials

180.00

2.78%

27.03.2015

9962 JT Equity

MISUMI GROUP INC

Industrials

2580.00

1.10%

26.09.2014

6724 JT Equity

SEIKO EPSON CORP

Information Technology

1381.00

1.88%

26.09.2014

8418 JT Equity

YAMAGUCHI FINANCIAL GROUP IN

Financials

951.00

1.26%

26.09.2014

7276 JT Equity

KOITO MANUFACTURING CO LTD

Consumer Discretionary

1873.00

1.07%

26.09.2013

5471 JT Equity

DAIDO STEEL CO LTD

Materials

576.00

0.87%

26.09.2014

5214 JT Equity

NIPPON ELECTRIC GLASS CO LTD

Information Technology

501.00

3.19%

26.09.2014

4004 JT Equity

SHOWA DENKO K K

Materials

133.00

2.26%

26.12.2014

9364 JT Equity

KAMIGUMI CO LTD

Industrials

836.00

1.20%

26.09.2014

7453 JT Equity

RYOHIN KEIKAKU CO LTD

Consumer Discretionary

8790.00

1.76%

27.08.2014

4666 JT Equity

PARK24 CO LTD

Industrials

1779.00

1.97%

29.10.2014

8327 JT Equity

NISHI-NIPPON CITY BANK LTD

Financials

264.00

1.89%

26.09.2014

7701 JT Equity

SHIMADZU CORP

Information Technology

763.00

1.18%

26.09.2014

9107 JT Equity

KAWASAKI KISEN KAISHA LTD

Industrials

208.00

1.68%

4062 JT Equity

IBIDEN CO LTD

Information Technology

1492.00

2.01%

4118 JT Equity

KANEKA CORP

Materials

696.00

2.30%

26.09.2014

9045 JT Equity

KEIHAN ELECTRIC RAILWAY CO

Industrials

404.00

1.24%

26.09.2014

1808 JT Equity

HASEKO CORP

Consumer Discretionary

129.00

5002 JT Equity

SHOWA SHELL SEKIYU KK

Energy

961.00

2.81%

26.06.2014

5631 JT Equity

JAPAN STEEL WORKS LTD

Industrials

555.00

0.90%

26.09.2014

6857 JT Equity

ADVANTEST CORP

Information Technology

1291.00

1.55%

26.09.2014

3391 JT Equity

TSURUHA HOLDINGS INC

Consumer Staples

9050.00

1.44%

12.11.2014

6952 JT Equity

CASIO COMPUTER CO LTD

Consumer Discretionary

915.00

2.19%

26.09.2014

5991 JT Equity

NHK SPRING CO LTD

Consumer Discretionary

1150.00

1.30%

26.09.2013

2809 JT Equity

KEWPIE CORP

Consumer Staples

1525.00

1.44%

28.05.2014

6674 JT Equity

GS YUASA CORP

Industrials

448.00

1.79%

27.03.2015

5463 JT Equity

MARUICHI STEEL TUBE LTD

Materials

2463.00

2.52%

26.09.2014

4967 JT Equity

KOBAYASHI PHARMACEUTICAL CO

Consumer Staples

5400.00

1.52%

26.09.2014

3401 JT Equity

TEIJIN LTD

Materials

215.00

1.86%

26.09.2014

8616 JT Equity

TOKAI TOKYO FINANCIAL HOLDIN

Financials

744.00

3.23%

26.09.2013

4555 JT Equity

SAWAI PHARMACEUTICAL CO LTD

Health Care

11950.00

1.51%

26.09.2014

8515 JT Equity

AIFUL CORP

Financials

1000.00

8282 JT Equity

K'S HOLDINGS CORP

Consumer Discretionary

3315.00

1.81%

26.09.2014

4061 JT Equity

DENKI KAGAKU KOGYO K K

Materials

389.00

2.57%

26.09.2014

9989 JT Equity

SUNDRUG CO LTD

Consumer Staples

4280.00

1.21%

26.09.2014

4114 JT Equity

NIPPON SHOKUBAI CO LTD

Materials

1048.00

1.53%

26.09.2014

1911 JT Equity

SUMITOMO FORESTRY CO LTD

Consumer Discretionary

1020.00

1.86%

26.09.2014

4217 JT Equity

HITACHI CHEMICAL CO LTD

Materials

1736.00

2.07%

26.09.2014

9044 JT Equity

NANKAI ELECTRIC RAILWAY CO

Industrials

377.00

1.33%

27.03.2015

7313 JT Equity

TS TECH CO LTD

Consumer Discretionary

3645.00

1.10%

26.09.2014

6465 JT Equity

HOSHIZAKI ELECTRIC CO LTD

Industrials

3490.00

0.86%

26.12.2014

7240 JT Equity

NOK CORP

Consumer Discretionary

1576.00

1.27%

26.09.2014

6472 JT Equity

NTN CORP

Industrials

354.00

0.56%

27.03.2014

4716 JT Equity

ORACLE CORP JAPAN

Information Technology

3835.00

2.40%

27.05.2015

6849 JT Equity

NIHON KOHDEN CORP

Health Care

3800.00

1.58%

26.09.2014

8341 JT Equity

77 BANK LTD/THE

Financials

488.00

1.43%

26.09.2014

8933 JT Equity

NTT URBAN DEVELOPMENT CORP

Financials

122100.00

1.31%

26.09.2014

4540 JT Equity

TSUMURA & CO

Health Care

2617.00

2.45%

26.09.2014

6592 JT Equity

MABUCHI MOTOR CO LTD

Industrials

5230.00

1.15%

26.06.2014

5444 JT Equity

YAMATO KOGYO CO LTD

Materials

3390.00

0.88%

26.09.2014

5801 JT Equity

FURUKAWA ELECTRIC CO LTD

Industrials

223.00

1.35%

27.03.2015

8012 JT Equity

NAGASE & CO LTD

Industrials

1303.00

2.15%

26.09.2014

4912 JT Equity

LION CORP

Consumer Staples

600.00

1.67%

26.06.2014

2531 JT Equity

TAKARA HOLDINGS INC

Consumer Staples

824.00

1.09%

27.03.2015

8273 JT Equity

IZUMI CO LTD

Consumer Discretionary

2957.00

1.35%

27.08.2014

8609 JT Equity

OKASAN SECURITIES GROUP INC

Financials

856.00

2.34%

27.03.2014

3101 JT Equity

TOYOBO CO LTD

Materials

162.00

2.16%

27.03.2015

6925 JT Equity

USHIO INC

Industrials

1180.00

1.86%

27.03.2015

7956 JT Equity

PIGEON CORP

Consumer Staples

4710.00

1.22%

29.07.2014

2593 JT Equity

ITO EN LTD

Consumer Staples

2310.00

1.65%

29.10.2014

2579 JT Equity

COCA-COLA WEST CO LTD

Consumer Staples

2039.00

2.06%

26.06.2014

6457 JT Equity

GLORY LTD

Industrials

2353.00

1.87%

26.09.2014

9076 JT Equity

SEINO HOLDINGS CO LTD

Industrials

902.00

1.22%

27.03.2015

8219 JT Equity

AOYAMA TRADING CO LTD

Consumer Discretionary

2560.00

2.73%

26.09.2014

3863 JT Equity

NIPPON PAPER INDUSTRIES CO L

Materials

1378.00

2.90%

7282 JT Equity

TOYODA GOSEI CO LTD

Consumer Discretionary

2463.00

2.11%

26.09.2014

9401 JT Equity

TOKYO BROADCASTING SYSTEM

Consumer Discretionary

1305.00

1.23%

26.09.2014

6141 JT Equity

MORI SEIKI CO LTD

Industrials

1258.00

1.59%

26.09.2014

2331 JT Equity

SOHGO SECURITY SERVICES CO

Industrials

1813.00

1.38%

26.09.2014

7003 JT Equity

MITSUI ENGINEER & SHIPBUILD

Industrials

178.00

1.12%

27.03.2015

2501 JT Equity

SAPPORO HOLDINGS LTD

Consumer Staples

375.00

1.87%

26.12.2014

1662 JT Equity

JAPAN PETROLEUM EXPLORATION

Energy

4265.00

1.17%

26.09.2014

6395 JT Equity

TADANO LTD

Industrials

1404.00

1.14%

26.09.2014

8439 JT Equity

CENTURY TOKYO LEASING CORP

Financials

2915.00

1.78%

26.09.2014

2811 JT Equity

KAGOME CO LTD

Consumer Staples

1677.00

1.31%

27.03.2015

6727 JT Equity

WACOM CO LTD

Information Technology

915.00

1.91%

27.03.2015

1721 JT Equity

COMSYS HOLDINGS CORP

Industrials

1229.00

1.63%

26.09.2014

6146 JT Equity

DISCO CORP

Information Technology

5730.00

1.22%

26.09.2014

6703 JT Equity

OKI ELECTRIC INDUSTRY CO LTD

Information Technology

183.00

6976 JT Equity

TAIYO YUDEN CO LTD

Information Technology

1345.00

0.74%

26.09.2014

6754 JT Equity

ANRITSU CORP

Information Technology

1215.00

1.65%

26.09.2014

2413 JT Equity

M3 INC

Health Care

262700.00

0.42%

27.03.2014

4521 JT Equity

KAKEN PHARMACEUTICAL CO LTD

Health Care

1573.00

3.05%

26.09.2014

6136 JT Equity

OSG CORP

Industrials

1497.00

1.54%

28.05.2014

9601 JT Equity

SHOCHIKU CO LTD

Consumer Discretionary

987.00

0.30%

25.02.2015

7762 JT Equity

CITIZEN HOLDINGS CO LTD

Information Technology

564.00

1.77%

26.09.2014

8572 JT Equity

ACOM CO LTD

Financials

3205.00

7860 JT Equity

AVEX GROUP HOLDINGS INC

Consumer Discretionary

3470.00

1.44%

26.09.2014

8036 JT Equity

HITACHI HIGH-TECHNOLOGIES CO

Information Technology

2104.00

0.95%

26.09.2014

9706 JT Equity

JAPAN AIRPORT TERMINAL CO

Industrials

1845.00

0.54%

26.09.2014

5232 JT Equity

SUMITOMO OSAKA CEMENT CO LTD

Materials

338.00

1.48%

26.09.2014

2810 JT Equity

HOUSE FOODS CORP

Consumer Staples

1592.00

1.88%

26.09.2014

3591 JT Equity 8016 JT Equity

WACOAL HOLDINGS CORP ONWARD HOLDINGS CO LTD

Consumer Discretionary Consumer Discretionary

1005.00 888.00

2.79% 2.70%

27.03.2015 25.02.2015

At The Money Implied Volatilities by Terms

Option Implied Volatility Skew Parameters by Terms: 2 IVt = atx + btx + ct

ATM2 ATM2 ATM2 ATM2 ATM2 ATM2 ATM2 Vol - 30D Vol - 60D Vol - 90D Vol - 6M Vol - 12M Vol - 18M Vol - 24M

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

37.10

43.15

49.24

57.34

-0.128 -0.173 -0.119 -0.051

0.040

0.022

0.012 -0.001

26.09.2014

32.25

32.40

32.23

31.98

-0.095 0.007

0.006

0.006

0.026

0.000

0.000

0.000

27.03.2014

45.54

45.53

45.43

45.22

-0.055 0.002

0.004

0.007

0.020

0.000

0.000

0.000

42.56

42.96

42.66

42.41

-0.109 0.010

0.008

0.006

0.029 -0.001 0.000

0.000

40.13

48.58

59.00

72.08

0.170

0.266

0.118

0.040

55.94

54.18

51.75

48.85

-0.135 -0.052 -0.038 -0.016

0.017 -0.004 -0.003 -0.001

27.03.2015

31.89

40.03

51.09

65.02

-0.136 -0.050 -0.075 -0.110

0.083

0.044

26.09.2013

39.66

44.40

50.65

58.86

-0.247 -0.143 -0.146 -0.047

0.028

0.006 -0.002 -0.005

45.22

44.40

44.18

43.93

0.222

0.365

0.354

0.355

0.031

0.001

47.25

44.42

38.49

31.10

-0.026 0.118

0.184

0.273

0.006 -0.020 -0.013 -0.005

54.87

57.08

58.76

61.30

-0.052 0.022

0.016 -0.010

36.66

36.97

35.74

34.23

-0.235 -0.049 -0.052 -0.054

0.017 -0.003 -0.001 0.001

35.99

36.35

36.26

36.08

-0.338 -0.003 0.000

0.005

0.017

0.000

0.000

0.000

23.02

23.23

23.16

23.04

-0.112 -0.006 -0.001 0.006

0.022

0.000

0.000

0.000

29.67

30.35

30.25

30.29

-0.028 0.001

0.002

0.006

0.021

0.000

0.000

0.000

42.73

49.21

57.86

69.18

-0.069 0.046

0.032

0.000

0.059

0.027

0.015

0.000

56.17

52.08

46.20

38.90

0.839

1.252

1.369

1.495

0.009 -0.015 -0.010 -0.003

35.23

35.48

35.24

34.92

-0.090 0.006

0.005

0.007

0.026

0.000

0.000

35.48

42.01

51.27

63.11

0.003

0.181

0.219

0.073

0.035

0.018 -0.004

62.59

61.37

60.78

60.06

-0.202 -0.102 -0.056 0.004

0.015

0.000

0.000

0.267

0.161

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

0.024

0.016

0.004

0.005 -0.003

0.023 -0.001

0.002

0.003

0.002 -0.001

0.000

0.000

07.08.2013

TOPIX 1000 Index - TPX1000

Ticker 1944 JT Equity 8585 JT Equity 4527 JT Equity 8270 JT Equity 6856 JT Equity 7649 JT Equity 5706 JT Equity 9435 JT Equity 8524 JT Equity 5007 JT Equity 7988 JT Equity 4569 JT Equity 5803 JT Equity 7004 JT Equity 9003 JT Equity 2871 JT Equity 6845 JT Equity 6770 JT Equity 3092 JT Equity 8184 JT Equity 6479 JT Equity 5929 JT Equity 8129 JT Equity 4681 JT Equity 8336 JT Equity 4321 JT Equity 8242 JT Equity 7735 JT Equity 3436 JT Equity 4206 JT Equity 8415 JT Equity 4045 JT Equity 4922 JT Equity 3349 JT Equity 9684 JT Equity 4043 JT Equity 8366 JT Equity 4665 JT Equity 9409 JT Equity 1883 JT Equity 8628 JT Equity 5105 JT Equity 3360 JT Equity 4403 JT Equity 8086 JT Equity 9719 JT Equity 2670 JT Equity 3088 JT Equity 2131 JT Equity 5202 JT Equity 9681 JT Equity 3105 JT Equity 9832 JT Equity 6995 JT Equity 6103 JT Equity 9031 JT Equity 9072 JT Equity 4634 JT Equity 9747 JT Equity 4095 JT Equity 3116 JT Equity 4534 JT Equity 8394 JT Equity 8595 JT Equity 8848 JT Equity 2607 JT Equity 8840 JT Equity 7222 JT Equity 8586 JT Equity 8356 JT Equity 4401 JT Equity 8425 JT Equity 5413 JT Equity 8390 JT Equity 4186 JT Equity 2685 JT Equity 9412 JT Equity 8130 JT Equity 7242 JT Equity 1881 JT Equity 7550 JT Equity 1334 JT Equity 1951 JT Equity 3941 JT Equity 8698 JT Equity 8381 JT Equity 2206 JT Equity 9744 JT Equity 7606 JT Equity 8324 JT Equity 4739 JT Equity 8078 JT Equity 6383 JT Equity 6376 JT Equity 3632 JT Equity 8544 JT Equity 8388 JT Equity 9603 JT Equity 8714 JT Equity 7312 JT Equity 4917 JT Equity 9449 JT Equity 7966 JT Equity 1833 JT Equity 8088 JT Equity 1414 JT Equity 4547 JT Equity 6474 JT Equity 8386 JT Equity 6005 JT Equity 9065 JT Equity 3626 JT Equity 7230 JT Equity 5943 JT Equity 7984 JT Equity 6961 JT Equity 8363 JT Equity 3774 JT Equity 8361 JT Equity 9075 JT Equity 9934 JT Equity 1979 JT Equity 7296 JT Equity 6412 JT Equity 3608 JT Equity 3593 JT Equity

Name KINDEN CORP ORIENT CORP ROHTO PHARMACEUTICAL CO LTD UNY GROUP HOLDINGS CO LTD HORIBA LTD SUGI HOLDINGS CO LTD MITSUI MINING & SMELTING CO HIKARI TSUSHIN INC NORTH PACIFIC BANK LTD COSMO OIL COMPANY LTD NIFCO INC KYORIN HOLDINGS INC FUJIKURA LTD HITACHI ZOSEN CORP SOTETSU HOLDINGS INC NICHIREI CORP AZBIL CORP ALPS ELECTRIC CO LTD START TODAY CO LTD SHIMACHU CO LTD MINEBEA CO LTD SANWA HOLDINGS CORP TOHO HOLDINGS CO LTD RESORTTRUST INC MUSASHINO BANK LTD/THE KENEDIX INC H2O RETAILING CORP DAINIPPON SCREEN MFG CO LTD SUMCO CORP AICA KOGYO CO LTD KIYO HOLDINGS INC TOAGOSEI CO LTD KOSE CORP COSMOS PHARMACEUTICAL CORP SQUARE ENIX HOLDINGS CO LTD TOKUYAMA CORPORATION SHIGA BANK LTD/THE DUSKIN CO LTD TV ASAHI CORP MAEDA ROAD CONSTRUCTION CO MATSUI SECURITIES CO LTD TOYO TIRE & RUBBER CO LTD SHIP HEALTHCARE HOLDINGS INC NOF CORP NIPRO CORP SCSK CORP ABC-MART INC MATSUMOTOKIYOSHI HOLDINGS CO ACCORDIA GOLF CO LTD NIPPON SHEET GLASS CO LTD TOKYO DOME CORP NISSHINBO HOLDINGS INC AUTOBACS SEVEN CO LTD TOKAI RIKA CO LTD OKUMA CORP NISHI-NIPPON RAILROAD CO LTD NIPPON KONPO UNYU SOKO CO TOYO INK SC HOLDINGS CO LTD ASATSU-DK INC NIHON PARKERIZING CO LTD TOYOTA BOSHOKU CORP MOCHIDA PHARMACEUTICAL CO HIGO BANK LTD/THE JAFCO CO LTD LEOPALACE21 CORP FUJI OIL CO LTD DAIKYO INC NISSAN SHATAI CO LTD HITACHI CAPITAL CORP JUROKU BANK LTD/THE ADEKA CORP IBJ LEASING CO LTD NISSHIN STEEL HOLDINGS CO LT KAGOSHIMA BANK LTD/THE TOKYO OHKA KOGYO CO LTD POINT INC SKY PERFECT JSAT HOLDINGS SANGETSU CO LTD KYB CO LTD NIPPO CORP ZENSHO HOLDINGS CO LTD MARUHA NICHIRO HOLDINGS INC KYOWA EXEO CORP RENGO CO LTD MONEX GROUP INC SAN-IN GODO BANK LTD/THE EZAKI GLICO CO LTD MEITEC CORP UNITED ARROWS LTD DAISHI BANK LTD/THE ITOCHU TECHNO-SOLUTIONS CORP HANWA CO LTD DAIFUKU CO LTD NIKKISO CO LTD GREE INC KEIYO BANK LTD/THE AWA BANK LTD/THE H I S CO LTD SENSHU IKEDA HOLDINGS INC TAKATA CORP MANDOM CORP GMO INTERNET INC LINTEC CORP OKUMURA CORP IWATANI CORP SHO-BOND HOLDINGS CO LTD KISSEI PHARMACEUTICAL CO LTD NACHI-FUJIKOSHI CORP HYAKUJUSHI BANK LTD/THE MIURA CO LTD SANKYU INC IT HOLDINGS CORP NISSIN KOGYO CO LTD NORITZ CORP KOKUYO CO LTD ENPLAS CORP HOKKOKU BANK LTD/THE INTERNET INITIATIVE JAPAN OGAKI KYORITSU BANK LTD/THE FUKUYAMA TRANSPORTING CO LTD INABA DENKI SANGYO CO LTD TAIKISHA LTD FCC CO LTD HEIWA CORP TSI HOLDINGS CO LTD HOGY MEDICAL CO LTD

GICS_SECTOR_NAME Industrials Financials Health Care Consumer Staples Information Technology Consumer Staples Materials Consumer Discretionary Financials Energy Consumer Discretionary Health Care Industrials Industrials Industrials Consumer Staples Information Technology Information Technology Consumer Discretionary Consumer Discretionary Industrials Industrials Health Care Consumer Discretionary Financials Financials Consumer Discretionary Information Technology Information Technology Industrials Financials Materials Consumer Staples Consumer Staples Information Technology Materials Financials Industrials Consumer Discretionary Industrials Financials Consumer Discretionary Health Care Materials Health Care Information Technology Consumer Discretionary Consumer Staples Consumer Discretionary Industrials Consumer Discretionary Industrials Consumer Discretionary Consumer Discretionary Industrials Industrials Industrials Materials Consumer Discretionary Materials Consumer Discretionary Health Care Financials Financials Financials Consumer Staples Financials Consumer Discretionary Financials Financials Materials Financials Materials Financials Materials Consumer Discretionary Consumer Discretionary Consumer Discretionary Consumer Discretionary Industrials Consumer Discretionary Consumer Staples Industrials Materials Financials Financials Consumer Staples Industrials Consumer Discretionary Financials Information Technology Industrials Industrials Health Care Information Technology Financials Financials Consumer Discretionary Financials Consumer Discretionary Consumer Staples Information Technology Materials Industrials Industrials Industrials Health Care Industrials Financials Industrials Industrials Information Technology Consumer Discretionary Industrials Industrials Information Technology Financials Information Technology Financials Industrials Industrials Industrials Consumer Discretionary Consumer Discretionary Consumer Discretionary Health Care

ATM2 Ref 1013.00 279.00 1387.00 641.00 3270.00 3840.00 225.00 6040.00 402.00 206.00 2537.00 2117.00 351.00 149.00 367.00 490.00 2090.00 795.00 2042.00 2491.00 407.00 576.00 1750.00 3130.00 3485.00 514.00 852.00 533.00 853.00 1851.00 138.00 441.00 2877.00 10850.00 1500.00 353.00 574.00 1881.00 2126.00 1650.00 902.00 599.00 3680.00 632.00 962.00 2182.00 4380.00 3055.00 110600.00 106.00 653.00 753.00 1443.00 2122.00 729.00 383.00 1603.00 518.00 2614.00 1942.00 1372.00 1242.00 589.00 3525.00 502.00 1743.00 308.00 1364.00 2382.00 373.00 1018.00 3075.00 1031.00 660.00 2221.00 4930.00 52200.00 2553.00 585.00 1715.00 1180.00 204.00 1091.00 518.00 40500.00 751.00 1058.00 2771.00 4030.00 337.00 3640.00 426.00 914.00 1197.00 816.00 513.00 514.00 4875.00 508.00 2286.00 3625.00 1233.00 1896.00 405.00 367.00 4020.00 2050.00 428.00 364.00 2524.00 323.00 1197.00 1914.00 1872.00 737.00 8660.00 343.00 2950.00 288.00 625.00 2856.00 2354.00 2300.00 1732.00 695.00 5670.00

Dividend Yield

Next ExDividend Date

1.18%

26.09.2014

1.30% 3.74% 1.28% 0.83% 1.33% 2.02% 1.24% 3.88% 1.85% 2.46% 1.71% 1.34% 1.36% 2.04% 3.01% 0.63% 0.98% 2.21% 1.72% 2.08% 0.91% 1.92% 2.01%

26.09.2014 27.08.2014 26.06.2014 27.08.2014 27.03.2015 26.06.2014 26.09.2014 27.03.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.09.2014 26.02.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014

1.47% 0.56% 0.23% 2.05%

26.09.2014 27.03.2015 26.12.2013 26.09.2014

2.27% 1.46% 0.46% 2.00% 1.70% 1.05% 2.13% 0.94% 1.52% 4.43% 1.50% 0.95% 1.74% 2.65% 1.83% 1.14% 1.31% 5.06% 0.77% 1.99% 3.74% 1.60% 1.37% 1.57% 2.50% 2.32% 1.03% 1.29% 1.31% 2.17% 1.53% 0.71%

26.06.2014 26.09.2014 26.11.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 27.03.2014 26.12.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 27.08.2014 26.09.2014 27.03.2015 27.03.2015 28.01.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.06.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014

1.49% 0.97% 0.66% 1.76% 1.88% 2.16% 1.69% 0.48% 1.36% 2.16% 2.43% 2.30% 2.94% 1.37% 0.87% 1.36% 1.47% 2.20% 2.32% 0.59% 1.33% 1.42% 2.60% 1.51% 2.08% 3.02% 2.82% 1.64% 1.34% 4.17% 1.95% 1.36% 0.70% 2.95% 1.31% 1.82% 1.14% 2.22% 2.22% 1.91% 1.22% 1.95% 1.40% 1.92% 1.66% 2.79% 2.09% 2.09% 1.55% 2.04% 0.46% 1.75% 0.75% 2.43% 1.60% 3.96% 1.91% 1.74% 3.46% 2.52% 1.92%

26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.09.2014 26.09.2014 27.08.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2013 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.06.2014 26.09.2014 26.09.2014 29.10.2014 27.03.2015 27.03.2014 26.09.2014 27.03.2014 26.09.2014 27.03.2015 27.03.2015 26.12.2013 26.09.2014 26.11.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.06.2014 26.06.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 25.02.2015 26.06.2014

At The Money Implied Volatilities by Terms

Option Implied Volatility Skew Parameters by Terms: IVt = atx + btx2 + ct

ATM2 ATM2 ATM2 ATM2 ATM2 ATM2 ATM2 Vol - 30D Vol - 60D Vol - 90D Vol - 6M Vol - 12M Vol - 18M Vol - 24M

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

40.06

37.81

34.69

30.63

-0.227 -0.138 -0.129 -0.120

0.016 -0.009 -0.006 -0.002

41.67

42.50

42.33

42.09

-0.115 0.002

0.002

0.004

0.032 -0.001 0.000

0.000

42.83

43.80

43.53

43.15

-0.150 0.001

0.003

0.007

0.027

0.000

0.000

0.000

50.06

56.91

64.51

74.35

-0.030 0.086

0.064

0.049

0.035

0.014

0.008

0.001

33.11

33.60

33.41

33.14

-0.193 0.013

0.008

0.005

0.023 -0.001 0.000

0.000

42.29

44.28

47.92

52.42

0.142

0.171

0.153

0.127

0.024

0.002

0.000 -0.002

60.74

64.41

69.88

77.61

0.497

0.544

0.306

0.000

0.035

0.009

0.005 -0.001

26.03

26.55

26.32

26.00

0.065

0.002

0.004

0.007

0.018

0.000

0.000

0.000

48.70

48.69

48.52

48.26

-0.090 0.001

0.003

0.006

0.024

0.000

0.000

0.000

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

07.08.2013

TOPIX 1000 Index - TPX1000

Ticker

Name

GICS_SECTOR_NAME

ATM3 Ref

Dividend Yield

Next ExDividend Date

8367 JT Equity

NANTO BANK LTD/THE

Financials

388.00

1.55%

26.09.2014

9303 JT Equity

SUMITOMO WAREHOUSE CO LTD

Industrials

558.00

1.97%

26.09.2014

8218 JT Equity

KOMERI CO LTD

Consumer Discretionary

2453.00

1.47%

26.09.2014

1860 JT Equity

TODA CORP

Industrials

284.00

1.76%

27.03.2015

4927 JT Equity

POLA ORBIS HOLDINGS INC

Consumer Staples

3445.00

1.74%

26.06.2014

3064 JT Equity

MONOTARO CO LTD

Industrials

2404.00

0.50%

26.06.2014

5949 JT Equity

UNIPRES CORP

Consumer Discretionary

2052.00

1.22%

26.09.2014

8060 JT Equity

CANON MARKETING JAPAN INC

Consumer Discretionary

1278.00

1.88%

26.06.2014

1824 JT Equity

MAEDA CORP

Industrials

520.00

1.35%

27.03.2015

4041 JT Equity

NIPPON SODA CO LTD

Materials

575.00

1.04%

27.03.2015

7947 JT Equity

FP CORP

Materials

6930.00

1.86%

26.09.2014

2001 JT Equity

NIPPON FLOUR MILLS CO LTD

Consumer Staples

518.00

2.32%

26.09.2014

7278 JT Equity

EXEDY CORP

Consumer Discretionary

2611.00

1.91%

26.09.2014

8368 JT Equity

HYAKUGO BANK LTD/THE

Financials

399.00

1.88%

26.09.2014

4516 JT Equity

NIPPON SHINYAKU CO LTD

Health Care

1614.00

1.43%

26.09.2014

6588 JT Equity

TOSHIBA TEC CORP

Information Technology

558.00

1.43%

26.09.2014

7729 JT Equity

TOKYO SEIMITSU CO LTD

Information Technology

1947.00

1.28%

27.03.2014

2127 JT Equity

NIHON M&A CENTER INC

Industrials

6480.00

0.93%

26.09.2014

3050 JT Equity

DCM HOLDINGS CO LTD

Consumer Discretionary

715.00

2.80%

27.08.2014

5715 JT Equity

FURUKAWA CO LTD

Industrials

197.00

1.02%

27.03.2015

7864 JT Equity

FUJI SEAL INTERNATIONAL INC

Materials

2849.00

1.30%

26.09.2014

7248 JT Equity

CALSONIC KANSEI CORP

Consumer Discretionary

505.00

1.49%

26.09.2014

7981 JT Equity

TAKARA STANDARD CO LTD

Industrials

744.00

1.34%

26.09.2014

6310 JT Equity

ISEKI & CO LTD

Industrials

341.00

0.88%

27.03.2015

6371 JT Equity

TSUBAKIMOTO CHAIN CO

Industrials

630.00

1.27%

26.09.2014

1820 JT Equity

NISHIMATSU CONSTRUCTION CO

Industrials

244.00

1.64%

27.03.2015

7616 JT Equity

COLOWIDE CO LTD

Consumer Discretionary

1018.00

0.49%

27.03.2015

4921 JT Equity

FANCL CORP

Consumer Staples

1263.00

2.69%

26.09.2014

6967 JT Equity

SHINKO ELECTRIC INDUSTRIES

Information Technology

989.00

2.02%

26.09.2014

4541 JT Equity

NICHI-IKO PHARMACEUTICAL CO

Health Care

2182.00

1.47%

26.09.2014

9375 JT Equity

KINTETSU WORLD EXPRESS INC

Industrials

3690.00

1.08%

26.09.2014

9477 JT Equity

KADOKAWA CORP

Consumer Discretionary

3885.00

0.90%

27.03.2015

8424 JT Equity

FUYO GENERAL LEASE CO LTD

Financials

3490.00

2.01%

26.09.2014

1893 JT Equity

PENTA-OCEAN CONSTRUCTION CO

Industrials

245.00

0.82%

27.03.2015

9956 JT Equity

VALOR CO LTD

Consumer Staples

1520.00

1.97%

26.09.2014

8345 JT Equity

BANK OF IWATE LTD/THE

Financials

4535.00

1.32%

26.09.2014

8522 JT Equity

BANK OF NAGOYA LTD/THE

Financials

361.00

1.80%

26.09.2014

6508 JT Equity

MEIDENSHA CORP

Industrials

325.00

1.54%

27.03.2015

3098 JT Equity

COCOKARA FINE INC

Consumer Staples

3115.00

1.93%

26.09.2014

9672 JT Equity

TOKYOTOKEIBA CO LTD

Consumer Discretionary

397.00

0.76%

26.06.2014

5451 JT Equity

YODOGAWA STEEL WORKS LTD

Materials

429.00

2.33%

26.09.2014

7224 JT Equity

SHINMAYWA INDUSTRIES LTD

Industrials

788.00

1.27%

26.09.2014

9697 JT Equity

CAPCOM CO LTD

Information Technology

1679.00

2.38%

26.09.2014

8276 JT Equity

HEIWADO CO LTD

Consumer Staples

1584.00

1.58%

18.08.2014

2270 JT Equity

MEGMILK SNOW BRAND CO LTD

Consumer Staples

1441.00

2.08%

27.03.2015

6349 JT Equity

KOMORI CORP

Industrials

1240.00

0.81%

26.09.2014

9861 JT Equity

YOSHINOYA HOLDINGS CO LTD

Consumer Discretionary

117100.00

1.71%

27.08.2014

7274 JT Equity

SHOWA CORP

Consumer Discretionary

1326.00

2.11%

26.09.2014

9948 JT Equity

ARCS CO LTD

Consumer Staples

1856.00

2.16%

27.08.2014

6996 JT Equity

NICHICON CORP

Information Technology

989.00

1.62%

26.09.2014

8281 JT Equity

XEBIO CO LTD

Consumer Discretionary

2317.00

1.51%

26.09.2014

8022 JT Equity

MIZUNO CORP

Consumer Discretionary

624.00

1.60%

26.09.2014

5423 JT Equity

TOKYO STEEL MFG CO LTD

Materials

532.00

0.38%

26.09.2014

2580 JT Equity

COCA-COLA EAST JAPAN CO LTD

Consumer Staples

1320.00

2.73%

26.12.2013

4203 JT Equity

SUMITOMO BAKELITE CO LTD

Materials

374.00

2.67%

26.09.2014

6013 JT Equity

TAKUMA CO LTD

Industrials

861.00

0.70%

26.09.2014

8895 JT Equity

ARNEST ONE CORP

Consumer Discretionary

1868.00

1.39%

26.09.2014

8803 JT Equity

HEIWA REAL ESTATE CO LTD

Financials

1622.00

1.36%

26.09.2014

8397 JT Equity

BANK OF OKINAWA LTD/THE

Financials

4115.00

1.58%

26.09.2014

7280 JT Equity

MITSUBA CORP

Consumer Discretionary

1637.00

0.49%

27.03.2015

5301 JT Equity

TOKAI CARBON CO LTD

Materials

307.00

2.28%

26.06.2014

8511 JT Equity

JAPAN SECURITIES FINANCE CO

Financials

702.00

1.99%

26.09.2014

5393 JT Equity

NICHIAS CORP

Industrials

644.00

2.17%

26.09.2014

6436 JT Equity

AMANO CORP

Information Technology

1046.00

2.49%

26.09.2014

5932 JT Equity

SANKYO TATEYAMA INC

Industrials

2178.00

0.92%

26.11.2014

9869 JT Equity

KATO SANGYO CO LTD

Consumer Staples

2081.00

2.26%

27.03.2014

5703 JT Equity

NIPPON LIGHT METAL HOLDINGS

Materials

134.00

2.99%

27.03.2015

7451 JT Equity

MITSUBISHI SHOKUHIN CO LTD

Consumer Staples

2713.00

1.55%

26.09.2014

4044 JT Equity

CENTRAL GLASS CO LTD

Industrials

313.00

2.56%

26.09.2014

8624 JT Equity

ICHIYOSHI SECURITIES CO LTD

Financials

1321.00

2.27%

26.09.2013

1983 JT Equity

TOSHIBA PLANT SYSTEMS & SERV

Industrials

1601.00

0.94%

26.09.2014

7251 JT Equity

KEIHIN CORP

Consumer Discretionary

1402.00

2.14%

26.09.2014

7915 JT Equity

NISSHA PRINTING CO LTD

Industrials

1883.00

8185 JT Equity

CHIYODA CO LTD

Consumer Discretionary

2441.00

2.46%

27.08.2014

8600 JT Equity

TOMONY HOLDINGS INC

Financials

374.00

2.14%

26.09.2014

7817 JT Equity

PARAMOUNT BED HOLDINGS CO LT

Health Care

3280.00

1.52%

26.09.2014

6755 JT Equity

FUJITSU GENERAL LTD

Consumer Discretionary

1179.00

1.02%

26.09.2014

3865 JT Equity

HOKUETSU KISHU PAPER CO LTD

Materials

430.00

2.79%

26.09.2014

8806 JT Equity

DAIBIRU CORP

Financials

1100.00

1.09%

26.09.2014

7518 JT Equity

NET ONE SYSTEMS CO LTD

Information Technology

775.00

4.39%

26.09.2014

8584 JT Equity

JACCS CO LTD

Financials

510.00

2.35%

26.09.2014

1417 JT Equity

MIRAIT HOLDINGS CORP

Industrials

873.00

2.29%

26.09.2014

5482 JT Equity

AICHI STEEL CORP

Materials

496.00

2.02%

26.09.2014

7732 JT Equity

TOPCON CORP

Information Technology

1195.00

0.84%

26.09.2014

7220 JT Equity

MUSASHI SEIMITSU INDUSTRY CO

Consumer Discretionary

2584.00

1.70%

26.09.2014

8050 JT Equity

SEIKO HOLDINGS CORP

Consumer Discretionary

432.00

1.16%

27.03.2015

2264 JT Equity

MORINAGA MILK INDUSTRY CO

Consumer Staples

290.00

2.41%

27.03.2015

6135 JT Equity

MAKINO MILLING MACHINE CO

Industrials

566.00

1.77%

26.09.2014

9678 JT Equity

KANAMOTO CO LTD

Industrials

2227.00

0.90%

25.04.2014

6406 JT Equity

FUJITEC CO LTD

Industrials

936.00

1.50%

26.09.2014

6330 JT Equity

TOYO ENGINEERING CORP

Industrials

453.00

1.32%

27.03.2015

8140 JT Equity

RYOSAN CO LTD

Information Technology

1682.00

3.57%

26.09.2014

1835 JT Equity

TOTETSU KOGYO CO LTD

Industrials

1853.00

1.19%

27.03.2015

4023 JT Equity

KUREHA CORP

Materials

367.00

2.72%

26.09.2014

1969 JT Equity

TAKASAGO THERMAL ENGINEERING

Industrials

842.00

2.97%

26.09.2014

9536 JT Equity

SAIBU GAS CO LTD

Utilities

239.00

2.51%

26.09.2014

9793 JT Equity

DAISEKI CO LTD

Industrials

1742.00

1.15%

27.08.2014

3087 JT Equity

DOUTOR NICHIRES HOLDINGS CO

Consumer Discretionary

1552.00

1.68%

27.08.2014

8399 JT Equity

BANK OF THE RYUKYUS LTD

Financials

1309.00

2.29%

26.09.2014

5541 JT Equity

PACIFIC METALS CO LTD

Materials

400.00

3110 JT Equity

NITTO BOSEKI CO LTD

Industrials

347.00

1.44%

27.03.2014

6767 JT Equity

MITSUMI ELECTRIC CO LTD

Information Technology

699.00

0.72%

27.03.2015

5857 JT Equity

ASAHI HOLDINGS INC

Materials

1682.00

3.57%

26.09.2014

4626 JT Equity

TAIYO HOLDINGS CO LTD

Materials

3080.00

2.92%

26.09.2014

4985 JT Equity

EARTH CHEMICAL CO LTD

Materials

3485.00

2.73%

26.12.2014

6222 JT Equity

SHIMA SEIKI MFG LTD

Industrials

1921.00

1.56%

26.09.2014

3880 JT Equity

DAIO PAPER CORP

Materials

594.00

1.43%

26.09.2014

6269 JT Equity

MODEC INC

Energy

3010.00

1.04%

26.06.2014

1942 JT Equity

KANDENKO CO LTD

Industrials

510.00

2.35%

26.09.2014

4548 JT Equity

SEIKAGAKU CORP

Health Care

1299.00

2.00%

26.09.2014

2284 JT Equity

ITOHAM FOODS INC

Consumer Staples

418.00

1.67%

27.03.2015

9749 JT Equity

FUJI SOFT INC

Information Technology

1879.00

1.12%

26.09.2014

1332 JT Equity

NIPPON SUISAN KAISHA LTD

Consumer Staples

212.00

1924 JT Equity

PANAHOME CORP

Consumer Discretionary

606.00

2.48%

26.09.2014

9605 JT Equity

TOEI CO LTD

Consumer Discretionary

613.00

0.98%

26.09.2014

8344 JT Equity

YAMAGATA BANK LTD/THE

Financials

421.00

1.43%

26.09.2014

8214 JT Equity

AOKI HOLDINGS INC

Consumer Discretionary

2975.00

2.02%

26.09.2014

7994 JT Equity

OKAMURA CORP

Industrials

657.00

2.13%

26.09.2014

6997 JT Equity

NIPPON CHEMI-CON CORP

Information Technology

437.00

8153 JT Equity

MOS FOOD SERVICES INC

Consumer Discretionary

1920.00

1.04%

5738 JT Equity

SUMITOMO LIGHT METAL IND LTD

Materials

98.00

2.04%

8841 JT Equity

TOC CO LTD

Financials

726.00

1.24%

26.09.2014

8346 JT Equity 3201 JT Equity

TOHO BANK LTD/THE JAPAN WOOL TEXTILE CO LTD

Financials Consumer Discretionary

296.00 746.00

2.20% 2.41%

26.09.2014 28.05.2014

At The Money Implied Volatilities by Terms

Option Implied Volatility Skew Parameters by Terms: 2 IVt = atx + btx + ct

ATM3 ATM3 ATM3 ATM3 ATM3 ATM3 ATM3 Vol - 30D Vol - 60D Vol - 90D Vol - 6M Vol - 12M Vol - 18M Vol - 24M

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

27.03.2014

26.09.2014

27.03.2015

27.03.2015 26.09.2014

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

07.08.2013

TOPIX 1000 Index - TPX1000

Ticker 9627 JT Equity 6140 JT Equity 8179 JT Equity 2730 JT Equity 8020 JT Equity 9086 JT Equity 8360 JT Equity 6756 JT Equity 2815 JT Equity 4997 JT Equity 8051 JT Equity 6986 JT Equity 5946 JT Equity 5481 JT Equity 5911 JT Equity 8237 JT Equity 5959 JT Equity 4553 JT Equity 9302 JT Equity 6622 JT Equity 6707 JT Equity 6282 JT Equity 6651 JT Equity 6104 JT Equity 2201 JT Equity 9830 JT Equity 1377 JT Equity 9511 JT Equity 1766 JT Equity 8706 JT Equity 6407 JT Equity 4201 JT Equity 8160 JT Equity 9119 JT Equity 8056 JT Equity 7238 JT Equity 2590 JT Equity 6444 JT Equity 6807 JT Equity 4471 JT Equity 7447 JT Equity 6773 JT Equity 8613 JT Equity 5186 JT Equity 9715 JT Equity 9759 JT Equity 5975 JT Equity 7599 JT Equity 1722 JT Equity 4708 JT Equity 6737 JT Equity 8339 JT Equity 8879 JT Equity 9069 JT Equity 1950 JT Equity 7581 JT Equity 4919 JT Equity 4633 JT Equity 8703 JT Equity 8870 JT Equity 1941 JT Equity 7226 JT Equity 5851 JT Equity 1973 JT Equity 6816 JT Equity 1379 JT Equity 8098 JT Equity 4733 JT Equity 8325 JT Equity 2874 JT Equity 7522 JT Equity 8871 JT Equity 4212 JT Equity 7239 JT Equity 3002 JT Equity 6581 JT Equity 8278 JT Equity 5726 JT Equity 9616 JT Equity 3635 JT Equity 6287 JT Equity 3569 JT Equity 2659 JT Equity 1884 JT Equity 6951 JT Equity 9543 JT Equity 7102 JT Equity 3048 JT Equity 1926 JT Equity 8251 JT Equity 3715 JT Equity 8263 JT Equity 9945 JT Equity 8342 JT Equity 4924 JT Equity 8550 JT Equity 8362 JT Equity 9882 JT Equity 7246 JT Equity 6118 JT Equity 8566 JT Equity 4680 JT Equity 6463 JT Equity 7517 JT Equity 8393 JT Equity 6844 JT Equity 6379 JT Equity 8279 JT Equity 4958 JT Equity 9787 JT Equity 8343 JT Equity 6454 JT Equity 3141 JT Equity 8392 JT Equity 6498 JT Equity 6794 JT Equity 4617 JT Equity 8880 JT Equity 6332 JT Equity 9792 JT Equity 5632 JT Equity 7976 JT Equity 8173 JT Equity 6741 JT Equity 6486 JT Equity 7739 JT Equity

Name AIN PHARMACIEZ INC ASAHI DIAMOND INDUSTRIAL CO ROYAL HOLDINGS CO LTD EDION CORP KANEMATSU CORP HITACHI TRANSPORT SYSTEM LTD YAMANASHI CHUO BANK LTD/THE HITACHI KOKUSAI ELECTRIC INC ARIAKE JAPAN CO LTD NIHON NOHYAKU CO LTD YAMAZEN CORP FUTABA CORP/CHIBA CHOFU SEISAKUSHO CO LTD SANYO SPECIAL STEEL CO LTD YOKOGAWA BRIDGE HOLDINGS COR MATSUYA CO LTD OKABE CO LTD TOWA PHARMACEUTICAL CO LTD MITSUI-SOKO CO LTD DAIHEN CORP SANKEN ELECTRIC CO LTD OILES CORP NITTO KOGYO CORP TOSHIBA MACHINE CO LTD MORINAGA & CO LTD TRUSCO NAKAYAMA CORP SAKATA SEED CORP OKINAWA ELECTRIC POWER CO TOKEN CORP KYOKUTO SECURITIES CKD CORP NIPPON SYNTHETIC CHEMICAL KISOJI CO LTD IINO KAIUN KAISHA LTD NIHON UNISYS LTD AKEBONO BRAKE INDUSTRY CO DYDO DRINCO INC SANDEN CORP JAPAN AVIATION ELECTRONICS SANYO CHEMICAL INDUSTRIES NAGAILEBEN CO LTD PIONEER CORP MARUSAN SECURITIES CO LTD NITTA CORP TRANSCOSMOS INC NSD CO LTD TOPRE CORP GULLIVER INTERNATIONAL CO MISAWA HOMES CO LTD MOSHI MOSHI HOTLINE INC EIZO CORP TOKYO TOMIN BANK LTD/THE TOKYU LIVABLE INC SENKO CO LTD NIPPON DENSETSU KOGYO CO LTD SAIZERIYA CO LTD MILBON CO LTD SAKATA INX CORP KABU.COM SECURITIES CO LTD SUMITOMO REAL ESTATE SALES CHUDENKO CORP KYOKUTO KAIHATSU KOGYO CO RYOBI LTD NEC NETWORKS & SYSTEM INTEGR ALPINE ELECTRONICS INC HOKUTO CORP INABATA & CO LTD OBIC BUSINESS CONSULTANTS HOKUETSU BANK LTD/THE YOKOHAMA REITO CO LTD WATAMI CO LTD GOLDCREST CO LTD SEKISUI JUSHI CORP TACHI-S CO LTD GUNZE LTD HITACHI KOKI CO LTD FUJI CO LTD OSAKA TITANIUM TECHNOLOGIES KYORITSU MAINTENANCE CO LTD TECMO KOEI HOLDINGS CO LTD SATO HOLDINGS CORP SEIREN CO LTD SAN-A CO LTD NIPPON ROAD CO LTD JEOL LTD SHIZUOKA GAS CO LTD NIPPON SHARYO LTD BIC CAMERA INC RAITO KOGYO CO LTD PARCO CO LTD DWANGO CO LTD DAIEI INC PLENUS CO LTD AOMORI BANK LTD/THE DR CI:LABO CO LTD TOCHIGI BANK LTD/THE FUKUI BANK LTD/THE YELLOW HAT LTD PRESS KOGYO CO LTD AIDA ENGINEERING LTD RICOH LEASING CO LTD ROUND ONE CORP TPR CO LTD KURODA ELECTRIC CO LTD MIYAZAKI BANK LTD/THE SHINDENGEN ELECTRIC MFG SHINKO PLANTECH CO LTD YAOKO CO LTD T HASEGAWA CO LTD AEON DELIGHT CO LTD AKITA BANK LTD/THE MAX CO LTD WELCIA HOLDINGS CO LTD OITA BANK LTD/THE KITZ CORP FOSTER ELECTRIC CO LTD CHUGOKU MARINE PAINTS LTD IIDA HOME MAX TSUKISHIMA KIKAI CO LTD NICHII GAKKAN CO MITSUBISHI STEEL MFG CO LTD MITSUBISHI PENCIL CO LTD JOSHIN DENKI CO LTD NIPPON SIGNAL CO LTD/THE EAGLE INDUSTRY CO LTD CANON ELECTRONICS INC

GICS_SECTOR_NAME Consumer Staples Industrials Consumer Discretionary Consumer Discretionary Industrials Industrials Financials Information Technology Consumer Staples Materials Industrials Industrials Consumer Discretionary Materials Industrials Consumer Discretionary Industrials Health Care Industrials Industrials Information Technology Industrials Industrials Industrials Consumer Staples Industrials Consumer Staples Utilities Consumer Discretionary Financials Industrials Materials Consumer Discretionary Industrials Information Technology Consumer Discretionary Consumer Staples Consumer Discretionary Information Technology Materials Health Care Consumer Discretionary Financials Industrials Information Technology Information Technology Consumer Discretionary Consumer Discretionary Consumer Discretionary Industrials Information Technology Financials Financials Industrials Industrials Consumer Discretionary Consumer Staples Materials Financials Financials Industrials Industrials Industrials Information Technology Consumer Discretionary Consumer Staples Industrials Information Technology Financials Consumer Staples Consumer Discretionary Financials Industrials Consumer Discretionary Consumer Discretionary Industrials Consumer Discretionary Materials Consumer Discretionary Information Technology Industrials Consumer Discretionary Consumer Staples Industrials Health Care Utilities Industrials Consumer Discretionary Industrials Consumer Discretionary Information Technology Consumer Discretionary Consumer Discretionary Financials Consumer Staples Financials Financials Consumer Discretionary Consumer Discretionary Industrials Financials Consumer Discretionary Consumer Discretionary Industrials Financials Information Technology Energy Consumer Staples Materials Industrials Financials Industrials Consumer Staples Financials Industrials Consumer Discretionary Materials Financials Industrials Health Care Materials Industrials Consumer Discretionary Industrials Consumer Discretionary Information Technology

ATM3 Ref 4130.00 973.00 1476.00 567.00 115.00 1381.00 408.00 1045.00 2343.00 997.00 629.00 1285.00 2116.00 455.00 1189.00 1181.00 1137.00 4320.00 494.00 415.00 447.00 2070.00 1536.00 435.00 205.00 1975.00 1345.00 3715.00 5310.00 1678.00 789.00 1033.00 1824.00 531.00 806.00 470.00 3855.00 385.00 950.00 662.00 1663.00 178.00 710.00 2066.00 1566.00 1097.00 1059.00 641.00 1596.00 1221.00 2452.00 1107.00 1978.00 514.00 1007.00 1395.00 3655.00 950.00 530.00 5690.00 1249.00 1087.00 345.00 2173.00 1025.00 1753.00 820.00 6350.00 199.00 806.00 1690.00 2530.00 1338.00 1463.00 251.00 732.00 1777.00 1893.00 3750.00 986.00 1753.00 675.00 5090.00 568.00 512.00 727.00 518.00 50400.00 751.00 998.00 425000.00 330.00 1706.00 260.00 263900.00 378.00 220.00 2010.00 439.00 758.00 2742.00 571.00 1673.00 1407.00 280.00 573.00 797.00 3680.00 1379.00 1806.00 268.00 1151.00 5210.00 310.00 438.00 1756.00 557.00 1615.00 1043.00 868.00 280.00 2140.00 819.00 694.00 1410.00 1897.00

Dividend Yield

Next ExDividend Date

1.45% 2.06% 0.81% 3.53%

27.04.2015 26.09.2014 26.12.2014 26.09.2014

1.88% 1.47% 1.34% 1.92% 0.90% 2.38% 1.56% 1.42% 0.88% 0.84%

26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.09.2014 26.09.2013 26.06.2014 26.09.2013 26.09.2014

1.41% 1.74% 1.82% 1.69% 1.34% 1.93% 2.86% 1.61% 2.93% 3.11% 1.49% 1.62% 1.69% 5.07% 1.77% 1.74% 0.77% 1.51% 1.86% 2.13% 1.30% 2.60% 1.05% 2.27% 2.10%

26.06.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.06.2014 26.11.2014 26.09.2014 27.04.2015 26.09.2013 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 16.07.2014 27.03.2015 26.09.2014 26.09.2014 27.08.2014

1.69% 1.60% 2.17% 2.55% 1.51% 1.56% 1.25% 2.38% 2.04% 1.36% 0.71% 2.72% 1.39% 1.29% 1.81% 1.68% 1.89% 1.76% 1.60% 1.66% 1.74% 2.76% 1.95% 3.25% 2.80% 1.57% 3.02% 2.48% 1.48% 1.58% 1.94% 0.96% 2.99% 3.55% 0.84% 0.53% 1.15% 3.35% 2.11% 2.22% 0.98% 1.58% 0.98% 1.38% 0.97% 1.98% 1.07% 1.80% 0.47%

26.09.2013 26.09.2014 27.03.2014 27.03.2015 26.09.2014 27.08.2014 27.03.2015 26.09.2014 26.09.2014 27.03.2015

2.93% 2.31% 3.41% 1.85% 2.27% 1.79% 2.28% 2.64% 1.57% 3.50% 1.43% 2.20% 2.14% 0.87% 3.76% 1.55% 1.81% 2.66% 2.24% 3.13% 1.02% 1.94% 2.28% 2.28% 2.33% 0.99% 1.44% 2.30% 1.79% 1.21% 1.95% 1.87% 0.99% 3.69%

27.08.2014 26.09.2014 29.07.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 27.03.2015 26.09.2014 27.03.2014 27.08.2014 26.09.2014 27.03.2015 26.02.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 29.10.2014 26.09.2014 26.09.2014 26.09.2014 26.06.2014 27.03.2015 26.09.2014 26.09.2014 26.12.2013

At The Money Implied Volatilities by Terms

Option Implied Volatility Skew Parameters by Terms: IVt = atx + btx2 + ct

ATM3 ATM3 ATM3 ATM3 ATM3 ATM3 ATM3 Vol - 30D Vol - 60D Vol - 90D Vol - 6M Vol - 12M Vol - 18M Vol - 24M

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

45.61

45.61

45.47

45.26

-0.071 0.033

0.022

0.006

0.029 -0.001 -0.001 0.000

46.89

42.42

38.97

34.50

0.003

0.086

0.042

0.018 -0.009 -0.005 0.000

26.09.2014 27.03.2015 27.08.2014 18.06.2014 26.09.2014 27.03.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2015 26.06.2014 27.08.2014 27.03.2014 26.09.2014 27.03.2015 26.09.2014 26.09.2014 25.02.2015 27.03.2015 26.09.2014 26.06.2014 26.09.2014 26.02.2014 27.03.2015 27.08.2014 26.09.2014 0.122

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

07.08.2013

TOPIX 1000 Index - TPX1000

Ticker

Name

GICS_SECTOR_NAME

ATM4 Ref

Dividend Yield

Next ExDividend Date

3106 JT Equity

KURABO INDUSTRIES LTD

Consumer Discretionary

162.00

3.09%

27.03.2015

8266 JT Equity

IZUMIYA CO LTD

Consumer Staples

467.00

1.28%

27.08.2014

8074 JT Equity

YUASA TRADING CO LTD

Industrials

172.00

3.49%

26.09.2014

6905 JT Equity

COSEL CO LTD

Industrials

1191.00

1.85%

18.11.2014

7718 JT Equity

STAR MICRONICS CO LTD

Information Technology

986.00

3.45%

27.08.2014

5707 JT Equity

TOHO ZINC CO LTD

Materials

292.00

1.71%

27.03.2015

8876 JT Equity

RELO HOLDINGS INC

Financials

4800.00

1.67%

27.03.2015

6877 JT Equity

OBARA GROUP INC

Industrials

2633.00

0.76%

27.03.2014

5191 JT Equity

TOKAI RUBBER INDUSTRIES

Consumer Discretionary

880.00

1.93%

26.09.2014

6480 JT Equity

NIPPON THOMPSON CO LTD

Industrials

495.00

2.02%

26.09.2014

8170 JT Equity

ADERANS CO LTD

Consumer Staples

1345.00

0.74%

25.02.2015

7545 JT Equity

NISHIMATSUYA CHAIN CO LTD

Consumer Discretionary

861.00

2.21%

18.08.2014

4914 JT Equity

TAKASAGO INTERNATIONAL CORP

Materials

485.00

1.65%

26.09.2013

7943 JT Equity

NICHIHA CORP

Industrials

1439.00

1.74%

26.09.2014

2602 JT Equity

NISSHIN OILLIO GROUP LTD/THE

Consumer Staples

342.00

2.92%

26.09.2014

8897 JT Equity

TAKARA LEBEN CO LTD

Financials

401.00

1.12%

26.09.2014

2288 JT Equity

MARUDAI FOOD CO LTD

Consumer Staples

305.00

2.62%

27.03.2015

8387 JT Equity

SHIKOKU BANK LTD/THE

Financials

229.00

2.40%

26.09.2014

8527 JT Equity

AICHI BANK LTD/THE

Financials

4525.00

1.55%

26.09.2014

8174 JT Equity

NIPPON GAS CO LTD

Energy

1175.00

1.11%

26.09.2014

7867 JT Equity

TOMY COMPANY LTD

Consumer Discretionary

484.00

2.07%

26.09.2014

9938 JT Equity

SUMIKIN BUSSAN CORP

Industrials

309.00

1.94%

4551 JT Equity

TORII PHARMACEUTICAL CO LTD

Health Care

2519.00

1.59%

26.09.2014

8545 JT Equity

KANSAI URBAN BANKING CORP

Financials

114.00

2.63%

27.03.2015

2726 JT Equity

PAL CO LTD

Consumer Discretionary

2721.00

1.84%

25.02.2015

4116 JT Equity

DAINICHISEIKA COLOR & CHEM

Materials

416.00

2.88%

26.09.2014

8283 JT Equity

PALTAC CORP

Consumer Discretionary

1337.00

3.14%

26.09.2014

6339 JT Equity

SINTOKOGIO LTD

Industrials

739.00

1.76%

26.09.2014

5440 JT Equity

KYOEI STEEL LTD

Materials

1592.00

1.26%

26.09.2014

2678 JT Equity

ASKUL CORP

Consumer Discretionary

1845.00

1.63%

18.11.2014

8151 JT Equity

TOYO CORP

Information Technology

1144.00

3.23%

27.03.2014

3103 JT Equity

UNITIKA LTD

Consumer Discretionary

54.00

5809 JT Equity

TATSUTA ELEC WIRE & CABLE

Industrials

789.00

1.27%

26.09.2014

8409 JT Equity

YACHIYO BANK LTD/THE

Financials

3055.00

1.96%

26.09.2014

2681 JT Equity

GEO HOLDINGS CORP

Consumer Discretionary

90400.00

3.54%

26.09.2014

3395 JT Equity

SAINT MARC HOLDINGS CO LTD

Consumer Discretionary

4790.00

2.05%

26.09.2014

4694 JT Equity

BML INC

Health Care

2475.00

1.62%

26.09.2014

2613 JT Equity

J-OIL MILLS INC

Consumer Staples

325.00

2.46%

26.09.2014

6462 JT Equity

RIKEN CORP

Consumer Discretionary

418.00

2.87%

26.09.2014

6804 JT Equity

HOSIDEN CORP

Information Technology

560.00

1.79%

26.09.2014

7862 JT Equity

TOPPAN FORMS CO LTD

Industrials

848.00

2.95%

26.09.2014

7250 JT Equity

PACIFIC INDUSTRIAL CO LTD

Consumer Discretionary

742.00

1.62%

26.09.2014

9755 JT Equity

OYO CORP

Industrials

1504.00

1.20%

26.06.2014

6413 JT Equity

RISO KAGAKU CORP

Information Technology

2251.00

2.67%

27.03.2015

3148 JT Equity

CREATE SD HOLDINGS CO

Consumer Staples

3575.00

1.62%

26.11.2014

3028 JT Equity

ALPEN CO LTD

Consumer Discretionary

1965.00

2.04%

26.12.2014

7516 JT Equity

KOHNAN SHOJI CO LTD

Consumer Discretionary

1144.00

2.80%

27.08.2014

3076 JT Equity

AI HOLDINGS CORP

Information Technology

837.00

2.39%

26.12.2013

7740 JT Equity

TAMRON CO LTD

Consumer Discretionary

1909.00

2.88%

26.06.2014

2109 JT Equity

MITSUI SUGAR CO LTD

Consumer Staples

333.00

2.10%

26.09.2014

3107 JT Equity

DAIWABO HOLDINGS CO LTD

Information Technology

163.00

2.45%

27.03.2015

6801 JT Equity

TOKO INC

Information Technology

311.00

5331 JT Equity

NORITAKE CO LTD

Industrials

268.00

2.99%

26.09.2014

1719 JT Equity

HAZAMA ANDO CORP

Industrials

221.00

1.36%

27.03.2015

8338 JT Equity

TSUKUBA BANK LTD

Financials

352.00

1.42%

27.03.2015

7231 JT Equity

TOPY INDUSTRIES LTD

Materials

192.00

2.08%

26.09.2014

7483 JT Equity

DOSHISHA CO LTD

Consumer Discretionary

1369.00

2.19%

26.09.2014

8217 JT Equity

OKUWA CO LTD

Consumer Staples

922.00

2.82%

18.08.2014

5930 JT Equity

BUNKA SHUTTER CO LTD

Industrials

528.00

2.27%

26.09.2014

6369 JT Equity

TOYO KANETSU K K

Energy

252.00

1.59%

27.03.2015

7630 JT Equity

ICHIBANYA CO LTD

Consumer Discretionary

3550.00

1.83%

26.11.2014

9746 JT Equity

TKC CORP

Information Technology

1694.00

2.60%

27.03.2014

8396 JT Equity

EIGHTEENTH BANK LTD/THE

Financials

229.00

2.62%

26.09.2014

6706 JT Equity

DENKI KOGYO CO LTD

Information Technology

535.00

1.87%

27.03.2015

6517 JT Equity

DENYO CO LTD

Industrials

1425.00

1.54%

26.09.2014

9474 JT Equity

ZENRIN CO LTD

Consumer Discretionary

1070.00

2.80%

26.09.2014

4028 JT Equity

ISHIHARA SANGYO KAISHA LTD

Materials

8011 JT Equity

SANYO SHOKAI LTD

Consumer Discretionary

253.00

3.16%

26.12.2014

1982 JT Equity

HIBIYA ENGINEERING LTD

Industrials

1003.00

2.99%

26.09.2014

2664 JT Equity

CAWACHI LTD

Consumer Staples

1992.00

2.26%

11.03.2015

3864 JT Equity

MITSUBISHI PAPER MILLS LTD

Materials

6632 JT Equity

JVC KENWOOD CORP

Consumer Discretionary

224.00

2.23%

27.03.2015

3151 JT Equity

VITAL KSK HOLDINGS INC

Health Care

724.00

2.21%

26.09.2014

7294 JT Equity

YOROZU CORP

Consumer Discretionary

1830.00

1.15%

26.09.2014

1961 JT Equity

SANKI ENGINEERING CO LTD

Industrials

562.00

2.67%

26.09.2014

9682 JT Equity

DTS CORP

Information Technology

1416.00

2.12%

26.09.2014

1885 JT Equity

TOA CORP

Industrials

136.00

1.47%

27.03.2015

7421 JT Equity

KAPPA CREATE HOLDINGS CO LTD

Consumer Discretionary

1831.00

0.82%

27.08.2014

5192 JT Equity

MITSUBOSHI BELTING CO LTD

Industrials

498.00

2.81%

26.09.2014

8200 JT Equity

RINGER HUT CO LTD

Consumer Discretionary

1481.00

0.68%

27.08.2014

2466 JT Equity

PGM HOLDINGS K K

Consumer Discretionary

890.00

1.12%

26.12.2014

3167 JT Equity

TOKAI HOLDINGS CORP

Industrials

338.00

3.55%

26.09.2014

7631 JT Equity

MACNICA INC

Information Technology

2574.00

1.55%

26.09.2014

6728 JT Equity

ULVAC INC

Information Technology

772.00

5727 JT Equity

TOHO TITANIUM CO LTD

Materials

734.00

0.68%

27.03.2014

5195 JT Equity

BANDO CHEMICAL INDUSTRIES

Industrials

367.00

2.72%

26.09.2014

4996 JT Equity

KUMIAI CHEMICAL INDUSTRY CO

Materials

597.00

1.01%

29.10.2014

7241 JT Equity

FUTABA INDUSTRIAL CO LTD

Consumer Discretionary

423.00

7236 JT Equity

T RAD CO LTD

Consumer Discretionary

382.00

2.09%

26.09.2014

5602 JT Equity

KURIMOTO LTD

Materials

281.00

1.42%

26.09.2014

5563 JT Equity

NIPPON DENKO CO LTD

Materials

287.00

1.74%

26.12.2014

8196 JT Equity

KASUMI CO LTD

Consumer Staples

632.00

2.22%

27.08.2014

6101 JT Equity

TSUGAMI CORP

Industrials

456.00

2.63%

26.09.2014

1301 JT Equity

KYOKUYO CO LTD

Consumer Staples

266.00

1.88%

27.03.2015

4549 JT Equity

EIKEN CHEMICAL CO LTD

Health Care

1698.00

1.77%

26.09.2014

6875 JT Equity

MEGACHIPS CORP

Information Technology

1537.00

2.34%

27.03.2014

6820 JT Equity

ICOM INC

Information Technology

2262.00

0.88%

26.09.2014

7840 JT Equity

FRANCE BED HOLDINGS CO LTD

Consumer Discretionary

199.00

2.26%

26.09.2014

3950 JT Equity

PACK CORP/THE

Materials

1676.00

2.98%

26.06.2014

1813 JT Equity

FUDO TETRA CORP

Industrials

157.00

0.64%

6277 JT Equity

HOSOKAWA MICRON CORP

Industrials

714.00

1.68%

27.03.2014

7494 JT Equity

KONAKA CO LTD

Consumer Discretionary

987.00

2.03%

27.03.2014

2327 JT Equity

NS SOLUTIONS CORP

Information Technology

1881.00

2.13%

26.09.2014

8395 JT Equity

BANK OF SAGA LTD/THE

Financials

205.00

2.93%

26.09.2014

9997 JT Equity

BELLUNA CO LTD

Consumer Discretionary

993.00

2.52%

26.09.2014

2211 JT Equity

FUJIYA CO LTD

Consumer Staples

190.00

1.05%

26.12.2014

6641 JT Equity

NISSIN ELECTRIC CO LTD

Industrials

600.00

1.83%

26.09.2014

8111 JT Equity

GOLDWIN INC

Consumer Discretionary

500.00

1.40%

27.03.2015

6999 JT Equity

KOA CORP

Information Technology

944.00

2.12%

26.09.2013

7541 JT Equity

MEGANE TOP CO LTD

Consumer Discretionary

1398.00

1515 JT Equity

NITTETSU MINING CO LTD

Materials

414.00

1.69%

26.09.2014

9946 JT Equity

MINISTOP CO LTD

Consumer Staples

1614.00

2.79%

27.08.2014

5384 JT Equity

FUJIMI INC

Materials

1226.00

2.45%

26.09.2014

2281 JT Equity

PRIMA MEAT PACKERS LTD

Consumer Staples

186.00

1.08%

27.03.2015

6798 JT Equity

SMK CORP

Information Technology

395.00

2.03%

27.03.2014

4078 JT Equity

SAKAI CHEMICAL INDUSTRY CO

Materials

296.00

2.70%

26.09.2014

6247 JT Equity

HISAKA WORKS LTD

Industrials

870.00

2.30%

26.09.2014

4282 JT Equity

EPS CORPORATION

Health Care

101900.00

1.91%

27.03.2014

6652 JT Equity

IDEC CORP

Industrials

852.00

3.52%

26.09.2014

7995 JT Equity

NIPPON VALQUA INDUSTRIES LTD

Materials

255.00

3.92%

26.09.2014

7942 JT Equity

JSP CORP

Materials

1622.00

1.85%

26.09.2014

8133 JT Equity

ITOCHU ENEX CO LTD

Energy

505.00

3.17%

26.09.2014

5805 JT Equity 3738 JT Equity

SWCC SHOWA HOLDINGS CO LTD T-GAIA CORP

Industrials Consumer Discretionary

82.00 891.00

3.93%

27.03.2015 26.09.2014

At The Money Implied Volatilities by Terms

Option Implied Volatility Skew Parameters by Terms: 2 IVt = atx + btx + ct

ATM4 ATM4 ATM4 ATM4 ATM4 ATM4 ATM4 Vol - 30D Vol - 60D Vol - 90D Vol - 6M Vol - 12M Vol - 18M Vol - 24M

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

74.00

91.00

27.03.2014

26.06.2014

27.03.2014

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

07.08.2013

TOPIX 1000 Index - TPX1000

Ticker 6363 JT Equity 7611 JT Equity 5976 JT Equity 7283 JT Equity 3284 JT Equity 5480 JT Equity 7905 JT Equity 5196 JT Equity 7958 JT Equity 6723 JT Equity 5741 JT Equity 3104 JT Equity 6419 JT Equity 7266 JT Equity 6839 JT Equity 2918 JT Equity 2108 JT Equity 5410 JT Equity 5302 JT Equity 2322 JT Equity 9900 JT Equity 7972 JT Equity 4775 JT Equity 6459 JT Equity 1518 JT Equity 9842 JT Equity 6768 JT Equity 1968 JT Equity 3730 JT Equity 9470 JT Equity 2695 JT Equity 7245 JT Equity 3315 JT Equity 3333 JT Equity 5981 JT Equity 5310 JT Equity 6507 JT Equity 6440 JT Equity 8084 JT Equity 3529 JT Equity 7456 JT Equity 8536 JT Equity 4008 JT Equity 6730 JT Equity 8068 JT Equity 6584 JT Equity 9037 JT Equity 4714 JT Equity 6345 JT Equity 8059 JT Equity 8141 JT Equity 5449 JT Equity 6368 JT Equity 6985 JT Equity 1964 JT Equity 2440 JT Equity 8089 JT Equity 1661 JT Equity 6482 JT Equity 8097 JT Equity 6617 JT Equity 6966 JT Equity 2792 JT Equity 8150 JT Equity 8037 JT Equity 4514 JT Equity 6278 JT Equity 6910 JT Equity 1890 JT Equity 3397 JT Equity 6676 JT Equity 6430 JT Equity 6935 JT Equity 9742 JT Equity 3433 JT Equity 1919 JT Equity 3636 JT Equity 7873 JT Equity 7944 JT Equity 5017 JT Equity 8168 JT Equity 9305 JT Equity 5453 JT Equity 8154 JT Equity 7756 JT Equity 2317 JT Equity 1959 JT Equity 6779 JT Equity 6929 JT Equity 1805 JT Equity 8155 JT Equity 6859 JT Equity 6445 JT Equity 5344 JT Equity 6742 JT Equity 3109 JT Equity 6644 JT Equity 6958 JT Equity 9370 JT Equity 7613 JT Equity 6355 JT Equity 5210 JT Equity 6317 JT Equity 7952 JT Equity 1868 JT Equity 4109 JT Equity 4228 JT Equity 7970 JT Equity 6815 JT Equity 1819 JT Equity 6924 JT Equity 7769 JT Equity 6796 JT Equity 8248 JT Equity 8029 JT Equity 4825 JT Equity 8178 JT Equity 7007 JT Equity 4047 JT Equity 2533 JT Equity 2715 JT Equity 6505 JT Equity 9430 JT Equity 2290 JT Equity 7952 JT Equity 2290 JT Equity

Name TORISHIMA PUMP MFG CO LTD HIDAY HIDAKA CORP NETUREN CO LTD AISAN INDUSTRY CO LTD HOOSIERS HOLDINGS CO LTD NIPPON YAKIN KOGYO CO LTD DAIKEN CORP KINUGAWA RUBBER INDUSTRIAL TENMA CORP RENESAS ELECTRONICS CORP FURUKAWA-SKY ALUMINUM CORP FUJIBO HOLDINGS INC MARS ENGINEERING CORP IMASEN ELECTRIC INDUSTRIAL FUNAI ELECTRIC CO LTD WARABEYA NICHIYO CO LTD NIPPON BEET SUGAR MFG CO LTD GODO STEEL LTD NIPPON CARBON CO LTD NEC FIELDING LTD SAGAMI CHAIN CO LTD ITOKI CORP SOGO MEDICAL CO LTD DAIWA INDUSTRIES LTD MITSUI MATSUSHIMA CO LTD ARC LAND SAKAMOTO CO LTD TAMURA CORP TAIHEI DENGYO KAISHA LTD MACROMILL INC GAKKEN HOLDINGS CO LTD KURA CORP DAIDO METAL CO LTD NIPPON COKE & ENGINEERING CO ASAHI CO LTD TOKYO ROPE MFG CO LTD TOYO TANSO CO LTD SINFONIA TECHNOLOGY CO LTD JUKI CORP RYODEN TRADING CO LTD ATSUGI CO LTD MATSUDA SANGYO CO LTD HIGASHI-NIPPON BANK LTD/THE SUMITOMO SEIKA CHEMICALS CO AXELL CORP RYOYO ELECTRO CORP SANOH INDUSTRIAL CO LTD HAMAKYOREX CO LTD RISO KYOIKU CO LTD AICHI CORP DAIICHI JITSUGYO CO LTD SHINKO SHOJI CO LTD OSAKA STEEL CO LTD ORGANO CORP U-SHIN LTD CHUGAI RO CO LTD GURUNAVI INC NICE HOLDINGS INC KANTO NATURAL GAS DEVELOP YUSHIN PRECISION EQUIPMENT SAN-AI OIL CO LTD TAKAOKA TOKO HOLDINGS CO LTD MITSUI HIGH-TEC INC HONEYS CO LTD SANSHIN ELECTRONICS CO LTD KAMEI CORP ASKA PHARMACEUTICAL CO LTD UNION TOOL CO HITACHI MEDICAL CORP TOYO CONSTRUCTION CO LTD TORIDOLL.CORP MELCO HOLDINGS INC DAIKOKU DENKI CO LTD JAPAN DIGITAL LABORATORY CO INES CORP TOCALO CO LTD YAMADA SXL HOME CO LTD MITSUBISHI RESEARCH INSTITUT ARRK CORP ROLAND CORP AOC HOLDINGS INC KEIYO CO LTD YAMATANE CORP TOYO KOHAN CO LTD KAGA ELECTRONICS CO LTD NIDEC COPAL CORP SYSTENA CORP KYUDENKO CORP NIHON DEMPA KOGYO CO LTD NIPPON CERAMIC CO LTD TOBISHIMA CORP MIMASU SEMICONDUCTOR INDUST ESPEC CORP JANOME SEWING MACHINE CO LTD MARUWA CO LTD KYOSAN ELECTRIC MFG CO LTD SHIKIBO LTD OSAKI ELECTRIC CO LTD CMK CORP YUSEN LOGISTICS CO LTD SIIX CORP SUMITOMO PRECISION PRODUCTS NIHON YAMAMURA GLASS CO LTD KITAGAWA IRON WORKS CO LTD KAWAI MUSICAL INSTRUMENTS MF MITSUI HOME CO LTD STELLA CHEMIFA CORP SEKISUI PLASTICS CO LTD SHIN-ETSU POLYMER CO LTD UNIDEN CORP TAIHEI KOGYO CO LTD IWASAKI ELECTRIC CO LTD RHYTHM WATCH CO LTD CLARION CO LTD NISSEN HOLDINGS CO LTD LOOK INC WEATHERNEWS INC MARUETSU INC/THE SASEBO HEAVY INDUSTRIES CO KANTO DENKA KOGYO CO LTD OENON HOLDINGS INC ELEMATEC CORP TOYO DENKI SEIZO -TOYO ELEC NEC MOBILING LTD YONEKYU CORP KAWAI MUSICAL INSTRUMENTS MF YONEKYU CORP

GICS_SECTOR_NAME Industrials Consumer Discretionary Materials Consumer Discretionary Consumer Discretionary Materials Materials Consumer Discretionary Materials Information Technology Materials Consumer Discretionary Consumer Discretionary Consumer Discretionary Consumer Discretionary Consumer Staples Consumer Staples Materials Industrials Information Technology Consumer Discretionary Industrials Consumer Staples Industrials Industrials Consumer Discretionary Information Technology Industrials Information Technology Consumer Discretionary Consumer Discretionary Consumer Discretionary Materials Consumer Discretionary Materials Industrials Industrials Industrials Information Technology Consumer Discretionary Industrials Financials Materials Information Technology Information Technology Consumer Discretionary Industrials Consumer Discretionary Industrials Industrials Information Technology Materials Industrials Consumer Discretionary Industrials Information Technology Consumer Discretionary Energy Industrials Energy Industrials Information Technology Consumer Discretionary Information Technology Industrials Health Care Industrials Health Care Industrials Consumer Discretionary Information Technology Consumer Discretionary Information Technology Information Technology Industrials Consumer Discretionary Information Technology Industrials Consumer Discretionary Energy Consumer Discretionary Consumer Staples Materials Information Technology Consumer Discretionary Information Technology Industrials Information Technology Information Technology Industrials Information Technology Information Technology Consumer Discretionary Information Technology Industrials Consumer Discretionary Information Technology Information Technology Industrials Information Technology Industrials Materials Industrials Consumer Discretionary Consumer Discretionary Materials Materials Materials Information Technology Industrials Industrials Consumer Discretionary Consumer Discretionary Consumer Discretionary Consumer Discretionary Industrials Consumer Staples Industrials Materials Consumer Staples Information Technology Industrials Consumer Discretionary Consumer Staples Consumer Discretionary Consumer Staples

ATM4 Ref 896.00 2060.00 770.00 1030.00 811.00 137.00 259.00 557.00 1250.00 400.00 293.00 206.00 1820.00 1397.00 1014.00 1515.00 178.00 173.00 183.00 1188.00 860.00 475.00 4195.00 622.00 136.00 1544.00 255.00 706.00 625.00 298.00 1690.00 697.00 115.00 1692.00 136.00 1653.00 159.00 148.00 669.00 108.00 1318.00 220.00 478.00 1854.00 795.00 727.00 3200.00 7760.00 526.00 403.00 832.00 1710.00 496.00 640.00 247.00 1225.00 228.00 780.00 1770.00 380.00 1721.00 599.00 1109.00 611.00 738.00 690.00 1882.00 1153.00 243.00 985.00 1344.00 1995.00 976.00 610.00 1387.00 143.00 2129.00 240.00 913.00 334.00 482.00 174.00 360.00 797.00 998.00 728.00 423.00 908.00 1323.00 105.00 852.00 723.00 77.00 3230.00 343.00 114.00 542.00 330.00 900.00 1120.00 424.00 168.00 154.00 199.00 475.00 1484.00 248.00 321.00 224.00 336.00 179.00 144.00 122.00 324.00 330.00 2402.00 308.00 94.00 245.00 225.00 1287.00 301.00 5490.00 763.00 199.00 763.00

Dividend Yield

Next ExDividend Date

2.01% 1.75% 1.82% 1.75% 1.48%

26.09.2014 27.08.2014 26.09.2014 26.09.2014

2.90% 1.44% 2.40%

26.09.2014 26.09.2014 26.09.2014

2.39% 2.43% 3.30% 1.86% 3.94% 1.98% 2.81% 1.45% 2.73% 3.37% 0.58% 2.63% 1.91% 1.61% 2.94% 2.33% 2.35% 1.42% 1.84% 1.68% 0.71% 2.01% 2.61% 0.71% 0.70% 1.89% 2.03% 2.99% 2.78% 1.82% 3.64% 2.09% 2.70% 3.77% 2.89% 1.31% 4.25% 1.90% 3.72% 3.61% 1.17% 2.42% 1.56% 2.43% 1.63% 1.75% 1.41% 1.13% 3.55% 2.91% 1.67% 2.71% 3.27% 2.03% 2.03% 1.70% 0.87% 2.06% 1.73% 2.98% 2.01% 2.05% 2.62% 3.24%

27.03.2014 27.03.2015 26.09.2014 26.09.2014 27.03.2014 25.02.2015 27.03.2015 27.03.2015 26.12.2014 26.09.2014 27.03.2015 26.12.2014 26.09.2014 26.06.2014 27.03.2015 18.08.2014 26.09.2014 27.03.2015 26.12.2013 26.09.2014 29.10.2014 26.09.2014 27.03.2015 18.02.2015 27.03.2015 26.12.2014 27.03.2015 26.12.2013 26.09.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 29.07.2014 26.09.2014 26.09.2014 27.08.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 26.09.2014 28.05.2014 27.03.2015 26.09.2014 27.03.2015 26.06.2014 26.09.2014 26.09.2014 26.09.2014 29.07.2014 26.11.2014 26.09.2014 26.09.2014 26.09.2014 28.05.2014 26.09.2014 27.03.2015 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014

1.64%

27.03.2014

1.64% 1.80% 2.59% 1.72% 2.22% 3.76% 1.50% 4.12% 2.36% 2.20% 1.51%

26.09.2014 27.03.2015 27.08.2014 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.09.2014 26.12.2014

2.82% 2.49%

27.11.2013 26.09.2014

0.99% 2.92% 1.75% 2.21% 1.52% 2.00% 2.86% 1.65% 2.98% 1.62% 2.01% 3.37% 2.56% 2.42% 2.80% 3.35% 2.38%

26.09.2014 26.09.2014 27.03.2015 26.09.2014 27.03.2014 26.09.2014 26.06.2014 26.09.2014 26.09.2014 27.03.2015 27.03.2015 26.09.2014 26.09.2014 26.09.2014 26.09.2014 27.03.2014 27.03.2014

2.08%

27.03.2015

4.01% 0.91% 2.08% 1.95%

3.11% 3.42% 1.99%

18.12.2013 26.12.2014 26.11.2014 27.08.2014 27.03.2015 27.03.2015 26.12.2014 26.09.2014 27.05.2015

2.36% 2.01% 2.36%

25.02.2015 27.03.2015 25.02.2015

At The Money Implied Volatilities by Terms

Option Implied Volatility Skew Parameters by Terms: IVt = atx + btx2 + ct

ATM4 ATM4 ATM4 ATM4 ATM4 ATM4 ATM4 Vol - 30D Vol - 60D Vol - 90D Vol - 6M Vol - 12M Vol - 18M Vol - 24M

Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew Skew (a) (a) (a) (a) (a) (a) (a) (b) (b) (b) (b) (b) (b) (b) 30D 60D 90D 6M 12M 18M 24M 30D 60D 90D 6M 12M 18M 24M

51.83

51.66

51.77

51.97

0.132

0.271

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

0.274

0.264

0.021 -0.002 -0.003 -0.003