Net profit after the audit in 2011 by Accurate Sun

Price earnings ratio(P/E)

Acquisition of equity this time

The purchase price adjustment scheme

Net profit ≥ 3250

-

51%

Don’t need to adjust, carried out in accordance with the contract which is 174 million yuan

3150 ≤ net profit < 3250

10.5

51%

Evaluation of investment= Net Profit × 10.5 times P/E × 51%

2500 ≤ net profit < 3150

9

51%

Evaluation of investment = Net Profit × 9 times P/E × 51%

2000 ≤ net profit < 2500

8

51%

Evaluation of investment = Net Profit8times P/E × 51%

Net profit < 2000

-

0

Shanghai public relations has the right to terminate the investment agreement.