Duty Free - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
09/26/16	DBS Vickers	Duty Free	0.42	0.52	Not Rated	PER20x FY18
09/26/16	UOB Kay Hian	Duty Free	0.42	0.56	Buy	DCF
10/03/16	UOB Kay Hian	Duty Free	0.44	0.56	Buy
10/13/16	CIMB	Duty Free	0.45	0.61	Add	DCF
10/13/16	UOB Kay Hian	Duty Free	0.45	0.57	Buy	DCF
10/17/16	Kenanga	Duty Free	0.445	0.57	Buy	Consensus target
11/21/16	UOB Kay Hian	Duty Free	0.395	0.57	Buy
12/05/16	UOB Kay Hian	Duty Free	0.38	0.57	Buy	DCF
01/03/17	UOB Kay Hian	Duty Free	0.37	0.57	Buy
01/13/17	UOB Kay Hian	Duty Free	0.39	0.55	Buy	DCF
01/16/17	CIMB	Duty Free	0.39	0.55	Add	DCF
04/28/17	CIMB	Duty Free	0.415	0.57	Add	DCF
04/28/17	UOB Kay Hian	Duty Free	0.415	0.49	Buy	DCF
07/14/17	UOB Kay Hian	Duty Free	0.315	0.37	Hold	DCF, Buy @ $0.3
07/14/17	CIMB	Duty Free	0.315	0.33	Hold	DCF, PER18x CY18
10/13/17	UOB Kay Hian	Duty Free	0.28	0.33	Hold	DCF, Buy @ $0.26