F & N - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/04/16	DBS Vickers	F & N	1.96	2.2	Hold
05/11/16	DBS Vickers	F & N	1.935	2.2	Hold
08/08/16	DBS Vickers	F & N	2.11	2.3	Hold
08/22/16	phillip	F & N	2.13	1.93	Reduce	EV/Ebitda10x
11/09/16	DBS Vickers	F & N	2.13	2.36	Hold	Sum of parts
11/09/16	phillip	F & N	2.13	1.7	Reduce	EV/Ebitda11x FY17
12/09/16	DBS Vickers	F & N	2.11	2.36	Hold
12/09/16	DMG & Partners	F & N	2.11	2.43	Buy	RNAV (10% discount)
02/09/17	DBS Vickers	F & N	2.11	2.37	Hold	Sum of parts
02/10/17	phillip	F & N	2.12	1.8	Reduce	EV/Ebitda15x
03/24/17	DMG & Partners	F & N	2.22	2.76	Not Rated	Sum of parts
04/17/17	phillip	F & N	2.35	1.8	Reduce
05/09/17	DBS Vickers	F & N	2.4	2.37	Hold	Sum of parts
05/11/17	phillip	F & N	2.38	2.31	Neutral	Sum of parts
06/29/17	DBS Vickers	F & N	2.34	2.57	Hold	Sum of parts
08/10/17	DBS Vickers	F & N	2.44	2.57	Hold	Sum of parts, PER24.4x FY18
08/10/17	phillip	F & N	2.44	2.52	Neutral	Sum of parts
11/13/17	phillip	F & N	2.6	2.83	Accumulate	Sum of parts, PER27.1x FY18
12/04/17	phillip	F & N	2.58	2.83	Accumulate