ASL Marine - Downgraded by CIMB & OCBC.

Date/Research House/Stock/Last Done/Target Price/Call/Valuation Method

05/31/10 CIMB ASL Marine 0.78 1.1 Outperform
06/08/10 CIMB ASL Marine 0.8 1.1 Outperform
08/06/10 CIMB ASL Marine 0.87 1.1 Outperform
08/19/10 CIMB ASL Marine 0.9 1.03 Outperform PER7.5x
11/11/10 CIMB ASL Marine 0.9 0.98 Neutral PER7.5x

11/09/10 DnB Nor ASL Marine 0.9 1.35 Buy NAV 1.37, PER4.9x, EV/Ebitda3.4x

08/19/10 Kim Eng ASL Marine 0.895 1.53 Buy
09/13/10 Kim Eng ASL Marine 0.9 1.12 Buy PB1x
11/11/10 Kim Eng ASL Marine 0.9 1.12 Buy
11/26/10 Kim Eng ASL Marine 0.85 1.12 Buy

06/09/10 OCBC ASL Marine 0.8 1.09 Buy
07/08/10 OCBC ASL Marine 0.82 1.09 Buy
07/15/10 OCBC ASL Marine 0.85 1.09 Buy
08/19/10 OCBC ASL Marine 0.895 1.04 Buy
08/25/10 OCBC ASL Marine 0.87 1.04 Buy
09/02/10 OCBC ASL Marine 0.865 1.04 Buy
09/06/10 OCBC ASL Marine 0.88 1.04 Buy
09/13/10 OCBC ASL Marine 0.9 1.09 Buy
09/27/10 OCBC ASL Marine 0.94 1.04 Buy
09/30/10 OCBC ASL Marine 0.93 1.04 Buy
10/04/10 OCBC ASL Marine 0.93 1.04 Buy
11/11/10 OCBC ASL Marine 0.9 0.94 Hold PER9x
12/02/10 OCBC ASL Marine 0.9 0.94 Hold Bonus Issue