City Developments - Downgraded by OCBC.

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

02/25/11 CIMB City Developments 10.92 11.58 Underperform RNAV (10% discount)

02/25/11 Credit Suisse City Developments 10.92 15.6 Outperform
02/25/11 Credit Suisse City Developments 10.92 15.6 Outperform RNAV

03/16/11 DBS Vickers City Developments 10.92 11.89 Hold

01/12/11 DMG & Partners City Developments 12.66 11.07 Neutral RNAV
02/24/11 DMG & Partners City Developments 10.7 11.07 Neutral
03/01/11 DMG & Partners City Developments 11.3 11.07 Neutral RNAV

02/25/11 HSBC City Developments 10.92 11.64 Neutral

02/09/11 Kim Eng City Developments 11.2 14.2 Buy RNAV (10% premium)
02/25/11 Kim Eng City Developments 10.92 14.6 Buy
02/25/11 Kim Eng City Developments 10.92 14.6 Buy RNAV (10% premium)
03/10/11 Kim Eng City Developments 11.24 14.6 Buy RNAV (10% premium)

02/24/11 Lim & Tan City Developments 10.7 0 Buy

02/09/11 OCBC City Developments 11.2 12.35 Under Review
02/24/11 OCBC City Developments 10.7 12.35 Hold RNAV
02/24/11 OCBC City Developments 10.7 12.35 Under Review RNAV
02/25/11 OCBC City Developments 10.92 11.89 Hold RNAV
03/23/11 OCBC City Developments 10.84 10.72 Hold RNAV (10% discount)