Research Disclosures & Disclaimers

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B3 (B3SA3.SA)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (R$)	Price Target (R$)	Rating
2022-03-30	15.67	18.00	Buy
2022-04-25	14.12	17.50	Buy
2022-07-11	10.77	16.00	Buy
2022-09-06	12.39	15.00	Buy
2023-03-30	10.80	12.50	Neutral
2023-09-18	13.08	15.00	Neutral
2023-11-13	12.43	14.00	Neutral
2023-12-12	13.85	14.50	Neutral
2024-02-29	12.83	15.00	Buy
2024-06-12	10.40	14.00	Buy
2024-12-19	9.98	13.50	Buy
2025-05-29	14.10	16.00	Neutral

Disclosures

UBS has acted as manager/co-manager in the underwriting or placement of securities of this company/entity or one of its affiliates within the past 12 months.
Within the past 12 months, UBS has received compensation for investment banking services from this company/entity or one of its affiliates.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.