Research Disclosures & Disclaimers

Disclosures

• UBS Australia is advising Cement Australia and its shareholders, Holcim Australia and Heidelberg Materials Australia, to acquire the cementitious division of Buckeridge Group of Companies (BGC) and will receive a fee for acting in this capacity. Holcim Australia is a subsidiary of Holcim Ltd and Heidelberg Materials Australia is a subsidiary of Heidelberg Materials AG.
• Within the past 12 months, UBS has received compensation for investment banking services from this company/entity or one of its affiliates.
• UBS expects to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
• This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.
• Within the past 12 months, UBS has received compensation for products and services other than investment banking services from this company/entity.
• UBS beneficially owned 1% or more of a class of this company`s common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end).
• Because this security exhibits higher-than-average volatility, the FSR has been set at 15% above the MRA for a Buy rating, and at -15% below the MRA for a Sell rating (compared with 6/-6% under the normal rating system).
• UBS holds a long or short position of 0.5% or more of the listed shares of this company.
• UBS Fund Management (Switzerland) AG beneficially owns more than 5% of the total issued share capital of this company.