Macquarie Asia Conference 2026

Research evidence excerpt

Macquarie Asia Conference 2026

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Zijin Mining (601899 CH) Macquarie Capital Limited makes a market in the securities of Zijin Mining Group Co., Ltd.

Outperform

12-month target: CNY44.00 - EV/

EBITDA

Valuation: CNY 44.00 - EV/EBITDA

Price: CNY31.30

Zijin Mining (2899 HK) Macquarie Capital Limited makes a market in the securities of Zijin Mining Group Co., Ltd.

12-month target: HK$49.00 - EV/

Valuation: HKD 49.00 - EV/EBITDA

Price: HK$34.42

Target Price Risk Disclosures

Company Name Risk Disclosure

Lower-than-expected ramp at key projects, leading to lower sales and earnings. Zijin Mining (601899 CH) •

Higher-than-expected costs, leading to lower margins. •