Global Building Products: Cement/Building materials sector snippets and implications

Research evidence excerpt

Global Building Products: Cement/Building materials sector snippets and implications

more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any covered

stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient

valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval

of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating

and target price and assign “Rating Suspended” status for regulatory and/or internal policy reasons. Citi Research may also

suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of

information critical to the analyst's thesis, trading suspension) affecting the company and/or trading in the company's

securities. In both such situations, the rating and target price will show as “—“ and “-“ respectively in the rating history price

chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in

exceptional circumstances. As soon as practically possible, the analyst will publish a note re-establishing a rating and

investment thesis. Investment ratings are determined by the ranges described above at the time of initiation of coverage, a

change in investment and/or risk rating, or a change in target price (subject to limited management discretion). At times, the

expected total returns may fall outside of these ranges because of market price movements and/or other short-term volatility

or trading patterns. Such interim deviations will be permitted but will become subject to review by Research Management.