Ann: Ceasing to be a substantial holder, page-4

UBS Securities Australia Ltd Trading Analysis - March 3, 2025

Trading Summary (Excluding Rehypothecated Position)

Overall Position:

• Total Shares Bought: 8,771,657
• Total Purchase Amount: 11,807,206.00
• Total Shares Sold: 10,378,791
• Total Sales Amount: 13,974,403.00
• Net Position: -1,607,134 (Net Short)
• Net Cash Flow: 2,167,197.00 (Cash Inflow)

Average Pricing:

• Average Purchase Price: 1.35
• Average Selling Price: 1.35

Matched Trade Analysis

This analysis examines only the portion of shares that were both bought and sold during this period:

• Matched Shares: 8,771,657
• Matched Purchase Cost: 11,807,206.00
• Matched Sales Revenue: 11,810,496.03
• Matched Trade Profit: 3,290.03
• Matched Trade Profit Margin: 0.03%
• Profit Per Share: Approximately 0.0004

Key Insights

1. Minimal Profit from Day Trading: The matched buy-then-sell activity generated only a 0.03% profit margin, indicating that the price differential between buys and sells for matched trades was minimal.

2. Substantial Overall Profit: Despite the small profit on matched trades, the total net profit was 2,167,197.00, which is significantly higher.

3. Source of Profit: The majority of the profit comes from the 1,607,134 additional shares sold beyond what was purchased during this period. These shares were likely acquired prior to March 3, 2025, at a lower cost basis.

4. Position Adjustment: UBS Securities Australia Ltd reduced their overall position by 1,607,134 shares during this trading day, suggesting a strategic reduction in exposure to this security.

This analysis demonstrates that while the day's trading activity itself (buying and selling on the same day) generated minimal profits, the overall strategy of reducing a pre-existing position resulted in substantial realized gains.