www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE26.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch12February2018TheZincPlaybookEndoftheroadafteranimpressivepricerunTightmarketbutweseedownsiderisktozincpricesoverthenext12monthsZinchasbeenthebest-performingbasemetaloverthelasttwoyears,reflectinggenuinelystrongfundamentalsthathaveledtolowinventoriesandatightphysicalmarket.Thistightnesshasbeendrivenbyalackofsupplyratherthanparticularlystrongdemand.Overthenext12months,wesee>20%downsiderisktospotpricesas