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www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE47.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch26January2018UBSEvidenceLab:U.S.HardlinesRetailHD/LOW:DrillingIntoHomeImprovementSpending,Vol.XIIIThirteentheditionofquarterlyHIsurveyhighlightsseveralimportanttrendsThelatesteditionofoursurveyof2k+adultsshowedHomeImprovementdemanddeceleratedabit.Overall,56%ofrespondentsexpectedtoperformaHomeImprovementprojectinthenext3months(inlinewithourSep17survey&down-100bpsYoY).Further,theavg.expectedspendwas$5,357