WORKPOINT

ANALYST MEETING 2016

9th

MARCH 2017

2

The information within this presentation has been derived from the existing factors in the present time. Therefore, the

forward-looking information on this presentation may not occur in the future if the aforementioned factors or situations are

changed.

No representation and warranties whatsoever have been given by Workpoint Entertainment Public Company Limited and

its subsidiaries.

WORKPOINT TV

(“WP TV”)

Advertising Revenue

TV Production Revenue : Only TV Programs aired on WORKPOINT TV

Time Slot Rental Revenue

GLOSSARY

OTHER TV

BUSINESS

Advertising Revenue : TV Programs aired on Other TV Channels

TV Production Revenue : Only TV Programs aired on Other TV Channels

Revenue from Digital Media (e.g. YouTube, Line, Facebook)

Revenue from TV Program Licensing

CONCERTS &

PLAYS

Ticket sale from Plays and Concerts

Theatre Sponsorship Revenue and Show Sponsorship Revenue

Area Rental Revenue

EVENT Event Sponsorship Revenue

Event Organizing Revenue

3

Channel

Company Abbrv.

GMM Channel Co., Ltd. GMM25

Bangkok Business Broadcasting Co., Ltd. NOW26

R.S. Television Co., Ltd. CH.8

BEC-Multimedia Co., Ltd. 3SD

Mono Broadcast Co., Ltd. MONO29

MCOT Public Co., Ltd. CH.9

GMM One TV Co., Ltd. ONE

Triple V Broadcast Co., Ltd. THAIRATH TV

BEC-Multimedia Co., Ltd. CH.3

Amarin Television Co., Ltd. AMARIN TV

Bangkok Broadcasting & TV. Co., Ltd. CH.7

Bangkok Media & Broadcasting Co., Ltd. PPTV

Channel Company Abbrv.

Royal Thai Army Radio and Television Station CH.5

The Government Public Relations Department NBT

Thai Public Broadcast Service THAI PBS

BEC-Multimedia Co., Ltd. 3FAMILY

MCOT Public Co., Ltd. MCOT FAMILY

Thai News Network Co., Ltd. TNN

DN Broadcast Co., Ltd. NEW TV

Spring News Television Co., Ltd. SPRING NEWS

Bright TV Co., Ltd. BRIGHT TV

Voice TV Co., Ltd. VOICE TV

NBC Next Vision Co., Ltd. NATION TV

Thai Broadcasting Co., Ltd. WORKPOINT TV

True Four You Station Co., Ltd. TRUE4U 4 4

GLOSSARY

Financial Performance COMPANY PROFILE

Number 1 Variety Content Provider in Thailand.

FOUND IN 1989,

WORKPOINT ASPIRES TO BE

LEADER IN ENTERTAINMENT

AND MEDIA INDUSTRY

6

SHAREHOLDER PROPORTION

7

Mr. Phanya Nirunkul & Mr. Prapas Cholsaranon, Co-Founders, hold 52% altogether

Provided TV Programs to all TV Stations.

MORE THAN 25 YEARS, EXPERIENCE, CREATING

MORE THAN 100 TV PROGRAMS

Guaranteed by many National and International Awards.

1989 - PRESENT

8

ENTERTAINMENT COMPANY

Started Diversifying into Related Businesses

2005 - PRESENT

9

A TRUE INTEGRATED

9

10

WORKPOINT TV

FULL VARIETY TV STATION

24 HOURS WITH QUALITY CONTENTS

2014-PRESENT

Shifting from TV Production house to TV Station

11

Ad FINANCIAL PERFORMANCE

2015-2016

685.4

507.9

32.9

-72.0 -200.0

-100.0

-

100 .0

200 .0

300 .0

400 .0

500 .0

600 .0

700 .0

800 .0

4Q 2015 4Q 2016

Rev. NP

FINANCIAL PERFORMANCE

WORKPOINT ENTERTAINMENT PCL

Unit : MB

Consolidated P/L Statement : 4Q

13

%Revenue Growth

-25.9%

%NP 4.8% -14.2%

13

2,454.1 2,684.2

150.3 198.6 -

500 .0

1,00 0.0

1,50 0.0

2,00 0.0

2,50 0.0

3,00 0.0

2015 2016

Rev. NP

Consolidated P/L Statement : 12M

%Revenue Growth

9.4%

%NP 6.1% 7.4%

CONSOLIDATED FINANCIAL PERFORMANCE

SUMMARY Unit : MB

14

4Q 2015 4Q 2016 % Change 2015 2016 % Change

Total Rev. 685.4 507.9 -25.9% 2,454.1 2,684.2 9.4%

Costs (354.2) (346.2) -2.3% (1,375.9) (1,496.2) 8.7%

Gross Profit 331.2 161.7 -51.2% 1,078.2 1,188.0 10.2%

Selling (72.0) (36.9) -48.7% (221.4) (237.2) 7.1%

Admin (191.4) (197.3) 3.1% (542.2) (585.1) 7.9%

Total Selling & Admin (263.4) (234.3) -11.0% (763.7) (822.3) 7.7%

EBIT 67.8 (72.6) -207.1% 314.5 365.7 16.3%

Interest (32.7) (22.3) -31.8% (132.5) (112.7) -14.9%

Profit/Loss from JV 10.9 3.3 -69.8% 14.4 2.1 -85.2%

Tax (15.7) 15.5 -198.5% (45.4) (52.1) 14.8%

Minor 2.7 4.2 56.0% (0.8) (4.4) 470.7%

Net Profit 32.9 (72.0) -318.6% 150.3 198.6 32.1%

14

CONSOLIDATED REVENUE STRUCTURE

2015 : TOTAL REV. 2,454.1 MB 2016 : TOTAL REV. 2,684.2 MB

15

89.1%

4.5%

4.0% 2.5%

TV Business Concert Event Other

86.6%

6.8%

4.4% 2.2%

TV Business Concert Event Other

15

2,124.5

108.1 167.9 53.5

2,454.1 2,391.7

106.2 119.7 66.5

2,684.2

-

500 .0

1,00 0.0

1,50 0.0

2,00 0.0

2,50 0.0

3,00 0.0

TV Business Event Concert Other Total

GP : 12M

Cost : 12M

Revenue : 12M

2015 2016 Unit: MB

% Growth 10.6% -21.7% -30.2% 95.8% 10.2%

% GP 45.7% 44.9% 21.7% 17.3% 32.3% 31.6% - 43.9% 44.3% 16

1153.7

84.6 113.7 23.9

1,375.9 1318.0

87.9 81.9 8.4

1,496.2

0.0

200 .0

400 .0

600 .0

800 .0

100 0.0

120 0.0

140 0.0

160 0.0

TV Business Event Concert Other Total

970.8

23.5 54.2 29.7

1,078.2 1,073.7

18.4 37.8 58.1

1,188.0

-

200 .0

400 .0

600 .0

800 .0

1,00 0.0

1,20 0.0

1,40 0.0

TV Business Event Concert Other Total

REVENUE & COST BY BUSINESS

% Growth 12.6% -1.7% -28.7% 24.2% 9.4%

% Growth 14.2% 3.8% -28.0% -64.9% 8.7%

Ad TV BUSINESS

TV BUSINESS

Unit : MB

12 Months : 2016

18

% Revenue Growth

-13.1% 143.1% 10.8% 11.5% 12.6%

77.4 32.2 16.2

1,998.7 2,124.5

67.2 78.4 18.0

2,228.1 2,391.7

-

500 .0

1,00 0.0

1,50 0.0

2,00 0.0

2,50 0.0

3,00 0.0

TV production Online licensing WP TV Total

12M 2015 12M 2016

18

Ad TV BUSINESS : WORKPOINT TV

20

GENRE : General Entertainment/ Variety

KEY CONCEPT : Knowledge, Wit, Fun, Entertainment

TARGET AUDIENCE : all Ages and Genders

TV BUSINESS : WORKPOINT TV

TV BUSINESS : WORKPOINT TV

21 Source : AGB NEILSEN , February 2017

Capture All Ages and Genders Matching with Thailand’s Average Audience Profile

TV BUSINESS : WORKPOINT TV

55.54%

17.36%

4.96%

3.47%

13.88%

38.17%

28.85%

10.46%

2.09%

11.42%

2.61% 4.27%

2.09%

25.01%

38.96%

13.36%

3.01%

9.71%

6.01%

2.80%

1.47%

News Content Variety Show Content Game Show Content Inter. Content

Thai & Inter. Drama Content Big Format Content Sitcom Content Cartoons Content

Branded TV Content Sport Content

WORKPOINT

TV

Source : Workpoint TV ,Dec 2016

More than 70% are Light Entertainment Contents

1st Run 71.88%

Re-Run 28.48%

22

TV BUSINESS : WORKPOINT TV

RATING

8.38 RATING

4.14 RATING

6.79

RATING

5.79 RATING

1.83

23

TV Program Highlight

1.50 RATING

Source : AGB NEILSEN as of 5 March 2017

TV BUSINESS : WORKPOINT TV

RATING

5.23 RATING

8.42 RATING

6.63

RATING

3.30 RATING

1.81

RATING

3.66 RATING

4.74

24 Source : AGB NEILSEN

TV Program Highlight

as of 5 March 2017

1,847.81 1,998.7

2,228.1

791.21 955.41 956.21

2014 2015 2016

Rev. GP

Unit : MB

Workpoint TV : 12M

25 25

TV BUSINESS : WORKPOINT TV

% Revenue Growth

8.2% 11.5%

%GP 42.8% 47.8% 42.9%

0.25 0.24

0.30 0.34

0.40 0.45

0.48 0.51

0.50

0.73 0.74 0.75 0.78

0.83 0.85

0.88

0.98

0.97

1.08

0.96

0.80 0.90

1.15

1.14

1.19

1.42

1.16 1.19

1.12

1.23

1.47

0.52

1.00

1.21

1.33

1.47 1.49

1.50

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

TV BUSINESS : WORKPOINT TV

2016

Source : AGB NEILSEN : TV Rating All Target 15+

2014

2015

AGB Nielsen Rating 15+ (Avr. 18 hours) Nationwide

26

2017

26

8.48

6.78

5.58 4.69

5.62 5.58 5.34

4.48 3.87 3.69

3.16 3.17

0.80

1.82 2.48

3.51

3.51 3.54

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar2017Ch.7 Ch.3 WORKPOINT TV

4.03

3.50 2.98

2.57 2.84

2.83 3.22

2.63

2.17 2.03 1.88 1.89

0.39

0.86 1.13 1.47 1.49

1.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar2017Ch.7 Ch.3 WORKPOINT TV

0.80

1.82

2.48

3.51 3.51 3.54

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar2017

Period 18.00-22.30 (Primetime)

0.39

0.86

1.13

1.47 1.49

1.50

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2014 2015 2016 Jan 2017 Feb 2017 1-5 Mar2017

Period 06.00-24.00 (18.00 hrs.)

TV BUSINESS : WORKPOINT TV

Rating Comparison : Workpoint TV VS Analog Channels (Simulcasted on DTT)

27 Source : AGB NEILSEN

120.5%

31.4%

2.8 0.4 4.5 0.4

AGB Nielsen Rating 15+, 18 hours, Nationwide

127.5%

36.3%

TV BUSINESS : WORKPOINT TV

Ranking Channel Rating 2016

Rating Jan 17

Rating Feb 17

Rating 1-5 Mar 17

Ranking Channel Rating 2016

Rating Jan 17

Rating Feb 17

Rating 1-5 Mar 17

1 2.98 2.57 2.84 2.83 14 0.14 0.19 0.21 0.20

2 2.17 2.03 1.88 1.89 15 0.13 0.12 0.12 0.11

3 1.13 1.47 1.49 1.50 16 0.11 0.11 0.11 0.11

4 0.71 0.96 0.86 0.86 17 0.11 0.09 0.09 0.09

5 0.56 0.76 0.77 0.77 18 0.08 0.06 0.07 0.07

6 0.58 0.67 0.69 0.39 19 0.07 0.05 0.05 0.06

7 0.32 0.38 0.36 0.36 20 0.08 0.05 0.05 0.05

8 0.28 0.34 0.32 0.32 21 0.04 0.04 0.05 0.05

9 0.18 0.29 0.28 0.28 22 0.05 0.04 0.04 0.04

10 0.19 0.24 0.24 0.24 23 0.04 0.04 0.04 0.04

11 0.24 0.21 0.24 0.24 24 0.05 0.04 0.04 0.04

12 0.14 0.19 0.21 0.22 25 0.03 0.03 0.03 0.03

13 0.21 0.19 0.20 0.21 28

Source : AGB NEILSEN

AGB Nielsen Rating 15+, 18 hours, Nationwide

TIME TV RATING : NATIONWIDE 15+ (2016)

06:00-24:00

2.98 2.17 1.13 0.71 0.58 0.56

18:00-22:30

5.58 3.87 2.48 1.38 1.15 0.99

TIME TV RATING : NATIONWIDE 15+ (JANUARY 2017)

06:00-24:00

2.57 2.03 1.47 0.96 0.76 0.67

18:00-22:30

4.69 3.69 3.51 1.90 1.63 1.10

TIME TV RATING : NATIONWIDE 15+ (FEBRUARY 2017)

06:00-24:00

2.84 1.88 1.49 0.86 0.77 0.69

18:00-22:30

5.62 3.51 3.16 1.80 1.33 1.10

TIME TV RATING : NATIONWIDE 15+ (1-5 MARCH 2017)

06:00-24:00

2.83 1.89 1.50 0.86 0.77 0.69

18:00-22:30

5.58 3.54 3.17 1.76 1.33 1.13

TV BUSINESS : WORKPOINT TV

29

TIME TV RATING : BKK 15+ (2016)

06:00-24:00

3.83 2.65 1.29 0.89 0.72 0.58

18:00-22:30

6.24 4.01 2.60 1.56 1.18 0.57

TIME TV RATING : BKK 15+ (JANUARY 2017)

06:00-24:00

3.42 2.43 1.98 1.19 0.83 0.63

18:00-22:30

5.38 4.51 3.40 1.72 1.69 0.80

TIME TV RATING : BKK 15+ (FEBRUARY 2017)

06:00-24:00

3.15 2.53 2.08 1.08 0.78 0.66

18:00-22:30

4.74 4.60 4.03 1.53 1.56 0.82

TIME TV RATING : BKK 15+ (1-5 MARCH 2017)

06:00-24:00

3.15 2.51 2.08 1.09 0.78 0.66

18:00-22:30

4.76 4.58 3.99 1.54 1.54 0.82

TV BUSINESS : WORKPOINT TV

30

TIME TV RATING : UPCOUNTRY 15+ (2016)

06:00-24:00

3.30 2.97 1.30 0.72 0.54 0.52

18:00-22:30

5.32 4.51 2.60 1.15 1.05 0.66

TIME TV RATING : UPCOUNTRY 15+ (JANUARY 2017)

06:00-24:00

3.05 2.67 1.75 1.02 0.69 0.67

18:00-22:30

5.05 3.91 3.72 1.53 1.44 0.84

TIME TV RATING : UPCOUNTRY 15+ (FEBRUARY 2017)

06:00-24:00

2.97 2.87 1.79 0.98 0.73 0.74

18:00-22:30

4.68 4.44 3.77 1.51 1.26 0.92

TIME TV RATING : UPCOUNTRY 15+ (1-5 MARCH 2017)

06:00-24:00

2.96 2.86 1.80 0.98 0.75 0.73

18:00-22:30

4.67 4.45 3.83 1.47 1.26 0.96

TV BUSINESS : WORKPOINT TV

31

TIME TV RATING : RURAL 15+ (2016)

06:00-24:00

3.06 1.38 1.04 0.66 0.59 0.53

18:00-22:30

6.32 2.81 2.42 1.42 1.22 1.18

TIME TV RATING : RURAL 15+ (JANUARY 2017)

06:00-24:00

2.57 1.33 1.26 0.89 0.77 0.69

18:00-22:30

5.26 3.20 2.80 2.07 1.68 1.32

TIME TV RATING : RURAL 15+ (FEBRUARY 2017)

06:00-24:00

2.87 1.24 1.23 0.78 0.76 0.68

18:00-22:30

6.33 3.13 2.36 1.95 1.29 1.30

TIME TV RATING : RURAL 15+ (1-5 MARCH 2017)

06:00-24:00

2.85 1.25 1.24 0.78 0.77 0.68

18:00-22:30

6.27 3.16 2.39 1.91 1.33 1.30

TV BUSINESS : WORKPOINT TV

32

TV BUSINESS : WORKPOINT TV

33

Digital TV Audience Share

Source : AGB NEILSEN (15+, 18 Hours Nationwide)

2014 2015 2016 Jan-5 Mar 2017

TV BUSINESS : WORKPOINT TV

34

Upcoming Programs More New TV Programs will be introduced in 1-2Q2017.

1Q2017 2Q2017

TV RATING : 1.60 PEAK TV RATING : 2.21

TV RATING : 2.02 PEAK TV RATING : 3.64

COMING SOON TV RATING : 1.37 PEAK TV RATING : 2.17

As of 5 March 2017

35

REC

DATING SHOW ทีจ่ะมาพสูิจนว่์าหนา้ตาไม่ใช่ทุกอย่างกบัการเดทผา่นกลอ้ง

ทีคุ่ณจะไมม่สีทิธิไ์ด้เหน็หนา้ โดยพธิกีรสุดฮอต “ต้นหอม ศกุนตลา”

ทุกวันเสาร์ 20.50-21.50 น. 36

37

38

ปรากฎการณ ์TALK OF THE TOWN

ครัง้ใหม่ จะเร่ิมตน้ขึ้นอีกครัง้

TV BUSINESS : ONLINE

TV BUSINESS : ONLINE

Digital Media : 12M 2016

32.2

78.71

2015 2016

%Revenue Growth

143.1%

81.5%

12.0%

6.5%

Youtube Facebook Other

2016 : TOTAL Digital Media REV. 78.71 MB

40

41

TV BUSINESS : ONLINE

Updated 07/03/2017

42

43 Source : Socialblade Updated 07/03/2017

TV BUSINESS : ONLINE

Workpoint YouTube has more than 5 Million Subscribers and More than 3,500 Million Video View

44

45 45

46 46

47

Workpoint Facebook has more than 7 Million Follows & Likes

48

TV BUSINESS : ONLINE

Updated 07/03/2017

7,925,151 Follows 7,615,597 Likes

7,855,876 Follows 7,960,468 Likes

4,489,726 Follows 4,490,477 Likes

3,621,333 Follows 3,591,854 Likes

2,623,138 Follows 2,667,139 Likes

2,460,994 Follows 2,434,319 Likes

2,350,568 Follows 2,224,406 Likes

1,970,569 Follows 1,969,637 Likes

1,661,946 Follows 1,697,834 Likes

1,302,599 Follows 1,324,553 Likes

1,285,173 Follows 1,245,295 Likes

1,078,470 Follows 1,049,245 Likes

49

Jan-Feb 2017

Dec 2016- Jan 2017

50

51

CONCERT BUSINESS

CONCERT BUSINESS

53 53

Revenue : 12M

167.9

119.7

54.20 37.80

2015 2016

Rev. GP

%Revenue Growth

-28.7%

%GP 32.3% 31.6%

Unit : MB

11-14 AUG 16 7 Rounds

2016

16-17 JUN 16 2 Rounds

19 NOV 16 2 Rounds

8-9 OCT 16 3 Rounds

Apr 15 27 Rounds

2015

Sep 15 4 Rounds

Sep 15 5 Rounds

Oct 15 4 Rounds

Nov 15 14 Rounds

54

2017

CONCERT BUSINESS

54

JAN-FEB 17 9 Rounds

AUG 17 7 Rounds

OCT 17 6 Rounds

DEC 17 2 Rounds

OCT 17 6 Rounds

EVENT BUSINESS

EVENT BUSINESS

108.1 106.2

23.5 18.4

-

20.0

40.0

60.0

80.0

100.0

120.0

2015 2016

Rev. GP

Revenue : 12M Unit : MB

56 56

%Revenue Growth

-1.7%

%GP 21.7% 17.3%

20

16

57

JAN-JUL 2017

MAR 2017

JAN 2017

FEB-APR 2017

MAR 2017

APR 2017

FEB 2017

APR 2017

57

EVENT BUSINESS

SELLING & ADMINISTRATION BUSINESS

SELLING EXPENSE

Total Selling Expense

59

221.4

237.2

114.5

126.6

Significant Change in Selling Expenses

52.7

55.1

• Commission

2015 2016

• Salary & Employee Benefits (Sales Marketing)

%Growth 7.1%

%Growth 10.5%

%Growth 4.5%

Unit : MB

59

19.9

73.4

10.4 15.2 542.2

585.1

ADMINISTRATION EXPENSE

Unit : MB

Total Administration Expense

60 2015 2016

%Growth 7.9%

237.1

258.8

Significant Change in Admin. Expenses

• Salary & Employee Benefits (Back Office)

%Growth 9.1%

• Utilities Expense

%Growth 46.4%

• ESOP

%Growth 268.4% 60

2016 FINANCIAL STATUS

204.1 122.5 2,298.3 2,199.4

1,325.3 1,320.7

-

500 .0

1,00 0.0

1,50 0.0

2,00 0.0

2,50 0.0

3,00 0.0

3,50 0.0

4,00 0.0

4,50 0.0

2015 2016

Property, Plant and Equipment

DTT License & Intangible Assets

Other Non-Current Assets

46.6 84.8 436.9 454.2 400.8 405.9

876.3 834.9

-

200 .0

400 .0

600 .0

800 .0

1,00 0.0

1,20 0.0

1,40 0.0

1,60 0.0

1,80 0.0

2,00 0.0

2015 2016

Cash and Cash Equivalents

Short-term investments

Trade and Other Receivables-Net

Inventories-Net 3,827.7 3,642.6

1,760.7 1,779.8

-

1,00 0.0

2,00 0.0

3,00 0.0

4,00 0.0

5,00 0.0

6,00 0.0

2015 2016Non Current Assets Current Assets

TOTAL ASSETS

1,760.7

3,827.7

TOTAL ASSETS

CURRENT ASSETS

NON-CURRENT ASSETS

5,588.4

Unit : MB

5,422.4

1,779.8

3,642.6

62

%Growth

Total Assets -3.0%

Current Assets 1.1%

Non Current Assets -4.8%

%Growth

Total Current Assets 1.1%

Cash -4.7%

Short-term 1.3%

Receivable 3.9%

Inventories 81.7%

%Growth

Total Non-Current Assets -4.8%

Property, Plant and Equipment

-0.3%

DTT License & Intangible Assets

-4.3%

Other Non-Current Assets -40% 62

1,146.6 758.2

406.2 579.4

147.6 141.7

2015 2016

Digital TV license payable

Bank loan & Finance Lease

Other Non-Current Liabilities

340.6 236.6

391.7 331.6

369.0 388.4

2015 2016

Digital TV license payable

Trade Payable and other current liabilities

Bank loan & Finance Lease

1,700.4 1,479.3

1,101.3 956.6

2015 2016

Non Current Liabilities Current Liabilities

TOTAL LIABILITIES

1,101.3

1,700.4

TOTAL LIABILITIES

CURRENT LIABILITIES

NON-CURRENT LIABILITIES

2,801.7

Unit : MB

2,435.9

956.6

1,479.3

63

%Growth

Total Current Liabilities -13.1%

DTT License 5.2%

Payable -15.3%

Bank loan & Lease -30.5%

%Growth

Total Non-Current Liabilities -13.0%

Other Non-Current Liabilities -4.0%

Bank loan & Lease 42.6%

Payable -33.9%

%Growth

Total Liabilities -13.1%

Current Liabilities -13.1%

Non Current Liabilities -13.0% 63

FINANCIAL RATIO

Gross Profit Margin Net Profit Margin Unit : MB

64

992.1

1124.8

900.0

950.0

1000.0

1050.0

1100.0

1150.0

2015 2016

GPM

150.3 198.1

0.0

50.0

100.0

150.0

200.0

250.0

2015 2016

NPM

%GPM 40.4% 41.7% %NPM 6.1% 7.3%

64

D/E Ratio (times) Int. Borrowing Debt/Equity (times)

1.01 0.82

-

0.20

0.40

0.60

0.80

1.00

1.20

2015 2016

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

2015 2016

Q&A

THANK YOU