1 FORWARD-LOOKING STATEMENTS This document may contain statements, - - PowerPoint PPT Presentation

1 forward looking statements
SMART_READER_LITE
LIVE PREVIEW

1 FORWARD-LOOKING STATEMENTS This document may contain statements, - - PowerPoint PPT Presentation

1 FORWARD-LOOKING STATEMENTS This document may contain statements, estimates or projections that constitute forward -looking statements . Generally, the words believe, expect, intend, estimate, anticipate,


slide-1
SLIDE 1

1

slide-2
SLIDE 2

2

FORWARD-LOOKING STATEMENTS

This document may contain statements, estimates or projections that constitute “forward-looking statements”. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “plan,” “seek,” “may,” “could,” “would,” “should,” “might,” “will,” “forecast,” “outlook,” “guidance,” “possible,” “potential,” “predict” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Coca-Cola European Partners plc’s (“CCEP”) historical experience and its present expectations or projections. These risks include, but are not limited to, obesity concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in their beverage products or packaging materials; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with its partners; a deterioration in its partners’ financial condition; increases in income tax rates, changes in income tax laws or unfavourable resolution of tax matters; increased or new indirect taxes in its tax jurisdictions; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the availability of its respective products; an inability to protect its respective information systems against service interruption, misappropriation of data or breaches of security; unfavourable general economic or political conditions in the United States, Europe or elsewhere; litigation or legal proceedings; adverse weather conditions; climate change; damage to its respective brand images and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the laws and regulations applicable to its respective products or business operations; changes in accounting standards; an inability to achieve its respective overall long-term growth objectives; deterioration of global credit market conditions; default by or failure of one or more of its respective counterparty financial institutions; an inability to timely implement their previously announced actions to reinvigorate growth, or to realise the economic benefits it anticipates from these actions; failure to realise a significant portion of the anticipated benefits of its respective strategic relationships, including (without limitation) The Coca-Cola Company’s relationship with Monster Beverage Corporation; an inability to renew collective bargaining agreements on satisfactory terms, or it or its respective partners experience strikes, work stoppages or labour unrest; future impairment charges; an inability to successfully manage the possible negative consequences of its respective productivity initiatives; global or regional catastrophic events; and other risks discussed in the 2016 Annual Report on Form 20-F, published

  • n 12 April 2017. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. CCEP does not undertake any obligation to

publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. CCEP assumes no responsibility for the accuracy and completeness of any forward-looking statements. Any or all of the forward-looking statements contained in this filing and in any other of its public statements may prove to be incorrect.

slide-3
SLIDE 3

3

AGENDA

PLATFORM FOR GROWTH

OUR GROWTH OPPORTUNITIES DELIVER SHAREHOLDER VALUE SUSTAINABILITY & KEY TAKEAWAYS

slide-4
SLIDE 4

4

A MAJOR EUROPEAN CONSUMER PACKAGED GOODS COMPANY

CO COMPELLI LLING O OPPORTUNITES FO FOR R PROFIT FITABLE ABLE GROWT WTH

SERVING OVER 300 MILLION PEOPLE IN 13 COUNTRIES SERVICING ~1M CUSTOMER OUTLETS SELLING CONSUMER PREFERRED BRANDS, WORKING TO ONE COMMON GOAL BUILDING ON STRONG HERITAGE & INTEGRATION KNOW-HOW

Norway Sweden Netherlands Germany France Great Britain Iceland Spain Portugal Andorra Luxembourg Monaco Belgium

slide-5
SLIDE 5

5

UPDATE – ONE YEAR POST-MERGER

ON ON–TRA RACK T CK TO REALI REALISE ME MERGER BEN R BENEFI FITS

3 CONSECUTIVE QUARTERS OF GROWTH LEVERAGING OF BEST PRACTICES (E.G. SALES FORCE AUTOMATION) ALIGNED FOCUS WITH TCCC1 ON REVENUE CONNECTING WITH MORE CUSTOMERS MORE OFTEN ON-TRACK TO DELIVER €315-€340M SYNERGY BENEFITS FOCUS ON PROFITABLE GROWTH AND VALUE CREATION CREATE NEW WAYS OF OPERATING IMPROVE COMMERCIAL EFFECTIVNESS INCREASE SCALE CAPTURE SYNERGY BENEFITS

MERGER RATIONALE RESULTS TO DATE

1 TCCC is The Coca-Cola Company

slide-6
SLIDE 6

6

AGENDA

DELIVER SHAREHOLDER VALUE SUSTAINABILITY & KEY TAKEAWAYS

OUR GROWTH OPPORTUNITIES

CCEP IS A LEA EADING NG CPG PG COM OMPA PANY NY

slide-7
SLIDE 7

7

OPPORTUNITY TO GROW IN

~€100B 100B1 RETAIL NARTD CATEGORY

NARTD CATEGORY IS ~€100B 100B1 IN N RET ETAIL SA SALES ES MEASURED CHANNELS ARE ~€40B 40B3 IN R N RET ETAIL SA SALES ES FOCUSED OCUSED ON ON LEV EVER ERAGI GING NG CONSUMER PREFERRED BRANDS & LEADING CUSTOMER SERVICE

1 FY 2016 Euromonitor; NARTD is NonAlcoholic Ready-To-Drink 2 Internal analysis of measured and unmeasured channels 3 FY 2016 AC Nielsen (measured channels)

Sparkling Still Water

48% 28% 18% 26% 34% 46% 24%

NARTD Volume NARTD Value CCEP Value Share

4% 1% CCEP Opportunity

~71%

1 1 2

CATEGORY MIX & CCEP VALUE SHARE

COMMENTS

UNIQU IQUEL ELY Y PO POSIT SITION IONED ED TO GROW W TH THE E CA CATE TEGORY Y & WIN & WIN SH SHAR ARE

slide-8
SLIDE 8

8

EXPANDING OUR CONSUMER & CUSTOMER FRANCHISES

OPE PERA RATE TE EFF EFFICI ICIEN ENTL TLY , , EFF EFFECTIVEL ECTIVELY , , AND AND LOCAL CALLY

CO CONSU SUMER ER CA CATE TEGROIES ES NARTD VALUE SHARE

ILLUST STRA RATI TIVE VE

CCEP SHARE ALL OTHER

Energy RTD Tea Water Other SSDs Sports Regular Colas Light Colas

CCEP analysis – value share is illustrative based on select FY16 AC Nielsen (measured channels)

CU CUST STOMER ER CH CHAN ANNEL ELS

E-Commerce Leisure Licensed Discounters Institutions Impulse Food to Go Grocery

COLLABORATE WITH CUSTOMERS FOR JOINT VALUE CREATION DIVERSIFY & GROW OUR PORTFOLIO VALUE

Juices, Nectars & Stills

slide-9
SLIDE 9

9

REGULAR COLAS

DRIV IVE VALUE THROUGH PACKAGE INNOVATION & INCREASED INCIDENCE IM IMPROVE PRICE/MIX THROUGH PREMIUMISATION PACKAGE DIV IVERSIFIC IFICATIO ION: SMALL SINGLE-SERVE & MULTI-PACKS (E.G. 250ML SLIM CAN, 237ML GLASS BOTTLE) CUSTOM M MER MERCHANDISI ISING: ¼ PALLETS & SHELF READY SOLUTIONS

FY 2016 AC Nielsen (measured channels)

RETAIL VALUE SHARE RANK SEGMENT SIZE

€5.3B #1

CCEP RETAIL IL VALUE SHARE 81% ALL OTHER 19%

OUR FO R FOCU CUS OUR E R EXE XECU CUTION

slide-10
SLIDE 10

10 10

NO/LOW CALORIE COLAS

OUR FO R FOCU CUS OUR E R EXE XECU CUTION

LEA EAD CATEGOR TEGORY GR GROWTH WTH THROUGH INNOVATION, MARKETING, AND EXECUTION IMPR PROVED ED FOR ORMUL ULA FOR GREAT COCA-COLA TASTE PACKA KAGE GE INN NNOVATIO TION: N: CONVENIENCE & FUNCTIONAL INC NCREA EASE SE INC NCIDENC ENCE: E: SMALL BASKET / WITH MEALS NEW NEW FLAVOU OURS: S: VANILLA, CHERRY

FY 2016 AC Nielsen (measured channels)

RETAIL VALUE SHARE RANK SEGMENT SIZE

€3.7B #1

CCEP RETAIL IL VALUE SHARE 66% ALL OTH THER ER 34%

slide-11
SLIDE 11

11 11

SPARKLING FLAVOURS

OUR FO R FOCU CUS OUR E R EXE XECU CUTION

GROW SHARE THROUGH INN NNOVATIO TION N & & REF EFOR ORMUL ULATIO TION

PRODUCT INNOVATION: REFORMULATE WITH A “NATURALNESS” FOCUS DIFFERENTIATION: PREMIUM GLASS PACKAGING NEW ENTRANTS: PREMIUM ADULT SEGMENT (ROYAL BLISS, MOCKTAILS) EXPANSION: GEOGRAPHIC & FLAVOUR SWEETENER INNOVATION: LOW/NO CAL FOCUS

FY 2016 AC Nielsen (measured channels)

IMPROVE PRICE/MIX THR THROU OUGH GH PR PREM EMIUM UMISA SATIO TION

RETAIL VALUE SHARE RANK SEGMENT SIZE

€5.1B #1

CCEP EP 29% ALL OTHER 71%

slide-12
SLIDE 12

12 12

ENERGY

OUR FO R FOCU CUS OUR E R EXE XECU CUTION

MUL ULTI TI-BRAND ND APPROACH GROW SHARE THROUGH CONTINUED INNOVATION NEW NEW MONSTER ULTRA MOR ORE E NEW NEW FLAVOU OURS S & & LOW W SUGAR SUGAR OPTI OPTION ONS S LATER THIS YEAR GEOGRAPHIC EX EXPANSI NSION ON

FY 2016 AC Nielsen (measured channels)

RETAIL VALUE SHARE RANK SEGMENT SIZE

€3.2B #2

CCEP 19% ALL OTHER 81%

slide-13
SLIDE 13

13 13

JUICE, TEA, SPORTS & WATER

OUR FO R FOCU CUS OUR E R EXE XECU CUTION

SELECTIVELY AND OPPORTUNISTICALLY GR GROW W SHAR SHARE E WI WITH TH PR PREM EMIUM UM OF OFFER ERING NGS NEW NEW LAUNCHES NEW NEW FLAVOURS, PACKAGING, AND SWEETENERS GEOGRAPHIC EX EXPANSI NSION ON (E.G. HONEST TEA INTO FRANCE, BELGIUM, NETHERLANDS)

FY 2016 AC Nielsen (measured channels)

RETAIL VALUE SHARE RANK SEGMENT SIZE

€22.3B #4

CCEP 4% ALL OTHER 96%

EXPAND PORTFOLIO FOR OR ALL OC OCCASIO SIONS NS

slide-14
SLIDE 14

14 14

REDUCING SUGAR PROACTIVELY MEETING CONSUMER NEEDS

NEW EW LOW/ W/ NO CALORIE IE OFFER FFERIN INGS

INTRODU DUCE CE

REF EFORMU MULA LATE TE & R REP EPLA LACE E REG EGULA LAR PR PRODUCTS TS

REFO REFORMU RMULA LATE

GROW W ES ESTABLIS LISHED ED BRANDS

ACCELE CCELERA RATE

slide-15
SLIDE 15

15 15

COLLABORATING WITH CUSTOMERS

DRIVE ONLINE & IN-STORE SALES DRIVE E-COMMERCE GROWTH EFFICIENCY & EFFECTIVENESS MULTI-YEAR, MULTI- FUNCTIONAL PLANS LEVERAGE CONSUMER & SHOPPER INSIGHTS IMPROVING IN-STORE EXECUTION PAN EUROPEAN SCALE WITH GLOBAL PROCUREMENT CAPABILITY FLEXIBLE AND EFFICIENT LOGISTICS COST EFFICIENT PRODUCTION

DIGIT DIGITAL AL NATIO TIONAL AL & & LOCA CAL S SAL ALES ES SU SUPP PPLY Y CHAIN CHAIN EX EXCEL CELLEN ENCE CE

slide-16
SLIDE 16

16 16

CLEAR STRATEGY FOR PROFITABLE GROWTH

WE HAVE OPPORTUNITY TO GROW…. AND A PLAN TO REALISE THAT GROWTH OUR FOCUS OUR FINANCIAL FORMULA

DIVERSIFY & GROW OUR PORTFOLIO VALUE COLLABORATE WITH CUSTOMERS FOR JOINT VALUE CREATION OPERATE EFFICIENTLY, EFFECTIVELY, AND LOCALLY DRIVE SUSTAINABLE LOW SINGLE-DIGIT REVENUE GROWT WTH REALISE CORE OPERATIN ING PROFIT IT LEVERAGE REALISE MERGER SYNERGIE IES

slide-17
SLIDE 17

17 17

REASONS TO BELIEVE

FOCUSED ON DRIVING SHAREHOLDER VALUE

SIG SIGNIFI IFICANT CANT HEADROOM FOR PROFITABLE GROWTH LEADING LEADING PORTFOLIO WITH WIDE AVAILABILITY AL ALIG IGNMEN ENT WITH FRANCHISE PARTNERS PR PROVEN VEN EMPLOYEES AND MANAGEMENT TEAM DISCI DISCIPLINED PLINED FINANCIAL APPROACH

slide-18
SLIDE 18

18

AGENDA

SUSTAINABILITY & KEY TAKEAWAYS

DELIVER SHAREHOLDER VALUE

CCEP IS A LEA EADING ING CPG PG COM OMPA PANY NY WITH COM OMPELL PELLING NG OPPORTUN PPORTUNITI TIES ES AND PLANS FOR PR PROF OFITA TABLE E GR GROWTH OWTH

slide-19
SLIDE 19

19 19

FINANCIAL FRAMEWORK

A CONTINUED A CONTINUED FOCUS FOCUS ON SUST ON SUSTAIN AINABLE ABLE GR GROWTH WTH AND AND DRIV DRIVING ING SHARE SHAREHOLDE HOLDER R VAL ALUE UE

MAI MAINTAIN IN OPT PTIMA IMAL L CAPI PITAL L ST STRUCTU TURE

REACH & OPERATE WITHIN LONG-TERM TARGET LEVERAGE

+

CASH SH AVAILA ILABLE LE TO RET ETURN TO SH SHAREH EHOLD LDER ERS

COMPETITIVE ONGOING DIVIDEND AND SHARE REPURCHASE OR SPECIAL DIVIDENDS

PU PURSU SUE E DIS ISCIP IPLIN LINED ED IN INVES ESTME TMENTS TS

SHORT TERM “USE” AND LONG-TERM “SOURCE” OF CASH

= =

GROW W FR FREE EE CASH SH FL FLOW ( W (FC FCF) F)

GROW FCF IN-LINE WITH LONG-TERM TARGETS INCREASE FCF TO NET INCOME CONVERSION

+

Note: Dividends and/or share repurchase subject to Board and/or shareholder approval

slide-20
SLIDE 20

20 20

GROW FREE CASH FLOW

Revenue and Operating Profit are comparable and currency neutral

STRA STRATEG TEGY LONG-TE TERM RM TAR ARGET ETS

DELIVER CONSISTENT LONG-TERM PROFITABLE GROWTH REVENUE GROWTH IN A LOW SINGLE-DIGIT RANGE OPERATING PROFIT GROWTH IN A MID-SINGLE-DIGIT RANGE PRUDENT CAPITAL INVESTMENTS CAPEX PEX ~ ~ 4% % - 5% % OF REVENUE DRIVE CASH FROM OPERATIONS FCF TO NET INCOME CONVERSION INCREASING TO ~100%

slide-21
SLIDE 21

21 21

MAINTAIN OPTIMAL CAPITAL STRUCTURE GOALS

MAINTA TAIN A STRONG, FLEXIBLE BALANCE SHEET

STRATEGY

OPERATE WITHIN A 2.5x TO 3.0x NET DEBT TO ADJUSTED EBITDA LEVERAGE RATIO MAINTAIN INVESTMENT GRADE DEBT RATING PERIODICALLY RE-EVALUATE OPTIMAL STRUCTURE

slide-22
SLIDE 22

22 22

PURSUE DISCIPLINED INVESTMENT

INVE VEST IN ATTRA RACT CTIVE VE RE RETURN RN OPPORTUNITIES

INVEST IN INNOVATION TO DRIVE GROWTH INVEST INCREMENTALLY IN EFFICIENCY AND EFFECTIVENESS OPPORTUNISTICALLY INVEST IN M&A TO DRIVE INCREMENTAL SHAREHOLDER VALUE CORE BUSINESS GROWTH SYNERGIES AND RESTRUCTURING M&A

slide-23
SLIDE 23

23 23

INCR INCREA EASE SE EFFI EFFICIENCY IENCY AND ND EFFECT EFFECTIVE IVENESS NESS

OF SUPPLY CHAIN & CENTRAL FUNCTIONS

ON ON-TRA RACK T CK TO REALISE REALISE ANN ANNUAL R AL RUN-RA RATE PRE RE-TAX S AX SAVI VINGS O OF F €315M 315M – €340M 340M BY BY 1H 1H19 19

KEY AREAS

INVESTING TO REALISE SYNERGY BENEFITS

slide-24
SLIDE 24

24 24

REALISING SYNERGIES

Synergy areas include supply chain, procurement, and operating expenses – topline growth synergies are not included in savings target

SHAR SHARED ED VISION BETWEEN TCCC AND CCEP ENHANC ENHANCED ED COMMERCIAL PARTNERSHIPS SC SCALE E AND ND SPEE SPEED TO WIN IN NEW CATEGORIES

TOPLINE GROWTH

INCR NCREA EASED SED EFFICIENCY AND EFFECTIVENESS FOC OCUS US ON CUSTOMER SERVICE, LOCAL OPERATIONS, AND BEST PRACTICES PROCUREMENT SAVINGS OPPORTUNITIES

SUPPLY CHAIN

SHA SHARED ED CORE SUPPORT FUNCTIONS RED EDUC UCED ED MANAGEMENT DUPLICATION ADJUST UST HEADQUARTERS FACILITIES

OPERATING EXPENSES

slide-25
SLIDE 25

25 25

DRIVE SHAREHOLDER VALUE

EPS and ROIC target is comparable and currency neutral; ROIC = After tax comparable operating profit / (beginning & ending net debt & equity) / 2

DIL ILUTED EARNINGS PER SHARE (EPS) GROWTH IN A MID TO HIGH SINGLE-DIGIT RANGE RETURN ON INVESTED CAPITAL (ROIC) ≥ 20 BPS OR MORE ANNUAL IMPROVEMENT ONGOING DIVIDEND INCREASE: ACHIEVED PAYOUT TARGET OF 30-40% FY16 CONSTANTLY EVALUATING RETURN OF EXCESS CASH VIA SPECIAL DIVIDEND AND/OR SHARE REPURCHASE

LON ONG-TER TERM TARGETS GETS RETUR ETURN N CASH SH TO SH SHAREH EHOLDER ERS

slide-26
SLIDE 26

26 26

OUTLOOK

FOCUS CUSED ED ON BO BOTH TH NEAR EAR-TE TERM RM AND L AND LONG-TE TERM RM FIN FINANCIAL ANCIAL OBJ BJECT ECTIVES IVES

OPERATING ENVIRONMENT EXPECTED TO REMAIN CHALLENGING MID TO O LON ONG- TER TERM 2017 2017 INV NVEST EST FOR PROFITABLE TOPLINE GROWTH INV NVEST EST TO CAPTURE SYNERGIES INCR NCREA EASE SE RETURN ON INVESTED CAPITAL MOD ODEST EST LOW SINGLE-DIGIT REVENUE GROWTH OPERA OPERATI TING NG PROFIT GROWTH IN A HIGH SINGLE-DIGIT RANGE DILUTED UTED EARNINGS PER SHARE GROWTH IN A HIGH SINGLE-DIGIT RANGE

2017E on a comparable and currency-neutral basis

slide-27
SLIDE 27

27 27

KEY FINANCIAL TAKEAWAYS

WEL WELL P POS OSITI ITION ONED ED TO O DEL DELIV IVER L ER LON ONG-TE TERM RM PR PROFIT ITAB ABLE E GROWTH WTH AND AND DRI DRIVE VE SH SHAREH AREHOLD LDER ER VAL ALUE FOCUSED ON GEN ENERA ERATIN TING CASH CASH FROM OPE PERA RATIO TIONS ON TRA TRACK CK TO REALISE SYNERGIES IN-LINE WITH OUR GUIDANCE SH SHAR AREH EHOLDER DER VAL ALUE REMAINS KEY PRIORITY

slide-28
SLIDE 28

28

AGENDA

SUSTAINABILITY & KEY TAKEAWAYS

DRIVING NG SHAR SHAREHO EHOLDER ER VALUE UE REMAINS A KEY PRIORITY CCEP IS A LEA EADING ING CPG PG COM OMPA PANY NY WITH COM OMPELL PELLING NG OPPORTUN PPORTUNITI TIES ES AND PLANS FOR PR PROF OFITA TABLE E GR GROWTH OWTH

slide-29
SLIDE 29

29 29

CUST USTOM OMER ER-CENTRIC EM EMPO POWER WER AND ND PL PLACE E ACCOUNTABILITY IN OPERATING UNITS CENTR ENTRALISE SE ACTIVITIES THAT ACHIEVE SCALE OR ENABLE A COMMON APPROACH MINI NIMISE SE THE INTEGRATION DISRUPTION TO OUR CORE BUSINESS BUI UILD ON ON A CULTURE OF SUCCESS PR PROVIDE GROWTH OPPORTUNITIES TO OUR PEOPLE

LEVERAGING CAPABILITIES ACROSS OUR LARGER ORGANISATION

ENHANCING OUR GROWTH CULTURE

EMPOWE WERI RING A T A TEAM AM DRI DRIVE VEN, , INCL CLUSIVE VE, , AN AND P D PAS ASSIONATE CU CULTURE RE

slide-30
SLIDE 30

30 30

A RESPONSIBLE & SUSTAINABLE BUSINESS

RECOGNISED TRACK RECORD & LEADER IN SUSTAINABILITY

FOCUSED ON THE MOST MATERIAL ISSUES TO OUR BUSINESS EVOLVING OUR POR ORTFOL OLIO IO TO MEET THE CHANGING NEEDS OF OUR CONSUMERS ENSURING OUR PACKA CKAGIN GING IS AS SUSTAINABLE AS POSSIBLE REDUCING OUR CARBON ON, ENER NERGY GY AND AND WA WATER R IM IMPACT SOURCING RA RAW W MATERIA RIALS & AGRICUL GRICULTURAL URAL ING INGRE REDIE DIENTS NTS SUSTAINABLY ENSURING THE SAFET AFETY Y AND AND WE WELLBE BEING ING OF OUR EMPLOYEES SUPPORTING OUR LOCAL OCAL COMM COMMUN UNIT ITIE IES WHERE WE OPERATE NEW SUSTAINABILITY STRATEGY FOR WESTERN EUROPE IN DEVELOPMENT

slide-31
SLIDE 31

31 31

KEY TAKEAWAYS

WE WE ARE ARE CO COMMITED D TO DRIVI DRIVING SHARE AREHOLDE LDER V R VAL ALUE

WE UNDERSTAND THE CONSUMER OPPORTUNITIES AND CHALLENGES WE ARE CLOSELY ALIGNED WITH TCCC ON OUR AMBITION AND OUR PRIORITIES WE ARE EXECUTING OUR PLANS AND CAPTURING GROWTH OPPORTUNITIES WE ARE ON TRACK TO DELIVER OUR SYNERGY BENEFITS WE ARE A LEADING CPG COMPANY AND A COMPELLING BUSINESS COMBINATION

slide-32
SLIDE 32

32