Co mpa ny Pre se nta tio n No ve mb e r 2016 Sa fe Ha rb o r I n - - PowerPoint PPT Presentation

Co mpa ny Pre se nta tio n – No ve mb e r 2016

Sa fe Ha rb o r

2 I n ke e ping with the SE C's "Sa fe Ha rb o r" g uide line s, c e rta in sta te me nts ma de during this pre se nta tio n c o uld b e c o nside re d fo rwa rd-lo o king a nd sub je c t to c e rta in risks a nd unc e rta intie s tha t c o uld c a use re sults to diffe r ma te ria lly fro m tho se pro je c te d. Whe n we use the wo rds "will like ly re sult," "ma y," "a ntic ipa te ," "e stima te ," "sho uld," "e xpe c t," "b e lie ve ," "inte nd," o r simila r e xpre ssio ns, we inte nd to ide ntify fo rwa rd-lo o king sta te me nts. Suc h fo rwa rd-lo o king sta te me nts inc lude , b ut a re no t limite d to , o ur b usine ss a nd inve stme nt stra te g y, o ur unde rsta nding o f o ur c o mpe titio n, c urre nt ma rke t tre nds a nd o ppo rtunitie s, pro je c te d o pe ra ting re sults, a nd pro je c te d c a pita l e xpe nditure s. T he se fo rwa rd-lo o king sta te me nts a re sub je c t to kno wn a nd unkno wn risks a nd unc e rta intie s, whic h c o uld c a use a c tua l re sults to diffe r ma te ria lly fro m tho se a ntic ipa te d inc luding , witho ut limita tio n: g e ne ra l vo la tility o f the c a pita l ma rke ts a nd the ma rke t pric e o f o ur c o mmo n sto c k; c ha ng e s in o ur b usine ss o r inve stme nt stra te g y; a va ila b ility, te rms a nd de plo yme nt o f c a pita l; a va ila b ility o f q ua lifie d pe rso nne l; c ha ng e s in o ur industry a nd the ma rke t in whic h we o pe ra te , inte re st ra te s o r the g e ne ra l e c o no my, a nd the de g re e a nd na ture o f o ur c o mpe titio n. T he se a nd o the r risk fa c to rs a re mo re fully disc usse d in the Co mpa ny's filing s with the Se c uritie s a nd E xc ha ng e Co mmissio n. E BI T DA is de fine d a s ne t inc o me b e fo re inte re st, ta xe s, de pre c ia tio n a nd a mo rtiza tio n. E BI T DA yie ld is de fine d a s tra iling twe lve mo nth E BI T DA divide d b y the purc ha se pric e . A c a pita liza tio n ra te is de te rmine d b y dividing the pro pe rty's ne t o pe ra ting inc o me b y the purc ha se pric e . Ne t o pe ra ting inc o me is the pro pe rty's funds fro m

• pe ra tio ns minus a c a pita l e xpe nse re se rve o f e ithe r 4% o r 5% o f g ro ss re ve nue s. Ho te l E

BI T DA flo w-thro ug h is the c ha ng e in Ho te l E BI T DA divide d b y the c ha ng e in to ta l re ve nue s. E BI T DA, F F O, AF F O, CAD a nd o the r te rms a re no n-GAAP me a sure s, re c o nc ilia tio ns o f whic h ha ve b e e n pro vide d in prio r e a rning s re le a se s a nd filing s with the SE C. T his o ve rvie w is fo r info rma tio na l purpo se s o nly a nd is no t a n o ffe r to se ll, o r a so lic ita tio n o f a n o ffe r to b uy o r se ll, a ny se c uritie s o f Ashfo rd Ho spita lity T rust, I nc . o r a ny o f its re spe c tive a ffilia te s, a nd ma y no t b e re lie d upo n in c o nne c tio n with the purc ha se o r sa le o f a ny suc h se c urity.

Ashfo rd Ho spita lity T rust

• Oppor

tunistic platfor m foc use d on uppe r

• upsc ale , full- se r

vic e hote ls

3

• Attr

ac tive divide nd yie ld

• T

ar ge ts mode r ate de bt le ve ls of 55- 60% ne t de bt/ gr

• ss asse ts
• T

ar ge ts c ash le ve l of 25- 35% of total e quity mar ke t c ap

• Supe r

ior long- te r m total shar e holde r r e tur n pe r for manc e

• Highly- aligne d manage me nt te am & advisor

y str uc tur e

Re c e nt De ve lo pme nts

4

• Q3 2016 Re vPAR g ro wth o f 3.4% fo r a ll ho te ls (4.4% fo r ho te ls no t unde r

re no va tio n)

• In Oc to b e r, a nno unc e d the pric ing o f 6.2 millio n sha re s o f 7.375% Se rie s G

pre fe rre d sto c k a t $25 pe r sha re

• In Oc to b e r, c o mple te d the re fina nc ing o f fo ur lo a n po o ls to ta ling a ppro xima te ly

$415 millio n with a ne w flo a ting ra te lo a n o f $450 millio n a t L +4.55% a ddre ssing a lmo st a ll o f the Co mpa ny's 2017 de b t ma turitie s

• Co mple te d the sa le o f 9 se le c t-se rvic e no n-c o re a sse ts in 2016 fo r a ppro xima te ly

$218 millio n c o ntinuing to e xe c ute o n o ur a nno unc e d stra te g y to se ll no n-c o re se le c t-se rvic e a sse ts a nd e nha nc e po rtfo lio q ua lity

• In Aug ust 2016, c o mple te d the re de mptio n o f a ll o utsta nding sha re s o f 9.0%

Se rie s E pre fe rre d sto c k funde d b y the re c e ntly-c o mple te d o ffe ring o f 7.375% Se rie s F pre fe rre d sto c k

• Anno unc e d e nha nc e me nts to c o rpo ra te g o ve rna nc e po lic ie s

Be st I n Cla ss Ho te l Ma na g e rs

• 84 pro pe rtie s ma na g e d b y

Re ming to n re pre se nting 59% o f po rtfo lio ho te l E BI T DA

• 31 pro pe rtie s ma na g e d b y

Ma rrio tt re pre se nting 32% o f po rtfo lio ho te l E BI T DA

• Re ma ining 8 pro pe rtie s

ma na g e d b y Hilto n, Hya tt, a nd I nte rsta te

• Be st in c la ss ho te l pro pe rty

ma na g e rs a nd a sse t ma na g e rs tha t drive stro ng pe rfo rma nc e thro ug h ROI initia tive s, re ve nue

• ptimiza tio n, a nd c o st c utting

me a sure s

5

Base d o n T T M Ho te l E BI T DA as o f S e pte mb e r 30, 2016 fo r 123 o wne d ho te ls as o f No ve mb e r 3, 2016

52% 58% 59% 43% 41% 42% 22% 53% 60% 59% 68% 70% 47% 57%

• 200%
• 175%
• 150%
• 125%
• 100%
• 75%
• 50%
• 25%

0% 25% 50% 75% 100% 2008 2009 2010 2011 2012 2013 2014 2015 Non- Re mington Re mington

Re ming to n Outpe rfo rma nc e - Pro fita b ility

• Re mington has outpe r

for me d in E BIT DA flow- thr

• ugh 7 out of the

last 8 ye ar s

6

NOT E : Re ming to n manag e d ho te ls o wne d b y Ashfo rd T rust and Ashfo rd Prime as c o mpare d to No n-Re ming to n manag e d ho te ls

Hote l E BIT DA F low- T hr

• ugh
• Supe r

ior manage me nt of downside r isk and c ash flow loss

300%

• 800%
• 808%

334%

67%

• 29%
• 28%

100% 91% 15% 59% 36%

• 2%
• 26%
• 18%

111% 30% 73% 401% 237% 20% 42% 39%

• 12%
• 37%
• 14%
• 100%
• 50%

0% 50% 100% 150% 200% 250% 300% 350% 400% 450% Inc e ption 10- Yr 9- Yr 8- Yr 7- Yr 6- Yr 5- Yr 4- Yr 3- Yr 2- Yr 1- Yr

Pe e r Avg AHT

De mo nstra te d L

• ng -T

e rm T ra c k Re c o rd

7

(1) S inc e I PO o n Aug ust 26, 2003 Pe e r ave rag e inc lude s: CHS P, CL DT , DRH, F CH, HS T , HT , I NN, L HO, RL J, SHO Re turns as o f 11/ 3/ 16 S

• urc e : S

NL

T

• tal Shar

e holde r Re tur n

L

• ng - te rm

pe rforma nc e sig nific a ntly

• utpe rforms pe e rs

(1)

Hig he st I nside r Owne rship

8

Pub lic L

• dg ing RE

I T s inc lude : CHS P, CL DT , DRH, F CH, HS T , HT , I NN, L HO, PE B, RL J, S HO S

• urc e : Co mpany filing s.

* I nside r o wne rship fo r Ashfo rd T rust inc lude s dire c t & indire c t inte re sts & inte re sts o f re late d partie s

Inside r Owne r ship

Most highly aligne d manage me nt te am among our pe e r s

18%* 6% 3% 3% 3% 2% 2% 2% 2% 1% 1% 1% 1%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% AHT HT RL J CL DT F CH Pe e r Avg CHSP INN HST PE B DRH SHO L HO

Attra c tive Divide nd Yie ld

9

S

• urc e : Co mpany filing s and marke t data

Divide nd Yie ld (as of 11/ 3/ 16)

Highe st divide nd yie ld in the industr y and with attr ac tive c ove r age r atio of 3.2x

8.7% 7.7% 7.7% 7.5% 6.9% 6.9% 6.6% 6.6% 5.9% 5.8% 5.7% 5.4% 4.0% 3.6% 3.4% 1.6%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% AHT L HO CHSP CL DT APL E RL J XHR HT Pe e r Avg PE B DRH HST INN F CH AHP SHO

10

Ashfo r d T r ust Ho te ls

Hig h Qua lity, Ge o g ra phic a lly Dive rse Po rtfo lio

L e Pavillon Hote l Ne w Or le ans, L A L ake way Re sor t & Spa Austin, T X Hilton Costa Me sa Co sta Me sa, CA Mar r iott F r e mont F r e mo nt, CA L e Me r idie n Minne apolis Minne apo lis, MN Chic ago Silve r smith Chic ago , IL Hilton Bac k Bay Bo sto n, MA T he Chur c hill Washingto n, D.C. W Atlanta Downtown Atlanta, GA Cr

• wne Plaza Ke y We st

Ke y We st, F L Mar r iott Sugar L and Sugar L and, T X Hilton Santa F e Santa F e , NM Re naissanc e Nashville Nashville , T N We stin Pr inc e ton Pr inc e to n, NJ Mar r iott Be ve r ly Hills Be ve r ly Hills, CA E mbassy Suite s Por tland Po r tland, OR Mar r iott Gate way Ar lingto n, VA

T

• p 25

73% T

• p 50

18% Othe r 9%

Po rtfo lio Ove rvie w

11

T T M Ho te l E BI T DA as o f S e pte mb e r 30, 2016 fo r 123 o wne d ho te ls as o f No ve mb e r 3, 2016 Ho te l E BI T DA in tho usands

Hote l E BIT DA by Br and Hote l E BIT DA by Manage r Hote l E BIT DA by MSA Hote l E BIT DA by Chainsc ale

T

• p T

e n Ma r ke ts

Ma rriott 57% Hilton 28% Hya tt 4% IHG 5% Inde pe nde nt 6% Ma rriott 32% Hilton 5% Hya tt 3% Re ming ton 59% Inte rsta te 1% Upsc a le 33% Uppe r- Upsc a le 55% L uxury 5% Uppe r- Midsc a le 3% Inde pe nde nt 4%

T T M Hotel % of EBIT DA T

• tal

Wa shing to n DC Area $45,637 9.6% Sa n F ra n/ Oa kla nd , C A $33,835 7.1% L

• s Ang eles Metro Area

$31,876 6.7% Atla nta , GA $31,493 6.6% NY/ NJ Metro Area $30,001 6.3% DF W, T X $26,361 5.6% B

• sto n, MA

$25,342 5.3% Na shville, T N $24,457 5.2% MN/ St. Pa ul Area $16,773 3.5% Ho usto n, T X $12,773 2.7%

T

• ta l Portfolio

$474,599 100.0%

Re naissanc e Nashville : Pa rtne ring with de ve lo pe r to re de ve lo p Na shville Co nve ntio n Ce nte r, re sulting in ne w,

pre mium me e ting spa c e

Marriott Crystal Gate way: Spe nding $30.0mm o n ma jo r re no va tio ns; a dding 6 ke ys b y mo ving fitne ss c e nte r a nd

c o nc ie rg e lo ung e

Hilton Boston Bac k Bay: Shifte d re ve nue stra te g ie s to inc re a se o ff-se a so n o c c upa nc y e stima te d to a dd $3mm in

re ve nue

Marriott Be ve rly Hills: 64.8% YT

D Re vPAR g ro wth sinc e $28mm c o nve rsio n fro m Cro wne Pla za

E mbassy Suite s Portland: Ag g re ssive ly ma rke ting multiple re ta il o utle ts; upg ra ding T

V a nd WiF i to impro ve g ue st e xpe rie nc e

Ritz Carlton Atlanta: Co mple te d sig nific a nt re sta ura nt re no va tio n; e xpa nde d a nd upda te d g ift sho p into

upsc a le re ta il ma rke t

Hyatt Savannah: Inc re a se d pre mium ro o ms inve nto ry b y 70 ro o ms to drive ADR; re po sitio ning fo o d a nd

b e ve ra g e o utle ts a nd full lo b b y re no va tio n in 2017

Marriott DF W: Co mpre he nsive b a llro o m a nd me e ting spa c e re no va tio n in summe r 2017 Marriott Bridge wate r: Co nve rte d 30 king ro o ms to do ub le / do ub le ro o ms to c a pture mo re g ro up b usine ss;

inc re a se pre mium ro o m type b y 43.5% to c a pture hig he r ADR

E mbassy Suite s Santa Clara: Spe nding $10.4mm o n 2017 g ue stro o ms a nd lo b b y re no va tio n to inc lude la rg e r

ma rke t a nd fitne ss a re a ; imple me nting Pro fit Impro ve me nt Pla n with e stima te d a nnua l sa ving s o f $90k 12

Asse t Ma na g e me nt I nitia tive s

Ca se Study – Co nve rsio n to Re ming to n Ma na g e d

13

Imple me nte d Stra te g ie s:

• Inc re a se d c lub ro o m pre mium pric ing fro m

$30 to $45

• Inc re a se d c o rpo ra te g ro up ro o m nig hts to 25%

mid-we e k to e nsure se ll-o uts a nd push ra te

• Impro ve d pa tte rn ma na g e me nt a nd b usine ss

mix to inc re a se hig he r ra te d re ta il c o ntrib utio n

• Mo ve d to pre mium pric ing , a llo wing re stric tio n
• f pre mium ro o ms a nd pre fe rre d b usine ss

ma na g e me nt

• Ag g re ssive ly pric e d pre fe rre d ro o ms ra te s 25%-

30% YOY

Marrio iott F t Fremont – Fremont, CA CA

*$ in T ho usands (1) As o f S e pte mb e r 30, 2016

• Announc e d for

wa r d c a p r a te a nd E BIT DA multiple of 8.1% a nd 10.0x, r e spe c tive ly

• Ac tua l c a p r

a te a nd E BIT DA multiple of 10.9% a nd 7.9x, r e spe c tive ly

• Cur

r e nt c a p r a te a nd E BIT DA multiple of 14.9% a nd 6.0x, r e spe c tive ly (1)

• Ac quir

e d for $50 million in Aug 2014; r e c e nt r e fi ha d a lloc a te d loa n a mount of $61 million

T T M Pre - T a ke ove r T T M Post- T a ke ove r Inc re a se (% , BPs)

T

• ta l Re ve nue *

$19,140 $22,153

15.7%

Re vPAR $107.1 $130.5

21.8%

GOP ma rg in 27.0% 38.1%

+1,116

E BI T DA ma rg in 20.9% 30.0%

+916

Mar r iott F r e mont

Ca se Study – Ma rrio tt Be ve rly Hills Co nve rsio n

14

15

Ca se Study – Ma rrio tt Be ve rly Hills Co nve rsio n (c o nt.)

• T

he Ma rrio tt Be ve rly Hills o ffic ia lly o pe ne d o n July 1, 2015 a nd the re no va tio n c o nc lude d in Aug ust

• T

rust inve ste d $21mm, ne t o f ke y mo ne y fro m Ma rrio tt*

• Prio r to the c o nve rsio n, the ho te l ha d a T

T M NOI o f $6.3mm

• Curre nt T

T M NOI o f $10.0mm

• Re c e ive d a n a wa rd fro m Ma rrio tt Inte rna tio na l fo r re no va tio n e xc e lle nc e
• Q3 2016 YT

D pe r for ma nc e ha s be e n g r e a t:

• T
• ta l r

e ve nue g r

• wth of 70%
• Room r

a te g r

• wth of 39%
• Hote l E

BIT DA flow- thr

• ug h of 53%
• A g a in of 4,290 bps in ma r

ke t sha r e ve r sus its c ompe titor s

* No t all o f this c apital was inc re me ntal. Ho te l was in ne e d o f a re no vatio n. “Re fre sh” c apital re q uire me nts pe r Cro wne standards we re e stimate d to b e $8mm.

16

Ca se Study – Ma rrio tt Be ve rly Hills Co nve rsio n (c o nt.)

L

• bby Bar

Re staur ant F r

• nt De sk

L

• bby

17

Ca se Study – Ma rrio tt Be ve rly Hills Co nve rsio n (c o nt.)

Gue str

• om

Boar dr

• om

Gue str

• om

Club L

• unge

Ag g re ssive Asse t Ma na g e me nt – W Atla nta Do wnto wn

18

• Ac q uire d in July 2015
• 237 ke ys, 9,000 sq . ft. o f me e ting

spa c e

• L
• c a te d in the he a rt o f Do wnto wn

Atla nta

• Clo se pro ximity to the do wnto wn a nd

midto wn de ma nd g e ne ra to rs: Ce nte nnia l Olympic Pa rk, the Atla nta Aq ua rium, a nd Ge o rg ia Do me

• Po te ntia l to re c o nc e pt o r le a se

unde rutilize d fo o d a nd b e ve ra g e

• utle ts
• Ne w ma na g e me nt o f the o n-pre mise

dig ita l b illb o a rd

• Re ne g o tia te d va le t pa rking a g re e me nt
• F

rom July 2015 to Se pte mbe r 2016 (sinc e ac quisition) Re vPAR growth of 9.7% , E BIT DA flow-thru of 202% , and E BIT DA growth of 21%

W Atlanta – Atlanta, GA W Atlanta – Atlanta, GA

Hote l Ove rvie w: Opportunitie s / Re sults:

Ca pita l Struc ture a nd Ne t Wo rking Ca pita l

• Appro pria te use o f le ve ra g e to mo re c o st e ffe c tive ly inve st in the ho te l c yc le
• Curre nt ne t wo rking c a pita l o f a ppro xima te ly $3.55 pe r sha re
• All de b t is no n-re c o urse , pro pe rty le ve l mo rtg a g e de b t
• T

a rg e te d c a sh b a la nc e o f 25% to 30% o f ma rke t c a pita liza tio n

• He dg e unfa vo ra b le e c o no mic sho c ks

19

As o f S e pte mb e r 30, 2016 (1) At marke t value as o f No ve mb e r 3, 2016 (2) Adjuste d fo r sale o f the Co urtyard Palm De se rt, Re side nc e I nn Palm De se rt, and $450 millio n re financ ing

E nte r pr ise Value Ne t Wor king Capital

F ig ure s in m illio ns e xc e p t p e r sha re va lue s Sto c k Pric e (As o f No vem b er 3, 2016) $5.52 F ully Diluted Sha res Outsta nd ing 116.8

Eq uity Va lue $644.5

Plus: Preferred E q uity 398.1 Plus: Deb t(2) 3,773.8

T

• ta l Ma rket Ca pita liza tion

$4,816.5

L ess: Net Wo rking C a p ita l (414.6)

T

• ta l Enterprise Va lue

$4,401.8

C a sh & C a sh E q uiva lents(2) $272.7 Restric ted C a sh 150.9 I nvestm ent in Sec urities F und 52.7 Ac c o unts Rec eiva b le, net 61.5 Prep a id E xp enses 23.4 Due F ro m Affilia tes, net (11.0) Due fro m T hird Pa rty Ho tel Ma na g ers 13.0 Ma rket Va lue o f Ashfo rd , I nc . I nvestm ent(1) 26.3

T

• ta l Current Assets

$589.5

Ac c o unts Pa ya b le, net & Ac c rued E xp enses $152.4 Divid end s Pa ya b le 22.5

T

• ta l Current L

ia b ilities $174.9 Net Working Ca pita l $414.6

$15.8 $202.2 $5.5 $97.3 $258.0 $553.5 $710.7 $1,483.1 $450.0 $0.0 $200.0 $400.0 $600.0 $800.0 $1,000.0 $1,200.0 $1,400.0 $1,600.0 2017 2018 2019 2020 2021 T he re a fte r F ixe d- Ra te F loa ting - Ra te

De b t Ma turitie s a nd L e ve ra g e

• T

a rg e t Ne t De b t/ Gro ss Asse ts o f 50-60%

• Ma inta in mix o f fixe d a nd flo a ting ra te d e b t (Curre ntly 85% flo a ting & 15% fixe d )
• L

a d d e r ma turitie s

• E

xc lusive use o f pro pe rty-le ve l, no n-re c o urse d e b t

20

As o f S e pte mb e r 30, 2016 (1) Assume s e xte nsio n o ptio ns are e xe rc ise d (2) Adjuste d fo r sale o f the Co urtyard Palm De se rt, Re side nc e I nn Palm De se rt and $450 millio n re financ e No te : All de b t yie ld statistic s are b ase d o n E BI T DA to princ ipal.

De bt Matur ity Sc he dule (mm)(1) (2)

De bt Yie ld: 14.1% De bt Yie ld: 12.6% De bt Yie ld: 21.5% De bt Yie ld: 13.6% De bt Yie ld: 11.3% De bt Yie ld: 11.1%

Co rpo ra te Go ve rna nc e E nha nc e me nts

21

• Mo dific a tio n o f the Co mpa ny’ s E

q uity I nc e ntive Pla n to re q uire sto c k o wne rship b y dire c to rs a nd o ffic e rs to ma tc h the sto c k o wne rship g uide line s o utline d in the c urre nt Co rpo ra te Go ve rna nc e Guide line s

• Mo dific a tio n o f the Co mpa ny’ s E

q uity I nc e ntive Pla n to re q uire minimum ve sting pe rio ds o n sto c k o ptio ns a nd sto c k a ppre c ia tio n rig hts issue d unde r the pla n

• Mo dific a tio n o f the Co mpa ny’ s By-la ws to re duc e the

thre sho ld fro m 35% to 30% o f o utsta nding sha re s to c a ll a spe c ia l me e ting o f sha re ho lde rs.

• Mo dific a tio n o f the Co mpa ny’ s sto c k o wne rship g uide line s

to inc re a se the re q uire d sha re o wne rship fo r dire c to r’ s fro m thre e time s the dire c to r’ s a nnua l b o a rd re ta ine r fe e to fo ur time s

Bo a rd o f Dire c to rs Dive rsity Ma trix

Pr

• fe ssional E

xpe r ie nc e Ge ogr aphy Inde pe nde nc e

Re a l E sta te / Ho spita lity C-Suite E xe c utive E ntre pre ne urship L e g a l So uthwe st We st Co a st No rthe a st So uthe a st Inde pe nde nt Mo nty J. Be nne tt

   

Be nja min J. Anse ll, M.D.

   

F re d Kle isne r

   

Amish Gupta

    

Ka ma l Ja fa rnia

   

Philip S. Pa yne

    

Ala n L . T a llis

   

22

Bo a rd o f Dire c to rs Dive rsity Ma trix (c o nt.)

Age E thnic ity

25-40 41-55 56-70 White / Ca uc a sia n Middle E a ste rn / So uth Asia Mo nty J. Be nne tt

 

Be nja min J. Anse ll, M.D.

 

F re d Kle isne r

 

Amish Gupta

 

Ka ma l Ja fa rnia

 

Philip S. Pa yne

 

Ala n L . T a llis

 

23

K e y T a ke a wa ys

24

• F
• c use d on inc r

e a sing sha r e holde r va lue thr

• ug h

simplifying str a te g y a nd impr

• ving por

tfolio qua lity

• Str
• ng ma na g e me nt te a m with a long tr

a c k r e c or d of c r e a ting sha r e holde r va lue

• Hig he st divide nd yie ld in the industr

y

• Hig hly-a lig ne d pla tfor

m thr

• ug h ma na g e me nt str

uc tur e a nd hig h inside r

• wne r

ship

Co mpa ny Pre se nta tio n – No ve mb e r 2016