Co mpa ny Pre se nta tio n Se pte mb e r 2016 Sa fe Ha rb o r I - - PowerPoint PPT Presentation

Co mpa ny Pre se nta tio n – Se pte 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 Visio n

• Oppor

tunistic platfor m foc use d on full- se r vic e hote ls

3

• Manage me nt te am mor

e highly- aligne d with shar e holde r s than our pe e r s

• Appr
• pr

iate use of financ ial le ve r age

• Be st in c lass hote l manage r

s

• Supe r

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

• Announc e d str

ate gy r e fine me nts to impr

• ve shar

e holde r value

Re c e nt De ve lo pme nts

4

• Q2 2016 Re vPAR g ro wth o f 4.9%
• Q2 2016 AF

F O pe r sha re g ro wth o f 17.6%

• Q2 2016 Ad juste d E

BIT DA g ro wth o f 10.7%

• In June 2016, c o mple te d the pla nne d sa le o f the 5-ho te l se le c t-se rvic e po rtfo lio fo r

$142 millio n with e xpe c te d ne t pro c e e d s o f a ppro xima te ly $37 millio n

• In Aug ust 2016, c o mple te d the re d e mptio n o f a ll o utsta nd ing sha re s o f 9.0% Se rie s E

pre fe rre d sto c k fund e 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
• Anno unc e d pla nne d sa le o f the 151-ro o m Co urtya rd Pa lm De se rt a nd 130-ro o m

Re sid e nc e Inn Pa lm De se rt fo r $36 millio n

• In Se pte mb e r, c o mple te d the sa le o f the 124-ro o m Ha mpto n Inn & Suite s

Ga ine sville fo r a ppro xima te ly $27 millio n

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

• 86 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

• 29 pro pe rtie s ma na g e d b y

Ma rrio tt re pre se nting 29% o f po rtfo lio ho te l E BI T DA

• Re ma ining 11 pro pe rtie s

ma na g e d b y Hilto n, Sta rwo o d, 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 June 30, 2016 fo r 126 o wne d ho te ls as o f S e pte mb e r 1, 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%

90%

• 19%
• 24%

25% 129% 59% 124% 47% 26%

• 9%
• 3%

154% 66% 70% 249% 420% 75% 107% 72% 20%

• 24%
• 7%
• 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 9/ 1/ 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 outpe 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 9/ 1/ 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

7.1% 6.7% 6.4% 6.3% 6.2% 6.1% 5.9% 5.7% 5.0% 4.9% 4.7% 4.6% 3.5% 3.2% 2.7% 1.5%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% AHT L HO CHSP APL E CL DT XHR HT RL J Pe e r Avg DRH PE B 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

73.0% T

• p 50

17.9% Othe r 9.1%

Po rtfo lio Ove rvie w

11

T T M Ho te l E BI T DA as o f June 30, 2016 fo r 126 o wne d ho te ls as o f S e pte mb e r 1, 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 49.6% Hilton 27.2% Hya tt 4.1% IHG 5.1% Sta rwood 8.0% Inde pe nde nt 6.0% Ma rriott 29.2% Hilton 5.4% Hya tt 3.4% Re ming ton 59.0% Sta rwood 2.5% Inte rsta te 0.5% Upsc a le 33.7% Uppe r- Upsc a le 54.3% L uxury 4.8% Uppe r- Midsc a le 3.3% Inde pe nde nt 3.9%

T T M Hotel % of EBIT DA T

• tal

Wa shing to n DC Area $47,325 9.9% Sa n F ra n/ Oa kla nd , C A $33,567 7.1% L

• s Ang eles Metro Area

$33,107 7.0% Atla nta , GA $30,288 6.4% NY/ NJ Metro Area $29,932 6.3% DF W, T X $26,575 5.6% B

• sto n, MA

$25,422 5.3% Na shville, T N $23,557 5.0% MN/ St. Pa ul Area $16,071 3.4% Ho usto n, T X $13,465 2.8%

T

• ta l Portfolio

$475,880 100.0%

I nve stme nt Stra te g y

12

• F

ull-se rvic e ho te ls

• Uppe r-upsc a le ho te ls
• F
• c us o n a ll ma rke ts
• Appro pria te use o f le ve ra g e
• F
• c us o n fra nc hise d pro pe rtie s whe re

we c a n a dd sig nific a nt va lue

Inve stme nt Str ate gy Compe titive Advantage

• I

nc re a se d de a l flo w

• L

e ss c o mpe titio n

• I

mpro ve s se le c tivity

• Mo re va lue -a dd o ppo rtunitie s
• Co re c o mpe te nc y o f Re ming to n
• De b t ma rke ts e xpe rtise
• E

xte nsive re la tio nships with b ro ke rs, le nde rs, institutio ns, a nd b ra nds

• Po rtfo lio o ppo rtunitie s g ive n dive rse

a sse t lo c a tio ns a nd q ua lity

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: 82% 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 13

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

14

Imple me nte d Stra te g ie s:

• I

nc re a se d c lub ro o m pre mium pric ing fro m $30 to $45

• I

nc 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

• I

mpro 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 o 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 June 30, 2016

• Announc e d for

war d c ap r ate and E BIT DA multiple of 8.1% and 10.0x, r e spe c tive ly

• Ac tual c ap r

ate and E BIT DA multiple of 10.9% and 7.9x, r e spe c tive ly

• Cur

r e nt c ap r ate and E BIT DA multiple of 14.4% and 6.1x, r e spe c tive ly (1)

T T M Pr e - T ake ove r T T M Post- T ake ove r Inc r e ase (% , 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 BIT 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

15

16

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

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

T M Ne t Ope ra ting I nc o me

• f $6.3mm
• T

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

• Ashfo rd e xpe c ts Ne t Ope ra ting I

nc o me to inc re a se b y a ppro xima te ly $2.5mm fo llo wing c o nve rsio n a nd sta b iliza tio n

• Ca pping inc re me nta l Ne t Ope ra ting I

nc o me a t a n a ssume d 6.5% c a p ra te a nd de duc ting the Ca pE x inve stme nt e q ua te s to a n e stima te d:

$17mm+ in value c r e ation

* No t a ll o f this c a pita l wa s inc re me nta l. Ho te l wa s in ne e d o f a re no va tio n. “Re fre sh” c a pita l re q uire me nts pe r Cro wne sta nda rds we re e stima te d to b e $8mm.

17

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

• Re c e ive d a n a wa rd fro m Ma rrio tt I

nte rna tio na l fo r re no va tio n e xc e lle nc e

• Q2 2016 YT

D pe r for manc e has be e n gr e at:

• T
• tal r

e ve nue gr

• wth of 84%
• Room r

ate gr

• wth of 48%
• Hote l E

BIT DA flow- thr

• ugh of 53%
• A gain of 5,100 bps in mar

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

18

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

19

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

Oppo rtunity – W Atla nta Do wnto wn

20

• 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
• Pote ntial impac t to E

BIT DA of approximate ly +$850,000

• Q2 2016 Re vPAR growth and E

BIT DA flow-through of 12.8% and 83% , re spe c tive ly

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

Hote l Ove rvie w: Opportunitie s:

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 $3.75 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

21

As o f June 30, 2016 (1) At marke t value as o f S e pte mb e r 1, 2016 (2) Adjuste d fo r sale o f the Hampto n I nn & S uite s Gaine sville

E nte r pr ise Value Ne t Wor king Capital

C a sh & C a sh E q uiva lents(2) $266.9 Restric ted C a sh 163.1 I nvestm ent in Sec urities F und 53.1 Ac c o unts Rec eiva b le, net 55.3 Prep a id E xp enses 24.3 Due F ro m Affilia tes, net (4.9) Due fro m T hird Pa rty Ho tel Ma na g ers 15.1 Ma rket Va lue o f Ashfo rd , I nc . I nvestm ent(1) 27.2

T

• ta l Current Assets

$599.9

Ac c o unts Pa ya b le, net & Ac c rued E xp enses $139.3 Divid end s Pa ya b le 23.1

T

• ta l Current L

ia b ilities $162.4 Net Working Ca pita l $437.5 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 Sep tem b er 1, 2016) $6.76 F ully Diluted Sha res Outsta nd ing 116.6 Eq uity Va lue $788.1 Plus: Preferred E q uity 393.9 Plus: Deb t(2) 3,777.3 T

• ta l Ma rket Ca pita liza tion

$4,959.3

L ess: Net Wo rking C a p ita l (437.5)

T

• ta l Enterprise Va lue

$4,521.8

$394.9 $203.3 $5.5 $97.7 $282.9 $601.4 $710.7 $1,483.1 $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 74% flo a ting & 26% 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

22

As o f June 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 Hampto n I nn & S uite s Gaine sville 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: 12.8% De bt Yie ld: 21.1% De bt Yie ld: 14.4% De bt Yie ld: 11.4% De bt Yie ld: 11.1% De bt Yie ld: 14.0%

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

23

• 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

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

• Attr

a c tive industr y funda me nta ls

• 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 – Se pte mb e r 2016