CAL BANK LIMITED
2016 ANNUAL RESULTS INVESTOR PRESENTATION A P R I L 2 0 1 7 INVESTOR PRESENTATION | 2017 Disclaimer
This report was prepared by CAL to provide background information on the Group. The report is issued for information purposes only, especially with regards to enabling users understand the inherent potential of the business. It is therefore not a solicitation to buy or sell the stock.
The information contained herein is subject to change and neither the bank nor its staff is under any obligation to notify you or make public any announcement with respect to such change.
Users are hereby advised to exercise caution in attempting to rely on this information and carry out further research before reaching conclusions regarding their investment decisions.
2 INVESTOR PRESENTATION | 2017 Outline
Operating Environment: Ghana
Ghana Banking Sector
Overview of CAL Bank Limited
CAL Financial Performance
CAL Strategy and Outlook
3 INVESTOR PRESENTATION | 2017 Macroeconomic Indicators
MACROECONOMIC OVERVIEW MACROECONOMIC INDICATORS • Ghana has a strong export profile and is the world’s second largest exporter of cocoa (USD1.9bn as INFLATION POLICY LENDING at October 2016), behind Côte d’Ivoire, and one of the continent’s largest gold producers (USD 3.9bn of export as at October 2016). Its recent oil and gas discoveries have further expanded its RATE RATES resource wealth (USD 1.0bn oil export in October 2016) • The Country’s dependence on its exports leaves it vulnerable to external pressures and the recent 13.2 23.5 32.3 drop in commodity prices, namely gold and oil have significantly constrained revenues and PERCENT PERCENT PERCENT imperiled finances AS AT FEB 2017 AS AT MAR 2017 AS AT FEB 2017 • The country’s macro-economic fundamentals continue to be attractive with an average real GDP growth rate of 7.7% in the last five years. • Overall provisional real GDP growth rate in 2016 is estimated at 3.6%,with non-oil GDP growing at INTEREST RATES 4.6 percent 91-DAY 182-DAY 364-DAY T-BILL T-BILL T-BILL G D P G R O W T H 2016 GDP MIX** 15.9 17.0 19.0 14.0% Agricult PERCENT PERCENT PERCENT ure, AS AT FEB 2017 AS AT FEB 2017 AS AT FEB 2017 20.1%
9.3% GOVERNMENT BUDGETARY OPERATIONS 7.3% Services, 54.3% GROSS EXTERNAL DOMESTIC Industr DEBT DEBT DEBT y, 4.0% 3.9% 3.6% 25.6% $28.3bn $16.4bn $11.9bn 67.4% of GDP 39.0% of GDP 28.4% of GDP AS AT SEPT 2016 AS AT SEPT 2016 AS AT SEPT 2016 2011 2012 2013 2014 2015 2016** ** Provisional FY 2016
Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 4 INVESTOR PRESENTATION | 2017 Macroeconomic Challenges
Exchange Rate Development 2016
DEPRECIATING CEDI GHS/USD 9.6% Depreciation DOMESTIC INTEREST RATES GHS/EUR 5.3% Depreciation INTEREST RATE INSTRUMENT 6.0 GHS/GBP 10.0% Appreciation 2015 2016 MARCH 2017 91-DAY 23.1% 16.8% 17.51% 5.5 182-DAY 24.4% 18.5% 17.19% 5.0 1-YEAR 22.8% 21.5% 19.00%
4.5 2-YEAR 23.3% 22.5% - 3-YEAR 23.5% 24.0% -
4.0GBP/EUR/USD 5-YEAR 24.0% 24.8% - 7-YEAR 19.0% 19.0% 19.75% 3.5 GBP EUR USD 10-YEAR 19.0% - 3.0 Jan-16 Feb-16 Mar-16 May-16 Jun-16 Aug-16 Sep-16 Nov-16 Dec-16 15-YEAR 19.75%
STRAINED FISCAL POSITION STEADYING INFLATION
2010 2011 2012 2013 2014 2015 2016 25.0%
End-period inflation: 15.4% 20.0%
15.0% 70.2% 72.2% 72.5% 56.8% 47.8% 10.0% 37.8% 39.7%
5.0% -4.4% -7.7% -10.8% -11.1% -10.3% -6.7% -8.7% 0.0% Dec-10 Sep-11 Jun-12 Mar-13 Dec-13 Sep-14 Jun-15 Mar-16 Dec-16 Gross Public Debt/GDP Fiscal Deficit/GDP Inflation
Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 5 INVESTOR PRESENTATION | 2017 Outline
Operating Environment: Ghana
Ghana Banking Sector
Overview of CAL Bank Limited
CAL Financial Performance
CAL Strategy and Outlook
6 INVESTOR PRESENTATION | 2017 Banking Sector Scorecard
HIGHLIGHTS RECENT TRENDS & DEVELOPMENTS 5 new licenses issued over the • Ghana’s Banking sector comprises 34 commercial banks; 17 foreign-owned, 2 High NPLs following a period of last year: Ghana Home Loans , 1 4 state-owned and 15 locally, privately owned. economic difficulty Sovereign Bank, Omni Bank, • The sector has over the past 5 years demonstrated strong compounded annual Premium Bank and Heritage Bank growth rate of 23% on the back of oil production and growth of alternative banking Parliament passes Banks and channels such as mobile, internet and agency banking Decline in banking industry Specialized Deposit-Taking 2 multiples from P/B of 1.6x in Jan 5 • Competition in the sector over the last 2 years is getting keener with the entry of Institution Bill and Deposit 2016 to P/B of 1.3x in Jan 2017 new players such as Heritage Bank-2016, Omni Bank-2016, Sovereign Bank-2016, Protection Bill. Premium Bank - 2016, First Rand Bank-2015, and GN Bank- 2014 • Currently, all the banks have their regulatory capital above the minimum threshold Listing of Banks on the Ghana Large outstanding government of GHS 60mn for existing banks and GHS 120mn for new entrants 3 6 Stock Exchange: ADB Bank and related debt eg. TOR, BDCs, VRA Access Bank
GROWTH DRIVERS KEY TRANSACTIONS OVER THE PAST 4 YEARS
Growth in the use of technology to enhance cost containment ADB Bank raised GHS initiatives and improve client services 325.8mn in Ghana’s largest IPO FBN acquired Growth in the retail segment and the middle class Intercontinental Bank Access Bank raises GHS 29.6mn in an IPO
2012 2013 2014 2016 Improving macroeconomic outlook Access Bank acquired Fidelity Bank Ghana Intercontinental Bank acquired Procredit Ghana
Improved regulations to address industry challenges Ecobank Ghana acquired The Trust Bank
Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 7 INVESTOR PRESENTATION | 2017 Banking Sector Performance
TOTAL ASSETS (GHS BN) TOTAL DEPOSITS (GHS BN) TOTAL LOANS & ADVANCES (GHS BN)
80.9 35.5 51.4
63.3 41.3 27.1
51.4 22.2 32.4
36.2 23.3 15.4 27.2 19.6 11.7 20.8 15.6 7.9
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016
Source: Bank of Ghana, Ghana Statistical Service, Bloomberg, Ministry of Finance and Economic Planning 8 INVESTOR PRESENTATION | 2017 Overview of listed banks
BANK TICKER Access Bank Ghana * ACCESS Agricultural Development Bank* ABD CAL Bank CAL Ecobank Ghana EGH Ghana Commercial Bank GCB HFC Bank HFC Societe Generale Ghana SOGEGH Standard Chartered Bank Ghana SCB UT Bank UTB
BANKING SECTOR OUTLOOK • The banking industry`s performance is • Expected mergers and acquisitions to be • Increases in the middle income class is expected to pick up with the improvement driven by maturation of investments by expected to boost the retail segment of the in the energy supply; on-going fiscal financial investors and the proposed increase sector as they will require more banking consolidation reflected in lower treasury bill in bank capitalisation to GHS 250 – 300 services rates million
* Recently listed banks 9 INVESTOR PRESENTATION | 2017 Group performance of listed banks
PROFIT - AFTER - TAX
GHS MILLIONS
350.00 Profit-After-Tax FY 15
Profit-After-Tax FY 16
Millions 300.00
327.90 327.90
321.27 321.27 318.12 318.12 250.00
200.00 252.64 224.51 224.51
150.00 166.24 166.24 100.00
50.00
80.45 80.45
66.15 66.15
63.90 63.90
41.95 41.95 10.89 44.61 44.61 - EGH GCB SCB SOGEGH ACCESS CAL HFC ADB
(50.00)
(78.98) (36.34) (100.00) (47.73)
All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 10 Source: Company Filings INVESTOR PRESENTATION | 2017 Group performance of listed banks
TOTAL ASSETS
GHS BILLIONS
9,000.00 Total Assets FY 15
Total Assets FY 16
Millions 8,000.00
7,000.00 8,056.87 8,056.87
6,000.00 6,691.81 6,691.81
5,000.00 6,074.53 6,074.53
4,000.00 4,670.76 4,670.76
3,000.00 4,373.56
3,619.45 3,619.45 3,369.45 3,369.45
2,000.00 3,364.50
2,679.84 2,679.84
2,448.84 2,448.84 2,424.65 2,424.65
1,000.00 2,134.15
1,992.23 1,992.23
1,897.56 1,897.56 1,600.33 1,600.33 - EGH GCB SCB CAL ACCESS SOGEGH HFC ADB
All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 11 Source: Company Filings INVESTOR PRESENTATION | 2017 Performance of listed banks
NON - PERFORMING LOANS PERCENTAGE
50.00 NPL 15 NPL 16 45.00
40.00 45.00 43.30
35.00
30.00 33.89
25.00
21.75
20.33 25.71 20.00
15.00
16.90
16.65 14.80
10.00 14.00
13.00 11.90
5.00
8.00
5.50 5.40 0.00 SCB ACCESS HFC SOGEGH GCB EGH CAL ADB
All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 12 Source: Company Filings INVESTOR PRESENTATION | 2017 Performance of listed banks
RETURN ON ASSETS RETURN ON EQUITY PERCENTAGE PERCENTAGE
6.0% 40.0% ROE 15 ROA 15 ROE 16 ROA 16
5.4% 30.0%
36.1%
5.2%
5.1%
34.0% 4.9%
4.0% 4.8%
32.0%
30.0%
29.6% 29.3%
4.1% 20.0%
3.3% 22.4%
2.0%
19.2% 2.6%
10.0% 16.9%
2.2%
2.0%
11.9%
1.6%
9.8%
2.1% 0.3% 0.0% 0.0% GCB SCB EGH SOGEGHACCESS CAL HFC ADB EGH GCB SCB SOGEGH ACCESS CAL HFC ADB
-10.0% -2.0%
-20.0%
23.7%
-
3.7%
-
2.5%
2.3%
- -
-4.0% 18.6%
-30.0% - 32.3% -6.0% -40.0% -
All figures as at FY2016; UTB has not reported its earning since 3Q2015; ADB has not reported its FY16 results as at publication 13 Source: Company Filings INVESTOR PRESENTATION | 2017 Outline
Operating Environment: Ghana
Ghana Banking Sector
Overview of CAL Bank Limited
CAL Financial Performance
CAL Strategy and Outlook
14 INVESTOR PRESENTATION | 2017 CAL Bank Limited “at a glance”
SHAREHOLDING STRUCTURE** SUBSIDIARIES EMPLOYEES CAL Bank OTHERS ROBECO AFRIKA FONDS 27.7% Limited 2.1% is an indigenous FRANK BRAKO ADU, JR bank established 2.4% SSNIT 3 792 33.2% in Ghana in 1990, listed on the WHOLLY PROFESSIONAL Ghana Stock CENTUM OWNED STAFF EXOTICS Exchange 2.7%
ICAM CHANNELS 4.3%
ARISE B.V. 27.7% **As at 31st MARCH 2017 27 92 15 PARTNERS Branches ATMs Active Corr. Banks
ISSUED SHARES MARKET VALUE PUBLIC FLOAT 548.26 411.20 36.74 MILLION MILLION CEDIS¹ PERCENT
All figures as at December 2016 15 Source: Company Filings INVESTOR PRESENTATION | 2017 Management Team | Speakers
Mr. Frank Adu Mr. Philip Owiredu Managing Director Executive Director
Mr. Joseph Ofori-Teiko Mr. Charles Amoah General Manager Assistant General Manager
Ms. Dzifa Amegashie Investor Relations
16 INVESTOR PRESENTATION | 2017 Outline
Operating Environment: Ghana
Ghana Banking Sector
Overview of CAL Bank Limited
CAL Financial Performance
CAL Strategy and Outlook
17 INVESTOR PRESENTATION | 2017 Summarized Income Statement 2014-2016
(GHS ‘000) FY 2016 FY 2015 FY 2014 ΔY/Y
Interest Income 557,631 466,822 355,027 19.5
Interest Expense (306,317) (218,192) (170,943) 40.4
Net Interest Income 251,314 248,630 184,084 1.1
Fees and Commission Income 63,419 69,841 54,921 (9.2)
Fees and Commission Expense (4,437) (4,511) (3,019) (1.6)
Net Fees & Commissions 58,982 65,360 51,902 (9.8)
Net Trading Income 43,297 70,699 76,337 (38.8)
Other Income 13,584 16,357 12,755 (17.0)
Operating Income 367,177 401,016 324,942 (8.4)
Net impairment Loss (199,243) (35,677) (20,478) 458.5
Net Operating Income 167,934 365,339 304,464 (54.0)
Total Operating Expense (150,883) (144,031) (106,067) 4.8
Profit Before Tax 17,051 221,308 198,533 (92.3)
Income Tax Expense (5,313) (44,005) (45,454) (87.9)
National Fiscal Stabilisation Levy (853) (11,065) (9,928) (92.3)
Profit-After-Tax 10,885 166,238 143,151 (93.5)
18 INVESTOR PRESENTATION | 2017 Income Analysis
NET INTEREST INCOME (GHS millions) NON - FUNDED INCOME CREDIT LOSS EXPENSE NET INTEREST MARGIN (Percentage) GHS MILLIONS
TOTAL in blue
300.0 14.0% FY 16 59 43 14 115.9m
12.2% 12.0% 199.2 250.0millions GHS FY 15 65 71 16 152.2m 10.2% 10.0% FY 14 52 76 13 10.1% 9.9% 200.0 9.5% 140.8m 8.7% 8.0% FY 13 30 31 14 75.3m 150.0
6.0% FY 12 26 14 9 48.6m 11 100.0 FY 11 15 4 4.0% 29.6m Net Fees & Commissions Net Trading Income Other Income 50.0 35.7 2.0%
Income type CAGR (%) 20.5
17.5
17.5 11.5
Net Fees & Commissions 32.1%
41.4 41.4 84.6 143.7 184.1 248.6 251.3 - 0.0% Net Trading Income 32.6% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 1 1 FY 1 2 FY 1 3 FY 1 4 FY 1 5 FY 1 6 NII NIM Other Income 25.5%
19 INVESTOR PRESENTATION | 2017 NPLs and Cost
COST OF FUNDS NON PERFORMING LOANS COST - TO- INCOME - RATIO CONSOLIDATED (LCY & FCY)
180.0 12.0% 60.0% 24.00%
160.0 50.9% GHS GHS Millions 10.0% 50.0% 9.6% 20.00% 140.0
41.1% 120.0 7.9% 8.0% 8.0% 40.0% 16.00% 36.6% 35.9% 100.0 33.8% 13.10% 6.2% 32.6% 6.0% 30.0% 12.00% 10.70% 11.40% 80.0 5.5% 5.0% 9.30% 10.40% 60.0 4.0% 20.0% 8.00% 8.50%
40.0 2.0% 10.0% 4.00%
20.0
103.3 103.3 166.3
42.6 42.6 39.1 80.7 85.2 - 0.0% 0.0% 0.00% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 NPLs NPL Ratio
20 INVESTOR PRESENTATION | 2017 Summarized Balance Sheet 2014-2016
(GHS ‘000) FY 2016 FY 2015 FY 2014 ΔY/Y
Investments in Government Securities 675,838 291,868 409,217 131.6
Loans and Advances to Customers 1,966,394 1,805,285 1,337,205 8.9
Other Assets 724,325 1,137,067 890,053 (36.3)
Fixed Assets 252,301 130,280 78,917 93.7
Total Assets 3,618,858 3,364,500 2,715,392 7.6
Customer Deposits 2,312,391 1,544,523 1,395,841 49.7
Deposits From Banks and Other Financial 62,803 58,309 47,690 7.7 Institutions
Borrowings 572,810 1,113,452 827,455 (48.6)
Other Liabilities 151,351 127,642 44,865 18.6
Shareholders Equity 519,503 519,499 399,541 0.0
Total Liabilities and Shareholders Equity 3,618,858 3,364,500 2,715,392 7.6
21 INVESTOR PRESENTATION | 2017 Growing Asset Base
TOTAL ASSETS
4,000.0
3,500.0 GHS GHS Millions
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
1,162.9 1,162.9 1,564.1 2,715.4 3,364.5 3,619.5 809.4 809.4 - FY 11 FY 12 FY 13 FY 14 FY 15 FY 16
22 INVESTOR PRESENTATION | 2017 Loan Portfolio
LOAN DISTRIBUTION BY CUSTOMER TYPE LOAN DISTRIBUTION BY SECTOR
Mining & Miscellaneous 100% Manufacturing Quarrying 7% 6%
2016 2% 4.7%
9.2% Government
10.6%
16.3% 14.9% 90% 12.5% 9% Electricity, Gas & Water 80% 21% Services 10% 70% Transport, Storage & 60% Construction Communication 21% 2%
50% Commerce & Finance Agriculture 20% <1% 40% Mining & Miscellaneous 30% 2015 Manufacturing Quarrying 4% 4% 2% Government 20% Electricity, Gas & 14% Water Services
10% 20% 10%
89.4% 90.8% 87.5% 83.7% 95.3% 85.1% 0% Transport, FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 Storage & Construction Communication 21% 3% Corporate Retail Agriculture Commerce & Finance <1% 22%
23 INVESTOR PRESENTATION | 2017 Deposit Portfolio
DEPOSIT MIX BY CURRENCY DEPOSIT MIX BY TYPE
100.0%
90.0%
17.0%
30.6%
3.9% 5.1%
100.0% 4.3%
3.1%
5.2%
4.9% 25.1% 80.0% 27.0%
34.3% 90.0% 32.6%
70.0% 80.0%
43.3% 50.5% 60.0% 46.9%
70.0% 48.9%
48.5% 50.0%
50.0% 60.0%
50.0%
40.0%
83.0%
69.4%
74.9%
65.7% 67.4% 73.0% 40.0% 30.0% 30.0%
20.0%
52.4%
46.0%
50.0% 45.6%
20.0% 46.3% 45.1% 10.0% 10.0% 0.0% 0.0% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16
Current Time Savings Local Currency Foreign Currency
24 INVESTOR PRESENTATION | 2017 Loan Portfolio
COVERAGE RATIO - IFRS
70.0% 60.8% 59.1% 60.0%
50.0%
40.0%
30.0% 25.1%
20.0%
10.0%
0.0% FY 14 FY 15 FY 16
25 INVESTOR PRESENTATION | 2017 Non Performing Sectors
NON - PERFORMING LOANS BY SECTOR
FY 15 FY 16 Services Mining & 10% Quarrying 3% Mining & Miscellaneous Quarrying 6% Manufacturing 3% 0% Transport, Storage & Electricity, Government Manufacturing Gas & Water Government Communication 32% 0% Miscellaneous 0% 20% 1% 17% Services Electricity 3% , Gas & Agriculture Construction Water <1% 44% 1% Construction 23% Commerce & Finance 28%
Transport, Storage & Communication 7% Commerce & Finance 5%
26 INVESTOR PRESENTATION | 2017 Capital
RETURN ON AVERAGE EQUITY CAPITAL ADEQUACY RATIO
50.0% 41.7% 25.0% 37.8% 40.0% 34.8% 36.2% 21.8% 30.0% 22.5% 21.4% 20.2% 20.0% 20.0% 19.4% 20.0% 19.0% 10.0% 2.0% 11.6% 0.0% 17.5% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16
15.0% RETURN ON AVERAGE ASSETS 12.5% 8.0% 6.9% 6.7% 5.5% 10.0% Regulatory Minimum: 10% 6.0% 5.2%
4.0% 2.6% 7.5%
2.0% 0.3% 5.0% 0.0% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16
27 INVESTOR PRESENTATION | 2017 Pricing Evolution
PRICE - TO- EARNINGS RATIO PRICE - TO- B O O K R AT I O
1.85x
40.59x
1.39x
1.06x
1.00x
0.79x
0.79x
5.69x
4.11x
4.03x
3.87x 3.30x
FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16
28 INVESTOR PRESENTATION | 2017 Outline
Operating Environment: Ghana
Ghana Banking Sector
Overview of CAL Bank Limited
CAL Financial Performance
CAL Strategy and Outlook
29 INVESTOR PRESENTATION | 2017 Delivering our 2016-2018 strategy
CHALLENGES WE FACED IN 2016 WHAT W E D I D
• BDC sector impairments worsened Scaled down new business to BDC sector
Actively targeted long term relationships with other trading sectors to replace BDC business
Recognition and significant write down of impaired BDC debt whilst negotiating with debtors and employing legal means to recover non- performing loans • Specific commerce sector loan impairments Conducted a comprehensive review of our loan monitoring and collateral management procedures to enhance our risk management framework
• Tight market liquidity resulting in interest Partnered with IFC to deploy Agency Banking in 2017 to offer products costs growing faster than interest income and services through alternative distribution outlets /retailers to drive cheap deposits.
• Increased regulation from SEC, Bank of Ghana Effectively complied with new SEC reporting regulations and requirements for 2016
• Increased customer demand for world-class Upgrade of core banking application to improve IT processes, enhance service analytical and storage capacity and deploy more digital products and solutions to enhance service delivery.
Brand refresh to revitalise and revamp CAL brand with new values and personality traits in line with digital transformation agenda. 30 INVESTOR PRESENTATION | 2017 2016-2018 Strategy & Outlook
• Deploy Agency Banking in 2017 through distribution outlets and financial service agents • Develop e-payment platforms with emphasis on digital channels. Retail Banking • Leverage on growing card schemes to offer diversified card services for enhanced customer experience, positively impacting on our customer base and translating into increased deposits. • Promote financial inclusion by deploying digital solutions to offer branchless banking services.
• Employ cutting-edge technology to deliver enhanced tailor-made solutions for our corporate customers to offer Corporate them convenience and real-time banking. Banking • Enhance forex generating capacity to ensure we meet forex needs of our customers. • Enhance relationship management and product knowledge.
• Implement a comprehensive performance management and reward systems. • Deepen staff skills and knowledge. People • Develop and implement structured career progression and succession planning program. • Enhance organizational competence. • Implement workplace health and safety program.
• Leverage on growth in digital and mobile technology to develop cutting edge solutions that will offer customers convenience and also reach out to the unbanked. Technology • Enhance transaction and process efficiency through technology. • Continuous and sustained investments in technology to ensure development of up-to-date, efficient products and services.
• Enhance loan monitoring and early-detection toolkits to improve quality of loan portfolio. • Maintain low NPL ratio. Risk Management & • Continuously develop risk management and compliance culture amongst staff through training and other staff Compliance engagements. • Ensure adherence to regulatory requirements and best practice compliance procedures.
31 THANK YOU Q&A
2016 ANNUAL RESULTS INVESTOR PRESENTATION