INVESTOR PRESENTATION - FEBRUARY 2016 - AMD Investor Relations
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FEBRUARY 2016 INVESTOR PRESENTATION
CAUTIONARY STATEMENT This presentation contains forward-looking statements concerning Advanced Micro Devices, Inc. (“AMD” or the “Company”) including, AMD’s 2016 expectations; AMD’s technology investments in CPU technology, graphics technology and platform solutions; AMD’s growth opportunities in gaming, immersive platforms and datacenters in AMD’s Computer and Graphics and Enterprise, Embedded and Semi-custom businesses; AMD’s ability to drive graphics unit market share gain with leadership in gaming; AMD’s ability to innovate in immersive computing with Virtual Reality (VR) and Augmented Reality (AR); AMD’s ability to grow APU/CPU PC unit market; AMD’s ability to become a significant player with server market share; AMD’s ability to grow its Semi-custom business with new design wins; AMD’s ability to grow in targeted embedded market segments; AMD’s ability to create deep customer and technology partnerships that leverage its IP and innovation; AMD’s ability to obtain winning graphics performance and 50% CPU IPC improvement in two years with its 7th Gen A-Series processors; AMD’s ability to lead industry inflection point and leverage new Polaris GPU architecture; AMD’s ability to improve instructions per clock with Zen x86 core; the availability, timing, features and functionality of AMD future products; the success of AMD’s collaborations with key technology partners and OEMs on VR and AR technology; AMD’s long-term financial targets including, non-GAAP gross margin, non-GAAP OPEX/revenue ratio, non-GAAP operating margin, earnings per share and free cash flow; AMD’s long-term target for liquidity, debt, capital structure and leverage; and AMD’s growth strategy for its products and technology, revenue growth, Computing and Graphics stabilization and financial execution, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this document are based on current beliefs, assumptions and expectations, speak only as of the date of this document and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include that Intel Corporation’s dominance of the microprocessor market and its aggressive business practices may limit AMD's ability to compete effectively; AMD relies on GF to manufacture all of its microprocessor and APU products and a certain portion of its GPU products, with limited exceptions. If GF is not able to satisfy AMD's manufacturing requirements, its business could be adversely impacted; AMD relies on third parties to manufacture its products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies, AMD's business could be materially adversely affected; failure to achieve expected manufacturing yields for AMD's products could negatively impact its financial results; the success of AMD's business is dependent upon its ability to introduce products on a timely basis with features and performance levels that provide value to its customers while supporting and coinciding with significant industry transitions; if AMD cannot generate sufficient revenue and operating cash flow or obtain external financing, it may face a cash shortfall and be unable to make all of its planned investments in research and development or other strategic investments; the loss of a significant customer may have a material adverse effect on it; global economic uncertainty may adversely impact AMD's business and operating results; AMD may not be able to generate sufficient cash to service its debt obligations or meet its working capital requirements; AMD has a substantial amount of indebtedness which could adversely affect its financial position and prevent it from implementing its strategy or fulfilling its contractual obligations; the agreements governing AMD's notes and the Secured Revolving Line of Credit impose restrictions on AMD that may adversely affect its ability to operate its business; the completion and impact of the 2015 Restructuring Plan, its transformation initiatives and any future restructuring actions could adversely affect it; the markets in which AMD's products are sold are highly competitive; uncertainties involving the ordering and shipment of AMD's products could materially adversely affect it; AMD's receipt of revenue from its semi-custom SoC products is dependent upon its technology being designed into third-party products and the success of those products; the demand for AMD's products depends in part on the market conditions in the industries into which they are sold. Fluctuations in demand for AMD's products or a market decline in any of these industries could have a material adverse effect on its results of operations; AMD's ability to design and introduce new products in a timely manner is dependent upon third-party intellectual property; AMD depends on third-party companies for the design, manufacture and supply of motherboards and other computer platform components to support its business; if AMD loses Microsoft Corporation’s support for its products or other software vendors do not design and develop software to run on AMD's products, its ability to sell its products could be materially adversely affected; AMD's reliance on third-party distributors and AIB partners subjects it to certain risks; AMD's inability to continue to attract and retain qualified personnel may hinder its product development programs; in the event of a change of control, AMD may not be able to repurchase its outstanding debt as required by the applicable indentures and its Secured Revolving Line of Credit, which would result in a default under the indentures and its Secured Revolving Line of Credit; the semiconductor industry is highly cyclical and has experienced severe downturns that have materially adversely affected, and may continue to materially adversely affect its business in the future; acquisitions, divestitures and/or joint ventures could disrupt its business, harm its financial condition and operating results or dilute, or adversely affect the price of its common stock; AMD's business is dependent upon the proper functioning of its internal business processes and information systems and modification or interruption of such systems may disrupt its business, processes and internal controls; data breaches and cyber-attacks could compromise AMD's intellectual property or other sensitive information, be costly to remediate and cause significant damage to its business and reputation; AMD's operating results are subject to quarterly and seasonal sales patterns; if essential equipment, materials or manufacturing processes are not available to manufacture its products, AMD could be materially adversely affected; if AMD's products are not compatible with some or all industry-standard software and hardware, it could be materially adversely affected; costs related to defective products could have a material adverse effect on AMD; if AMD fails to maintain the efficiency of its supply chain as it responds to changes in customer demand for its products, its business could be materially adversely affected; AMD outsources to third parties certain supply-chain logistics functions, including portions of its product distribution, transportation management and information technology support services; AMD may incur future impairments of goodwill; AMD's worldwide operations are subject to political, legal and economic risks and natural disasters, which could have a material adverse effect on it; worldwide political conditions may adversely affect demand for AMD's products; unfavorable currency exchange rate fluctuations could adversely affect AMD; AMD's inability to effectively control the sales of its products on the gray market could have a material adverse effect on it; if AMD cannot adequately protect its technology or other intellectual property in the United States and abroad, through patents, copyrights, trade secrets, trademarks and other measures, it may lose a competitive advantage and incur significant expenses; AMD may not be able to successfully monetize its intellectual property; AMD is a party to litigation and may become a party to other claims or litigation that could cause it to incur substantial costs or pay substantial damages or prohibit it from selling its products; AMD's business is subject to potential tax liabilities; a variety of environmental laws that AMD is subject to could result in additional costs and liabilities; and higher health care costs and labor costs could adversely affect AMD's business. Investors are urged to review in detail the risks and uncertainties in the Company's Securities and Exchange Commission filings, including but not limited to AMD’s Quarterly Report on Form 10-K for the quarter ended December 26, 2015. 2 | INVESTOR PRESENTATION | FEBRUARY 2016
OUR MISSION 3 | INVESTOR PRESENTATION | FEBRUARY 2016
BUILT ON A FOUNDATION SPANNING INNOVATION AND LEADERSHIP
HERITAGE SPANNING OVER 45 YEARS
First proprietary device: World’s first First to break Brings World’s First to bring High-
Am2501 logic counter x86-64 bit teraflop first APUs to Inside every major Bandwidth
introduced architecture performance barrier market gaming console memory to market
1970 2003 2006 2011 2013 2015
~~~~~~~~
2000 2004 2009 2012 2014
First to break the historic World’s first Breaks 1GHz GPU Industry’s first Powered the
1GHz barrier with the x86 dual-core Barrier with quad-core x86 SoCs World’s most
AMD Athlon™ processor Radeon HD 4890 efficient Super
Computer
4 | INVESTOR PRESENTATION | FEBRUARY 2016
RAPID RISE IN CONNECTED DEVICES REPRESENTS OPPORTUNITY
INTELLIGENT CONTROLLERS
INFRASTRUCTURE CLOUD/DATACENTER
AND IMMERSIVE DEVICES
Compute-Driven Data Collection Data Transmission Store/Analyze Data
and Data Interaction and Serve Information
50B ENDPOINTS
DEVICES Sensor-Driven Data Collection
By 2020
Networking/
Telecom
WHERE AMD WILL PLAY
$60B+ TAM
5 | INVESTOR PRESENTATION | FEBRUARY 2016 Source: Cisco and AMD Estimates
AMD GROWTH OPPORTUNITIES: THE PC AND BEYOND
$15B+ TAM $20B+ TAM $15B+ TAM
GAMING IMMERSIVE PLATFORMS DATACENTER
ACHIEVE NEW LEVELS ENABLE INTELLIGENT AND REVOLUTIONIZE THE
OF REALITY INTERACTIVE EXPERIENCES DATACENTER
Footnote: Internal AMD Estimates. Gaming: includes gaming PC components, consoles, casino gaming, and other consumer gaming systems. Immersive
Platforms: includes PC components, workstation graphics, virtual and augmented reality solutions, digital signage, thin clients and other visually-intensive
6 | INVESTOR PRESENTATION | FEBRUARY 2016
embedded systems. Datacenter: includes enterprise servers, networking, storage, and HPC
AMD TECHNOLOGY INVESTMENTS
CPU TECHNOLOGY GRAPHICS TECHNOLOGY PLATFORM SOLUTIONS
New generation x86 core –“Zen” Gaming leadership bridging PC Modular design
ARM®-based – “Seattle” and consoles Open software investments
Scalable design point Performance per watt leadership Expanded IP ecosystem with
Multi-generation roadmap RTG brings unified graphics focus partners
VR leadership
7 | INVESTOR PRESENTATION | FEBRUARY 2016
STRATEGIC FOCUS ON KEY MARKETS AND PRODUCTS
COMPUTING
& GRAPHICS
Notebook Processors
Desktop Processors
Discrete Graphics
Professional Graphics
ENTERPRISE,
EMBEDDED,
& SEMI-CUSTOM
Semi-Custom SoCs
x86 and ARM®-based
server processors
Embedded processors
8 | INVESTOR PRESENTATION | FEBRUARY 2016
OUR FOCUS OVER THE NEXT 3 YEARS…
#1 IN VISUAL STRONG #2 BROADEN OUR
COMPUTING IN COMPUTING TECHNOLOGY REACH
Drive graphics unit market share Grow APU/CPU PC unit market Grow semi-custom with new
gains with leadership in gaming design wins
Become a significant player with
Grow in targeted embedded
Innovate in immersive computing server market share market segments
with VR/AR
Create deep customer and
technology partnerships that
leverage our IP and innovation
HIGH-PERFORMANCE COMPUTING LEADER
9 | INVESTOR PRESENTATION | FEBRUARY 2016
AMD 2016 PRIORITIES
7th Gen A-Series Processors
40% CPU performance improvement in 2 years1
Winning graphics performance
Generational Performance Improvements
"Kaveri" 35W APU Performance
(2014)
CPU PERFORMANCE
"Carrizo"
(2015)
"Bristol Ridge"
(2016)
80% 90% 100% 110% 120% 130% 140% 150%
Single-Core Performance Increase as measured in Cinebench R11.5 compared to “Kaveri” baseline
10 | INVESTOR PRESENTATION | FEBRUARY 2016AMD 2016 PRIORITIES
POLARIS GPU ARCHITECTURE
LEAD INDUSTRY LEVERAGE NEW GPU
INFLECTION POINT ARCHITECTURE
1st with a 14nm FinFET GPU 2x Perf Historic leap in perf/watt
per Watt2
POLARIS ARCHITECTURE COMPETITION
90nm 80nm 65nm 55nm 40nm 28nm 14nm
2005 2009 2011 2016
1920x1080 1920x1080
2006 2007
60 FPS 60 FPS
86W 140W
Using i7 4790K with 2x4GB DDR3-1600, Windows 10 64bit
11 | INVESTOR PRESENTATION | FEBRUARY 2016 Star Wars © and TM 2015 Lucasfilm Ltd. All rights reserved. Underlying technology and game design © EA. All rights reservedAMD 2016 PRIORITIES
NEXT-GENERATION, HIGH-PERFORMANCE X86 CORE
“ZEN”
“ZEN”
Completely New High-performance Core Design
Simultaneous Multithreading (SMT) for High
3 Throughput
New High-Bandwidth, Low Latency Cache System
Energy-Efficient FinFET Design Scales from Client to
Enterprise-Class Products
Planned availability in 2016
12 | INVESTOR PRESENTATION | FEBRUARY 2016VIRTUAL AND AUGMENTED REALITY: THE NEXT BIG OPPORTUNITY
Performance/Watt Radeon Software Next Generation
Improvements Crimson HDR Graphics GPUOpen Radeon Marketing
VR/AR TAM estimated at $150 B by 2020(1)
AMD is working in close collaboration with key technology partners as well as OEMs and head-mounted
display (HMD) makers to drive the creation of a vibrant VR ecosystem
AMD is leveraging its strong Game Developer Program to develop a richer more exciting VR experience
HMD makers recommending Radeon 290X or better GPUs for best VR experience
– Price ranges of high-end discrete graphics cards range from $329 to $650(2)
AMD collaborating with Dell and Oculus to equip Oculus Ready PCs with Radeon GPUs
– Alienware systems starting at $999(3)
1. Source: Digi-Capital
2. Source: Newegg.com, 2.1.16
3. http://ir.amd.com/phoenix.zhtml?c=74093&p=irol-newsArticle&ID=2094239
13 | INVESTOR PRESENTATION | FEBRUARY 2016Financials
KEY 2015 FINANCIAL ACCOMPLISHMENTS
OPEX DISCIPLINE
Reduced annual non-GAAP operating expenses by 14% through lower head count and ongoing expense control
Reduced quarterly expenses by 31% from Q1’13 while continuing to fund the roadmap
CG STABILIZATION
Double digit sequential revenue growth In Q3 and Q4 2015
BOLSTERING THE BALANCE SHEET
No term debt due until March 2019
Weighted average interest rate of term debt is 7.2% as of December 26, 2015
Total ABL borrowing of $230M at the end of Q4 2015, flat from the prior quarter
Maintained cash within the optimal zone of $600M to $1 B
Expect to receive ~$320M upon closing of ATMP JV with Nantong Fujitsu Microelectronics in 1H 2016, subject to
regulatory and other approvals.
~90% of cash held domestically and the remaining balance can be repatriated
Reduced interest expense by 10% from 2014
Reduced annual inventory by $121 M in 2H 2015 versus 1H 2015
1. See Appendices for GAAP to Non-GAAP operating expense reconciliation.
15 | INVESTOR PRESENTATION | FEBRUARY 2016REDUCED LOSSES IN 2H 2015
1H 2015 2H 2015 Change FY 2015
Fav /(Unfav)
Revenue $1,972 M $2,019 M Up 2% $3,991 M
Non-GAAP Gross Margin (1) 30% 26% (4 pp) 28 %
Non-GAAP Operating Expenses (1) $710 M $659 M $51 M $1,369 M
(1)
Non-GAAP Operating Loss $(117) M $(136) M $(19) M $(253) M
(1)
Non-GAAP Net Loss $(204) M $(215) M $(11) M $(419) M
Cash and Cash Equivalents $829 M $785 M $(44) M $785 M
Inventories, Net $799 M $678 M $121 M $678 M
Total Debt (2) $2,269 M $2,262 M $7 M $2,262 M
(1) See Appendices for GAAP to Non-GAAP gross margin, operating expenses, operating income (loss) and net income (loss) reconciliations.
(2) See Appendices for Total Debt reconciliation.
16 | INVESTOR PRESENTATION | FEBRUARY 2016LONG-TERM FINANCIAL TARGETS
NON-GAAP TARGET DRIVERS
Gross margin ~36% - 40% Server, Embedded and Pro Graphics
OPEX/Revenue Ratio ~26% - 30% Fund product roadmaps and maintain lean SG&A
Operating margin >10% Margin accretive businesses and Semi-Custom improvement
Earnings Per Share >$0.50 Focus on profitable market share growth
Free cash flow ~Net Income Operating margin improvement and OPEX leverage
REFOCUSED FINANCIAL EXECUTION
17 | INVESTOR PRESENTATION | FEBRUARY 2016LONG-TERM TARGET CAPITAL STRUCTURE AND LIQUIDITY
Manage cash at the higher end of the optimal zone
Liquidity
Flexibility of $500M asset-backed revolver facility
Continue to de-risk debt maturity profile
Debt
Reduce interest expense
Allocate excess cash over $1B to reduce debt
Capital Structure
Neutral net debt position
Leverage Target optimal leverage ratio (Debt/EBITDA) ~2.0X
18 | INVESTOR PRESENTATION | FEBRUARY 2016POISED FOR NEXT PHASE OF GROWTH STRATEGY
PRODUCTS AND TECHNOLOGY REVENUE GROWTH
Furthering technology innovation via 2016 Expect revenue to grow y/y in 2016 driven by:
product roadmap – New products in Computing and Graphics
– First FinFET products to market in 2016 “Bristol Ridge”, “Summit Ridge”, and next-generation
– “Zen” launch with “Summit Ridge” desktop product graphics based on Polaris architecture
and server product sampling in 2016 New semi-custom business in 2H 2016
– Additional software and driver enhancements via Good progress on 2017 and beyond
Radeon Software Crimson Edition software releases – Secured first “Zen” server processor design wins
C&G STABILIZATION FINANCIAL EXECUTION
Expect to continue to re-gain profitable Bolstering balance sheet via ATMP JV
market share in Computing and Graphics – ~$320M net proceeds expected at close in 1H
– Grew share q/q in Q3 and Q4 2015 2016, subject to regulatory and other approvals
2015 one-time events concluded Strategic plans underway to monetize IP
– Windows® 10 launch
Continued focus on operating expense control
– Inventory channel rebalancing efforts
19 | INVESTOR PRESENTATION | FEBRUARY 2016Appendices
APPENDICES
Reconciliation of GAAP to Non-GAAP Gross Margin
(Millions except percentages) 1H2015 2H2015 2015
GAAP Gross Margin $ 558 $ 522 $ 1,080
GAAP Gross Margin % 28% 26% 27%
Technology node transition charge 33 - 33
Stock-based compensation* 2 1 3
Non-GAAP Gross Margin $ 593 $ 523 $ 1,116
Non-GAAP Gross Margin % 30% 26% 28%
Reconciliation of GAAP to Non-GAAP Operating Expenses
(Millions) 1H2015 2H2015 2015
GAAP operating expenses $ 832 $ 729 $ 1,561
Restructuring and other special charges, net 87 42 129
Amortization of acquired intangible assets 3 - 3
Stock-based compensation* 32 28 60
Non-GAAP operating expenses $ 710 $ 659 $ 1,369
21 | INVESTOR PRESENTATION | FEBRUARY 2016APPENDICES
Reconciliation of GAAP to Non-GAAP Operating Income (Loss)
(Millions) 1H2015 2H2015 2015
GAAP operating loss $ (274) $ (207) $ (481)
Goodwill impairment - - -
Technology node transition charge 33 - 33
Lower of cost or market inventory adjustment - - -
Restructuring and other special charges, net 87 42 129
Amortization of acquired intangible assets 3 - 3
Stock-based compensation* 34 29 63
Non-GAAP operating income (loss) $ (117) $ (136) $ (253)
Total Debt
(Millions) Q4-15 Q2-15
6.75% Senior Notes due 2019 $ 600 $ 600
6.75% Senior Notes due 2019 - Interest Rate Swap 7 6
7.75% Senior Notes due 2020 450 450
7.50% Senior Notes due 2022 475 475
7.00% Senior Notes due 2024 500 500
Capital lease obligations - 8
Borrowings from secured revolving line of credit, net 230 230
Total Debt $ 2,262 $ 2,269
*Beginning Q1 2015, AMD started excluding the impact of stock-based compensation from non-GAAP results. Prior periods have been adjusted accordingly.
22 | INVESTOR PRESENTATION | FEBRUARY 2016APPENDICES Reconciliation of GAAP to Non-GAAP Net Loss (Millions) 1H2015 2H2015 2015 GAAP net loss $ (361) $ (299) $ (660) Technology node transition charge 33 - 33 Restructuring and other special charges, net 87 42 129 Amortization of acquired intangible assets 3 - 3 Tax settlement in foreign jurisdiction - 13 13 Stock-based compensation 34 29 63 Non-GAAP net loss $ (204) $ (215) $ (419) 23 | INVESTOR PRESENTATION | FEBRUARY 2016
FOOTNOTES
1. Testing by AMD Performance labs. PC manufacturers may vary configurations yielding different results. Cinebench R15 1T is used to represent per core
performance; the 2016 7th Generation AMD FX @ 35W scored 93.24 while the 6th Generation AMD FX @ 35W scored 81.82 and the 2014 AMD FX
@35W scored 66.48, for a benchmark score difference of 93.24/66.48 = 1.40X or 40%. System Configurations: 7th Generation AMD FX-9830P: AMD
Bristol Ridge, AMD FX-9830P with AMD Radeon R7 Graphics, 2x4096 DDR4-2400 RAM, 244GB SSD Drive (Non-rotating), Microsoft Windows 10
Enterprise, Graphics driver 15.300.0.0 2015-11-09 AMD FX-8800P: AMD Carrizo, AMD FX-8800P with AMD Radeon R7 Graphics, 2x4096 DDR3-2133
RAM, 244GB SSD Drive (Non-rotating), Microsoft Windows 10 Enterprise, Graphics driver 15.300.1025.0 42321 AMD FX-7600P: AMD PD5D, AMD FX-
7600P with AMD Radeon(TM) R7 Graphics, 2x4096 DDR4-1866 RAM, 122GB SSD Drive (Non-rotating), Microsoft Windows 8.1 Pro, Graphics driver
15.100.0.0 2015-03-29 BRN-17
2. Testing conducted by AMD Performance Labs as of December 2015 with an Intel Core i7 4790K at 80% power limit with 4x4GB DDR3 memory at
1600Mhz and 120GB SSD. Tested systems used off-the shelf power meters that measured system power consumption at the plug. PC manufacturers
may vary configuration yielding different results. Star Wars™ Battlefront™ was tested on the X-wing Training Map using FRAPs. The Polaris
architecture-based engineering sample on Med Preset @1080p scored 60 fps and consumed 86W with driver 15.30 beta. The GTX 950 card on Med
Preset @1080p scored 60 fps and consumed 140W with driver 358.87. POL-1
3. Based on internal AMD estimates for “Zen” x86 CPU core compared to “Excavator” x86 CPU core.
24 | INVESTOR PRESENTATION | FEBRUARY 2016AMD LONG-TERM TARGET MODEL: ASSUMPTIONS AND GROWTH DRIVERS
COMPUTING & GRAPHICS ENTERPRISE, EMBEDDED AND SEMI-CUSTOM
PCs GPUs Pro Graphics Server Embedded Semi-custom
Mid-single Mid-single
Revenue Flat to down Double digit % growth
digit % growth digit % growth
Operating
Mid-single digit % Double digit %
Margin
FOCUSED ON PROFITABLE GROWTH
25 | INVESTOR PRESENTATION | FEBRUARY 2016DISCLAIMER & ATTRIBUTION The information presented in this document is for informational purposes only and may contain technical inaccuracies, omissions and typographical errors. The information contained herein is subject to change and may be rendered inaccurate for many reasons, including but not limited to product and roadmap changes, component and motherboard version changes, new model and/or product releases, product differences between differing manufacturers, software changes, BIOS flashes, firmware upgrades, or the like. AMD assumes no obligation to update or otherwise correct or revise this information. However, AMD reserves the right to revise this information and to make changes from time to time to the content hereof without obligation of AMD to notify any person of such revisions or changes. AMD MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE CONTENTS HEREOF AND ASSUMES NO RESPONSIBILITY FOR ANY INACCURACIES, ERRORS OR OMISSIONS THAT MAY APPEAR IN THIS INFORMATION. AMD SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT WILL AMD BE LIABLE TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL OR OTHER CONSEQUENTIAL DAMAGES ARISING FROM THE USE OF ANY INFORMATION CONTAINED HEREIN, EVEN IF AMD IS EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ATTRIBUTION © 2016 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, Radeon, Firepro and combinations thereof are trademarks of Advanced Micro Devices, Inc. in the United States and/or other jurisdictions. Windows is a registered trademark of Microsoft Corporation in the US and other jurisdictions. ARM is a registered trademark of ARM Limited in the UK and other countries. Other names are for informational purposes only and may be trademarks of their respective owners. 26 | INVESTOR PRESENTATION | FEBRUARY 2016
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