Biesse — Investor Presentation 2019

Feb 26, 2019

3-YEARBUSINESS PLAN

2019-2021

IT'S THE FUTURE THATMAKESHISTORY.

WE HAVE BEEN DESIGNING INNOVATION FOR FIFTY YEARS, DRIVEN BY AN INCREDIBLE ENGINE, POWERED BY PEOPLE, PASSION AND PRECISION.

INDEX

• 1.1 OUR IDENTITY
• 1.2 EXCELLENCE

• 1.3 BUSINESS MODEL

• 2.1 CONTEXT

• 2.2 CONTINUOS GROWTH
• 2.3 #PRODUCTS
• 2.4 #SOLUTIONS

• 2.5 #CONNECTED COMPANY

• 3.1 OUR FUTURE IN FIGURES

• 3.2 OTHER FIGURES
• 3.3 ANNEX
• 3.4 THE SHARE

BUSINESS GROUP

1

1.1 OUR IDENTITY1.2 EXCELLENCE1.3 BUSINESS MODEL

OUR IDENTITY

1.1 OUR IDENTITY

• 1.2 EXCELLENCE

• 1.3 BUSINESS MODEL

• OUR VALUES

• THE VISION
• ONE INDUSTRIAL GROUP
• ALL OVER THE WORLD
• SUPPORTING OUR CUSTOMERS

1.1

WITH OUR PEOPLE

OUR VALUES

3 -Year Business Plan

Biesse Group is a global leader founded in Pesaro in 1969 by Giancarlo Selci. listed on the Borsa Italiana since 2001 – STAR segment. The Group has a strong Italian identity and strongly believe in:

INNOVATION

RELIABILITY

THE 3 -Year Business PlanVISION

7

Biesse Group's vision is embodied by the word THINKFORWARD:

a stimulus to LOOK AHEAD and ANTICIPATE THE FUTURE setting new standards to driveTECHNOLOGICAL INNOVATION and DIGITALtransformation.

ONE INDUSTRIAL 3 -Year Business PlanGROUP

We manufacturetechnology for processing wood, glass, stone, advanced materials and metalthrough specialisedbusiness units and 12 manufacturing sites in Italy and worldwide. We operate worldwide with our own key brands: Biesse, Intermac, Diamut, HSD.

MAIN BUSINESS ^{4 12}DIVISIONS

PRODUCTION SITES

8

ALL OVER THE 3 -Year Business PlanWORLD

We support our colleagues everywhere in the world, using the most advanced management, sales and support system. Our global network enables us to be always close to our customers.

SUBSIDIARIES AND REPRESENTATIVE OFFICES

39

9

+300

DISTRIBUTORS

SELECTED

SUPPORTING OUR 3 -Year Business PlanCUSTOMERS

Customers in 120 Countries. Manufacturers of furniture, design items and door/window frames, producers of elements for the building, nautical and aerospace industries. ¹²⁰

CUSTOMERS IN

COUNTRIES

WITH OURPEOPLE 3 -Year Business Plan

4400*

11

We acknowledge that Peopole are essential to our development, because the ability to innovate and pursue excellence in the realisation of products isthe consequence of the passion and dedication of all those are part of the Biesse family.

EXCELLENCE

1.1 OUR IDENTITY1.2 EXCELLENCE1.3 BUSINESS MODEL

• REVENUE
• PROFIT
• CASH

1.2

15

NET FINANCIAL POSITIONCASH

3 -Year Business Plan

BUSINESSMODEL

1.1 WHO WE ARE1.2 EXCELLENCE1.3 BUSINESS MODEL

• PRODUCTS
• FOOTPRINT
• DISTRIBUTION
• CUSTOMERS

1.3

PRODUCTS

3 -Year Business Plan

01

Machines

We design, manufacture and distribute a comprehensive range of machinery and technologies for processing wood, glass, stone, metal and advanced materials

02

Systems

We create engineered solutions, from plant design to production, implementation, installation and maintenance

03

Mechatronics

We design, manufacture and deliver high-tech mechanical and electronic components for machinery INDUSTRY 4.0 ready.

04

Tooling

We manufacture tools for the processing of glass, stone and ceramic. Its synergy with Intermac has enabled it to develop a range of tools, which in terms of reliability, have become a benchmarkin the market.

Service05

05Through dedicated personnel, we provide professional pre-sale consulting services, and continuous after sales assistance to ensure the correct installation and startup of machinery, software and Systems.

06

Software

05We have developed our software solutions by closely observing the work carried out by the customer every day, with simple interfaces, designed to make everyday use of the machine practical.

FOOTPRINT

DISTRIBUTION

CUSTOMERS

CUSTOMERS

CUSTOMER SALES

a wide and fragmented customer base with no risk of concentration

CONTINUOUS GROWTH

2.1 CONTEXT

• 2.2 CONTINUOS GROWTH
• 2.3 # PRODUCTS
• 2.4 # SOLUTIONS

• 2.5 # CONNECTED COMPANY

• THE TIME OF UNCERTAINTY

• RISK PERCEPTION
• NEW DIGITAL PARADIGM
• DISRUPTIVE GROWTH

2.1

THE TIME OF UNCERTAINTY

Trade War

China - U.S.A. (decoupling & custom duties)

Political uncertainties & turmoil

Russia - Turkey – Iran - Venezuela

"Brexit" (soft-hard)

Worldwide slowdown and downgrade in economic growth (i.e. China)

Internal Conflicts

(i.e. "Yellow Vest" protest)

Growing populism and nationalism

Change of economic Strategy

Source:Extract from Eurasia Group, Top Risk 2019

RISK PERCEPTION

In the Global Risks Perception Survey, nearly 1,000 decision-makers assess the risks facing the world.Nine out of 10 respondents expect worsening economic and political confrontations between major powers.

Economic confrontation / frictions between major powers

Erosion of multilateral trading rules

Political frictions between major powers

Cyber-attack: Theft of data-money

Cyber-attack: Disruption of operations and infrastructures

Loss of confidence in collective security alliances

Populist and nativist agenda

Media echo chambers and "fake news"

Domestic political polarization

Source:World Economic Forum Risk Perception Survey 2019

Source:Accenture Survey

79

85

76

%

%

%

NEW DIGITAL PARADIGM

What will impact Business Model over next years?

Digital channels and technologies will significantly improve our interactionswith business customer

Digital will provide significantopportunities to reduce cost

Digital will help us engage our partnerlike never before

3 -Year Business Plan

How, When, What will impact our business

27

DISRUPTIVE GROWTH

3 -Year Business Plan

What are the top technologies that will drive business disruption over the next three years?A survey to 750 Global Industry Leaders (C-Level).

Impact on Business Model and Business Benefits

Source:The changing landscape of disruptive technologies 2018e, KPMG

CONTINUOUS GROWTH

• 2.1 CONTEXT2.2 CONTINUOS GROWTH2.3 # PRODUCTS2.4 # SOLUTIONS2.5 # CONNECTED COMPANY
• FUTURE IS NOW

• SOLUTIONS TARGETS

• CONNECTED COMPANY TARGETS

• OUR STRATEGY IN FIGURES

2.2

OUR STRATEGY IN FIGURES

WIDENING OUR OFFERING

2.1 CONTEXT2.2 CONTINUOS GROWTH2.3 # PRODUCTS2.4 # SOLUTIONS2.5 # CONNECTED COMPANY

• OUR TRACK RECORD

• PRODUCTS TARGETS

• CORE SEGMENTS MARKET 2018E
• WOOD
• GLASS & STONE
• TOOLING
• NEW SEGMENTS MARKET 2018E
• STRUCTURAL WOOD
• MECHATRONICS
• ADVANCED MATERIAL
• ENLARGE OUR PRODUCT OFFERING

2.3

OUR TRACK RECORD

Movetro and Montresor

CAGR 2015-2018

#PRODUCTS TARGETS

CORE SEGMENTS MARKET 2018

We are among leaders in our reference markets: Wood, Glass, Stone working machinery and Tooling

WOOD

3%

Wood Estimated CAGR 2019-2021

Market Estimated CAGR 2019-2021 03

We defined guidelines of the Action Plan to achieve our targets:

01

Expand our product offering to meet Customers needs for more automation, more flexibility andeasy-use machines

02

Enlarge our offering of Full Liner products and machines integrated with our handling and storage solutions

Strength our R&D on innovative solutions to process furnishing (new materials)

GLASS & STONE

G&S Division Estimated CAGR 2019-2021

Market Estimated CAGR 2019-2021

We defined guidelines of the Action Plan to achieve our targets:

01

Expand our offering in Automation and Full Liner.

02

Focus on the new product range for space, storage and handling needs of Ceramic working Factories

Protect our leading position in the stand- 03alone machines segment.

TOOLING

We defined guidelines of the Action Plan to achieve our targets:

In 2018 Biesse Group made its debut in the Ceramic sector. The Group approached this new segment through an innovative range of tools and solutions dedicated to the squaring, lapping and polishing of all ceramic materials. In next three years we want to enlarge our offering of tooling products for ceramic CNC machines.

02

01

Expand our presence in the U.S. market, through a dedicated production line inside the Biesse America Campus.

11%

Tooling Division Estimated CAGR 2019-2021

Market Estimated CAGR 2019-2021

38

NEW SEGMENTS MARKET 2018

STRUCTURAL WOOD

We defined guidelines of the Action Plan to achieve our targets:

Estimated CAGR 2019-2021

Expand our offering, introducing new products both in high–end and mid-end segment: RC and CLT series

02

0

3

0

1

Empower our salesforce team especially in Key Markets

Increase our production capacity (Italy)

MECHATRONICS

MarketEstimated CAGR 2019-2021

metal spindle sales estimated CAGR 2019-2021

We defined guidelines of the Action Plan to achieve our targets:

Introduce a new product category: rotary tables, that allows a more effective metal working process.

02

1

0

Enlarge our product offering for metal working machines.

Expand abroad, especially in Asian (Taiwan) and Western Europe Market

Increase our production capacity (Italy)

ADVANCED MATERIALS

30%

Estimated CAGR 2019-2021

We defined guidelines of the Action Plan to achieve our targets:

Advanced Materials Machines

Invest in Commercial development, empowering our sales organization worldwide with special focus on the American market

02

3

0

1

0

Enlarge our product offering for Advanced Materials working also in Full Liner solutions

Invest to increase our production capacity

*Advanced materialsCarbon FiberFoamPlastics

• Composite
• Alluminium
• Titanium

42

of

ENLARGE OUR PRODUCT OFFERING

New thermoforming machine.

Development of System for Advanced Material working.

Expansion and complete renewal of the Rover and Materia product lines.

New projects based on additive manufacturing from 2021.

FOCUSING ON CUSTOMER

• 2.1 CONTEXT2.2 CONTINUOS GROWTH2.3 # PRODUCTS2.4 # SOLUTIONS2.5 # CONNECTED COMPANY
• OUR TRACK RECORD
• SYSTEMS
• –TARGETS
• –ACTION PLAN
• –AUTOMACTION
• SERVICES
• TARGETS
• ONE SERVICE

2.4

PARTS

OUR TRACK RECORD

SYSTEM TARGETS

We increased our market share becoming a leading companyin the engineering solutions sector.

The guiding strategy of the Biesse Systems team is based on clear key concepts:

• •Define lead times
• •Increase Automation
• •Improve Stock Management
• •Solutions modularity
• •Total Quality

Systems SalesEstimated CAGR 2018-2021

SYSTEM ACTION PLAN

We defined guidelines of the Action Plan to achieve our targets:

1

2

3

4

Automaction: strong focus on Industry 4.0 oriented solutions

Introduce and integrate new software solution (MES - Manufacturing Execution System) to manage the entirefactoryproduction processes

Becoming leader in the engineering solutions sector, focusing also on small and medium Clients

Approach the market with Global Key Accounts for large manufacturing companies

AUTOMACTION

Automaction

Automaction is a Biesse's new concept that represents the concreteness of the new technological innovations developed by the company.

Robot

The company's spirit of innovation takes a huge step forward in the evolution of robotic systems for panel handling

B_Avant

Automated supervisor (software) for the integrated and efficient management of all production flows according to machining requirements.

FOCUSING ON CUSTOMER

• 2.1 CONTEXT2.2 CONTINUOS GROWTH2.3 # PRODUCTS2.4 # SOLUTIONS2.5 # CONNECTED COMPANY
• OUR TRACK RECORD
• SYSTEMS
• TARGETS
  • ACTION PLAN
• AUTOMACTION
• SERVICES
• –TARGETS
• –ONE SERVICE
• –PARTS

2.4

SERVICE TARGETS

%

to net sales

We will focus on Services development, increasing coveringand efficiency.

We defined guidelines of the Action Plan to achieve our targets:

Increase services sales using SOPHIA and Predictive Maintenance Services

1

0

0

Services market place development: Parts

21.5

Contribution

Expected Service

in 2021

<1h

Target of Spare Parts Orders made with Sophiain 2021

2021 target response time on machine down for Sophia Customers

3

Establish the Academy Service in Headquarter (Italy), Asia and America

Integration of Self Diagnostic Systems on machines

ONE SERVICEOne Company

Empower corporate culture to achieve greater results.

3 -Year Business Plan

"One Service" wants to be the way to work well and efficiently together and with Lean processes.

Training, through the Biesse Academy we intend to manage the skills of the Services resources and to increase knowledge about products and processes.

After the successful experience of the CRM project for the Commercial Area, Biesse has also activated Salesforce teams to support the Service processes.

0

1

2

3

New Global Organization, to simplify the relation with our Client introducing the Customer Care Manager

PARTS

Parts Sophia is the easy, intuitive and personalized new tool for ordering Biesse spare parts

The main features of Parts services are:

• the automatic creation of a spare parts basket following an IoT maintenance task
• the opening of a technical intervention request via the portal or PARTS - SOPHIA app

BECOMINGDIGITAL

• 2.1 CONTEXT2.2 CONTINUOS GROWTH2.3 # PRODUCTS2.4 # SOLUTIONS2.5 # CONNECTED COMPANY
• LEADING THE CHANGE
• SOPHIA TO ENABLE SMART FACTORY
• SOPHIA TO SUPPORT BIESSE CUSTOMERS
• SOPHIA TARGETS

2.5

LEADING THECHANGE

With SOPHIA, Biesse is defining new standards in digital technologies that enable Smart Factory.

SOPHIA is Biesse's IIoT (Industrial Internet of Things) platform, developed with Accenture and Microsoft, that enable new services: long distance diagnostics, analysis and proactive maintenance, analysis of manufacturing events in order to optimize our Client's production.

SOPHIA is made up of two integrated areas: IoT and Parts. They're linked with two apps so that the customer can easily access the functions offered by the platform.

SOPHIA TO SUPPORT BIESSE CUSTOMERS

3 -Year Business Plan

SERVICES

Biesse supports its customers, offering technological connectivity, sharing of expertise, professional consulting services, training and ongoing assistance.

PREDICTIVE

SOPHIA helps to prevent problems that could damage customer production. Biesse takes proactive steps to contact customers, reducing machine downtime and inefficient wasted time.

ANALYSIS

The information gathered and analysed is transformed into useful indications for optimising customer production and product quality, providing extremely opportunities for growth.

SOPHIA TARGETS

Machines already sold having SOPHIA package

Route to the future

Digital innovation creates the future: an inevitable process, that is yet to be developed in machinery industry.SOPHIA paves the way for the future of Industry 4.0, starting now.

2000.0Number of Machines sold with SOPHIA Packages and average revenues per package 2018-2021

SOPHIA will connect

machines by 2021 and make them intelligent.

OUR FUTURE IN FIGURES

3.1 OUR FUTURE IN FIGURES

• 3.2 OTHER FIGURES
• 3.3 ANNEX

• 3.4 THE SHARE

• STABILIZE THE PROFITABILITY

• NET SALES
• EBITDA
• NET DEBT
• OPERATIVE NET WORKING CAPITAL
• CAPEX

3.1

59

EBITDA

3 -Year Business Plan

• COGS on Net Sales below 40%
• labour Cost on Net Sales less than 30%
• on Net Sales less than 20%

VALUEADDED

3 -Year Business Plan

LABOURCOST

3 -Year Business Plan

62

63

NET RESULT

3 -Year Business Plan

EPS – TAXRATE

3 -Year Business Plan

EXTRACTOF THE P&L

3 -Year Business Plan

l € / m n	2 0 1 4	2 0 1 5	2 0 1 6	2 0 1 7	2 0 1 8 e		2 0 2 1 e
l N t e s a e s 1 y e a r -	4 2 7 1 2. 9 % +	5 1 9 2 1. 5 % +	6 1 8 1 9. 1 % +	6 9 0 1 1. 6 % +	7 4 0 7. 3 % +	C A G R 2 0 0 9- 2 0 1 8e 1 1. 9 %	8 8 2
f d l d C t o s o g o o s s o	8 4 1 7 % 1. 6	6 3 2 0 9. 8 %	5 3 2 4 9. 6 %	0 3 2 7 9. 1 %	5 3 2 9 9. 8 %		9 3 3 4 9. 6 %
l d d d V a u e a e %	8 1 6 3 9. 3 %	2 2 1 4 0. 9 %	2 2 5 0. 8 % 4	2 8 9 1. 8 % 4	3 0 8 1. 6 % 4		3 7 0 2. 0 % 4
b L t a o u r c o s	8 3 1 2 0. 0 %	8 2 1 4 8. 6 %	7 2 1 7 8. 6 %	9 2 1 9 8. 9 %	5 2 2 1 9. 1 %		2 5 6 2 9. 0 %
h d O v e r e a	1 2 9 1. 3 %	5 2 1 0 0. 2 %	5 2 1 2 0. 1 %	6 1 1 3 9. 7 %	4 1 1 4 9. 5 %		8 1 1 6 9. 0 %
E B I T D A %	4 0 9. 3 %	6 4 1 2. 4 %	7 6 1 2. 3 %	8 9 1 3 %	9 2 1 2. 5 %		1 1 4 1 3. 0 %
E B I T %	2 5 8 % 5.	4 4 8. % 4	5 5 8. 9 %	6 4 9. 2 %	6 4 * 8. % 6		8 0 9. 0 %

*after non recurring items

before € 67.4 (9.1%)

NETDEBT€/mln

3 -Year Business Plan

in the previous plan

67

CASHFLOW

3 -Year Business Plan

l € / m n	2 0 1 4	2 0 1 5	2 0 1 6	2 0 1 7	2 0 1 8 e	2 0 2 1 e
h f l G C r o s s a s o w les % t s ne a	3 8 9. 0 %	6 4 8. 9 %	4 7 % 7. 4	7 4 0. 9 % 1	3 5 % 7. 1	9 6 9 % 7.
I t t n v e s m e n s les % t s ne a	-2 1 9 % 4.	-2 5 9 % 4.	-3 2 2 % 5.	-3 9 % 5. 7	-4 5 % 6. 1	4 8 - 5. 4 %
h f l N C t e a s o w % les t s ne a	1 7 4. 1 %	2 1 4. 1 %	1 5 2. 2 %	3 5 5. 2 %	8 1. 1 %	2 1 2. 4 %
d d D i i e n s v	-4 8 0. 1 8 ha p er s re	-9 8 0. 3 6 p ha er s re	-9 8 0. 3 6 p ha er s re	-9 8 0. 3 6 p ha er s re	-1 3. 1 0. 4 8 p ha er s re	-1 4. 0 f f 3 0 % i t p t o ne ro

Without IFRS16 effects

OPERATIVE NETWORKINGCAPITAL

7.4% O.N.W.C. incidence2018-2020 plan

90

• inventories below 22% incidence on Net Sales
• Group DSO around 50-60 days max
• Group DPO around 105-110 days

OPERATIVE NETWORKINGCAPITAL

€ l / m n	2 0 1 4	2 0 1 5	2 0 1 6	2 0 1 7	2 0 1 8 e	2 0 2 1 e
I i t n v e n o r e s % les t s ne a da s y	2 3. 0 % 2 0 2	2 1. 5 % 1 9 7	2 1. 1 % 1 9 5	2 0. 8 % 1 9 4	2 2. 1 % 2 0 2	2 1 3 % 1 9 6
b l R i e c e v a e s % les t s ne a da y s	1 8. 9 % 6 6	2 0. 3 % 7 1	2 0. 8 % 7 2	1 7. 3 % 7 3	1 7. 7 % 6 1	1 9 0 % 6 6
b l P a y a e s les % t s ne a da y s	2 8. 8 % 1 5 5	2 9. 5 % 1 6 7	3 1. 1 % 1 7 6	3 2. 4 % 1 8 6	3 2. 5 % 1 8 5	3 1 2 % 1 8 0
i N t t o p e r a v e e k i i l W C t o r n g a p a l % t n e s a e s	5 6 3. 0 % 1	6 3 2. 2 % 1	6 7 0. 8 % 1	3 9 % 5. 6	5 3. 4 2 % 7.	8 1 9 2 %

RECEIVABLESPAYABLESINVENTORIES

3 -Year Business Plan

71

CAPEX

€/mln

3 -Year Business Plan

main investments items:

• Mechatronics – HSD takeover of the Bi.Fin srl leasing (existing site in Gradara)
• Wood stand alone machines vertical authowarehouse (traslo)
• Subsidiary Biesse America campus
• ComponentsCosmec working centers
• I.T. Service CRM – product configurator –I.I.o.T.
• R&D capitalized

OUR FUTUREIN FIGURES

• 3.1 OUR FUTURE IN FIGURES
• 3.2 OTHER FIGURES
• 3.3 ANNEX

• 3.4 THE SHARE

• MACROECONOMIC CONTEXT

• GDP BY COUNTRY
• GDP BY AREA
• BIESSE PERFORMANCE
• SHAREHOLDERS & B.O.D.
• FORNITURE MARKET
• CRESME & CSIL VIEW

3.2

MACROECONOMICCONTEXT - GDP BY COUNTRY GDP YoY Growth (%)3 -Year Business Plan

Source:Bloomberg, January 2019

MACROECONOMICCONTEXT - GDP BY COUNTRY 3 -Year Business Plan

World, Advanced Economies & EMDEs YoY Growth (%)

Source:Bloomberg, January 2019

WORLD GDP & PMI BY MAINMACRO AREA

FURNITURE

3 -Year Business Plan

Furniture demand by countries

U.S.A. Germany Italy India Other

Furniture consumption. Countries grouped by geographical region, 2019. Forecast of yearly

Source:CSIL 2018e

China

CRESME & CSIL VIEW (1) 3 -Year Business Plan

Building Investments World trends1.0001.5002.0002.5003.0003.500Residential Non Residential USD billion02004006008001.000China Italy WorldBuilding Investments comparing China, Italy, World

Source: CSIL 2018eNote:(*) Preliminary; (**) Projected

CRESME & CSIL VIEW(2)

3 -Year Business Plan

% breakdown of world furniture production, 2018e

Main furniture exporting countries 2012-2018e

CRESME & CSIL VIEW (3) 3 -Year Business Plan

World trade of furniture and annual percentage changes.

China – Main furniture trading partners

f f O i i i t r g n o u r n i t m p o r s	u r e	f f i i i D t t t e s n a o n o u r n u r e t e x p o r s
l I t a y	1 8, 8 %	U S A	3 6, 9 %
G e r m a n y	8 % 1 4,	J a p a n	% 5, 6
V i t e n a m	8, 5 %	U K	4, 9 %
l d P o a n	7, 0 %	l A i t u s r a a	3, 8 %
S U A	6, 0 %	G e r m a n y	3, % 7
J A P A N	5, 7 %	H K o n g o n g	3, 3 %
h S K t o u o r e a	4, 4 %	h S K t o u o r e a	3, 2 %
i T a w a n	2, 9 %	C d a n a a	3, % 1
C h i n a	2, % 7	F r a n c e	2, % 4
U K	2, 6 %	S i n g a p o r e	2, 2 %

81

ANNEXIFRS IMPACTS (INITIAL EVALUATION)

3.3

IFRS 16 IMPACTS

3 -Year Business Plan "…..IFRS ¹⁶ is an International Financial Reporting Standard (IFRS) providing guidance on accounting for leases. IFRS ¹⁶ was issued in January ²⁰¹⁶ and will be effective for most companies that report under IFRS in 2019. Upon becoming effective, it will replace the earlier leasing standard, IAS 17. ….The new standard will provide much-needed transparency on companies' lease assets and liabilities, meaningthat off balance sheet lease financing is no longer lurking in the shadows. It will also improve comparability between companies that leaseand those that borrow to buy……"

EBITDA WITH THE IFRS16 IMPACTS

€/mln

84

NET DEBT WITH THE IFRS 16 IMPACTS

best scenario without changes

OUR FUTURE IN FIGURES

3.1 OUR FUTURE IN FIGURES3.2 OTHER FIGURES3.3 ANNEX3.4 THE SHARE

3.4

VS INDEXBIESSE SHARE2018E TREND:

87

VS ITALIAN PEERSBIESSE SHARE2018E TREND:

89