INTEGRATED RESEARCH LIMITED — Annual Report 2021

Aug 18, 2021

Integrated Research Limited (IRI) FY2021 Annual Financial Results

19 August 2021

John Ruthven, CEO Peter Adams, CFO

Agenda

3 Section 1 – Results Analysis 14 Section 2 – Transition and Growth Strategy 25 Appendix

IR’s transition to a SaaS model is underway, with higher quality subscription revenues and greater leverage to long term growth trends

Section 1 – Results Analysis

CEO key messages

Executing transition strategy to a SaaS subscription model, improved 2H performance

1. Transitioning to higher quality, growing SaaS subscription-based revenues

2. FY21 results impacted by deal deferrals and cautious buyer behaviour in 1H

3. Revenue down 29%, NPAT in constant currency down 51%

4. Execution of 4-point recovery plan drives improved 2H performance

5. Sales execution, accelerate product roadmap to SaaS, cost management and resourcing.

6. 2H revenue +30% v 1H, NPAT in constant currency + 210%, solid cash flow

7. IR is strategically well positioned to capitalise on positive growth trends in remote working and cashless payments and build share in expanded $1.2B TAM.

4

Full-year performance review (A$M)

New product launches and sales execution drive 2H recovery following weak 1H

==> picture [321 x 328] intentionally omitted <==

----- Start of picture text -----

110.9
78.5
29%
REVENUE
Jun-20 Jun-21
24.1
7.9 67%
NPAT
Jun-20 Jun-21
24.1
NPAT IN
CONSTANT 11.9
51%
CURRENCY
Jun-20 Jun-21
----- End of picture text -----

==> picture [415 x 371] intentionally omitted <==

----- Start of picture text -----

96.4
CASH RECEIPTS 78.8
FROM
18%
CUSTOMERS
Jun-20 Jun-21
24.2
21.1
OPERATING
13%
CASH FLOW
Jun-20 Jun-21
5.5
4.7
16%
NET CASH
Jun-20 Jun-21
5
----- End of picture text -----

2H FY21 Results (A$M)

Improved 2H performance - revenue and profit recovery

==> picture [170 x 89] intentionally omitted <==

----- Start of picture text -----

57.7
53.2
44.4
34.1 30%
1H FY20 2H FY20 1H FY21 2H FY21
----- End of picture text -----

REVENUE

==> picture [336 x 100] intentionally omitted <==

----- Start of picture text -----

12.3
11.8
9.0
NPAT IN
210%
CONSTANT
CURRENCY 2.9
1H FY20 2H FY20 1H FY21 2H FY21
----- End of picture text -----

==> picture [331 x 94] intentionally omitted <==

----- Start of picture text -----

13.2
11.0 11.3
9.8
OPERATING 14%
CASH FLOW
1H FY20 2H FY20 1H FY21 2H FY21
----- End of picture text -----

==> picture [338 x 86] intentionally omitted <==

----- Start of picture text -----

38.9% 38.5% 39.4%
26.4 PT
EBITDA MARGIN 13.0%
1H FY20 2H FY20 1H FY21 2H FY21
----- End of picture text -----

Note: growth metrics represent FY21 2H vs FY21 1H

6

Transition underway

Executing clear plan to transition to higher quality growing SaaS based subscription revenues

==> picture [825 x 403] intentionally omitted <==

----- Start of picture text -----

Product Expand
New SaaS Extend &
and new
products Enhance
Platform segments
Growing
Upfront
share High level
Revenue revenue
subscription of ARR
recognition
revenues
Proforma TCV &
Performance SaaS
subscription free cash
Metrics metrics
revenue flow
FY21 FY22 FY23
innovation execution scale
7
----- End of picture text -----

FY21 progress report

Delivering product and platform to support SaaS growth

Customer growth &		SaaS customer		Product innovation		Transition to
retention		acquisition				subscription
>100 renewal & capacity deals in H2		On-board strategic foundational platform customers		Coverage of the 3 largest cloud collaboration vendors		Reliable and predictable revenue streams	WIP
>40 new customers	27	20+ customers	5	Entry into Real-Time Payments market	WIP	Flex-licensing to support customer journey
Customer success managers		Grow ARR base (revenue backlog)		Revamped Product Management Leadership		Back-office system & process readiness	WIP

8

Revenue

Proforma subscription revenue and cash receipts steady in US dollars

Annual results(statutory)	Jun 2021	Jun 2020	% change
	A$M	A$M
Revenue from licence fees	47.4	72.1	(34%)
Revenue from maintenance fees	18.1	23.9	(24%)
Revenue from subscription fees	0.3	0.7	(55%)
Revenue from testing solution services	4.3	5.5	(22%)
Revenue from professional services	8.4	8.6	(3%)
Total revenue	78.5	110.9	(29%)
Revenue in constant currency*	85.8	110.9	(23%)
Proforma subscription revenue in USD	US$52.1	US$53.9	(3%)
Proforma revenue in USD*	US$62.5	US$66.2	(6%)
Cash receipts from customers in USD**	US$58.9	US$58.9	0%

• • non-statutory measure; refer appendix for reconciliation of statutory revenue to proforma revenue

** - no debtor factoring in FY21 (prior year debtor factoring excluded to enable comparison)

9

Geographic and Product revenue analysis

==> picture [36 x 38] intentionally omitted <==

Subscription revenue; stable performance in US dollars

Geographic

==> picture [881 x 382] intentionally omitted <==

----- Start of picture text -----

Americas - US$M Asia Pacific - A$M Europe - £M
60 20 10
18
50
16 8
14
40
12 6
30 10
8 4
20
6
4 2
10
2
0 0 0
2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021
Proforma subscription Statutory Proforma subscription Statutory Proforma subscription Statutory
Product
Collaborate $M Infrastructure $M
Transact $M
35
20
30
25 15
20
15 10
10
5
5
0
0
2015 2016 2017 2018 2019 2020 2021
2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021
Proforma subscription AUD Proforma subscription USD Proforma subscription AUD Proforma subscription USD Proforma subscription AUD Proforma subscription USD
Statutory AUD Statutory AUD Statutory AUD
----- End of picture text -----

==> picture [284 x 177] intentionally omitted <==

----- Start of picture text -----

Americas - US$M
60
50
40
30
20
10
0
2015 2016 2017 2018 2019 2020 2021
Proforma subscription Statutory
----- End of picture text -----

==> picture [267 x 141] intentionally omitted <==

----- Start of picture text -----

70
60
50
40
30
20
10
0
2015 2016 2017 2018 2019 2020 2021
Proforma subscription AUD Proforma subscription USD
Statutory AUD
----- End of picture text -----

10

Note: Proforma subscription revenue is a non-statutory alternate view of term licence and maintenance revenue (unaudited); refer appendix for calculations

Operating expenses

Investment in product development to expand addressable market and leverage to growth trends

Annual results	Jun 2021	Jun 2020	% change
	A$M	A$M
Gross research and development spend	21.3	22.5	(6%)
Capitalisation of development expenses	(12.0)	(14.0)	(14%)
Amortisation of capitalised expenses	9.8	8.8	11%
Research and development (net)	19.1	17.4	10%
Sales, professional services and marketing	43.4	54.6	(20%)
General and administration	6.2	6.2	0%
Total operating expenditure	68.7	78.2	(12%)
Net other losses (eg foreign currency revaluation)	(1.3)	(1.9)	(30%)
Expenditure in constant currency	71.7	78.2	(8%)
Gross development spend : revenue	27%	20%

Development Costs

• Innovation agenda maintained

• • Spend mostly geared to SaaS platform and new products

11

Net cash flow analysis

Positive operating cash flow funds growth investments

==> picture [133 x 55] intentionally omitted <==

----- Start of picture text -----

Strong balance
Strong cash flow sheet – net
cash $4.7M
from operations
----- End of picture text -----

==> picture [899 x 338] intentionally omitted <==

----- Start of picture text -----

30 cash $4.7M
from operations
21.1 12.0
20
No debtor
6.5
factoring
10
1.9
5.5
4.7
Development
spend includes
0
Opening net cash Cash from operations Development spend FY20 Final dividend FX, Interest & other Closing net cash SaaS platform
Strong balance
sheet – no debt
12
A$M
----- End of picture text -----

Balance sheet

Increased net cash

Strong balance sheet – no debt Undrawn debt facility of $14.7M Strong balance sheet – net cash $4.7M Trade receivables - strong source of future cash Strong balance sheet – net cash $5.5M	Jun 21 Jun 20
	A$M A$M
	Cashand cashequivalents 12.1 9.7
	Trade and other receivables 79.5 87.3
	IntangibleAssets 30.0 29.1
	Right-of-useAssets 6.0 6.4
	AllOther Assets 7.5 7.4
	Total Assets 135.1 139.8
	Trade and other liabilities 10.2 10.2
	Borrowings 6.7 5.0
	Provisions 4.7 4.6
	Tax liabilities 7.2 8.6
	Deferredrevenue 16.4 22.3
	Lease and other liabilities 6.5 6.6
	Total liabilities 51.7 57.3
	Net assets 83.3 82.5

13

Section 2 - Transition and Growth Strategy

Platform approach to product innovation Drives Access to Larger Market Opportunity

==> picture [683 x 320] intentionally omitted <==

----- Start of picture text -----

Platform
innovation
Transition to SaaS
enables higher
enables growth in
value solutions
new customers
Add SaaS support and faster time to
and leverage Hybrid market
differentiation
Maintain on prem
solutions for new
& existing customers
On-premise Hybrid SaaS Platform
Total Addressable Market
----- End of picture text -----

15

Product strategy

New product launches expand addressable market and leverage to long term growth trends

==> picture [750 x 311] intentionally omitted <==

----- Start of picture text -----

predictive
analytics smart
intelligence
marketplace
A$1.2B TAM wide open API’s
new vendors
cloud
edge deep
legacy
----- End of picture text -----

16

Accelerated move to cashless payments

IR is well placed to benefit from cards growth and new real-time payments

• Traditional payment market disrupted by emerging payment methods and Fintechs

• Cashless payments rising on the back of pandemic related dynamics

• New standards drive need for updated High-value and Real-time solutions

Market	Market	Market	Opportunity	Opportunity
Global Non-Cash Transactions (excl. cheques)	737B Payments transactions	11.5% CAGR	Card Payments	Provide payment-related analytics to enterprises and banks
				Provide to a broader range of user types within new and existing customers
			Real-Time Payments	Launch of new High Value product line, and upcoming Real Time Payments product
				Provide monitoring and analytics tools to provide real-time insights to customers

Source: Capgemini World Payments Report 2020

17

Continued growth in high value conferencing segment IR well placed to leverage trend to ’Hybrid Work’

• ’Hybrid Working’ increases UC system complexity and further exposes UC challenges

• Industry specific video applications (e.g. Healthcare) are increasing the mission critical nature of UCaaS

• Vendors and carriers partnering to integrate carrier telephony with UCaaS at scale

• Growth in video enabled collaboration spaces is accelerating – higher expectations on user experience

==> picture [891 x 278] intentionally omitted <==

----- Start of picture text -----

Market [1] Opportunity
Cisco opportunity increases as IR is the
recommended replacement for Cisco’s end-
On-
of-sale UC monitoring tool
48%
premises
Demand for our Avaya solutions remains
Growth 2020
185M strong with existing customers
550M
conferencing
UC users MS Teams, Zoom & Webex solutions targeting
users 7%
net-new and cross sell
CAGR
(2021-25) Cloud Upcoming telephony support in the cloud
creates strong differentiation and value for
enterprise & service provider
----- End of picture text -----

1. Source: Gartner UC Market Forecast 2Q21 – Jun 2021

18

Quality customer base

==> picture [36 x 38] intentionally omitted <==

Long-term, high value relationships based on mission critical solutions

==> picture [898 x 389] intentionally omitted <==

----- Start of picture text -----

Customer Tenure Contract Length New Logos Maintenance Retention Rate
100%
FY20
97%
FY20 FY21
90% FY21
89%
80% 87%
60%
60% 40%
50% 40
15 Years+
35
40% 38
30
30%
11-15 Years 25
20% 20 26 27 20%
6-10 Years 10% 15
0% 10
FY2018 FY2019 FY2020 FY2021
1-5 Years 5
0%
one and two years three and four years 0 Collaborate Transact
five years perpetual FY19 FY20 FY21 Infrastructure
----- End of picture text -----

19

FY22 Action Plan

Clear execution priorities to accelerate transition benefits

Sales Product & Development

Business Support

Sales	Product & Development	Business Support
Implement go-to-market changes to	Deliver new products & enhancements	Manage the Transform IR, a
increase new business sales with a Focus	to extend our customer value proposition	comprehensive company-wide
Accounts territory model		change management program
Implement CX360, a program to enable	Adopt a build vs buy vs partner strategy,	'Unitise’ the business in support of the
the sales team & increase field	to accelerate time to market in key	transition of the business model;
productivity	portfolio areas	including business reporting
Accelerate demand generation &	Increase product velocity with	Implement key reward & recognition
pipeline build through increased	augmentation and using cloud native	initiatives to retain staff in a highly
program spend & SDRs	services to allow focus on differentiating	competitive market
	capabilities and thought leadership

20

FY22 Key Performance Indicators

New customers and product launches support transition to SaaS growth

Customer growth New customer Product & retention acquisition innovation

Business Model Transition

TCV from new products & capacity 20% New customers 75 to existing customers the last 5 years Extend 3[[rd]] party Proforma subscription TCV from new 92% 30% strategic Revenue retention customers relationships

Percent of TCV from Growth in cloud products released in 15% deferred revenue 100% the last 5 years backlog Extend 3[[rd]] party Systems & process strategic readiness to report SaaS metrics

Customer retention 95%

Development spend 14% to TCV

21

Conclusions

1. Transition is underway – executing plan to grow higher quality, SaaS based subscription revenues

2. Recovery in 2H results, with revenue and profit growth

3. New product launches expand addressable market opportunities

4. Increasing leverage to long term growth trends in cashless payments and remote working

22

Disclaimer

Disclaimer

SUMMARY INFORMATION

This document and the associated transcript (together “the presentation”) has been prepared by Integrated Research Limited (ABN 76 003 588 449) (IRI). The presentation provides general background Information about IRI's activities current at the date of preparation. IRI is not responsible for updating, and does not undertake to update, the presentation. It contains information in a summary form and does not purport to be complete. It should be read in conjunction with IRI's other announcements released to ASX (available at www.asx.com au).

NOT INVESTMENT ADVICE

The information contained in the presentation does not constitute investment or financial product advice or a recommendation to acquire shares or other financial products. It does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consider these factors, with professional advice if appropriate, before making an investment decision.

FINANCIAL INFORMATION

All dollar values are in Australian Dollars (A$) unless stated otherwise. All financial information is presented in respect of the year ended 30 June 2021 unless stated otherwise. The presentation contains certain non-IFRS financial measures that IRI believes is relevant and appropriate to understanding its business. The presentation uses proforma subscription revenue, which is used consistently without bias year on year for comparability and to present a clear view of underlying results. The basis of preparation and a reconciliation to statutory results is provided in the appendix to this presentation. A number of figures, amounts and percentages in the presentation are subject to the effect of rounding.

FORWARD LOOKING STATEMENTS

The presentation contains certain "forward-looking statements”. The words “anticipate”, "believe", “expect”, "project", "forecast”, “estimate”, “likely”, "intend”, “should", “could", "may", "target", “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. While due care and attention has been used in the preparation of forward-looking statements, they are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors, some of which are beyond the control of IRI, that may cause actual results, conduct, performance or achievements to differ materially from those expressed or implied in such statements. There can be no assurance that the actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the outbreak of COVID-19. Neither IRI nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in the presentation will actually occur. All forward looking statements in the presentation reflect views only as at the date of this presentation. Except as required by applicable law or the ASX Listing Rules, IRI disclaims any obligation or undertaking to publicly update any forward-looking statements, whether as a result of new information or future events or otherwise.

PAST PERFORMANCE

Statements about past performance are not necessarily indicative of and should not be relied upon as an indication of, future performance.

==> picture [36 x 38] intentionally omitted <==

NOT AN OFFER

The presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under any law. The presentation does not constitute or contain an offer, invitation, solicitation, recommendation, advice or recommendation with respect to issue, purchase, or sale of any shares or financial products in any jurisdiction. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or to any 'US person’ (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. IRI shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

GENERAL

Each of IRI, its related bodies corporate and their respective affiliates, officers, employees, agents and advisers, to the maximum extent permitted by law, expressly disclaim any and all liability in respect of any expenses, losses, damages or costs (including indirect or consequential loss) arising from or in connection with this presentation or the information contained in or omitted from it, including, without limitation, any liability arising from fault, negligence or otherwise. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, reliability or completeness of information contained in the presentation. The information in the presentation remains subject to change without notice.

24

Appendix

Who we are

IR

IR is the leading global provider of performance management and analytics for enterprise communications, collaboration, and payment systems

Why customers buyCapabilities

Prognosis provides best in class Value Proposition performance management IR solutions simplify the complexity of modern across Unified Communications, technologies by optimising business-critical Contact Centres and Payments systems and processes through real-time insights in ecosystems, cloud, hybrid or a connected w o n-premises.rld

What we do

Capabilities

IR provides best in class performance management across collaboration and payments transactions ecosystems, cloud, hybrid or on-premises

Why we succeed

Competitive Advantage

The IR Prognosis hybrid-cloud platform is purpose built for the demands of real-time, complex, high-volume data. IR has 25% of the Fortune 500 ascustomers

26

Go-to-market model

==> picture [36 x 38] intentionally omitted <==

Customer “high touch” model

Sales Network

Direct: Global coverage with Fortune 500

Distribution:

==> picture [39 x 18] intentionally omitted <==

==> picture [42 x 18] intentionally omitted <==

==> picture [18 x 21] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [30 x 17] intentionally omitted <==

==> picture [49 x 13] intentionally omitted <==

==> picture [43 x 13] intentionally omitted <==

==> picture [36 x 20] intentionally omitted <==

==> picture [24 x 22] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [45 x 10] intentionally omitted <==

==> picture [37 x 16] intentionally omitted <==

==> picture [54 x 13] intentionally omitted <==

==> picture [713 x 274] intentionally omitted <==

----- Start of picture text -----

Direct Sales Indirect Sales Service Provider Sales
Alliance Partners
Distribution
Resellers Service Providers
Customers
----- End of picture text -----

27

Platform approach to product innovation

==> picture [36 x 38] intentionally omitted <==

Collaborate Transact Infrastructure End user experience monitoring Card Transactions Hardware UC application monitoring Payments Application Health Operating System Network Troubleshooting Virtualization Platform Capabilities Common services architected for product-line and/or portfolio-wide use to streamline product delivery Cloud connectors Edge connectors Connect & Interact with other cloud services Intelligent Edge Capabilities deployed on-premise Prognosis Cloud Prognosis Server Rapid delivery of new capabilities and products Continue serving customers with hybrid delivery of features

28

Proforma subscription revenue

Purpose:

To provide an alternate view of underlying performance by restating term licence and maintenance revenues on a recurring subscription basis

How:

• All licence sales from FY2012 to FY2021 were analysed for each region in their natural currencies (the historic analysis period)

• Perpetual deals have been reported separately in the year sold

• Subscription revenues have been calculated by aggregating amortised licence revenues with maintenance revenues for each product line

• Other revenue streams have been reported the same as the statutory accounts (e.g. professional services and testing services)

• A reconciliation of proforma revenues and statutory revenue has been included for the reporting period

29

Proforma subscription revenue

==> picture [36 x 38] intentionally omitted <==

Annual revenue	FY19	FY20	FY21	FY19	FY20	FY21
	A$M	A$M	A$M
Infrastructure	20.3	21.5	18.3	3%	6%	-15%
Transact	8.4	10.5	10.0	28%	25%	-5%
Collaborate	45.2	49.3	41.4	20%	9%	-16%
Proforma subscription revenue	73.8	81.3	69.6	16%	10%	-14%
Perpetual sales	2.9	4.3	1.2	62%	51%	-73%
Testing Services	5.0	5.5	4.3	-4%	11%	-22%
Professional Services	7.4	8.6	8.4	0%	17%	-3%
Proforma revenue	89.1	99.8	83.5	14%	12%	-16%
Statutory revenue	100.8	110.9	78.5	11%	10%	-29%
Reconciliation to Statutory Accounts:
Proforma revenue	89.1	99.8	83.5
Deduct Amortised licence fees	-48.3	-56.5	-51.2
Add Licence fees recognised upfront	60.0	67.6	46.2
Statutory revenue	100.8	110.9	78.5

30

Cash flow

==> picture [36 x 38] intentionally omitted <==

	FY21	FY20	Change
	A$M	A$M
Cash flows from operating activities
Cash receipts from customers ex debtor factoring	78.8	88.8	(11%)
Cash receipts from debtor factoring	-	7.6	(100%)
Cash receipts from customers	78.8	96.4	(18%)
Proceeds from government grants	0.6	-
Cash paid to suppliers and employees	(55.1)	(66.0)	(17%)
Cash generated from operations	24.3	30.3	(20%)
Income taxes paid	(3.2)	(6.2)	(48%)
Net cash from operating activities	21.1	24.2	(13%)
Net cash used in investing activities	(10.8)	(14.2)	(24%)
Net cash used in financing activities	(7.1)	(9.7)	(27%)
Net increase/ (decrease) in cash and cash equivalents	3.2	0.2	1500%
Cash and cash equivalents at 1 July	9.7	9.3	4%
Effects of exchange rate changes on cash	(0.8)	0.2
Cash and cash equivalents at 30 June	12.1	9.7	25%

31

Financial track record

==> picture [36 x 38] intentionally omitted <==

Year ending (A$M):	Jun-12	Jun-13	Jun-14	Jun-15	Jun-16	Jun-17	Jun-18	Jun-19	Jun-20	Jun-21
Licence fees	28.9	26.6	28.0	41.0	45.7	53.4	52.6	62.8	72.1	47.4
Revenue	48.6	48.9	53.2	70.3	84.5	91.2	91.2	100.8	110.9	78.5
EBIT	11.1	11.1	10.3	19.0	21.4	25.7	25.8	28.9	30.9	8.5
EBIT margin	23%	23%	19%	27%	25%	28%	28%	29%	28%	11%
EBITDA	18.5	18.6	17.8	28.1	32.0	37.0	36.2	40.2	42.9	21.9
EBITDA margin	38%	38%	33%	40%	38%	41%	40%	40%	39%	28%
NPAT	9.0	9.1	8.5	14.3	16.0	18.5	19.1	21.9	24.1	7.9
NPAT margin	19%	19%	16%	20%	19%	20%	21%	22%	22%	10%
Earnings per share (cents)	5.41	5.40	5.03	8.41	9.42	10.86	11.19	12.72	14.00	4.61
Total dividend per share (cents)	5.00	5.00	5.00	7.50	6.50	6.50	6.50	7.25	7.25	-
Payout ratio	92%	93%	99%	89%	69%	60%	58%	57%	50%	n/a
Return on equity	31%	30%	28%	39%	39%	38%	33%	31%	29%	10%
Growth rates:
Licence	15%	(8%)	5%	46%	11%	17%	(2%)	19%	15%	(34%)
Revenue	9%	1%	9%	32%	20%	8%	0%	11%	10%	(29%)
EBIT	19%	1%	(8%)	85%	13%	20%	1%	12%	7%	(73%)
EBITDA	17%	0%	(4%)	58%	14%	16%	(2%)	11%	7%	(49%)
NPAT	21%	0%	(6%)	68%	12%	16%	3%	14%	10%	(67%)

32