PRESS RELEASE / Boulogne-Billancourt, 19 February 2019



Stabilisation of recurring EBITDA1 2018 at €171 M after 9
years of decline ✓
Deep and swift transformation: €60 M1 reduction in the
cost base in 2018 compared to 20173 ✓
Targeting a return to growth in Digital order intake1 and
to moderate growth in recurring EBITDA1 in 2019 ✓



2018 Annual results:

- Digital order intake1: €529 million, -12.5% vs. 2017

- Digital revenues1: €571 million, -3.7% vs. 20173

- Consolidated revenues: €670 million, -9.3% vs. 20173

- Recurring EBITDA1: €171 million, +0.5% vs. 20173

- Consolidated EBITDA: €5 million, -97.0% vs. 20173

- Consolidated net income: -€81 million, vs. €317 million in 20173

- Recurring EBITDA1 – Capex1: €128 million, +8.5% vs. 20173

- Net financial debt5: €328 million, -1.2% vs. 2017


Q4 2018 Activity1:
- Digital order intake: €139 million, -24.1% vs. Q4 2017

- Digital revenues: €139 million, -8.7% vs. Q4 20173


2019 Outlook:

- Targeting growth in Digital order intake1

- Targeting moderate growth in recurring EBITDA1




1
Deep and swift transformation in 2018 setting the basis for a return to growth in 2019:

- €60 M1 reduction in the cost base compared to 2017

- Everything is in place in 2019 for a return to growth in Digital order intake (new
range of digital services, new customer segmentation, multichannel organisation,
e-commerce, variable compensation for the salesforce…)

- Targeting a return to moderate growth in recurring EBITDA1 in 2019



When releasing annual results for 2018, Solocal CEO Eric Boustouller said: “In 2018, we went
through a year of unprecedented and swift transformation for the company. We kept our
commitments: recurring EBITDA1 was stabilised at 171 million euros in 2018 after 9 years of decline.
Within a year, the cost structure inherited in 2017 has been substantially reduced, with drastic
savings of 60 million euros1. The new digital offer in subscription mode (Social, Presence, Sites) is
now available and will be supplemented with the Ranking range in July 2019. The multichannel
sales organisation is in place, in particular with the launch of solocal.com website in November
2018 and the e-commerce function in January 2019. We are running an initial TV, radio and web
advertising campaign in February to develop Solocal’s visibility and generate demand for our
new offers. 2019 will see a return to growth in Digital order intake with the ambition to progress in
each quarter.
In 2018, we set the foundations for the new Solocal, in 2019 we will start to harvest the first fruits of
this transformation process in which all our teams were engaged."




The Board of Directors approved the Group’s consolidated accounts as at 31st December 2018.
The procedures for auditing the consolidated accounts were carried out and the certification
report from the auditors is to be released.

In the presentation of its results and in this press release, Solocal isolates the dynamic of
continued activities from divested activities. Financial performance indicators are
commented on within the scope of continued activities. Financial items presented in this press
release for 2017 and Q4 2017 are restated in light of the 2018 scope of continued activities (See
Appendix 1).




2
1. Order intake1, Turnover1 and Backlog1

Solocal order intake1 in Q4 2018 and for the whole of 2018 are as follows:

In million euros Q4 2017 Q4 2018 Change 2017 2018 Change

604.1 528.7 -12.5%
Digital order intake 183.3 139.1 -24.1%

117.5 77.1 -34.4%
Print order intake 30.9 18.5 -40.1%

721.6 605.8
Total order intake 214.1 157.6 -26.4% -16.0%
Note: scope of continued activities. See Appendix for consolidated financial data.


Total order intake1 amounts to €158 million in Q4 2018, down -26.4% compared to Q4 2017. Digital
order intake1 was down -€44 million, i.e. -24.1%, whereas Print order intake1 was down -€12 million,
i.e. -40.1%, in Q4 2018 compared to Q4 2017.

This change is mainly due to an in-depth reorganisation of the sales force, with the departure
of some 400 persons in the sales force. This swift transformation of the sales organisation
significantly affected activity levels throughout the second half of 2018.

As for Print order intake1, customers and users keep moving away from traditional printed
products towards digital.

Total order intake1 in 2018 amounted to €606 million, down -16.0% compared to total order intake1
for 2017. Digital order intake1 for 2018 were down -€75 million, i.e. -12.5%, whereas Print order intake1
for 2017 were down €40 million, i.e. -34.4%.

Solocal’s performance indicators for Q4 2018 and for the year ending 31st December 2018 are as
follows:

Q4 2017 Q4 2018 Change 2017 2018 Change


Order intake on a subscription
basis (as a % of total order 13.9% 15.7% +1.8 pts 10.8% 15.5% +4.7 pts
intake)1,4

Audience: number of
0.43 0.44 +2.2% 1.71 1.73 +0.9%
PagesJaunes visits (in billions)1



Order intake1,4 on a subscription mode as a percentage of total order intake1,4 amounted to 16%
of total order intake1 and 18% of Digital order intake1, and were up +1.8 points in Q4 2018 compared
to Q4 2017. Order intake1 in subscription mode as a percentage of total order intake1,4 amounted to
15.5% and were up +4.7 points in 2018 compared to 2017. Subscription order intake1 mainly include
Websites, Booster Contact, the Social offer and the new Presence range. The new Presence digital
services offer has been deployed since November 2018 in test mode with ramping up planned for
2019.

The Pages Jaunes audience1 is up +2.2% in Q4 2018 compared to Q4 2017, and up +0.9% in 2018
compared to 2017. Mobile visits increased by +9.6% in 2018 compared to 2017, reaching a new
record in mobile usage, in line with the overall trend. Partnership related visits are up, with new
3
partnerships being forged throughout the year, in particular with Le Bon Coin in Q4 2018. Leads
generated by visitors increased by +1.6% in 2018 compared to 2017.



Solocal revenues1 in Q4 2018 and for the year ending 31st December 2018 are as follows:

In million euros Q4 20173 Q4 2018 Change 20173 2018 Change

Digital revenues1 152.1 138.8 -8.7% 592.8 571.0 -3.7%

Print revenues1 31.2 20.9 -33.1% 134.9 98.4 -27.1%

727.7 669.4
Total revenues1 183.3 159.7 -12.9% -8.0%


Note: scope of continued activities. See Appendix for consolidated financial data.


Digital revenues1 of €139 million in Q4 2018 were down -8.7% compared to Q4 20173 due to the
slowdown in Digital order intake1 in Q3 and Q4 2018, in a period of transition in the sales
organisation. Revenues from the Presence offer grew by double digits in Q4 2018. Digital activity
represents 87% of total revenues1 this quarter.
19% of the Q4 2018 Digital revenues1 derive from Q4 2018 Digital order intake1, whereas 22% of the
Q4 2017 Digital revenues1,3 derived from Q4 2017 Digital order intake1.

Print revenues1 of €21 million in Q4 2018 are down -33.1% compared to Q4 20173 while customers
and users keep moving away from printed directories towards digital media. Print activity
accounts for 13% of total revenues1 this quarter.

Total revenues1 for 2018 amount to €669 million, down -8.0% compared to 2017 total revenues1,3.
Digital revenues1 in 2018 were down -€22 million, i.e. -3.7%, mainly due to the decrease in order
intake in Q3 and Q4 2018. 2018 Print revenues1 were down -€37 million, i.e. -27.1%.

With revenues from divested activities, the 2018 total consolidated turnover amounted to €670
million, down -9.3% compared to the 20173 total consolidated turnover of €739 million.

Solocal order backlog1 at the end of 2018 is as follows:


In million euros 31/12/20173 31/12/2018 Change

Digital order backlog1 394.0 351.7 -10.7%

Print order backlog1 61.6 40.2 -34.6%

Total order backlog1 455.6 391.9 -14.0%


Note: scope of continued activities. See Appendix for consolidated financial data.


The total order backlog1 amounts to 392 million euros on 31 December 2018, down -14.0%
compared to 31 December 2017. This fall is in part due to the strong decline in the Print business
(drop in the Print order backlog1 of -34.6% on 31 December 2018 compared to 31 December 2017).
The Digital order backlog1 was down -10.7% due to a slowdown in Digital order intake1 in Q3 2018
and Q4 2018.

4
2. Costs

In million euros 20173 2018 Change

727.7 669.4
Total revenues1 -8.0%

Net recurring external expenses1 (190.8) (192.1) +0.7%

Recurring personnel expenses1 (366.5) (306.1) -16.5%

Recurring EBITDA1 170.4 171.2 +0.5%

Restructuring costs1 - (164.0) NA

Other non-recurring costs1 (15.1) (2.5) NA

155.3 4.7
EBITDA from continued activities -96.9%

151.5 4.6
Consolidated EBITDA -97.0%


Note: scope of continued activities. See Appendix for consolidated financial data.


Recurring net external expenses1 were -192 million euros, slightly up +0.7% in 2018 compared to
2017 due to an increase in direct production costs, offset by a decrease in costs related to the
transformation project.

Recurring personnel expenses1 were -306 million euros in 2018, down -16.5% compared to 2017,
due to the staff departures resulting from the transformation project. The 1,000 departures
initially planned over 2018 and 2019 were in fact fully achieved in 2018.

Non-recurring items that impact EBITDA amounted to -167 million euros and include mainly -
164 million euros in restructuring costs resulting from the transformation project. These -164
million euros can be broken down as follows:

- -215 million euros in estimated provisioned costs resulting from the headcount
reduction of 1,000 concerned by the transformation project carried out in 2018 and other
restructuring-related expenses,

- 51 million euros in provision reversals initially set aside for retirement benefits and long-
service awards in relation to the positions cut,

- i.e. a net estimated cost of -164 million euros. 36 million euros of this amount were
disbursed in 2018, the net provision as at 31 December 2018 thus amounts to 128 million euros.

Personnel expenses related to the departures of employees are accounted for as non-recurring
costs as of the date of their departure.




5
3. EBITDA

In million euros 20173 2018 Change

Recurring EBITDA from continued activities 170.4 171.2 +0.5%

EBITDA / Recurring revenues from continued activities 23.4% 25.6% +2.2 pts

Contribution from non-recurring items1 (15.1) (166.5) NA

EBITDA from continued activities 155.3 4.7 -96.9%

EBITDA / Revenues from continued activities 21.3% 0.7% -20.6 pts

EBITDA from divested activities (3.8) (0.1) +96.3%

Consolidated EBITDA 151.5 4.6 -97.0%

EBITDA / Consolidated revenues 20.5% 0.7% -19.8 pts


Recurring EBITDA1 was 171 million euros in 2018, up +0.5% compared to 20173, the decrease in
revenues1 being offset in particular by the reduction in the cost base of 60 million euros1 under the
transformation project.

The Recurring EBITDA1 / recurring revenues1 margin was 25.6% in 2018, up +2.2 points vs. 20173.

Non-recurring EBITDA1 was -167 million euros in 2018 mainly due to the net costs related to the
transformation project amounting to -164 million euros.

With non-recurring items and divested activities, consolidated EBITDA amounted to 4.6 million
euros in 2018 vs. 151.5 million euros in 2017.



4. Net Income

In million euros 20173 2018 Change

Recurring EBITDA from continued activities 170.4 171.2 +0.5%

Depreciation and amortisation1 (63.9) (61.9) -3.1%

Net financial result before debt restructuring1 (28.2) (36.7) -30.1%

Recurring income before tax from Continued activities 78.4 72.7 -7.3%

Contribution of non-recurring items1 to net income 250.7 (166.5) NA

Of which Restructuring costs1 - (164.0) NA

Of which Net gain from debt restructuring1 265.8 - NA

Pre-tax income from continued activities 329.0 (93.9) NA

Contribution of divested activities to net income 6.6 (0.2) NA

Corporate income tax (18.8) 12.9 NA

Consolidated net income 316.8 (81.2) NA




6
Depreciation and amortisation1 amounted to -62 million euros in 2018, down -3.1% compared to
2017. This can be explained mainly by tight control over investments in 2018.

Net financial income1 was -37 million euros in 2018, compared to -28 million euros (excluding debt
restructuring) in 2017. This change is mainly due to interest expenses for the bond debt of 32 million
euros in 2018 vs. 24 million euros in 2017. As part of the financial restructuring of the debt in the first
quarter 2017, the new debt did not bear interest from 1 January to 14 March 2017.

The pre-tax recurring income for continued activities amounted to 73 million euros in 2018, down
-7.3% vs. 20173.

The pre-tax income for continued activities was -94 million euros in 2018, due to the costs of -164
million euros related mainly to the transformation project in 2018. In 20173, pre-tax income for
continued activities was 329 million euros, due to the net gain from debt restructuring of 266
million euros.

The corporate income tax income was 13 million euros in 2018, consisting of -5 million euros paid
mainly under the CVAE (Corporate value added contribution) and of deferred tax income of 18
million euros. This deferred tax income is mainly due to deferred tax assets generated in 2018 from
the French tax consolidation. In 2017, the corporate income expense amounted to -19 million euros.

Since the contribution from divested activities to net income was close to zero, the consolidated
net income for the Group was -81 million euros in 2018 vs. 317 million euros in 20173.




5. Cash flow and indebtedness

In million euros 20173 2018

Recurring EBITDA from continued activities 170.4 171.2

Non-monetary items included in EBITDA1 1.8 10.5

Change in working capital1 (13.3) (14.4)

Acquisitions of tangible and intangible fixed assets1 (52.8) (43.6)

Cash financial income1 (55.8) (31.7)

Non-recurring items1 (26.7) (67.8)
Incl. restructuring (26.7) (49.8)

Incl. change in non-recurring working capital - (18.0)

Corporate income tax paid (44.6) (15.8)

Free cash flow from continued activities (21.0) 8.4

Free cash flow from divested activities (3.7) (0.1)

Consolidated free cash flow (24.7) 8.3




7
The change in working capital requirements1 is -14 million euros in 2018 vs. -13 million euros in
20173.

Non-recurring items1 amounted to -68 million euros in 2018 and include -36 million euros related
to the transformation project, -14 million euros of non-recurring disbursements not related to the
2018 PSE (former 2014 PSE and 2015 mobility plan, natural departures not replaced, restructuring in
subsidiaries outside France, etc.) and -18 million euros of change in non-recurring working capital
(decrease in social provisions in the balance sheet as a result of the headcount reduction of
approximately 1,000 people).

With the contribution from divested activities, consolidated free cash-flow for the Group was 8
million euros in 2018 vs. -25 million euros in 2017.

As of 31 December 2018, the Group had net cash position of 82 million euros vs. 86 million euros as
of 31 December 2017.

The conversion rate for recurring EBITDA1 into operating cash flow1 as calculated by the formula
((recurring EBITDA1 + change in WCR1 – capex1) / recurring EBITDA1) was 66% in 2018 vs. 61% in 20173.

Net financial debt5 was 328 million euros as at 31 December 2018 compared to 332 million euros
as at 31 December 20173.

Financial leverage such as defined in the bond documentation concerning Solocal’s 2022 bond
is 1.79x as at 31 December 2018.

An agreement was reached in February 2019 in order to put in place a revolving credit facility (RCF)
of 15 million euros with two banks.
A working capital facility was signed in December 2018 with a financial partner.
Other discussions are ongoing with several banks in order to achieve other similar agreements.
In addition, a technical reallocation between baskets in the bond documentation could be
considered, which would allow the company to gain flexibility in the use of working capital
facilities. Such an amendment would only require the agreement of bondholders by a simple
majority.

According to the cash outflows the Group is projecting (based in particular on the growth of
Digital sales1 over 2019) and taking into account the financial facilities described above, the Group
is in a position to finance its business activity in 2019 as well as the large outflows, related to the
PSE, which will take place in the third and fourth quarter of 2019.




8
6. Other information

The new Leases standard (IFRS 16), applied from 1 January 2019, will result in all lease commitments,
as defined by the new standard, being recognised in the Group's balance sheet whereas they are
currently recognised as off-balance-sheet commitments, and finance leases contracts. The first
application of this standard will impact the Group's balance sheet as follows:
- Recognition of a lease debt among liabilities (discounted residual future rentals)
- In exchange for a right-of-use recorded in the assets as a fixed asset amortised over the
lease term
Leases with a residual term of less than twelve months and leases concerning low value assets
are excluded. Most lease contracts concern the Group's head offices.
The impact on the balance sheet on 1 January 2019 will be between 105 and 115 million euros. The
impact of the application of this standard on recurring EBITDA1 is estimated at some +15 million
euros. This new accounting standard does not impact cash nor the calculation of the financial
leverage ratio as defined in the bond documentation.

Furthermore, as a result of the announcement made by the French Government at the end of
2018, Solocal management said it paid out in January 2019 an exceptional bonus of 400 euros
to over 400 staff having the lowest compensation.

Solocal also confirms the signature of an agreement concerning the implementation of the
new works council. This agreement has been signed with 3 majority trade unions. This is a new
important step in the evolution of the social dialogue within the company. The elections will
take place in March 2019.




Outlook for 2019

The company is targeting moderate growth in recurring EBITDA1 , growth in Digital order intake1 in
2019 as well as maintaining a conversion rate for recurring EBITDA1 into operating cash flow above
60%. (under the same accounting standard as before application of the new IFRS 16 standard)




Next major dates in the financial calendar

The next dates (indicative) in the financial calendar are as follows:

General meeting of shareholders: 11 April 2019 at Solocal's registered offices at 204 rond-
•
point du Pont de Sèvres 92100 Boulogne-Billancourt
Publication of 1st quarter 2019 revenues: 29 April 2019
•
Publication of 1st half earnings and revenues for the 2nd quarter 2019: 30 July 2019
•
Publication of 3rd quarter 2019 revenues: 5 November 2019
•


9
Notes:
Continued activities
1


Compared to the 2017 cost base
2


Restated under IFRS 15
3


Scope excluding ClicRDV, Effilab, Leadformance, Mappy, Ooreka, QDQ, SoMS and non significant
4


subsidiaries, representing approx.. 92% of consolidated turnover
Net financial debt: gross financial debt less cash and cash equivalents
5




Definitions;
Audience : Indicator of visits and access to content on a defined period
Backlog: Order backlog corresponds to the outstanding portion of revenues still to be recognised as of 31
December from order bookings validated and engaged by customers. Regarding products in subscription
mode, only the current commitment period is taken into account
EBITDA (earnings before interests, taxes, depreciation and amortisation): EBITDA is an alternative
performance indicator presented in the profit & loss statement at the level of operating income before
taking into account depreciation and amortisation.
Recurring EBITDA corresponds to EBITDA before taking into account non-recurring items such as
restructuring costs. These non recurring items are income and expenses in a limited number, unusual,
abnormal, and infrequent and of amounts particularly significant. They correspond to :
Gains or losses realised on the disposal of assets
-
Depreciations of non current tangible and intangible assets
-
- Restructuring costs : costs corresponding to a planned program and controlled by the
management, which has a significant impact on the scope of activities of the Group or the
way this business is managed, under the IAS 37 criteria.
Order intake: Orders booked by the sales force, which should translate into the performance of a service by
the Group for its customers.




Solocal - www.solocal.com
We are the local digital partner for companies. Our job: advising and supporting them to boost their activity thanks to our digital services
(Digital Presence, Digital Advertising, Websites, New Solutions and Digital to Print). We also provide users with the best possible digital
experience with PagesJaunes, Mappy and Ooreka, and our partners (Google, Facebook, Apple, Microsoft/Bing, Yahoo!, etc.). We provide
professionals and the public with our high audience services, geolocalised data, scalable technology platforms, unparalleled order intake
coverage across France, our privileged partnerships with GAFAM and our talents in terms of data, development, digital marketing, etc. We
gather more than 430,000 companies all over France and 2.4 billion visits on our services. To know more about Solocal (Euronext Paris
“LOCAL”): let's keep in touch @solocal




Press contacts Investor contacts Follow us

CharlottePenalva +33 (0)1 46 23 35 31
Delphine Millet +33 (0)1 46 23 30 00 Nathalie Etzenbach-huguenin
dpenalva@solocal.com
cmillet2@solocal.com +33 (0)1 46 23 48 63
netzenbach@solocal.com
Edwige Druon +33 (0)1 46 23 37 56
edruon@solocal.com Alima Lelarge Levy +33 (0)1 46 23 37 72 solocal.com
alelargelevy@solocal.com
Alexandra Kunysz +33 (0)1 46 23 47 45
akunysz@solocal.com
10
Appendix I: Divested activities

In the course of fiscal year 2018, the Group divested from the following non-
strategic activities (“divested activities”):
- NetVendeur: 09 March 2018
- Retail Explorer: 31 May 2018
- Effilab Australia: 28 June 2018
- Effilab Dubai: 19 June 2018




11
Appendix II: Consolidated income statement




In million euros 31 December 20173 31 December 2018

Divested Divested
Consolidated Continued activities Consolidated Continued activities
activites activites

Non Non Change
Recurring Recurring
recur. recur. Recurring


Revenues 739.2 11.5 727.7 - 670.4 1.0 669.4 - -8.0%
Net external expenses (203.3) (7.7) (190.8) (4.9) (197.1) (0.6) (192.1) (4.4) +0.7%
Staff expenses (384.4) (7.6) (366.5) (10.3) (304.7) (0.6) (306.1) 1.9 -16.5%
Restructuring costs - - - - (164.0) - - (164.0) NA
EBITDA 151.5 (3.8) 170.4 (15.1) 4.6 (0.1) 171.2 (166.5) +0.5%
(53.5) 10.4 (63.9) - (62.0) (0.1) (61.9) - -3.1%
Depreciation and amortisation
Operating income 98.0 6.6 106.6 (15.1) (57.4) (0.2) 109.4 (166.5) +2.6%
Net gain from debt restructuring at 13 March
265.8 - - 265.8 - - - - NA
2017
Other financial income 0.4 (0.0) 0.4 - 0.1 - 0.1 - -75.0%
Financial expenses (28.6) - (28.6) - (36.8) (0.0) (36.8) - +28.7%
Financial income 237.6 (0.0) (28.2) 265.8 (36.7) (0.0) (36.7) - -30.1%
Income before tax 335.6 6.6 78.4 250.7 (94.1) (0.2) 72.7 (166.5) -7.3%
Corporate income tax (18.8) (1.5) (35.0) 17.7 12.9 0.0 (44.5) 57.3 +27.1%
Income for the period 316.8 5.1 43.4 268.3 (81.2) (0.2) 28.2 (109.2) -35.0%




12
Appendix III: Consolidated cash flow statement

In million euros 20173 2018
Recurring EBITDA from continued activities 170.4 171.2
Non monetary items included in EBITDA and other 1.8 10.5
Net change in working capital (13.3) (14.4)
Acquisition of tangible and intangible fixed assets (52.8) (43.6)
Cash financial income (55.8) (31.7)
Non recurring items (26.7) (67.8)
Inc. Restructuring (26.7) (49.8)
Inc. Change in non-recurring working capital - (18.0)
Corporate income tax paid (44.6) (15.8)
Free Cash flow from continued activities (21.0) 8.4
Free Cash flow from divested activities (3.7) (0.1)
Consolidated free cash flow (24.7) 8.3
Increase (decrease) in borrowings and bank overdrafts (263.9) (0.0)
Capital increase 272.7 -
Other 11.0 (12.8)
Net cash variation (4.9) (4.5)
Net cash and cash equivalents at beginning of period 91.0 86.0

Net cash and cash equivalents at end of period 86.1 81.5




13
Appendix IV: Consolidated balance sheet


In million euros
ASSETS 20173 2018 Change
Total non-current assets 299.6 296.6 -1.0%
Net goodwill 90.7 88.9 -2.0%
Net intangible fixed assets 118.8 100.1 -15.7%
Net tangible fixed assets 25.5 25.6 +0.5%
Other non-current financial assets inc. net deferred
tax assets 64.6 82.0 +27.0%
Total current assets 414.9 374.5 -9.7%
Net trade accounts receivable 281.8 234.6 -16.8%
Prepaid expenses 6.4 4.8 -25.4%
Cash and cash equivalents 87.5 81.6 -6.7%
Other current assets 39.3 53.5 +36.1%
Total assets 714.5 671.1 -6.1%


LIABILITIES
Equity (600.3) (678.7) NA
Total non-current liabilities 565.2 535.9 -5.2%
Non-current financial liabilities and derivatives 408.2 402.2 -1.5%
Employee benefits - non-current 139.4 93.8 -32.7%
Provisions - non-current 17.5 39.9 +127.8%
Other non-current liabilities 0.01 - NA
Total current liabilities 749.6 813.8 +8.6%
Bank overdrafts and other short-term borrowings 9.6 5.6 -41.1%
Contract liabilities 427.2 357.5 -16.3%
Employee benefits – current 121.7 93.6 -23.1%
Trade accounts payable 91.2 115.4 +26.5%
Provisions – current 16.1 163.2 NA
Other current liabilities inc. Tax 83.9 78.5 -6.4%
Total liabilities 714.5 671.1 -6.1%




14