AGM a binary event with Criteria in the driving seat; maintain Sell Steel price rebounds has helped improve spread margin significantly in 1Q16 Key takeaways from management briefing FY15 results in line with loss guidance, FY16 output to fall marginally, 1H16 recovery underway Collateral damage (part II): Downgrade to UW 2015 results review 同店销售增速稳健，全零售战略业绩亮眼 2016 to be another tough year, sales/margin recovery unlikely; Sell Still growing but slower than expected 2015 results review