At a Glance4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016 60 50 40 30 20 10 0 4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015

At a Glance

Composition of

operating revenue(FY2016)

Domestic financial business

Business description

• Credit guarantee

• Collection of accounts receivable

• Credit and consumer credit

• Other fi nancial services

Major subsidiaries

• Nihon Hoshou

• Partir Servicer

• J TRUST Card

Financial business in Southeast Asia


• Banking business


Major subsidiaries

• Bank JTrust Indonesia

• JTRUST INVESTMENTS INDONESIA

Financial business in South Korea


• Savings bank business

• Capital business (leasing and installment loans)


Major subsidiaries

• JT Chinae Savings Bank

• JT Savings Bank

• JT Capital

• TA Asset Management

Consolidated

operating revenue

75.4 billion yen

Financial business in South Korea33.8%

Financial business in Southeast Asia

16.3%

General entertainment

business21.9%

Real estate business8.2%

Investment business

3.5%

Other business1.9% Domestic

financial business14.4%

20 J Trust Co., Ltd. Annual Report 2016

Other business


• IT system business

• Design and construction of commercial facilities

• Fintech

Major subsidiaries

• J Trust System

• Keynote

• J Trust Fintech

Real estate business


• Sales and brokerage of ready-built housing

• Purchase and sale of income properties

Major subsidiaries

• Keynote

• ADORES

Investment business


• Investment and management support

Major subsidiary

• JTRUST ASIA

General entertainment business


• Amusement facilities operation business

• Production and sales of amusement machine toys

• Development, production and sales of Japanese game machines

Major subsidiaries

• ADORES

• BREAK

• Highlights Entertainment

21J Trust Co., Ltd. Annual Report 2016

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Concentrating on credit guarantees for property-based loans

and purchase and collection of receivable businesses that

utilize our strengths.

Domestic Financial Business

Credit Guarantee Balance at Nihon Hoshou Approved Apartment Loans

4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016

60

50

40

30

20

10

04/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016

30

25

20

15

10

5

0

(Billions of yen) (Billions of yen)

Apartment loans Credit guarantee balance

Shift to streamlined and robust management practices and

basically withdraw from the unsecured loan business

Concentrate on credit guarantees for property-based loans and

purchase and collection of receivable businesses that utilize

our Group strengths

Credit guarantee balance, principal balance and segment

income from the domestic financial business achieved targets

for fiscal 2016

Highlights 2016

Target 48.7 billion yen


Basically withdraw from the unsecured loan

business

In fi scal 2016, Nihon Hoshou shifted to streamlined and

robust management practices ensuring medium- to

long-term, stable earnings including through large-scale

early retirement programs. Moreover, it also conducted a

reorganization including partial transfer of the unsecured

loan business through a corporate split, withdrew from the

unsecured loan business, separated liabilities involving risk

of interest repayment claims and mitigated contingent

liabilities risk.

Concentrate on credit guarantees for property-

based loans and purchase and collection of

receivable businesses

By utilizing the Group’s strengths to develop products

tailored to market needs, and in our proprietary credit

screening of property-based loans, we have steadily grown

the credit guarantee balance, which in fi scal 2016 was

53.3 billion yen, exceeding the 48.7 billion yen targeted in

the Medium-Term Business Plan. Regarding apartment loans, the credit guarantee balance is projected to increase

further with a rise in the cumulative amount of approved

loans. The loans are likely to be executed within 1 year.

The servicer (receivable collection) industry is a sector in

which only corporations approved by the Ministry of

Justice may operate, and requires thorough compliance

with strict regulations. The J Trust Group’s purchase and

collection of receivable business is underpinned by its top-

tier collection capabilities, derived from the combined

expertise of staff who previously worked for a diverse

range of companies. We aim to grow the business through

competitive pricing backed by our superior collection

capabilities.

In fi scal 2016, the principal balance was 467.9 billion

yen, 122% of the Plan due to the successful purchase of

Principal Balance

3/2010 3/2011 3/2012 3/2013 3/2014 3/2015 6/2015 9/2015 12/2015 3/2016

500

400

300

200

100

0

(Billions of yen)

ough

of

16

Fiscal 2017 target 440.9 billion yen

Fiscal 2016 target 384.1 billion yen

Toru MyochinManaging Director, Executive Officer

in charge of holding business

large-scale NPLs. We already achieved 440.9 billion yen

targeted for fi scal 2017 one year ahead of the Plan.

Fiscal 2016 segment income exceeded the

Medium-Term Business Plan

In fi scal 2016, operating revenue in the domestic fi nancial

business was 11.0 billion yen, down 41% compared to

the previous fi scal year due to the transfer of the “KC

Card” brand that resulted in a decrease in the installment

payment paying for commissions. However, segment

income was 3.7 billion yen, an increase of 105% com-

pared to the previous fi scal year, exceeding the Medium-

Term Business Plan’s fi scal 2016 target of 3.1 billion yen

as a result of cost reduction measures such as the transfer

of the “KC Card” brand, Nihon Hoshou’s partial transfer of

the unsecured loan business, and a decrease in provision

for loss on interest repayment.

Fiscal 2017 forecast to achieve targets set under the

Medium-Term Business Plan

Under the Medium-Term Business Plan, by the end of

fi scal 2017, we are aiming to have a credit guarantee

balance for apartment loans of 36.2 billion yen. As of the

end of fi scal 2016, the balance was already 12.1 billion

yen, while the approved cumulative amount continues

to accumulate and credit guarantees for property-based

loans are forecast to maintain their robustness in fi scal

2017. As mentioned earlier, the principal balance of

the purchase and collection of receivable business has

already reached its planned amount ahead of time, and

there is a high likelihood that operating income will realize

the Plan in fi scal 2017.

23

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Aiming to sustainably increase profits by expanding operating assets.

Financial Business in South Korea

A business base as a comprehensive financial group

and expertise cultivated in Japan

Financial business in South Korea is growing steadily

Will become our growth driver in fiscal 2017

Aim to further raise loan balances in the medium-

to long-term

Highlights 2016

Amount of Loans Disbursed per Month Loan Balance

(Billions of won) (Billions of won)

4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/201511/2015 12/2015 1/2016 3/20162/2016

200

160

120

80

40

0

JT Savings Bank JT Chinae Savings Bank JT Capital

avg. 98.1 avg. 97.9

avg. 135.2 avg. 138.9

4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016

2,000

1,900

1,800

1,700

1,600

1,500

0


A business base as a comprehensive fi nancial

group and expertise cultivated in Japan

The J Trust Group leveraged its strengths in the fi nancial

business in South Korea through a business base of

savings bank, capital and collection of receivables, which

were established during fi scal 2015.

Using this base, we have positioned ourselves as a

comprehensive fi nancial group that incorporates exper-

tise cultivated in Japan and provides quality of service

equivalent to that offered in Japan.

Financial business in South Korea is growing

steadily

In fi scal 2016, the fi nancial business in South Korea

recorded operating income of 0.2 billion yen, rebounding

from the operating loss of 6.2 billion yen in the previous

fi scal year, but less than the 2.1 billion yen under the profi t

plan. This was mainly because of a change in accounting

treatment of negative goodwill booked in the previous

year to consolidated results (reducing profi t by bringing

expenses forward) from the straight-line method to the

effective interest rate method. As a result, operating reve-

nue decreased by 2.4 billion yen. Despite the effects, we

believe our real earnings power is growing steadily.

The J Trust Group is successfully raising the JT brand

value and conducting effective marketing strategies,

which in fi scal 2016 saw the loan balance steadily

increase on the back of increases in the volume of new

monthly loans. As a result of leveraging our credit screen-

ing expertise developed in Japan, the delinquency rate,

which had been as high as about 50% when starting

operations, dropped to 6.2% in March 2016.

A diffi cult business environment persists in South Korea

due to factors including a lowering of the maximum loan

interest rates from 34.9% to 27.9% on March 3, 2016.

However, as the J Trust Group conducts credit screening

that was able to anticipate the shrinking economy and

lowering of the maximum loan interest rates. The delin-

quency ratio has been declining in accordance with an

increase in new loans disbursed by group companies.

As a result, the earnings base in South Korea continues

to fi rm with each passing month.

Will become our growth driver in fi scal 2017

The fi nancial business in South Korea has entered a

sustainable growth phase, considering the trend toward

improvement in the earnings base, and we have planned

for operating income of 5.1 billion yen in fi scal 2017,

and we forecast it will become a growth driver for the

J Trust Group.

Operating Income/Loss of Financial Business in South Korea(Millions of yen)

ea

3/2015 3/2016 3/2017(Forecast)

6,000

4,000

2,000

0

–2,000

–4,000

–6,000

–8,000

Nobuiku ChibaRepresentative Director, Senior Managing Executive

Officer in charge of financial business in South Korea

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Financial Business in South Korea

Medium-to-long-term Management Strategies for the Four Companies in South Korea

JT Chinae Savings Bank Raises low-cost funds mainly through bank deposits and also increases corporate loans

JT Savings Bank Focuses on mortgage loans and consumer loans

JT CapitalAccumulates the balance of mortgage loans and lease assets, with an interest rate

between the 6%-20% level for customers with a good credit rating

TA Asset ManagementAccumulates loans receivable on the back of high collection capabilities and thorough

compliance

Loan Balance and Delinquency Ratio at Savings Banks/Capital Company(Billions of won) (%)

20144 5 6 7 8 9 10 11 12 10 11 12

20151 2 3

20161 24 5 6 37 8 9

2,000

1,600

1,200

800

400

0

40

30

20

10

0

615.6

34.5％

6.2％

619.8 584.6634.5

907.2

910.5 964.5 986.91,040.4

1,091.31,126.5

1,501.9

1,732.7 1,734.1 1,717.5 1,721.2 1,726.7 1,729.51,780.1

1,829.1 1,848.0 1,880.7 1,940.3 1,966.2

Loan disbursed by group companies (left axis) Purchased receivables (left axis) Delinquency ratio (right axis)

Aim to further raise loan balances in the

medium- to long-term

In South Korea, we have the infrastructure in place

needed to develop comprehensive fi nancial services and

the organic development of each business going forward

will enable business development that can obtain the

maximum synergetic effects.

Moreover, as a fi nancial group in South Korea, we will

further increase the loan balance by raising convenience

through a mobile app with the fi rst-ever automatic

remittance function (Fintech) and enhancing the brand

through marketing activities to create “customer-oriented

and trustworthy” images.

Further, as a Korean fi nancial group, we received

awards from the FIRST BRAND AWARDS presented by

the (Korea) Consumers Council and AJU BUSINESS

DAILY FINANCE/STOCK AWARDS. Through greater

service quality and customer satisfaction, and by building

a relationship of trust built with customers, the Korean

fi nancial group is highly regarded in South Korea. Please

refer to the COLUMN for details.


Highly Experienced Management Team in Financial Business in South Korea

COLUMN

Yoon Byeng Muk

President & Representative Director

JT Chinae Savings Bank Co., Ltd.

Experienced manager with

background in major departments

at Bank of Korea and various

finance-related companies

Choi Sungwook


JT Savings Bank Co., Ltd.


background at savings bank and

financing company

Cha Dong-Goo

CEO

JT Capital Co., Ltd.

Originally Regional Head

at Shinhan Bank

Received an industry award in

South Korea in 2005

Kazuyuki Matsuoka


TA Asset Management Co., Ltd.


background at financing company

and savings bank in Japan and

South Korea

“Japan-quality” services are rewarded with receipt of a FIRST BRAND AWARDS KOREA and

AJU BUSINESS DAILY FINANCE-STOCK AWARDS

We were ranked fi rst of 79 savings banks in the FIRST BRAND

AWARDS KOREA, hosted by the (Korea) Consumers Council.

This award was decided by monitoring conducted by about

850,000 consumers aged 15 or over, who evaluated compa-

nies in 54 industry categories, and J Trust was rated No. 1 in

the fi elds of satisfaction in quality and service, price, satisfac-

tion level against expectation, and others.

Moreover, we received a major prize as a trusted company in

the AJU BUSINESS DAILY FINANCE-STOCK AWARDS 2015,

hosted by the internationally acclaimed AJU BUSINESS DAILY.

We were selected from among all fi nancial institutions in South

Korea and recognized as a trusted company based on our

close relationship with customers and rigorous compliance

structures to raise transparency.


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Accelerating revitalization of Bank JTrust Indonesia.

Financial Business in Southeast Asia

Completed base of revitalization

Rebranding and strengthening the financial base and management

In fiscal 2016, the business improved despite greater-than-planned

operating loss

Receivable collection business JTII profitable from its first fiscal year of

operations

Working to increase Bank JTrust Indonesia’s balance of deposits and loans

Highlights 2016

Average Lending Interest Rate of Bank JTrust Indonesia

Average Deposit Interest Rate of Bank JTrust Indonesia

(%) (%)

6/2015 9/2015 12/2015 3/2016

12

11

10

9

0

9.99%

10.55%

11.22%11.37%

9

8

7

6

0

8.43%

7.69%8.04%

7.84%

6/2015 9/2015 12/2015 3/2016


3/2015 3/2016 3/2017(Forecast)

6,000

4,000

2,000

0

‒2,000

‒4,000

‒6,000

‒8,000

Completed base of revitalization

Rebranding and strengthening the fi nancial

base and management

Bank JTrust Indonesia (BJI) had once failed, tarnishing the

bank’s image, and it had been long supervised by the

Indonesia Deposit Insurance Corporation for rehabilitation

purposes, giving it no chance to take a proactive approach

to increasing loans and deposits. This led to the insuffi cient

volume of loans and deposits per branch compared to

other banks. An additional weakness was an average

deposit interest rate higher than the level of competitors.

However, putting it another way, BJI could turn into

a profi t-making structure by offering deposit interest

rates and lending interest rates on the same level as com-

petitors. We rebranded by changing the bank’s name from

PT Bank Mutiara Tbk. to BJI, strengthened the fi nancial

base by increasing capital and transferring non- performing

loans (NPLs), invited a Japanese manager experienced in

the local fi nancial business to the area and leveraged his

networks to strengthen sales capabilities, which we believe

completed the base of revitalization.

In fi scal 2016, the business improved despite

greater-than-planned operating loss

Operating loss in fi scal 2016 was 7.8 billion yen, due to

BJI’s provision of allowance for doubtful accounts and

recording of amortization of goodwill in line with BJI’s

acquisition. The operating loss was larger than the planned

1.8 billion yen. However, looking at trends in main indices,

there are signs of moving to a profi t-making structure cen-

tering on regular banking operations. On a monthly basis,

operations have improved to the extent that losses have

moved into profi t and we forecast an operating income of

0.3 billion yen in fi scal 2017.

By raising BJI’s capital adequacy ratio to 18%, it has

resumed loan screenings and extension that had been put

on hold due to an insuffi cient capital adequacy ratio. The

average lending interest rate went from 9.99% in June

2015 to 11.37% by the end of fi scal 2016 and the deposit

interest rate went from 8.43% to 7.84%. This led to an

increase in net interest income.

In December 2015, we welcomed Mr. Ritsuo Ando, who

won The Best CEO in Leadership in Indonesian Banking

Awards 2013, as a director. In Indonesia, customers tend

to select banks based on sales personnel, so leveraging

Mr. Ando’s network and expertise to strengthen the sales

team is increasing operating assets, and, in fact, the

balance of operating assets has exceeded 10 trillion

rupiah. The loan-to-deposit ratio improved from 76% to

Net Interest Income of Bank JTrust Indonesia

(Billions of IDR)

(Millions of yen)

rupiah. The loan-to-deposit ratio improved from 76% to

Operating Income/Loss of Financial Business in Southeast Asia

100

80

60

40

20

06/2015 9/2015 12/2015 3/2016

Shigeyoshi AsanoManaging Director, Executive Officer in

charge of business in Southeast Asia

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Financial Business in Southeast Asia

*SAM team: Special Asset Management team

Operating assets (left axis) NPL ratio (right axis)

JTII Statements of Income(Millions of yen)

4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 2/2016 3/2016

12,000

10,000

8,000

6,000

4,000

2,000

0

8

6

4

2

0

8,073.58,315.7 8,380.6 8,408.1

8,634.4 8,865.68,437.4

8,717.3

9,387.0 9,387.09,812.2

10,056.7

Contribute to interest income for FY2017

SAM team* suc-cessfully prevented assets from turning

into NPL.

92%. Meanwhile, non-performing loans were transferred

to PT JTRUST INVESTMENTS INDONESIA (JTII) from BJI

and enabled the NPL ratio to decrease to 1.9% by the

end of fi scal 2016.

Due to a three-month timing difference in account

closing, there is a quarterly delay in consolidation in the

fi nancial business in Southeast Asia. Thus results from

January to March 2016 will be refl ected in the April-June

quarter of fi scal 2017.

3Q 2016 (July–Sept.

2015)

4Q 2016 (Oct.–Dec.

2015)Fiscal 2016

(Full-year)

Operating revenue (collected amount)

— 291 291

Operating income (loss)

(11) 148 136

Ordinary profi t (loss)

(31) 176 144

Net income (loss)

(31) 129 97

*Non-consolidated results under J-GAAP (before consolidation adjustment) Results of 4Q FY2016 are based on the fi nancial statements ended December 31, 2015 due to a timing difference in account closing within 3 months.

Loan-to-Deposit Ratio of Bank JTrust Indonesia

100

90

80

70

60

50

04/2015 6/2015 8/2015 10/2015 12/2015 1/2016 3/2016

76%

92%

Receivable collection business JTII profi table

from its fi rst fi scal year of operations

JTII, which had assigned NPLs from BJI, began receiv-

ables collection business in earnest from November

2015. Receivable collection experts were dispatched

from Japan and trained local personnel on collection

expertise and developed collection offi cers. As a result of

utilizing collection expertise accumulated in Japan and

South Korea, the business was profi table from its fi rst

year in operation.

Operating Assets and NPL Ratio of Bank JTrust Indonesia(Billions of IDR) (%)

(%)


Highly Experienced Management Team at Bank JTrust Indonesia

COLUMN

Establishing a multi-finance company with strategic partner Group

Lease PCL

In April 2016, JTRUST ASIA PTE. LTD. and Group Lease PCL (GL) jointly

established PT Group Lease Finance Indonesia (GLFI), a multi-fi nance com-

pany to engage in the hire-purchase fi nancing business for consumers in

Indonesia. GLFI will contribute to Indonesian development through providing

hire-purchase fi nancing of such items as agricultural equipment, solar panels

and home electronics.

Looking ahead, the Company will also work with GL to build a fi rm collaboration base in the hire-purchase

fi nancing business in Indonesia, leading to growth in the leasing industry and consumer fi nance business in other

ASEAN markets. Moreover, BJI will seek opportunities to enhance the high-quality loan balance and increase its

revenue through providing fi nance, so synergetic effects can be expected.

President Commissioner

J Trust Senior Managing Director,

Executive Officer

Worked for 26 years for Japan’s

Ministry of Finance

Director

Former President Director, PT Bank

Nusantara Parahyangan

Worked for 37 years in the finance

and banking industry

Advisor

J Trust Executive Officer, in charge of

business in Indonesia

Worked for 20 years in the Japanese

finance industry

Working to increase BJI’s deposit and loan

assets

BJI has a heavy reliance on large-lot accounts, which

means that the average deposit interest rate was high

compared to competitors. To improve this, it has taken

measures including the introduction of an Internet bank-

ing system to increase CASA accounts and lower cost of

funds through acquiring deposits from overseas. As part

of these measures, THE SAIKYO BANK, LTD., which is

BJI’s partner, has started offering Indonesian rupiah-linked

deposits in Japan from July 2016.

Looking ahead, to respond to the rapid expansion of

small- and medium-sized companies and salaried

employees in conjunction with Indonesian economic

growth, we will provide comprehensive fi nancial services

such as car loans, mortgages, and card services, etc.

We will also proactively invest in IT infrastructure to

incorporate Internet banking, mobile banking and

branchless banking.

Moreover, we will also provide fi nance for the multi-

fi nance company we established jointly with Group Lease

PCL (GL).

In these ways, we will increase the balance of deposits

and loans at BJI as well as contribute to the economic

development of Indonesia and Southeast Asia.

Nobiru Adachi Ritsuo Ando Teruhiko Miwa


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The J Trust Group develops its own content and engages in the

general entertainment business across the Group.

The J Trust Group is looking to develop the overseas real estate

business by leveraging the Group’s base in Southeast Asia.

General Entertainment Business

Real Estate Business

The general entertainment business operates amusement

arcades and produces and sells prizes for game

machines, centering on areas around stations in the

Tokyo metropolitan area. We proactively conduct collab-

orative events featuring popular anime characters at

existing stores. Going forward, we will expand the type

of operation through development of original content in

addition to content business using existing facilities. We

In the real estate business, the Group conducts the

ready-built residential housing business and real estate

asset business. We are also aiming to conduct a global

real estate business by leveraging our Group’s business

aim to establish a group-wide general entertainment

business by utilizing ADORES’s original content in devel-

oping Japanese game machines conducted by Highlights

Entertainment.

As part of its efforts to cover sales from existing busi-

ness, ADORES also generates new business, such as its

tie-up with OLIVE SPA that began in March 2016. Please

refer to the Column section for details.

base in Southeast Asia with Japanese-style quality of

planning and construction capabilities for residential

housing and commercial facilities.

COLUMN

Synergetic effects of the tie-up with OLIVE SPA

In March 2016, ADORES entered a tie-up with OLIVE SPA, which operates the

OLIVE SPA relaxation salons in 34 locations across Japan, mainly in the Tokyo

metropolitan area.

Under this alliance, OLIVE SPA will accelerate its business development while

controlling investment costs as it aims to expand earnings through further store

openings, while ADORES will leverage the store development expertise it has

cultivated over many years in operating stores in the Tokyo metropolitan area.

Sub-leasing stores are expected to boost earnings, while there are also expecta-

tions of business expansion for Keynote’s commercial facility construction business by carrying out interior and

exterior fi nish work needed when OLIVE SPA opens a store.


J Trust Group seeks synergetic effects with strategic partners

In June 2016, the J Trust Group started the bitcoin exchange as a new

financial service.

Investment Business

Other Business

JTRUST ASIA (JTA) conducts the investment business

and management support of investees, mainly in

Singapore. In December 2015, JTA exercised rights to

convert convertible bonds from Group Lease PCL (GL)

and acquired 6.43% of its outstanding shares. In May

2016, JTA proposed a subscription of GL’s convertible

bonds to the value of 130 million USD.

GL provides hire-purchase fi nancing primarily for

motorcycles and agricultural equipment, based on its

own business model called Digital Finance Platform, in

Thailand, Cambodia and Laos. GL’s Digital Finance

Platform is a creative and innovative fi nancing model,

featuring IT technology adopted throughout sales bases

called Point of Sales (POS). It enables GL to leave

competitive fi nance companies far behind in terms of

Other business conducts the commercial facility con-

struction business and IT system business. In June 2016,

J Trust Fintech (JTF), a subsidiary of the Company,

launched a Bitcoin Exchange “J-Bits.” J-Bits’ strengths

lie in a complete tie-up with Coin Portal, one of the

leading Japanese bitcoin information websites, operated

by JTF. This allows instant access to a wide array of

information useful for investment decisions while provid-

ing competitive rates and strictly managing customer

information. We are always thinking about what is neces-

sary for customers as we aim to provide the world’s

safest bitcoin exchange.

profi tability, business growth rate and overseas

expansion.

JTA and GL jointly established the multi-fi nance

company PT Group Lease Finance Indonesia (GLFI),

expecting the Digital Finance Platform to drive the growth

of lease business and consumer fi nance business in

Indonesian and ASEAN markets. GLFI will become an

equity-method affi liate and with Group company Bank

JTrust Indonesia providing fi nancing is expected to

increase the bank’s high-quality loan balance and

contribute to its earnings.

Looking ahead, with GL as a strategic partner, we will

expand business in the Southeast Asian region where

growth is remarkable, and develop business by

maximizing synergies.


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Documents

At a Glance4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015 1/2016 3/20162/2016 60 50 40 30 20 10 0 4/2015 5/2015 6/2015 7/2015 8/2015 9/2015 10/2015 11/2015 12/2015