MJN Mead Johnson Nov 2009 Presentation Part 2
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Transcript of MJN Mead Johnson Nov 2009 Presentation Part 2
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8/14/2019 MJN Mead Johnson Nov 2009 Presentation Part 2
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, . .Wfhilr Rigf Trfsicfht
Cfvfmlpkfht
5
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Nmle`m U&C G`p`eimitifs
HFSAFUM@HCW
KFQIGL GAIH@
SA@IM@HC
NMLE@MU&C GFHSFU
UFNILH@MGFHSFU
7
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Ihhlv`tilh Wupplrtfc ey Wtrlhn Ihtfrh`m G`p`eimitifs
Tflpmf
26 TaCs `hc KCs
Glrf B`gimitifs
V.W.
07> wita `cv`hgfccfnrffs
Mf`cihn fxpfrts ih?
` f-l - f r `h` y g`
b`gimitifs Fxtfhsivf prlcugtcfvfmlpkfht g`p`eimitifs
Timlt m`ht f ` r g
n`strlfhtfrlmlny
Hflh`t`m ihtfhsivf g`rf
CA@ eilgafkistry
Wfhslry
Sa`im`hc
Wt`tf-lb-taf `rt prlcugt
Ikkuhlmlny
Tfci`trig hutritilh
Ufnum`tlry
Wk`mm-sg`mf pimlt pm`ht Wfhslry
Hftafrm`hcs, Kfxigl, Gaih`
Trlcugt cfvfmlpkfht m`esblr rfnilh`m supplrt
3
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T`gf lb Ihhlv`tilh @ggfmfr`tihn
5446
5449
2
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Ihtfnr`tihn Glhsukfr/AGT Ihsinats`hc Sfgahlmlny Lpplrtuhitifs
Efhfbit pm`tblrks crivfh ey cffp uhcfrst`hcihn lb glhsukfr hffcs
Er`ih eilgafkistry Cffp fxpfrtisf ih CA@
eilgafkistryEr`ih Cfvfmlpkfht
Trltfih `hc pfpticf gafkistry
Nut paysilmlny@mmfrny Trfvfhtilh / Slmfr`hgf
Ikkuhf systfk
Trfeiltigs `hc Trleiltigs
Gmihig`m nrlwta stucifs
Ikkuhf Wystfk Cfvfmlpkfht
Tfci`trig hutritilh
Wfhslry
Trlcugt cfvfml kfht
S`stf & Blrk
>
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Ihhlv`tilh Br`kfwlrj
Nmle`m Auk`h KimjGlmm`elr`tivf
KOHIHHLR@SILH
KOHIHHLR@SILH
Eil`h`mytig`mWgifhgfs
Af`mtaLutglkfs
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Euimcihn Mlhn-Sfrk G`p`eimitifs
KOH Tfci`trig Hutritilh Ihstitutf - Gaih`
Burtafr jhlwmfcnf lb pfci`trig hutritilh ih Gaih`
$54 kimmilh ihvfstkfht lvfr tarff yf`rs
Fha`hgfc qu`mity `ssur`hgf `hc glhtrlm
Fh`emfs klvf brlk K`cf ih Gaih` tl Ufsf`rgafc
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Euimcihn Mlhn-Sfrk G`p`eimitifs
Hfw U&C Sfgahlmlny Gfhtfr
Wpr`y Cryihn Gfhtfr lb Fxgfmmfhgf $52 kimmilh ihvfstkfht
04
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Euimcihn Mlhn-Sfrk G`p`eimitifs
@mmlw U&C tl efttfr klcfm`hc sg`mf up prlgfssfs ih
prlcugtilh pm`hts W`vf tikf `hc klhfy ih
Wgafcumfc blr glkpmftilhih sukkfr 5404
00
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Ihhlv`tilhs
Trlvicihn S`hniemf Cfvfmlpkfht`m Efhfbits
Ikprlvfc Risilh
GLHSULM* ~54/34 RIWILH FHB@KIM MITIM ~54/51 RIWILH
Ikprlvfc Er`ih Cfvfmlpkfht
044
054
I)
+> pts
24
14
24
@MMFUNIG K@HIBFWS@SILHW IH BIUWS SAUFF YF@UW LB MIBF 0
LB
Ufcugfc @mmfrnig Uf`gtilh IP(K
66%Glhtrlm* Fhb`kim
MITIM
4
54
34
TFUGFHS@NF
IHB@HSW(%
)
52%
050Cfbihfc s waffzihn, stak` lr tlpig cfrk`titis*W`kf blrkum`tilh eut witalut CA@ hc @U@
Glhtrlm* Fhb`kim MITIM
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Ikplrt`hgf lb F`rmy Hutritilh lh Pu`mity lb Mibf
Nmle`m Srfhcs K`olr Lpplrtuhitifs blr frny k`rg
Vre`hiz`tilh ^fstfrhizihn cifts Ihgrf`sf ih utl-ikkuhf
f` l hslh utr t lh
Hutritilh f`rmy ih mibf g`h a`vf` k` lr lsitivf mlh m`stih
cisf`sf Trfk`turity
Ihgrf`sf ih Vhcfrst`hcih
ihbmufhgf lh af`mta lutglkfssuga `s?
@mmfrnifslb Erf`st Kimj Glkplsitilh Buhgtilh`mity
@stak`
Er`ih cfvfmlpkfht
Ihgrf`sfc Vhcfrst`hcihnlb Kft`elmig Trlnr`kkihn
Sypf 0 ci`eftfs
Af`rt af`mta
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Saf Hutr`kinfh Wtlry
Ikprlvihn taf Pu`mity lb Ihb`hts Mivfs
blr gaimcrfh wita sfvfrf glws kimjprltfih `mmfrny
gmihig`mmy effh salwh tl burtafr
ikprlvf tafsf `mmfrnifs
Saf efst a`s efglkf fvfh efttfr
03
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KOH Nmle`m U&C
Ih Glhgmusilh
^lrmc gm`ss t`mfht `hc g` `eimitifs
Euimt lh ` tr`citilh lb ihhlv`tilh
pipfmihf
`hc prlcugts trustfc tl nivf ihb`hts `hc gaimcrfh taf efstst`rt ih mibf.
06
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02
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Wfhilr Rigf Trfsicfht
0>
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KOH Trlcugtilh Bmlw
K`hub`gturihn Trlgfss Trlvicfs Fbbigifhgy `hc Bmfxieimity
U@^ K@SFUI@MW
WTU@Y CUYFU
CUY EMFHCIHN @HC BIHIWAIHN
E@WF BLUKVM@ Ihb`ht, blmmlw-lh blrkum`, Wt`nf 0-5U@^ K@SFUI@MW
CUY EMFHCIHN @HC BIHIWAIHN
U@^ K@SFUI@MW
U@^ K@SFUI@MW
09
Nrlwihn up kimj, Wt`nf 7-3
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KOH G`pit`m Fxpfhciturfs
Wtr`tfnig Vsf lb G`pit`m Wupplrts KOH Nrlwta Ihiti`tivfs
$044
7.6%
3.4%
.
$24
$14
5.6%
7.4%
$IH
KIMMILHW
%L
BW@MFW
$34
0.4%
0.6%
.
$4
5443 5446 5442 544> 5441 5449F
4.4%
4.6%
54
K@IHSFH@HGF
NUL^SA
WLBS^@UFTULCVGSIRISY
PV@MISY G@TFQ % LB W@MFW
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Nmle`m Ihput Glsts
Glst lb Nllcs Wlmc? $>51 kimmilh YSC 5449
nr gu ur`
53%
Glhvfrsilh
74%
U`w K`tfri`ms2%
T`gj`nihnK`tfri`ms
06% C`iry
50
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Jfy KOH Wuppmifrs
Glhslmic`tfc Wpfhc Wupplrts Wtr`tfny
upp fr ` s gs
50 suppmifrs ; >4% KOHNmle`m Cirfgt Wpfhc
W
upp
mifrs
04 Ufnilh`m Wuppmifrs
$- $54,444 $34,444 $24,444 $14,444 $044,444 $054,444 $034,444
55
CIUFGS WTFHC $ IH SALVW@HCW
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Ihput Glst Srfhcs
2
Wplt C`iry Trigfs
6
Furl f WKT
Lgf`hi` WKT
7
3
$/JN
0
5Hlrta @kfrig`
HBCK
4O B K @ K O O @ W L H C O B K @ K O O @ W L H C O B K @ K O O @ W L H C O B K @ K O O @ W L
5442 544> 5441 5449
57
HBCK ; hlh-b`t cry kimj: WKT ; sjik kimj plwcfr
Wlurgf? VWC@ hc Cutga/Nfrk`h @nrigumtur`m Kihistrifs
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KOH Wuppmy Ga`ih Trlcugtivity
Trlcugtivity is Fkefccfc ih taf Kf`c Olahslh Gumturf
Wtrugturfc nmle`m prlgfss
S rnft 7% lb GLNW$77 $75 $75$7>
Trlcugtivity pipfmihf
Fkefccfc tllmsHW
-
Wust`ih`emf efhfbits$IHKIMMIL
5443 5446 5442 544> 5441 5449F
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KOH Cistrieutilh Klcfm
T`rthfrihn wita Cistrieutlrs Trlvicfs blr Fbbigifhgy `hc Uf`ga
` k`r
Srust K`rtJrlnfr
`rrf lur
GRWSfsgl
lr `h` ` rl
Kfrgury Crun
-
Sairc-T`rtyMlnistigs
56
KOH W@MFW UFTWGMIHIGWALWTIS@MW
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KOH Pu`mity
Kf`c Olahslh a`s ` Glkprfafhsivf Pu`mity Trlnr`k
Fhsurf prlcugtGlrplr`tf Pu`mity Gluhgim
Kfft rfnum`tlryrfquirfkfhts
Crivf minhkfht
Pu`mity Glkpmi`hgf
Pu`mity @ssur`hgff wffh prl ug
spfgibig`tilhs`hc glhsukfrsfxpfgt`tilhsPu`mity Glhtrlm
Pu`mity K`h`nfkfht
52
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KOH Pu`mity Ihtfnr`tilh
UFWF@UGA @HC CFRFMLTKFHS
KOH Fkefcs Pu`mity Sarlunalut taf Trlcugt Mibfgygmf
Cisglvfry
F`rmy
Cfvfmlpkfht
@cv`hgfc
Cfvfmlpkfht M`uhga K`ihtfh`hgf
IhnrfcifhtPu`mity
Sfgahlmlny@ssfsskfht
Wpfgibig`tilhsCfvfmlpkfht
TrlgfssPu`mibig`tilh
Wt`eimityWtucifs
upp fr K`hub`gturfr
G`p`eimity
upp frPu`mibig`tilh @ssur`hgf
rl ugGlhblrk`hgf
lhsukfrBffce`gj
Tm`h Wlurgf K`jf Cfmivfr
WVTTMY GA@IH
5>
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KOH Pu`mity Glhtrlm
Pu`mity Glhtrlm G`p`eimity `t f`ga K`hub`gturihn Mlg`tilh
E@HNJLJ, SA@IM@HC CFMIGI@W, KFQIGL FR@HWRIMMF, IHCI@H@ NV@HN_ALV, GAIH@
K@HIM@, TAIMITTIHFW HIOKFNFH, HFSAFUM@HCW S@SVU@, @VWSU@MI@ _FFM@HC, KIGAIN@H
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Ih Glhgmusilh
Fbbigifht `hc bmfxiemf k`hub`gturih rlgfss
Nmle`m Wuppmy Ga`ih Fxgfmmfhgf
Gumturf lb prlcugtivity Fbbigifht usf lb g`pit`m
Lptikuk cistrieutilh klcfm
Pu`mity fkefccfc tarlunalut taf prlcugt mibf gygmf
59
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Wfhilr Rigf Trfsicfht `hc
70
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Glkpfmmihn Bih`hgi`m Tfrblrk`hgf
$5.1 W`mfs ih
$5.5$5.7
$5.6
$5.54 $5.56
lhs
$0.67
$0.>5$0.27
F`rhihns
5446 5442 544> 5441 5449F
75
@mm c`t` salwh lh ` hlh-N@@T e`sis. C`t` blr 5446 tarluna 5441 `coustfc blr gurrfht g`pit`m strugturf hcsa`rf e`sf. 5442 `hc 544> c`t` a`vf effh `coustfc tl fxgmucf ` $02 kimmilh `hc $01 kimmilh ikp`irkfht ga`rnf
`hc e`c cfet writf-lbb, rfspfgtivfmy, s wfmm s lpfr`tihn klcfm coustkfhts brlk taf ITL.
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5449 Wfptfkefr YSC Tfrblrk`hgf
Wtrlhn s`mfs nrlwta ih fkfrnihn k`rjfts `hcmlwfr glkklcity glsts crivf prlbit ikprlvfkfht
% Ga`hnf$ ih$ ih
FEISHft W`mfs
+02.0% +74.9%$371$0,544@si`/M`tih @kfrig`
vs. 5441*Kimmilhs
vs. 5441*Kimmilhs
-
(1.2%)
-07.2%($066)-Glrplr`tf/Ltafr
-9.9%$700$905Hlrta @kfrig`/Furlpf
+3.5% +0>.4%$693$5,005Slt`m
77 *Fxgmucihn ikp`gt lb blrfinh fxga`hnf
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Glhst`ht Clmm`r W`mfs Nrlwta
E`m`hgfc nrlwta lvfr tikf eftwffh prigihn `hc vlmukf
5446-5449 YSCLUYF@
U
0.1%
04.1%04.0%
NF
BULK
TUI
3.6%
9.4%
7.6%
1.>%6.5%
2.>%
3.5%
%G
A@H
7.4%
0.9%7.5%
0.3%
-0.3%
.
6.2%
5446 5442 544> 5441
5449 YSC
TUIGF RLMVKF
73
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Glhst`ht Clmm`r W`mfs Nrlwta
G@NU ey Wfnkfht
` fs rlwbrlk 5446-5449 YSC
Fxgmucihn BQRlmukfTrigf
4.9%(0.4%)0.9%Hlrta @kfrig`/Furlpf
07.6%2.7%>.5%@si`/M`tih @kfrig`
>.6%7.4%3.6%Kf`c Olahslh
Rlmukf st`eimiz`tilh ih taf Hlrta @kfrig`/Furlpf sfnkfht wimm `mmlw s`mfsnrlwta ih fkfrnihn k`rjfts tl ef bummy rfbmfgtfc ih bih`hgi`m rfsumts
76
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5449 Glst lb Nllcs Wlmc
C`iry `ggluhts blr lhf-qu`rtfr lb $0 eimmilh `hhu`m GLNW
Glhvfrsilh& Ltafr74%
` ry56%
@nrigumtur`mTrlcugts
53%
T`gj`nihn06%
72
2%
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C`iry Trigfs `hc Nrlss K`rnih Srfhcs
$6 >4%
$326%23.6%
27.7%
26.6%
$7
24%
TFUJN
.
$066%
$4P7 42 P3 42 P0 4> P5 4> P7 4> P3 4> P0 41 P5 41 P7 41 P3 41 P0 49 P5 49 P7 49
64%
7> * ^finatfc vfr`nf blr Lgf`hi`, Furlpf hc Hlrta @kfrig` hlh-b`t/sjik kimj plwcfr
^FINASFC NMLE@M KIMJ TUIGFW LH 2 KLHSA M@N* @HHV@M KOH NULWW K@UNIH
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Wplt C`iry Trigf Srfhcs
2
Ufgfht trfhc tlw`rc ainafr nmle`m prigfs
6
Lgf`hi` WKT
7
$
TFUJN
Furlpf WKT
0
5 Hlrta @kfrig` HBCK
4O B K @ K O O @ W L H C O B K @ K O O @ W L H C O B K @ K O O @ W L H C O B K @ K O O @ W L
5442 544> 5441 5449
71
Wlurgf? VWC@ hc Cutga/Nfrk`h @nrigumtur`m Kihistrifs
HBCK ; Hlh-B`t Cry Kimj: WKT ; Wjik Kimj Tlwcfr
N
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Nflnr`paig Kix
9 .0 %
9 .3 %
1 . 0 %
1.0%
9.3%
9.0%
6 . 9 %
6 .4% 6 .4%
7 .7 %
K`rnihs ih
H@/FurlpfAinafr Sa`h@si`/M@
6.9%
6.4% 6.4%
7.7%
5 .3 % -
H@/FurlpfMlwfr Sa`h
@si`/M@
5442 544> 5441
5449 YSC
-5.3%
Nrlss K`rnih FEIS
K`rnihs ih Hlrta @kfrig`/Furlpf `rf nfhfr`mmy ainafr ta`h @si`/M`tih@kfrig` cuf tl nrf`tfr kix lb ihb`ht hutritilh prlcugts.
79
W m Ga i T c ti it
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Wuppmy Ga`ih Trlcugtivity
Trlcugtivity ikprlvfkfhts afmp lbbsft ikp`gtlb nflnr`paig kix lh nrlss k`rnihs
$35
S`rnft 7% sust`ih`emf
$74
$77 $75 $75
KIMMILHW
$
I
34
5443 5446 5442 544> 5441 5449F
L ti F W ci
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Lpfr`tihn Fxpfhsf Wpfhcihn
Nrlwta ihvfstkfhts @cvfrtisihn & Trlkltilh lh taf risf?
@&T % lb W`mfs
544> 05.3%
.
5449F 03 %
U&C spfhcihn cluemfc ($7> kimmilh tl $>3 kimmilh) sihgf 5447
W`mfs blrgf `ccitilhs tl erl`cfh prfsfhgf ih jfy fkfrnihn k`rjfts,
Nfhfr`m `hc @ckihistr`tivf glst ihgrf`sfs ih 5449 lb $74 kimmilh tlst`rt euimcihn st`hc-`mlhf ihbr`strugturf
30
S iti t Wt c @m
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Sr`hsitilh tl Wt`hc-@mlhf
@gglkpmisafc ih 5449 Wtimm tl Glkf
Auk`h Ufslurgfs
Mfn`m
S x
IS
Srf`sury
Bih`hgi`m Glhtrlms `hc
Ihcirfgt Trlgurfkfht
Ihst`mm W@T Tm`tblrkfplr hn
Ihvfstlr Ufm`tilhs
Glkkuhig`tilhs
Ufpm`gf EKW Wa`rfcWfrvigfs wita IEK
35
Wa c W i G t L m
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Wa`rfc Wfrvigf Glst Lvfrm`p
$56 Kimmilh
KOH Lrn`hiz`tilh`h
EKW*
5449F 5404F 5400F 5405F
Erihnihn IEK lh el`rc efblrf glkpmftihn tr`hsitilh brlk EKW sa`rfcsfrvigfs blr IS, `ggluhtihn `hc ihcirfgt prlgurfkfht rfsumts ih glst
lvfrm`ps ih 5404 `hc 5400
37 * Vhcfr Sr`hsitilh`m Wfrvigf @nrffkfhts wita Eristlm-Kyfrs Wquiee
Nmle`m W@T Ihst`mm`tilh Glsts
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Nmle`m W@T Ihst`mm`tilh Glsts
Lhf-tikf spfhcihn tl euimc nmle`m IS pm`tblrk
5400F Slt`mTrlofgt5404F5449F($ ih Kimmilhs)
$54 $16$64$06G`pit`m
xpfhsf
$34 $0>4$94$34Slt`m
33
Cfet Ufbih`hgihn
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Cfet Ufbih`hgihn
Hfw Tuemig Elhc Issu`hgf@vfr`nf Cur`tilh ; 05 Yf`rs
Uftirfc Cfet tl Eristlm-Kyfrs Wquiee@vfr`nf Cur`tilh ; 2 Yf`rs
U`tf$ ih KKYf`rs7.64%$6446
Gluplh U`tf$ ih KKYf`rs
2.37%$644>
MIELU + 744 ep$>336
3.27%$0,644Slt`m
6.94%$74474
.
6.57%*$0,>33Slt`m
.
MIELU + 564 ep$533 KK
Ufvlmvfr `hc G`sa Cr`wclwh
@htigip`tf ihtfrfst fxpfhsf s`vihns lb `pprlxik`tfmy $4.4> tl $4.49 pfrsa`rf ih 5404 rfm`tivf tl 5449, ihgmucihn bixfc tl bml`tihn r`tf sw`ps
36* E`sfc lh gurrfht MIELU r`tfs
Tummihn it Slnftafr
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Tummihn it Slnftafr
Trigih vs. Rlmukf Klrf vlmukf mfss rigf vs. 5449
Ihiti`m talunats lh 5404
Ainafr c`iry glsts Vhb`v. nflnr`paig kix Trlcugtivity s`vihns
IS
Ikp`gt lh
Glst lb Nllcs WlmcF
@&T@&T Cfk`hc-nfhfr`tilh ihvfstkfhts `t lr hf`r 03%
KW&@$56 kimmilh, lr $4.49 pfr sa`rf, ih ainafr sa`rfcsfrvigf fxpfhsfs
Ihtfrfst Fxpfhsf $4.4> tl $4.49/sa`rf FTW efhfbit vs. 5449
HFSIHGL
K
32
-
Pu`rtfrmy F`rhihns pfr Wa`rf
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Pu`rtfrmy F`rhihns pfr Wa`rf
$4.32$4.6>
$4.26R`ri`eimity ih qu`rtfrmy FTW
tl
$4.60
$4.33$4.35
$4.35$4.30 $4.30
$4.36$4.31
4.30
.
$4.31
$4.64$4.67
$4.72$4.76$4.76
$4.79$4.72
5446 5442 544> 5441 5449F
3>
P0 P3P7P5
Pu`rtfrmy K`rnih Srfhcs
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Pu`rtfrmy K`rnih Srfhcs
R`ri`eimity ih FEIS k`rnihs brlk Lpfr`tihnFxpfhsfs `hc Nrlss K`rnihs
NULWW
K@UNIH*
26%26% 23%23%27% 27%
25%27%
20% 25%
2>%26% 26% 23% 23% 23%22%
27%
26%
73%73%
71% 79%
73% 72%
7>%
79% 76%
71%72%
71%
76%
72%7>% 79%
76%7>%
34%
LTFU@SIHNFQTFHWFW
75% 70% 74% 74%5>%
59% 51%74% 59% 74% FEIS
53% 53% 57%
5446 5442 544> 5441 5449
31 * K`y hlt `cc cuf tl rluhcihn
Mlhn-Sfrk Wlurgfs lb W`mfs Nrlwta
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Mlhn-Sfrk Wlurgfs lb W`mfs Nrlwta
ug - h gqu s lhs
@co`gfhgifs
Uussi`, Ihci`Hfw/Fxp`hcfcNflnr`paifs
Ihhlv`tilh
Lptikizfc cfk`hc-grf`tilh str`tfnifsWa`rf N`ihs
K`rjft Nrlwta
39
FEIS K`rnihs vs Jfy Glkpftitlrs
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FEIS K`rnihs vs. Jfy Glkpftitlrs
51.1%
Kf`c Olahslh cfmivfrs ihcustry-mf`cihn k`rnihs
09.0%
53.0%
0>.3% 0>.6% 0>.7%02.0%
0>.3%
5449 YSC5441
@eeltt @eelttC`hlhf C`hlhfHfstmf Hfstmf
64
Wlurgf? Glkpftitlr c`t` brlk puemigmy rfplrtfc bih`hgi`ms blr tafir hutritilh eusihfssfs.Hfstmf fxgmucfs kimj `hc igf grf`k lpfr`tilhs.
Wtrlhn `hc Wt`emf Brff G`sa Bmlw
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Wtrlhn `hc Wt`emf Brff G`sa Bmlw
Wf tfkefr YSCBumm Yf`r
$ ih Kimmilhs
Hft F`rhihns `ttrieut`emf tlWa`rfalmcfrs (Hlh-N@@T)
544>
$765
5441
$719
5441
$706
5449
$76>
Lhf-tikf Itfks/N@@T@coustkfht*
Cfprfgi`tilh & @klrtiz`tilh
$3
$60
($75)
$65
($9)
$71
($50)
$33Ga`hnf ih ^lrjihn G`pit`m
Ltafr
Hft G`sa brlk Lpfr`tilhs
($77)
$70
$346
$54
$02
$336
($01)
$04
$772
$3>
($01)
$349
G`pit`m FxpfhciturfsBrff G`sa Bmlw
($>1)$75>
($10)$723
($60)$516
($69)$764
60
*@coustkfht tl erihn hlh-N@@T hft ihglkf tl N@@T rfplrtfc binurfs, wita taf fxgfptilh ta`t taf gurrfht KOHg`pit`m strugturf a`s effh k`iht`ihfc ih mm pfrilcs salwh (`btfr-t`x ihtfrfst fxpfhsf coustkfht lb $2> kimmilh
ih 544>, $7> kimmilh ih 5441 hc $35 kimmilh ih 5441 YSC.)
Bih`hgi`m Wtrfhnta lb KOH
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Bih`hgi`m Wtrfhnta lb KOH
Wtrlhn aistlry lb s`mfs `hc FTW nrlwta yf`r-`btfr-yf`r
Fxgfmmfht nrlwta pltfhti`m ih fkfrnihn k`rjfts `hc nllc lpplrtuhitifs
Ihgrf`sfc ihvfstkfhts ih cfk`hc-nfhfr`tilh, ihhlv`tilh `hc st`hc-`mlhf ihbr`strugturf
xpfg sl nrlw h s` fs h h fsp f prfssurflh k`rnihs brlk c`iry glsts
IEK/EKW sa`rfc sfrvigf glst lvfrm`p m`rnfmy lbbsft wita ihtfrfst fxpfhsf
@ gumturf blgusfc lh prlcugtivity hc strlhn glst glhtrlm
Ihcustry-mf`cihn FEIS k`rnihs
Wtrlhn `hc st`emf g`sa bmlw
Bih`hgi`m bmfxieimity blr civicfhc nrlwta, cfet rftirfkfht `hcihvfstkfhts ih lur buturf
65
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67
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Trfsicfht `hc
Gaifb Fxfgutivf Lbbigfr
63
KOH Risilh
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KOH Risilh
Sl ef taf wlrmcs prfkifr pfci`trighutritilh glkp`hy
66
KOH Wtr`tfny blr Nrlwta
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O Wt `tfny l N l t
@co`gfhgifsMFHGF
Hfw/Fxp`hcfc
Nflnr`paifsH@MFQGF
LTFU@SIL
62
Lur Blgus ih 5404
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Glhtihuf tl strfh tafh lur eusihfss frblrk`hgfih taf Vhitfc Wt`tfs
^ih sa`rf ih aina-nrlwta fkfrnihn k`rjfts,hlt` y h`
Wfmfgtivfmy ihvfst ih hfw sffcs Ihci` `hc Uussi`
Cfvfmlp glst-fbbfgtivf st`hc`mlhf g`p`eimitifs
; Wa`rfalmcfr R`muf Grf`tilhNrlw rfvfhufs, prlbit`eimity `hc g`sa bmlw
waimf ihvfstihn ih lur buturf
6>
Kf`c Olahslh Blrkum` blr Nrlwta
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NUL^SA IHCVWSUY MF@CIHN EU@HCW
NMLE@M UF@GABIH@HGI@M TFUBLUK@HGF
Wa`rfalmcfr R`muf Grf`tilh
61
PV@MISY & TULCVGSIRISY
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69
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Ufglhgimi`tilh lb N@@T tl Hlh-N@@T
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Ih kimmilhs, fxgfpt pfr sa`rf c`t` P0 P5 P7 P3 BY P0 P5 P7 P3 BY P0 P5 P7 P3 BY P0 P5 P7 P3 BY P0 P5 P7 YSC
5441 54495446 5442 544>
Hft F`rhihns `ttrieut`emf tl sa`rfalmcfrs
N@@T 04>.> 04>.> 16.4 19.3 719.1 041.7 000.6 1>.4 90.3 791.5 004.5 93.7 006.6 045.6 355.6 074.2 003.5 045.> 32.3 797.9 047.6 073.6 9>.2 776.2
@coustkfhts?
Lpfr`tihn klcfm (0.9) 4.6 (4.7) (3.5) (6.9) (0.9) 4.6 (4.7) (3.5) (6.9) (0.9) 4.6 (4.7) (3.5) (6.9) (0.9) 4.6 (4.7) (3.5) (6.9) 4.4 4.4 4.4 4.4Ikp irkfht Ga rnf 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 06.2 06.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4
E c Cfet r itf-lbb 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 0>.2 4.4 4.4 4.4 0>.2 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4
Ltafr5 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.4 4.5 07.1 74.1 33.1 03.1 (7.1) 06.9 52.9
Ihtfrfst fxpfhsf (56.9) (56.1) (56.1) (52.4) (047.6) (56.9) (56.9) (56.9) (52.0) (047.1) (56.9) (56.9) (56.9) (52.4) (047.>) (52.4) (56.9) (03.4) 6.3 (24.6) 4.4 4.4 4.4 4.4
. . . . . . . . . . . . . . . . . . . . . . . .
@coustfc Hlh-N@@T 13.3 12.7 >0.3 >0.> 707.1 16.9 19.1 >7.1 17.1 777.7 90.> >9.0 91.0 17.4 760.9 007.6 91.9 045.3 >3.6 719.7 006.1 077.3 04>.> 762.9
FTW
Cimutfc N@@T sa`rfs 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 0>4.4 011.1 543.2 543.2 099.7
N@@T FTW $4.27 $4.27 $4.64 $4.67 $5.59 $4.23 $4.22 $4.60 $4.63 $5.73 $4.26 $4.62 $4.21 $4.24 $5.39 $4.>> $4.2> $4.20 $4.5> $5.75 $4.66 $4.22 $4.31 $0.21
Cimutfc Hlh-N@@T sa`rfs 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.6 543.2 543.2 543.2
@coustfc Hlh-N@@T FTW $4.30 $4.35 $4.76 $4.76 $0.67 $4.35 $4.33 $4.72 $4.30 $0.27 $4.36 $4.79 $4.31 $4.30 $0.>5 $4.62 $4.31 $4.64 $4.72 $0.94 $4.6> $4.26 $4.67 $0.>3
0 Trilr tl Bferu`ry 04, 5449, tafrf wfrf 0>4.4 kimmilh sa`rfs lb glkklh stlgj lutst`hcihn. Saf glkp`hy issufc h ccitilh`m 73.6 kimmilh sa`rfs lb glkklh stlgj ih taf ITL.Blr Hlh-N@@T FTW, t af cimutfc hukefr lb sa`rfs lutst`hcihn is 543.6 kimmilh tarluna P0 5449 hc 543.2 kimmilh t afrf`btfr.
5 Ihgmucfs ITL rfm`tfc fxpfhsfs ih 5441. Blr 5449, ihgmucfs ITL, Ufstrugturihn, IS sfp`r`tilh,& Mitin`tilh fxpfhsfs lbbsft ey n`ih lh p`tfht sfttmfkfht hc hlh-str`tfnig iht`hniemf ssft.
27