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

    1

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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

    9

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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

    07

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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

    53

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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

    51

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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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    74

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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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    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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    20

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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