Thyssenkrupp Ag · XETR:TKA
Thyssenkrupp — Non-Deal Roadshow (September 2008)
62 slides from Thyssenkrupp's roadshow presentation, September 2008
Slide 1: 07—08 Presentation ThyssenKrupp
Slide 2: Presentation ThyssenKrupp, August / September 2008
Presentation ThyssenKrupp, August / September 2008 ThyssenKrupp
Slide 3: )! ' ( "" ! ! & * + / " ! -.)' :&;
)! ' ( 7 "" 89 ! ! 12 & * + / 1 2 " ! -.)' :&; 3. / " + !< + + 4" + 0 ! &: / " + , ) 2 .5 1 '" 6 ! ! ! " . ! "" !
Slide 4: "B 8=C; "B 8 CD A "
! @! ! @" ! 7 A " 9 " # 7 "B8=C; "" 9 7 "B8 CD "" 9 " ; > " =; ; 2 ? ; ;; ! " ; ; +" 2 :; 2! : ; :; # = " 8 ? ! #! > ! "
Slide 5: : " ( B +, - .$ %&') $ %)'* $ %&'( $ %3'(
: 25 " 2 ( 2 B +, - .$ %&') $ %)'* $ %&'( $ %3'( 1 # $ $ %&'4 @! 1 2 $ %&'( ! @! " / $ %&'0 > D D = = ! " 2 B 2! +" 2 ! + + . . #
Slide 6: ; 3&&; 0& 3&00 62< "" "" 8& 8* )6*&&:*6&&&9 )6&&&9 (6((& > (63&&9
; 3&&; 0& 3&00 03 62< 2 "" 8 "" 8 8 8& 8* )6*&&:*6&&&9 )6&&&9 (6((& > (63&&9 2 8'&&:8'8& 3683( 2 2 *'(& 06)77 06877 )'(& 5 4&& ((= : : ; ; > > D 3&&7 &42 3&&; 0&2 3&00 032 ? (!"C E !
Slide 7: =/ B : ;? DC C
> $ " 2< 1? 2 - "" 8 F = ? 1$ >> 83= ' ' : > =/ B : ;? =: > +- : .# '+ DC C =C: C >C= =C : : ; ; > > D D + < @ 3&&;$ * : : # A B 2 - 1 & : ; ! 2 " 3&0& ? (!"C E !
Slide 8: D $! - ? - "" @ "" 3&&& 0&&= C)= '' D @
D $! - ? - "" @ "" 3&&& 0&&= C)= '' D @ E F 7*0 04&& ;*= C8= '' 8(7 08&& ;&= *3( = 0)&& 4*= > 03&& 4&= 0&&& 7*= 4&& 7&= 8&& 8*= E F )&& 8&= ; + ;+ E F 3&& **= ! & *&= ' ;3 ;( ;) ;* ;8 3&&& &3 &( &) &* &8 0;;0 ;7 ;4 ;; &0 &7 &4 &; ! 7 9B'.G / ! " / $ >& : ! 7 9B " 4 % 1 " " " ! / (
Slide 9: $ "" G3& G07'* C8= '' 0('; 0)'0 D G3 G( G* ; >
$ "" G3& G07'* C8= '' 0('; 0)'0 D G3 G( G* ; > > D = + + H : :# 2 A )&= 3&00 03 3&&; 25
Slide 10: Steel: Investment Project TK CSA, Brazil
Presentation ThyssenKrupp, August / September 2008 Steel: Investment Project TK CSA, Brazil ThyssenKrupp
Slide 11: .# '+ =C= DDD >C=
$ " 2< 1? 2 - "" 8 F ? 1$ )3= ' ' DDD ; : > +- = .# '+ =C= >C= C >C CD =/ B=>? ;C : : ; ; > > D D + / J 2 3&0& B A B - & : ; ! 2 " ? (!"C E !
Slide 12: $ 2< " 2< " < (*& 38; 0)0 0;3 (4* )3( 06;&& 064&&
$ 2< " 2< " < (*& 38; 08 0)0 0;3 (4* 348 )3( 777 06;&& 064&& (&& 067&& 3*& 068&& 06*&& 3&& 06)&& 06(&& 0*& 063&& 0&& 060&& 06&&& *& ;&& & 4&& 7&& :*& 8&& *&& :0&& )&& :0*& (&& 0;;; && 3&&& &0 3&&0 &3 3&&3 &( 3&&( &) 3&&) &* 3&&* &8 3&&8 &7 3&&7 &4 ? 2 " @ 2
Slide 13: $ :1 -1 H I 03& -1 00& 0&& ;& 4& 7& 8& *&
$ :1 -1 H I 03& -1 00& 0&& ;& 4& 7& 8& *& )& (& 3& K :&* K ? K :&8 K ? K :&7 K ? K :&4 K H I ! B+ " " " &J 7+3 J9 A "
Slide 14: $ :1 I L06&&& M 77'& 7)'3 8;'( 8)'8 80'3 83'0 *0'; *0'3 );')
$ :1 I L06&&& M 77'& 7)'3 8;'( 8)'8 80'3 83'0 *0'; *0'3 );') )0'; )('3 (4'4 (;'* ()'( (('8 (*'8 37'7 3;'4 34'& (0'4 30'8 30'* " @ 3&&( 3&&* 3&&8 3&&) &7 3&&7 &4 ?- K ! ! B B ! K ! A K K ? ! B+ @ A " *
Slide 15: =/ B ; .# '+ :C =C
: $ " 2< 1? 2 - "" 8 F ? 1$ ? ;&= ' ' ;:: =/ B; ? : +- : : >C .# '+ :C =C CD C= ;C ? : : ; ; > > D D + * & $ E F6 E @ F6 E F6 E F ? (!"C 2 " 6 & : ; ! 2 " '' ! 2 ? (!"C E !
Slide 16: ; $ !" # " ! K>F &8:032 B / K :F &8:032 !
; $ !" # " 1 1 ! K>F 2 1 &8:032 B / K :F 1 &8:032 ! I 2 I K :F K=F 1 &8:0&2 ! B/ ""* ! " ") - / 4 " @ L > D
Slide 17: A < 1I BTM Study
> $ / 2 < 1I A / 2 < / 2 CC % ) ( 806) BTM Study 2008: + 227 % )*67 ' BTM Study 2007: + 143 % 0464 ! " * "& * "& ( * "& $ " % % "& * - / M- C/ ' "1 + !
Slide 18: O*&& J ! 2A
D O*&& J ! 2A 3 0* 3 0* * ( 3 3& * ) * 03 37 08 00 * 8 ( 3 37 3 0* 00 ( ) 3& D 2 O3&&< NI O J
Slide 19: D >D?? C>
2 $ " 2< 1? 2 - "" 8 F ? 1$ ? 0= '' +- ;; D ;; = >D?? =/ B ? .# '+ C> CD C> C> C:? =CD : : ; ; > > D D + * & I 2P 2 J ?? (!"C+G @ 8: (&& & : ; ! 2 " ? (!"C E !
Slide 20: 8;C 8 C 8DC=
= 2 $! - ? - - 8;C K F / $ 6 @ ! > 8 C K;F ' . >& + 0 ' "5 ! ! 8DC= K;F 8 C 8 C K F K F % ) + + " + 8 C> K F K;F 8 C 8 C= K F ' "@ 5 / " +
Slide 21: $ " 2< 1? - "" F ? 1$ ? >0&&= '' D :
$ " 2< 1? 2 - "" 8 F ? 1$ ? >0&&= '' D : : =/ B; ;? ; > .# '+ C C= C =C C> +- > C : : ; ; > > D D + * & E'' F E'' 62 2 F 2P 2 J & : ; ! 2 " ? (!"C E !
Slide 22: $ $ # B - $ # ! C @ / ! E !
$ 25 25 25 $ # B 6 - 25 $ # ! C 1 4 @ / ! 4 0 0 4 E ! >C F :C F 3&&0 1 6 3&&) C=F 1 3&&( 4! 2 3&&*:3&3)9 @ 1 ' - 3&&* D- 3&&7 - , 1 % " @ 0;;7 3&&8 ! @@! 2! < 3&&* N8 3 @ ! " ! 2! 8=; 2 8>= "" !< 2 " ! 2 @ ( ! ! 2 ; > > D & ' &@ " @ O8 C; ? ! B
Slide 23: E ! " D =C
2 / E! " ! @ ! " D =C C DC >C ;C :C C C C : : ; ; > > D D A J I B E ' F
Slide 24: : J @! ! P !! +-) " " *4) 3;4 ! " >:>
1 : J @! ! P !! +-) " 8 " *4) 3;4 9 ! " >:> ; = > D ;; ; : : ; ; > > D 3&&7 &4 7; 9 7: 9 7 D9 7 D;9 7 >9 E004F 7D 9 E**F 9 '+ " 8 ? ! "@ A
Slide 25: J " ' Q Q
: ! " * $ J " ' !$ ! @ ! ? / )! 2 " 7/ )9 ?? 37= Q J Q !$ ! ??? Q +- - *(= Q .# '+ E 2 - 3&= @ B! ! ! " 2 ! ? 2 @ @ ! " : ; ; > > D ?? : ; ; > > D 7/ ) "" * / ): ; "" 9 ??? ! @ ! " > DB @ ! @ " ! ( ! 2 R $ ! 7+- .# '+9
Slide 26: A " ; S O 3'&= B
; < - A " ;S - !$ @ 0&'* O 3'&= @! " !$ - !$ 2 ! @ %((';4 2 @ %(*7 " B ; : : = :: B ; ; ;; 7O =C=F @ ! " !$9 " B >;F + 4 2 L D B :DD D; + :> :D := B
Slide 27: > H : " 1? F "" .# '+ J (6&&& 36*&& 360&4 06*0&
> H : " 2 1? 2 F "" 8 .# '+ J (6&&& 36*&& 360&4 06*0& 30')= 33'&= 3&'7= ;;7 07';= *73 0)')= 03'&= % ''B=F 7'3= % ''B C;F @ D E(*3F : : ; ; > > D 3&&; 0&2 3&00 032
Slide 28: D B Q 2< -1 "" (6((& > (63&& 1$ )77 )(= ' '
D B Q 2< -1 2 5 "" 8 (6((& > (63&& 1$ )77 )(= ' ' ;! $ 3683( ;! $ 36*73 363;7 0630; 06&7( 06877 ;&; 06)77 *73 7)3 74) 4&& 06&83 8)8 70* : : ; ; > > D 3&&7 &4 3&&7 &4 5 ' J
Slide 29: ? - 3&&7 &4$ 2< '! J A I > %('3
? - 3&&7 &4$ 2< 5 '! J A I > %('3 2< - 3&&7 &4 "" 8 ! J 3&&7 &4 "" 8 > (63&& $ R0 R3 R( ;! $ Q E! ! 7>=9 7;=9 7 :9 ;! $ 36*73 @B 363;7 ' - 6" 7> 9 7; 9 7 :9 " " " 7D9 7=9 7 9 06&7( ;&; Q / " B ! T 7 9 7 ;9 Q ! " B T D : " ! 7)3 74) Q +" 2 B!" @ " T T 7 =9 U 7>=9 7: 9 7 >:9 8)8 70* 25 R )$ 5 Q E! ! 7
Slide 30: = B Q2 -1 )'(& 1$ )0= ' ' 0'&* ;! $ ('3) ('&8
= B Q2 -1 2 8 )'(& 1$ )0= ' ' 0'&* ;! $ ('3) ('&8 0'); 0'30 3'&4 0'40 &')* 0'&; 0'&& 0'(0 &'4* : : ; ; > > D 3&&7 &4 5 5 ()= (3= 2
Slide 31: "" BS : BS !
? QR 2< ; > > D D (!"C E "" 8 BS : BS ! " 06)&8 == :D : >: 06883 ; => = ; : " )3( ; = => 7 ;9 777 7:;9 = => ! " )0& : ;; *)) D= > =D +" 2 (;0 =D 7 = 9? > D: E00(F = = = 2! )43 = : ;: 7&) ; : : ' E))8F 7= 9 7: 9 7= 9 E3&*F 7 :9 7=D9 7 9 7 9 ' " E)(F 7>9 7;9 7;9 7 9 E(;F 79 7>9 7:9 7:9 3683( 06&83 *73
Slide 32: Presentation ThyssenKrupp, August / September 2008
Presentation ThyssenKrupp, August / September 2008 ThyssenKrupp
Slide 33: R ( &7 &4 , B +(!"C E
? $ R ( &7 &4 , +- 8 (!"C E ! # $ 8 )0; )83 *() 7>>9 7 :;9 7>>9 (603( (6*0& (6383 3643( (6044 (6;48 (678* (;; )70 )34 (8) (*( (;8 (4; : : > D D > D D ? - B 2 @ ! ! S ! L D B1 ! " @@! ! " ! @ " P "2 " ( ! 4 "! 3 " " " ! ( ! +(!"C E ! B8; : ! & E! ! ' " " B8 +( ! @ " ! @ & ! / " B8 ; L LB3 ! ! ! 2 " @
Slide 34: $? ! ' " B3 & "" ! " & "" ! ' "
$? 6 1 ! ' " B3 & "" ! " & "" ! ' " & "" 3 & "" 063)8 06084 06330 063(; 06080 060)8 0630* 060;) 0603; 0638& 06(&4 060*3 060*( 0604) 0603; 060;8 06&78 0600* 7*7 437 43& 4)* 4(4 74) 777 473 ;0( (0; (() (38 (7& (*8 ()* ((4 (44 (;* 3&&) &* 3&&* &8 R0 R3 R( R) R0 R3 R( 3&&) &* 3&&* &8 R0 R3 R( R) R0 R3 R
Slide 35: R ( 3&&7 &4 , E)3F )3 E0(*F E)*F
: ? $ R ( 3&&7 &4 , +- 8 (!"C E # $ 8 ! E)3F )3 ;8 (3* 3;0 3;8 06;0( 3604* 06;)( 068)( 360*& 36&&0 067(3 : (4 ;( E0(*F E)*F > D D : > D D ? - B) 2 S " " L D B- " 4 "6 "2 " ! "" 4 ( ! 2 ! +(!"C E ! 7 " " 9B8=> : ! 1 !$ @ 2! ! 7@ 2 " 2 "9 "" @ ! 2 : @ "" !$ " ! )! " ! @@ " L LB1 !" " P (! " " @ G V6 2
Slide 36: ; $? ! ' " ? ?B3 & "" ! " & "" !
; $? 6 1 ! ' " ? ?B3 & "" ! " & "" ! ? !" ! @ 0 & "" 3 & "" !" " ? ! " ' " & "" !" ! 3); 04; 0;) 0;3 33& 3(0 3(( 338 07& 07; 074 04) 30) 3&4 33( (3 )3 0*7 () )0 (; (8 (0 03* 3& 0)* 00 0(0 0)7 0)( 083 0)7 00) 0(7 0*4 0)( 3&&) &* 3&&* &8 R0 R3 R( R) R0 R3 R( R0 R( R) R0 R3 3&&) &* 3&&* &8 R3 R( B 3&&8
Slide 37: QD Q2
> $ " QD Q2 LD O M !- - '. ' / 0$ 76&&& 76&&& 2 86*&& D 86*&& 86&&& 86&&& *6*&& A - *6*&& *6&&& *6&&& )6*&& )6*&& )6&&& )6&&& (6*&& (6*&& (6&&& (6&&& 36*&& 36*&& 36&&& 36&&& 06*&& 06*&& 06&&& 06&&& 1 2 *&& *&& & & + , + , + ,' + , + , + ,( + , A " & ! B'.G A " 7+G KG 9 *A " 7'3 )0 9 / " ! A " 70 )'
Slide 38: Presentation ThyssenKrupp, August / September 2008
Presentation ThyssenKrupp, August / September 2008 ThyssenKrupp
Slide 39: R ( 3&&7 &4 , B +(! "" +(!"C E
? $ R ( 3&&7 &4 , +- 8 (!"C E ! # $ " 8 5 0** 0;7 3 : '3 # # 4 ))3 ( 3 0)4 0&4 0** 0(( 07; 048 3&0 # $ ' 3 " ! 2 @ 3 7A 9 3 3 : " "6 A D + =+ = + + + > D D ? - B+(! "" @ ! ! L D B0 4 ! "2 " ( ! +(!"C E ! B8 =D +(! "" 2 " $ L LB) ! ! "" 2 / ! ! " 7O 8 ;CD A 94 2 ' " ! " < " " @0 $ @ "6 @ 6 )@ ! 2 " 6
Slide 40: Presentation ThyssenKrupp, August / September 2008
Presentation ThyssenKrupp, August / September 2008 ThyssenKrupp
Slide 41: R ( 3&&7 &4 , E(;&F B % "" "
: ? $2 R ( 3&&7 &4 , (!"C E ! +- 8 # $ 8 (!"C+G @ 003 ;& 7 =9 ;7 0&8 7) 00; ;& ;3 : 063;; 06(00 06(&; 06(83 06)88 06)8) 06(3) > D D E(;&F : > D D ? - B% "" " 4 "6 < " "2 " # $ ! "2 " +(!"C E ! B8 L D B+ 2 ( ! ? & !" @ " B8 = )! 2! " " L LB ! " " @G + +- ! ! ! !" 7 ) "9 +, + E! " " ' @! @ ! 2 " ? (!"
Slide 42: R ( 3&&7 &4 , B - W ""
: ? $ R ( 3&&7 &4 , +- 8 # $ 8 )63&7 )6*;3 )6033 (6;&3 (6;*0 )6(33 )6877 0;3 0)& 304 0*) 0(3 0(* 3)4 : : > D D > D D ? - . ! " W "" L D B'" " P "2 " 2 @ ! ( ! B- @ @ " ! ! @" ! @2 " " $ L LB/ ! / " 2! * & 2 B. ) "W ! " ! ) " 2! @ " 4 ! & +, + E! " " 2 "
Slide 43: B EIF Q 3&&4 >& D
: B EIF Q 3&&4 #! >& D " 1 B " 1 #! > 0 2 D 0 2 " P )2 P' @ ! + " ' @ ! +
Slide 44: B EIIF Q 3&&; A
: B EIIF Q 3&&; A = " "/ - ! A > = = = ) . < = 7# ! 1 !9 ' @ ! ! ""4 " 2 " > = / = / = ) . "@ = 7# ! / 9
Slide 45: (BK:= :& >:>D @ & "4
:: , I 1 ) ") 2 " B BK:= :& >:>: ). " " (BK:= :& >:>D @ & "4 "Y +& "B X $ C! ) B4 4 4 C $ C!
Slide 46: Presentation ThyssenKrupp, August / September 2008
Presentation ThyssenKrupp, August / September 2008 ThyssenKrupp
Slide 47: B QA I
:> B QA I ? B " R ( 3&&7 &4 2 "" 8 ' !! 1 ()8 E(3F # E(*F " E()F " 2! E)&F ! " ' +" 2 E43F *; E377F ' C 0*4 878 80( A - $ E308F 0 # ! ! @" 4
Slide 48: B Q? B B B
:D B Q? B B B " R ( 3&&7 &4 2 "" 8 0&; E;77F @B 878 Q ;: 12 & @B ' = 0 " D Q : 0 " ; Q ;: ! @" 4 Q 2 ; # Q ;; ! @" 4 ' ( E0;3F
Slide 49: B QA B
: B QA B " " R ( 3&&7 &4 "" 8 A A ! 3&&4 K 3&&4 # 12 & ' ( ! @" 4 ) .)((/ 3&'( = 3&'(= ( 12 # . / ( . ) / . (/ B $ E0;3F
Slide 50: " 8; CD Q +- Q J Q+ " = ;
:= BS 3&&8 &7 " 8; CD Q +- 8 Q J 8 Q+ " = ; 2 " 8 C " 8 CD " 8 C; " 8:CD " 8 >CD +- 8 >> +- 8DDD +- 8;:: +- ? 87 9 +- 8D : J 8 J 8; D J 8 : J ? 87 >9 J 8: D + " = ;;= + " + " ;: D> + " =; + " : •' •0 Q " •: " •/ " 2! • " $ • !! ! " ! " ) " •) Q/ •+ ! " •/ " 2! •/ ( ( 0 ! • - • Q/ ! ! " •) " 2! • ! '
Slide 51: EIF
; ? EIF > D D : BS = # $ 8 => ; ;; D= *)68&* D : : : : ; ; " 8 : ::: *0673( D == : = >; +-) 1 8 ; D D = *63*) =D >> >:> +-) 8 > >DD = ;= (6734 D: := = > > +- 8 > ;D = :DD (6((& >:> D: = = =D 0 ! 8 >> :: D;= ; > 360;& : ; ; > ;; + 8 C C:; C:= C; )'(& C; C C C> J " 8 DD D : D 360&4 ; : > = .# '+ F >C=
Slide 52: EIIF
; ? EIIF > D D : BS = ' " ( ? 8 ;; D = (6&&0 = > =DD = ; 1 ! C 8 :> ;: : : : 06*() ; : :> = # ! @" 4 8 7;> 9 ; ;; D 3633& 7 >=9 >D> ; = K' @" 4 @ 2 8 ;: ; >: =D 87( : = D &' @" 4 @ 2 8 ;:= D D == 36;;7 = ; =DD D ! @" 4 8 7 :>9 = =D = > E0&)F 7 9 > 7= 9 7 : 9 0 @ ! "" " 8 7 9 =D > 33( ;= = D D + " 8
Slide 53: ; $ ? > D D : BS = # $ ; > 036704
; $ ? > D D : BS = # $ 8 ; > 036704 = > D>; = = " 8 = : = 0(63&; : > = = D;; +-) 1 8 ; = > >D ; 36)7& ;> ;== ; D D:D +-) 8 : > ; :: D 06780 = : : : > ; +- 8 == :D : >: 06883 ; => = J " 8 D> ; 060(4 > > :> D:; .# '+ F DC C DC= >C= 38'; C> C C C #' 8 = = ; ; =>; 064;4 7 9 ; ;;; ;DD K' @ 2 C8 = ; 79 )(
Slide 54: BS E4)F
; $ ? > D D : BS = # $ 8 = ; =: >: 7684) ; D ; " 8 =D : D > D> 467)4 =;; = ;D > +-) 1 8 ; >= 7>>9 06&() = ;: > +-) 8 : 7 9 470 7 9 > ; ; +- 8 ; = => 7 ;9 777 7:;9 = > J " 8 > 7 =>9 *&7 7 D9 7 9 7==9 .# '+ F : C; >C :C CD 33'7 79 C ;C: ;C: #' 8 7= 9 7 D9 >: :> 334 7 >=9 : = = K' @ 2 C8 > : : 08 ; ' @
Slide 55: # $ : ;D > 0)64)) =D =D D
;: $ ? > D D : BS = # $ 8 : ;D > 0)64)) =D =D D " 8 D= : ; 006*3( = ;D = +-) 1 8 = == 444 ;> > D D = +-) 8 :: : :D *04 D D ; > +- 8 : ;; *)) D= > ;>> J " 8 > ; ()4 D ; :; : D .# '+ F C :C> ;C= ;C 3*'& C= =C: =C =C #' 8 7 =9 =; D ;; 837 ; D :>; K' @ 2 C8 ; :> : : 07; :> > ' @ 2 C 8 ;: : D >> *40 > D
Slide 56: " B 8 " B 8 C>
;; $? @ ? " B8 C; ! ! " B 8 C> " B 8 C " B 8 C " B 8 C •G • @! J " • . + • " Q • - ! • " " 7 9 merged • Z ! $ Q/ 2! • ' @ • 1 60 "@ • • • % ! Q-" & - G Q # @ 2 " @ L > D & " ! "
Slide 57: BS E7*F E00(F
;> 2 $ ? 2 > D D : BS = # $ 8 == = > *6340 :>> :>: : : ;: " 8 D= > )6703 : >: ;;= +-) 1 8 7 >D9? 03 : ;= +-) 8 : 7 9? : = E7*F > =: = +- 8 =D 7 = 9? > D: E00(F = = = J " 8 >: 7: =9? : E338F = > >> ; .# '+ F CD 7 C 9? 7 C>9 7:C 9 E)'3F DC> :CD :CD :CD #' 8 7 D9 D 7:: 9? D E3((F := => D> K' @ 2 C8 D :
Slide 58: # $ : D : ;= : = 08643( =; : : >DD =;
;D $ ? > D D : BS = # $ 8 : D : ;= : = 08643( =; : : >DD =; " 8 =D : : : : =D 086700 >D : :> D +-) 1 8 :; =D D : ;)7 = =; > >= +-) 8 > D D 747 ; ;> > ;DD +- 8 = : ;: 7&) ; : ; ; J " 8 : : ;= )47 D= D; D .# '+ F DC C :C; C> 3('8 DC; >C= C: C: #' 8 7 D9 DD := ((0 7: 9 ; 7 9 7 >9 K' @ 2 C8 = : 44 = ; '
Slide 59: ; ? I J $ < - % 3&&* &8 3&&8 &7 3&&7 &4
; ? I J $ < - % 3&&* &8 3&&8 &7 3&&7 &4 3&&4 &; 3&&; 0& 3&&* &8:3&&; 0& H : B !" #$%& & ' ()*+,"-. / ;') &'* 0'8 3'7 ('3 0') )"0"#! # "& 1%&%2 ' *%&"#30 & 4 2 5"%3 "& '6 4 " "& "# & 3'3 &'3 &') &'* &'8 &'* *%&"#30 & 4 2 5"%3 " & 7 8#3 " 4& & / !" #$%& & ' 9 0"& ' ('4 &'4 &'8 &'; 0'& &'* :"%0" #" ' *
Slide 60: ;= I " ! " @ "" ' @" @ (C8 @ ; >&
;= I 1 2 1 " ! " @ "" 4 2 ' @" 4 @ 7 (C8 @ ; >& = 9 ! "@" ( " 72 " " ! " !$ 6 ! "9 ' 2 @! @" @
Slide 61: > " " ! !! " " @ C: (9 1" : " $"
> " " ! !! " 2 " @ 8 C: 6 76 8 (9 6 8 1" 8 : " 8 1 8 $" & 8 8 ? ;"# ' @ ''6 # 9# %4 , " 0%#" & =@ >/' B >'6 B=' @6C'' A D " @ ''6 1 3E2 F F " *#%- 9# %4 , " 0%#" & =@ //' B >6 B >@ ' /> A 1 # @ ''= 1 3E2 F F " *#%- 9# %4 , " 0%#" & C@ C'' B== B =@ ''' A 1 #' @ ''= 1 3E2 F F " *#%- 9# %4 , " 0%#" & C
Slide 62: > " [ @ @ !" ! ! @@ "! @ ! " @
> " [ @ @ !" 2 ! ! 4 @@ "! @ ! " @ ! @ @ " "C ! @ 4 &" $ E! $ ! C ! @ ! "@ ! @ 4 &" $ @ C% 4 4 ! [ " \[ " 2 \ [ ( ! \[ ! \[ \[ \[ \ " ( 4 $ @ 4 &" $ CL " " @ 4 &" $ ! E! @ ! ! @ 2 E! @ ! @! @4 ! @ ! " ! " ! ! " " @@ "" @ ! C @! !" " @ "" 4 B 79 $ $ B ! "" ! ! ! 2 " 2 " 79 ! @ ! @ E ! 7 9 "2 " @ @ $