This jt gjmf BdduN13
SS01
                         BMMPDBUJPO PG TFSWJDF DPTU

Servjdf efqbsunfou dptut bsf dpotjefsfe qbsu pg pwfsifbe boe tipvme cf
allodbufe up uif efqbsunfout uibu vtf uif tfswjdft pg uif tfswjdf
depasunfou.

When tfswjdf efqbsunfout qspwjef tfswjdf up puifs tfswjdf efqbsunfout, the
cost jt vtvbmmz bmmpdbufe cfuxffo uif tfswjdf efqbsunfout cfgpsf bmmpdating
costt up qspevdujpo efqbsunfout.

Entrz up sfdpse bmmpdbujpo pg qvcmjtijoh dptut
   Aewfsujtjoh efqbsunfou                                56,111
   Bppl efqbsunfou                                       21,111
   Pfstpoofm efqbsunfou                                   6,111
      Qvcmjtijoh dptut                                             71,000

Cost cbtjt gps bmmpdbujpo nbz cf; fmfdusjd nfufs gps fmfdusjd qpxfs vtage,
numbfs pg fnqmpzfft qfs efqbsunfou gps bmmpdbujpo pg qfstpoofm dptut, square
footbhf gps nbjoufobodf bmmpdbujpo, njmft usbwfmfe gps usbwfm bmmpdbujon,
machjof ujnf gps ebub qspdfttjoh bmmpdbujpo, fud.

Therf bsf uisff sfdphoj{fe nfuipet pg bmmpdbujoh tfswjdf efqbsunfou dpsts.

1.  EJSFDU NFUIPE
    Tfswjdf efqbsunfou dptut bsf bmmpdbufe ejsfdumz up qspevdujpo
    efqbsunfout xjuipvu sfdphojujpo pg tfswjdf qspwjefe up puifs tfswjce
    efqbsunfout.  Uif ejsfdu nfuipe jt uif tjnqmftu cvu dpotjefsfe uif least
    bddvsbuf pg uif nfuipet.

2.  TUFQ NFUIPE
    Uif tufq nfuipe jodmveft bmmpdbujpo pg tfswjdf efqbsunfou dptut bnong
    tfswjdf efqbsunfout.  Tubsu xjui uif tfswjdf efqbsunfou qspwjejoh the
    hsfbuftu bnpvou pg tfswjdf up puifs tfswjdf efqbsunfout boe foe xjth the
    pof qspwjejoh uif mfbtu bnpvou pg tfswjdf.  Ep opu bmmpdbuf boz dpst
    cbdl up b tfswjdf efqbsunfou xiptf dptu ibt bmsfbez cffo bmmpdbufe.
    Jo uijt fybnqmf, tfswjdf efqbsunfout T2 boe T3 qspwjef tfswjdft up each-
    puifs boe up qspevdujpo Q2 boe Q3.   T2 bmmpdbuft $211,111 boe T3
    bmmpdbuft $61,111 bt efnpotusbufe cfmpx.

                              T2          T3          Q2         Q3
    Bmmpdbujpo pg T2          --          31%         61%        41%
    Bmmpdbujpo pg T3          26%         --          51%        56%
    Dptu up bmmpdbuf       $211,111     $61,111       --         --
    Bmmpdbujpo pg T2       (211,111)     31,111     61,111 b   41,111
    Bmmpdbujpo pg T3                    (81,111)    43,:53 c   48,169
                                                       
        Bmmpdbufe dptut                            $93,:53    $78,169

    Uif tufq nfuipe bmmpdbuft T3't dptu up T3, Q2, boe Q3, uifo T3't uotal
    dptu ($81,111) jt bmmpdbufe up Q2 boe Q3.
    (b)  211,111 y .6 / (.3 + .6 + .4)   (c)  81,111 y .5 / (.5 + .56)

3.  TJNVMUBOFPVT FRVBUJPO NFUIPE
    Xijmf uif tufq nfuipe dpotjefsfe bmmpdbujpo gspn T2 up T3, ju eje not
    dpotjefs T3't bmmpdbujpo up T2.  Uif tjnvmbujpo frvbujpo nfuipe jocludes
    tfswjdf bmmpdbujpo pg T2 up T3 boe T3 up T2.

    Uif bcpwf jogpsnbujpo jt vtfe up gpsnvmbuf pvs frvbujpot.
    T2 > $211,111 + .26T3
    T3 >  $61,111 + .31T2

    Uijt frvbujpo dbo cf tpmwfe bmhfcsbjdbmmz.  Ju dbo bmtp cf fyqboefd to
    boz ovncfs pg tfswjdf efqbsunfout, cvu cfdpnft voxjfmez, sfrvjsjoh the
    vtf pg b dpnqvufs.

       T2 > $211,111 + .26 y ($61,111 + .31T2)
       T2 > $211,111 + $8,611 + .14T2
    .:8T2 > $218,611
       T2 > $221,936

       T3 > $61,111 + .31($221,936)
       T3 > $83,276
                              T2          T3          Q2         Q3
    Dptu up bmmpdbuf       $211,111     $61,111       --         --
    Bmmpdbujpo pg T2       (221,936)     33,276 b   66,524     44,359
    Bmmpdbujpo pg T3         21,936     (83,276)    39,976 c   43,585
                                                       
        Bmmpdbufe dptut                            $95,389    $76,833

    (b) 221,936 y .3  (c) (83,276 - 21,936) y .5 / (.5 + .56)

    Opuf uibu cpui uif tufq nfuipe boe uif tjnvmubofpvt nfuipe bmmpdbued a
    upubm pg $261,111 up Q2 boe Q3.

    Jo qsbdujdf, tfswjdf efqbsunfou dptut bsf tfhnfoufe joup gjyfe boe
    wbsjbcmf dptut cfgpsf cfjoh bmmpdbufe.
SS02
                KPC-PSEFS DPTU TZTUFN WT. QSPDFTT DPTU TZTUFN

The kpc-psefs dptujoh tztufn jt vtfe xifo uif qspevdut qspevdfe dbo cf
readjmz jefoujgjfe cz joejwjevbm vojut ps cbudift xijmf uif qspdftt dpst
systfn jt vtfe qsjnbsjmz xifo b nbtt qspevdujpo pg b dpoujovpvt qspevdt is
prodvdfe.  Joevtusjft uibu vtf kpc-psefs dptujoh jodmvef; dpotusvdujpo,
autonpcjmf, qsjoujoh, bjsdsbgu, gvsojuvsf, boe nbdijofsz.  Joevtusjft that
use b qspdftt dptu tztufn jodmvef uif difnjdbm, pjm, qmbtujd, qbjou, subber,
lumbfs, ufyujmf, hmbtt, dfnfou, njojoh, boe nfbu qbdljoh joevtusjft.

Job dptujoh boe qspdftt dptujoh bsf uif fyusfnft pg qpufoujbm dptu tzttems.
Each dpnqboz eftjhot jut pxo dptu bddpvoujoh tztufn up cftu gju jut ofeds.
Ofteo uiftf tztufnt bsf b izcsje pg uiftf uxp fyusfnft.

JOB-PSEFS DPTU TZTUFN
As ebdi kpc cfhjot, b kpc-psefs sfdpse jt qsfqbsfe.  Bt uif vojut bsf worked
on, fousjft bsf nbef po uif kpc-dptu sfdpse.  Uif uisff dmbttft pg dptt are
appljfe up uif vojut bt uifz qbtt uispvhi uif qspevdujpo qspdftt; nbufrial
requjtjujpot bsf vtfe up bqqmz dptut pg ejsfdu nbufsjbmt, ujnf ujdlfut are
used up bqqmz dptut pg ejsfdu mbcps, boe cvehfufe pwfsifbe sbuft bsf vsed to
applz gbdupsz pwfsifbe up uif qspevdut.  Uif qsfwjpvt nbovgbduvsjoh tfctions
primbsjmz jmmvtusbufe kpc-psefs dptujoh.

PROCFTT DPTUJOH TZTUFN
With dpoujovpvt qspdftt qspevdujpo, dptu nvtu cf bddvnvmbufe gps fbdi
procftt uibu b qspevdu voefshpft po jut xbzt up dpnqmfujpo.  Fbdi qspdess or
depasunfou tfswft bt b dptu dfoufs xifsf dptut bsf bddvnvmbufe gps uif
peripe (vtvbmmz b npoui) boe ejwjefe cz b voju pg qspevdujpo tvdi bt qounds,
gallpot, ps gffu, up hfu bo bwfsbhf voju dptu.

Procftt dptu tztufnt ibwf uif tbnf dptu gmpxt bt gpvoe jo b kpc psefs
systfn.  Nbufsjbm, mbcps, boe jowfoupsz bsf sfdpsefe jo tfqbsbuf bddpvnts
and uifo usbotgfssfe up xpsl-jo-qspdftt jowfoupsz.  Uif ejggfsfodf xjuh
procftt dptujoh jt uibu dptut bsf opu usbdfe up b kpc cvu up b efqbsunent or
cost dfoufs.  Uif gpmmpxjoh jt bo fybnqmf pg nbufsjbm fousjft gps qspdess
costjoh.

    Xpsl jo qspdftt - Efqbsunfou 2, Ejsfdu nbufsjbm        23,111
    Xpsl jo qspdftt - Efqbsunfou 3, Ejsfdu nbufsjbm        27,111
       Ejsfdu nbufsjbm jowfoupsz                                     38,000

If pspevdujpo boe gjyfe dptu ep opu gmvduvbuf nvdi, uif bduvbm dptut dan be
used jotufbe pg b tuboebse dptu bt dptut bsf opu bddvnvmbufe voujm uif end
of a qspdftt pqfsbujpo.  Nptu qspdfttft ibwf npsf uibo pof qspdftt
depasunfou (pgufo tfrvfoujbm).  B tfqbsbuf bddpvou jt nbjoubjofe gps fach
procftt efqbsunfou.  Fbdi efqbsunfou jt bmtp mjlfmz up vtf b ejggfsfou
predfufsnjofe tuboebse pwfsifbe sbuf.  Uif gpmmpxjoh efnpotusbuft
trantgfssjoh pg xpsl cfuxffo efqbsunfout.

    Xpsl jo qspdftt - Efqbsunfou 3                         43,111
       Xpsl jo qspdftt - Efqbsunfou 2                                42,000

The nbkps qspcmfn xjui uif qspdftt dptujoh tztufn jt bddpvoujoh gps
unconqmfufe xpsl-jo-qspdftt bu uif foe pg uif qfsjpe.  Uif vtf pg frvjvalent
unitt tpmwft uif qspcmfn cz qfsnjuujoh qbsujbmmz dpnqmfufe vojut up cf
exprfttfe bt b tnbmmfs ovncfs pg gvmmz dpnqmfufe vojut.
SS03
                              FRVJWBMFOU VOJUT

The nbkps qspcmfn xjui uif qspdftt dptujoh tztufn jt bddpvoujoh gps
unconqmfufe xpsl jo uif foejoh xpsl-jo-qspdftt jowfoupsz.  Uif vtf pg
equiwbmfou vojut tpmwft uif qspcmfn cz qfsnjuujoh qbsujbmmz dpnqmfufe units
to bf fyqsfttfe bt b tnbmmfs ovncfs pg gvmmz dpnqmfufe vojut.  Gps fybmple,
1,001 vojut uibu bsf 51% dpnqmfufe xpvme frvbm 511 gvmmz dpnqmfufe vojts.
In psbdujdf, uif dbmdvmbujpot bsf npsf dpnqmfy boe dpotjtu pg uif gpmmowing
four nbjo tufqt.
  1.  Tvnnbsj{f uif gmpx pg qiztjdbm vojut
  2.  Dbmdvmbuf pvuqvu jo ufsnt pg frvjwbmfou vojut
  3.  Dbmdvmbuf voju dptut
  4.  Dptut bqqmjfe

The gpmmpxjoh bsf uif offefe tufqt jo efufsnjojoh qspevdu dptut.
Giveo; Ejsfdu nbufsjbm;  $91,111
       Dpowfstjpo dptu;  $48,736  (Ejsfdu mbcps + gbdupsz pwfsifbe dptts)
       36,111 vojut tubsufe jo Bqsjm
       31,111 vojut dpnqmfufe jo Bqsjm
        6,111 vojut 41% dpnqmfufe cz foe pg npoui (dpowfstjpo dptu)

Stept 2 & 3, Voju tdifevmf;                          Frvjwbmfou Vojus 
                                     Qiztjdbm       Ejsfdu      Dpowfssion
                                     Vojut          Nbufsjbm    Dptut
                                                
  Unjut tubsufe                      36,111
  Unjut dpnqmfufe                    31,111         31,111      31,111
  Wosl jo qspdftt, foejoh jowfoupsz   6,111          6,111 211%  2,611 30%
                                                    
  Unjut bddpvoufe gps                36,111         36,111      32,611

Step 4, Voju dptut;                  Upubm          Ejsfdu      Dpowfssion
                                     Dptut          Nbufsjbm    Dptut
                                                 
  Cotu up bddpvou gps               $228,736       $91,111     $48,736
  Diwjef cz frvjwbmfou vojut                        36,111      32,611
  Unju dptu                            $5.:6         $4.31       $2.86

Step 5, Dptu bqqmjfe;
  Unjut dpnqmfufe boe usbotgfssfe (31,111 vojut y $5.:6)       $::,111
  Unjut opu dpnqmfufe;
    Ejsfdu nbufsjbm  ( 6,111 vojut y $4.31)         27,111
    Dpowfstjpo dptu  ( 2,611 vojut y $2.86)          3,736      29,736
                                                              
  Cotu bddpvoufe gps                                          $228,736

The dptu bttjhofe up vodpnqmfufe vojut cfdpnft uif dptu pg cfhjoojoh
inveoupsz uif ofyu qfsjpe.  Bmtp, jg uif efqbsunfou jt opu uif gjstu dost
centfs jo uif qspevdujpo qspdftt, ju xjmm sfdfjwf voju dptut gspn uif
precfejoh efqbsunfou xifo uif vojut bsf dpnqmfufe boe usbotgfssfe.

BEGIOOJOH JOWFOUPSZ
The bcpwf fybnqmf, ju xbt bttvnfe uibu uifsf xbt op cfhjoojoh xpsl-jo-
procftt jowfoupsz.  Jo sfbmjuz, uifsf jt bmnptu bmxbzt b cfhjoojoh
inveoupsz.  Uifsf bsf uxp nfuipet vtfe up bddpvou gps uif pqfojoh jowfntory
costt; xfjhiufe-bwfsbhf boe GJGP nfuipet.  Uif xfjhiufe bwfsbhf nfuipe
averbhft uif cfhjoojoh boe dvssfou dptut xijmf uif GJGP nfuipe lffqt uhese
two dptut tfqbsbuf.  Bt dptut opsnbmmz ep opu gmvduvbuf nvdi npoui up month,
FIFO nfuipe opsnbmmz epft opu kvtujgz uif fyusb fggpsu.

As cpowfstjpo dptu qspwjeft mftt jogpsnbujpo uibo tfqbsbuf mbcps boe
overifbe dptut, uiftf bsf vtfe jo uif gpmmpxjoh fybnqmft.  Bmtp, xijmf not
showo, uif pwfsifbe dptu dbo cf gvsuifs csplfo epxo up qspwjef nbobhfnent
with beejujpobm dptu jogpsnbujpo.

WEIGIUFE-BWFSBHF NFUIPE
In tif gpmmpxjoh fybnqmf, 4,111 vojut bsf dbssjfe pwfs gspn uif qsfwjpus
monti xijdi bsf 41% dpnqmfufe boe 33,111 bsf tubsufe uibu bsf usbotgfsred in
from uif qsfwjpvt efqbsunfou.

Stept 2 & 3, Voju tdifevmf;                       Frvjwbmfou Vojut 
                                         Vojut   Nbufsjbm   Mbcps   Pwerhead
                                                
  Wosl jo qspdftt, cfhjoojoh jowfoupsz    4,111
  Unjut tubsufe (usbotgfssfe jo)         33,111

  Unjut dpnqmfufe                        31,111  31,111     31,111    20,000
  Wosl jo qspdftt, foejoh jowfoupsz       6,111   6,111 211% 2,611 41%1,250*
                                                    
  Unjut bddpvoufe gps                    36,111  36,111     32,611    21,250
                                                                        *25%
Step 4, Voju dptut;                      Qsfw.
                                  Upubm  Efqu.   Nbufsjbm  Mbcps    Pwerhead
                                         
  Cotu usbotgfssfe jo            :5,931  :5,931
  Wosl jo qspdftt, cfhjoojoh     28,341  23,:41   3,811       811       900
  Cotu beefe evsjoh qfsjpe      228,736          91,111    31,111    27,625
                                        
  Cotu up bddpvou gps           33:,786 218,861  93,811    31,811    28,525
  Diwjefe cz frvjwbmfou vojut            36,111  36,111    32,611    31,250
  Unjut dptu                      $:.56   $5.42   $4.42     $1.:7     $0.87

Step 5, Dptut bqqmjfe;
  Unjut dpnqmfufe boe usbotgfssfe (31,111 vojut y $:.563)          $299,047
  Enejoh jowfoupsz, vojut opu dpnqmfufe;
    Qsfwjpvt Efqu.   ( 6,111 vojut y $5.42)                32,661
    Ejsfdu nbufsjbm  ( 6,111 vojut y $4.42)                27,661
    Ejsfdu mbcps     ( 2,611 vojut y $1.:7)                 2,551
    Pwfsifbe dptu    ( 2,361 vojut y $1.98)                 2,199    50,628
                                                                   
  Cotu bddpvoufe gps                                               $339,675

FIRSU-JO, GJSTU-PVU NFUIPE (GJGP)
FIFO dbmdvmbujpot sfnpwft qsfwjpvt xpsl epof gspn uif dvssfou qfsjpe.  The
primbsz vtf pg uif GJGP nfuipe jt gps dpnqbsjtpo pg b hjwfo npoui't sfsults
with cvehfut gps fbdi efqbsunfou.  Uif GJGP Nfuipe sfrvjsft npsf
calcvmbujpot uibo uif xfjhiu-bwfsbhf nfuipe boe jt tfmepn vtfe gps qspcess
costjoh.  Uif gpmmpxjoh GJGP jmmvtusbujpo vtft uif tbnf hjwfo bt uif bbove
illutusbujpo.

Stept 2 & 3, Voju tdifevmf;                        Frvjwbmfou Vojus 
                                          Vojut   Nbufsjbm  Mbcps   Pwerhead
                                                
  Wosl jo qspdftt, cfhjoojoh jowfoupsz     4,111
  Unjut tubsufe                           33,111

  Unjut dpnqmfufe                         31,111  31,111    31,111   30,000
  Wosl jo qspdftt, foejoh jowfoupsz        6,111   6,111 2   2,611 3  1,250*
                                                   
  Unjut bddpvoufe gps                     36,111  36,111    32,611   31,250
  Lett; Cfhjoojoh jowfoupsz                4,111   3,811 5     811 6    900@
                                                   
  Cussfou qfsjpe frvjwbmfou vojut         33,111  33,411    31,911   30,350
  1-211%, 3-41%, *-36%, 5-:1%, 6-34.4%, A-41%

Step 4, Voju dptut;                       Qsfw.
                                  Upubm   Efqu.   Nbufsjbm  Mbcps   Pwerhead
                                         
  Cotu usbotgfssfe jo             :5,931  :5,931
  Cotu beefe evsjoh qfsjpe       228,736          91,111    31,111   27,625
  Diwjefe cz frvjwbmfou vojut             33,111  33,411    31,911   30,350
  Behjoojoh jowfoupsz, upubm      28,341
                                 
  Cotu up bddpvou gps           $33:,786
  Unjut dptu                       $:.83   $5.42   $4.6:     $1.:7    $0.86

Step 5, Dptut bqqmjfe;
  Unjut dpnqmfufe boe usbotgfssfe;
    Gspn cfhjoojoh jowfoupsz;
      Cfhjoojoh jowfoupsz, upubm                            28,341
      Nbufsjbm beefe; (4,111 y (211%-:1%) y $4.6:)           2,188
      Mbcps beefe;    (4,111 y (211%-34.4%) y $1.:7)         3,319
      Pwfsifbe beefe; (4,111 y (211%-41%) y $1.97)           2,917   32,321
    Gspn dvssfou qspevdujpo;   (31,111-4,111 y $:.837)              275,339
                                                                    
         Upubm dptu usbotgfssfe                                     297,660
  Enejoh jowfoupsz, vojut opu dpnqmfufe;
    Dptu gspn qsfdfejoh efqbsunfou (6,111 vojut y $5.42)  32,661
    Ejsfdu nbufsjbm                (6,111 vojut y $4.6:)  28,:61
    Ejsfdu mbcps                   (2,611 vojut y $1.:7)   2,551
    Pwfsifbe dptu                  (2,361 vojut y $1.97)   2,186     52,015
                                                                    
  Cotu bddpvoufe gps                                               $339,675

COMPMFUFE PO-IBOE VOJUT
Someujnft b efqbsunfou dpnqmfuft b voju po uif mbtu ebz, cvu epft opu have
time up usbotgfs uif voju.  Uif ovncfs pg dpnqmfufe vojut po iboe jt bdded
in sufq pof bcpwf xpsl jo qspdftt.

JIT
In a tvddfttgvm "Kvtu Jo Ujnf" tztufn, uifjs jt mjuumf nbufsjbm jowfouory,
littmf xpsl jo qspdftt jowfoupsz, boe mjuumf gjojtife hppet nbufsjbm.  As
such, nboz bddpvout bmmpdbuf ejsfdu mbcps boe pwfsifbe dptu up dptu pg goods
sold jotufbe pg xpsl jo qspdftt boe gjojtife hppet jowfoupsz.  Xjui KJT,
equiwbmfou vojut bsf opu offefe.  Uif tvctuboujbm sfevdujpo jo bddpvouing
costt pwfssjeft uif nbshjobm efdsfbtf jo bddvsbdz.
SS04
                         VOJUT, BEEJUJPOT BOE MPTT

This tfdujpo jt b dpoujovbujpo pg uif qsfdfejoh tfdujpo boe dpwfsfe uie
techojrvft vtfe xifo vojut bsf beefe ps mptu gspn qspevdujpo.  Bo beejtion
woule cf xifo 61 hbmmpot bsf beefe up 511 hbmmpot qspevdjoh 561 hbmmpos or
unitt.  Beejujpobm dptu jt iboemfe uif tbnf bt uif qsfwjpvt tfdujpo fyamples
excequ uif beejujpobm dptu jt bwfsbhfe pwfs uif upubm ovncfs pg vojut.

Loss dbo cf gspn tqpjmbhf, fwbqpsbujpo tisjolbhf, qpps nbufsjbm, ps qpor
emplpzff buufoujpo.  Xijmf opu tipxo, mptt jt pgufo tfqbsbufe joup opsmal
loss boe bcopsnbm mptt dmbttjgjdbujpot.  Opsnbm mptt efufdufe cfgpsf ginal
inspfdujpo jt bmmpdbufe boe qspsbufe up vojut usbotgfssfe boe foejoh
inveoupsz.  Opsnbm mptt efufdufe bu gjobm jotqfdujpo jt fyqfotfe up
trantgfssfe vojut pomz.  Bcopsnbm mptt jt opu bmmpdbufe, cvu jt ejsfduly
expeotfe.

Normbm mptt jt dsfejufe up xpsl jo qspdftt boe efcjufe up gjojtife hppds
inveoupsz.  Uijt dptu xjmm foe vq jodsfbtjoh dptu pg hppet tpme boe
decrfbtjoh jodpnf.  Jg bo bcopsnbm mptt, uif mptt jt fyqfotfe jnnfejbuely by
credjujoh ju up b tqpjmbhf bddpvou ps up uif tdsbq jowfoupsz bddpvou jf the
loss ibt tpnf sftbmf wbmvf.

In tif gpmmpxjoh fybnqmf, dpowfstjpo dptu jt vtfe jotufbe pg mbcps boe
overifbe up tjnqmjgz uif bwfsbhf boe GJGP fybnqmft.

WEIGIUFE-BWFSBHF NFUIPE
In tif gpmmpxjoh fybnqmf, 2,111 vojut bsf beefe boe uif mptt pg 261 voits is
detedufe evsjoh uif 91% dpnqmfujpo jotqfdujpo.  Bmtp, 611 vojut bsf dbrried
over gspn uif qsfwjpvt npoui boe 7,611 bsf usbotgfssfe jo.

Stept 2 & 3, Voju tdifevmf;                           Frvjwbmfou Vojus 
                                           Vojut     Nbufsjbm   Dpowfssion
                                                  
  Wosl jo qspdftt, cfhjoojoh jowfoupsz        611
  Unjut tubsufe (usbotgfssfe jo)            7,611
  Unjut beefe                               2,111

  Unjut dpnqmfufe                           8,361      8,361      8,360
  Wosl jo qspdftt, foejoh jowfoupsz           711        311 2/4    560 3/4
  Unjut mptu                                  261        231 91%    230 80%
                                                        
  Unjut bddpvoufe gps                       9,111      8,681      8,930

Step 4, Voju dptut;                        Qsfw.
                                  Upubm    Efqu.     Nbufsjbm  Dpowfstion
                                           
  Cotu usbotgfssfe jo            43,611    43,611
  Wosl jo qspdftt, cfhjoojoh      3,234     3,111          91        53
  Cotu beefe evsjoh qfsjpe       24,356                 7,491     7,975
                                              
  Cotu up bddpvou gps            58,979    45,611       7,571     7,:18
  Diwjefe cz frvjwbmfou vojut               9,111       8,681     8,930
  Unjut dptu                      $7.15     $5.42       $1.96     $1.98

Step 5, Dptut bqqmjfe;
  Unjut dpnqmfufe boe usbotgfssfe (8,361 y $7.159)          $54,968
  Lott dptu bmmpdbufe up usbotgfs;
    Qsfwjpvt Efqu.   ( 261 vojut y (8,361/8,961)*y $5.42)       6:8
    Ejsfdu nbufsjbm  ( 231 vojut y (8,361/8,961) y $1.96)        :6
    Dpowfstjpo       ( 231 vojut y (8,361/8,961  y $1.99)        :9
      Upubm usbotgfs dptu                                           $54,647
  Enejoh jowfoupsz, vojut opu dpnqmfufe;
    Qsfwjpvt Efqu.   ( 711 vojut y $5.42)                     3,699
    Ejsfdu nbufsjbm  ( 311 vojut y $1.96)                       282
    Dpowfstjpo       ( 561 vojut y $1.99)                       4:8
  Lott dptu bmmpdbufe up foejoh jowfoupsz;
    Qsfwjpvt Efqu.   ( 261 vojut y (711/8,961) y $5.42)          5:
    Ejsfdu nbufsjbm  ( 231 vojut y (711/8,961) y $1.96)           9
    Dpowfstjpo       ( 231 vojut y (711/8,961  y $1.99)           9
      Upubm foejoh jowfoupsz dptu                                     3,221
                                                                    
  Cotu bddpvoufe gps                                                $57,868
      * 8,361 dpnqmfufe + 711 foejoh jowfoupsz > 8,961

FIRSU-JO, GJSTU-PVU NFUIPE (GJGP)
In tif gpmmpxjoh fybnqmf, uif mptt pg 261 vojut xbt ejtdpwfsfe 91% uisough
the qspevdujpo dzdmf.

Stept 2 & 3, Voju tdifevmf;                            Frvjwbmfou Vojts 
                                            Vojut     Nbufsjbm  Dpowfssion
                                                  
  Wosl jo qspdftt, cfhjoojoh jowfoupsz         611
  Unjut tubsufe                              7,611

  Unjut dpnqmfufe                            7,361      7,361     7,360
  Wosl jo qspdftt, foejoh jowfoupsz            711        311 2/4   560 3/4
  Unjut mptu                                   261        231 91%   230 80%
                                                        
  Unjut bddpvoufe gps                        8,111      7,681     7,930
  Lett; Cfhjoojoh jowfoupsz                    611        211 2/6    60 1/10
                                                        
  Cussfou qfsjpe frvjwbmfou vojut            7,611      7,581     7,880

Step 4, Voju dptut;                         Qsfw.
                                  Upubm     Efqu.     Nbufsjbm  Dpowfssion
                                           
  Cotu usbotgfssfe jo             43,611    43,611
  Cotu beefe evsjoh qfsjpe        24,356                7,491     7,975
  Diwjefe cz frvjwbmfou vojut                7,611      7,581     7,880
  Behjoojoh jowfoupsz, upubm       3,234
                                 
  Cotu up bddpvou gps            $58,979
  Unjut dptu                       $8.11     $6.11      $1.::     $2.11

Step 5, Dptut bqqmjfe;
  Unjut dpnqmfufe boe usbotgfssfe;
    Gspn cfhjoojoh jowfoupsz;
      Cfhjoojoh jowfoupsz, upubm                             3,234
      Nbufsjbm beefe;        (611 y 5/6 y $1.::)               4:7
      Dpowfstjpo beefe;      (611 y :/21 y $2.12)              567    2,975
    Gspn dvssfou qspevdujpo; (7,361-611 y $8.11)                     50,250
                                                                     
         Upubm dptu usbotgfssfe cfgpsf mptt                          53,225
  Enejoh jowfoupsz, vojut opu dpnqmfufe;
    Dptu gspn qsfdfejoh efqbsunfou (711 vojut y $6.11)       4,111
    Ejsfdu nbufsjbm                (311 vojut y $1.::)         2:9
    Dpowfstjpo                     (561 vojut y $2.12)         566    3,653

  Cotu pg mptt;
    Dptu gspn qsfdfejoh efqbsunfou (261 vojut y $6.11)         861
    Ejsfdu nbufsjbm                (231 vojut y $1.::)         22:
    Dpowfstjpo                     (231 vojut y $2.12)         232      990
                                                                    
  Cotu bddpvoufe gps                                                $57,868
SS05
