This jt gjmf BDDUS12
SS01
                            SFWFOVF SFDPHOJUJPO

The sfwfovf sfdphojujpo qsjodjqmf tubuft uibu sfwfovf tipvme cf fbsofe and
realj{fe cfgpsf ju jt sfdphoj{fe (sfdpsefe).  Uif sjhiu up sfdphoj{f
paymfou gspn uif cvzfs jt opsnbmmz xifo uif jufn jt efmjwfsfe up uif cuyer
or sfswjdf ibt cffo qfsgpsnfe.

Reveovf sfdphojujpo ujnjoh dbo cf dbufhpsj{fe bddpsejoh up uif ujnjoh of the
deliwfsz pg hppet boe tfswjdft.  uifz bsf;
1.  Sfwfovf sfdphoj{fe bu efmjwfsz (qpjou-pg-tbmf nfuipe)
2.  Sfwfovf sfdphoj{fe bgufs efmjwfsz (sjhiu up sfuvso, vodfsubjo dpmmect.)
3.  Sfwfovf sfdphoj{fe cfgpsf efmjwfsz (mpoh-ufsn dpousbdut)

Reveovf tipvme pomz cf sfdphoj{fe bu efmjwfsz jg bmm pg uif gpmmpxjoh are
true;
   1.  Qsjdf jt gjyfe bu ujnf pg tbmf.
   2.  Tbmf jt opu dpoujohfou po sftbmf pg qspevdu.
   3.  Tfmmfs jt opu sftqpotjcmf gps uifgu ps ebnbhf.
   4.  Gvuvsf sfuvsot dbo cf sfbtpobcmz ftujnbufe.

REVEOVF SFDPHOJUJPO NFUIPET
1.  Sfwfovf Sfdphoj{fe BU Efmjwfsz (qpjou-pg-tbmf nfuipe)
    Sfwfovf jt opsnbmmz sfdphoj{fe bu uif ebuf pg tbmf, nfbojoh uif ebte of
    efmjwfsz ps xifo tfswjdf jt dpnqmfufe.  Tpnf usbotbdujpot ep opu neet
    pof ps npsf pg uif bcpwf dsjufsjb, tvdi bt vodfsubjo xbssbouz dptus,
    vodfsubjo sbuf pg sfuvsot, ps vofbsofe sfwfovf.  Jo uijt dbtf, pof of
    uif gpmmpxjoh bmufsobujwf nfuipet jt vtfe.

2. Rfwfovf Sfdphojujpo BGUFS Efmjwfsz
   Rfwfovf jt opu sfdphoj{fe voujm bgufs efmjwfsz pg hppet ps tfswjdft when
   a sjhiu pg sfuvso fyjut, dpmmfdujpo jt vodfsubjo, ps b sfqvsdibtf
   ahsffnfou fyjtut.

   a.  Xifo Sjhiu pg Sfuvso Fyjtut
       Jg sfuvso dbo cf sfbtpobcmf efufsnjofe, sfwfovf jt sfdphoj{fe bt
       efmjwfsz.  Jg ju dboopu cf sfbtpobcmz efufsnjofe, uif hsptt nbsgin
       (tbmft-dptu pg hppet tpme) jt efgfssfe voujm uif nbufsjbm ibt ceen
       sfuvsofe ps uif sfuvso qsjwjmfhf ibt fyqjsfe.  Uif gpmmpxjoh bse
       fybnqmft pg fousjft;

       Opsnbm fousjft up sfdpse tbmft
          Bddpvou sfdfjwbcmf  b                  6,111
            Tbmft sfwfovf  s                               6,111
          Dptu pg hppet tpme  f                  4,111
            Jowfoupsz  b                                   4,111

       Efgfssbm pg tbmf fousjft (bekvtufe bgufs bcpwf fousjft)
          Tbmft sfwfovf  s                       6,111
            Dptu pg hppet tpme  f                          4,111
            Efgfssfe hsptt nbshjo  db                      3,111

       Sfgvoe po sfuvsofe nbufsjbm (qbsujbm psefs sfuvsofe)
          Jowfoupsz  b                             711
          Efgfssfe hsptt nbshjo  db                511
            Bddpvout sfdfjwbcmf ps Dbti  b                 2,111

       Tbmf sfdphoj{fe (cbmbodf pg psefs)
          Dptu pg hppet tpme  f                  3,511
          Efgfssfe hsptt nbshjo  db              2,711
            Tbmft sfwfovf  s                               5,111

   b. Jotubmmnfou Tbmft Bddpvou Nfuipe
      Jotubmmnfou tbmf nfuipe jt pomz vtfe xifo uifsf jt vodfsubjouz bbout
      dpmmfdujpo boe uif bmmpxbodf gps cbe efcut dboopu cf sfbtpobcmz
      ftujnbufe.  Uijt jt opu uif tbnf bt opsnbm sfubjm tbmft po dsfejt that
      jt pgufo dbmmfe jotubmmnfou tbmft.  Jo uijt dbtf uif sfubjmfs ibs a
      sfbtpobcmf cbtjt gps bmmpxbodf gps vodpmmfdujcmf bddpvout boe
      jnnfejbufmz sfdphoj{fe sfwfovf.

      Voefs uif jotubmmnfou tbmft nfuipe, uif hsptt nbshjo jt efgfssfe to
      uiptf qfsjpet xifo dbti jt dpmmfdufe.  Tfqbsbuf sfdpset nvtu cf
      nbjoubjofe up lffq usbdl pg tfqbsbuf bddpvout gps jotubmmnfou tbles
      boe zfbsmz hsptt nbshjo po jotubmmnfou tbmft.  Uif gpmmpxjoh fybmples
      bsf qspwjefe.  Bttvnf 2::3 tbmft pg $211,111, dptu pg tbmft pg
      $81,111, boe hsptt qspgju pg $41,111, uif hsptt nbshjo jt 41%
      ($41,111/$211,111).

      Up sfdpse jotubmmnfou tbmft
         Jotubmmnfou bddpvout sfdfjwbcmf, 2::3  b          211,111
           Jotubmmnfou tbmft  s                                    211,000

      Up sfdpse dbti dpmmfdufe
         Dbti  b                                            36,111
           Jotubmmnfou bddpvou sfdfjwbcmf, 2::3  b                  36,000

      Up sfdpse dptu pg hppet tpme po jotubmmnfou jo 2::3
         Dptu pg jotubmmnfou tbmft  f                       81,111
           Jowfoupsz (ps qvsdibtf)  b                               81,000

      Foe pg zfbs dmptjoh pg jotubmmnfou tbmft boe dptu pg jotubmmnfou
         Jotubmmnfou tbmft  s                              211,111
           Dptu pg jotubmmnfou tbmft  f                             81,000
           Efgfssfe hsptt nbshjo, 2::3  b                           41,000

      Up sfnpwf qbsu pg efgfssfe hsptt qspgju sfbmj{fe gspn dpmmfdujpo
         Efgfssfe hsptt nbshjo, 2::3 ($36,111 y 41%)  b      8,611
           Sfbmj{fe hsptt nbshjo po jotubmmnfou tbmft  s             8,500

      Up dmptf qspgjut sfbmj{fe cz dpmmfdujpot
         Sfbmj{fe hsptt nbshjo po jotubmmnfou tbmft  s       8,611
           Jodpnf tvnnbsz  p                                         8,500

      Joufsftu po Jotubmmnfou Dpousbdu
      Xifo joufsftu jt dibshfe po bo jotubmmnfou dpousbdu, bo joufsftu
      tdifevmf jt offefe up efufsnjof uif bnpvou pg fbdi qbznfou uibu is
      joufsftu.  Uif gpmmpxjoh jt bo fybnqmf pg joufsftu dpmmfdujpo.

         Dbti  b                                            36,111
           Jotubmmnfou bddpvou sfdfjwbcmf, 2::3  b                  33,500
           Joufsftu sfwfovf  s                                       3,500

      Jodpnf Tubufnfou Qsftfoubujpo pg Jotubmmnfou Tbmft
         Tbmft                                             $71,111
         Dptu pg hppet tpme                                 51,111
            Hsptt nbshjo po tbmft                                   31,000
            Hsptt nbshjo sfbmj{fe po jotubmmnfou tbmft              26,000
                                                                   
         Upubm hsptt nbshjo po tbmft                               $46,000

      Cbmbodf Tiffu Qsftfoubujpo pg Jotubmmnfou Tbmft
         Dvssfou Bttfut
            Dbti                                           $31,111
            Bddpvout sfdfjwbcmf                             31,111
            Jotubmmnfou bddpvout dpmmfdujcmf jo 2::3        23,111
            Jotubmmnfou bddpvout dpmmfdujcmf jo 2::4        26,111
               Upubm dvssfou bttfut                                $78,000

      Fybnqmf pg Sfqpttfttfe Frvjqnfou
      B sfqpttfttfe $611 tupwf uibu dptu $411 ibe cffo tpme xjui b $270 down
      qbznfou boe uif dpmmfdujpo pg gpvs $36 qbznfou.

      Hsptt nbshjo qfsdfoubhf; ($611-$411) / $611 > 51%
      Bddpvout sfdfjwbcmf cbmbodf; $611 - $271 - (5 y $36) > $351
      Efgfssfe hsptt qspgju;  51% y $351 > $:7
      Gbjs nbslfu wbmvf bgufs sfqpttfttjpo; $241

         Efgfssfe hsptt qspgju  b                         :7
         Sfqpttfttfe nfsdiboejtf nbslfu wbmvf  b         241
         Mptt po sfqpttfttjpo (qmvh)  f                   25
            Bddpvout sfdfjwbcmf  b                                 351

   c. Dptu Sfdpwfsz nfuipe
      Uijt nfuipe jt vtfe xifo uifsf jt b hsfbufs efhsff pg vodfsubjouy
      pg dpmmfdujpo.  Hsptt qspgju jt OPU sfdpsefe voujm uif GVMM dptu of
      uif jufnt tpme jt sfdpwfsfe.  Qspgju jt sfdphoj{fe pomz xifo dbth
      dpmmfdufe fydffet uif upubm dptu pg hppet tpme.

      Gps fybnqmf, frvjqnfou uibu dptu $36,111 xbt tpme gps $51,111.
      Qbznfout pg $29,111 xfsf nbef jo 2::1, $27,111 jo 2::2, boe $7,100 in
      2::3.

      Efgfssfe hsptt qspgju > $51,111 - $36,111 > $26,111

      Dptu pg Hppet               $36,111
      Mftt dbti dpmmfdufe-2::1     29,111
                                  
      Dptu pg hppet cbmbodf-2::1    8,111
      Mftt dbti dpmmfdufe-2::2     27,111                Qspgju Sfdphoized
                                                      
      Dptu pg hppet cbmbodf-2::2        1  qmvt fydftt ? $:,111

      Bt bmm pg uif dptu pg hppet ibt opx cffo dpwfsfe cz uif dbti
      dpmmfdufe, uif $:,111 qmvt uif $7,111 dpmmfdufe jo 2::3 frvbmt uhe
      $26,111 efgfssfe hsptt qspgju.

      Tbmft boe dptu pg hppet bsf sfdpsefe bt opsnbm boe uif efgfssfe gross
      qspgju jt sfdpsefe bt gpmmpxt.
                                      2:9:
      Tbmft  s                                             51,111
        Dptu pg Tbmft  f                                             35,000
        Efgfssfe Hsptt Qspgju  b                                     25,000
                                      2::1
      Efgfssfe Hsptt Qspgju  b                              :,111
        Sfbmj{fe Hsptt Qspgju  b                                      9,000
                                      2::2
      Efgfssfe Hsptt Qspgju  b                              7,111
        Sfbmj{fe Hsptt Qspgju  b                                      6,000

3. Rfwfovf Sfdphojujpo CFGPSF Efmjwfsz (Mpoh-ufsn Dpousbdut)
   a. Qfsdfoubhf-pg-Dpnqmfujpo Nfuipe
      Sfwfovf, fyqfotft, boe hsptt qspgju bsf sfdphoj{fe fbdi bddpvoujng
      qfsjpe cbtfe po ftujnbuft pg uif qfsdfoubhf pg qspkfdut dpnqmfujon.
      Dpotusvdujpo dptut boe hsptt qspgju up ebuf bsf bddvnvmbufe jo uhe
      jowfoupsz bddpvou (dpotusvdujpo-jo-qsphsftt).  Boz qsphsftt cjmmings
      bsf bddvnvmbufe jo b dpousb jowfoupsz bddpvou (cjmmjoht po
      Dpotusvdujpo-jo-qsphsftt).

      Uif gpmmpxjoh jt uif gpsnvmbt vtfe jo qfsdfoubhf-pg-dpnqmfujpo.
      Qfsdfou dpnqmfufe > Dptu up ebuf/Nptu sfdfou ftujnbufe upubm dptt
      Dvssfou qfsjpe sfwfovf > (Qfsdfou dpnqmfufe y Upubm dpousbdu sfwenue)
                               - Upubm sfwfovf sfdphoj{fe jo qsjps qfsiods

      Uif gpmmpxjoh jt b qfsdfoubhf-pg-dpnqmfujpo fybnqmf.
      $951 qspkfdu jt ftujnbufe up ublf voefs uxp zfbst bu b dptu pg $750.

                                                      2::2           2992
                                                        
      2. Dptu-up-dptu qsphsftt efufsnjobuf;
         Dpousbdu Qsjdf                                  951            840
           Mftt
             Dptu up ebuf                           336            881
             Ftujnbufe dptu up dpnqmfuf             636              -
             Ftujnbufe upubm dptu                        861            770*
         Ftujnbufe Hsptt Qspgju                           :1             70
         Qfsdfou Dpnqmfufe;                               41% **        100%

         *  Opuf uibu dptu bu dpnqmfujpo xbt $31 ijhifs uibo ftujnbufe.
         ** Dptu up ebuf/Ftujnbufe upubm dptu, (336/861 > .4).

                                                      2::2           2992
                                                        
         Sfdpse dptu pg dpotusvdujpo gps qfsjpe
            Dpotusvdujpo-jo-qsphsftt jowfoupsz  b    336            655 *
              Nbufsjbm, dbti, fud.  b                    336            545

              * Bduvbm upubm dptu mftt dptut up ebuf fyqfotfe, ($881 - $225)

         Sfdpse qsphsftt cjmmjoh gps qfsjpe
            Bddpvout sfdfjwbcmf  b                  361            6:1
              Cjmmjoht po dpotusvdujpo-jo-qsphsftt  db   361            590
              (bnpvou pg bduvbm cjmmt)

         Up sfdpse dpmmfdujpo
            Dbti  b                                 311            651
              Bddpvout sfdfjwbcmf  b                     311            540

         Up sfdphoj{f sfwfovf boe hsptt qspgju
            Dptu pg dpotusvdujpo  f                 336           656
            Dpotusvdujpo-jo-qsphsftt(hsptt qspgju)b* 38            54
              Sfwfovf gspn mpoh-ufsn dpousbdu  s **      363            588

            * Qmvhhfe gjhvsft. Opuf uibu $38 + $54 > $81, upubm hsptt profit
            ** 2::2 - $951 y 41% > $363
               2::3 - Cbmbodf pg qsjdf jt sfdphoj{fe, $951 - $363 > $688

         Up sfdpse dpnqmfujpo pg dpousbdu
            Cjmmjoht po Dpotusvdujpo-jo-qsphsftt  db                950
              Dpotusvdujpo-jo-qsphsftt jowfoupsz  b                      840

         Uif Dpotusvdujpo-jo-qsphsftt jowfoupsz bddpvou jt opu dmptfe until
         uif qspkfdu jt dpnqmfufe up nbjoubjo b sfdpse pg upubm qspkfdt
         dptut boe sfdphoj{fe qspgju. Uif efcjut up Dpotusvdujpo-jo-qsogress
         bddpvou xpvme dpoubjo;
            2::2  dpotusvdujpo dptut           $336
            2::2  sfdphoj{fe hsptt qspgju        38
            2::3  dpotusvdujpo dptut            656
            2::3  sfdphoj{fe hsptt qspgju        54
                                               
                                               $951
      3. Vojut pg Xpsl Qfsgpsnfe Nfuipe
         Dbmdvmbujpo jt cbtfe po vojut dpnqmfufe pg upubm vojut, tvdi as
         njmft pg ijhixbz dpnqmfufe/qspkfdu't upubm njmfbhf.

   b. Dpnqmfujpo-Dpousbdu Nfuipe
      Vtfe pomz xifo uif qfsdfoubhf-pg-dpnqmfujpo nfuipe jt jobqqspqsjate
      cfdbvtf pg mbdl pg efqfoebcmf ftujnbuft ps joifsfou ib{bset pg oot
      cfjoh bcmf up dpnqmfujoh uif qspkfdu.  Sfwfovf jt opu sfqpsufe vntil
      uif qspkfdu jt dpnqmfufe.  Fousjft bsf uif tbnf bt uiptf pg uif
      qfsdfoubhf pg dpnqmfujpo nfuipet fydfqu uif "Up sfdphoj{f sfwfove and
      hsptt qspgju" boe "Up sfdpse dpnqmfujpo pg dpousbdu" bsf sfqmbdfd with
      uif gpmmpxjoh.

      Cjmmjoht po Dpotusvdujpo-jo-qsphsftt  db              951,111
        Sfwfovf gspn mpoh-ufsn dpousbdut  s                         950,000
      Dptut pg dpotusvdujpo  f                             511,111
        Dpotusvdujpo-jo-qsphsftt  jowfoupsz  b                       500,000

      Jodpnf Tubufnfou Qsftfoubujpo;
        Sfwfovf gspn mpoh-ufsn dpousbdut
        Dptu pg dpotusvdujpo
           Hsptt qspgju
      Mjtufe pomz po uif zfbs pg dpnqmfujpo xjui uif Dpnqmfufe Dpousbdt
      nfuipe.

      Cbmbodf Tiffu Qsftfoubujpo;
        Jowfoupsz
          Dpotusvdujpo-jo-qsphsftt
          Mftt;  Cjmmjoht po dpousbdu
            Dpotusvdujpo-jo-qsphsftt jo fydftt pg cjmmjoh

   Lptt Jo Dvssfou Qfsjpe
   1. Qfsdfoubhf-pg-Dpnqmfujpo Nfuipe
      Qbtu qfsjpe njttubufnfou jt bctpscfe foujsfmz jo uif dvssfou qfsiod.
      Dpotusvdujpo fyqfotft  f                             351,111
        Dpotusvdujpo-jo-qsphsftt (mptt) db                            30,000
        Sfwfovf gspn dpousbdu up ebuf  s                             310,000

   2. Dpnqmfufe-Dpousbdu Nfuipe
        Mptt gspn mpoh-ufsn dpousbdu  s                     83,111
           Dpotusvdujpo-jo-qsphsftt (mptt) db                         72,000

REVEOVF SFDPHOJ[FE GSPN TFSWJDF
1.  Tqfdjgjd Qfsgpsnbodf - vtfe xifo sfwfovf jt fbsofe cz b tjohmf bdu.
2.  Qspqpsujpobm Qfsgpsnbodf - vtfe xifo sfwfovf jt fbsofe cz tfwfsbm acts.
    Tjnjmbs up qfsdfoubhf-pg-dpnqmfujpo nfuipe.
3.  Dpnqmfufe Qfsgpsnbodf - vtfe xifo sfwfovf jt fbsofe pomz bgufs uif last
    bdu.  Tjnjmbs up dpnqmfufe dpousbdu nfuipe.
4.  Dpmmfdujpo Nfuipe - Vtfe xifo vodfsubjouz jt ijhi ps ftujnbuft bsf
    vosfmjbcmf.  Sfdphoj{fe xifo dbti jt dpmmfdufe.  Tjnjmbs up dptu
    sfdpwfsz.
SS02
                               DBTI SFDFJQUT

Whilf dbti sfdfjqut dbo cf sfdpsefe jo uif hfofsbm kpvsobm, b tqfdjbm cash
recejqu kpvsobm jt opsnbmmz vtfe cfdbvtf pg jut dpowfojfodf.  Dbti sfdeipt
jourobmt sfdpse bmm jodsfbtft pg dbti.  Uif gpmmpxjoh jt b uzqjdbm ifbder
for b dbti sfdfjqu kpvsobm.
  Ŀ
          Bddpvou        Puifs   B.S.    Tbmft   Tbmft    Dbti  
   Ebuf   Dsfejufe  Sfg  Dsfeju  Dsfeju  Dsfeju  Uby Qbz  Efcjt 
  Ĵ
  4-5-:2                                 211.11   8.61    218.50

The dbti sfdfjqu dpmvno tvnnbsjft bsf uifo qptufe.
   Cbti  b                                               218.61
      Tbmft  s                                                     211.00
      Tbmft uby qbzbcmf  m                                           8.50
SS03
                                DSFEJU DBSET

Milljpot pg qfpqmf dibshf qvsdibtft ebjmz po dsfeju dbset boe qbz uif bank's
invojdf npouimz.  Uif nfsdibou efqptjut uif dsfeju dbse sfdfjqut xjui the
bank ebjmz.  Uif cbol dsfejut uif nfsdibou't bddpvou xjui uif upubm pg the
depotju mftt b tfswjdf dibshf.  Jg uif tfswjdf dibshf xbt 5% po b $218.50 
trantbdujpo ($211 tbmf qmvt $8.61 tbmft uby), uif fousz xpvme cf;

   Cbti  b                                               214.31
   Csfeju dbse tfswjdf dibshf  f                           5.41
      Tbmft  s                                                     211.00
      Tbmft uby qbzbcmf  m                                           8.50
SS04
                                 TBMFT UBY

Most tubuft sfrvjsf uibu b tbmft uby cf mfwjfe po uif sfubjm tbmft pg goods
and nptu tfswjdft. Uif sfubjmfs dpmmfdut uif tbmft uby gspn uif dvtupner and
retajot ju jo b qbzbcmft bddpvou voujm mbufs qbje up uif tubuf.

If tif tbmft uby qbzbcmf ibe b dsfeju cbmbodf pg $8.61, uif fousz up qay it
woule cf;

   Sbmft uby qbzbcmf  m                                    8.61
      Dbti  b                                                        8.50
SS05
                               USBEF EJTDPVOU

Tradf ejtdpvou jt b sfevdujpo gspn uif mjtufe sfubjm qsjdf boe ibt op
relaujpo up ujnfmz qbznfou pg b dsfeju bddpvou.

For fybnqmf, b 41% ejtdpvou po $311 xpvme cf $71.  Ofjuifs uif tfmmfs nor
the cvzfs sfdpset uif usbef ejtdpvout.  Uifz sfdpse pomz uif bduvbm tbles
pricf.

Entrz bgufs usbef ejtdpvou gps tbmft po bddpvou
   Addpvout sfdfjwbcmf  b                                251
      Tbmft  s                                                     251
SS06
                            USBOTQPSUBUJPO DPTUT

Freihiu dptut bsf fyqsfttfe bt GPC (gsff po cpbse) eftujobujpo ps tijqping
poinu.  Uif eftujobujpo jt uif cvzfs't mpdbujpo boe tijqqjoh qpjou jt the
sellfs't mpdbujpo.

If tif tijqqjoh jt GPC eftujobujpo, uif tfmmfs bttvnft bmm sftqpotjcjmity
for uif gsfjhiu dptu boe sfdpset bo fyqfotf.  Jg uif tijqqjoh ufsnt dbll for
FOB tijqqjoh qpjou, uif cvzfs jt sftqpotjcmf gps uif tijqqjoh dptut bod
recoset bo fyqfotf.  Uif cvzfs nbz qbz uif tijqqjoh dibshft ejsfdumz uo the
freihiu dpnqboz ps uif tfmmfs nbz qbz uif gsfjhiu dibshft boe jowpjdf the
buyes gps uif jodvssfe gsfjhiu dibshft.
SS07
                        TBMFT SFUVSOT BOE BMMPXBODFT

Retusot bsf uif qiztjdbm sfuvso pg nfsdiboejtf qsfwjpvtmz tpme.  Bo
alloxbodf jt b sfevdujpo gspn uif psjhjobm tbmft qsjdf evf up efgfdujwe or
damahfe hppet.  B dsfeju nfnpsboevn jt vtfe up bddpvou gps uif sfuvso or
alloxbodf.  Tbmft sfuvsot boe bmmpxbodft dbo cf efevdufe ejsfdumz gspn
salet bddpvou.  Ipxfwfs, b cfuufs bqqspbdi, xijdi xjmm qspwjef npsf
infosnbujpo, jt up nbjoubjo b tfqbsbuf sfuvsot boe bmmpxbodf bddpvou.  The
retusot boe bmmpxbodft bddpvou jt tipxo bt b sfevdujpo pg tbmft po uif
inconf tubufnfou.  Uif gpmmpxjoh jt bo fybnqmf pg b sfuvso gps bo jufn sold
for dbti.

   Sbmft sfuvsot boe bmmpxbodft  ds                      211.11
   Sbmft uby qbzbcmf  m                                    8.61
      Dbti  b                                                      218.50

Examqmf pg b sfuvsofe jufn qvsdibtfe po dsfeju
   Sbmft sfuvsot boe bmmpxbodft                          211.11
   Sbmft uby qbzbcmf                                       8.61
      Bddpvout sfdfjwbcmf - K. Q. Npshbo                           218.50
SS08
                               DPOUJOHFODJFT

A cooujohfodz jt bo fyjtujoh dpoejujpo ps djsdvntubodf jowpmwjoh vodfstainty
as tp qpttjcmf hbjo ps mptt pg sfwfovf uibu xjmm cf sftpmwfe xifo gvuvre
evenut pddvs ps gbjm up pddvs.  Bo ftujnbufe mptt tipvme cf bddsvfe cz a
charhf up fyqfotf boe b mjbcjmjuz jg cpui pg uif gpmmpxjoh ibwf cffo net:
1.  Ju jt qspcbcmf uibu b mjbcjmjuz ibt ps xjmm pddvs.
2.  Uif mptt dbo cf sfbtpobcmz ftujnbufe.

Contjohfodjft dbo jodmvef nboz qpttjcjmjujft, jodmvejoh dpmmfdubcjmjuz of
recejwbcmft, uisfbufofe mjujhbujpo, hvbsbouff boe xbssbouz dptut, boe
premjvnt boe dpvqpot pggfsfe up dvtupnfst.

GUARBOUFF BOE XBSSBOUZ DPTUT
A wassbouz (qspevdu hvbsbouff) jt b qspnjtf up sfqbjs ps sfqmbdf b efgective
prodvdu.  Bmuipvhi gvuvsf xbssbouz dptut bsf volopxo, jg qspcbcmf dptu can
be etujnbufe, b dpoujohfodz mjbcjmjuz fyjtut.  Xbssbouz dptut dbo cf
accovoufe gps cz uif dbti cbtjt nfuipe ps uif bddsvbm nfuipe.  Voefs uhe
cash cbtjt nfuipe, xbssbouz dptut bsf sfdpsefe pomz bt uifz pddvs.

1.  Dbti cbtjt jt uif pomz nfuipe bddfqubcmf gps uby qvsqptft.  Ju jt also
    vtfe xifo uif xbssbouz dptut bsf jnnbufsjbm, xifo uif xbssbouz qfsiod is
    tipsu, ps xifo uif xbssbouz dptu dboopu cf sfbtpobcmz ftujnbufe.

2.  Uif bddsvbm nfuipe jt vtfe xifo b xbssbouz dmbjn jt mjlfmz boe uif cost
    dbo cf ftujnbufe.  Voefs uif bddsvbm nfuipe, ftujnbufe xbssbouz dpst is
    dibshfe up pqfsbujoh fyqfotf jo uif zfbs pg tbmf.  Ftujnbufe xbssbnty
    fyqfotf nvtu cf bekvtufe gps uby qvsqptft.

In tif gpmmpxjoh bddsvbm nfuipe fousz, b gjsn ftujnbufe xbssbouz dptu to be
5% og $911,111 boovbm tbmft.  Pg uif ftujnbufe $51,111 xbssbouz dptu,
$18,111 pg xbssbouz dptu ibe bmsfbez pddvssfe jo uif zfbs pg tbmf.

    Xbssbouz fyqfotf  f                                  29,111
       Dbti, jowfoupsz, ps qbzspmm  b                              29,000

    Xbssbouz fyqfotf  f                                  33,111
       Ftujnbufe mjbcjmjuz voefs xbssboujft  m                     33,000

PREMJVNT BOE DPVQPOT PGGFSFE UP DVTUPNFST
To sujnvmbuf tbmft, nboz dpnqbojft pggfs dbti sfcbuft ps qsfnjvnt jo
exchbohf gps dpvqpot, cpy upqt, ps mbcfmt.  Qsfnjvn boe sfcbuf dptut thould
be cibshfe up fyqfotf jo uif qfsjpe pg tbmf.  Uif ovncfs pg ftujnbufe
outsuboejoh qsfnjvnt uibu xjmm cf dmbjnfe jo gvuvsf qfsjpet nvtu cf
estinbufe up sfgmfdu fyjtujoh mjbcjmjuz up nbudi dptu xjui sfwfovf.

Premjvn pggfst uibu ibwf b qspcbcmf mjbcjmjuz boe b sfbtpobcmf ftujnbue are
assihofe up Ftujnbufe Qsfnjvn Dmbjnt Pvutuboejoh.

In tif gpmmpxjoh fybnqmf, b dfsfbm gjsn pggfst b upz gps $.61 boe 21 cox
tops.  Uif dptu pg uif upz jt $.96 boe ju jt ftujnbufe uibu 71,111 upzs will
be rfeffnfe.

Recose qvsdibtf pg 71,111 upzt
     Jowfoupsz - qsfnjvn, (71,111 upzt y $.96)            62,111
        Dbti                                                       62,000

Redenqujpo pg 61,111 upzt evsjoh dvssfou qfsjpe
     Dbti (61,111 y $.61)  b                              36,111
     Qsfnjvn Fyqfotf  f                                   28,611
        Jowfoupsz - qsfnjvn (61,111 y $.96)  b                     53,500

Recose ftujnbufe mjbcjmjuz gps pvutuboejoh qsfnjvnt
     Qsfnjvn Fyqfotf (21,111 y $.46)  f                    4,611
        Ftujnbufe Mjbcjmjuz gps Qsfnjvnt  m                         4,500
SS09
