dw fundamental technical - stock exchange of thailand · call dw - intrinsic value ˛9t ˘˙.ˇก...

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Strictly Private & Confidential Page 1 of 55 1 2555 Derivative Warrants Fundamental Technical ก, CFA, FRM ก ก ก () ก () Page 2 Basic of Derivative Warrants Derivative Warrants : Fundamental & Technical Analysis in Energy Sector : PTT,PTTEP, BANPU,TOP,ESSO,BCP in Banking Sector : BBL, KBANK, KTB, SCB, BAY, TCAP in ICT Sector : ADVANC, INTUCH, DTAC, TRUE in Foods Sector : CPF, MINT in Petrochemical Sector : IVL, PTTGC in Transport Sector : AOT, THAI in Commerce Sector : CPALL, BIGC in Agribusiness Sector : STA in Health Sector : BGH in Properties Sector : CPN

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Page 1: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Strictly Private & Confidential Page 1 of 55

�������� 1 � ����� 2555

� � � Derivative Warrants !"�# Fundamental )*+ Technical

/!#

��01� 1� ก�*, CFA, FRM 89"1:���#ก�;1���/� <=�#�;���;1������>

?; @���*�ก�;��#> A�#>)?�ก> ก �A1B� (D;+A�EF�#) H:�ก�! (�����)

Page 2

���I"1ก�;A;�#�;9"

� Basic of Derivative Warrants� Derivative Warrants : Fundamental & Technical Analy sis

� in Energy Sector : PTT,PTTEP, BANPU,TOP,ESSO,BCP� in Banking Sector : BBL, KBANK, KTB, SCB, BAY, TCAP� in ICT Sector : ADVANC, INTUCH, DTAC, TRUE� in Foods Sector : CPF, MINT� in Petrochemical Sector : IVL, PTTGC� in Transport Sector : AOT, THAI� in Commerce Sector : CPALL, BIGC� in Agribusiness Sector : STA� in Health Sector : BGH� in Properties Sector : CPN

Page 2: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 3

ก�;�:�;+;��� DW : Cash Settlement �:�;+�L���L��!"�#A� ��!

• ������ก��� ����������� DW �������������� ����������� ��������� (Cash Settlement) ,���-ก�� ����./������0�������1�

• Call DW

– 2���� � �������3 = Max(0, ����9:�/�� ; ���<=�������� /�������� DW - ����1�� ����) * �����1�� ����

• Put DW

– 2���� � �������3 = Max(0, ����1�� ���� - ����9:�/�� ; ���<=�������� /�������� DW) * �����1�� ����

• ��N� Call DW )*+ Put DW

– �ก 2���� � ������� /���3 ��กก���@A��B DW ���-ก��1�� ����1����C�����

– �ก�-ก��1�� �����ก���D�� EA�F��/������� ������ 2���� � �������3 ,9�������;�G=H�� -�I�J-���,��9����9K

O"�F�L�"1�ก�;��P�;+P�@� �"1�I�# DW � N�?�ก;+!��กL1��*�!DQ!R������STN1I�#�����!�"�#I1� DW

Page 4

���9��ก�.������� Call DW

� Intrinsic Value �=� �AF����-H,����ก DW L�� ��������-ก��1�� ����1�����-��-M���-� (��H��=� ������������������F�����/���������ก�.����1�� ������� DW )� Call DW : Intrinsic Value = Max(;����*�!��"�1"��1 � Y ;���R�"� �� , 0)*1��;�ก�;R�"� �� � Call DW �- Intrinsic Value �9T����.�ก ��=H� DW �9T� In-the-Money (ITM)� Call DW �- Intrinsic Value �9T�@A��B ��=H� DW �9T� At-the-Money (ATM) �=� Out-of-Money

(OTM)� Time Value �=� �AF����-H��กF��/�����-�-H�������G=H�<=����F�(C�ก� F/��) 1� DW �-HL=��-C�ก� ��ก�,�

� Call Warrant: Time Value = ;��� Call DW Y Intrinsic Value

Call DW = Intrinsic Value + Time Value

Page 3: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 5

���9��ก�.������� Put DW

� Intrinsic Value �=� �AF����-H,����ก DW L�� ��������-ก��1�� ����1�����-��-M���-� (��H��=� ������������� ����1�� ������� DW ก�.�����F�����/���������)� Put DW : Intrinsic Value = Max(;���R�"� �� - ;����*�!��"�1"��1 �, 0)*1��;�ก�;R�"� �� � Put DW �- Intrinsic Value �9T����.�ก ��=H� DW �9T� In-the-Money (ITM)� Put DW �- Intrinsic Value �9T�@A��B ��=H� DW �9T� At-the-Money (ATM) �=� Out-of-

Money (OTM)� Time Value �=� �AF����-H��กF��/�����-�-H�������G=H�<=����F�(C�ก� F/��) 1� DW �-HL=��-C�ก� ��ก�,�

� Put Warrant: Time Value = ;��� DW Y Intrinsic Value

Put DW = Intrinsic Value + Time Value

Page 6

ก��9��. ������� DW 1�����-H�- Corporate Action ���/���������

• EA���ก DW ����ก��9��. ������� DW 1�C����9��.�-H 1) ����1�� ������� DW (Exercise Price) [�@���� 3 ��0���] 0F� 2) �����ก��1�� ���� (Conversion Ratio) [�@���� 5 ��0���]

AB

A shares Stock Splitsplit/consolidated into B shares

S – DS

D Cash Dividendbaht/share

A A + B

B new Dividend Stockshare for A old shares Old Conversion Ratio

FOld Exercise Price x F

1 + (R/S x N)1 + N

N new Right Issueshares for 1 old shares at R baht/share

CaseFormula

Adjustment Factor (F)

Adjusted Exercise Price

Adjusted Conversion Ratio

�ก�����ก��1�� ������������=�����1�� ����I��F��ก��9��. ����,�����1�ก�;-1�f������ก��� �����9F-H��09F�,9��ก��������ก�������F� 3 EA���ก DW �- �����-H��,�����9T�������ก��9��.�����ก��1�� ����������� 0F�/�=�����1�� ���� �����,�กh��� ������-H��,����ก��9��. ����1��-� ��������,9�������;1�ก��9��.�����ก��1�� ����������� 0F�/�=�����1�� ������������,9 (L���-)

Page 4: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 7

DW : Effective Gearing• Effective Gearing �=� ����-H.�ก��� DW ���9F-H��,9ก-H % ��=H�����/����������9F-H�� 1%• �������� Effective Gearing ��� DW �=� 4.5 ���������� L��/����������D�� 1% ����1� DW ��H��D�� 4.5%• C���oJp- Out-of-Money DW (OTM) ���- Effective Gearing A�ก��� In-the-Money DW (ITM)

������� �กEA�F��/�����ก�������������EF��.0�� A�f ����.F��/�1� OTM DW �G����- Effective Gearing A� 0��กh����GD�������G��� OTM DW �-����� -H�� A�ก��� ITM DW �G������� OTM DW 0ก����/�0��ก�����������.�ก0F�F.

DW : 1-Day Time Decay• 1-Day Time Decay �=� ����-H.�ก������� DW ��F�F�ก-H.��

��=H���F�E���,9 1 ��� �ก����/������������-H,�����.

• �������� 1-Day Time Decay ��� DW �=� -0.01 ����������

L��/����������������-H 1 ��� ������� DW �����F�F� 0.01 .��

• ��H�1กF���������/��� DW EF��� 1-Day Time Decay ����H��-�����กf ���LD� ��H�1กF���������/ ���� ���� 15 ���ก������<=����� /�������� DW �ก����/�����������A����-H Time Value ��� DW ��F�F�����������h�0F��/�0����ก

Page 8

DW : Implied Volatility• Implied Volatility �=� ����-H.�ก������� DW LAก�=�0G� C��1���9�-�.��-�. DW .�/��������������-��ก�� 0���-��������/

����ก�� ����1�� ��������ก�� �����1�� ��������ก��,�� • �9�-�.��-�. DW .�/��������������-��ก�� 0���- Feature �=H�����ก��

– L�� Implied Volatility A�ก���0 ����� DW ����0G�ก��� ���,������ก�.ก������<=��– L�� Implied Volatility �H�ก���0 ����� DW ����LAกก��� �������ก�.ก������<=��

• ��������

155

140

120

;���R�"� ��

28 ก.G. 2556

31 �.�. 2556

24 �.�. 2555

���STN1I�#�����!�"�#

0.010.4571%SCB99CC

0.0250.8555%SCB99CB

0.021.565% SCB99CA

1��;�R�"� �� ;��� DWImplied Volatility Call DW

• ก���9�-�.��-�. DW .�/��������������-��ก�� ���LAก�=�0G���,��1�� ���� DW ����-�.ก�� �-HLAก���� �=�1������ Implied Volatility ����-�.ก�� ��ก�������,����� SCB99CB �9T�����-H����LAกก�������=H�f��=H����0.. ��G���B �G����- Implied Volatility �H� /� �=� 55% �����-� L�����F=�ก<=�����G����;�<=�� SCB99CB

• ก���9�-�.��-�. DW �-H��กC�� 2 .F. 0�ก����ก�� �������� Implied Volatility ��1����-�.ก��,��1�����.�DH� 0��������A�.���=H��,���� .F. ���� 2 �- Credit Rating ����ก�� �ก .F. ���� 2 Credit Rating ,������ก�� EA���ก�-H�- Credit Rating �-H�H�ก��������� DW 1������-HLAกก��� �G��� EA�F��/���กF�� Default Risk ��� .F. EA���ก�-H Rating �H�

Page 5: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 9

• ��N����� a���L� Conversion ratio A�L�ก�? 1 DW �L1 1 ��"�1"��1 �• Break-even point �=� ����/��������H�,99:��-Hก-H.�� �D���1�ก��F��/�1� DW �����/�

(�กL=� DW �������/)– �������� Break-even point = 120 0 ����� /�������������9:��-H 120 .��1����<=����� /��������

DW �D�����1� DW �-HF��/�,9�����/� ��H��=� ��������-H,����กก��1�� ���� ����ก�. ����/��-H<=�� DW ��

– 0����� Break-even point �-�,������ ���y ���.ก�������G��� ก������ DW ����ก���F������ �����A�0F�� ก���-H��L=� DW ,9�������/0F��,��ก�,� C�ก� ������ก

• All-in-Premium �=� ����/�������9F-H��,9����,�ก-H % �D���1� DW �����/� (�กL=� DW �������/)– �������� All-in-Premium = 20% 0 ����� ����/�������D��LD� 20% DW �D��������/�

• Doubling Factor �=� ����/��������H�,9ก-H % �D�����1����� DW ���.�G�H� 100% ��ก���� DW 9{��/.�� (�กL=� DW �������/)– �������� Doubling Factor = 25% 0 ���������/�������D��,9 25% DW �D�����H��D�� 100% ��ก

��������-�

Break-even point, All-in-Premium, Doubling Factor

Page 10

11 ��.�. 560.025142SCBSCB42CD

11 ��.�. 560.0528BAYBAY42CD

11 ��.�. 560.0526TCAPTCAP42CC

11 ��.�. 560.0555AOTAOT42CC

11 ��.�. 560.0545CPNCPN42CC

11 ��.�. 560.0470DTACDTAC42CC

11 ��.�. 560.0125180ADVANCADVA42CC

11 ��.�. 560.01200BIGCBIGC42CB

11 ��.�. 560.02595BGHBGH42CB

11 ��.�. 560.0554PTTGCPTTG42CB

11 ��.�. 560.121BCPBCP42CC

������������������������ �!"���

��#$�ก�$&'� �"(�

$�)�&'� �"(� (,�")CALL DW

4 ��.�. 560.211MINTMINT42CC

4 ��.�. 560.130CPALLCPAL42CD

4 ��.�. 560.0548TOPTOP42CD

4 ��.�. 560.124IVLIVL42CD

4 ��.�. 560.0550INTUCHINTU42CA

27 !.�. 550.05060138.327BIGCBIGC42CA

17 ".�. 550.52.9TRUETRUE42CA

11 ก.&. 560.217THAITHAI42CC

11 ก.&. 560.212STASTA42CD

27 !.�. 550.05150PTTEPPTTE42CD

27 !.�. 550.02039284.438PTTPTT42CD

17 ".�. 550.212.2KTBKTB42CC

17 ".�. 550.025120KBANKKBAN42CD

11 ก.&. 560.27.5ESSOESSO42CC

17 ".�. 550.131CPFCPF42CC

17 ".�. 550.025150BBLBBL42CD

27 !.�. 550.01016511.903BANPUBANP42CD

������������������������ �!"���

��#$�ก�$&'� �"(�

$�)�&'� �"(� (,�")

CALL DW

4 ��.�. 560.0575TOPTOP42PA

4 ��.�. 560.140IVLIVL42PB

4 ��.�. 560.0570INTUCHINTU42PA

17 ".�. 550.54.5TRUETRUE42PA

27 !.�. 550.225THAITHAI42PA

27 !.�. 550.2050523.409STASTA42PA

27 !.�. 550.05185PTTEPPTTE42PA

27 !.�. 550.02039343.288PTTPTT42PA

17 ".�. 550.218KTBKTB42PA

17 ".�. 550.025170KBANKKBAN42PA

27 !.�. 550.2008714.935ESSOESSO42PA

17 ".�. 550.146CPFCPF42PA

17 ".�. 550.025200BBLBBL42PA

27 !.�. 550.01016610.346BANPUBANP42PA

������������������������ �!"���

��#$�ก�$&'� �"(�

$�)�&'� �"(� (,�")

PUT DW

Derivative Warrants 42 $�>� ?!� Broker �B��CD� 42

Page 6: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 11

PTT42CD : Exercise = 284.438

PTT42PA : Exercise = 343.288

Page 12

PTT42CD : Exercise = 284.438

PTT42PA : Exercise = 343.288

Page 7: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 13

PTTE42PA : Exercise = 185

PTTE42CD : Exercise = 150

Page 14

PTTE42PA : Exercise = 185

PTTE42CD : Exercise = 150

Page 8: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 15

BANP42CD : Exercise = 511.903

BANP42PA : Exercise = 610.346

Page 16

BANP42CD : Exercise = 511.903

BANP42PA : Exercise = 610.346

Page 9: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 17

TOP42CD : Exercise = 48

TOP42PA : Exercise = 75

Page 18

TOP42CD : Exercise = 48

TOP42PA : Exercise = 75

Page 10: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 19

ESSO42CC : Exercise = 7.5

ESSO42PA : Exercise = 14.935

Page 20

ESSO42CC : Exercise = 7.5

ESSO42PA : Exercise = 14.935

Page 11: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 21

BCP42CC : Exercise = 21

Page 22

BCP42CC : Exercise = 21

Page 12: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 23

BBL42CD : Exercise = 150

BBL42PA : Exercise = 200

Page 24

BBL42CD : Exercise = 150

BBL42PA : Exercise = 200

Page 13: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 25

KBAN42CD : Exercise = 120

KBAN42PA : Exercise = 170

Page 26

KBAN42CD : Exercise = 120

KBAN42PA : Exercise = 170

Page 14: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 27

KTB42CC : Exercise = 12.2

KTB42PA : Exercise = 18

Page 28

KTB42CC : Exercise = 12.2

KTB42PA : Exercise = 18

Page 15: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 29

SCB42CD : Exercise = 142

Page 30

SCB42CD : Exercise = 142

Page 16: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 31

BAY42CD : Exercise = 28

Page 32

BAY42CD : Exercise = 28

Page 17: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 33

TCAP42CC : Exercise = 26

Page 34

TCAP42CC : Exercise = 26

Page 18: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 35

ADVA42CC : Exercise = 180

Page 36

ADVA42CC : Exercise = 180

Page 19: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 37

INTU42CA : Exercise = 50

INTU42PA : Exercise = 70

Page 38

INTU42CA : Exercise = 50

INTU42PA : Exercise = 70

Page 20: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 39

DTAC42CC : Exercise = 70

Page 40

DTAC42CC : Exercise = 70

Page 21: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 41

TRUE42CA : Exercise = 2.9

TRUE42PA : Exercise = 4.5

Page 42

TRUE42CA : Exercise = 2.9

TRUE42PA : Exercise = 4.5

Page 22: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 43

RSI oversold-overbought-oversold period

CPF42CC : Exercise = 31

CPF42PA : Exercise = 46

Page 44

CPF42CC : Exercise = 31

CPF42PA : Exercise = 46

Page 23: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 45

MINT42CC : Exercise = 11

Page 46

MINT42CC : Exercise = 11

Page 24: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 47

IVL42CD : Exercise = 24

IVL42PB : Exercise = 40

Page 48

IVL42CD : Exercise = 24

IVL42PB : Exercise = 40

Page 25: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 49

PTTG42CB : Exercise = 54

Page 50

PTTG42CB : Exercise = 54

Page 26: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 51

AOT42CC : Exercise = 55

Page 52

AOT42CC : Exercise = 55

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Page 53

THAI42CC : Exercise = 17

THAI42PA : Exercise = 25

Page 54

THAI42CC : Exercise = 17

THAI42PA : Exercise = 25

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Page 55

CPAL42CD : Exercise = 30

Page 56

CPAL42CD : Exercise = 30

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Page 57

BIGC42CB : Exercise = 200

BIGC42CA : Exercise = 138.327

Page 58

BIGC42CB : Exercise = 200

BIGC42CA : Exercise = 138.327

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Page 59

STA42CD : Exercise = 12

STA42PA : Exercise = 23.409

Page 60

STA42CD : Exercise = 12

STA42PA : Exercise = 23.409

Page 31: DW fundamental technical - Stock Exchange of Thailand · Call DW - Intrinsic Value ˛9T ˘˙.ˇก ˛=H DW ˛9T In-the-Money(ITM) Call DW - Intrinsic Value ˛9T @A ˆB ˛=H DW ˛9T

Page 61

BGH42CB : Exercise = 95

Page 62

BGH42CB : Exercise = 95

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Page 63

CPN42CC : Exercise = 45

Page 64

CPN42CC : Exercise = 45