| State | Variable | Variable |
| Before any calls | $value1 is 10 | $value2 is 15 |
| At the beginning of swap1 | $a is 10 | $b is 15 |
| At the end of swap1 | $a is 15 | $b is 10 |
| After swap1 | $value1 is 10 | $value2 is 15 |
| At the beginning of swap2 | $a is 10 | $b is 15 |
| At the end of swap2 | $a is 15 | $b is 10 |
| After swap2 | $value1 is 15 | $value2 is 10 |