Final Volum 25000 Additional 5%

Cost per Cu 1000 Total Cost 25

Cover Contract Options Cost for Contract Cost for Options
1.01 1.22 1.48 1.01 1.22 1.48
100% 0% 100% 0.000 0.000 0.000 25.250 30.500 30.500
100% 25% 75% 7.625 7.625 7.625 18.938 22.875 22.875
100% 50% 50% 15.250 15.250 15.250 12.625 15.250 15.250
100% 75% 25% 22.875 22.875 22.875 6.313 7.625 7.625
100% 100% 0% 30.500 30.500 30.500 0.000 0.000 0.000

75% 0% 100% 0.000 0.000 0.000 18.938 22.875 22.875

75% 25% 75% 5.719 5.719 5.719 14.203 17.156 17.156
75% 50% 50% 11.438 11.438 11.438 9.469 11.438 11.438
75% 75% 25% 17.156 17.156 17.156 4.734 5.719 5.719
75% 100% 0% 22.875 22.875 22.875 0.000 0.000 0.000

50% 0% 100% 0.000 0.000 0.000 12.625 15.250 15.250

50% 25% 75% 3.813 3.813 3.813 9.469 11.438 11.438
50% 50% 50% 7.625 7.625 7.625 6.313 7.625 7.625
50% 75% 25% 11.438 11.438 11.438 3.156 3.813 3.813
50% 100% 0% 15.250 15.250 15.250 0.000 0.000 0.000

25% 0% 100% 0.000 0.000 0.000 6.313 7.625 7.625

25% 25% 75% 1.906 1.906 1.906 4.734 5.719 5.719
25% 50% 50% 3.813 3.813 3.813 3.156 3.813 3.813
25% 75% 25% 5.719 5.719 5.719 1.578 1.906 1.906
25% 100% 0% 7.625 7.625 7.625 0.000 0.000 0.000

0% 0% 0% 0.000 0.000 0.000 0.000 0.000 0.000

Additional Cost for Options Uncovered Cost Total cost Profit/Loss
1.01 1.22 1.48 1.01 1.22 1.48 1.01 1.22 1.48 1.01 1.22
1.525 1.525 1.525 0 0 0 26.775 32.025 32.025 3.725 -1.525
1.144 1.144 1.144 0 0 0 27.706 31.644 31.644 2.794 -1.144
0.763 0.763 0.763 0 0 0 28.638 31.263 31.263 1.863 -0.763
0.381 0.381 0.381 0 0 0 29.569 30.881 30.881 0.931 -0.381
0.000 0.000 0.000 0 0 0 30.500 30.500 30.500 0.000 0.000

1.144 1.144 1.144 6.3125 7.625 9.25 26.394 31.644 33.269 4.106 -1.144
0.858 0.858 0.858 6.3125 7.625 9.25 27.092 31.358 32.983 3.408 -0.858
0.572 0.572 0.572 6.3125 7.625 9.25 27.791 31.072 32.697 2.709 -0.572
0.286 0.286 0.286 6.3125 7.625 9.25 28.489 30.786 32.411 2.011 -0.286
0.000 0.000 0.000 6.3125 7.625 9.25 29.188 30.500 32.125 1.313 0.000

0.763 0.763 0.763 12.625 15.25 18.5 26.013 31.263 34.513 4.488 -0.763
0.572 0.572 0.572 12.625 15.25 18.5 26.478 31.072 34.322 4.022 -0.572
0.381 0.381 0.381 12.625 15.25 18.5 26.944 30.881 34.131 3.556 -0.381
0.191 0.191 0.191 12.625 15.25 18.5 27.409 30.691 33.941 3.091 -0.191
0.000 0.000 0.000 12.625 15.25 18.5 27.875 30.500 33.750 2.625 0.000

0.381 0.381 0.381 18.9375 22.875 27.75 25.631 30.881 35.756 4.869 -0.381
0.286 0.286 0.286 18.9375 22.875 27.75 25.864 30.786 35.661 4.636 -0.286
0.191 0.191 0.191 18.9375 22.875 27.75 26.097 30.691 35.566 4.403 -0.191
0.095 0.095 0.095 18.9375 22.875 27.75 26.330 30.595 35.470 4.170 -0.095
0.000 0.000 0.000 18.9375 22.875 27.75 26.563 30.500 35.375 3.938 0.000

0.000 0.000 0.000 25.25 30.5 37 25.250 30.500 37.000 5.250 0.000
Profit/Loss
1.48
-1.525
-1.144
-0.763
-0.381
0.000

-2.769
-2.483
-2.197
-1.911
-1.625

-4.013
-3.822
-3.631
-3.441
-3.250

-5.256
-5.161
-5.066
-4.970
-4.875

-6.500
Final Volu 25000 Additional 5% Increased Volume
Cost per C 1000 Total Cost 25 Increased Cost in mn
Cover Contract Options Cost for Contract Cost for Options
1.01 1.22 1.48 1.01 1.22 1.48
100% 0% 100% 0.000 0.000 0.000 25.250 30.500 30.500
100% 25% 75% 7.625 7.625 7.625 18.938 22.875 22.875
100% 50% 50% 15.250 15.250 15.250 12.625 15.250 15.250
100% 75% 25% 22.875 22.875 22.875 6.313 7.625 7.625
100% 100% 0% 30.500 30.500 30.500 0.000 0.000 0.000

75% 0% 100% 0.000 0.000 0.000 18.938 22.875 22.875

75% 25% 75% 5.719 5.719 5.719 14.203 17.156 17.156
75% 50% 50% 11.438 11.438 11.438 9.469 11.438 11.438
75% 75% 25% 17.156 17.156 17.156 4.734 5.719 5.719
75% 100% 0% 22.875 22.875 22.875 0.000 0.000 0.000

50% 0% 100% 0.000 0.000 0.000 12.625 15.250 15.250

50% 25% 75% 3.813 3.813 3.813 9.469 11.438 11.438
50% 50% 50% 7.625 7.625 7.625 6.313 7.625 7.625
50% 75% 25% 11.438 11.438 11.438 3.156 3.813 3.813
50% 100% 0% 15.250 15.250 15.250 0.000 0.000 0.000

25% 0% 100% 0.000 0.000 0.000 6.313 7.625 7.625

25% 25% 75% 1.906 1.906 1.906 4.734 5.719 5.719
25% 50% 50% 3.813 3.813 3.813 3.156 3.813 3.813
25% 75% 25% 5.719 5.719 5.719 1.578 1.906 1.906
25% 100% 0% 7.625 7.625 7.625 0.000 0.000 0.000

0% 0% 0% 0.000 0.000 0.000 0.000 0.000 0.000

 5000
5
Additional Cost for Options Uncovered Cost Total cost Profit/Loss
1.01 1.22 1.48 1.01 1.22 1.48 1.01 1.22 1.48 1.01
1.525 1.525 1.525 5.05 6.1 7.4 31.825 38.125 39.425 4.775
1.144 1.144 1.144 5.05 6.1 7.4 32.756 37.744 39.044 3.844
0.763 0.763 0.763 5.05 6.1 7.4 33.688 37.363 38.663 2.913
0.381 0.381 0.381 5.05 6.1 7.4 34.619 36.981 38.281 1.981
0.000 0.000 0.000 5.05 6.1 7.4 35.550 36.600 37.900 1.050

1.144 1.144 1.144 11.3625 13.725 16.65 31.444 37.744 40.669 5.156
0.858 0.858 0.858 11.3625 13.725 16.65 32.142 37.458 40.383 4.458
0.572 0.572 0.572 11.3625 13.725 16.65 32.841 37.172 40.097 3.759
0.286 0.286 0.286 11.3625 13.725 16.65 33.539 36.886 39.811 3.061
0.000 0.000 0.000 11.3625 13.725 16.65 34.238 36.600 39.525 2.363

0.763 0.763 0.763 17.675 21.35 25.9 31.063 37.363 41.913 5.538
0.572 0.572 0.572 17.675 21.35 25.9 31.528 37.172 41.722 5.072
0.381 0.381 0.381 17.675 21.35 25.9 31.994 36.981 41.531 4.606
0.191 0.191 0.191 17.675 21.35 25.9 32.459 36.791 41.341 4.141
0.000 0.000 0.000 17.675 21.35 25.9 32.925 36.600 41.150 3.675

0.381 0.381 0.381 23.9875 28.975 35.15 30.681 36.981 43.156 5.919
0.286 0.286 0.286 23.9875 28.975 35.15 30.914 36.886 43.061 5.686
0.191 0.191 0.191 23.9875 28.975 35.15 31.147 36.791 42.966 5.453
0.095 0.095 0.095 23.9875 28.975 35.15 31.380 36.695 42.870 5.220
0.000 0.000 0.000 23.9875 28.975 35.15 31.613 36.600 42.775 4.988

0.000 0.000 0.000 30.3 36.6 44.4 30.300 36.600 44.400 6.300
Profit/Loss
1.22 1.48
-1.525 -2.825
-1.144 -2.444
-0.762 -2.063
-0.381 -1.681
0.000 -1.300

-1.144 -4.069
-0.858 -3.783
-0.572 -3.497
-0.286 -3.211
0.000 -2.925

-0.762 -5.313
-0.572 -5.122
-0.381 -4.931
-0.191 -4.741
0.000 -4.550

-0.381 -6.556
-0.286 -6.461
-0.191 -6.366
-0.095 -6.270
0.000 -6.175

0.000 -7.800
Final Volu 25000 Additional 5% Increased Volume
Cost per C 1000 Total Cost 25 Increased Cost in mn
Cover Contract Options Cost for Contract Cost for Options
1.01 1.22 1.48 1.01 1.22 1.48
100% 0% 100% 0.000 0.000 0.000 25.250 30.500 30.500
100% 25% 75% 7.625 7.625 7.625 18.938 22.875 22.875
100% 50% 50% 15.250 15.250 15.250 12.625 15.250 15.250
100% 75% 25% 22.875 22.875 22.875 6.313 7.625 7.625
100% 100% 0% 30.500 30.500 30.500 0.000 0.000 0.000

75% 0% 100% 0.000 0.000 0.000 18.938 22.875 22.875

75% 25% 75% 5.719 5.719 5.719 14.203 17.156 17.156
75% 50% 50% 11.438 11.438 11.438 9.469 11.438 11.438
75% 75% 25% 17.156 17.156 17.156 4.734 5.719 5.719
75% 100% 0% 22.875 22.875 22.875 0.000 0.000 0.000

50% 0% 100% 0.000 0.000 0.000 12.625 15.250 15.250

50% 25% 75% 3.813 3.813 3.813 9.469 11.438 11.438
50% 50% 50% 7.625 7.625 7.625 6.313 7.625 7.625
50% 75% 25% 11.438 11.438 11.438 3.156 3.813 3.813
50% 100% 0% 15.250 15.250 15.250 0.000 0.000 0.000

25% 0% 100% 0.000 0.000 0.000 6.313 7.625 7.625

25% 25% 75% 1.906 1.906 1.906 4.734 5.719 5.719
25% 50% 50% 3.813 3.813 3.813 3.156 3.813 3.813
25% 75% 25% 5.719 5.719 5.719 1.578 1.906 1.906
25% 100% 0% 7.625 7.625 7.625 0.000 0.000 0.000

0% 0% 0% 0.000 0.000 0.000 0.000 0.000 0.000

 -15000
-15
Additional Cost for Options Uncovered Cost Total cost Profit/Loss
1.01 1.22 1.48 1.01 1.22 1.48 1.01 1.22 1.48 1.01
1.525 1.525 1.525 -15.15 -18.3 -22.2 11.625 13.725 9.825 0.575
1.144 1.144 1.144 -15.15 -18.3 -22.2 12.556 13.344 9.444 -0.356
0.763 0.763 0.763 -15.15 -18.3 -22.2 13.488 12.963 9.063 -1.288
0.381 0.381 0.381 -15.15 -18.3 -22.2 14.419 12.581 8.681 -2.219
0.000 0.000 0.000 -15.15 -18.3 -22.2 15.350 12.200 8.300 -3.150

1.144 1.144 1.144 -8.8375 -10.675 -12.95 11.244 13.344 11.069 0.956
0.858 0.858 0.858 -8.8375 -10.675 -12.95 11.942 13.058 10.783 0.258
0.572 0.572 0.572 -8.8375 -10.675 -12.95 12.641 12.772 10.497 -0.441
0.286 0.286 0.286 -8.8375 -10.675 -12.95 13.339 12.486 10.211 -1.139
0.000 0.000 0.000 -8.8375 -10.675 -12.95 14.038 12.200 9.925 -1.838

0.763 0.763 0.763 -2.525 -3.05 -3.7 10.863 12.963 12.313 1.338
0.572 0.572 0.572 -2.525 -3.05 -3.7 11.328 12.772 12.122 0.872
0.381 0.381 0.381 -2.525 -3.05 -3.7 11.794 12.581 11.931 0.406
0.191 0.191 0.191 -2.525 -3.05 -3.7 12.259 12.391 11.741 -0.059
0.000 0.000 0.000 -2.525 -3.05 -3.7 12.725 12.200 11.550 -0.525

0.381 0.381 0.381 3.7875 4.575 5.55 10.481 12.581 13.556 1.719
0.286 0.286 0.286 3.7875 4.575 5.55 10.714 12.486 13.461 1.486
0.191 0.191 0.191 3.7875 4.575 5.55 10.947 12.391 13.366 1.253
0.095 0.095 0.095 3.7875 4.575 5.55 11.180 12.295 13.270 1.020
0.000 0.000 0.000 3.7875 4.575 5.55 11.413 12.200 13.175 0.788

0.000 0.000 0.000 10.1 12.2 14.8 10.100 12.200 14.800 2.100
Profit/Loss
1.22 1.48
-1.525 2.375
-1.144 2.756
-0.763 3.138
-0.381 3.519
0.000 3.900

-1.144 1.131
-0.858 1.417
-0.572 1.703
-0.286 1.989
0.000 2.275

-0.763 -0.113
-0.572 0.078
-0.381 0.269
-0.191 0.459
0.000 0.650

-0.381 -1.356
-0.286 -1.261
-0.191 -1.166
-0.095 -1.070
0.000 -0.975

0.000 -2.600