Table 2 (continued): European Call Option Delta: $ Change in Option for a $ Change in Stock Price.

Part Three: Ratio of Current Stock Price to Present Value of the Exercise Price is between 1.24 and 1.50.

sigma x sqrt(T)	1.24	1.25	1.26	1.27	1.28	1.29	1.3	1.31	1.32	1.33	1.34	1.35	1.36	1.37	1.38	1.39	1.4	1.41	1.42	1.43	1.44	1.45	1.46	1.47	1.48	1.49	1.5
0.01	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.02	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.03	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.04	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.05	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.06	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.07	0.999	0.999	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.08	0.997	0.998	0.998	0.999	0.999	0.999	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.09	0.993	0.994	0.996	0.997	0.997	0.998	0.998	0.999	0.999	0.999	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
0.1	0.986	0.989	0.991	0.993	0.994	0.995	0.996	0.997	0.998	0.998	0.999	0.999	0.999	0.999	0.999	1	1	1	1	1	1	1	1	1	1	1	1
0.11	0.978	0.981	0.984	0.987	0.989	0.991	0.993	0.994	0.995	0.996	0.997	0.997	0.998	0.998	0.999	0.999	0.999	0.999	0.999	1	1	1	1	1	1	1	1
0.12	0.968	0.973	0.976	0.98	0.983	0.985	0.988	0.99	0.991	0.993	0.994	0.995	0.996	0.996	0.997	0.997	0.998	0.998	0.999	0.999	0.999	0.999	0.999	0.999	1	1	1
0.13	0.957	0.963	0.967	0.972	0.975	0.979	0.981	0.984	0.986	0.988	0.99	0.991	0.992	0.994	0.994	0.995	0.996	0.997	0.997	0.998	0.998	0.998	0.999	0.999	0.999	0.999	0.999
0.14	0.946	0.952	0.957	0.962	0.967	0.971	0.974	0.977	0.98	0.982	0.985	0.987	0.988	0.99	0.991	0.992	0.993	0.994	0.995	0.996	0.996	0.997	0.997	0.998	0.998	0.998	0.998
0.15	0.934	0.941	0.947	0.952	0.957	0.962	0.966	0.97	0.973	0.976	0.979	0.981	0.983	0.985	0.987	0.988	0.99	0.991	0.992	0.993	0.994	0.995	0.995	0.996	0.996	0.997	0.997
0.16	0.923	0.93	0.936	0.942	0.948	0.953	0.957	0.961	0.965	0.969	0.972	0.975	0.977	0.98	0.982	0.984	0.985	0.987	0.988	0.99	0.991	0.992	0.993	0.994	0.994	0.995	0.996
0.17	0.912	0.919	0.926	0.932	0.938	0.943	0.948	0.953	0.957	0.961	0.965	0.968	0.971	0.974	0.976	0.978	0.981	0.982	0.984	0.986	0.987	0.988	0.99	0.991	0.992	0.992	0.993
0.18	0.901	0.908	0.915	0.922	0.928	0.934	0.939	0.944	0.949	0.953	0.957	0.961	0.964	0.967	0.97	0.973	0.975	0.977	0.979	0.981	0.983	0.984	0.986	0.987	0.988	0.989	0.99
0.19	0.89	0.898	0.905	0.912	0.918	0.924	0.93	0.935	0.94	0.945	0.949	0.953	0.957	0.96	0.963	0.966	0.969	0.972	0.974	0.976	0.978	0.98	0.982	0.983	0.985	0.986	0.987
0.2	0.88	0.888	0.895	0.902	0.909	0.915	0.921	0.926	0.932	0.936	0.941	0.945	0.949	0.953	0.956	0.96	0.963	0.965	0.968	0.971	0.973	0.975	0.977	0.979	0.98	0.982	0.983
0.21	0.871	0.879	0.886	0.893	0.9	0.906	0.912	0.918	0.923	0.928	0.933	0.937	0.942	0.946	0.949	0.953	0.956	0.959	0.962	0.965	0.967	0.97	0.972	0.974	0.976	0.977	0.979
0.22	0.862	0.87	0.877	0.884	0.891	0.898	0.904	0.909	0.915	0.92	0.925	0.93	0.934	0.938	0.942	0.946	0.949	0.953	0.956	0.959	0.961	0.964	0.966	0.969	0.971	0.973	0.975
0.23	0.853	0.861	0.869	0.876	0.883	0.889	0.895	0.901	0.907	0.912	0.917	0.922	0.927	0.931	0.935	0.939	0.943	0.946	0.949	0.953	0.955	0.958	0.961	0.963	0.966	0.968	0.97
0.24	0.845	0.853	0.861	0.868	0.875	0.881	0.887	0.893	0.899	0.905	0.91	0.915	0.919	0.924	0.928	0.932	0.936	0.94	0.943	0.946	0.949	0.952	0.955	0.958	0.96	0.963	0.965
0.25	0.838	0.846	0.853	0.86	0.867	0.874	0.88	0.886	0.892	0.897	0.902	0.907	0.912	0.917	0.921	0.925	0.929	0.933	0.937	0.94	0.943	0.946	0.949	0.952	0.955	0.957	0.96
0.26	0.831	0.838	0.846	0.853	0.86	0.866	0.873	0.879	0.885	0.89	0.895	0.9	0.905	0.91	0.914	0.919	0.923	0.927	0.93	0.934	0.937	0.941	0.944	0.946	0.949	0.952	0.954
0.27	0.824	0.832	0.839	0.846	0.853	0.86	0.866	0.872	0.878	0.883	0.889	0.894	0.899	0.903	0.908	0.912	0.916	0.92	0.924	0.928	0.931	0.935	0.938	0.941	0.944	0.947	0.949
0.28	0.818	0.826	0.833	0.84	0.847	0.853	0.859	0.865	0.871	0.877	0.882	0.887	0.892	0.897	0.902	0.906	0.91	0.914	0.918	0.922	0.925	0.929	0.932	0.935	0.938	0.941	0.944
0.29	0.812	0.82	0.827	0.834	0.84	0.847	0.853	0.859	0.865	0.87	0.876	0.881	0.886	0.891	0.895	0.9	0.904	0.908	0.912	0.916	0.92	0.923	0.926	0.93	0.933	0.936	0.939
0.3	0.807	0.814	0.821	0.828	0.835	0.841	0.847	0.853	0.859	0.864	0.87	0.875	0.88	0.885	0.889	0.894	0.898	0.902	0.906	0.91	0.914	0.918	0.921	0.924	0.927	0.93	0.933
0.31	0.802	0.809	0.816	0.823	0.829	0.836	0.842	0.848	0.853	0.859	0.864	0.869	0.874	0.879	0.884	0.888	0.893	0.897	0.901	0.905	0.908	0.912	0.916	0.919	0.922	0.925	0.928
0.32	0.797	0.804	0.811	0.818	0.824	0.83	0.836	0.842	0.848	0.853	0.859	0.864	0.869	0.874	0.878	0.883	0.887	0.891	0.895	0.899	0.903	0.907	0.91	0.914	0.917	0.92	0.923
0.33	0.793	0.8	0.807	0.813	0.819	0.826	0.831	0.837	0.843	0.848	0.854	0.859	0.864	0.868	0.873	0.878	0.882	0.886	0.89	0.894	0.898	0.902	0.905	0.909	0.912	0.915	0.918
0.34	0.789	0.796	0.802	0.809	0.815	0.821	0.827	0.833	0.838	0.843	0.849	0.854	0.859	0.863	0.868	0.873	0.877	0.881	0.885	0.889	0.893	0.897	0.9	0.904	0.907	0.91	0.913
0.35	0.785	0.792	0.798	0.805	0.811	0.817	0.822	0.828	0.834	0.839	0.844	0.849	0.854	0.859	0.863	0.868	0.872	0.876	0.88	0.884	0.888	0.892	0.895	0.899	0.902	0.906	0.909
0.36	0.782	0.788	0.794	0.801	0.807	0.813	0.818	0.824	0.829	0.835	0.84	0.845	0.849	0.854	0.859	0.863	0.867	0.872	0.876	0.88	0.884	0.887	0.891	0.894	0.898	0.901	0.904
0.37	0.778	0.785	0.791	0.797	0.803	0.809	0.814	0.82	0.825	0.83	0.835	0.84	0.845	0.85	0.854	0.859	0.863	0.867	0.871	0.875	0.879	0.883	0.886	0.89	0.893	0.897	0.9
0.38	0.775	0.781	0.788	0.794	0.799	0.805	0.811	0.816	0.821	0.827	0.832	0.836	0.841	0.846	0.85	0.855	0.859	0.863	0.867	0.871	0.875	0.879	0.882	0.886	0.889	0.892	0.896
0.39	0.772	0.779	0.785	0.79	0.796	0.802	0.807	0.813	0.818	0.823	0.828	0.833	0.837	0.842	0.846	0.851	0.855	0.859	0.863	0.867	0.871	0.874	0.878	0.882	0.885	0.888	0.892
0.4	0.77	0.776	0.782	0.787	0.793	0.799	0.804	0.809	0.814	0.819	0.824	0.829	0.834	0.838	0.843	0.847	0.851	0.855	0.859	0.863	0.867	0.871	0.874	0.878	0.881	0.884	0.888
0.41	0.767	0.773	0.779	0.785	0.79	0.796	0.801	0.806	0.811	0.816	0.821	0.826	0.83	0.835	0.839	0.843	0.847	0.852	0.855	0.859	0.863	0.867	0.87	0.874	0.877	0.881	0.884
0.42	0.765	0.771	0.776	0.782	0.787	0.793	0.798	0.803	0.808	0.813	0.818	0.822	0.827	0.831	0.836	0.84	0.844	0.848	0.852	0.856	0.86	0.863	0.867	0.87	0.874	0.877	0.88
0.43	0.763	0.769	0.774	0.78	0.785	0.79	0.795	0.8	0.805	0.81	0.815	0.819	0.824	0.828	0.832	0.837	0.841	0.845	0.849	0.852	0.856	0.86	0.863	0.867	0.87	0.873	0.877
0.44	0.761	0.766	0.772	0.777	0.783	0.788	0.793	0.798	0.803	0.807	0.812	0.816	0.821	0.825	0.829	0.834	0.838	0.842	0.845	0.849	0.853	0.856	0.86	0.863	0.867	0.87	0.873
0.45	0.759	0.765	0.77	0.775	0.78	0.785	0.79	0.795	0.8	0.805	0.809	0.814	0.818	0.822	0.827	0.831	0.835	0.839	0.842	0.846	0.85	0.853	0.857	0.86	0.864	0.867	0.87
0.46	0.757	0.763	0.768	0.773	0.778	0.783	0.788	0.793	0.798	0.802	0.807	0.811	0.816	0.82	0.824	0.828	0.832	0.836	0.839	0.843	0.847	0.85	0.854	0.857	0.86	0.864	0.867
0.47	0.756	0.761	0.766	0.771	0.776	0.781	0.786	0.791	0.796	0.8	0.804	0.809	0.813	0.817	0.821	0.825	0.829	0.833	0.837	0.84	0.844	0.847	0.851	0.854	0.857	0.861	0.864
0.48	0.754	0.76	0.765	0.77	0.775	0.779	0.784	0.789	0.793	0.798	0.802	0.807	0.811	0.815	0.819	0.823	0.827	0.83	0.834	0.838	0.841	0.845	0.848	0.851	0.855	0.858	0.861
0.49	0.753	0.758	0.763	0.768	0.773	0.778	0.782	0.787	0.791	0.796	0.8	0.804	0.809	0.813	0.817	0.82	0.824	0.828	0.832	0.835	0.839	0.842	0.845	0.849	0.852	0.855	0.858
0.5	0.752	0.757	0.762	0.767	0.771	0.776	0.781	0.785	0.79	0.794	0.798	0.802	0.806	0.81	0.814	0.818	0.822	0.826	0.829	0.833	0.836	0.84	0.843	0.846	0.849	0.853	0.856