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Part III

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Comparison of Results<br />

Weekly P&L 2007-07-13 to 2008-03-14<br />

Total Standard Deviation<br />

No Hedging $ (49,385,593) $<br />

4,578,505<br />

Delta $ (37,317,437) $<br />

3,957,001<br />

Delta-Rho $ (13,828,580) $<br />

2,015,162<br />

Delta-Rho-Vega $ (9,177,679) $<br />

1,122,716<br />

20

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