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Option Trading Workbook

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Option Trading Workbook Powered By Docstoc
					Version 2

Introduction
This spreadsheet is provided free of charge for you to use to further your education in options trading. The formulas used were taken from two great books on option trading Option Volatility and Pricing by Sheldon Natenberg Financial Models using Excel by Simon Benninga You can read more about these books from the www.OptionTradingTips.com website http://www.OptionTradingTips.com If you have any suggestions for this workbook or even have a bug to report, please feel free to email me at admin@optiontradingtips.com I have written all the formulas in Visual Basic using modules and are freely disclosed, so you may examine the logic, edit and change the calculations as you like.

Release Updates
27/04/06 - Fixed a bug that failed to calculate the theoretical change in P&L for stocks in the strategies tab. 28/08/06 - Fixed a small calculation bug for the Option Theta, which now has a near perfect accuracy. 1/10/06 - Added support for Dividend Yield, which can be used as a workaround to price options on futures by making the Dividend Yield the same as the Interest Rate.

Basic
The worksheet labelled Basic is a simple option pricer. You simply enter the option details into the yellow shaded areas and the output values will be displayed underneath in the blue shaded cells.

OptionPage
OptionPage is a worksheet that allows you to price a string of calls and puts for the same expiration date. Again, you enter the option details into the yellow cells and the output values are in the blue shaded cells. You can calculate the market implied volatility for each option by simply typing in the market price of the option in the column labelled "Market Price" and the volatility implied by the option's market value will show in the column "Implied Volatility". Column's A and L are where you can change the strike prices used for the calculations. Or you can just have the values derive straight from the Underlying Price by default.

OptionStrategies
This worksheet lets you enter combinations of options positions so you can view the payoff/risk graphs. The underlying data for the options is taken from the information entered into the OptionPage worksheet. Then just enter the number of contracts for each position and remember to put a negative number for sell positions. For Type, just enter "c" for call options, "p" for put options and "s" for stock/futures position. If you know what the option is trading at, you can enter the market price in the "override premium" row to calculate the P&L of the position after taking into account the actual price of the option.

StrategyGraphs

This worksheet will show the current Greek position values of your option strategy while referencing the a range of underlying prices. You can change the range of values by changing the cell A17 in the OptionStrateg worksheet.

ation in options trading.

nTradingTips.com website

ease feel free to email

closed, so you may examine

r stocks in the strategies tab. a near perfect accuracy. d to price options on futures

r the same expiration alues are in the blue

g in the market price of e option's market value

ulations. Or you can just

w the payoff/risk graphs. the OptionPage worksheet. t a negative number for sell

tures position. e "override premium" ce of the option.

egy while referencing the the cell A17 in the OptionStrategies

http://www.OptionTradingTips.com Underlying Price Exercise Price Today's Date Expiry Date Historical Volatility Risk Free Rate Dividened Yield DTE (Years) 25 25 8/12/2008 9/17/2008 30% 3.50% 2.00% 0.10

The current base price of the instrument, eg, the closing price of Microsft Stock The price at which the underlying instrument will be exchanged. Also called Strike Pric The Date which the contract expires The Historical Volatility of the asset's returns The current risk free interest rate i.e. your return on cash held in the bank The Annualized Dividend Growth Rate of the Stock

Theoretical Price Delta Gamma Theta Vega Rho

Call Option Put Option #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

The amount that the theoretical price will change if the market moves up The amount that the Delta will change if the market moves up/down 1 po The amount that the theoretical price will change when 1 day passes. The amount that the theoretical price will change if the volatility of the as The amount that the theoretical price will change if interest rates move u

ent, eg, the closing price of Microsft Stock rument will be exchanged. Also called Strike Price

your return on cash held in the bank

oretical price will change if the market moves up/down 1 point lta will change if the market moves up/down 1 point oretical price will change when 1 day passes. oretical price will change if the volatility of the asset moves up/down by 1 percentage point oretical price will change if interest rates move up/down by 1 percentage point

25.00 12-Aug-08 30.00% 6-Sep-08 3.50% 2.00% 25 0.07

Underlying Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years Call Options Implied Volatility Delta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######

<-- Yellow cells are for user input <-- Blue cells are the calculated outputs This worksheet allows you to price multiple strikes for calls and puts with the same Underlying Price. Remember, you can customise your you like by using the formulas provided.

Strike Prices 22.50 23.00 23.50 24.00 24.50 25.00 25.50 26.00 26.50 27.00 27.50

ITM ITM ITM ITM ITM ATM OTM OTM OTM OTM OTM

Theoretical Market Price Price ###### ###### ###### ###### ###### ###### ###### ###### ###### ###### ######

Option Greeks Gamma Vega Theta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######

Rho ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######

rice multiple strikes for calls and puts for the same Expiry e. Remember, you can customise your own workbook any way

Strike Prices 22.50 23.00 23.50 24.00 24.50 25.00 25.50 26.00 26.50 27.00 27.50

OTM OTM OTM OTM OTM ATM ITM ITM ITM ITM ITM

Theoretical Market Price Price ###### ###### ###### ###### ###### ###### ###### ###### ###### ###### ######

Put Options Implied Volatility Delta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######

Option Greeks Gamma Vega Theta ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######

Rho ####### ####### ####### ####### ####### ####### ####### ####### ####### ####### #######

Strat1 Contracts Type Strike Calculated Premium Override Premium Premium Used Delta Gamma Theta Vega Rho 1 Call 25 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Strat2

Strat3

Strat4

Strat5

Strat6

Strat7

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

Graph Increment 1.00
1.00 0.90 0.80 0.70 0.60 0.50 0.40

Profit / Loss at Expiration

0.30
0.20 0.10 0.00

20

21

22

23

24

25

26

27

28

29

30

Underlying Price 20 21 22 23 24 25 26 27 28 29 30

P&L Payoff at Expiration Matrix Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 Current Theoretical P&L Relative to Underlying Price Changes Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00

Underlying Price 20 21 22 23 24 25 26

27 28 29 30

#NAME? #NAME? #NAME? #NAME?

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

Underlying Price 20 21 22 23 24 25 26 27 28 29 30

Current Position Delta Relative to Underlying Price Changes Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 Current Position Gamma Relative to Underlying Price Changes Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 Current Position Theta Relative to Underlying Price Changes Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 Current Position Vega Relative to Underlying Price Changes Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00

Underlying Price 20 21 22 23 24 25 26 27 28 29 30

Underlying Price 20 21 22 23 24 25 26 27 28 29 30

Underlying Price 20 21 22 23 24 25 26

27 28 29 30

#NAME? #NAME? #NAME? #NAME?

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

Underlying Price 20 21 22 23 24 25 26 27 28 29 30

Current Position Rho Relative to Underlying Price Changes Strat1 Strat2 Strat3 Strat4 Strat5 Strat6 Strat7 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? 0.00 0.00 0.00 0.00 0.00 0.00

Strat8

Strat9

Strat10

Total

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? Total Cost Position Delta Position Gamma Position Theta Position Vega Position Rho

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

P&L Intercept #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00

P&L #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

#NAME? #NAME? #NAME? #NAME?

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

#NAME? #NAME? #NAME? #NAME?

Strat8 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat9 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Strat10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

P&L at Expiration 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 20 21 22 23 24 25 26 27 28 29 30 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00
20 21 22 23

Delta

24

Gamma 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00
20 21 22 23 24 25 26 27 28 29 30

Theta 1.00 0.90 0.80 0.70
0.60 0.50 0.40 0.30 0.20 0.10

0.00 20 21 22 23 24 Rho 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00

Vega 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00
20 21 22 23 24 25 26 27 28 29 30

20

21

22

23

24

Delta

25

26

27

28

29

30

Theta

24

25

26

27

28

29

30

Rho

25

26

27

28

29

30

IMPLIED VOLATILITY Low Buy Naked Puts Bear Vertical Spreads: Bearish M A R K E T D I R E C T I O N Buy ATM Call/Sell ITM Call Buy ATM Put/Sell OTM Put Sell OTM (ITM) Call (Put) Butterflies Buy ITM (OTM) Call (Put) Time Spreads Backspreads Neutral Buy Straddles/Strangles Sell ATM Call Or Put Butterflies Buy ATM Call Or Put Time Spreads Buy Naked Calls Bull Vertical Spreads Bullish Buy ATM Call/Sell OTM Call Buy ATM Put/Sell ITM Put Sell ITM (OTM) Call (Put) Butterflies Buy OTM (ITM) Call (Put) Time Spreads Buy the Underlying Do Nothing Neutral Sell the Underlying

IMPLIED VOLATILITY High Sell Naked Calls Bear Vertical Spreads: Buy OTM Call/Sell ATM Call Buy OTM (ITM) Call (Put) Time Spreads Buy ITM (OTM) Call (Put) Butterflies Sell OTM (ITM) Call (Put) Time Spreads Ratio Vertical Spreads Sell Straddles/Strangles Buy ATM Call Or Put Butterflies Sell ATM Call Or Put Time Spreads Sell Naked Puts Bull Vertical Spreads Buy ITM Call/Sell ATM Call Buy OTM Put/Sell ATM Put Buy OTM (ITM) Call (Put) Butterflies Sell ITM (OTM) Call (Put) Time Spreads

100 100 12-Aug-08 25.00% 11-Oct-08 0% 0% 60 0.16

Underlying Price Exercise Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years

75 80 85 90 95 100 105 110 90 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 110 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Gamma vs Underlying Price
1
0.9

0.8 0.7 0.6
0.5
90 100 110

0.4 0.3 0.2 0.1 0 75 80 85 90 95 100 105 110 115 120 125

115 120 125 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

100 100 12-Aug-08 25.00% 11-Oct-08 0% 0% 60 0.16

Underlying Price Exercise Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years

75 80 85 90 95 100 105 110 90 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 110 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

Vega vs Underlying Price
1

0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1
0
90 100 110

75

80

85

90

95

100

105

110

115

120

125

115 120 125 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

100 100 12-Aug-08 25.00% 11-Oct-08 0% 0% 60 0.16

Underlying Price Exercise Price Today's Date Historical Volatility Expiry Date Risk Free Rate Dividend Yield DTE DTE in Years

100 90 80 70 60 50 40 30 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? 100 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Call Theta
1
0.9

Call Option Price 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0

0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 100 90 80 70 60 50 40 30 20 10 1

100

90

80

70

60

50

DTE 100 99 98 97 96 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 59 58 57 56 55 54 53 52 51

20 10 1 #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Call Option Price

50

40

30

20

10

1

Theta Theo % Diff #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?

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posted:1/3/2008
language:English
pages:28
Jeff Sperry Jeff Sperry
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