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at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for

g RTY short SPX 2y variance swap Nitin Saksena 3000-2850 SX5E put spread Dec 16 expiry James Barty Equity vol Long NKY short SPX Dec 18 variance swap Benjamin Bowler Long SX5E short SPX Dec 18 variance spread Abhinandan Deb Eurostoxx 2y/3y put calendar Abhinandan Deb Short EUR/SEK Kamal Sharma Long USD/CNY call Cl

-12 1% 78 3.0% -13 % 33 -0.4% 6 68% -0./% SXDP (Health) 3.0% -08% 1% 8.7% 0.9% 9 2% 115 2.5% -12 3% 40

garding the risks involved with investing in listed options: http://Awww.theocc.com/about/publications/character-risks.jsp Analyst Certification |, Benjamin Bowler, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. | als

3% -] 2% 74 3.1% = 2% 3.2 -0.4% 0 54% 0.9% SXDP (Health) 3.1% -0.6% 2% 86% 0.9% -/ 2% 115 24% -14 2% 4]

ming from new Drillisch tariffs or failure to turnaround good US operational trends into more profitable revenue streams. Analyst Certification We, Benjamin Bowler, Clovis Couasnon and Frederic Boulan, CFA, hereby certify that the views each of us has expressed in this research report accurately reflect each of