o Index A Index B AIB Implied Ratio 4-yr A5Y% 0.90 (Implied vol} — (Implied Vol} Vol ratio —_ percentile ° ‘ 3M ATM AS5 8% HSCEI (15.0% 0.79 100% 40% 6M ATM KOSPI2 (13.2%) HSCEI (17.1% 0.77 98% 359% 2M ATM KOSPI2 (14.6%) NIFTY (14.0%) 1.04 98% ‘0 SB 30% 3M 25d-Put AS51 (13.8% HSCEI (16.3% 0.85 99% 2 2 6M

nt. on GBPUSD<1.20 10-Oct-16 Buy Mar17 UKX<6700 / GBPUSD<1.20 dual digital 10-Oct-16 Mar17 UKX 6700 buy qUSD put, sell 0.9x vanilla put 10-Oct-16 Buy 6M ATM worst-of {XLF call, XLU put} 19-Sep-16 Buy an SPX Mar-17 97.5% put contingent on USO>105% at 3_oct.16 expiry Buy a USO Mar-17 105% call contingent