years old, which gives some buyers reason for pause. 20 is 10 S 0 m m IN 512.500 512.000 511.500 $11.000 $10300 m II $10.000 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Aircraft for Sale =Aircraft Sold 41-Avg Asking Price G450 MARKET - • 27

st dev below its long term average (Hartnett) --HSCEI delta-adjusted open interest is currently at US $7bn. which is over 50% below the Sep-16 and Nov-16 highs while HSCEI was trading around current levels (GEVI) Interestingly as EEM has rallied fixed strike downside vol has been stable while upside