ocation 1.1 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 w

i Sep-12 Mar-13 Sep-13 Mast Sep-le Mar-15 Sep-I5 — — Certral twalxhan Cad ICAFF) Ponder RS Basin (FRB) Scarce: Bloomberg (NYMEX). Mar-16 Sep-16 $18 5'0 551 S'2 5x S6 56 J.P.Morgan 47 EFTA00606205 Dave Katz. CFA North America Credit Research 16 February 2012 Coal Stockpiles in t

cepted W-SECI Jul-17 Current version w-SECT Feb-14 31st January 18 W8ECI Feb-06 No longer accepted W-SEXP Jul-17 Current version W-8EXP Sep-16 31st Amery 18 W-8EXP Apr-14 No longer accepted W41MY Jun-17 [intent version W-SIMY Sep-16 31st December 17 W-SIMY Apr-14 No longer accep

epted W-8ECI Jul-17 Current version W-SECI Feb-14 31st January 18 W-SECI Feb-06 No longer accepted W-SEXP Jul-17 Current version W-8EXP Sep-16 31st January 18 W-8EXP Apr•14 No longer accepted W-8IMY Jun-17 Current version W-8IMY Sep-16 31st December 17 W-8IMY Apr-14 No longer ac

7 4*C 721 721 1 th 1471% 2W 346 346 17x 1123% Synchronoss May-17 11.6 - 195 195 11x 77% 185 - 195 195 1 1 x 7.7% Rolycom 1' Sep-16 CEO 866 385 1.251 1.9x 43.5% 300 350 169 550 1 9x 41.4% Mavenir Aug-16 74! 1.047 1047 14x 233% 271 - 371 371 14x 197% pooh

Vol —USDWY 2,/ Implied Vol A - 5.74 ly2 y Vo I Carry (RRS) 05% -00% .05% -1.Or% -15% -2..0% 25% Sep-11 Sep-12 Sep-23 Sep•14 Sep-1S Sep-16 Sep-17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088976 CONFIDENTIAL SDNY_GM_00235160 EFTA01386992

150 140 130 120 110 100 190 170 150 130 110 90 ao 70 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Downside for other EM markets that have been relatively less impacted • Buy ER (India) Dec-I8 22-s

ocation 1.1 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,