% -1% 1% 3% Difference versus 10-August (day before CNY devaluation) 0% -2% -5% Current Max Drawdown -2% -1% -1% 0% 2% 1% MYR TWD CNY INR SGD THB ATM Vol curve (Chart 4 and 5) 10 11 5 6 7 8 9 Jan-15 -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 Apr-15 Jul-15 Vol Slope (