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 (ranked by 1Y percentile) Current 1Y Percentile Oct-15 Percentile --> 0 means vol slope flattest or most inverted over past year EFTA01475280