/2009 9/25/2010 9/25/2011 9/25/2012 9/25/2013 9/25/2014 ----HYG(IHS) ----RTY(RH5) 60.00% 40,00% 20.00% .0 0.00% -29.00% -40.00% -60.00% Russell vol in historical lows and historically cheap to S&P (in relative absolute terms for 95% strike 3m vols) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e

5/2009 9/25/2010 9/2512011 9/25/2012 9/25/2013 9/25/2014 HYG NHS) -RTY (RHS) 60.00% • 40.00% - 20.00% 0.00% • -20.00% .40.00% -60.00% Russell vol in historical lows and historicall chea • to S&P in relative absolute terms for 95% strike 3m vols SPX and RTY 3-Month 95% Strike Implied Volatility