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 and Spread so 0 70 • 60 - 10 0 25