l vs implied volatility 18 • Nom Speed 'an' —3M Invited —3M Rethzed la 12 10 6 4 2 0 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Sant a darn Aiskon lieson't Sitombn firma LP Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0076849 CONFIDENTIAL SDNY_GM_0