ility Spread' 9/1.1 Attach i rleeormang ScondoIs Average Spread = +4.0 Rash trout us cat Downgrade Ago/Growth Concern 20 r, 10 o -3.0 -20 ri,g -3o ?I -40 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Data source: Bloomberg L.P. and Harvest Volatility Management,