ly low levels... 50% -1 45% 40% 35% 30% 25% ,,,,,, - 16M —36M — soM 1596 Or* 10% 2096 Jan-09 Jan-11 Jan-13 Jan-03 Jan-05 Jan-07 Sant Devaab &ea Figure 5: ...as are rate implied volatility and rate-equity correlations* 250 200 150 100 50 0 -f0 ••• ••••••3M AIM* implied volatility for