EFTA01458681.pdf

Retracenient since CNY deval (Chart 3) 3% Difference versus 10-August (day before CNY devaluation) 2% 1% 1% - % ' ni =NI 0% E. - 1% 0% I % -3% • -2% -2% • • • -5% • • •♦ • • -5% -7% • -9% - uCurrent • -11% - • Max Drawdown • -13% - -15% MYR TWD CNY INR SGD THB PHP IDR KRW ATM Vol curve (Chart 4 and 5) Average Asia 1M ATM Vols — Average Asia 1Y ATM Vols Jan-15 Apr -".5 Jul-15 Oct-1E 3.00 Vol Slope (ranked by lY percentile) 1.20 2.00 1.00 • Current 1.00 • 1Y Percentile 0.80 0.00 -1.00 I I 11 • • • 0.00 -2.00 0.40 -3.00 Percentile -> 0 means vol 0.20 -4.00 • slope flattest or most • • inverted over past veer -5.00 • • 0.00 MYR IDR SGD TWD THB CNH INR KRW PHP CM' Source: Bloomberg Finance LP CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0118698 CONFIDENTIAL SDNY_GM_00264882 EFTA01458681