Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

Commodities the Top Asset Class in September

- Led by Base Metals, Commodities Beat Most Assets in September

- The potential end of “pump at will” leads energy to be most significant major sector gainer

- A copper rebound follows nickel and zinc boosting industrial metals

- Sugar sweetens the Ags as grains buck harvest pressure to recover from 10-year lows

- Metals reflect a potential inflection point in downtrend

Mike McGlone – BI Senior Analyst; Commodities

Led by Base Metals, Commodities Beat Most Assets in Sept. Performance: September +3.1%, 3Q -3.9%,YTD +8.8% (returns are total return (TR) unless noted)

Industrial metals and soft commodities, notably sugar, led September's broader rally. On the month, the Bloomberg Commodity Index gain of 3.1% lessened the 3Q decline to 3.9%. Up 8.9% in 2016, BCOM's total return is over 100 bps above the S&P 500's. The spot BCOM, up 16.5%, is on pace for the best annual increase since 2010. Looking back, the one-year roll yield remained high near minus 11%, but is on the road to recovery.

Energy commodities top the leaderboard of commodity futures curves shifting away from contango, a good indication that high negative roll yields should be declining. For comparison, the BCOM roll yield was minus 22% in the aftermath of the financial crisis at the end of 2009.

Soft Commodities Steal the Show

MACRO OUTLOOK

Commodities Move Step Ahead of Major Asset Classes in September. Range-bound bond yields and the flat U.S. dollar had little sway over commodities in 3Q, but 4Q could fuel macro recovery. Bonds remain the best performer among the major asset classes, based on a 17% gain in 2016 in the Bloomberg Barclays US Treasury

20+ Year Index. The 1.36% U.S. 10-year yield on July 8 was the lowest in history, but well above negative yields in Europe and Japan. Historic levels of negative interest rates should lay a good foundation for hard assets, as would some inflation.

Asset Class Performance: Commodities Prevail

The 2016 trend of rallying commodities and declining bond yields appears unsustainable. Inflation is traditionally a notable support for commodities, which may have reached an inflection point in 2016 on the back of multiyear declines.

CURVES & FLOWS

High Negative Commodity Roll Yields on Path to Recovery. Futures curves are shifting back from the steep contangos of 2015 and early 2016, notably in energy. It is a good indication that expensive roll yields should diminish. The energy sector roll yield of minus 26% has been a primary drag on broad index returns; two years ago it was positive 2%. Brent crude's roll yield near minus 18% is on the back of a one-year futures curve that averaged over 13% in contango over that period. At the end of Sept., the one-year brent curve declined to near 9% contango.

The featured chart (next page) depicts the lagging measure of roll yields and forward-looking indication from the one-year futures curve. Brent spent most of 2012-14 in backwardation (when futures prices further out are lower), which resulted in a positive roll yield. The recent

Market Commentary 1 Energy 2 Metals 3 Ags & Livestock 5 Performance 8Attribution & Weights 11Volatility 13Correlation 17Commitment of Traders 20Inventories & Sales 23Term Structures 27Research Dashboards 29Cheat Sheet 30

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Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

trend is toward backwardation.

Brent Crude Roll Yield and One-Year Futures Curve

ATTRIBUTION

Energy Surpasses Precious Metals as Largest Return Catalyst. The energy sector surpassed precious metals in September as the largest contributor to the Bloomberg Commodity Index, accounting for two-fifths of its 8.9% return in 2016. Brent crude (140 bps) was the largest energy contributor. Precious metals accounted for 280 bps, led by gold (150 bps), the single-most significant commodity contributor. Agriculture was good for just over 200 bps, led by soft commodities (160 bps), namely sugar (100 bps).

BCOM 2016 Performance Through September

Note, PORT data for the BCOM is a rough approximation

Base metals' 150-bp contribution accounted for the remainder of positive index returns in 2016. Livestock was the only detractor, subtracting a percentage point from BCOM total returns after a 22% 2016 decline in the Bloomberg Livestock Subindex.

Energy (Index weight: 29.3% of BCOM.

Performance: September +4.2%, 3Q -3.7%, YTD +5.1%) *Note index weights are the YTD average

Energy Leads Major Sector Gainers in September

PERFORMANCE DRIVERS

Energy Best Major Sector in September as Roll Yields

Show Improvement. Flattening energy futures curves

are showing a shift in the rapidly increasing supply trend. An indication from OPEC that the "pump at will" trend has ended appeared to fit the bill, boosting the Bloomberg Energy subindex to tie the Ags as the month's best-performing major sector with a gain of 4.2%. In 3Q, the energy sector declined 3.7%, reducing the year-to-date gain to 5.1%, but the spot index ended 3Q with an increase of almost 27%. Negative roll yields have been quite expensive, but are improving.

At the end of 3Q, energy commodity futures curves led the trend away from contango as crude oil remained locked within the $40-$50 a barrel range. Unleaded gas was the top performer. Looking ahead, the U.S. dollar may be an energy price driver when it finally breaks out of its range.

Unleaded Gas Leads Energy Gains, September & 3Q

Unleaded Gas Leads Energy Recovery, Range-Bound Until It Isn't. U.S. East Coast supply disruptions sparked unleaded gasoline to be the best performing energy commodity in September with a gain of 10.7%, as measured by the Bloomberg Unleaded Gas subindex. In 3Q, unleaded was the only gainer, with a 3.9% increase, as crude oil remained locked within the $40-$50 a barrel range. For astute traders focused on that range, energy markets appear to have been lucrative in 3Q, notably for those biased to shorting. The Bloomberg Energy subindex declined 3.7% in 3Q.

On a spot change basis, the energy index fell less than 1%. Annualized, the gross energy sector roll yield in 3Q

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Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

was close to minus 14%, better than the one-year measure of minus 26%. Long consolidation periods often lead to extended breakouts as some range traders eventually get caught wrong-footed.

ENERGY - CURVES & FLOWS

Contango This: Energy Commodities Lead the Charge Back. Indicating rebalancing in a well-supplied market, energy commodities top the leader board of markets shifting away from contango in 2016. Brent crude ended 3Q near 9% in contango on a one-year curve measure, compared with 22% at the end of 2015. Heating season is here, with heating oil prices about the same as a year ago, near $1.50 a gallon, yet the one-year future curve has shifted to a 6% contango compared with 10% at the end of 3Q15. Contango occurs when further-out prices are higher.

Energy Commodities Lead Drive Away From Contango

Measured on a percentage basis of the spread between the first futures contract minus the one-year out, divided by the first.

The shifting of futures curves from contango is an indication of tightening supply-demand conditions. The Bloomberg Heating Oil subindex neared the end of 3Q with a one-year decline near 16%, indicating a gross roll yield near minus 16% -- high but improving, as evidenced by flattening futures curves.

ENERGY – OUTLOOK When the U.S. dollar breaks out of its consolidation range, it could fuel crude to move the other way. Plunging crude oil prices in 2014-15 coincided with the dollar's rally on the back of Fed tightening expectations. Optimistic projections of a normal tightening cycle have met new-world reality in 2016: the 4% decline this year in the Bloomberg Dollar Spot index has coincided with a 30% increase in spot crude oil. The monthly crude oil to dollar beta in 2016 has been close to minus 2.

Strong Inverse Relationship - Dollar and Crude

Supply-demand forces are primary drivers of oil prices, but in the post-crisis world, crude's correlation to changes in the value of the dollar has increased. In the 10 years prior to 2008, the crude- dollar correlation was minus 0.1. Since 2008, it's almost minus 0.6 (monthly vs. U.S. dollar index).

Metals

Industrial (Index weight: 14.7% of BCOM.

Performance: September +5.2%, 3Q +4.1, YTD +13.0%)

Precious (Index weight: 14.7% of BCOM.

Performance: September +1.1%, 3Q +0.2,YTD +27.4%)

Copper Rebound Boosts Industrial Metals in September

PERFORMANCE DRIVERS

Precious Metals Pass Baton to Industrials in September, 3Q. There are indications of green shoots in the global economy. Precious metals are up slightly in September and 3Q, yet the month's star has been the Bloomberg Industrial Metals Subindex, which sprinted 5.2% higher and hit the plus column for 3Q. For the year, this index is up 13% vs. 27.4% in the Bloomberg Precious Metals Subindex. Nickel and zinc shined in September and 3Q, but the recovery in 2016's laggard -- copper -- appears potentially more significant.

Metals were little influenced by the consolidating U.S. dollar in 3Q and September. Strong vehicle sales in China and signs of increasing housing demand supported

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Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

industrial metals. Precious metals ended 3Q with record ETF inflows as open interest set new highs, then tapered.

The Hardest of Liquid Alternative Assets Show Solid Returns. Nickel and zinc were the best-performing metals in 3Q, each up over 11% as measured by the Bloomberg Nickel and Zinc Subindexes. Increasing prices were due mostly to supply disruptions, mine closures and Chinese demand. Yet, the most significant story may be reversion from the past few years of sharp declines. On a two-year basis, zinc is the only all industrial metal that did not track lower in 3Q. Nickel's was sharpest, at minus 37% and aluminum at minus 22%. Copper has been a key laggard, down about 28%.

September Bolstered 2016 Metals Gain

The Bloomberg Copper Subindex rose 6.4% in September, its best month since February 2015, but is off 7% on a one-year basis. Sustained recovery in the industrial metals sector is unlikely without copper, the most widely traded and highest weight among industrial metals in the BCOM, averaging 6.2% in 2016.

METALS - CURVES & FLOWS

Record Interest in Precious Metals: ETF Flows and Open Interest. Precious metals ETF inflows were near $6.8 billion in 3Q. It was the third successive quarter of net inflows, totaling almost $31 billion -- the greatest three-quarter sum in history. The prior record was $19.4 billion in the first three quarters of 2009. Gold heads the 2016 commodity futures leaderboard in percentage open interest (OI) changes, up near 40%. Gold and silver futures OI extended new records in 3Q, but pulled back as the markets consolidated.

Precious Metals ETF Inflows Reach New Record

Gold and silver futures curves have shifted steeper into contango despite a lower expectation of tightening in 2016. This anomaly is rare, absent higher base interest rates. The gross roll yield for the Bloomberg Industrial Metals Subindex ended September near minus 2.3%, about half the cost of storage.

METALS - OUTLOOK

Metals Reflect Potential Inflection Point in Downtrend. The precious and industrial metals downtrend appears to have shifted on a dime, coinciding with the Fed tightening and 2015 year end. Under pressure in the run-up to tightening, the aftermath of the "buy the rumor, sell the fact" in the value of the U.S. dollar has benefited metals, notably precious. Sustainability will be the key. Resuming the downtrend would probably take more of the same from the past few years and the Fed focusing on tightening in a global deflationary environment.

Apparent Shift in Bear Metal Trends

Historic levels of negative interest rates should be a good foundation for hard assets like metals, as would some inflation, traditionally a notable support for precious metals. Metals may have reached a potential inflection point in 2016 on the back of multiyear declines.

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Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

Zinc, Sugar and Silver via for YTD gold in September

CRR <GO>

Agriculture (Index weight: 26.8% of BCOM.

Performance: September +4.2%, 3Q -8.1%, YTD +4.3)

Grains (Index Weight: 19.9% of BCOM. Performance:

September +4.0%, 3Q -13.6%, YTD -7.2%)

Softs (Weight: 6.9% of BCOM. Performance:

September +7.7%, 3Q +6.9%, YTD +27.5%)

Agriculture Bucks Harvest Pressure Trend in September

PERFORMANCE DRIVERS

Corn and Wheat Rebound From Decade Lows as Sugar Takes the Gold. Agriculture may have finally reached bottom as wheat and corn recovered from 10-year lows in September. Record production trends in the grains are becoming extended and offset by surging demand, notably on the back of multiyear price declines. Despite the beginning of harvest, corn rebounded from the end-of-August 10-year low at $3 a bushel. The Bloomberg Agriculture Subindex tied energy as the major sector performer in September, with a gain of 4.2% which lessened the 3Q decline to 8.1%.

Supported by the first gain in the Bloomberg Grain Subindex since May, ags were led by the softs in September, notably by spiking sugar prices. The September 7.7% increase in the Bloomberg Softs Subindex pushed it to a 27.5% gain in 2016, slightly overtaking precious metals as the best segment performer this year.

Sugar Leads September Ag Gains

Sugar Sweetens the Bloomberg Softs Subindex to Lead 2016 Gainers. Recovery from steep declines of the past few years is a key driver of the sugar recovery in 2016. Still on a tear in September, the Bloomberg Sugar Subindex jumped 11.3% on the month, for a 44.7% gain year-to-date. Sugar ended the month as the best performing commodity in the Bloomberg Commodity Index on a month-to-date, one-year and two-year basis. The Bloomberg Zinc Subindex sprinted past sugar on the last session of Sept. to take the YTD prize with a 46.3% gain. Adverse weather in Brazil, the world’s largest sugar producer, sparked a rapid 50% retracement of the 2011-15 sugar high-to-low range of 35.3-10.4 cents a pound.

September boosted the softs to be sweeter than precious metals in 2016. At the end of Sept., the Bloomberg Softs Subindex inched past the Bloomberg Precious Metals Subindex with a 2016 gain of 27.5%. The Bloomberg Coffee and Cotton Subindices ended Sept. with 2016 gains of 11.4% and 7.3%.

Grain Prices Rebound From Decade Lows -- 'Not as Good as 2014. In a rare performance, corn futures rallied in September. Open fields for the beginning of harvest (not too wet), and an escalating trade war with China failed to pressure the Bloomberg Corn Subindex, up 6.8% on the month. "Not as good as 2014" has been cited by producers regarding corn yields, but bean production is strong. Preliminary soybean yields support the USDA's record 50.6 bushels-an-acre 2016 estimate. The Bloomberg Soybean Subindex was up 1.2% for the month.

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Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

Monthly Heat Map of BCOM Grain Index Returns

China's imposition of an import duty on U.S. Dried Distillers' Grains, a byproduct of ethanol production and protein source for animal feed, is a pressure factor on the price of grains, of which the U.S. is the world's largest exporter. Soybean meal was the only September decliner, losing 2.3%.

AGS - CURVES & FLOWS

Big Open Interest Jump in Cotton, Long Liquidation in Soybeans. Despite subdued range-bound trading, cotton futures open interest leaped to the highest level since 2008 in September. The last time cotton open interest had a similar increase was during the sharp rally in 2010. Elevated net long positions indicate a play for higher cotton prices. On the open interest decliner board, soybeans were the leading loser. Long liquidation is the indication in beans, as open interest plunged 17% in 3Q to the lowest level since January 2015 on the back of declining prices.

Cotton Open Interest Leaps to 8-Year High

Soybeans coincidentally declined about 19% in 3Q. The last time soybean open interest declined a greater percent in a single quarter coincidental with declining prices was 4Q12, when soybean open interest and prices fell 25% and 11% in that drought year.

AGS – OUTLOOK

If Soybeans Hold Line at Nine, the Agriculture Bottom May Be In. Continued recovery in soybeans should provide some pull-along support for corn and wheat prices near decade lows. Soybeans have been the only positive performer among the grains in 2016 since they popped above $9 a bushel in March on weaker-than-expected South American production and spiking demand. If beans drop back below $9, it could drag the entire segment lower. Soybean prices have consolidated recently near $9.5, the 50-week moving average and approximate cost of production.

Soybeans Teeter Above $9, near Production Cost

Soybeans are the most widely traded agriculture commodity and thus have the highest weight among agriculture in the Bloomberg Commodity Index. Sugar is the top-performing commodity, but may be getting a bit extended, as it's retraced 50% of the 2011-15 plunge and net long positions are at new records.

BCOM Broad Indices Total Returns

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Bloomberg Commodity Index (BCOM) Tables & Charts – September 2016 Edition

BCOM Individual Commodities Open Interest - Sorted by YTD change

Annualized Roll Yields - BCOM Sectors and Individual Commodities

Measured on a gross roll yield basis; the 251 business day difference

between the total return and spot change.

BCOM Broad Indices Total Returns

Open Interest quarterly changes

Contangop (-), Backwardation (+)

Measured via the one-year futures spread as a percent of the first contract price. Negative means the one-year out future is higher (contango). Positive means the one-year out future is lower (backwardation.

ETF AUM and Flows

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Composite Indices * Click hyperlinks to open in Bloomberg

2016Sep Aug Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

Bloomberg Commodity ER BCOM 3.10% -1.79% -3.94% 12.71% 8.63% -2.82% -32.86% -39.13% -46.65% -27.14%Bloomberg Commodity TR BCOMTR 3.13% -1.76% -3.86% 12.78% 8.87% -2.58% -32.64% -38.85% -42.15% 13.68%

Bloomberg Commodity Spot BCOMSP 3.27% -0.41% -2.48% 15.49% 16.65% 8.30% -20.88% -23.31% 20.23% 171.37%Bloomberg Roll Select BCOMRST 3.22% -1.62% -2.70% 12.56% 11.32% 0.86% -28.23% -33.79% -17.10% 164.03%

1 Month Forward BCOMF1T 3.12% -1.70% -3.72% 12.88% 9.87% -0.60% -29.89% -34.66% -28.79% 112.68% 2 Month Forward BCOMF2T 3.19% -1.89% -3.39% 12.56% 10.14% -0.29% -29.67% -36.30% -27.61% 147.72% 3 Month Forward BCOMF3T 3.18% -1.83% -3.26% 12.29% 10.26% 0.67% -28.51% -34.21% -19.43% 165.52% 4 Month Forward BCOMF4T 3.31% -1.64% -2.57% 12.34% 11.33% 2.36% -26.00% -31.56% -11.24% 5 Month Forward BCOMF5T 3.18% -1.60% -2.52% 12.15% 11.29% 2.55% -26.40% -31.60% -9.30% 6 Month Forward BCOMF6T 3.35% -1.65% -2.08% 11.87% 11.70% 3.10% -25.45% -30.95% -5.56%

Energy BCOMENTR 4.17% 3.56% -3.66% 20.35% 5.15% -18.72% -59.30% -62.03% -84.87% -58.47%Petroleum BCOMPETR 6.97% 6.32% -2.04% 17.01% 8.10% -16.90% -62.54% -53.95% -67.72% 21.07%Agriculture BCOMAGTR 4.25% -4.78% -8.10% 12.67% 4.28% 2.02% -23.99% -27.82% 9.28% -29.99%

Grains BCOMGRTR 4.00% -7.74% -13.58% 7.25% -7.20% -14.36% -35.91% -30.84% -3.53% -50.75%Industrial Metals BCOMINTR 5.21% -4.11% 4.09% 6.11% 12.98% 3.66% -22.85% -32.09% -47.61% 98.98%Precious Metals BCOMPRTR 1.13% -4.95% 0.24% 10.24% 27.40% 21.00% -5.11% -25.98% 93.73% 259.82%

Softs BCOMSOTR 7.67% 0.01% 6.86% 20.46% 27.47% 41.71% -4.02% -37.29% -2.35% -21.25%Livestock BCOMLITR -13.24% -0.09% -21.33% -1.86% -21.90% -24.60% -30.50% -36.73% -62.20% -66.98%Ex-Energy BCOMXETR 2.58% -4.36% -4.05% 9.31% 9.65% 4.87% -19.19% -28.17% -3.00% 30.67%

Ex-Petroleum BCOMXPET 1.84% -4.21% -4.49% 11.44% 8.08% 1.04% -23.56% -36.82% -38.26%Ex-Natural Gas BCOMXNGT 3.80% -1.62% -3.47% 11.31% 10.15% -0.15% -30.49% -32.65% -18.78%Ex-Agriculture BCOMXAGT 2.70% -0.54% -2.08% 12.81% 10.61% -5.00% -36.92% -44.00% -58.33%

Ex-Grains BCOMXGRT 2.99% -0.69% -2.02% 13.89% 12.04% -0.42% -32.45% -41.48% -51.11%Ex-Industrial Metals BCOMXIMT 2.72% -1.29% -5.34% 14.14% 8.04% -3.76% -34.61% -40.20% -43.42%Ex-Precious Metals BCOMXPMT 3.53% -1.10% -4.65% 13.28% 5.43% -6.80% -37.39% -41.74% -52.28%

Ex-Softs BCOMXSOT 2.72% -1.92% -4.76% 12.19% 7.44% -5.68% -34.83% -39.32% -45.53%Ex-Livestock BCOMXLIT 3.84% -1.84% -3.07% 13.64% 10.57% -1.45% -33.08% -39.22% -40.94%

Ex-Agriculture & Livestock BCOMXALT 3.67% -0.57% -0.82% 14.06% 13.20% -3.67% -37.99% -45.04% -58.87%S&P 500 Total Return SPXT 0.02% 0.14% 3.85% 2.46% 7.84% 15.43% 37.36% 113.44% 101.14% 358.42%

Bloomberg US Treasury Bond BUSY -0.13% -0.54% -0.28% 2.11% 5.06% 4.05% 11.40% 11.84%Bloomberg USD IG Corporate Bond BUSC -0.25% 0.21% 1.43% 3.54% 9.15% 8.54% 17.69% 28.44%Bloomberg USD HY Corporate Bond BUHY 0.65% 2.14% 5.50% 5.69% 15.61% 13.87% 16.99% 45.44%

Bloomberg Dollar Spot BBDXY -0.43% 0.60% -0.23% 0.27% -4.04% -2.56% 16.89% 19.94% 13.14%

Single Commodity Indices

2016Sep Aug Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

Natural Gas BCOMNGTR -3.21% -3.53% -7.94% 30.96% -5.66% -26.42% -56.43% -79.49% -97.99% -99.03%WTI Crude BCOMCLTR 6.50% 5.19% -4.89% 18.72% -0.08% -23.46% -68.68% -62.08% -79.61% -21.50%

Brent Crude BCOMCOT 6.17% 6.65% -2.15% 19.59% 16.58% -14.27% -65.34% -58.48% -55.96% 180.99%ULS Diesel BCOMHOTR 6.49% 7.02% -1.18% 23.18% 22.46% -15.61% -55.81% -52.60% -53.02% 33.79%

Unleaded Gasoline BCOMRBTR 10.65% 7.27% 3.92% 3.08% -5.47% -13.66% -50.97% -36.24% -24.33% 220.90%Corn BCOMCNTR 6.76% -8.54% -10.61% 2.26% -11.57% -20.01% -42.32% -44.77% -29.87% -83.86%

Soybeans BCOMSYTR 1.19% -5.96% -17.21% 27.77% 11.02% 6.67% -8.57% 23.55% 166.32% 234.96%Wheat BCOMWHTR 3.57% -9.28% -13.98% -9.22% -22.00% -28.93% -51.78% -54.74% -72.09% -93.30%

Soybean Oil BCOMBOTR 1.76% 6.58% 4.35% -8.94% 5.02% 16.18% -27.95% -44.52% -15.50% -33.43%Soybean Meal BCOMSMT -2.29% -11.77% -25.23% 50.33% 13.64% -2.67% 10.68% 84.98% 399.82% 963.10%HRW Wheat BCOMKWT 4.56% -8.65% -7.35% -16.21% -22.70% -30.05% -57.13% -61.21% -64.35% -77.12%

Copper BCOMHGTR 6.43% -6.95% 0.23% 0.03% 2.44% -6.96% -34.75% -33.55% -41.16% 228.69%Alumnium BCOMALTR 3.63% -2.27% 0.63% 8.13% 8.66% 2.74% -22.78% -42.58% -62.67% -24.70%

Zinc BCOMZSTR 2.73% 2.96% 12.64% 15.55% 46.30% 37.86% 15.73% 8.63% -45.01% 67.85%Nickel BCOMNITR 8.19% -8.31% 11.55% 10.81% 18.51% 0.11% -27.71% -44.41% -64.29% 157.46%Gold BCOMGCTR 0.46% -3.37% -0.74% 6.75% 23.43% 17.29% -2.14% -21.10% 102.67% 229.20%Silver BCOMSITR 2.74% -8.58% 2.65% 19.86% 37.73% 30.60% -14.87% -39.85% 49.15% 262.45%Sugar BCOMSBTR 11.27% 5.33% 9.85% 29.93% 44.66% 71.22% -13.80% -38.86% -2.34% 26.20%Coffee BCOMKCTR 3.09% -1.93% 1.50% 10.97% 11.39% 13.01% -0.54% -58.33% -42.21% -63.58%Cotton BCOMCTTR 3.84% -11.40% 6.18% 10.37% 7.35% 12.14% -16.73% -23.75% 1.95% -77.19%

Live Cattle BCOMLCTR -6.91% -4.58% -13.30% -4.67% -19.36% -17.03% -15.02% -25.00% -42.49% -24.55%Lean Hogs BCOMLHTR -22.14% 6.46% -31.65% 1.40% -25.58% -35.80% -50.45% -53.01% -81.87% -92.41%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

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Composite Roll Select Indices * Click hyperlinks to open in Bloomberg

2016Sep Aug Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

BCOM Roll Select BCOMRST 3.22% -1.62% -2.70% 12.56% 11.32% 0.86% -28.23% -33.79% -17.10% 164.03%Roll Select Agriculture BCOMRAGT 4.23% -4.27% -6.81% 11.94% 5.23% 2.59% -23.21% -26.91% 42.50% 27.89%

Roll Select Ex-Ags & Livestock BBURXALT 3.80% -0.68% 0.25% 13.84% 16.52% 1.33% -32.45% -38.52% -40.76%Roll Select Grains BCOMRGRT 4.14% -7.22% -11.90% 6.85% -5.94% -13.35% -36.45% -31.70% 28.68% -6.80%Roll Select Softs BCOMRSOT 7.26% 0.63% 8.01% 20.47% 30.37% 43.86% 1.71% -32.40% 29.30% 44.91%

Roll Select Livestock BCOMRLIT -13.26% 1.20% -20.94% -0.96% -22.34% -25.23% -24.26% -32.28% -28.15% 32.33%Roll Select Energy BCOMRENT 4.35% 3.07% -1.55% 19.75% 12.96% -8.43% -50.47% -51.83% -69.98% 117.72%

Roll Select Ex-Energy BCOMRXET 2.59% -4.05% -3.35% 9.15% 10.10% 5.19% -17.96% -26.91% 24.09% 130.11%Roll Select Petroleum BCOMRPET 6.68% 5.42% -0.62% 18.33% 14.87% -6.36% -55.03% -43.52% -39.92% 352.15%

Roll Select Industrial Metals BCOMRINT 5.21% -3.96% 4.36% 5.96% 12.84% 3.63% -22.16% -30.57% -36.03% 203.23%Roll Select Precious Metals BCOMRPRT 1.19% -5.04% 0.29% 10.55% 27.80% 21.38% -4.68% -25.45% 94.91% 271.65%

Single Commodity Roll Select Indices

2016Sep Aug Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-Year

Natural Gas RS BCOMRNGT -1.50% -2.35% -4.02% 23.22% 5.02% -16.57% -44.05% -69.34% -94.43% -81.70%WTI Crude RS BCOMRCLT 5.93% 4.53% -2.31% 19.08% 13.46% -3.97% -57.53% -45.92% -45.72% 350.81%

Brent Crude RS BCOMRCOT 6.56% 5.18% -0.85% 17.65% 13.37% -11.28% -58.62% -51.00% -38.81% 406.03%ULS Diesel RS BCOMRHOT 5.26% 5.63% -1.29% 22.75% 20.79% -12.41% -53.53% -49.94% -44.46% 206.54%

Unleaded Gasoline RS BCOMRRBT 10.65% 8.06% 5.15% 13.15% 15.59% 3.18% -42.76% -26.22% -10.25% 558.90%Corn RS BCOMRCNT 6.53% -7.92% -9.42% 3.48% -9.84% -19.15% -42.86% -48.05% -10.31% -69.80%

Soybeans RS BCOMRSYT 2.02% -4.38% -14.50% 24.79% 12.27% 7.90% -8.26% 28.24% 199.04% 306.36%Wheat RS BCOMRWHT 3.25% -10.84% -13.20% -9.32% -21.69% -27.81% -52.47% -56.02% -46.53% -68.93%

Soybean Oil RS BCOMRBOT 1.86% 6.38% 4.26% -8.40% 5.50% 16.65% -25.54% -41.24% 0.15% 6.95%Soybean Meal RS BCOMRSMT -1.71% -11.05% -24.24% 43.67% 10.16% -5.68% 6.22% 91.85% 462.56% 1079.77%HRW Wheat RS BCOMRKWT 4.38% -8.58% -6.92% -15.30% -21.39% -28.64% -55.80% -59.50% -43.16% -43.81%

Copper RS BCOMRHGT 6.33% -6.81% 0.28% 0.09% 2.14% -7.40% -35.23% -34.11% -31.03% 391.37%Alumnium RS BCOMRALT 3.71% -2.05% 1.46% 7.49% 8.91% 3.10% -19.99% -38.48% -51.91% 15.14%

Zinc RS BCOMRZST 2.98% 3.06% 12.87% 15.54% 45.64% 37.98% 15.30% 10.13% -32.74% 156.22%Nickel RS BCOMRNIT 8.03% -8.19% 11.41% 10.81% 18.61% 0.86% -26.41% -42.89% -52.35% 326.86%Gold RS BCOMRGCT 0.56% -3.51% -0.68% 7.13% 24.00% 17.83% -1.74% -20.67% 102.70% 232.72%Silver RS BCOMRSIT 2.72% -8.56% 2.67% 19.94% 37.68% 30.60% -14.24% -38.99% 53.30% 300.67%Sugar RS BCOMRSBT 10.61% 6.20% 11.80% 29.64% 50.87% 75.92% -2.81% -29.42% 44.06% 171.79%Coffee RS BCOMRKCT 3.07% -2.00% 1.56% 11.07% 11.58% 13.43% 1.43% -56.48% -32.24% -36.24%Cotton RS BCOMRCTT 4.08% -10.66% 7.37% 11.08% 8.63% 14.37% -14.31% -20.98% 29.47% -62.23%

Live Cattle RS BCOMRLCT -7.02% -2.46% -12.73% -4.67% -19.21% -17.39% -16.88% -26.77% -15.93% 51.19%Lean Hogs RS BCOMRLHT -22.14% 6.46% -31.72% 4.10% -27.66% -37.55% -37.08% -42.42% -49.47% -20.86%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

9

PERFORMANCE: Historical Return * Click hyperlinks to open in Bloomberg

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

Bloomberg Commodity Composite Indices

Commodities vs. Equities vs. Bonds vs. USD

Bloomberg Commodity Energy Subindices

Bloomberg Commodity Forward Indices

Bloomberg Commodity Group Subindices

Bloomberg Commodity Grains Subindices

-100%0%

100%200%300%400%500%600%700%800%900%

91 93 95 97 99 01 03 05 07 09 11 13 15

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-50%0%

50%100%150%200%250%300%350%400%450%

00 02 04 06 08 10 12 14

BloombergCommodity Index TR

BloombergCommodity Index 1Month ForwardBloombergCommodity Index 3Month ForwardBloombergCommodity Index 6Month Forward

-60%-40%-20%

0%20%40%60%80%

100%120%

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BloombergCommodity Index TR

S&P 500 Total ReturnIndex

Bloomberg USTreasury Bond Index

Bloomberg USCorporate BondIndexBloomberg USD HYCorporate BondIndex

-200%

0%

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91 93 95 97 99 01 03 05 07 09 11 13 15

Energy

Grains

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Precious Metals

Softs

Livestock

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91 93 95 97 99 01 03 05 07 09 11 13 15

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline -200%0%

200%400%600%800%

1000%1200%1400%1600%1800%

91 93 95 97 99 01 03 05 07 09 11 13 15

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

-200%

0%

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91 93 95 97 99 01 03 05 07 09 11 13 15

Copper

Alumnium

Zinc

Nickel-100%

0%100%200%300%400%500%600%700%800%900%

91 93 95 97 99 01 03 05 07 09 11 13 15

Gold

Silver

-200%

-100%

0%

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91 93 95 97 99 01 03 05 07 09 11 13 15

Sugar

Coffee

Cotton

-100%-80%-60%-40%-20%

0%20%40%60%80%

100%120%

91 93 95 97 99 01 03 05 07 09 11 13 15

Live Cattle

Lean Hogs

10

BCOM Constituent Weights BCOM Index MEMB <GO> * Click hyperlinks to open in Bloomberg

Group Commodity TickerSep 2016 Contrib

to Return %Sep 30 2016

WeightAug 31 2016

WeightSep 2016

Weight Change2016 Target

Weight

Natural Gas NG -0.31 9.0% 9.6% -0.6% 8.4% WTI Crude CL 0.52 8.6% 8.3% 0.3% 7.5%

Brent Crude CO 0.54 9.2% 8.8% 0.4% 7.5% ULS Diesel HO 0.28 4.5% 4.4% 0.1% 3.8% Gasoline XB 0.38 3.9% 3.6% 0.3% 3.7%Subtotal 1.41 35.1% 34.6% 0.5% 31.0%

Corn C 0.39 5.9% 5.7% 0.2% 7.4% Soybeans S 0.07 5.3% 5.4% -0.1% 5.7%

Wheat W 0.09 2.4% 2.4% 0.0% 3.3% Soybean Oil BO 0.05 2.7% 2.7% 0.0% 2.8%

Soybean Meal SM -0.06 2.7% 2.8% -0.2% 2.8% HRW Wheat KW 0.04 0.9% 0.9% 0.0% 1.2%

Subtotal 0.57 19.7% 19.8% -0.1% 23.2% Copper HG 0.42 6.8% 6.6% 0.2% 7.6%

Aluminum LA 0.15 4.4% 4.3% 0.0% 4.6% Zinc LX 0.09 3.3% 3.3% 0.0% 2.5%

Nickel LN 0.19 2.4% 2.3% 0.1% 2.4%Subtotal 0.85 16.8% 16.5% 0.3% 17.1%

Gold GC 0.06 11.5% 11.8% -0.3% 11.4% Silver SI 0.14 4.8% 4.9% 0.0% 4.2%

Subtotal 0.19 16.3% 16.7% -0.4% 15.6% Sugar SB 0.51 4.8% 4.4% 0.5% 3.6% Coffee KC 0.08 2.4% 2.4% 0.0% 2.3% Cotton CT 0.05 1.4% 1.4% 0.0% 1.5%

Subtotal 0.64 8.6% 8.2% 0.5% 7.4% Live Cattle LC -0.17 2.2% 2.4% -0.2% 3.6% Lean Hogs LH -0.38 1.3% 1.8% -0.6% 2.1%Subtotal -0.55 3.4% 4.2% -0.8% 5.6%

Total 3.10 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q4 16 Q1 17 Q2 17 Q3 17Forward 3.11 3.15 3.00 3.02Forecast 2.83 3.00 2.98 3.00Forward 49.00 50.53 51.48 52.06Forecast 48.25 51.00 53.00 56.00Forward 50.74 52.13 53.14 53.76Forecast 50.00 52.00 54.34 56.00Forward 154.94 157.34 154.40 154.40Forecast 149.00 150.00 133.00 133.00Forward 144.29 152.41 164.66 156.76Forecast 142.00 153.00 168.00 162.00Forward 338.45 347.97 357.14 367.69Forecast 337.50 354.00 355.00 370.00Forward 956.67 965.90 974.72 967.75Forecast 1,000.00 995.00 1,007.50 994.50Forward 405.97 427.53 443.13 462.99Forecast 421.00 432.00 450.00 465.00Forward 4,863 4,877 4,887 4,895Forecast 4,838 4,905 4,980 5,061Forward 1,671 1,684 1,696 1,706Forecast 1,620 1,641 1,650 1,658Forward 2,377 2,383 2,386 2,383Forecast 2,150 2,150 2,200 2,230Forward 10,561 10,606 10,641 10,673Forecast 10,203 10,500 11,012 11,115Forward 1,316 1,322 1,327 1,331Forecast 1,340 1,333 1,344 1,300Forward 19.22 19.33 19.43 19.52Forecast 19.20 19.65 18.57 19.66Forward 23.00 22.69 21.57 20.72Forecast 19.00 20.00 20.00 18.75Forward 151.98 155.13 157.53 160.01Forecast 142.35 141.70 139.70 140.00Forward 68.21 68.65 69.03 68.52Forecast 65.00 64.50 64.00 63.50

Softs

Bloomberg survey of commodity analysts

Energy

Grains

Industrial Metals

Precious Metals

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

Corn

Soybeans

Wheat

Copper

Aluminum

Coffee

Cotton

Zinc

Nickel

Gold

Silver

Sugar

Energy

Livestock

Softs

Precious Metals

Industrial Metals

Grains

11

Composite Indices

Bloomberg Commodity ER BCOM 13.43% 14.05% 15.21% 13.46% 13.40% 17.82% 16.13%Bloomberg Commodity TR BCOMTR 13.43% 14.05% 15.21% 13.46% 13.40% 17.82% 16.13%

Bloomberg Commodity Spot BCOMSP 13.33% 14.14% 15.33% 13.54% 13.47% 17.92% 16.23%Bloomberg Roll Select BCOMRST 12.56% 12.81% 13.92% 12.54% 12.57% 16.81% 14.73%

1 Month Forward BCOMF1T 13.34% 13.89% 14.87% 13.12% 13.10% 17.49% 15.59% 2 Month Forward BCOMF2T 13.10% 13.56% 14.47% 12.81% 12.83% 17.19% 15.08% 3 Month Forward BCOMF3T 12.96% 13.37% 14.19% 12.53% 12.60% 16.92% 14.65% 4 Month Forward BCOMF4T 12.81% 13.05% 13.83% 12.26% 12.34% 16.66% 5 Month Forward BCOMF5T 12.34% 12.57% 13.38% 11.84% 11.94% 16.18% 6 Month Forward BCOMF6T 12.34% 12.57% 13.38% 11.84% 11.94% 16.18%

Energy BCOMENTR 33.64% 31.73% 35.00% 29.42% 26.06% 29.40% 30.92%Petroleum BCOMPETR 41.89% 38.03% 42.23% 34.69% 30.05% 34.07% 33.52%Agriculture BCOMAGTR 13.93% 16.87% 15.11% 15.17% 16.28% 20.95% 18.39%

Grains BCOMGRTR 16.94% 21.14% 18.58% 18.78% 20.37% 25.20% 22.55%Industrial Metals BCOMINTR 11.85% 13.39% 17.70% 16.70% 18.45% 24.94% 22.32%Precious Metals BCOMPRTR 15.70% 14.43% 17.49% 17.26% 19.57% 22.43% 19.89%

Softs BCOMSOTR 18.12% 21.64% 21.47% 21.10% 19.87% 22.66% 20.87%Livestock BCOMLITR 26.38% 21.42% 18.66% 15.38% 13.84% 14.37% 14.64%Ex-Energy BCOMXETR 8.68% 9.89% 10.81% 10.52% 12.00% 16.32% 13.84%

Ex-Petroleum BCOMXPET 7.84% 10.07% 11.00% 10.69% 11.86% 16.08%Ex-Agriculture BCOMXAGT 17.47% 16.53% 18.93% 16.28% 15.67% 19.55%

Ex-Grains BCOMXGRT 8.68% 9.89% 10.81% 10.52% 12.00% 16.32%Ex-Industrial Metals BCOMXIMT 15.40% 15.14% 17.02% 14.78% 14.37% 18.42%Ex-Precious Metals BCOMXPMT 15.60% 15.52% 16.31% 14.50% 14.14% 18.21%

Ex-Softs BCOMXSOT 15.53% 16.70% 17.53% 15.21% 14.52% 18.93%Ex-Livestock BCOMXLIT 14.12% 14.69% 15.84% 14.00% 13.91% 18.34%

Ex-Agriculture & Livestock BCOMXALT 17.47% 16.53% 18.93% 16.28% 15.67% 19.55%S&P 500 Total Return Index SPXT 14.51% 9.82% 14.42% 13.52% 14.03% 20.91% 19.65%

Bloomberg US Treasury Bond Index BUSY 3.42% 3.72% 3.85% 3.87% 3.91%Bloomberg USD IG Corporate Bond Index BUSC 4.09% 4.05% 3.72% 3.91% 4.07%Bloomberg USD HY Corporate Bond Index BUHY 3.11% 2.83% 4.69% 3.60% 3.40%

Bloomberg U.S. Dollar Spot Index BBDXY 6.95% 6.44% 6.95% 6.27% 6.29% 7.16%

Single Commodity Indices

Natural Gas BCOMNGTR 30.31% 36.51% 39.92% 39.81% 39.55% 42.21% 46.80%WTI Crude BCOMCLTR 44.64% 40.49% 45.13% 38.12% 33.31% 36.57% 35.14%

Brent Crude BCOMCOT 42.50% 39.19% 44.72% 36.26% 30.98% 34.10% 32.70%ULS Diesel BCOMHOTR 39.79% 36.28% 41.72% 32.23% 27.69% 31.53% 32.95%

Unleaded Gasoline BCOMRBTR 42.57% 37.00% 40.16% 33.87% 29.79% 34.75% 34.57%Corn BCOMCNTR 21.97% 23.60% 21.73% 22.25% 25.01% 30.82% 26.79%

Soybeans BCOMSYTR 18.69% 27.95% 21.61% 20.56% 21.03% 25.05% 23.91%Wheat BCOMWHTR 17.72% 23.24% 24.07% 25.94% 27.10% 33.93% 29.59%

Soybean Oil BCOMBOTR 23.58% 22.00% 20.18% 20.59% 19.78% 23.99% 23.47%Soybean Meal BCOMSMT 17.15% 27.32% 24.56% 24.40% 25.19% 28.30% 26.77%HRW Wheat BCOMKWT 17.22% 21.06% 23.30% 24.39% 25.27% 30.79% 26.84%

Copper BCOMHGTR 12.44% 15.75% 19.84% 19.27% 21.41% 29.94% 27.42%Alumnium BCOMALTR 15.64% 14.72% 16.86% 16.75% 18.57% 22.84% 20.61%

Zinc BCOMZSTR 20.32% 17.89% 26.81% 21.72% 22.08% 32.94% 28.51%Nickel BCOMNITR 27.56% 29.44% 30.77% 29.01% 28.54% 38.17% 35.82%Gold BCOMGCTR 11.82% 11.49% 16.03% 15.50% 17.42% 19.66% 17.78%Silver BCOMSITR 26.28% 23.76% 25.01% 25.72% 29.46% 34.66% 30.73%Sugar BCOMSBTR 29.84% 30.69% 32.53% 27.39% 25.90% 33.22% 32.14%Coffee BCOMKCTR 25.00% 25.26% 28.55% 36.13% 33.56% 31.41% 36.58%Cotton BCOMCTTR 27.46% 25.37% 19.74% 19.09% 21.49% 27.17% 25.99%

Live Cattle BCOMLCTR 25.61% 21.73% 20.45% 16.35% 14.64% 14.56% 14.58%Lean Hogs BCOMLHTR 40.50% 34.78% 27.64% 24.57% 21.81% 22.96% 24.37%

5-Year 10-Year

5-Year 10-Year 20-Year

20-Year

VOLATILITY: Realized

Index Name Ticker

Index Name Ticker

3-Mon 1-Year 3-Year1-Mon

1-Mon 3-Mon 1-Year 3-Year

12

VOLATILITY: ImpliedVCA <GO> OVDV <GO>

TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%End of Sep 1% 39% 0% -1% 42% 2% 0% 34% 0%End of Aug 2% 37% 0% 0% 38% 1% -1% 44% 1%End of Sep 3% 36% 1% 2% 37% -1% 2% 36% -2%End of Aug 6% 36% -2% 3% 37% -2% 1% 37% -2%End of Sep 3% 34% 1% 2% 36% -1% 1% 37% -2%End of Aug 5% 34% -2% 3% 36% -2% 2% 37% -2%End of Sep 0% 33% 0% 0% 33% 0% 1% 34% 0%End of Aug 1% 31% -1% 1% 33% -1% 1% 34% 0%End of Sep 0% 39% 0% 0% 36% 0% 0% 34% 0%End of Aug 1% 37% 0% 1% 38% 0% 0% 33% 0%End of Sep 5% 20% 4% 1% 20% 2% -1% 20% 1%End of Aug 3% 23% 4% 0% 22% 1% -1% 22% 1%End of Sep 4% 20% 1% 1% 18% 0% 0% 18% 1%End of Aug 5% 17% 4% 2% 18% 1% 0% 18% 1%End of Sep 1% 24% 4% -1% 21% 2% -2% 22% 2%End of Aug -2% 26% 6% -2% 24% 4% -2% 22% 2%End of Sep 2% 22% 4% 0% 20% 2% -1% 20% 2%End of Aug 2% 22% 4% 0% 20% 2% 0% 19% 1%End of Sep 4% 23% 3% 1% 21% 1% 0% 21% 1%End of Aug 3% 23% 3% 1% 22% 1% 0% 21% 1%End of Sep 1% 20% 4% -1% 21% 2% -1% 20% 2%End of Aug -2% 24% 6% -2% 23% 3% -2% 20% 3%End of Sep 3% 18% 0% 1% 19% -1% 2% 19% 0%End of Aug 3% 15% 1% 1% 19% -1% 1% 20% -1%End of Sep 0% 13% 0% 0% 13% 0% 0% 14% 0%End of Aug 0% 14% -1% 0% 14% -1% 0% 14% -1%End of Sep 0% 24% -1% 0% 23% 2% -1% 23% 0%End of Aug 1% 23% 0% 1% 24% 0% 1% 24% 0%End of Sep 0% 28% 0% 0% 27% 0% 0% 27% 0%End of Aug 0% 27% 0% 0% 29% -1% 0% 29% -1%End of Sep 1% 11% 1% 0% 14% 1% 0% 15% 0%End of Aug 0% 14% 1% 0% 15% 1% 0% 16% 0%End of Sep 2% 20% 5% 0% 23% 2% 0% 25% 2%End of Aug 1% 24% 3% 0% 25% 2% -1% 26% 1%End of Sep -1% 33% 1% -2% 34% 2% -2% 32% 2%End of Aug 0% 29% 2% -2% 31% 2% -2% 31% 2%End of Sep -2% 32% 4% -2% 31% 2% -2% 30% 2%End of Aug 0% 29% 4% -2% 30% 2% -2% 30% 2%End of Sep 0% 23% 3% -1% 22% 1% 0% 22% 1%End of Aug 3% 23% 4% 0% 22% 1% 0% 21% 0%End of Sep 3% 29% -1% 0% 28% -2% 0% 22% -1%End of Aug 4% 24% 4% 1% 21% -1% 1% 18% -1%End of Sep 3% 34% 1% 0% 42% -3% 1% 33% -2%End of Aug 5% 27% -4% 4% 29% -5% 3% 25% -3%

3M 6M

Corn

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Aluminum

Zinc

Nickel

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WTI Crude

Brent Crude

ULS Diesel

Gasoline

13

Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices

VOLATILITY: Historical 1-Year RealizedBloomberg Commodity Composite Indices Bloomberg Commodity Forward Indices

Commodities vs. Equities vs. Bonds vs. USD Bloomberg Commodity Group Subindices

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

5%

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92 94 96 98 00 02 04 06 08 10 12 14 16

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5%

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02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

BloombergCommodity Index TR

BloombergCommodity Index 1Month ForwardBloombergCommodity Index 3Month ForwardBloombergCommodity Index 6Month Forward

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BloombergCommodity Index TR

S&P 500 Total ReturnIndex

Bloomberg USTreasury Bond Index

Bloomberg USCorporate BondIndex

5%10%15%20%25%30%35%40%45%50%

92 94 96 98 00 02 04 06 08 10 12 14 16

Energy

Grains

Industrial Metals

Precious Metals

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Livestock

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92 94 96 98 00 02 04 06 08 10 12 14 16

Natural Gas

WTI Crude

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Unleaded Gasoline10%

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92 94 96 98 00 02 04 06 08 10 12 14 16

Corn

Soybeans

Wheat

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92 94 96 98 00 02 04 06 08 10 12 14 16

Copper

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92 94 96 98 00 02 04 06 08 10 12 14 16

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92 94 96 98 00 02 04 06 08 10 12 14 16

Sugar

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92 94 96 98 00 02 04 06 08 10 12 14 16

Live Cattle

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Bloomberg Commodity 99% 100% 99% 99% 89% 85% 58% 45% 62% 29% 40% 24% 75% 95%Roll Select 99% 100% 100% 100% 87% 84% 58% 46% 63% 32% 41% 23% 76% 94%

1 Month Forward 100% 100% 100% 99% 88% 85% 58% 46% 62% 30% 40% 24% 75% 95%3 Month Forward 99% 100% 100% 100% 87% 85% 58% 46% 62% 31% 41% 23% 76% 95%6 Month Forward 99% 100% 99% 100% 87% 85% 57% 45% 63% 32% 40% 22% 75% 95%

Energy 89% 87% 88% 87% 87% 96% 27% 18% 39% 5% 22% 15% 36% 94%Petroleum 85% 84% 85% 85% 85% 96% 27% 17% 39% 2% 26% 17% 36% 90%Agriculture 58% 58% 58% 58% 57% 27% 27% 92% 31% 9% 52% 16% 79% 32%

Grains 45% 46% 46% 46% 45% 18% 17% 92% 19% 2% 16% 14% 67% 20%Industrial Metals 62% 63% 62% 62% 63% 39% 39% 31% 19% 21% 26% 15% 68% 61%Precious Metals 29% 32% 30% 31% 32% 5% 2% 9% 2% 21% 13% 3% 53% 31%

Softs 40% 41% 40% 41% 40% 22% 26% 52% 16% 26% 13% 11% 49% 28%Livestock 24% 23% 24% 23% 22% 15% 17% 16% 14% 15% 3% 11% 29% 16%Ex-Energy 75% 76% 75% 76% 75% 36% 36% 79% 67% 68% 53% 49% 29% 58%

Ex-Agriculture & Livestock 95% 94% 95% 95% 95% 94% 90% 32% 20% 61% 31% 28% 16% 58%S&P 500 Total Return Index 38% 38% 38% 38% 39% 40% 44% 17% 10% 35% -17% 17% 19% 20% 38%

S&P Energy 65% 64% 65% 64% 65% 71% 73% 21% 14% 39% -2% 19% 14% 30% 69%S&P Financial 35% 35% 35% 35% 35% 39% 42% 16% 10% 34% -24% 15% 16% 16% 35%

S&P Health Care 17% 17% 17% 17% 18% 18% 23% 7% 3% 26% -18% 9% 11% 9% 17%S&P Consumer Discretionary 28% 28% 28% 29% 29% 28% 33% 17% 11% 27% -19% 19% 18% 17% 26%

S&P IT 28% 29% 29% 29% 30% 30% 35% 14% 10% 28% -18% 10% 18% 15% 27%S&P Utilities 12% 12% 12% 12% 11% 10% 9% 5% -1% 9% 8% 17% 10% 11% 12%

S&P Consumers Staples 15% 15% 15% 15% 15% 15% 17% 5% 1% 14% -5% 11% 20% 9% 15%S&P Industrials 40% 40% 40% 41% 41% 40% 43% 18% 11% 39% -12% 19% 21% 25% 40%

S&P Telecommunication 28% 29% 29% 29% 29% 27% 29% 13% 9% 19% 6% 12% 20% 20% 28%S&P Materials 52% 52% 52% 52% 53% 51% 54% 24% 17% 43% -4% 21% 17% 32% 52%

Bloomberg US Treasury -26% -25% -26% -25% -26% -35% -39% -8% -7% -23% 33% -3% -4% -2% -28%Bloomberg USD IG Corporate -17% -16% -17% -16% -16% -27% -31% -1% -4% -14% 28% 6% -1% 4% -20%Bloomberg USD HY Corporate 36% 38% 36% 37% 39% 36% 38% 18% 10% 32% -9% 23% 13% 22% 35%

Bloomberg U.S. Dollar Spot -45% -46% -46% -46% -46% -31% -30% -28% -19% -34% -35% -30% -11% -46% -42%EURUSD 24% 24% 24% 24% 24% 7% 5% 19% 11% 20% 40% 23% 10% 37% 21%JPYUSD -6% -6% -6% -7% -7% -19% -20% -2% 0% -6% 52% -1% -5% 16% -6%CADUSD 63% 63% 63% 63% 64% 56% 58% 26% 16% 47% 27% 29% 18% 48% 64%MXNUSD 61% 61% 61% 62% 62% 54% 56% 33% 20% 51% 4% 37% 14% 45% 58%GBPUSD 33% 33% 33% 34% 34% 28% 29% 16% 9% 29% 3% 17% 9% 24% 32%AUDUSD 49% 50% 50% 50% 51% 35% 38% 29% 17% 52% 21% 33% 18% 49% 46%CHFUSD 13% 14% 14% 14% 14% -1% -4% 11% 4% 12% 40% 18% 4% 28% 11%KRWUSD 44% 45% 45% 45% 45% 30% 30% 24% 10% 42% 31% 36% 13% 46% 42%CNYUSD 26% 26% 26% 26% 26% 17% 17% 19% 13% 28% 8% 17% 8% 27% 23%

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Bloomberg Commodity 99% 100% 99% 98% 82% 77% 64% 55% 62% 48% 41% 21% 82% 93%Roll Select 99% 99% 100% 99% 79% 76% 64% 55% 63% 50% 42% 20% 83% 93%

1 Month Forward 100% 99% 100% 99% 80% 77% 64% 55% 63% 49% 41% 21% 82% 93%3 Month Forward 99% 100% 100% 100% 79% 77% 64% 55% 64% 50% 42% 20% 83% 92%6 Month Forward 98% 99% 99% 100% 77% 77% 63% 54% 65% 52% 42% 20% 83% 92%

Energy 82% 79% 80% 79% 77% 89% 25% 19% 31% 15% 18% 13% 34% 89%Petroleum 77% 76% 77% 77% 77% 89% 25% 18% 37% 19% 22% 14% 37% 83%Agriculture 64% 64% 64% 64% 63% 25% 25% 94% 28% 21% 51% 13% 80% 33%

Grains 55% 55% 55% 55% 54% 19% 18% 94% 19% 15% 22% 10% 71% 24%Industrial Metals 62% 63% 63% 64% 65% 31% 37% 28% 19% 42% 27% 11% 70% 63%Precious Metals 48% 50% 49% 50% 52% 15% 19% 21% 15% 42% 18% 4% 64% 50%

Softs 41% 42% 41% 42% 42% 18% 22% 51% 22% 27% 18% 11% 49% 27%Livestock 21% 20% 21% 20% 20% 13% 14% 13% 10% 11% 4% 11% 22% 14%Ex-Energy 82% 83% 82% 83% 83% 34% 37% 80% 71% 70% 64% 49% 22% 63%

Ex-Agriculture & Livestock 93% 93% 93% 92% 92% 89% 83% 33% 24% 63% 50% 27% 14% 63%S&P 500 Total Return Index 36% 36% 36% 37% 38% 30% 38% 18% 12% 37% 9% 17% 9% 28% 36%

S&P Energy 56% 56% 57% 57% 57% 58% 64% 22% 15% 40% 17% 22% 8% 35% 60%S&P Financial 31% 32% 32% 33% 34% 26% 33% 16% 10% 36% 5% 17% 6% 25% 32%

S&P Health Care 20% 21% 21% 21% 22% 16% 22% 11% 7% 25% 3% 10% 7% 17% 20%S&P Consumer Discretionary 27% 28% 28% 29% 29% 22% 29% 15% 12% 32% 3% 13% 8% 23% 27%

S&P IT 30% 31% 31% 32% 32% 24% 32% 16% 12% 34% 8% 15% 9% 26% 29%S&P Utilities 13% 13% 13% 14% 14% 11% 12% 6% 4% 11% 9% 10% 1% 11% 14%

S&P Consumers Staples 20% 20% 20% 21% 21% 15% 20% 10% 7% 22% 6% 11% 8% 17% 20%S&P Industrials 35% 35% 35% 36% 37% 28% 35% 18% 13% 39% 9% 17% 8% 30% 35%

S&P Telecommunication 21% 21% 21% 22% 22% 18% 22% 9% 6% 20% 7% 10% 8% 16% 21%S&P Materials 45% 46% 46% 46% 47% 37% 45% 22% 16% 44% 19% 21% 9% 37% 45%

Bloomberg US Treasury -22% -22% -22% -22% -22% -23% -27% -12% -10% -24% 12% -6% -5% -12% -21%Bloomberg USD IG Corporate -14% -13% -14% -14% -14% -17% -20% -6% -6% -15% 13% -1% -3% -5% -14%Bloomberg USD HY Corporate 27% 28% 28% 29% 30% 23% 27% 16% 11% 28% 5% 16% 9% 22% 26%

Bloomberg U.S. Dollar Spot -41% -42% -42% -42% -43% -27% -29% -23% -16% -32% -40% -27% -6% -41% -40%EURUSD 33% 34% 33% 34% 34% 16% 16% 19% 13% 32% 39% 22% 1% 37% 32%JPYUSD 1% 1% 1% 1% 1% -9% -9% 3% 3% -6% 32% 5% -4% 11% 0%CADUSD 53% 54% 54% 55% 55% 41% 47% 25% 17% 43% 36% 27% 12% 46% 54%MXNUSD 49% 51% 50% 51% 52% 36% 41% 27% 18% 47% 30% 30% 9% 45% 48%GBPUSD 31% 32% 32% 32% 33% 22% 24% 15% 10% 30% 25% 17% 6% 29% 32%AUDUSD 47% 48% 48% 49% 50% 29% 34% 27% 19% 44% 39% 29% 11% 48% 45%CHFUSD 22% 23% 22% 23% 23% 7% 7% 12% 7% 25% 36% 16% -1% 29% 23%KRWUSD 33% 34% 34% 35% 36% 19% 22% 19% 11% 34% 29% 23% 6% 35% 32%CNYUSD 13% 13% 14% 14% 14% 9% 8% 11% 10% 12% 4% 6% 2% 13% 11%

Bond

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Natural Gas 21% 21% 19% 18% 4% 13% 0% 14% 9% -1% 8% 13% 13% 12% 6% 8% -1% -2% 0% -4% 4%WTI Crude 21% 98% 94% 82% 13% 17% 8% 30% 10% 9% 37% 32% 24% 32% -5% 15% 16% 34% 13% 12% 15%

Brent Crude 21% 98% 96% 84% 14% 18% 9% 30% 11% 10% 36% 31% 25% 31% -5% 15% 13% 33% 13% 11% 14%ULS Diesel 19% 94% 96% 79% 14% 20% 9% 29% 15% 9% 34% 31% 23% 28% -1% 16% 15% 31% 11% 8% 15%

Unleaded Gasoline 18% 82% 84% 79% 11% 17% 8% 29% 12% 10% 35% 30% 23% 23% -6% 11% 9% 22% 13% 6% 15%Corn 4% 13% 14% 14% 11% 54% 64% 33% 49% 61% 7% 15% 3% 5% 0% 1% 4% 13% 22% 5% 16%

Soybeans 13% 17% 18% 20% 17% 54% 38% 56% 89% 35% 22% 27% 21% 23% 0% 13% 7% 22% 19% 6% 12%Wheat 0% 8% 9% 9% 8% 64% 38% 22% 35% 93% 9% 16% 9% 6% -1% 4% 6% 15% 21% 5% 13%

Soybean Oil 14% 30% 30% 29% 29% 33% 56% 22% 23% 21% 31% 28% 27% 18% 7% 20% -6% 31% 16% 15% 19%Soybean Meal 9% 10% 11% 15% 12% 49% 89% 35% 23% 33% 19% 22% 17% 20% 1% 11% 12% 11% 18% -1% 7%HRW Wheat -1% 9% 10% 9% 10% 61% 35% 93% 21% 33% 8% 17% 6% 5% -3% 2% 2% 12% 20% 7% 13%

Copper 8% 37% 36% 34% 35% 7% 22% 9% 31% 19% 8% 51% 61% 64% 9% 31% 13% 33% 19% 5% 20%Alumnium 13% 32% 31% 31% 30% 15% 27% 16% 28% 22% 17% 51% 55% 51% 6% 23% 2% 23% 19% 5% 13%

Zinc 13% 24% 25% 23% 23% 3% 21% 9% 27% 17% 6% 61% 55% 55% 18% 30% 11% 30% 9% 3% 16%Nickel 12% 32% 31% 28% 23% 5% 23% 6% 18% 20% 5% 64% 51% 55% 8% 28% 10% 25% 21% -2% 9%Gold 6% -5% -5% -1% -6% 0% 0% -1% 7% 1% -3% 9% 6% 18% 8% 77% 9% 3% -4% -9% 8%Silver 8% 15% 15% 16% 11% 1% 13% 4% 20% 11% 2% 31% 23% 30% 28% 77% 15% 21% 11% 2% 10%Sugar -1% 16% 13% 15% 9% 4% 7% 6% -6% 12% 2% 13% 2% 11% 10% 9% 15% 28% 7% 5% 5%Coffee -2% 34% 33% 31% 22% 13% 22% 15% 31% 11% 12% 33% 23% 30% 25% 3% 21% 28% 23% 11% 12%Cotton 0% 13% 13% 11% 13% 22% 19% 21% 16% 18% 20% 19% 19% 9% 21% -4% 11% 7% 23% 3% -1%

Live Cattle -4% 12% 11% 8% 6% 5% 6% 5% 15% -1% 7% 5% 5% 3% -2% -9% 2% 5% 11% 3% 28%Lean Hogs 4% 15% 14% 15% 15% 16% 12% 13% 19% 7% 13% 20% 13% 16% 9% 8% 10% 5% 12% -1% 28%

S&P 500 Total Return Index 3% 45% 44% 41% 38% 7% 13% 4% 20% 6% 7% 29% 29% 25% 32% -25% 1% 5% 27% 15% 23% 7%S&P Energy 21% 75% 72% 70% 61% 11% 15% 5% 26% 7% 10% 37% 33% 23% 33% -10% 12% 8% 27% 13% 12% 9%

S&P Financial 4% 43% 42% 39% 38% 7% 13% 3% 16% 7% 6% 28% 29% 24% 30% -33% -4% 3% 26% 16% 21% 3%S&P Health Care -5% 23% 23% 21% 20% 1% 7% -2% 13% 2% -1% 19% 25% 18% 25% -24% -4% 3% 14% 10% 17% 0%

S&P Consumer Discretionary -1% 33% 33% 30% 29% 8% 10% 9% 13% 6% 10% 22% 23% 18% 27% -25% -4% 8% 25% 16% 21% 7%S&P IT -3% 35% 35% 32% 33% 8% 11% 5% 20% 4% 8% 23% 23% 24% 27% -24% -4% -1% 23% 14% 23% 4%

S&P Utilities 8% 10% 10% 9% 2% -4% 2% -1% 2% 0% -1% 9% -1% 12% 10% 6% 11% 12% 17% 7% 12% 5%S&P Consumers Staples 3% 18% 18% 16% 12% -2% 4% -2% 10% -2% -1% 11% 9% 12% 14% -10% 4% 6% 16% 4% 22% 8%

S&P Industrials 7% 43% 43% 39% 38% 7% 14% 4% 20% 7% 6% 35% 28% 29% 35% -21% 7% 7% 30% 13% 21% 11%S&P Telecommunication 6% 29% 30% 29% 19% 7% 11% 3% 16% 3% 5% 18% 15% 14% 16% 0% 15% 4% 20% 13% 21% 10%

S&P Materials 11% 55% 54% 50% 46% 14% 18% 7% 26% 10% 11% 40% 32% 28% 35% -13% 13% 6% 35% 15% 16% 9%Bloomberg US Treasury 0% -39% -38% -36% -37% -6% -6% -4% -10% -2% -6% -22% -20% -9% -19% 38% 19% 6% -17% -13% -8% 3%

Bloomberg USD IG Corporate 4% -31% -29% -29% -30% -5% -1% -1% -6% 2% -2% -14% -14% -2% -12% 30% 20% 12% -7% -7% -3% 3%Bloomberg USD HY Corporate 6% 37% 40% 38% 28% 4% 11% 12% 9% 12% 13% 28% 26% 25% 25% -17% 8% 12% 27% 18% 15% 3%

Bloomberg U.S. Dollar Spot -12% -32% -29% -29% -24% -13% -17% -17% -20% -15% -15% -31% -29% -25% -21% -32% -35% -16% -39% -14% -5% -13%EURUSD 8% 8% 4% 5% 1% 6% 9% 14% 17% 7% 11% 21% 17% 12% 13% 39% 34% 13% 28% 15% 3% 15%JPYUSD -4% -21% -21% -19% -16% 5% -7% 4% -9% -2% 2% -5% -1% 0% -12% 59% 32% 5% -8% -12% -13% 4%CADUSD 13% 60% 58% 55% 46% 13% 14% 13% 30% 8% 11% 41% 39% 38% 34% 18% 39% 14% 42% 15% 11% 17%MXNUSD 13% 56% 56% 53% 48% 12% 25% 13% 24% 20% 13% 44% 41% 38% 42% -6% 22% 23% 41% 11% 14% 9%GBPUSD 6% 30% 28% 26% 28% 7% 10% 7% 16% 9% 6% 29% 22% 20% 19% -4% 13% 5% 25% 20% 10% 5%AUDUSD 3% 38% 38% 36% 32% 11% 19% 13% 28% 14% 12% 45% 42% 46% 36% 13% 33% 17% 45% 14% 15% 15%CHFUSD 7% -1% -5% -5% -7% 1% 3% 7% 16% -1% 6% 12% 11% 9% 7% 41% 32% 12% 22% 5% -3% 11%KRWUSD 9% 30% 29% 27% 27% 6% 13% 7% 22% 10% 4% 39% 27% 37% 33% 22% 43% 23% 43% 12% 10% 10%CNYUSD 6% 17% 17% 18% 11% 11% 11% 11% 19% 11% 11% 28% 18% 22% 22% 3% 16% 7% 27% 14% 7% 5%

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Natural Gas 14% 14% 14% 12% 10% 6% 7% 8% 4% 8% 1% 5% 1% 2% -1% 2% 2% 2% -1% 3% 5%WTI Crude 14% 94% 89% 83% 14% 21% 9% 34% 12% 10% 38% 32% 27% 28% 15% 25% 17% 17% 20% 12% 11%

Brent Crude 14% 94% 96% 88% 13% 21% 9% 33% 12% 10% 35% 27% 25% 26% 12% 23% 14% 15% 19% 11% 9%ULS Diesel 14% 89% 96% 85% 13% 22% 9% 32% 14% 10% 32% 26% 23% 25% 13% 23% 15% 15% 19% 9% 10%

Unleaded Gasoline 12% 83% 88% 85% 12% 19% 7% 32% 10% 9% 31% 25% 22% 23% 13% 23% 10% 11% 18% 9% 7%Corn 10% 14% 13% 13% 12% 60% 69% 39% 55% 65% 12% 13% 7% 12% 10% 13% 14% 11% 15% 10% 6%

Soybeans 6% 21% 21% 22% 19% 60% 45% 63% 91% 42% 23% 20% 19% 19% 12% 21% 17% 13% 17% 8% 4%Wheat 7% 9% 9% 9% 7% 69% 45% 31% 40% 95% 10% 9% 7% 11% 10% 12% 13% 13% 16% 9% 2%

Soybean Oil 8% 34% 33% 32% 32% 39% 63% 31% 35% 29% 30% 27% 28% 23% 18% 28% 12% 18% 21% 14% 7%Soybean Meal 4% 12% 12% 14% 10% 55% 91% 40% 35% 37% 16% 14% 13% 11% 8% 15% 15% 7% 12% 4% 2%HRW Wheat 8% 10% 10% 10% 9% 65% 42% 95% 29% 37% 10% 8% 6% 11% 10% 11% 12% 11% 14% 9% 3%

Copper 1% 38% 35% 32% 31% 12% 23% 10% 30% 16% 10% 65% 69% 58% 35% 49% 17% 17% 24% 8% 9%Alumnium 5% 32% 27% 26% 25% 13% 20% 9% 27% 14% 8% 65% 68% 53% 29% 39% 15% 14% 18% 8% 7%

Zinc 1% 27% 25% 23% 22% 7% 19% 7% 28% 13% 6% 69% 68% 55% 31% 40% 17% 16% 15% 7% 9%Nickel 2% 28% 26% 25% 23% 12% 19% 11% 23% 11% 11% 58% 53% 55% 20% 31% 17% 13% 19% 3% 4%Gold -1% 15% 12% 13% 13% 10% 12% 10% 18% 8% 10% 35% 29% 31% 20% 84% 9% 13% 11% 2% 2%Silver 2% 25% 23% 23% 23% 13% 21% 12% 28% 15% 11% 49% 39% 40% 31% 84% 13% 19% 16% 6% 3%Sugar 2% 17% 14% 15% 10% 14% 17% 13% 12% 15% 12% 17% 15% 17% 17% 9% 13% 26% 15% 6% 6%Coffee 2% 17% 15% 15% 11% 11% 13% 13% 18% 7% 11% 17% 14% 16% 13% 13% 19% 26% 11% 7% 8%Cotton -1% 20% 19% 19% 18% 15% 17% 16% 21% 12% 14% 24% 18% 15% 19% 11% 16% 15% 11% 6% 2%

Live Cattle 3% 12% 11% 9% 9% 10% 8% 9% 14% 4% 9% 8% 8% 7% 3% 2% 6% 6% 7% 6% 27%Lean Hogs 5% 11% 9% 10% 7% 6% 4% 2% 7% 2% 3% 9% 7% 9% 4% 2% 3% 6% 8% 2% 27%

S&P 500 Total Return Index 0% 37% 37% 34% 32% 9% 16% 7% 21% 9% 9% 38% 29% 28% 26% 4% 18% 12% 10% 23% 10% 3%S&P Energy 12% 65% 63% 60% 55% 12% 17% 9% 26% 9% 11% 40% 32% 29% 27% 12% 24% 17% 13% 23% 8% 5%

S&P Financial -1% 33% 33% 30% 28% 7% 14% 5% 19% 9% 7% 37% 28% 26% 25% 0% 16% 12% 10% 21% 8% 1%S&P Health Care -3% 22% 22% 20% 18% 5% 11% 3% 13% 7% 4% 25% 21% 19% 18% -1% 10% 6% 6% 17% 9% 2%

S&P Consumer Discretionary -3% 29% 29% 27% 25% 8% 14% 7% 17% 9% 9% 33% 25% 22% 25% -2% 11% 10% 7% 20% 10% 2%S&P IT -4% 31% 31% 29% 28% 9% 15% 6% 20% 8% 8% 33% 27% 26% 25% 3% 16% 9% 9% 21% 11% 2%

S&P Utilities 3% 12% 12% 10% 8% 2% 3% 4% 5% 0% 6% 14% 7% 9% 5% 9% 10% 10% 3% 14% 4% -2%S&P Consumers Staples 0% 20% 20% 18% 15% 4% 9% 4% 12% 4% 5% 23% 17% 17% 16% 3% 11% 9% 3% 16% 9% 4%

S&P Industrials -1% 35% 34% 31% 30% 10% 16% 7% 20% 11% 9% 40% 30% 30% 27% 4% 18% 12% 9% 21% 8% 3%S&P Telecommunication 1% 21% 23% 21% 18% 4% 8% 3% 10% 4% 4% 21% 17% 15% 13% 5% 12% 8% 5% 14% 9% 3%

S&P Materials 1% 45% 44% 41% 38% 13% 18% 9% 24% 11% 11% 45% 34% 33% 30% 15% 26% 15% 12% 23% 10% 4%Bloomberg US Treasury -2% -27% -27% -24% -23% -7% -12% -6% -15% -8% -7% -25% -19% -15% -15% 17% 1% -2% -4% -11% -4% -4%

Bloomberg USD IG Corporate -2% -21% -20% -18% -17% -4% -7% -4% -11% -4% -4% -17% -13% -8% -9% 17% 5% 2% -1% -6% -1% -4%Bloomberg USD HY Corporate 0% 26% 29% 27% 21% 9% 14% 5% 16% 11% 7% 26% 23% 24% 21% 1% 12% 13% 11% 13% 11% 2%

Bloomberg U.S. Dollar Spot -7% -31% -27% -26% -23% -12% -16% -14% -18% -12% -14% -33% -26% -25% -18% -38% -37% -17% -20% -23% -3% -7%EURUSD 6% 18% 14% 14% 12% 8% 12% 14% 15% 9% 14% 33% 26% 24% 19% 38% 36% 14% 16% 19% -3% 5%JPYUSD -3% -9% -10% -9% -7% 4% -1% 5% -7% 4% 4% -6% -3% -3% -8% 37% 21% 3% 4% 0% -6% 0%CADUSD 5% 48% 46% 44% 38% 12% 20% 12% 28% 13% 12% 43% 34% 34% 29% 32% 38% 17% 23% 21% 9% 10%MXNUSD 4% 42% 40% 38% 35% 13% 22% 12% 25% 16% 12% 45% 38% 37% 34% 25% 35% 23% 22% 21% 9% 5%GBPUSD 3% 26% 23% 22% 20% 5% 11% 8% 14% 9% 8% 30% 24% 23% 18% 23% 27% 9% 14% 15% 6% 4%AUDUSD 2% 34% 33% 31% 27% 13% 22% 13% 26% 17% 13% 44% 33% 38% 31% 37% 40% 20% 23% 21% 10% 8%CHFUSD 3% 9% 6% 6% 4% 5% 5% 9% 12% 2% 9% 26% 21% 19% 14% 37% 31% 13% 9% 13% -4% 3%KRWUSD 3% 23% 20% 21% 17% 7% 15% 8% 18% 12% 7% 33% 26% 29% 24% 26% 31% 16% 19% 15% 5% 5%CNYUSD 4% 9% 9% 9% 5% 9% 7% 8% 10% 6% 9% 11% 8% 9% 12% 2% 6% 1% 9% 6% 3% 0%

Curr

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CORRELATION: BCOM Singles vs. Equities vs. Bond vs. Currency

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Bloomberg Commodity 58% -7% -3% -3% -2% 63% 60% 66% 60% 17% -7% 36% -27% 13% 5% 10% 21%Energy 66% -12% -3% -1% -6% 75% 75% 77% 74% 14% -4% 29% -15% -1% -4% -3% 8%

Petroleum 72% 0% -7% -6% -6% 78% 79% 81% 78% -1% -6% 6% -5% 6% -9% 0% 15%Agriculture 23% -6% -1% -1% 2% 25% 23% 19% 24% 10% -16% 33% -38% 21% 11% 11% 30%

Grains 15% -4% 3% 2% 3% 15% 15% 10% 15% 3% -19% 26% -29% 18% 5% 12% 26%Industrial Metals 40% 6% -8% -8% -4% 38% 36% 44% 35% 0% 1% 1% -4% 11% 3% 13% 11%Precious Metals 16% 6% 0% -1% 7% 10% 4% 24% 4% 16% 8% 18% -10% 14% 11% 24% 2%

Softs 21% -13% -3% -4% 4% 26% 23% 21% 23% 23% -2% 39% -42% 14% 15% 7% 21%Livestock 19% 6% 23% 22% 8% 17% 15% 12% 15% 16% -4% 31% 13% 2% -10% 12% 4%

Natural Gas 12% -27% 11% 13% -4% 21% 18% 18% 18% 38% 2% 60% -27% -14% 10% -5% -9%WTI Crude 67% 1% -3% -3% -2% 73% 74% 74% 74% 2% -3% 8% -7% 9% -9% 4% 15%

Brent Crude 71% -3% -9% -7% -10% 78% 79% 83% 78% 1% -4% 7% -5% 3% -11% -3% 12%ULS Diesel 68% -8% -9% -8% -5% 75% 75% 85% 74% 2% -4% 8% -10% 0% -7% -4% 9%

Unleaded Gasoline 80% 6% -6% -4% -9% 84% 86% 76% 85% -10% -12% -2% 2% 10% -8% -9% 23%Corn 11% -3% 4% 4% 4% 10% 10% 9% 10% 2% -20% 25% -25% 15% 4% 10% 25%

Soybeans 27% 0% -11% -10% -6% 29% 28% 25% 28% 3% -13% 20% -31% 24% 11% 15% 27%Wheat 3% -9% 14% 12% 11% 4% 4% -9% 4% 4% -19% 27% -28% 11% 1% 8% 20%

Soybean Oil 28% 12% -10% -10% -2% 25% 24% 11% 25% -1% -14% 12% -7% 23% 1% -2% 39%Soybean Meal 24% -4% -5% -5% -4% 27% 28% 29% 27% 2% -10% 16% -36% 23% 17% 14% 20%HRW Wheat 9% -9% 19% 19% 9% 9% 7% -3% 8% 15% -10% 35% -20% 6% -8% 5% 22%

Copper 41% 6% -14% -14% -4% 40% 38% 47% 38% -4% 4% -8% 4% 6% -6% 13% 6%Alumnium 33% 2% -4% -6% 5% 31% 29% 31% 29% -10% -12% -2% -6% 7% 13% 4% 9%

Zinc 32% 7% -19% -17% -14% 32% 28% 40% 28% 6% 8% 3% -9% 14% 8% 16% 12%Nickel 29% 3% 17% 19% -3% 27% 23% 32% 23% 18% 7% 23% -12% 14% 2% 13% 17%Gold 11% 5% 6% 4% 10% 4% -2% 19% -2% 16% 7% 19% -7% 11% 8% 24% 0%Silver 25% 6% -9% -10% -1% 20% 14% 31% 14% 14% 8% 16% -15% 18% 15% 20% 5%Sugar 12% -11% -24% -26% 0% 18% 18% 18% 18% 6% -5% 16% -37% 14% 3% 14% 18%Coffee 15% -13% 28% 27% 13% 15% 10% 8% 10% 37% 7% 52% -31% 5% 20% -4% 7%Cotton 30% -1% -9% -6% -13% 31% 28% 30% 28% 13% -5% 27% -22% 14% 11% 4% 29%

Live Cattle 21% -4% 18% 18% 3% 22% 21% 20% 21% 8% 8% 4% 14% -13% -15% 5% -3%Lean Hogs 10% 12% 21% 20% 8% 7% 5% 0% 5% 18% -11% 42% 9% 10% -4% 13% 6%

S&P 500 Total Return Index 36% -31% -22% -21% -13% 48% 47% 41% 47% 6% 8% 2% -21% -20% -16% -13% -5%Bloomberg US Treasury -48% -8% 17% 13% 22% -49% -51% -38% -51% 13% 10% 10% 2% -13% -3% 14% -20%

Bloomberg USD IG Corporate -6% -18% -1% -5% 16% -1% -2% 10% -2% 17% 7% 21% -9% -17% -3% 0% -13%Bloomberg USD HY Corporate 44% -14% -20% -21% -2% 54% 54% 61% 54% 8% -2% 16% -9% -9% -11% -9% 2%

Bloomberg U.S. Dollar Spot -47% -2% 7% 7% 3% -48% -45% -43% -45% -9% 2% -19% 11% -11% -2% 7% -20%

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Bloomberg Commodity 68% 6% 4% 7% -13% 69% 67% 67% 66% 30% -3% 40% 0% 9% 1% 9% 20%Energy 68% 1% 9% 12% -10% 72% 70% 70% 69% 37% -2% 48% -2% 5% -1% 2% 14%

Petroleum 72% 5% 8% 10% -7% 75% 76% 72% 75% 22% 0% 28% 2% 7% -1% 5% 17%Agriculture 29% 8% -2% -1% -7% 27% 27% 25% 26% 4% -4% 9% 0% 10% 7% 8% 15%

Grains 23% 8% 2% 2% -3% 20% 20% 20% 20% 1% -3% 5% -1% 11% 10% 8% 11%Industrial Metals 43% 6% -8% -6% -13% 44% 44% 42% 43% 12% 1% 14% 4% 6% 0% 8% 10%Precious Metals 29% 4% 0% -1% 1% 27% 25% 27% 25% 12% 7% 11% 3% 4% -5% 14% 14%

Softs 26% 2% -9% -7% -14% 27% 27% 21% 27% 11% -2% 15% 1% 0% -4% 6% 19%Livestock 15% -4% 17% 20% -9% 13% 10% 9% 10% 15% 8% 16% -11% 7% 4% 9% 2%

Natural Gas 36% -7% 7% 12% -13% 39% 33% 38% 32% 47% -4% 62% -5% -2% -2% -6% 2%WTI Crude 67% 5% 9% 11% -6% 71% 72% 69% 71% 21% 2% 26% 1% 9% 0% 7% 17%

Brent Crude 70% 6% 8% 11% -8% 73% 75% 70% 74% 17% 1% 23% 4% 7% -1% 4% 17%ULS Diesel 70% 2% 11% 13% -4% 73% 73% 77% 72% 26% 1% 32% 2% 3% -5% 2% 18%

Unleaded Gasoline 79% 4% 4% 8% -11% 83% 84% 67% 84% 20% -4% 27% 5% 3% -4% 0% 16%Corn 22% 6% 5% 6% -3% 19% 19% 19% 18% 3% -4% 8% 3% 5% 5% 0% 8%

Soybeans 23% 8% -4% -2% -8% 20% 21% 21% 21% 0% 0% 2% -2% 12% 9% 7% 15%Wheat 15% 7% 2% 1% 5% 13% 13% 9% 13% 0% -5% 4% -5% 12% 12% 13% 3%

Soybean Oil 30% 15% -1% 0% -6% 25% 24% 23% 24% 4% -3% 7% 4% 16% 11% 9% 16%Soybean Meal 17% 4% -2% -1% -6% 17% 18% 18% 18% -1% 3% -1% -5% 9% 6% 4% 15%HRW Wheat 23% 8% 3% 2% 3% 21% 20% 15% 20% 6% 0% 9% 2% 8% 9% 14% 1%

Copper 43% 9% -10% -8% -10% 43% 43% 40% 43% 9% 0% 11% 10% 5% -3% 9% 12%Alumnium 41% 5% 0% 3% -9% 41% 39% 44% 39% 19% 2% 23% 1% 6% 4% 4% 8%

Zinc 24% 6% -21% -19% -16% 26% 27% 22% 27% 1% -1% 1% 7% 2% 1% 3% 2%Nickel 32% -4% -4% 0% -18% 35% 36% 30% 36% 5% -1% 9% -11% 3% -2% 11% 7%Gold 27% 3% 4% 4% 5% 25% 23% 24% 23% 12% 10% 10% 2% 5% -5% 13% 14%Silver 28% 5% -8% -6% -7% 27% 25% 27% 24% 10% 2% 11% 5% 3% -4% 13% 11%Sugar 17% 6% -11% -11% -6% 18% 17% 13% 17% 11% 3% 13% 10% 0% -4% 6% 13%Coffee 13% 4% 0% 2% -8% 13% 13% 8% 13% 3% 1% 6% 2% -1% 1% -3% 3%Cotton 27% -7% -6% -3% -18% 30% 29% 32% 29% 8% -7% 13% -1% -7% -10% 2% 18%

Live Cattle 21% -7% 19% 23% -9% 20% 18% 13% 18% 16% 12% 13% -14% 7% 7% 8% 1%Lean Hogs 5% -3% 10% 12% -6% 3% 1% 3% 0% 11% 4% 13% -7% 3% -1% 7% 1%

CORRELATION: US CPI vs. BCOM Indices & Other Benchmarks

20-Year

US CPI Indices

BCO

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5-Year

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17

CORRELATION: World CPI vs. BCOM Indices & Other Benchmarks

US

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Bloomberg Commodity 58% 42% 23% 60% 68% 46% 46% -66% 36% 33% 46% 75% 64% 52% -62% -13% 8% 52% 81%Energy 66% 40% 31% 64% 68% 45% 54% -76% 33% 22% 38% 79% 73% 48% -67% 11% 17% 59% 80%

Petroleum 72% 53% 15% 83% 82% 69% 65% -85% 60% 28% 57% 69% 73% 66% -80% -6% 31% 71% 68%Agriculture 23% 20% -20% 33% 39% 29% 33% -25% 30% 14% 26% 25% 29% 45% -43% -43% -21% 28% 46%

Grains 15% 9% -41% 41% 37% 38% 45% -29% 46% -10% 22% 7% 35% 61% -33% -43% -26% 45% 19%Industrial Metals 40% 0% 57% 13% 19% -2% 12% -42% -9% 14% 3% 47% 43% 9% -11% 13% 0% 13% 68%Precious Metals 16% 46% -32% 26% 37% 43% -6% 7% 43% 55% 63% 11% -13% 34% -19% -71% 17% 11% -6%

Softs 21% 31% 30% -4% 18% -3% -15% 1% -17% 57% 23% 41% -4% -16% -32% -18% 10% -25% 61%Livestock 19% 20% 69% 23% 32% 16% 1% -56% 3% 43% 24% 65% 53% 2% -40% 23% 31% 8% 70%

Natural Gas 12% 6% 52% -1% 14% -22% 9% -24% -33% 7% -11% 67% 35% -13% -14% 43% -13% 8% 68%WTI Crude 67% 47% 27% 75% 75% 60% 58% -85% 50% 27% 49% 70% 74% 55% -76% 5% 34% 63% 71%

Brent Crude 71% 62% 10% 86% 88% 74% 65% -83% 65% 34% 65% 72% 70% 69% -81% -13% 31% 72% 66%ULS Diesel 68% 63% 7% 90% 90% 79% 65% -83% 70% 34% 68% 74% 70% 76% -73% -10% 29% 78% 61%

Unleaded Gasoline 80% 61% -9% 90% 90% 79% 71% -75% 74% 30% 69% 64% 65% 82% -81% -29% 25% 83% 53%Corn 11% 25% -63% 45% 45% 48% 40% -14% 57% -1% 38% 4% 22% 68% -25% -56% -23% 53% -3%

Soybeans 27% 11% -7% 42% 38% 31% 51% -51% 32% -5% 13% 20% 47% 45% -56% -20% -16% 35% 55%Wheat 3% -32% -31% 0% -7% -6% 23% 1% 7% -40% -21% -19% 16% 26% 3% -23% -44% 15% 0%

Soybean Oil 28% 45% -60% 32% 39% 37% 29% 10% 42% 23% 45% 1% -15% 47% -36% -64% -15% 29% 4%Soybean Meal 24% -14% 8% 28% 18% 19% 36% -51% 21% -17% -5% 7% 49% 33% -36% -6% -16% 22% 45%HRW Wheat 9% 1% 1% 32% 34% 21% 39% -39% 25% -8% 12% 35% 50% 46% -23% -14% -26% 40% 44%

Copper 41% 19% 30% 45% 43% 27% 40% -56% 22% 7% 21% 52% 53% 43% -31% 4% -3% 45% 64%Alumnium 33% -3% 49% -10% 0% -19% -13% -11% -26% 18% -6% 31% 13% -12% 14% 10% -6% -9% 48%

Zinc 32% -24% 62% -9% -7% -23% -3% -32% -31% -3% -23% 25% 35% -13% 2% 24% -3% -8% 58%Nickel 29% -1% 71% 13% 21% 0% 12% -50% -8% 23% 7% 55% 52% 4% -19% 16% 12% 8% 72%Gold 11% 45% -32% 28% 38% 48% -6% 2% 48% 56% 66% 7% -8% 35% -22% -71% 24% 13% -11%Silver 25% 40% -28% 16% 29% 26% -5% 19% 25% 47% 50% 19% -21% 27% -10% -64% 0% 6% 6%Sugar 12% 49% -20% 25% 36% 31% 16% -8% 25% 41% 43% 12% -11% 14% -58% -53% 16% 0% 28%Coffee 15% 8% 66% -14% 4% -11% -38% -11% -25% 61% 15% 48% 18% -25% -8% 3% 24% -30% 56%Cotton 30% 9% 2% -19% -5% -36% 6% 32% -42% -6% -23% 32% -24% -17% 13% 36% -43% -7% 40%

Live Cattle 21% -5% 74% 1% 4% 0% -26% -35% -8% 34% 6% 41% 42% -12% 12% 33% 25% -7% 32%Lean Hogs 10% 35% 33% 33% 45% 23% 27% -52% 12% 33% 31% 57% 41% 14% -73% 0% 23% 19% 75%

S&P 500 Total Return Index 36% -14% 45% 25% 17% 1% 40% -60% -5% -29% -21% 35% 60% 14% -14% 51% -12% 29% 60%Bloomberg US Treasury -48% 21% 7% -12% 3% 1% -23% 8% 2% 33% 20% 4% -5% -16% -3% -23% -7% -30% 5%

Bloomberg USD IG Corporate -6% 6% 3% 4% 6% 14% -8% -19% 12% 18% 15% -5% 16% -6% -30% -37% 5% -23% 13%Bloomberg USD HY Corporate 44% 6% -16% 22% 16% 24% 17% -32% 19% -9% 10% -7% 21% 16% -38% -29% 2% 8% 14%

Bloomberg U.S. Dollar Spot -47% -54% -3% -49% -61% -40% -37% 41% -29% -40% -51% -61% -31% -38% 79% 34% -16% -35% -70%

US

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Bloomberg Commodity 78% 45% 2% 54% 18% 69% -34% 22% 66% 20% 35% 5% -14% 5% 67%Energy 75% 29% 8% 49% 3% 63% -42% 34% 67% 19% 38% 20% 0% 20% 68%

Petroleum 80% 41% 5% 57% 16% 71% -36% 26% 65% 16% 35% 14% -4% 10% 71%Agriculture 47% 64% 9% 50% 39% 55% 0% 7% 39% 28% 13% -11% -33% -15% 34%

Grains 42% 62% 6% 52% 34% 54% -4% 5% 33% 19% 14% -14% -27% -16% 28%Industrial Metals 50% 20% -5% 23% 9% 34% -23% -9% 32% -7% 14% -11% -10% -11% 42%Precious Metals 40% 33% -31% 27% 41% 51% 0% -9% 30% 19% 23% -32% -19% -31% 36%

Softs 32% 35% 7% 20% 32% 31% 6% 14% 36% 34% 6% 7% -26% 1% 29%Livestock 38% 34% 22% 30% -1% 26% -36% 20% 36% -1% 15% 6% -21% 6% 19%

Natural Gas 53% 13% 27% 25% -14% 32% -36% 36% 54% 24% 26% 28% 3% 26% 46%WTI Crude 79% 39% 9% 55% 14% 70% -37% 25% 64% 15% 34% 17% 1% 13% 72%

Brent Crude 81% 39% 0% 59% 23% 72% -34% 18% 65% 16% 35% 14% -1% 11% 73%ULS Diesel 81% 47% 3% 59% 21% 74% -36% 29% 68% 17% 41% 7% -10% 3% 70%

Unleaded Gasoline 77% 39% -6% 55% 18% 68% -31% 24% 65% 16% 30% 7% -10% 8% 61%Corn 40% 58% 6% 49% 48% 47% 6% -1% 34% 20% 17% -9% -20% -13% 18%

Soybeans 34% 57% 8% 44% 24% 51% -2% 13% 25% 22% 6% -15% -33% -17% 26%Wheat 38% 52% 2% 46% 14% 44% -19% 2% 30% -1% 19% -23% -19% -22% 29%

Soybean Oil 48% 56% 1% 49% 29% 61% -1% 2% 34% 36% 16% -21% -29% -16% 36%Soybean Meal 22% 45% 2% 37% 13% 40% -17% 14% 19% 0% 15% -19% -35% -20% 22%HRW Wheat 54% 53% 12% 54% 28% 54% -16% -5% 43% 13% 25% -11% -15% -14% 44%

Copper 54% 28% -5% 29% 15% 42% -17% -10% 29% -2% 16% -13% -15% -18% 45%Alumnium 62% 24% 5% 33% 9% 44% -29% -1% 47% 4% 20% -7% -5% 0% 54%

Zinc 23% 0% -1% -3% -3% 0% -12% -16% 5% -19% -8% -1% -9% -7% 11%Nickel 29% 2% -17% 5% -3% 20% -30% 0% 27% -20% 11% -11% 0% -6% 28%Gold 39% 33% -33% 27% 39% 54% -4% -1% 32% 8% 32% -39% -20% -40% 37%Silver 39% 29% -21% 24% 35% 39% 2% -17% 25% 29% 9% -16% -14% -14% 31%Sugar 40% 15% -18% 19% 17% 38% -11% 27% 43% 23% 33% -5% -27% -4% 36%Coffee 21% 34% 41% 13% 27% 9% 6% -1% 16% 29% -29% 33% -9% 14% 19%Cotton 18% 37% -1% 3% 29% 14% 19% 10% 26% 4% 6% -9% -12% -19% 11%

Live Cattle 32% 30% 24% 21% -9% 27% -42% 26% 38% -1% 9% 1% -11% 0% 16%Lean Hogs 32% 30% 11% 31% 6% 22% -23% 13% 26% -2% 20% 3% -32% 5% 15%

BCO

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CPI by CountryBC

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CPI by Country

18

CORRELATION: World GDP vs. BCOM Indices & Other Benchmarks

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Bloomberg Commodity 21% 75% 20% -17% 25% -8% 64% 49% -51% 64% -4% -4% 12% -53% 68% 7% -17% -67% 20%Energy 30% 61% 6% -7% 31% -12% 52% 59% -43% 66% 6% -21% 3% -49% 63% -1% -21% -72% 42%

Petroleum 32% 73% -4% -19% 32% -27% 69% 64% -62% 61% -10% -15% 18% -71% 78% 0% -34% -87% 34%Agriculture -18% 53% 18% -26% 23% 5% 48% 40% -44% 41% -4% 20% -4% -47% 54% 10% -3% -36% -2%

Grains -30% 46% 4% -40% 17% 0% 40% 46% -49% 31% -6% 6% -9% -61% 48% 8% 0% -42% 2%Industrial Metals 29% 46% 30% -8% 4% 3% 28% 9% -9% 35% -14% -29% 22% -11% 17% 6% -8% -35% 5%Precious Metals 4% 59% 25% -17% -9% -10% 57% 3% -53% 10% -34% 39% 33% -40% 44% 9% -11% -26% -31%

Softs 13% 43% 35% 17% 21% 13% 44% 8% -15% 34% -3% 42% 12% 2% 40% 7% -8% -8% -9%Livestock 39% 29% 5% 3% 30% -9% 23% 24% -18% 42% -12% -16% 18% -7% 27% 2% -32% -37% 28%

Natural Gas 19% 12% 27% 24% 12% 21% -3% 20% 14% 45% 41% -18% -26% 18% 10% -2% 14% -10% 35%WTI Crude 35% 65% -3% -12% 34% -24% 62% 61% -52% 58% -9% -18% 17% -61% 70% -1% -35% -82% 37%

Brent Crude 33% 80% 0% -21% 27% -27% 77% 61% -68% 63% -10% -7% 23% -74% 83% 0% -32% -88% 28%ULS Diesel 32% 86% 3% -23% 20% -28% 81% 58% -70% 65% -9% -8% 28% -77% 85% 1% -28% -92% 27%

Unleaded Gasoline 22% 82% -4% -28% 24% -25% 78% 65% -75% 62% -16% -6% 20% -85% 87% 0% -30% -88% 26%Corn -30% 56% 16% -30% 0% 4% 50% 42% -55% 23% -8% 21% -6% -63% 52% 5% 10% -41% -6%

Soybeans -11% 41% -4% -37% 37% -15% 39% 50% -42% 45% 2% -4% -3% -53% 53% 15% -16% -46% 10%Wheat -47% -6% -9% -37% 16% 19% -14% 24% -6% 8% 0% -17% -34% -22% -4% 1% 9% -1% 8%

Soybean Oil -21% 58% 25% -9% 1% 8% 61% 24% -44% 25% -13% 49% 13% -46% 57% 9% 5% -24% -25%Soybean Meal -10% 16% -18% -46% 34% -23% 12% 37% -28% 30% -1% -28% -3% -38% 26% 16% -17% -35% 12%HRW Wheat -17% 44% 12% -37% 23% 14% 30% 43% -34% 43% -1% -17% -14% -45% 36% -1% -4% -46% 17%

Copper 21% 69% 26% -18% 1% -8% 53% 23% -30% 53% -12% -23% 34% -40% 44% 6% -7% -56% 5%Alumnium 25% 34% 46% 9% -7% 15% 18% -8% 7% 10% -15% -10% 14% 11% -4% 3% 1% -11% -10%

Zinc 29% 13% 20% -1% 7% -2% -5% -3% 13% 21% -12% -47% 12% 13% -14% 12% -1% -13% 9%Nickel 36% 32% 13% -13% 18% 3% 18% 17% -10% 31% -11% -38% 12% -8% 16% 3% -20% -38% 18%Gold 5% 55% 19% -18% -9% -15% 54% 6% -58% 3% -40% 38% 33% -43% 43% 9% -14% -28% -29%Silver 3% 61% 34% -14% -9% 1% 56% -4% -40% 21% -21% 38% 28% -29% 42% 7% -5% -19% -32%Sugar 4% 53% 15% 0% 17% -10% 61% 24% -44% 25% -11% 54% 20% -37% 63% 12% -17% -25% -18%Coffee 25% 21% 30% 17% 16% 11% 14% -3% -3% 20% -14% 11% 12% 21% 8% 3% -12% -3% 2%Cotton -6% 24% 39% 24% 10% 39% 22% -5% 29% 48% 47% 24% -14% 24% 21% 2% 29% 13% 1%

Live Cattle 33% 10% 12% 8% -2% 0% 0% -8% 3% 9% -22% -30% 26% 16% -13% 0% -12% -18% 13%Lean Hogs 27% 33% -4% -3% 47% -13% 35% 46% -32% 52% 1% 4% 1% -27% 52% 1% -36% -38% 30%

S&P 500 Total Return Index 21% 19% 0% 0% 21% -2% 10% 31% 9% 34% 22% -48% -12% -11% 11% 4% -6% -43% 39%Bloomberg US Treasury -19% 25% 32% 10% -16% 32% 30% 4% -15% -8% -12% 56% 22% -3% 21% -5% 5% -1% -32%

Bloomberg USD IG Corporate -11% 10% 3% -14% 25% -8% 18% 18% -31% -20% -16% 42% -11% -22% 20% -1% -36% -13% -20%Bloomberg USD HY Corporate 21% 1% -26% -25% 43% -48% 5% 18% -36% -5% -13% -6% -35% -30% 12% 13% -32% -21% 8%

Bloomberg U.S. Dollar Spot -21% -65% -12% 10% -32% 13% -64% -42% 51% -61% 1% -24% -10% 48% -73% -5% 29% 48% -11%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Switz

erla

nd

Bloomberg Commodity 41% 48% 13% 29% 32% 34% 54% 3% 0% 39% 32% 39%Energy 36% 15% 6% 9% 24% 22% 39% 3% -6% 23% 33% 23%

Petroleum 37% 28% 8% 13% 25% 21% 45% 6% -5% 28% 25% 30%Agriculture 9% 50% 2% 22% 13% 16% 38% -15% 3% 29% -2% 19%

Grains 2% 43% -1% 13% 7% 11% 32% -13% 4% 21% -6% 12%Industrial Metals 48% 66% 27% 50% 39% 50% 51% 15% 4% 48% 42% 60%Precious Metals 11% 65% 1% 24% 8% 11% 31% 6% 2% 23% -9% 21%

Softs 18% 35% 3% 30% 18% 22% 34% -11% -2% 34% 4% 22%Livestock 45% 14% 20% 27% 36% 34% 24% 6% 13% 31% 32% 37%

Natural Gas 27% -6% 3% 0% 13% 19% 19% -14% -9% 12% 38% 10%WTI Crude 38% 27% 7% 13% 25% 21% 44% 8% -3% 26% 28% 29%

Brent Crude 38% 32% 7% 16% 26% 22% 49% 11% -3% 30% 22% 34%ULS Diesel 33% 29% 6% 11% 21% 15% 41% 3% -9% 26% 19% 28%

Unleaded Gasoline 39% 28% 11% 19% 29% 27% 51% 4% -6% 34% 19% 34%Corn -5% 27% -6% 7% -9% 4% 19% -20% 4% 14% -18% 1%

Soybeans 8% 39% 2% 8% 13% 10% 36% -11% 5% 26% -6% 12%Wheat 1% 49% 4% 24% 16% 13% 32% -4% -2% 14% 9% 20%

Soybean Oil 10% 56% -2% 14% 13% 12% 32% -14% 9% 18% 8% 13%Soybean Meal -2% 25% 2% 7% 7% 6% 30% -2% -6% 22% -14% 15%HRW Wheat 8% 56% 1% 27% 18% 18% 38% -6% -6% 21% 12% 24%

Copper 42% 68% 23% 47% 34% 42% 50% 13% 1% 47% 32% 55%Alumnium 48% 51% 20% 44% 34% 47% 43% 6% 4% 40% 47% 52%

Zinc 48% 53% 36% 55% 38% 52% 40% 12% 5% 53% 41% 61%Nickel 47% 56% 29% 44% 43% 52% 53% 28% 9% 41% 42% 55%Gold 2% 64% 2% 16% 4% -3% 23% 13% -3% 14% -16% 13%Silver 24% 58% 1% 35% 13% 32% 40% -3% 7% 34% 6% 32%Sugar 7% 24% 0% 15% 6% 5% 18% -11% -16% 17% -1% 9%Coffee 27% 27% 4% 19% 14% 24% 26% -10% 12% 38% 11% 31%Cotton 15% 25% 9% 37% 17% 28% 40% 1% -8% 29% 0% 23%

Live Cattle 47% 20% 18% 27% 34% 39% 28% 8% 14% 34% 37% 38%Lean Hogs 30% 7% 19% 19% 30% 19% 13% 1% 8% 20% 17% 28%

20-Year

BCO

M C

ompo

sites

BCO

M S

ingl

es

GDP by Country

5-Year

GDP by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

19

COMMITMENT OF TRADERS: Commodity Futures & Options, Money ManagersCOT <GO> * Click hyperlinks to open in Bloomberg

Group CommodityEnd-Sep Net

PositionEnd-Aug Net

Position

Notional Change ($m) using end-

Sep price

End-Sep Notional ($m)

Natural Gas 124,065 -35,338 4,632 3,605 WTI Crude 181,452 244,102 -3,022 8,753

Brent Crude 312,102 386,478 -3,649 15,312 ULS Diesel -2,392 22,045 -1,579 -155 Gasoline 23,089 15,079 492 1,419

Total -3,125 28,935 Corn -176,844 -153,942 -386 -2,978

Soybeans 57,652 127,298 -3,322 2,750 Wheat -131,417 -103,977 -552 -2,641

Soybean Oil 94,192 75,998 363 1,879 Soybean Meal 11,700 49,883 -1,137 349 HRW Wheat -5,498 -14,585 189 -114

Total -4,845 -756 Copper 2,896 -4,991 436 160

Aluminum 115,814 150,753 -1,452 4,813 Zinc 76,234 78,382 -126 4,480

Nickel 63,316 60,633 167 3,950 Total -975 13,403 Gold 261,892 264,954 -402 34,394 Silver 77,894 78,992 -105 7,483 Total -508 41,878 Sugar 286,248 281,409 125 7,374 Coffee 44,682 31,751 735 2,539 Cotton 72,016 61,657 354 2,459 Total 1,213 12,372

Live Cattle 33,037 40,923 -312 1,307Lean Hogs 26,315 38,926 -247 516

Total -559 1,823Total -8,799 97,654

HISTORICAL CORRELATION: BCOM Indices vs. Money Manager Positions

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 24% 24% -32% -35% 41% 45% WTI Crude 20% 27% -55% -49% 60% 52%

Brent Crude 30% 28% -59% -43% 54% 40% ULS Diesel -5% 22% -50% -36% 46% 42% Gasoline 49% 30% -57% -23% 63% 40%

Corn 61% 54% -62% -51% 64% 62% Soybeans 51% 62% -48% -54% 61% 69%

Wheat 69% 52% -70% -62% 74% 66% Soybean Oil 52% 51% -69% -61% 74% 67%

Soybean Meal 55% 54% -64% -44% 75% 63% HRW Wheat 7% 21% -47% 49% 50%

Copper 32% 45% -63% -55% 63% 57% Aluminum 26% -23% 41%

Zinc 48% -14% 70% Nickel 25% -43% 60% Gold 82% 68% -49% -58% 79% 71% Silver 56% 54% -46% -45% 60% 58% Sugar 56% 51% -69% -61% 68% 65% Coffee 64% 47% -67% -64% 74% 66% Cotton 60% 59% -48% -50% 66% 64%

Live Cattle 30% 22% -13% -5% 30% 18%Lean Hogs -3% 14% 1% -12% -2% 10%

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityLong Position Short Position Net Position

Energy

Group

20

Gasoline Corn

COMMITMENT OF TRADERS: Money Manager Net Positions vs. BCOM LevelsNatural Gas WTI Crude

Brent Crude ULS Diesel

Soybeans Wheat

Soybean Oil Soybean Meal

HRW Wheat

0

20

40

60

80

100

-300000

-200000

-100000

0

100000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

500

1000

1500

2000

2500

0

100000

200000

300000

400000

500000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

500

1000

1500

2000

0

100000

200000

300000

400000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

200

400

600

800

1000

-60000-40000-20000

0200004000060000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

500

1000

1500

-200000

20000400006000080000

100000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

20

40

60

80

-400000

-200000

0

200000

400000

600000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

50

100

150

-150000

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

050100150200250300

-100000

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

500

1000

1500

2000

-100000

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

100

200

300

400

500

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

21

Copper Aluminum

Zinc Nickel

Gold Silver

Sugar Coffee

Cotton Live Cattle

Lean Hogs

020040060080010001200

-40000

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

020040060080010001200

0

20000

40000

60000

80000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

100

200

300

400

500

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

020040060080010001200

-200000

20000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

200

400

600

800

-200000-100000

0100000200000300000400000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

50

100

150

200

250

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15 16

Money Manager's Net Position Index Level

22

COMMODITY INVENTORY & SALESECO17 <GO> * Click hyperlinks to open in Bloomberg

Group Inventory/Sales Ticker Unit End-Sep End-Aug Change (%)

DOE Natural Gas Total Inventory DOENUST1 bcf 3,600 3,350 7%DOE Crude Oil Total Inventory DOESCRUD mm barrels 503 524 -4%DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 62 65 -4%DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 163 153 6%DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 227 233 -2%USDA Corn Total Export Sales SALECNUM thousand MT 575 1,131 -49%USDA Soybeans Total Export Sales SALESYBN thousand MT 1,693 2,055 -18%USDA All Wheat Total Export Sales SALEWEAL thousand MT 571 380 50%USDA Soybean Oil Total Export Sales SALESYOL thousand MT 17 4 354%USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 89 214 -58%Comex Copper Total Inventory COMXCOPR thousand short ton 71 67 5%LME Copper Total Inventory NLSCA thousand MT 379 283 34%LME Primary Aluminum Total Inventory NLSAH thousand MT 2,129 2,240 -5%LME Zinc Total Inventory NLSZS thousand MT 440 453 -3%LME Nickel Total Inventory NLSNI thousand MT 362 371 -2%Comex Gold Total Inventory COMXGOLD mm ounces 11 11 -3%Comex Silver Total Inventory COMXSILV mm ounces 173 162 7%

Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 103 294 -65%USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 49 113 -57%USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 242 435 -44%

HISTORICAL CORRELATION: Inventory & Sales vs. BCOM Indices

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory 75% -4%DOE Crude Oil Total Inventory -51% -92%DOE Cushing Oklahoma Crude Oil Total Stocks -81% -77%DOE Distillate Fuel Oil Total Inventory -83% -74%DOE Motor Gasoline Total Inventory -82% -53%USDA Corn Total Export Sales -5% -39%USDA Soybeans Total Export Sales 15% -6%USDA All Wheat Total Export Sales -22% 19%USDA Soybean Oil Total Export Sales -29% -11%USDA Soybean Cake Meal Total Export Sales 12% 7%Comex Copper Total Inventory -60% 20%LME Copper Total Inventory 28% 29%LME Primary Aluminum Total Inventory -56% 71%LME Zinc Total Inventory -46% 35%LME Nickel Total Inventory -39% -75%Comex Gold Total Inventory 78% 87%Comex Silver Total Inventory -51% -73%

Softs USDA All Upland Cotton Total Export Sales 5% -2%USDA Cattle Slaughter Estimates Daily -37% -23%USDA Hogs Slaughter Estimates Daily 11% -18%

BCOM Index

BCOM WTI Crude IndexBCOM WTI Crude IndexBCOM ULS Diesel Index

BCOM Silver IndexBCOM Gold Index

BCOM Cotton IndexBCOM Live Cattle IndexBCOM Lean Hogs Index

BCOM Natural Gas Index

BCOM Unleaded Gasoline Index

BCOM Copper IndexBCOM Copper IndexBCOM Alumnium IndexBCOM Zinc IndexBCOM Nickel Index

BCOM Corn IndexBCOM Soybeans IndexBCOM Wheat IndexBCOM Soybean Oil IndexBCOM Soybean Meal Index

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

23

Soybeans Wheat

Soybean Oil Soybean Meal

COMMODITY INVENTORY & SALES vs. BCOM INDICESNatural Gas WTI Crude

WTI Crude ULS Diesel

Gasoline Corn

0

50

100

150

200

250

300

350

0500

1000150020002500300035004000

93 95 97 99 01 03 05 07 09 11 13 15

DOE Natural Gas Total Inventory BCOM Natural Gas Index

0

500

1000

1500

2000

250000

300000

350000

400000

450000

500000

550000

91 93 95 97 99 01 03 05 07 09 11 13 15

DOE Crude Oil Total Inventory BCOM WTI Crude Index

0

500

1000

1500

2000

0

10000

20000

30000

40000

50000

60000

70000

04 05 06 07 08 09 10 11 12 13 14 15 16

DOE Cushing Oklahoma Crude Oil Total Stocks BCOM WTI Crude Index

0

200

400

600

800

1000

80000

100000

120000

140000

160000

180000

91 93 95 97 99 01 03 05 07 09 11 13 15

DOE Distillate Fuel Oil Total Inventory BCOM ULS Diesel Index

0

200

400

600

800

1000

1200

1400

150000

170000

190000

210000

230000

250000

91 93 95 97 99 01 03 05 07 09 11 13 15

DOE Motor Gasoline Total Inventory BCOM Unleaded Gasoline Index

020406080100120140160

0

500

1000

1500

2000

2500

91 93 95 97 99 01 03 05 07 09 11 13 15

USDA Corn Total Export Sales BCOM Corn Index

0

100

200

300

400

500

600

700

0

500

1000

1500

2000

2500

3000

91 93 95 97 99 01 03 05 07 09 11 13 15

USDA Soybeans Total Export Sales BCOM Soybeans Index

0

50

100

150

200

250

300

-500

0

500

1000

1500

2000

91 93 95 97 99 01 03 05 07 09 11 13 15

USDA All Wheat Total Export Sales BCOM Wheat Index

0

50

100

150

200

250

300

-50

0

50

100

150

200

250

07 08 09 10 11 12 13 14 15 16

USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index

0

500

1000

1500

2000

0

100

200

300

400

500

07 08 09 10 11 12 13 14 15 16

USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index

24

Silver Cotton

Live Cattle Lean Hogs

Copper Copper

Aluminum Zinc

Nickel Gold

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

92 94 96 98 00 02 04 06 08 10 12 14 16

Comex Copper Total Inventory BCOM Copper Index

0

200

400

600

800

1000

1200

0

200000

400000

600000

800000

1000000

91 93 95 97 99 01 03 05 07 09 11 13 15

LME Copper Total Inventory BCOM Copper Index

0

50

100

150

200

0

1000000

2000000

3000000

4000000

5000000

6000000

91 93 95 97 99 01 03 05 07 09 11 13 15

LME Primary Aluminum Total Inventory BCOM Alumnium Index

050100150200250300350400

0

200000

400000

600000

800000

1000000

1200000

1400000

91 93 95 97 99 01 03 05 07 09 11 13 15

LME Zinc Total Inventory BCOM Zinc Index

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

91 93 95 97 99 01 03 05 07 09 11 13 15

LME Nickel Total Inventory BCOM Nickel Index

0

100

200

300

400

500

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

92 94 96 98 00 02 04 06 08 10 12 14 16

Comex Gold Total Inventory BCOM Gold Index

0

200

400

600

800

1000

0

50000

100000

150000

200000

250000

300000

92 94 96 98 00 02 04 06 08 10 12 14 16

Comex Silver Total Inventory BCOM Silver Index

0

20

40

60

80

100

120

-200

0

200

400

600

800

1000

07 08 09 10 11 12 13 14 15 16

USDA All Upland Cotton Total Export Sales BCOM Cotton Index

0

50

100

150

200

250

0

20000

40000

60000

80000

100000

120000

140000

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

25

COMMODITY FUND FLOWS FOR US-LISTED ETPsXLTP XETFM <GO>

Report Period: 31 Aug 2016 - 30 Sep 2016

SectorNet Flows

($m)

Beginning Fund Market Cap

($m)

% of Funds Market Cap

Broad Based -313.4 6,794.8 -4.6%Energy 337.9 8,782.8 3.8%

Agriculture -22.3 1,509.4 -1.5%Livestock 1.1 19.4 5.4%

Industrial Metals -20.5 293.2 -7.0%Precious Metals -198.8 61,109.1 -0.3%

Commodity -216.1 78,508.6 -0.3%

Top 10 Creations * Click hyperlinks to open in Bloomberg

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

% of Funds Market Cap

VelocityShares 3x Long Crude ETN UWTI US 246.5 1,165.6 21.1%United States Oil Fund LP USO US 192.8 3,101.0 6.2%

iShares Silver Trust SLV US 102.4 6,655.4 1.5%ProShares Ultra Bloomberg Crude Oil UCO US 79.1 910.8 8.7%

iShares Gold Trust IAU US 57.0 9,504.7 0.6%VelocityShares 3x Inverse Natural Gas ETN DGAZ US 33.3 141.9 23.4%

United States Natural Gas Fund LP UNG US 20.1 544.5 3.7%ETFS Physical Precious Metal Basket Shares GLTR US 13.6 259.8 5.2%

iPath Goldman Sachs Crude Oil Total Return Index ETN OIL US 5.8 784.9 0.7%PowerShares DB Energy Fund DBE US 4.7 116.3 4.0%

Top 10 Redemptions

Name TickerNet Flows

($m)

Beginning Fund Market Cap

($m)

% of Funds Market Cap

SPDR Gold Shares GLD US -240.5 40,234.7 -0.6%PowerShares DB Commodity Index Tracking Fund DBC US -158.7 2,449.9 -6.5%

VelocityShares 3x Long Natural Gas ETN UGAZ US -122.1 345.0 -35.4%First Trust Global Tactical Commodity Strategy Fund FTGC US -105.7 345.3 -30.6%

VelocityShares 3x Inverse Crude ETN DWTI US -66.9 494.4 -13.5%ProShares UltraShort Bloomberg Crude Oil SCO US -47.2 192.4 -24.5%

PowerShares DB Gold Fund DGL US -42.4 262.8 -16.1%PowerShares DB Base Metals Fund DBB US -19.1 195.3 -9.8%

United States Commodity Index Fund USCI US -16.6 684.4 -2.4%PowerShares DB Precious Metals Fund DBP US -16.6 305.0 -5.4%

26

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

1.5

2.5

3.5

4.5

5.5

OCT

16

JUL

17AP

R 18

JAN

19

OCT

19

JUL

20AP

R 21

JAN

22

OCT

22

JUL

23AP

R 24

JAN

25

OCT

25

JUL

26AP

R 27

JAN

28

OCT

28

Natural Gas

31-Aug-2016

30-Sep-20163035404550556065

OCT

16

FEB

17JU

N 1

7O

CT 1

7FE

B 18

JUN

18

OCT

18

FEB

19JU

N 1

9O

CT 1

9FE

B 20

JUN

20

OCT

20

FEB

21JU

N 2

1O

CT 2

1DE

C 22

WTI Crude

31-Aug-2016

30-Sep-2016

3035404550556065

OCT

16

MAR

17

AUG

17JA

N 1

8JU

N 1

8N

OV

18AP

R 19

SEP

19FE

B 20

JUL

20DE

C 20

MAY

21

OCT

21

MAR

22

AUG

22JA

N 2

3Brent Crude

31-Aug-2016

30-Sep-2016100120140160180200

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

MAR

19

JUN

19

SEP

19

DEC

19

ULS Diesel

31-Aug-2016

30-Sep-2016

100120140160180200

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

MAR

19

JUN

19

Unleaded Gasoline

31-Aug-2016

30-Sep-2016

290295300305310315

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

DEC

18

OCT

19

Soybean Meal

31-Aug-2016

30-Sep-2016350

400

450

500

550

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

SEP

18

HRW Wheat

31-Aug-2016

30-Sep-2016

300

350

400

450

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

SEP

18

DEC

18

JUL

19

Corn

31-Aug-2016

30-Sep-2016800

900

1000

1100

1200

SEP

16N

OV

16JA

N 1

7M

AR 1

7M

AY 1

7JU

L 17

AUG

17SE

P 17

NO

V 17

JAN

18

MAR

18

MAY

18

JUL

18AU

G 18

SEP

18N

OV

18JU

L 19

Soybeans

31-Aug-2016

30-Sep-2016

350400450500550600

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

SEP

18

Wheat

31-Aug-2016

30-Sep-201631.5

3232.5

3333.5

3434.5

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

DEC

18

OCT

19

Soybean Oil

31-Aug-2016

30-Sep-2016

27

INDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

195200205210215220225230

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

MAY

19

DEC

19

JUL

20

MAR

21

Copper

31-Aug-2016

30-Sep-2016130015001700190021002300

SEP

16M

AY 1

7JA

N 1

8SE

P 18

MAY

19

JAN

20

SEP

20M

AY 2

1JA

N 2

2SE

P 22

MAY

23

JAN

24

SEP

24M

AY 2

5JA

N 2

6SE

P 26

Aluminum

31-Aug-2016

30-Sep-2016

1250

1300

1350

1400

1450

SEP

16

NO

V 16

FEB

17

JUN

17

OCT

17

FEB

18

JUN

18

JUN

19

JUN

20

JUN

21

JUN

22

Gold

31-Aug-2016

30-Sep-201617.5

1818.5

1919.5

2020.5

21

SEP

16

NO

V 16

JAN

17

MAY

17

SEP

17

JAN

18

MAY

18

DEC

18

DEC

19

DEC

20

Silver

31-Aug-2016

30-Sep-2016

1012141618202224

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

JUL

18

OCT

18

MAR

19

MAY

19

Sugar

31-Aug-2016

30-Sep-2016110120130140150160170180

SEP

16DE

C 16

MAR

17

MAY

17

JUL

17SE

P 17

DEC

17M

AR 1

8M

AY 1

8JU

L 18

SEP

18DE

C 18

MAR

19

MAY

19

Coffee

31-Aug-2016

30-Sep-2016

40

50

60

70

80

OCT

16

DEC

16

FEB

17

APR

17

MAY

17

JUN

17

JUL

17

AUG

17

OCT

17

DEC

17

FEB

18

Lean Hogs

31-Aug-2016

30-Sep-201660708090

100110120

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

JUN

17

AUG

17

Live Cattle

31-Aug-2016

30-Sep-2016

21002150220022502300235024002450

SEP

16JA

N 1

7M

AY 1

7SE

P 17

JAN

18

MAY

18

SEP

18JA

N 1

9M

AY 1

9SE

P 19

JAN

20

MAY

20

SEP

20JA

N 2

1M

AY 2

1SE

P 21

Zinc

31-Aug-2016

30-Sep-201690009500

10000105001100011500

SEP

16JA

N 1

7M

AY 1

7SE

P 17

JAN

18

MAY

18

SEP

18JA

N 1

9M

AY 1

9SE

P 19

JAN

20

MAY

20

SEP

20JA

N 2

1M

AY 2

1SE

P 21

Nickel

31-Aug-2016

30-Sep-2016

6364656667686970

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

JUL

18

OCT

18

DEC

18

MAR

19

MAY

19

Cotton

31-Aug-2016

30-Sep-2016

28

BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO> * Click hyperlinks to open in Bloomberg

Crude Oil Production: BI OILS <GO> Natural Gas Production: BI NGAS <GO>

Precious Metal Mining: BI PMET <GO> Agricultural Chemicals: BI AGCH <GO>

Copper: BI COPP <GO> Aluminum: BI ALUM <GO>

BI provides analysis on several key drivers of BCOM performance; industrial and precious metals mining, oil and natural gas production, and agricultural chemicals. The dashboards include key macro data libraries and interactive charting and commentary from analysts with an average of seventeen years of experience.

29

COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE

* Click hyperlinks to open in Bloomberg

Broad Commodities EnergyTop commodity news CTOP Top energy news ETOPGlobal commodity prices GLCO Top oil news OTOP Commodity playbook CPLY Crude Oil Production Dashboard BI OILSCommitments of traders report COT First Word oil NI BFWOIL Calendar of commodity events ECO17 News on oil inventories TNI OIL INV Commodity arbitrage calculator CARC Oil Buyer's Guide newsletter NI OBGBRIEFCommodity fundamental data explorer FDM Pipes & Wires newsletter NI PAWSBRIEFCommodity futures overview CMBQ Oil market analysis BOILSecurity finder SECF Nat gas spot prices BGASCommodity data contributors & broker CDAT Forward European utility markets EUMContract table menu CTM News on oil markets NI OILMARKET Seasonality chart SEAG News on OPEC NI OPEC Commodity curve analysis CCRV OPEC production and prices OPECCommodity fair values CFVL Oil markets menu OIL Commodity price forecasts CPFC Crude stored in tankers NOONCommitments of Traders Report COT Refinery outages REFOCommodity maps BMAP Oil’s decline EXT5 Commodity options monitor OMON Oil versus inflation expectations SWIFCommodities charts COSYCommodity Investors menu CMNV MetalsUS exchange traded product fund flows ETF Top metal news METT

Precious metal dashboard BI PMETGBase metals dashboard BI BMET

Commodity Indices Metals prices and data MINE Index description BCOM Index DES Precious metals prices and rates MTL Index constituent weights BCOM Index MEMB Metals Bulletin MB Listed index futures BCOM Index CT COMEX inventories COMX Option volatility surface BCOM Index OVDV LME monitor LME Seasonality chart BCOMNG Index SEAG LME implied volatilities LMIV Commodity index futures movers FMV LME warehouse inventories LMEI Commodity index ranked returns CRR

AgricultureWeather Top agriculture news YTOP Global weather database WETR Agriculture calendar AGRI US snow monitor SNOW Agriculture spot prices AGGPEU weather & utility models EUMM Agriculture supply & demand AGSD

Crop calendar CCAL

BCOM QUICK FACTS Index Methodology

Weighting Bias 2/3 market liquidity and 1/3 world production No. of Commodities 20 Re-balancing Frequency Annual Roll Schedule Monthly (5 day roll) Caps/Limits Single commodity: max 15%

Single commodity and its derivatives: max 25%Related commodity groups: max 33%

First Value Date 30 December 1990

The data provided in this report can be easily accessed on the Bloomberg Professional® service along with numerous news and analytical tools to help you stay on top of the commodity markets.

30

BLOOMBERG, BLOOMBERG INDICES and BCOM are trademarks or service marks of Bloomberg Finance L.P.

Bloomberg Finance L.P. and its affiliates ("collectively, "Bloomberg") or Bloomberg's licensors own all proprietary

right in the BLOOMBERG INDICES or BCOM. Bloomberg does not guarantee the timeliness, accuracy or

completeness of any data or information relating to BLOOMBERG INDICES or BCOM. Bloomberg makes no

warranty, express or implied, as to the BLOOMBERG INDICES or BCOM or any data or values relating thereto or

results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular

purpose with respect thereto. It is not possible to invest directly in an index. Back-tested performance is not actual

performance. Past performance is not an indication of future results. To the maximum extent allowed by law,

Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall

have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential,

incidental, punitive or otherwise - arising in connection with BLOOMBERG INDICES or BCOM or any data or

values relating thereto - whether arising from their negligence or otherwise. This document constitutes the provision

of factual information, rather than financial product advice. Nothing in the BLOOMBERG INDICES or BCOM

shall constitute or be construed as an offering of financial instruments or as investment advice or investment

recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into

any other transaction involving any specific interest or interests) by Bloomberg or its affiliates or a recommendation

as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the

BLOOMBERG INDICES or BCOM should not be considered as information sufficient upon which to base an

investment decision. All information provided by the BLOOMBERG INDICES or BCOM is impersonal and not

tailored to the needs of any person, entity or group of persons. Bloomberg and its affiliates do not express an opinion

on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or

suggest an investment strategy of any kind. Customers should consider obtaining independent advice before making

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BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an

investment strategy or whether or not to “buy”, “sell” or “hold” an investment. Information available via the

Services should not be considered as information sufficient upon which to base an investment decision.

BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS,

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Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence

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Bloomberg Intelligence is offered where the necessary legal clearances have been obtained. Bloomberg Intelligence

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31