February 2016Market Commentary 02Commodity Performance BCOM 08 Roll Select 09 Historical 10Contribution to Return & Weights 11Commodity Volatility Realized 12 Implied 13 Historical Realized 14Commodity Correlation Composites 15 Singles 16 US CPI Indices 17 Country CPI 18 Country GDP 19Commitment of Traders Report Monthly Notional Change & Correlation 20 Historical Net Positions 21Commodity Inventories & Sales Monthly Change & Correlation 23 Historical Levels 24Commodity ETP Flows 26Term Structures 27Research Dashboards (BI) 29Bloomberg Cheat Sheet 30

Contact us:<Help> <Help> on the Bloomberg Professional service1-212-617-5020commodities@bloombergindexes.com

TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX

1

Energy (29.7% of BCOM)

The Saudis may go public, OPEC’s in disarray, the U.S. is suddenly a global exporter, and shale drillers are seeking lifelines from investors as banks abandon them. Welcome to oil’s new world order. A key question is what will break first - will it be the balance sheets of big U.S. shale companies, the treasuries of Venezuela and Nigeria or the resolve of Saudi Arabia? Venezuela, one of the world’s top 10 oil exporters, has bonds maturing in 2022 trading at distressed levels at 38 cents on the dollar and yield more than 40%. In 2013, the yield on these was below 10%. Nigeria’s bonds trade in similar ranges and it has already asked the World Bank and the African Development Bank for $3.5bn in emergency loans. IMF calculations suggests Saudi Arabia could be running a deficit of around $140bn, far above the government's own estimates of around $98bn, or 15% of GDP. Saudi banking stocks have fallen to the lowest levels in at least a decade relative to their net assets, showing concern that bad loans will increase.

For the last 75 years, almost every economic crisis has been preceded by an oil price spike. The worry now is that low energy prices are pushing the global economy into a tailspin as a growing share of the world’s consumers and investors are in the very places getting hammered by the collapse in oil. The problem is that the world’s economy relies far more today on emerging countries than 15 or 25 years ago - the last periods of ultra-low oil prices. And with the exception of China and India, most big emerging countries are oil and commodities rich. Such economies now account for about 40% of global GDP, about double their share in 1990, according to IMF. OPEC is struggling to co-exist with the U.S. shale oil industry. It has never had to deal with an oil supply source that can respond as rapidly to price changes as U.S. shale, said Abdalla Salem El-Badri, OPEC secretary-general. That inhibits the cartel’s ability to prop up prices by reducing output as “any increase in price, shale will come immediately and cover any reduction," he said. In light of this, the proposal by Saudi Arabia, Russia and others to freeze production at January levels will be evaluated in three to four months before deciding whether to take other steps. It’s hard to see a big reduction in the global crude glut after this announcement, however, as both Saudi Arabia and Russia are already pumping near record levels. Saudi Arabia produced 10.2m b/d in January, the highest January level since 1981 and Russian output was a post-Soviet record 10.88m b/d.

For more than a year, American oil producers found a way to keep pumping despite a worldwide slide in crude prices. The companies’ latest projections, released in earnings reports, suggest the crash in oil prices has taken its toll. The number of active oil-drilling rigs in the U.S. is plunging toward the lowest level since Baker Hughes started tracking rig counts in 1940 and the latest rig count stood at 502, a collapse of about 75% over the last five years. However, the wide range of break-evens for US producers undermines efforts to come up with a single price threshold at which the rigs can stay profitable. Texas, for example, which would be the world’s sixth-largest oil producer if it were a country, has shale patches that are profitable with crude below $30 a barrel.

Talk of an output freeze by OPEC and Russia along with falling U.S. production spurred money managers to bet oil is ready for a rebound. Prices have risen 16% since Saudi Arabia, Russia, Venezuela and Qatar tentatively agreed on Feb. 16 to cap production at January levels and U.S. crude output dropped for a fifth week. Hedge funds and other speculators increased their net-long position in WTI futures and options by 14% to the highest level since November in the week ended Feb. 23. Trading volume for WTI futures climbed to a record 1.79 million contracts on the Nymex in mid-February, an all-time volume record for WTI. At the same time, the CBOE Crude Oil Volatility

Index, which measures expectations of price swings, climbed to the highest level in seven years.

Refineries in the middle of the U.S. are curtailing crude processing as profits shrink, leaving behind oil that’s adding to a supply glut. Stocks at Cushing have surged to a record of 64.7 million barrels, or more than 88% of working capacity, and stand at an 86-year high. Gasoline supplies in the Midwest are at the highest level since 1993. Sellers were discounting crude for delivery in March by as much as $2.83 a barrel compared with April, the steepest one-month contango since February 2011. BP Plc reported a 91% decline in fourth-quarter earnings after average oil prices dropped to the lowest in more than a decade, its biggest annual loss on record. Exxon Mobil Corp., one of three U.S. companies with Standard & Poor’s highest rating, is facing its first downgrade in 86 years according to the rating agency. Royal Dutch Shell Plc had its debt rating cut to the lowest since Standard & Poor’s began coverage in 1990. The U.S. shale industry is facing $9.8 billion in interest payments through the end of this year and almost half of the interest is owed by companies with junk-rated credit, according to data compiled by Bloomberg. And according to Moody’s Investors Service, as many as 74 oil & gas companies face significant difficulties in sustaining debt. Oil and natural-gas acquisitions will increase this year as a collapse in energy prices weakens companies’ finances, forcing them to accept lower valuations from buyers, according to Ernst & Young. However, oil and natural gas drillers are reluctant to acquire rivals because of huge debt burdens that would become payable upon takeover, according to Occidental Petroleum Corp. U.S. natural gas have fallen below $2 per million British thermal and are down 27% YTD, pushing futures to the lowest level for this time of year since 1999. Inventories totaled 2.584 trillion cubic feet as of Feb. 19, 28.7% above the five-year average, EIA data shows. For an idea of how long this rout will last, consider the 101 rigs left drilling for the fuel in the U.S. as of Feb. 19. That was the lowest count in records going back to 1987, down from a peak of 1,606. And yet, the U.S. government’s latest monthly data show production continues to rise. Until supply starts showing real signs of retreating, analysts say gas prices will remain under pressure.

Grains (22.8% of BCOM) For farmers who grow some of the biggest U.S. crops, choosing what to plant this year has become a bet on which

one will lose less money. A three-year plunge in prices has sent farm income to the lowest in more than a decade and left parts of the Midwest agricultural economy in recession. While growers probably would lose $70 on every acre of corn or soybeans they sow - the most since 1999 - those crops offer the best chance at profit if yields are better than average. While prices for all three crops are down more than 50% from peaks in 2012, improvements in seed technology to fight drought, bugs and disease have allowed farmers to collect at least 23% more corn and soybeans per acre since 2000, while wheat yields rose just 3.8%. So, even with record global surpluses, U.S. farmers are preparing to plant more corn and soybeans in 2016 and devote less land to wheat, a Bloomberg survey showed. Improving wheat conditions are underscoring the outlook for ample supplies after the U.S. government raised its estimate for world inventories to an all-time high. Falling consumption in China and India is adding to the surplus concerns, and prices are falling around the globe. Paris milling wheat reached a five-year low, while benchmark Chicago futures fell to the cheapest since 2010. American farmers, saddled with a stronger dollar, are having an even harder time finding buyers for their relatively expensive supplies. The U.S. Department of Agriculture forecasts that exports from the country will shrink to the smallest since 1972.

Egyptian state wheat purchases are falling behind past years after a standoff with sellers. The purchases are essential for a subsidized bread program for Egypt’s 88 million people, with population growth adding about 1.5 million mouths to feed each year. The General Authority for Supply Commodities, the state purchaser, halted three tenders to buy in the past few weeks as conflicting signals from officials on the levels of ergot, a toxic fungus, allowed in shipments led traders to make fewer offers at higher prices. The last time shipments were that low for mid-February was in the 2012-13 season, when political upheaval saw the overthrow of President Mohamed Mursi and imports hit a five-year low. Industrial Metals (17.6% of BCOM) Zinc soared more than 20% from a six-year low reached in January, entering a bull market, after production cuts tightened global supplies. Zinc consumption will exceed supply by 350,000 metric tons, according to the average estimate of six analysts surveyed by Bloomberg, which would be the largest deficit since 2005. Increased purchases by China are one reason for the rally as China’s refined metal imports increased in January, with zinc purchases up 150% from the same month last year amid an emerging shortage after the country’s smelters pledged to cut output by 500,000 tons this year.

While copper prices have rallied in five of the past six weeks on the prospect of improved industrial demand in China, funds and other large speculators have bet on declines for the metal since October. Weak demand in China and risks to the U.S. and European economies pose risk to copper prices. The bright spot may come from Chinese policy makers as the PBOC loosens restrictions on what banks could pay on deposits and charge for loans. The nation’s chief planning agency is also making more money available to local governments to fund infrastructure projects. For the first time in more than a decade, China is the center of the world’s copper stockpiles. There’s more metal in warehouses tracked by the Shanghai Futures Exchange than the London Metal Exchange as price differences make arbitrage trading profitable and encourage copper imports to China. China’s imports of refined copper surged in December to the most on record, according to customs data. Inventory monitored by the Shanghai bourse swelled by more than 140,000 tons since Aug. 27 to 277,000 tons last month, an all-time high. By comparison, LME-tracked stockpiles stood at 205,000 tons, about half the level from August 2015 and a one-year low.

Precious Metals (17.1% of BCOM) Gold’s comeback is dominating 2016. The precious metal is the year’s best-performing major asset as investors flee a bear market in global stocks, a weakening dollar and the fallout from the spread of negative interest rates. Its 17% gain is topping gauges of high-yield and investment grade bonds, Treasuries, all currencies and major stock indexes in developing and emerging countries. Oil priced in terms of an ounce of gold fell to the lowest level since at least 1988. A rally in prices last month had the precious metal nearing a bull market for the first time since 2013 amid mounting expectations that Federal Reserve Chair Yellen won’t follow through on her forecast for raising U.S. interest rates further this year. Traders were pricing in less than 50% odds that the Fed will raise rates by December, down from 93% at the start of 2016. The prospect of lower-than-expected borrowing costs - along with weakening equity and currency markets - is reviving gold’s appeal as a store of value. Inflows into exchange-traded funds tracking precious metals expanded 12 percent last month, the most since

February 2009. SPDR Gold Shares, the world’s largest bullion exchange-traded fund, attracted $4.5 billion of new money in 2016, the most among all U.S.-listed ETFs. All asset classes reported net outflows this year except for commodities and fixed income. Gold’s rally is spurring investor interest with volume on the COMEX exchange rocketing. With prices capping the best month in four years, trading on the exchange had the strongest-ever February.

Softs (7.0% of BCOM) The global sugar market is set to face its first shortage in five years, according to ED&F Man, as production will trail consumption by about 2.5 million metric tons, reversing surpluses from the previous four years. Drought is set to cut Thailand’s sugar cane crop to below 100 million metric tons, the lowest in at least four years. A surge in Indian sugar prices means the world’s second-largest supplier will sell more on the domestic market and less abroad, with exports expected to be less than 50% of what the government ordered. The European Union is poised to miss its sugar export quotas this season as a 23% fall in sugar harvest limits overseas sales. Tightness in sugar supplies is already being felt in the market for refined sweetener, where its premium over the raw variety rose to a five-month high of $117 a ton on stronger Chinese demand and El Nino-induced delays to crops in Central America. China brought in a record 4.8 million tons of sugar last year and imports in 2016 could remain big. South Africa may become a net sugar importer for the first time in at least half a century if a drought that’s destroying the nation’s crops worsens. The country had the least rainfall in more than a century last year. The outlook for Brazil’s robusta coffee crop, the world’s second-largest, has worsened amid drier-than-normal weather. The lingering El Nino weather pattern is bringing dry conditions as inventories are already depleting in Brazil, the biggest exporter. Brazil’s stockpiles will fall to between 4 million and 6 million bags, the Coffee Council estimates, near a record low. Inventories are sliding elsewhere too. Arabica coffee stockpiles dropped to the lowest in more than three years as inventories in warehouses monitored by the ICE Futures U.S. exchange have fallen to 1.546 million bags. Fewer beans have entered the reserves because Latin American supplies, which usually make up most of the stockpiles, have been trading at a higher premium to futures. Strong cash prices are discouraging suppliers from delivering beans to the exchange. The El Nino weather pattern is reducing crop quality in Colombia, and dryness there may cut output by 1 million bags. The tightening supply situation is a reversal from 2015 when coffee prices tumbled 24%. To add to tightening supply, the USDA forecasts that world demand will also climb to a record this season.

Livestock (5.8% of BCOM)

As cattle futures price volatility at the end of 2015 soared to the highest in at least a decade and prices increasingly reached daily trading limits, CME responded by establishing a working group with the National Cattlemen’s Beef Association (NCBA), which says that the volatility deterred cattle owners from using the derivatives to protect against price swings, to examine more changes in trading. While NCBA suspects high-frequency traders, who use computer algorithms to execute deals measured in microseconds, are the cause of the elevated volatility, only 10% of cattle futures trading is accounted for by high-frequency traders, compared with about 50% across all trading on the CME. Slumping volume in the underlying cash market where cattle change hands directly between owners and meatpackers could be another reason behind volatility. Volumes in the cash market have been falling for decades as cattle owners increasingly agree to sales contracts based on price formulas.

CME announced measures to help curb price swings while denying that high-frequency traders are to blame. As of 1 February, cattle futures were added to an existing CME system that caps how many order updates traders can send in relation to the number of trades they actually execute. Furthermore, effective Feb. 29, futures and options in cattle, hogs and feeder cattle on CME Globex will trade shorter hours, pending approval from regulators.

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 any financial decisions. © 2016 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg.

Composite Indices* Click hyperlinks to open in Bloomberg

Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity ER BCOM -1.65% -1.70% -12.07% -14.48% -26.58% -44.39% -54.29% -53.19% -28.62%Bloomberg Commodity TR BCOMTR -1.63% -1.68% -12.02% -14.47% -26.50% -44.29% -54.14% -47.87% 14.58%

Bloomberg Commodity Spot BCOMSP 0.84% -1.38% -8.44% -13.73% -19.45% -38.07% -43.89% 9.82% 134.78%Bloomberg Roll Select BCOMRST -0.84% -1.30% -10.57% -13.61% -24.61% -41.02% -49.51% -22.50% 161.75%

1 Month Forward BCOMF1T -1.25% -1.56% -10.94% -14.37% -25.23% -41.42% -50.78% -34.54% 112.98% 2 Month Forward BCOMF2T -1.12% -1.47% -10.81% -14.23% -25.34% -42.01% -51.70% -32.54% 143.79% 3 Month Forward BCOMF3T -0.97% -1.48% -10.05% -14.14% -24.55% -40.44% -49.90% -24.53% 157.63% 4 Month Forward BCOMF4T -0.84% -1.31% -9.26% -13.73% -23.36% -38.98% -47.67% -16.42% 5 Month Forward BCOMF5T -0.72% -1.36% -9.11% -13.54% -23.04% -39.23% -47.52% -13.23% 6 Month Forward BCOMF6T -0.56% -1.32% -8.92% -13.28% -22.71% -38.71% -47.08% -9.15%

Energy BCOMENTR -9.27% -7.31% -28.35% -22.34% -49.17% -67.45% -74.93% -90.07% -49.35%Petroleum BCOMPETR -3.22% -9.53% -30.45% -24.47% -48.22% -68.67% -69.04% -75.27% 60.64%Agriculture BCOMAGTR -2.78% -0.81% -2.96% -12.63% -15.54% -36.20% -46.25% -8.63% -33.29%

Grains BCOMGRTR -4.68% 2.64% -5.28% -13.72% -17.21% -39.86% -42.03% -2.79% -46.01%Industrial Metals BCOMINTR 3.35% -1.39% -9.53% -11.11% -22.14% -37.90% -56.11% -29.92% 56.93%Precious Metals BCOMPRTR 8.98% 4.76% -0.51% -5.55% -2.01% -30.53% -28.41% 88.74% 199.68%

Softs BCOMSOTR 1.97% -9.63% 0.47% -7.53% -12.38% -37.24% -62.74% -45.56% -41.96%Livestock BCOMLITR 0.93% 1.34% -2.16% -5.38% -6.77% -4.83% -17.26% -48.18% -50.02%Ex-Energy BCOMXETR 1.71% 0.65% -3.73% -10.08% -13.29% -32.40% -42.75% -0.08% 21.06%

Ex-Petroleum BCOMXPET -1.35% 0.28% -6.26% -10.70% -18.79% -36.93% -50.93% -41.70%Ex-Agriculture BCOMXAGT -1.14% -2.19% -16.00% -15.25% -31.03% -48.14% -57.86% -61.11%

Ex-Grains BCOMXGRT -0.97% -2.63% -13.46% -14.63% -28.36% -45.45% -56.88% -56.73%Ex-Industrial Metals BCOMXIMT -2.64% -1.77% -12.49% -15.06% -27.39% -45.67% -53.88% -54.62%Ex-Precious Metals BCOMXPMT -3.61% -3.01% -14.26% -16.06% -30.66% -47.28% -58.29% -57.37%

Ex-Softs BCOMXSOT -1.89% -1.01% -13.10% -14.96% -27.66% -45.02% -53.57% -48.78%Ex-Livestock BCOMXLIT -1.78% -1.84% -12.51% -14.90% -27.42% -46.03% -55.75% -47.89%

Ex-Agriculture & Livestock BCOMXALT -1.33% -2.48% -17.00% -15.93% -32.61% -50.86% -60.33% -62.48%S&P 500 Total Return SPXT -0.13% -4.96% 1.73% -6.44% -6.19% 35.85% 62.03% 86.65% 338.80%

Bloomberg US Treasury Bond BUSY 0.91% 2.10% 1.12% 2.07% 2.76% 6.86% 19.64%Bloomberg USD IG Corporate Bond BUSC 0.76% 0.26% -0.30% 0.64% -1.74% 6.25% 24.97%Bloomberg USD HY Corporate Bond BUHY 0.71% -1.54% -3.03% -5.14% -6.97% 2.01% 21.17%

Bloomberg Dollar Spot BBDXY -1.79% 1.58% 3.15% 2.80% 4.88% 21.10% 28.45% 14.56%

Single Commodity Indices

Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNGTR -25.78% -2.73% -24.13% -15.02% -53.58% -68.72% -87.19% -99.16% -99.24%WTI Crude BCOMCLTR -6.81% -11.90% -32.52% -27.38% -51.01% -71.28% -75.75% -84.22% 14.70%

Brent Crude BCOMCOT -0.65% -7.51% -31.98% -26.29% -51.64% -72.38% -70.04% -65.62% 263.64%ULS Diesel BCOMHOTR 0.59% -6.09% -35.28% -20.49% -50.13% -66.82% -66.46% -66.30% 65.52%

Unleaded Gasoline BCOMRBTR -5.75% -12.76% -20.32% -19.76% -36.13% -60.81% -47.32% -36.65% 268.86%Corn BCOMCNTR -5.29% 3.71% -6.19% -10.74% -18.21% -52.44% -49.55% -25.28% -81.49%

Soybeans BCOMSYTR -2.85% 2.10% -1.90% -13.99% -15.58% -14.90% -4.91% 109.86% 224.49%Wheat BCOMWHTR -6.27% 1.99% -7.07% -17.53% -14.54% -46.10% -64.20% -64.15% -92.41%

Soybean Oil BCOMBOTR -0.77% 0.44% 11.11% -19.74% -9.68% -42.18% -55.43% -21.47% -37.72%Soybean Meal BCOMSMT -4.35% 2.62% -12.11% -10.53% -19.99% 3.59% 37.37% 296.32% 904.40%HRW Wheat BCOMKWT -5.11% 0.77% -8.82% -21.17% -24.95% -49.27% -65.21% -52.96% -73.51%

Copper BCOMHGTR 3.05% -3.17% -12.05% -10.73% -21.58% -41.20% -55.26% -3.35% 180.66%Alumnium BCOMALTR 3.30% 0.55% -4.93% -8.29% -18.07% -35.50% -55.76% -60.81% -40.01%

Zinc BCOMZSTR 8.40% 0.83% -4.99% -16.01% -16.67% -23.12% -41.59% -39.35% 17.84%Nickel BCOMNITR -1.30% -2.35% -17.51% -13.46% -40.43% -51.15% -72.64% -36.72% 90.10%Gold BCOMGCTR 10.60% 5.29% 0.06% -5.00% 1.37% -22.65% -14.60% 102.56% 195.26%Silver BCOMSITR 4.61% 3.21% -2.14% -7.12% -11.00% -49.39% -58.14% 37.18% 148.66%Sugar BCOMSBTR 9.92% -13.76% 2.07% -4.38% -5.00% -46.96% -60.70% -59.70% -9.09%Coffee BCOMKCTR -2.84% -8.15% -6.81% -10.50% -26.30% -40.04% -72.91% -58.87% -70.69%Cotton BCOMCTTR -8.36% -3.38% 0.93% -10.99% -15.02% -30.09% -60.10% -31.33% -82.02%

Live Cattle BCOMLCTR 2.25% -2.73% 0.09% -14.57% -8.90% 3.66% -6.15% -25.41% 1.20%Lean Hogs BCOMLHTR -1.00% 8.46% -6.43% 13.44% -2.72% -18.59% -34.04% -72.78% -86.21%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2016 2015

2016 2015

8

Composite Roll Select Indices

Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearBCOM Roll Select BCOMRST -0.84% -1.30% -10.57% -13.61% -24.61% -41.02% -49.51% -22.50% 161.75%

Roll Select Agriculture BCOMRAGT -2.78% -0.91% -3.39% -12.73% -16.41% -36.45% -43.01% 23.11% 18.87%Roll Select Ex-Ags & Livestock BBURXALT -0.10% -1.58% -14.41% -14.55% -29.20% -46.38% -55.27% -44.20%

Roll Select Grains BCOMRGRT -4.54% 2.16% -5.89% -13.25% -17.28% -41.21% -39.77% 33.11% -2.70%Roll Select Softs BCOMRSOT 1.64% -9.03% 0.39% -9.57% -15.55% -34.86% -58.90% -25.66% 5.82%

Roll Select Livestock BCOMRLIT 1.05% -1.17% -4.85% -5.43% -9.80% 0.80% -10.29% 0.05%Roll Select Energy BCOMRENT -5.96% -4.93% -22.93% -19.74% -42.62% -60.41% -67.74% -78.19%

Roll Select Ex-Energy BCOMRXET 1.67% 0.31% -4.17% -10.10% -13.89% -31.99% -40.43% 29.90%Roll Select Petroleum BCOMRPET -2.00% -6.53% -23.81% -22.45% -42.70% -62.81% -62.93% -51.10% 466.75%

Roll Select Industrial Metals BCOMRINT 3.24% -1.70% -9.73% -10.85% -21.89% -36.72% -54.62% -12.87% 141.42%Roll Select Precious Metals BCOMRPRT 8.98% 4.72% -0.54% -5.56% -2.03% -30.48% -28.10% 90.47% 208.07%

Single Commodity Roll Select Indices

Feb Jan Q4 Q3 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas RS BCOMRNGT -16.89% -1.92% -22.08% -11.97% -44.41% -58.01% -78.57% -96.91% -81.86%WTI Crude RS BCOMRCLT -3.77% -4.82% -19.43% -23.20% -39.88% -62.31% -65.42% -54.85% 547.20%

Brent Crude RS BCOMRCOT -1.83% -7.02% -27.24% -23.12% -47.04% -66.15% -64.92% -48.22% 568.91%ULS Diesel RS BCOMRHOT 0.06% -6.46% -32.17% -19.22% -47.17% -64.76% -65.63% -55.27% 238.93%

Unleaded Gasoline RS BCOMRRBT 0.02% -9.68% -19.38% -22.63% -36.18% -56.58% -49.07% -31.57% 522.71%Corn RS BCOMRCNT -4.83% 2.65% -7.95% -9.85% -18.61% -52.01% -47.64% -0.66% -67.16%

Soybeans RS BCOMRSYT -2.85% 2.10% -1.88% -13.58% -15.24% -18.17% 1.09% 145.75% 276.87%Wheat RS BCOMRWHT -6.52% 1.71% -6.25% -17.89% -14.42% -47.82% -63.76% -31.60% -65.56%

Soybean Oil RS BCOMRBOT -0.77% 0.50% 11.12% -19.46% -9.21% -40.81% -52.19% -5.06% 2.72%Soybean Meal RS BCOMRSMT -4.35% 2.62% -12.14% -10.25% -20.98% 0.53% 45.82% 360.55% 1041.14%HRW Wheat RS BCOMRKWT -5.05% 0.74% -8.56% -20.15% -24.00% -49.90% -63.44% -21.05% -38.83%

Copper RS BCOMRHGT 2.83% -3.64% -12.64% -10.63% -22.26% -42.01% -55.16% 13.37% 313.23%Alumnium RS BCOMRALT 3.30% 0.55% -4.82% -7.59% -15.95% -31.11% -52.20% -49.35% -5.17%

Zinc RS BCOMRZST 8.35% 0.14% -5.12% -15.93% -17.17% -21.52% -40.10% -22.55% 84.47%Nickel RS BCOMRNIT -1.29% -2.36% -16.98% -13.63% -40.09% -50.14% -71.41% -18.45% 222.60%Gold RS BCOMRGCT 10.60% 5.29% 0.05% -5.01% 1.36% -22.69% -14.55% 101.66% 196.53%Silver RS BCOMRSIT 4.60% 3.08% -2.23% -7.12% -11.02% -49.11% -57.41% 44.17% 174.86%Sugar RS BCOMRSBT 9.09% -12.32% 2.24% -8.04% -10.73% -42.91% -56.47% -36.28% 89.48%Coffee RS BCOMRKCT -2.52% -8.18% -6.66% -11.02% -26.47% -38.97% -71.57% -50.74% -50.60%Cotton RS BCOMRCTT -8.25% -4.05% 1.02% -11.16% -15.01% -27.77% -53.46% -11.75% -69.05%

Live Cattle RS BCOMRLCT 2.26% -3.40% -1.24% -12.72% -8.36% 2.17% -8.25% 7.18% 106.51%Lean Hogs RS BCOMRLHT -0.70% 1.75% -12.16% 9.04% -12.99% -4.58% -16.40% -19.46% 33.37%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker2016 2015

2016 2015

9

PERFORMANCE: Historical ReturnBloomberg 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

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock 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 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

-60%-40%-20%

0%20%40%60%80%

100%120%

10 11 12 13 14 15

BloombergCommodity Index TR

S&P 500 Total ReturnIndex

Bloomberg USTreasury Bond Index

Bloomberg USCorporate Bond Index

Bloomberg USD HYCorporate Bond Index

Bloomberg U.S. DollarSpot Index

-200%

0%

200%

400%

600%

800%

1000%

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

-500%

0%

500%

1000%

1500%

2000%

2500%

3000%

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%

200%

400%

600%

800%

1000%

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%

100%

200%

300%

400%

500%

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>

Group Commodity Ticker Feb 29 2016 Actual Weight

Jan 29 2016 Actual Weight

Feb 2016 Weight Change

2016 Target Weight

Natural Gas NG 6.55% 8.40% -1.85% 8.45% WTI Crude CL 7.41% 7.06% 0.35% 7.47%

Brent Crude CO 7.80% 7.93% -0.13% 7.53% ULS Diesel HO 3.81% 3.73% 0.08% 3.83% Gasoline XB 4.16% 3.52% 0.64% 3.75%Subtotal 29.73% 30.64% -0.91% 31.03%

Corn C 7.30% 7.67% -0.37% 7.36% Soybeans S 5.57% 5.76% -0.19% 5.70%

Wheat W 3.20% 3.41% -0.21% 3.33% Soybean Oil BO 2.89% 2.91% -0.02% 2.84%

Soybean Meal SM 2.73% 2.86% -0.13% 2.84% HRW Wheat KW 1.12% 1.17% -0.05% 1.15%

Subtotal 22.81% 23.78% -0.97% 23.22% Copper HG 7.65% 7.48% 0.17% 7.63%

Aluminum LA 4.78% 4.67% 0.11% 4.60% Zinc LX 2.82% 2.55% 0.27% 2.53%

Nickel LN 2.28% 2.33% -0.05% 2.36%Subtotal 17.53% 17.03% 0.50% 17.11%

Gold GC 12.63% 11.52% 1.11% 11.38% Silver SI 4.41% 4.25% 0.16% 4.21%

Subtotal 17.04% 15.77% 1.27% 15.59% Sugar SB 3.55% 3.27% 0.28% 3.63% Coffee KC 2.16% 2.20% -0.04% 2.29% Cotton CT 1.34% 1.46% -0.12% 1.49%

Subtotal 7.05% 6.93% 0.12% 7.41% Live Cattle LC 3.51% 3.47% 0.04% 3.57% Lean Hogs LH 2.33% 2.37% -0.04% 2.06%Subtotal 5.84% 5.84% 0.00% 5.63%

Total 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q1 16 Q2 16 Q3 16 Q4 16Forward 1.95 1.90 2.07 2.44Forecast 2.30 2.31 2.50 2.78Forward 32.32 37.07 39.27 40.65Forecast 33.00 36.00 41.50 45.92Forward 33.87 36.65 38.46 41.61Forecast 34.00 37.50 41.85 46.00Forward 104.86 113.52 116.55 116.55Forecast 145.00 150.00 164.00 164.00Forward 114.34 135.20 127.28 113.71Forecast 131.70 149.15 157.00 167.00Forward 359.99 359.45 368.07 377.28Forecast 379.00 379.00 389.50 385.00Forward 868.85 864.35 870.31 876.17Forecast 874.50 873.00 876.00 900.00Forward 460.37 456.86 471.49 487.52Forecast 480.00 500.00 500.00 520.00Forward 4,594 4,697 4,688 4,682Forecast 4,500 4,580 4,838 5,000Forward 1,528 1,576 1,582 1,588Forecast 1,495 1,521 1,585 1,617Forward 1,666 1,764 1,770 1,773Forecast 1,612 1,623 1,700 1,800Forward 8,438 8,520 8,549 8,579Forecast 8,529 8,875 9,250 9,750Forward 1,181 1,235 1,236 1,237Forecast 1,100 1,100 1,122 1,145Forward 14.72 14.93 14.97 15.02Forecast 14.40 14.70 15.00 15.23Forward 14.00 14.25 14.31 14.79Forecast 14.07 14.00 14.50 14.70Forward 115.57 115.96 118.73 121.22Forecast 124.20 125.05 125.00 129.10Forward 59.25 56.36 55.98 56.39Forecast 62.00 62.00 62.20 63.00

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 22.59% 17.20% 15.35% 12.58% 13.98% 18.01% 16.02%Bloomberg Commodity TR BCOMTR 22.58% 17.20% 15.35% 12.57% 13.98% 18.01% 16.02%

Bloomberg Commodity Spot BCOMSP 22.59% 17.05% 15.38% 12.62% 14.02% 18.10% 16.12%Bloomberg Roll Select BCOMRST 17.21% 14.79% 14.15% 11.75% 13.19% 16.96% 14.63%

1 Month Forward BCOMF1T 20.06% 16.34% 15.02% 12.22% 13.68% 17.66% 15.46% 2 Month Forward BCOMF2T 19.51% 15.70% 14.70% 11.96% 13.43% 17.37% 14.94% 3 Month Forward BCOMF3T 18.23% 15.06% 14.36% 11.67% 13.21% 17.07% 14.51% 4 Month Forward BCOMF4T 17.79% 14.73% 14.10% 11.44% 12.98% 16.81% 5 Month Forward BCOMF5T 16.94% 14.25% 13.64% 11.05% 12.60% 16.31% 6 Month Forward BCOMF6T 16.94% 14.25% 13.64% 11.05% 12.60% 16.31%

Energy BCOMENTR 66.08% 44.75% 33.53% 26.08% 24.96% 29.00% 30.66%Petroleum BCOMPETR 73.41% 51.79% 41.50% 30.27% 28.59% 33.14% 33.08%Agriculture BCOMAGTR 7.53% 12.17% 15.60% 14.85% 17.37% 20.91% 18.39%

Grains BCOMGRTR 7.63% 14.36% 19.81% 18.95% 21.51% 25.18% 22.61%Industrial Metals BCOMINTR 24.16% 20.82% 19.55% 17.04% 19.41% 26.22% 22.35%Precious Metals BCOMPRTR 13.42% 17.58% 16.36% 19.56% 20.88% 23.32% 19.70%

Softs BCOMSOTR 11.28% 19.61% 20.55% 19.57% 20.31% 22.42% 20.64%Livestock BCOMLITR 10.03% 20.00% 17.14% 13.92% 13.70% 14.23% 14.52%Ex-Energy BCOMXETR 9.45% 10.85% 11.20% 10.92% 13.05% 16.76% 13.81%

Ex-Petroleum BCOMXPET 9.01% 11.77% 11.19% 10.95% 12.75% 16.55%Ex-Agriculture BCOMXAGT 33.98% 23.02% 19.03% 15.09% 15.91% 19.85%

Ex-Grains BCOMXGRT 9.45% 10.85% 11.20% 10.92% 13.05% 16.76%Ex-Industrial Metals BCOMXIMT 28.01% 20.03% 17.10% 13.69% 14.75% 18.68%Ex-Precious Metals BCOMXPMT 24.50% 18.21% 16.31% 13.46% 14.60% 18.20%

Ex-Softs BCOMXSOT 25.12% 20.22% 17.44% 13.75% 14.85% 18.96%Ex-Livestock BCOMXLIT 24.53% 18.13% 16.00% 13.13% 14.43% 18.56%

Ex-Agriculture & Livestock BCOMXALT 33.98% 23.02% 19.03% 15.09% 15.91% 19.85%S&P 500 Total Return Index SPXT 18.37% 20.68% 16.61% 13.33% 15.75% 20.90% 19.66%

Bloomberg US Treasury Bond Index BUSY 4.63% 4.10% 4.38% 3.91% 4.09%Bloomberg USD IG Corporate Bond Index BUSC 4.03% 4.03% 4.40% 4.12% 4.38%Bloomberg USD HY Corporate Bond Index BUHY 2.56% 6.01% 3.95% 3.37% 3.24%

Bloomberg U.S. Dollar Spot Index BBDXY 13.71% 7.23% 7.44% 6.13% 6.37% 7.09%

Single Commodity Indices

Natural Gas BCOMNGTR 73.76% 52.30% 38.32% 38.52% 38.88% 43.37% 46.88%WTI Crude BCOMCLTR 89.78% 56.07% 45.28% 33.77% 32.00% 35.46% 34.70%

Brent Crude BCOMCOT 74.59% 55.67% 43.42% 31.30% 28.98% 32.83% 32.13%ULS Diesel BCOMHOTR 66.31% 53.80% 38.92% 27.51% 25.65% 30.69% 32.48%

Unleaded Gasoline BCOMRBTR 61.60% 48.93% 41.11% 30.55% 28.87% 34.53% 34.21%Corn BCOMCNTR 6.91% 16.02% 22.48% 23.74% 26.86% 30.96% 26.92%

Soybeans BCOMSYTR 10.39% 14.42% 18.85% 19.60% 20.50% 24.66% 23.83%Wheat BCOMWHTR 16.30% 20.39% 29.29% 25.52% 29.61% 34.09% 29.75%

Soybean Oil BCOMBOTR 7.89% 20.48% 21.98% 19.64% 19.68% 23.98% 23.45%Soybean Meal BCOMSMT 17.81% 17.71% 20.77% 24.27% 24.54% 27.86% 26.60%HRW Wheat BCOMKWT 15.69% 22.68% 28.15% 23.89% 27.10% 31.03% 27.01%

Copper BCOMHGTR 22.86% 23.93% 22.97% 19.97% 22.62% 31.53% 27.79%Alumnium BCOMALTR 25.92% 19.40% 17.73% 17.27% 19.13% 23.97% 20.55%

Zinc BCOMZSTR 26.59% 29.22% 25.96% 20.27% 22.87% 34.40% 28.27%Nickel BCOMNITR 36.26% 27.03% 32.81% 27.16% 29.03% 39.13% 35.56%Gold BCOMGCTR 11.20% 15.68% 14.47% 17.58% 18.05% 20.27% 17.57%Silver BCOMSITR 22.99% 26.90% 25.32% 28.52% 33.37% 36.37% 30.60%Sugar BCOMSBTR 31.92% 29.20% 30.48% 24.08% 26.95% 33.24% 31.82%Coffee BCOMKCTR 26.58% 27.06% 32.88% 36.08% 33.74% 31.28% 36.73%Cotton BCOMCTTR 24.20% 13.97% 18.62% 19.00% 24.27% 27.15% 25.95%

Live Cattle BCOMLCTR 9.87% 22.21% 18.08% 14.34% 14.18% 14.24% 14.42%Lean Hogs BCOMLHTR 20.15% 25.91% 27.27% 22.51% 21.10% 22.61% 24.19%

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 5-Year 10-Year

5-Year

12

VOLATILITY: ImpliedVCA <GO> OVDV <GO>

TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%

End of Feb 1% 52% 0% 0% 42% 0% 0% 37% 0%End of Jan 2% 47% 0% 1% 36% -1% 1% 32% -1%End of Feb 5% 57% -3% 3% 51% -2% 1% 46% -1%End of Jan 4% 58% -2% 2% 53% -2% 1% 47% -1%End of Feb 4% 57% -3% 2% 53% -3% 2% 48% -2%End of Jan 1% 61% 1% 1% 55% 0% 1% 49% -1%End of Feb 4% 47% 0% 1% 44% -1% 0% 40% 0%End of Jan 2% 52% 0% 0% 47% 0% 0% 40% 0%End of Feb 1% 45% -1% 0% 42% 0% 0% 41% 0%End of Jan 0% 55% 0% 0% 44% 0% 0% 39% 0%End of Feb 5% 14% 6% -2% 18% 3% -2% 23% 2%End of Jan 4% 16% 5% -1% 18% 2% -2% 23% 1%End of Feb 9% 11% 6% 2% 13% 2% 0% 16% 2%End of Jan 7% 14% 5% 2% 15% 1% 1% 17% 1%End of Feb 1% 19% 6% -2% 23% 3% -2% 25% 2%End of Jan 0% 20% 5% -2% 24% 2% -2% 25% 2%End of Feb 2% 17% 3% 1% 17% 2% 0% 18% 1%End of Jan 6% 19% 4% 1% 18% 1% 0% 19% 1%End of Feb 6% 14% 5% 1% 16% 2% 0% 19% 1%End of Jan 4% 18% 5% 1% 18% 1% 1% 19% 1%End of Feb 0% 18% 7% -2% 22% 3% -2% 25% 2%End of Jan 0% 19% 4% -2% 23% 2% -1% 24% 1%End of Feb 2% 22% 0% 1% 23% -1% 1% 23% -1%End of Jan 3% 23% 1% 1% 25% -1% 1% 25% 0%End of Feb 0 17% 0% 0% 17% 0% 0% 17% 0%End of Jan 0% 19% 0% 0% 22% -2% 0% 19% 0%End of Feb 0% 45% 0% 0% 39% 0% 0% 30% -1%End of Jan 0% 33% 0% 0% 31% 0% 0% 29% 0%End of Feb 0% 30% 0% 0% 30% 0% 0% 30% 0%End of Jan 0% 33% 0% 0% 33% 0% 0% 33% 0%End of Feb -1% 20% 1% 0% 20% 1% 0% 20% 1%End of Jan 1% 13% 1% 0% 16% 0% 1% 17% 0%End of Feb 2% 24% 4% 0% 26% 2% 0% 27% 1%End of Jan 4% 21% 3% 2% 23% 0% 0% 56% 0%End of Feb -2% 33% 2% -1% 30% 2% -1% 29% 1%End of Jan 1% 30% 2% -1% 29% 2% -1% 28% 2%End of Feb -2% 29% 4% -2% 29% 2% -2% 29% 2%

End of Jan -1% 29% 5% -2% 30% 3% -2% 31% 2%End of Feb 2% 27% 0% 2% 24% 0% 1% 21% 0%End of Jan 10% 16% 8% 1% 17% 1% 1% 17% 0%End of Feb 6% 20% -1% 3% 18% -2% 3% 16% -2%

End of Jan 2% 22% 0% 2% 21% -2% 2% 19% -2%End of Feb 4% 22% -2% 3% 21% -3% 3% 19% -2%End of Jan 10% 19% 2% 1% 22% -2% 1% 19% -2%

3M 6M

Corn

Soybeans

Wheat

1M

Live

stoc

k Live Cattle

Lean Hogs

Grai

nsPr

ecio

us

Met

als Gold

Silver

Softs

Sugar

Coffee

Cotton

Soybean Oil

Soybean Meal

HRW Wheat

Indu

stria

l Met

als Copper

Aluminum

Zinc

Nickel

Ener

gy

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

13

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

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

5%

10%

15%

20%

25%

30%

35%

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5%

10%

15%

20%

25%

30%

35%

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

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

0%

5%

10%

15%

20%

25%

11 12 13 14 15 16

BloombergCommodity Index TRS&P 500 Total ReturnIndexBloomberg USTreasury Bond IndexBloomberg USCorporate Bond IndexBloomberg USD HYCorporate Bond IndexBloomberg U.S. DollarSpot Index

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

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

10%

20%

30%

40%

50%

60%

70%

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

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline10%

15%

20%

25%

30%

35%

40%

45%

50%

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

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

10%

20%

30%

40%

50%

60%

70%

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

Copper

Alumnium

Zinc

Nickel0%

10%

20%

30%

40%

50%

60%

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

Gold

Silver

10%

20%

30%

40%

50%

60%

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

Sugar

Coffee

Cotton

5%

10%

15%

20%

25%

30%

35%

40%

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

Live Cattle

Lean Hogs

14

Bloo

mbe

rg

Com

mod

ity

Roll

Sele

ct

1 M

onth

Fo

rwar

d

3 M

onth

Fo

rwar

d

6 M

onth

Fo

rwar

d

Ener

gy

Petr

oleu

m

Agric

ultu

re

Gra

ins

Indu

stria

l M

etal

s

Prec

ious

M

etal

s

Soft

s

Live

stoc

k

Ex-E

nerg

y

Ex-A

gs &

Li

vest

ock

Bloomberg Commodity 99% 100% 100% 99% 89% 86% 56% 45% 59% 36% 37% 28% 75% 95%Roll Select 99% 100% 100% 100% 87% 85% 58% 47% 60% 37% 37% 26% 77% 94%

1 Month Forward 100% 100% 100% 99% 88% 86% 56% 46% 60% 37% 37% 27% 76% 95%3 Month Forward 100% 100% 100% 100% 87% 85% 57% 47% 60% 37% 37% 26% 76% 95%6 Month Forward 99% 100% 99% 100% 87% 85% 57% 47% 60% 38% 37% 26% 77% 94%

Energy 89% 87% 88% 87% 87% 96% 25% 17% 35% 14% 21% 18% 37% 94%Petroleum 86% 85% 86% 85% 85% 96% 26% 18% 35% 13% 23% 17% 38% 90%Agriculture 56% 58% 56% 57% 57% 25% 26% 93% 27% 9% 50% 15% 78% 29%

Grains 45% 47% 46% 47% 47% 17% 18% 93% 16% 6% 18% 10% 67% 20%Industrial Metals 59% 60% 60% 60% 60% 35% 35% 27% 16% 28% 26% 23% 71% 58%Precious Metals 36% 37% 37% 37% 38% 14% 13% 9% 6% 28% 7% 4% 53% 39%

Softs 37% 37% 37% 37% 37% 21% 23% 50% 18% 26% 7% 15% 46% 25%Livestock 28% 26% 27% 26% 26% 18% 17% 15% 10% 23% 4% 15% 32% 21%Ex-Energy 75% 77% 76% 76% 77% 37% 38% 78% 67% 71% 53% 46% 32% 59%

Ex-Agriculture & Livestock 95% 94% 95% 95% 94% 94% 90% 29% 20% 58% 39% 25% 21% 59%S&P 500 Total Return Index 35% 37% 35% 36% 38% 34% 38% 16% 10% 28% 3% 19% 17% 25% 35%

S&P Energy 62% 61% 62% 62% 62% 68% 71% 20% 11% 30% 10% 27% 18% 30% 65%S&P Financial 32% 33% 32% 33% 34% 31% 35% 17% 11% 24% -2% 19% 17% 22% 31%

S&P Health Care 17% 19% 18% 19% 20% 14% 18% 8% 5% 22% 1% 10% 11% 16% 17%S&P Consumer Discretionary 26% 28% 26% 27% 29% 23% 29% 16% 10% 23% -4% 20% 17% 20% 24%

S&P IT 29% 30% 29% 30% 31% 27% 31% 13% 9% 25% 1% 12% 15% 20% 28%S&P Utilities 17% 18% 17% 17% 18% 15% 17% 7% 1% 7% 13% 19% 4% 12% 17%

S&P Consumers Staples 27% 28% 27% 28% 29% 24% 26% 14% 9% 22% 6% 17% 15% 21% 26%S&P Industrials 34% 36% 35% 35% 37% 31% 35% 16% 11% 30% 4% 19% 18% 26% 34%

S&P Telecommunication 35% 36% 35% 36% 36% 32% 35% 18% 12% 22% 10% 19% 18% 26% 34%S&P Materials 50% 51% 50% 51% 52% 47% 50% 22% 14% 38% 14% 25% 19% 36% 50%

Bloomberg US Treasury -19% -19% -19% -19% -20% -21% -25% -11% -9% -19% 17% -6% -3% -9% -18%Bloomberg USD IG Corporate -14% -14% -14% -14% -14% -16% -19% -8% -7% -15% 16% -2% 0% -5% -14%Bloomberg USD HY Corporate 30% 31% 30% 31% 32% 29% 31% 15% 8% 24% 2% 16% 18% 22% 29%

Bloomberg U.S. Dollar Spot -36% -35% -36% -35% -35% -26% -23% -20% -15% -18% -39% -24% -9% -35% -34%EURUSD 15% 15% 15% 15% 14% 5% 3% 15% 12% 6% 30% 15% 1% 22% 12%JPYUSD -7% -8% -7% -8% -9% -12% -14% -5% -3% -10% 27% -1% -2% 2% -6%CADUSD 64% 64% 64% 64% 63% 61% 62% 20% 11% 37% 33% 24% 18% 41% 66%MXNUSD 44% 45% 44% 45% 45% 43% 42% 21% 12% 22% 18% 27% 17% 30% 44%GBPUSD 29% 29% 29% 29% 28% 21% 20% 17% 13% 16% 28% 18% 14% 29% 27%AUDUSD 48% 48% 48% 48% 48% 38% 37% 23% 15% 39% 29% 23% 19% 43% 47%CHFUSD 12% 11% 12% 11% 10% 3% 2% 10% 8% 2% 30% 9% 3% 18% 10%KRWUSD 40% 40% 40% 40% 40% 29% 29% 24% 16% 28% 33% 28% 10% 39% 37%CNYUSD 19% 19% 19% 19% 19% 14% 14% 18% 18% 14% 3% 2% 7% 19% 15%

Bloo

mbe

rg

Com

mod

ity

Roll

Sele

ct

1 M

onth

Fo

rwar

d

3 M

onth

Fo

rwar

d

6 M

onth

Fo

rwar

d

Ener

gy

Petr

oleu

m

Agric

ultu

re

Gra

ins

Indu

stria

l M

etal

s

Prec

ious

M

etal

s

Soft

s

Live

stoc

k

Ex-E

nerg

y

Ex-A

gs &

Li

vest

ock

Bloomberg Commodity 99% 100% 99% 99% 81% 77% 68% 59% 64% 54% 46% 24% 85% 93%Roll Select 99% 99% 99% 99% 79% 76% 67% 58% 66% 56% 46% 23% 86% 93%

1 Month Forward 100% 99% 100% 99% 80% 77% 68% 59% 65% 54% 46% 24% 85% 93%3 Month Forward 99% 99% 100% 100% 78% 77% 68% 59% 66% 56% 47% 23% 86% 92%6 Month Forward 99% 99% 99% 100% 77% 76% 67% 58% 67% 57% 46% 23% 86% 92%

Energy 81% 79% 80% 78% 77% 88% 28% 23% 34% 21% 22% 16% 38% 89%Petroleum 77% 76% 77% 77% 76% 88% 29% 22% 41% 25% 26% 16% 43% 83%Agriculture 68% 67% 68% 68% 67% 28% 29% 95% 31% 25% 55% 15% 81% 37%

Grains 59% 58% 59% 59% 58% 23% 22% 95% 23% 20% 28% 12% 73% 29%Industrial Metals 64% 66% 65% 66% 67% 34% 41% 31% 23% 43% 31% 14% 71% 66%Precious Metals 54% 56% 54% 56% 57% 21% 25% 25% 20% 43% 20% 6% 66% 56%

Softs 46% 46% 46% 47% 46% 22% 26% 55% 28% 31% 20% 13% 52% 31%Livestock 24% 23% 24% 23% 23% 16% 16% 15% 12% 14% 6% 13% 25% 17%Ex-Energy 85% 86% 85% 86% 86% 38% 43% 81% 73% 71% 66% 52% 25% 68%

Ex-Agriculture & Livestock 93% 93% 93% 92% 92% 89% 83% 37% 29% 66% 56% 31% 17% 68%S&P 500 Total Return Index 36% 37% 37% 38% 38% 32% 39% 20% 15% 39% 7% 21% 12% 29% 36%

S&P Energy 55% 55% 55% 55% 56% 56% 63% 25% 18% 41% 17% 27% 13% 37% 57%S&P Financial 30% 31% 31% 32% 32% 26% 32% 18% 12% 36% 3% 21% 9% 25% 30%

S&P Health Care 24% 25% 25% 25% 26% 20% 26% 14% 10% 29% 3% 15% 10% 20% 23%S&P Consumer Discretionary 28% 29% 29% 30% 30% 24% 32% 17% 13% 34% 1% 17% 11% 23% 27%

S&P IT 32% 32% 32% 33% 34% 26% 34% 18% 14% 36% 7% 17% 12% 27% 31%S&P Utilities 18% 18% 18% 19% 19% 17% 19% 10% 6% 16% 5% 14% 4% 14% 18%

S&P Consumers Staples 24% 25% 25% 25% 26% 20% 25% 13% 9% 27% 5% 14% 11% 20% 24%S&P Industrials 34% 35% 35% 36% 36% 29% 36% 19% 14% 39% 7% 20% 12% 29% 34%

S&P Telecommunication 23% 24% 23% 24% 25% 21% 26% 12% 8% 23% 4% 14% 9% 17% 23%S&P Materials 46% 46% 46% 47% 48% 38% 46% 24% 18% 46% 19% 25% 13% 39% 46%

Bloomberg US Treasury -22% -22% -23% -23% -23% -24% -28% -14% -11% -25% 10% -11% -7% -14% -21%Bloomberg USD IG Corporate -15% -15% -15% -15% -15% -18% -21% -9% -7% -16% 14% -6% -6% -7% -14%Bloomberg USD HY Corporate 24% 25% 25% 26% 27% 20% 24% 14% 11% 26% 8% 13% 9% 21% 23%

Bloomberg U.S. Dollar Spot -41% -42% -42% -42% -43% -28% -31% -24% -17% -33% -36% -29% -8% -40% -41%EURUSD 31% 32% 32% 32% 32% 20% 21% 20% 15% 27% 26% 22% 4% 31% 30%JPYUSD -2% -2% -2% -2% -2% -6% -7% 0% 0% -7% 17% 2% -4% 3% -2%CADUSD 51% 52% 52% 52% 53% 44% 50% 27% 20% 39% 28% 27% 13% 41% 51%MXNUSD 37% 38% 37% 38% 38% 31% 35% 21% 14% 34% 18% 25% 11% 32% 37%GBPUSD 29% 29% 29% 30% 30% 20% 23% 16% 12% 24% 26% 18% 9% 28% 29%AUDUSD 45% 45% 45% 46% 46% 31% 37% 27% 19% 40% 31% 29% 14% 43% 43%CHFUSD 14% 14% 14% 15% 15% 4% 4% 8% 6% 16% 23% 12% -2% 19% 15%KRWUSD 33% 33% 33% 34% 35% 21% 25% 22% 17% 30% 23% 21% 11% 33% 31%CNYUSD 10% 10% 10% 10% 10% 7% 7% 8% 7% 8% 3% 3% 2% 9% 9%

Bond

Curr

ency

Bond

CORRELATION: BCOM Composites vs. Equities vs. Bond vs. Currency Cu

rren

cyCo

mm

oditi

esEq

uitie

s

5-Year

1-Year

Com

mod

ities

Equi

ties

15

Nat

ural

Gas

WTI

Cru

de

Bren

t Cru

de

ULS

Die

sel

Unl

eade

d G

asol

ine

Corn

Soyb

eans

Whe

at

Soyb

ean

Oil

Soyb

ean

Mea

l

HRW

Whe

at

Copp

er

Alum

nium

Zinc

Nic

kel

Gol

d

Silv

er

Suga

r

Coffe

e

Cott

on

Live

Cat

tle

Lean

Hog

s

Natural Gas 16% 18% 18% 11% 4% 1% 5% 6% -1% 6% 7% 16% 7% 9% 5% 4% 3% 3% -3% 12% 0%WTI Crude 16% 96% 92% 84% 19% 22% 4% 41% 6% 7% 37% 27% 20% 29% 9% 22% 17% 22% 16% 21% 10%

Brent Crude 18% 96% 96% 87% 20% 22% 4% 40% 6% 8% 35% 26% 20% 28% 6% 21% 13% 21% 17% 18% 6%ULS Diesel 18% 92% 96% 84% 20% 22% 5% 38% 6% 8% 32% 25% 20% 24% 6% 19% 12% 20% 15% 18% 8%

Unleaded Gasoline 11% 84% 87% 84% 15% 16% 1% 35% 2% 5% 34% 24% 18% 26% 6% 19% 7% 14% 19% 12% 5%Corn 4% 19% 20% 20% 15% 67% 69% 37% 58% 67% 16% 7% 5% 13% 0% 7% 10% 14% 9% 7% 7%

Soybeans 1% 22% 22% 22% 16% 67% 42% 59% 87% 41% 28% 20% 18% 29% 1% 20% 11% 24% 21% 14% 9%Wheat 5% 4% 4% 5% 1% 69% 42% 20% 39% 95% 8% -6% 0% -1% 5% 6% 5% 17% 7% 1% 2%

Soybean Oil 6% 41% 40% 38% 35% 37% 59% 20% 22% 19% 32% 31% 25% 31% 15% 34% 9% 27% 27% 24% 8%Soybean Meal -1% 6% 6% 6% 2% 58% 87% 39% 22% 37% 19% 9% 12% 17% -7% 5% 6% 14% 11% 4% 6%HRW Wheat 6% 7% 8% 8% 5% 67% 41% 95% 19% 37% 7% -7% -2% 0% 3% 5% 4% 15% 5% 2% 4%

Copper 7% 37% 35% 32% 34% 16% 28% 8% 32% 19% 7% 59% 66% 62% 20% 40% 18% 17% 19% 20% 17%Alumnium 16% 27% 26% 25% 24% 7% 20% -6% 31% 9% -7% 59% 61% 53% 10% 26% 9% 15% 16% 19% 14%

Zinc 7% 20% 20% 20% 18% 5% 18% 0% 25% 12% -2% 66% 61% 55% 20% 31% 15% 14% 12% 15% 15%Nickel 9% 29% 28% 24% 26% 13% 29% -1% 31% 17% 0% 62% 53% 55% 13% 29% 15% 19% 18% 6% 5%Gold 5% 9% 6% 6% 6% 0% 1% 5% 15% -7% 3% 20% 10% 20% 13% 77% -4% 5% 7% 1% 0%Silver 4% 22% 21% 19% 19% 7% 20% 6% 34% 5% 5% 40% 26% 31% 29% 77% 9% 17% 15% 11% 2%Sugar 3% 17% 13% 12% 7% 10% 11% 5% 9% 6% 4% 18% 9% 15% 15% -4% 9% 22% 11% 5% 8%Coffee 3% 22% 21% 20% 14% 14% 24% 17% 27% 14% 15% 17% 15% 14% 19% 5% 17% 22% 20% 12% 10%Cotton -3% 16% 17% 15% 19% 9% 21% 7% 27% 11% 5% 19% 16% 12% 18% 7% 15% 11% 20% 16% 9%

Live Cattle 12% 21% 18% 18% 12% 7% 14% 1% 24% 4% 2% 20% 19% 15% 6% 1% 11% 5% 12% 16% 29%Lean Hogs 0% 10% 6% 8% 5% 7% 9% 2% 8% 6% 4% 17% 14% 15% 5% 0% 2% 8% 10% 9% 29%

S&P 500 Total Return Index 0% 36% 39% 37% 33% 10% 13% 4% 17% 4% 6% 27% 18% 19% 28% -5% 14% 8% 21% 20% 22% 4%S&P Energy 14% 71% 70% 69% 61% 11% 12% 3% 27% -2% 9% 29% 23% 18% 25% 2% 20% 18% 24% 16% 22% 5%

S&P Financial 0% 33% 36% 35% 30% 10% 16% 2% 16% 7% 6% 23% 17% 15% 27% -9% 11% 10% 18% 17% 24% 1%S&P Health Care -4% 16% 19% 19% 14% 5% 8% 1% 9% 2% 2% 20% 17% 17% 21% -3% 9% 2% 13% 14% 14% 2%

S&P Consumer Discretionary -7% 28% 29% 28% 25% 9% 12% 5% 13% 6% 6% 22% 15% 16% 25% -11% 8% 10% 20% 20% 19% 8%S&P IT -3% 30% 32% 31% 29% 8% 12% 3% 17% 4% 5% 23% 15% 20% 27% -5% 11% 1% 19% 17% 19% 4%

S&P Utilities 1% 14% 19% 19% 14% 0% 1% 4% 2% -3% 3% 10% -1% 3% 7% 11% 15% 9% 17% 22% 7% 0%S&P Consumers Staples 3% 25% 27% 26% 21% 8% 10% 4% 12% 3% 5% 23% 12% 13% 20% 0% 15% 7% 18% 21% 21% 2%

S&P Industrials 0% 34% 36% 34% 32% 9% 12% 6% 15% 4% 9% 31% 17% 21% 26% -3% 16% 10% 20% 15% 20% 7%S&P Telecommunication 2% 33% 37% 36% 29% 11% 14% 6% 16% 4% 8% 22% 14% 14% 22% 4% 18% 6% 22% 27% 24% 3%

S&P Materials 6% 49% 51% 49% 43% 13% 18% 4% 24% 7% 7% 37% 27% 27% 31% 6% 26% 16% 21% 20% 23% 6%Bloomberg US Treasury 4% -27% -25% -23% -17% -10% -12% -2% -9% -10% -2% -19% -16% -8% -17% 22% 6% 1% -17% -1% -4% 0%

Bloomberg USD IG Corporate 3% -21% -19% -18% -13% -8% -8% -2% -6% -8% -2% -16% -13% -4% -14% 19% 8% 4% -14% 2% 2% -1%Bloomberg USD HY Corporate 6% 31% 32% 32% 24% 6% 17% 0% 17% 11% 1% 21% 21% 21% 16% -6% 13% 8% 16% 14% 27% 0%

Bloomberg U.S. Dollar Spot -15% -24% -22% -23% -18% -12% -9% -17% -11% -5% -15% -21% -10% -10% -9% -39% -32% -15% -16% -26% -5% -11%EURUSD 10% 4% 1% 4% 0% 11% 3% 17% 4% 3% 14% 10% 3% 2% -4% 32% 22% 9% 7% 23% -4% 7%JPYUSD 3% -13% -16% -13% -12% -4% -12% 8% -16% -5% 7% -6% -9% -11% -14% 34% 10% 1% -4% -1% -11% 10%CADUSD 18% 62% 61% 60% 51% 10% 13% 7% 26% 2% 8% 36% 28% 25% 31% 28% 35% 13% 23% 24% 20% 9%MXNUSD 19% 42% 42% 41% 32% 10% 16% 6% 19% 8% 7% 21% 14% 17% 22% 14% 22% 19% 18% 19% 20% 6%GBPUSD 10% 22% 18% 18% 15% 11% 13% 10% 8% 10% 7% 20% 9% 7% 7% 28% 25% 11% 11% 20% 12% 11%AUDUSD 14% 37% 37% 36% 33% 13% 18% 9% 21% 10% 9% 38% 25% 32% 30% 25% 32% 11% 22% 22% 21% 10%CHFUSD 5% 4% 0% 2% -1% 6% 2% 14% 6% 0% 10% 6% 0% -1% -7% 33% 20% 5% 2% 21% -5% 11%KRWUSD 10% 30% 28% 27% 24% 15% 12% 15% 14% 7% 14% 28% 17% 21% 26% 29% 33% 23% 18% 13% 11% 5%CNYUSD 3% 16% 15% 14% 9% 17% 18% 11% 13% 20% 11% 12% 12% 14% 10% 0% 7% -7% 17% 0% 8% 3%

Nat

ural

Gas

WTI

Cru

de

Bren

t Cru

de

ULS

Die

sel

Unl

eade

d G

asol

ine

Corn

Soyb

eans

Whe

at

Soyb

ean

Oil

Soyb

ean

Mea

l

HRW

Whe

at

Copp

er

Alum

nium

Zinc

Nic

kel

Gol

d

Silv

er

Suga

r

Coffe

e

Cott

on

Live

Cat

tle

Lean

Hog

s

Natural Gas 16% 14% 15% 12% 11% 5% 9% 6% 4% 10% 2% 6% 0% 2% 0% 4% 4% 4% 0% 5% 5%WTI Crude 16% 92% 87% 82% 18% 24% 15% 37% 13% 16% 42% 35% 31% 30% 20% 31% 21% 18% 22% 17% 11%

Brent Crude 14% 92% 96% 90% 17% 23% 15% 36% 13% 17% 37% 30% 27% 28% 18% 29% 18% 16% 20% 15% 9%ULS Diesel 15% 87% 96% 86% 17% 24% 14% 36% 14% 16% 36% 29% 26% 27% 18% 28% 18% 16% 20% 14% 9%

Unleaded Gasoline 12% 82% 90% 86% 16% 20% 13% 34% 10% 15% 34% 28% 24% 26% 18% 29% 15% 13% 19% 13% 7%Corn 11% 18% 17% 17% 16% 60% 71% 43% 53% 66% 14% 14% 11% 16% 13% 18% 19% 13% 19% 12% 7%

Soybeans 5% 24% 23% 24% 20% 60% 49% 67% 92% 47% 26% 22% 21% 21% 16% 24% 20% 13% 20% 10% 6%Wheat 9% 15% 15% 14% 13% 71% 49% 36% 42% 94% 15% 13% 12% 16% 14% 17% 20% 15% 21% 9% 4%

Soybean Oil 6% 37% 36% 36% 34% 43% 67% 36% 40% 35% 32% 29% 29% 26% 22% 31% 19% 18% 25% 16% 9%Soybean Meal 4% 13% 13% 14% 10% 53% 92% 42% 40% 41% 17% 14% 14% 12% 11% 16% 16% 8% 13% 6% 4%HRW Wheat 10% 16% 17% 16% 15% 66% 47% 94% 35% 41% 15% 12% 10% 15% 12% 15% 18% 13% 19% 9% 4%

Copper 2% 42% 37% 36% 34% 14% 26% 15% 32% 17% 15% 66% 72% 60% 37% 50% 22% 18% 23% 11% 10%Alumnium 6% 35% 30% 29% 28% 14% 22% 13% 29% 14% 12% 66% 69% 56% 31% 40% 20% 16% 19% 11% 9%

Zinc 0% 31% 27% 26% 24% 11% 21% 12% 29% 14% 10% 72% 69% 58% 30% 39% 20% 15% 16% 9% 9%Nickel 2% 30% 28% 27% 26% 16% 21% 16% 26% 12% 15% 60% 56% 58% 23% 32% 23% 14% 23% 7% 6%Gold 0% 20% 18% 18% 18% 13% 16% 14% 22% 11% 12% 37% 31% 30% 23% 82% 9% 15% 12% 5% 1%Silver 4% 31% 29% 28% 29% 18% 24% 17% 31% 16% 15% 50% 40% 39% 32% 82% 16% 20% 17% 9% 4%Sugar 4% 21% 18% 18% 15% 19% 20% 20% 19% 16% 18% 22% 20% 20% 23% 9% 16% 25% 17% 11% 10%Coffee 4% 18% 16% 16% 13% 13% 13% 15% 18% 8% 13% 18% 16% 15% 14% 15% 20% 25% 11% 6% 7%Cotton 0% 22% 20% 20% 19% 19% 20% 21% 25% 13% 19% 23% 19% 16% 23% 12% 17% 17% 11% 8% 5%

Live Cattle 5% 17% 15% 14% 13% 12% 10% 9% 16% 6% 9% 11% 11% 9% 7% 5% 9% 11% 6% 8% 34%Lean Hogs 5% 11% 9% 9% 7% 7% 6% 4% 9% 4% 4% 10% 9% 9% 6% 1% 4% 10% 7% 5% 34%

S&P 500 Total Return Index 1% 39% 37% 35% 33% 11% 17% 10% 21% 11% 12% 39% 31% 30% 29% 2% 15% 17% 11% 21% 14% 5%S&P Energy 12% 63% 60% 58% 54% 15% 19% 14% 27% 11% 16% 41% 33% 31% 30% 11% 24% 23% 15% 21% 14% 6%

S&P Financial 0% 32% 31% 29% 27% 9% 14% 9% 19% 9% 10% 37% 28% 27% 27% -2% 11% 17% 11% 19% 10% 4%S&P Health Care -1% 26% 24% 22% 21% 8% 12% 6% 15% 9% 8% 28% 23% 22% 21% -1% 9% 12% 8% 16% 12% 4%

S&P Consumer Discretionary -2% 31% 30% 28% 27% 10% 14% 9% 17% 9% 11% 34% 26% 25% 26% -4% 9% 13% 8% 17% 14% 4%S&P IT -2% 33% 32% 30% 29% 11% 16% 9% 20% 10% 10% 36% 29% 28% 27% 3% 13% 13% 10% 19% 14% 5%

S&P Utilities 3% 19% 18% 16% 16% 5% 6% 6% 8% 3% 8% 18% 11% 12% 11% 4% 6% 14% 5% 15% 6% 0%S&P Consumers Staples 1% 25% 24% 23% 21% 8% 10% 6% 14% 6% 8% 27% 20% 19% 20% 2% 10% 12% 6% 17% 12% 5%

S&P Industrials 0% 36% 33% 31% 31% 10% 16% 10% 20% 11% 12% 40% 31% 30% 28% 2% 14% 17% 11% 19% 13% 6%S&P Telecommunication 2% 25% 25% 24% 22% 6% 9% 6% 11% 5% 7% 23% 19% 18% 16% 2% 8% 12% 8% 14% 11% 4%

S&P Materials 3% 45% 43% 41% 39% 15% 19% 13% 25% 12% 16% 47% 36% 36% 32% 14% 25% 20% 14% 21% 14% 5%Bloomberg US Treasury -3% -28% -26% -24% -23% -8% -14% -8% -17% -9% -9% -26% -20% -17% -16% 15% 0% -7% -6% -11% -6% -6%

Bloomberg USD IG Corporate -3% -22% -20% -18% -17% -5% -9% -6% -12% -5% -7% -18% -13% -11% -10% 18% 5% -5% -3% -7% -4% -5%Bloomberg USD HY Corporate 0% 23% 25% 24% 20% 9% 15% 4% 18% 11% 5% 24% 21% 22% 19% 4% 13% 9% 9% 13% 10% 4%

Bloomberg U.S. Dollar Spot -7% -33% -29% -29% -26% -13% -17% -16% -18% -13% -16% -35% -27% -24% -21% -35% -34% -19% -20% -22% -6% -7%EURUSD 7% 23% 19% 19% 17% 11% 12% 15% 14% 9% 15% 28% 24% 19% 15% 25% 25% 15% 14% 19% 2% 5%JPYUSD -2% -6% -7% -6% -5% 0% -2% 2% -9% 1% 1% -5% -7% -7% -8% 20% 10% 1% 4% -3% -4% -2%CADUSD 8% 51% 49% 46% 43% 15% 22% 14% 28% 15% 15% 40% 31% 29% 27% 25% 31% 17% 22% 21% 12% 9%MXNUSD 6% 36% 33% 31% 30% 11% 16% 10% 17% 12% 12% 34% 28% 25% 24% 16% 19% 18% 17% 20% 11% 7%GBPUSD 3% 25% 22% 21% 18% 8% 13% 9% 13% 10% 10% 25% 20% 17% 14% 25% 25% 11% 13% 15% 8% 7%AUDUSD 3% 37% 35% 33% 31% 14% 22% 14% 24% 17% 15% 41% 30% 33% 30% 28% 32% 21% 20% 22% 13% 10%CHFUSD 3% 4% 4% 4% 2% 4% 2% 8% 7% 0% 7% 17% 15% 10% 9% 25% 18% 11% 6% 9% -6% 3%KRWUSD 3% 25% 23% 23% 21% 13% 17% 13% 20% 14% 14% 30% 24% 23% 23% 22% 23% 16% 15% 16% 9% 8%CNYUSD 3% 8% 7% 7% 5% 7% 6% 6% 7% 5% 8% 8% 6% 5% 8% 3% 4% -1% 6% 4% 3% 0%

Curr

ency

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

5-Year

Com

mod

ities

Equi

ties

Bond

1-YearCo

mm

oditi

esEq

uitie

sBo

ndCu

rren

cy

16

All i

tem

s

Core

Food

Food

at h

ome

Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

Com

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

e

Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

ical

car

e

Tran

spor

tatio

n

Bloomberg Commodity 63% -8% 28% 29% 3% 66% 63% 65% 63% 24% 2% 38% -2% -7% -21% 10% 15%Energy 64% -15% 17% 20% -6% 73% 73% 74% 73% 21% 3% 32% 6% -22% -25% -1% -4%

Petroleum 72% -2% 15% 18% -6% 77% 78% 80% 78% 5% 1% 8% 13% -11% -27% 6% 5%Agriculture 20% -8% 15% 15% 4% 20% 17% 14% 18% 15% -11% 36% -21% 8% -8% 12% 26%

Grains 12% -7% 10% 10% 5% 12% 10% 6% 10% 9% -15% 31% -18% 6% -10% 15% 19%Industrial Metals 45% 11% 10% 12% -5% 43% 43% 47% 43% -2% 4% -5% 5% 11% 0% 11% 16%Precious Metals 37% 13% 41% 39% 25% 28% 22% 29% 22% 18% 14% 13% 16% 4% -13% 16% 9%

Softs 23% -7% 28% 29% 7% 21% 18% 20% 18% 25% 5% 36% -18% 8% 1% 1% 31%Livestock 23% 1% 25% 25% 9% 23% 22% 17% 22% 21% 1% 35% 1% 4% -6% 17% 9%

Natural Gas 9% -30% 13% 15% -4% 18% 16% 13% 16% 39% 5% 59% -13% -29% -5% -14% -15%WTI Crude 64% -3% 13% 15% -3% 70% 71% 71% 71% 7% 3% 10% 8% -7% -25% 10% 5%

Brent Crude 74% -2% 23% 26% -7% 80% 80% 83% 80% 8% 4% 10% 20% -16% -33% 2% 6%ULS Diesel 72% -8% 26% 29% -1% 77% 77% 86% 77% 9% 5% 10% 16% -20% -31% -1% 4%

Unleaded Gasoline 81% 8% 15% 19% -9% 84% 85% 80% 85% -1% -5% 5% 21% -4% -24% 2% 15%Corn 14% -7% 19% 18% 9% 12% 10% 11% 10% 10% -14% 32% -10% 0% -17% 14% 19%

Soybeans 19% -3% -2% 0% -6% 20% 19% 12% 19% 6% -9% 20% -18% 12% -4% 14% 21%Wheat -2% -12% 3% 1% 7% -1% -3% -10% -2% 6% -20% 32% -29% 9% -2% 12% 11%

Soybean Oil 29% 13% -6% -5% -3% 26% 25% 13% 26% 1% -13% 17% -2% 20% -2% 1% 32%Soybean Meal 12% -9% 4% 5% -5% 15% 14% 12% 15% 5% -6% 15% -23% 9% 0% 12% 14%HRW Wheat 9% -10% 13% 13% 8% 9% 6% 2% 6% 19% -11% 43% -17% 3% -14% 11% 14%

Copper 43% 17% -1% 0% -6% 43% 43% 49% 43% -6% 4% -12% 11% 14% 1% 15% 12%Alumnium 41% -4% 17% 17% 6% 40% 40% 36% 40% -8% -7% -5% 4% -8% -7% 1% 6%

Zinc 35% 11% 0% 4% -14% 36% 36% 37% 35% 2% 11% -8% 0% 14% 5% 9% 18%Nickel 32% 8% 29% 33% -6% 29% 27% 35% 27% 15% 9% 17% -5% 16% -3% 9% 24%Gold 30% 19% 43% 40% 29% 20% 15% 21% 15% 17% 12% 15% 21% 6% -10% 16% 9%Silver 44% 4% 33% 33% 16% 38% 32% 38% 32% 17% 17% 10% 5% 1% -15% 13% 9%Sugar 1% 15% 1% 0% 3% -1% -1% -2% 0% 3% 0% 5% 0% 19% 8% 8% 29%Coffee 23% -12% 46% 46% 16% 21% 15% 14% 15% 40% 12% 52% -15% -4% 2% -6% 8%Cotton 23% -22% 5% 9% -12% 26% 24% 35% 24% 9% -2% 17% -26% -3% -12% -1% 22%

Live Cattle 26% -8% 16% 17% 5% 30% 29% 28% 29% 12% 11% 9% -4% -4% -4% 13% 3%Lean Hogs 13% 8% 26% 25% 10% 11% 9% 3% 10% 23% -5% 44% 5% 8% -7% 15% 9%

S&P 500 Total Return Index 24% -33% -25% -20% -29% 35% 34% 36% 34% 6% 7% 3% -21% -24% -9% -4% -17%Bloomberg US Treasury -33% 5% 31% 26% 35% -39% -40% -36% -40% 10% 10% 5% 22% -13% -13% 2% -10%

Bloomberg USD IG Corporate -5% -7% 21% 18% 22% -7% -10% 4% -10% 17% 10% 16% 21% -27% -19% -7% -16%Bloomberg USD HY Corporate 39% -15% -2% 1% -11% 47% 48% 59% 47% 9% 0% 15% 13% -27% -28% -10% -10%

Bloomberg U.S. Dollar Spot -58% -7% -29% -30% -6% -56% -53% -48% -52% -16% -6% -21% -19% 6% 23% 6% -13%

All i

tem

s

Core

Food

Food

at h

ome

Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

Com

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

e

Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

ical

car

e

Tran

spor

tatio

n

Bloomberg Commodity 68% 6% 6% 10% -13% 69% 67% 66% 66% 31% -1% 40% 2% 9% 1% 9% 19%Energy 68% 2% 12% 16% -10% 71% 69% 69% 68% 38% -1% 48% 1% 5% -1% 3% 13%

Petroleum 72% 6% 11% 14% -7% 74% 75% 72% 74% 23% 2% 29% 5% 6% -1% 6% 16%Agriculture 29% 8% -1% 0% -7% 27% 26% 24% 26% 5% -3% 10% 1% 9% 6% 8% 15%

Grains 23% 7% 2% 2% -2% 20% 20% 19% 20% 2% -3% 6% 0% 10% 9% 8% 10%Industrial Metals 43% 7% -9% -6% -14% 45% 45% 43% 44% 11% 1% 14% 5% 6% -1% 8% 10%Precious Metals 31% 4% 2% 1% 1% 29% 28% 28% 27% 12% 7% 11% 4% 5% -6% 14% 16%

Softs 26% 4% -6% -3% -14% 27% 26% 20% 26% 11% -2% 15% 5% 1% -5% 5% 20%Livestock 16% -3% 18% 22% -8% 14% 11% 9% 11% 16% 8% 16% -12% 7% 5% 9% 2%

Natural Gas 36% -6% 9% 14% -13% 39% 33% 37% 32% 47% -5% 61% -3% -2% -2% -8% 3%WTI Crude 67% 7% 12% 14% -6% 69% 70% 68% 69% 22% 3% 27% 3% 8% 1% 8% 16%

Brent Crude 70% 7% 12% 15% -8% 72% 74% 70% 73% 18% 3% 24% 6% 7% -1% 5% 15%ULS Diesel 70% 3% 15% 17% -4% 72% 72% 77% 71% 27% 3% 33% 4% 3% -5% 3% 17%

Unleaded Gasoline 79% 5% 5% 9% -12% 82% 83% 67% 83% 21% -3% 28% 7% 2% -4% 2% 14%Corn 22% 5% 6% 7% -3% 19% 18% 19% 18% 4% -4% 10% 4% 5% 5% 0% 8%

Soybeans 22% 7% -2% -1% -8% 20% 20% 20% 20% 1% 1% 2% -1% 11% 8% 7% 15%Wheat 15% 6% 0% -1% 5% 14% 14% 9% 14% 1% -5% 5% -5% 11% 12% 14% 3%

Soybean Oil 30% 15% -3% -2% -6% 26% 25% 24% 24% 4% -3% 8% 4% 16% 11% 10% 15%Soybean Meal 17% 3% 0% 1% -6% 16% 17% 16% 16% 1% 6% -1% -2% 6% 4% 4% 13%HRW Wheat 22% 8% 0% -1% 3% 21% 21% 16% 21% 7% -2% 11% 1% 9% 9% 15% 2%

Copper 43% 10% -12% -10% -11% 43% 44% 41% 43% 8% 0% 10% 10% 5% -3% 10% 12%Alumnium 41% 5% 0% 3% -9% 42% 41% 45% 40% 19% 3% 22% 1% 5% 3% 3% 7%

Zinc 25% 6% -18% -17% -15% 27% 28% 22% 28% 1% 0% 1% 9% 2% 0% 2% 2%Nickel 32% -4% -4% 0% -18% 36% 37% 31% 37% 4% -2% 8% -10% 4% -3% 11% 8%Gold 29% 3% 6% 6% 6% 27% 26% 25% 25% 12% 10% 10% 2% 5% -6% 13% 16%Silver 29% 5% -6% -5% -7% 28% 26% 27% 26% 9% 2% 10% 6% 3% -5% 12% 12%Sugar 17% 8% -7% -6% -5% 17% 15% 11% 15% 11% 4% 13% 13% 0% -4% 5% 13%Coffee 13% 6% 1% 4% -8% 13% 13% 8% 13% 3% 1% 6% 4% 0% 1% -4% 5%Cotton 27% -8% -5% -2% -18% 30% 29% 32% 29% 8% -6% 12% 0% -8% -11% 1% 19%

Live Cattle 21% -6% 20% 24% -9% 19% 18% 12% 18% 15% 11% 13% -15% 8% 8% 9% 1%Lean Hogs 6% -2% 12% 14% -6% 4% 2% 3% 2% 11% 4% 14% -8% 3% -1% 7% 2%

CORRELATION: US CPI Indices vs. BCOM Composites vs. BCOM Singles vs. Benchmarks

20-Year

US CPI Indices

BCO

M C

ompo

sites

BCO

M S

ingl

esUS CPI Indices

5-Year

BCO

M C

ompo

sites

BCO

M S

ingl

esBe

nchm

arks

17

CORRELATION: World CPI vs. BCOM Composites vs. BCOM Singles vs. Benchmarks

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesi

a

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 63% 72% -7% 62% 76% 55% 37% -49% 44% 63% 71% 83% 34% 66% -43% -12% -40% 48% 88%Energy 64% 45% 15% 60% 66% 42% 49% -70% 29% 34% 41% 76% 61% 45% -72% -2% -6% 53% 83%

Petroleum 72% 59% -5% 82% 82% 69% 60% -79% 59% 43% 60% 69% 59% 66% -83% -20% 0% 67% 76%Agriculture 20% 67% -32% 51% 65% 52% 32% -26% 48% 57% 68% 60% 12% 70% -20% -18% -58% 39% 67%

Grains 12% 53% -49% 54% 59% 54% 41% -28% 56% 36% 57% 39% 19% 76% -21% -29% -55% 49% 49%Industrial Metals 45% 50% 19% 26% 42% 19% 11% -29% 8% 50% 46% 63% 18% 34% -6% 7% -44% 17% 80%Precious Metals 37% 77% -37% 52% 67% 66% 9% -7% 62% 76% 88% 55% -10% 67% -8% -44% -31% 37% 35%

Softs 23% 75% 0% 35% 59% 39% 6% -15% 25% 79% 72% 77% -4% 43% -12% 3% -46% 13% 77%Livestock 23% 23% 58% 19% 31% 14% -3% -54% 0% 42% 25% 60% 46% 2% -42% 17% 8% -2% 70%

Natural Gas 9% 0% 48% -11% 6% -30% 3% -16% -43% 4% -14% 55% 30% -21% -17% 39% -11% -2% 55%WTI Crude 64% 51% 9% 73% 73% 59% 54% -81% 47% 39% 51% 67% 61% 53% -82% -8% 6% 57% 78%

Brent Crude 74% 71% -11% 85% 89% 75% 59% -74% 65% 53% 72% 75% 51% 72% -79% -24% -7% 69% 77%ULS Diesel 72% 77% -19% 88% 92% 80% 57% -70% 69% 57% 78% 78% 46% 78% -73% -24% -14% 72% 77%

Unleaded Gasoline 81% 70% -29% 91% 91% 81% 65% -66% 74% 50% 74% 68% 47% 84% -79% -41% -9% 80% 66%Corn 14% 63% -64% 57% 65% 62% 37% -15% 64% 43% 68% 39% 7% 81% -14% -39% -54% 56% 37%

Soybeans 19% 48% -20% 57% 59% 48% 50% -52% 47% 31% 48% 47% 36% 66% -43% -12% -44% 46% 69%Wheat -2% 13% -40% 17% 20% 15% 27% -7% 22% 4% 18% 9% 9% 48% 7% -13% -59% 21% 29%

Soybean Oil 29% 81% -52% 57% 70% 62% 32% -10% 60% 64% 80% 53% -11% 76% -13% -26% -55% 45% 50%Soybean Meal 12% 12% -2% 34% 28% 26% 36% -53% 28% 5% 16% 19% 45% 43% -34% -5% -33% 25% 52%HRW Wheat 9% 48% -25% 39% 52% 36% 31% -29% 34% 39% 49% 51% 21% 61% -13% -11% -60% 33% 66%

Copper 43% 66% -9% 48% 60% 41% 29% -34% 32% 52% 62% 64% 16% 59% -18% -3% -54% 38% 79%Alumnium 41% 49% 17% 12% 33% 10% -5% -9% 0% 52% 43% 56% 0% 23% 14% 8% -43% 6% 66%

Zinc 35% 10% 48% -4% 6% -14% -4% -28% -24% 17% 6% 37% 28% -1% 2% 20% -23% -4% 63%Nickel 32% 28% 49% 14% 31% 6% 7% -41% -5% 41% 29% 60% 36% 15% -18% 9% -22% 4% 79%Gold 30% 71% -37% 54% 66% 70% 7% -11% 68% 73% 86% 47% -5% 64% -14% -53% -16% 38% 24%Silver 44% 79% -35% 45% 64% 54% 11% -1% 48% 75% 82% 62% -17% 64% 1% -27% -50% 32% 49%Sugar 1% 87% -25% 63% 77% 67% 32% -28% 60% 75% 87% 69% 0% 64% -37% -25% -30% 40% 60%Coffee 23% 48% 35% 10% 35% 17% -24% -15% 1% 75% 50% 69% 9% 14% -2% 9% -23% -12% 70%Cotton 23% 58% -21% 18% 39% 13% 14% 11% 4% 46% 44% 58% -24% 35% 13% 31% -72% 11% 64%

Live Cattle 26% 5% 62% -16% -3% -11% -43% -19% -23% 39% 8% 30% 22% -21% 10% 20% 0% -36% 43%Lean Hogs 13% 30% 34% 43% 50% 31% 33% -66% 19% 29% 31% 63% 51% 22% -71% 6% 13% 29% 68%

S&P 500 Total Return Index 24% 0% 32% 11% 9% -12% 31% -47% -20% -16% -13% 26% 46% 4% -20% 43% -26% 13% 65%Bloomberg US Treasury -33% 36% 7% 7% 21% 20% -12% -2% 18% 43% 35% 28% 1% 4% -1% -20% -9% -10% 16%

Bloomberg USD IG Corporate -5% 23% 9% 26% 26% 35% 2% -38% 33% 30% 32% 22% 33% 17% -27% -28% 6% -1% 19%Bloomberg USD HY Corporate 39% 8% -11% 43% 29% 39% 29% -57% 36% -5% 17% 11% 43% 34% -38% -13% 5% 29% 15%

Bloomberg U.S. Dollar Spot -58% -78% 10% -69% -81% -63% -42% 46% -51% -66% -77% -87% -26% -66% 56% 20% 22% -55% -80%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Russ

ia

Turk

ey

Switz

erla

nd

Bloomberg Commodity 78% 48% 1% 52% 15% 68% -34% 30% 64% 20% 35% 13% -9% 8% 66%Energy 75% 35% 7% 45% 0% 62% -42% 41% 64% 19% 37% 25% 4% 23% 67%

Petroleum 79% 44% 4% 53% 13% 70% -37% 32% 63% 15% 34% 18% 0% 12% 69%Agriculture 48% 66% 9% 50% 40% 58% 2% 20% 36% 31% 17% 7% -22% -7% 35%

Grains 43% 66% 6% 51% 35% 57% -1% 20% 29% 23% 17% 8% -15% -7% 28%Industrial Metals 48% 16% -5% 20% 6% 31% -24% -8% 32% -11% 11% -13% -12% -14% 40%Precious Metals 41% 28% -31% 28% 41% 51% 0% -8% 30% 19% 23% -25% -19% -31% 36%

Softs 34% 34% 8% 22% 34% 33% 7% 14% 36% 37% 8% 10% -22% 4% 31%Livestock 38% 36% 21% 29% -2% 27% -35% 24% 34% 0% 15% 12% -16% 9% 18%

Natural Gas 53% 22% 26% 23% -15% 33% -35% 43% 50% 26% 27% 35% 9% 31% 45%WTI Crude 78% 42% 8% 51% 11% 68% -38% 32% 62% 15% 33% 21% 4% 15% 71%

Brent Crude 81% 39% -2% 56% 19% 70% -36% 23% 64% 14% 33% 14% 0% 11% 71%ULS Diesel 80% 49% 2% 56% 18% 73% -37% 35% 66% 16% 39% 12% -7% 5% 69%

Unleaded Gasoline 77% 41% -7% 52% 15% 68% -31% 30% 63% 15% 29% 12% -7% 9% 60%Corn 40% 65% 5% 47% 48% 51% 9% 20% 28% 25% 21% 17% -6% -1% 19%

Soybeans 35% 57% 8% 44% 25% 53% -1% 19% 23% 24% 8% -2% -27% -12% 26%Wheat 38% 57% 2% 45% 16% 48% -15% 19% 26% 4% 22% 2% -7% -11% 30%

Soybean Oil 48% 51% 1% 51% 30% 62% -1% 2% 34% 36% 16% -15% -26% -15% 37%Soybean Meal 22% 46% 2% 37% 13% 41% -15% 20% 18% 1% 16% -6% -28% -16% 21%HRW Wheat 52% 60% 10% 50% 27% 54% -13% 16% 37% 16% 27% 12% -3% -5% 42%

Copper 52% 23% -6% 26% 12% 38% -19% -8% 29% -6% 14% -13% -16% -20% 43%Alumnium 60% 17% 5% 31% 6% 40% -31% -6% 47% 0% 17% -14% -9% -5% 52%

Zinc 22% -1% -1% -5% -5% -3% -13% -13% 5% -21% -9% -3% -10% -8% 9%Nickel 26% 0% -18% 0% -7% 15% -31% 1% 26% -25% 9% -11% -2% -9% 26%Gold 39% 28% -33% 28% 40% 55% -4% -2% 33% 8% 32% -31% -19% -39% 37%Silver 39% 26% -21% 24% 36% 39% 2% -14% 25% 29% 9% -12% -13% -14% 31%Sugar 43% 20% -17% 22% 20% 43% -9% 30% 42% 28% 36% 7% -20% 2% 38%Coffee 20% 27% 41% 12% 26% 6% 5% -5% 16% 26% -31% 19% -12% 10% 18%Cotton 20% 38% -1% 4% 30% 16% 20% 15% 25% 6% 9% 2% -6% -15% 11%

Live Cattle 29% 27% 24% 17% -14% 22% -44% 24% 38% -5% 5% -2% -13% -2% 13%Lean Hogs 35% 36% 11% 33% 9% 27% -20% 22% 24% 4% 23% 17% -22% 13% 18%

BCO

M C

ompo

sites

BCO

M S

ingl

es

5-Year

CPI by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

20-Year

CPI by Country

18

CORRELATION: World GDP vs. BCOM Composites vs. BCOM Singles vs. Benchmarks

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesi

a

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 6% 84% -30% 26% 29% 18% 79% 63% -3% 68% 8% -3% 13% -40% 72% 5% 19% -73% 35%Energy 18% 42% -6% 4% 38% -9% 42% 64% -29% 53% 5% -6% -9% -41% 59% 7% -17% -68% 46%

Petroleum 20% 59% -22% 4% 36% -11% 63% 75% -42% 54% -6% -2% 8% -65% 77% 6% -14% -88% 40%Agriculture -14% 86% -43% 32% 19% 32% 81% 56% 11% 63% 14% -2% 13% -37% 66% 1% 36% -63% 25%

Grains -24% 74% -41% 17% 15% 29% 70% 59% -2% 53% 9% -6% 5% -50% 61% 4% 29% -63% 21%Industrial Metals 9% 73% -26% 33% 22% 26% 62% 36% 32% 51% 3% -17% 18% -5% 36% 2% 34% -42% 26%Precious Metals 5% 85% -27% 21% -1% 23% 81% 31% -10% 42% -11% 18% 40% -44% 62% 2% 29% -55% 0%

Softs 3% 87% -38% 49% 19% 32% 83% 40% 26% 63% 17% 5% 26% -11% 61% -3% 40% -50% 24%Livestock 21% 32% -12% 22% 35% -1% 30% 33% -1% 42% -1% -19% 11% 1% 29% 0% -3% -35% 40%

Natural Gas 11% -8% 29% 8% 23% 1% -16% 11% 9% 24% 28% -8% -36% 28% -1% 4% -10% 5% 33%WTI Crude 22% 52% -18% 8% 38% -13% 56% 71% -34% 51% -4% -4% 6% -54% 69% 5% -15% -82% 43%

Brent Crude 19% 67% -22% 6% 31% -8% 71% 72% -43% 57% -5% 3% 15% -68% 82% 6% -11% -90% 35%ULS Diesel 18% 75% -24% 10% 32% -4% 78% 72% -40% 61% -4% 4% 18% -69% 86% 8% -6% -91% 34%

Unleaded Gasoline 14% 67% -23% -4% 26% -8% 70% 74% -52% 55% -11% 3% 13% -79% 85% 7% -13% -92% 30%Corn -21% 78% -33% 17% 7% 32% 73% 54% -10% 46% 5% 6% 7% -55% 63% 4% 28% -61% 14%

Soybeans -17% 67% -40% 16% 28% 14% 66% 64% -2% 61% 13% -14% 8% -46% 64% 5% 20% -69% 26%Wheat -33% 51% -49% 17% 14% 36% 43% 42% 25% 41% 15% -24% -14% -22% 26% -2% 36% -34% 23%

Soybean Oil -8% 93% -43% 36% 10% 32% 90% 49% 10% 59% 12% 10% 26% -42% 71% 1% 44% -63% 14%Soybean Meal -23% 37% -37% 2% 26% 5% 35% 50% 2% 45% 7% -30% 2% -31% 36% 5% 12% -47% 21%HRW Wheat -17% 77% -46% 29% 25% 37% 69% 56% 19% 60% 15% -16% -1% -29% 51% -2% 36% -57% 32%

Copper 5% 88% -38% 35% 24% 24% 79% 48% 24% 64% 9% -13% 24% -25% 55% 2% 40% -59% 26%Alumnium 12% 67% -13% 33% 10% 30% 55% 22% 38% 35% 0% -4% 17% 6% 23% 1% 32% -27% 18%

Zinc 16% 21% 3% 8% 14% 1% 8% 10% 31% 19% -13% -32% 5% 22% -10% 14% 4% -4% 18%Nickel 9% 53% -24% 29% 32% 27% 45% 35% 26% 45% 3% -26% 8% 3% 27% -5% 25% -37% 30%Gold 6% 77% -21% 14% -4% 18% 74% 29% -22% 33% -19% 20% 41% -50% 60% 1% 24% -54% -4%Silver 3% 90% -33% 30% 5% 29% 84% 31% 9% 51% 1% 12% 34% -32% 60% 1% 35% -51% 5%Sugar 7% 89% -33% 27% 5% 12% 90% 51% -8% 56% 6% 25% 36% -48% 83% 2% 25% -71% 13%Coffee 8% 62% -22% 42% 16% 26% 55% 24% 27% 44% 3% -3% 20% 11% 32% -1% 23% -27% 25%Cotton -8% 80% -42% 58% 29% 45% 73% 32% 51% 68% 42% -5% 9% 6% 47% -4% 55% -34% 25%

Live Cattle 15% 20% -9% 31% 16% 14% 13% 0% 31% 13% -13% -22% 14% 33% -13% 3% 12% 4% 22%Lean Hogs 17% 31% -10% 6% 40% -13% 35% 52% -29% 51% 9% -9% 4% -30% 55% -4% -15% -58% 41%

S&P 500 Total Return Index 1% 6% -7% 18% 39% 6% 3% 35% 31% 22% 19% -27% -33% 11% 0% 11% -8% -19% 38%Bloomberg US Treasury 3% 8% 33% -25% -46% -15% 12% -1% -24% -18% -20% 53% 17% -10% 19% 10% -23% -4% -15%

Bloomberg USD IG Corporate -4% 9% 8% -23% -22% -16% 16% 20% -34% -18% -25% 37% 2% -39% 26% -2% -37% -32% -11%Bloomberg USD HY Corporate 15% 30% -39% 7% 29% 3% 34% 42% -21% 22% -13% -17% -20% -48% 33% -13% 8% -59% 22%

Bloomberg U.S. Dollar Spot -20% -76% 23% -8% -18% 5% -75% -58% 24% -65% -4% -13% -20% 52% -81% -8% 5% 75% -28%

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% 47% 16% 30% 36% 33% 51% 4% 1% 39% 35% 35%Energy 36% 13% 9% 10% 27% 19% 36% 4% -5% 23% 35% 20%

Petroleum 37% 26% 11% 15% 28% 19% 42% 6% -4% 27% 27% 27%Agriculture 12% 51% 5% 21% 21% 14% 36% -12% 2% 32% 1% 15%

Grains 6% 44% 3% 13% 15% 10% 29% -9% 4% 25% -3% 7%Industrial Metals 46% 65% 29% 51% 41% 51% 50% 14% 5% 46% 44% 60%Precious Metals 10% 65% 2% 22% 11% 15% 30% 5% 3% 22% -8% 22%

Softs 18% 36% 4% 29% 22% 20% 34% -11% -3% 35% 7% 22%Livestock 44% 14% 23% 27% 34% 29% 22% 7% 11% 32% 33% 35%

Natural Gas 28% -6% 6% 1% 16% 15% 16% -12% -7% 14% 39% 6%WTI Crude 38% 25% 11% 14% 27% 19% 41% 8% -2% 26% 30% 26%

Brent Crude 37% 29% 10% 17% 28% 22% 47% 10% -1% 28% 24% 32%ULS Diesel 33% 26% 9% 13% 24% 14% 39% 2% -7% 25% 21% 25%

Unleaded Gasoline 39% 26% 14% 19% 32% 26% 48% 4% -5% 34% 21% 30%Corn 1% 29% -1% 7% 2% 4% 15% -14% 3% 20% -14% -5%

Soybeans 9% 40% 4% 8% 19% 8% 35% -9% 5% 27% -4% 10%Wheat 6% 51% 7% 22% 22% 13% 29% 0% -2% 19% 12% 14%

Soybean Oil 11% 58% -1% 13% 17% 13% 32% -14% 8% 18% 10% 13%Soybean Meal -2% 25% 5% 7% 11% 3% 29% -1% -5% 24% -11% 12%HRW Wheat 12% 55% 6% 25% 25% 16% 32% -2% -5% 25% 15% 17%

Copper 41% 67% 25% 46% 36% 43% 49% 12% 1% 45% 34% 54%Alumnium 44% 50% 20% 44% 33% 47% 43% 4% 4% 35% 49% 53%

Zinc 46% 51% 37% 55% 39% 53% 40% 11% 5% 50% 42% 61%Nickel 44% 54% 32% 45% 47% 50% 52% 27% 10% 38% 45% 55%Gold 1% 64% 2% 15% 6% 1% 23% 12% -2% 13% -15% 14%Silver 23% 59% 2% 33% 20% 35% 39% -4% 9% 33% 8% 33%Sugar 9% 26% 1% 15% 11% 4% 18% -10% -16% 20% 0% 8%Coffee 23% 24% 5% 20% 12% 22% 25% -12% 11% 33% 13% 33%Cotton 17% 28% 11% 32% 25% 24% 37% 4% -7% 33% 5% 20%

Live Cattle 45% 18% 20% 28% 32% 35% 26% 8% 14% 32% 40% 38%Lean Hogs 33% 10% 21% 19% 29% 16% 12% 4% 6% 24% 17% 25%

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 REPORT: Commodity Futures & Options, Money ManagersCOT <GO>

Group Commodity End of Feb 2016 Net Position (Lots)

End of Jan 2016 Net Position

(Lots)

Notional Change ($mill, with end

of Feb 2016 price)

End of Feb 2016 Notional ($ mill)

Natural Gas -161,615 -149,642 -204 -2,760 WTI Crude 110,554 110,432 4 3,731

Brent Crude 320,289 208,153 4,069 11,623 ULS Diesel -22,797 -21,445 -62 -1,051 Gasoline 20,340 17,382 161 1,105

Total 3,967 12,648 Corn -134,334 -87,197 -834 -2,376

Soybeans -22,059 -30,456 359 -944 Wheat -98,680 -50,699 -1,064 -2,188

Soybean Oil 50,488 48,549 36 932 Soybean Meal -46,742 -38,322 -219 -1,215 HRW Wheat -27,163 -16,509 -236 -602

Total -1,958 -6,394 Copper -2,095 -23,916 1,157 -111

Aluminum 49,870 47,585 90 1,960 Zinc 36,745 13,924 1,006 1,619

Nickel 17,624 19,680 -105 898 Total 2,147 4,367 Gold 123,566 23,849 12,375 15,335 Silver 47,637 24,172 1,752 3,556 Total 14,127 18,891 Sugar 17,086 118,308 -1,623 274 Coffee -10,452 -23,251 549 -448 Cotton -2,778 27,317 -877 -81 Total -1,952 -255

Live Cattle 16,162 12,825 182 883Lean Hogs 44,014 29,845 397 1,235

Total 580 2,118Total 16,912 31,374

Historical Correlation

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 10% 23% -33% -33% 36% 43% WTI Crude 8% 28% -62% -48% 59% 51%

Brent Crude 8% 25% -36% -32% 28% 35% ULS Diesel -1% 26% -41% -31% 37% 40% Gasoline 34% 31% -51% -21% 58% 39%

Corn 46% 56% -36% -49% 55% 63% Soybeans 56% 65% -78% -56% 75% 71%

Wheat 66% 50% -69% -62% 71% 66% Soybean Oil 35% 49% -66% -59% 74% 66%

Soybean Meal 51% 53% -57% -42% 68% 61% HRW Wheat 8% 21% -43% 47% 51%

Copper 35% 46% -63% -56% 62% 58% Aluminum 12% -18% 35%

Zinc 21% -43% 55% Nickel 27% -26% 52% Gold 74% 65% -68% -60% 77% 69% Silver 53% 53% -63% -46% 68% 59% Sugar 55% 52% -76% -61% 80% 67% Coffee 59% 43% -76% -64% 82% 66% Cotton 69% 58% -48% -52% 70% 63%

Live Cattle 23% 22% -17% -6% 27% 17%Lean Hogs 3% 15% -10% -14% 1% 12%

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityBCOM Single Index Level vs. MM's

Long PositionBCOM Single Index Level vs. MM's

Short PositionBCOM Single Index Level vs.

MM's Net Position

Energy

Group

20

Gasoline Corn

COMMITMENT OF TRADERS REPORT: Historical Money Manager's Net Position vs. BCOM Index LevelNatural 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

Money Manager's Net Position Index Level

0

500

1000

1500

2000

2500

0

100000

200000

300000

400000

06 07 08 09 10 11 12 13 14 15

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

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

Money Manager's Net Position Index Level

0

500

1000

1500

-200000

20000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

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

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

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

Money Manager's Net Position Index Level

050100150200250300

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15

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

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

Money Manager's Net Position Index Level

21

COMMITMENT OF TRADERS REPORT: Historical Money Manager's Net Position vs. BCOM IndicesCopper 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

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

Money Manager's Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

0

10000

20000

30000

40000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-500000

50000100000150000200000250000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

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

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

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

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

Money Manager's Net Position Index Level

22

GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>

Group Inventory/Sales Related Ticker UnitEnd of Feb

2016End of Jan

2016Change

(%)DOE Natural Gas Total Inventory DOENUST1 bcf 2,584 3,086 -16%DOE Crude Oil Total Inventory DOESCRUD mm barrels 508 495 3%DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 65 63 3%DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 161 160 0%DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 256 248 3%USDA Corn Total Export Sales SALECNUM thousand MT 1,066 855 25%USDA Soybeans Total Export Sales SALESYBN thousand MT 329 648 -49%USDA All Wheat Total Export Sales SALEWEAL thousand MT 486 347 40%USDA Soybean Oil Total Export Sales SALESYOL thousand MT 3 9 -65%USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 173 201 -14%Comex Copper Total Inventory COMXCOPR thousand short ton 68 66 3%LME Copper Total Inventory NLSCA thousand MT 196 241 -19%LME Primary Aluminum Total Inventory NLSAH thousand MT 2,761 2,807 -2%LME Zinc Total Inventory NLSZS thousand MT 479 477 0%LME Nickel Total Inventory NLSNI thousand MT 442 452 -2%Comex Gold Total Inventory COMXGOLD mm ounces 7 6 6%Comex Silver Total Inventory COMXSILV mm ounces 154 158 -3%

Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 129 197 -34%USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 104 18 478%USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 404 156 159%

Historical Correlation

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory -66% -21%DOE Crude Oil Total Inventory -42% -88%DOE Cushing Oklahoma Crude Oil Total Stocks -40% -66%DOE Distillate Fuel Oil Total Inventory -88% -40%DOE Motor Gasoline Total Inventory -55% -34%USDA Corn Total Export Sales -20% -28%USDA Soybeans Total Export Sales -47% -2%USDA All Wheat Total Export Sales 5% 21%USDA Soybean Oil Total Export Sales -36% -14%USDA Soybean Cake Meal Total Export Sales 7% 19%Comex Copper Total Inventory -92% 53%LME Copper Total Inventory 74% 31%LME Primary Aluminum Total Inventory 96% 40%LME Zinc Total Inventory -30% 23%LME Nickel Total Inventory 22% -72%Comex Gold Total Inventory 70% 89%Comex Silver Total Inventory 70% -87%

Softs USDA All Upland Cotton Total Export Sales -51% -10%USDA Cattle Slaughter Estimates Daily 5% -25%USDA Hogs Slaughter Estimates Daily 18% -18%

BCOM Index

vs. BCOM WTI Crude Indexvs. BCOM WTI Crude Indexvs. BCOM ULS Diesel Index

vs. BCOM Silver Indexvs. BCOM Gold Index

vs. BCOM Cotton Indexvs. BCOM Live Cattle Indexvs. BCOM Lean Hogs Index

vs. BCOM Natural Gas Index

vs. BCOM Unleaded Gasoline Index

vs. BCOM Copper Indexvs. BCOM Copper Indexvs. BCOM Alumnium Indexvs. BCOM Zinc Indexvs. BCOM Nickel Index

vs. BCOM Corn Indexvs. BCOM Soybeans Indexvs. BCOM Wheat Indexvs. BCOM Soybean Oil Indexvs. BCOM 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

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

270000

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

USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index

0

500

1000

1500

2000

0

100

200

300

400

500

07 09 11 13 15

USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index

24

Silver Cotton

Live Cattle Lean Hogs

COMMODITY INVENTORY & SALES vs. BCOM INDICESCopper 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

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

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

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

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 01 03 05 07 09 11 13 15

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 01 03 05 07 09 11 13 15

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

25

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

Report Period: 1/29/2016 - 2/29/2016

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

-118.64 5,336.85 -2.2%565.64 8,751.45 6.5%-31.21 1,228.89 -2.5%-5.11 24.54 -20.8%

-12.06 172.95 -7.0%5,169.36 37,412.14 13.8%5,567.98 52,926.81 10.5%

All Commodities Sector: Top 10 Creations

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

GLD US SPDR Gold Shares 4,185.51 23,960.80 17.5%IAU US iShares Gold Trust 887.05 5,959.80 14.9%USO US United States Oil Fund LP 374.13 3,676.30 10.2%

UWTI US VelocityShares 3x Long Crude ETN 315.37 855.57 36.9%UGAZ US VelocityShares 3x Long Natural Gas ETN 143.57 251.13 57.2%UCO US ProShares Ultra Bloomberg Crude Oil 116.38 792.21 14.7%UNG US United States Natural Gas Fund LP 67.89 488.29 13.9%

COMT US iShares Commodities Select Strategy ETF 62.06 186.45 33.3%DBO US PowerShares DB Oil Fund 47.96 420.25 11.4%SGOL US ETFS Physical Swiss Gold Shares 41.59 809.89 5.1%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

DWTI US VelocityShares 3x Inverse Crude ETN -444.54 728.52 -61.0%DJP US iPath Bloomberg Commodity Index Total Return ETN -202.82 895.66 -22.6%

DGAZ US VelocityShares 3x Inverse Natural Gas ETN -105.73 79.82 -132.5%USLV US ocityShares 3x Long Silver ETN linked to the S&P GSCI Silver In -24.79 117.09 -21.2%JJA US iPath Bloomberg Agriculture Subindex Total Return ETN -14.22 33.65 -42.2%GSP US iPath GSCI Total Return Index ETN -12.40 51.61 -24.0%DBA US PowerShares DB Agriculture Fund -12.02 632.95 -1.9%USCI US United States Commodity Index Fund -11.86 495.50 -2.4%GLTR US ETFS Physical Precious Metal Basket Shares -10.84 158.73 -6.8%KOLD US ProShares UltraShort Bloomberg Natural Gas -9.36 18.99 -49.3%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture

26

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

1.5

2.5

3.5

4.5

5.5

MAR

16

DEC

16SE

P 17

JUN

18

MAR

19

DEC

19SE

P 20

JUN

21

MAR

22

DEC

22SE

P 23

JUN

24

MAR

25

DEC

25SE

P 26

JUN

27

MAR

28

Natural Gas

29-Jan-2016

29-Feb-20160

102030405060

MAR

16

JUL

16N

OV

16M

AR 1

7JU

L 17

NO

V 17

MAR

18

JUL

18N

OV

18M

AR 1

9JU

L 19

NO

V 19

MAR

20

JUL

20N

OV

20M

AR 2

1JU

L 21

WTI Crude

29-Jan-2016

29-Feb-2016

30354045505560

MAR

16

AUG

16JA

N 1

7JU

N 1

7N

OV

17AP

R 18

SEP

18FE

B 19

JUL

19DE

C 19

MAY

20

OCT

20

MAR

21

AUG

21JA

N 2

2JU

N 2

2N

OV

22

Brent Crude

29-Jan-2016

29-Feb-20160

50

100

150

200

FEB

16

MAY

16

AUG

16

NO

V 16

FEB

17

MAY

17

AUG

17

NO

V 17

FEB

18

MAY

18

AUG

18

NO

V 18

FEB

19

MAY

19

ULS Diesel

29-Jan-2016

29-Feb-2016

100

120

140

160

180

200

FEB

16AP

R 16

JUN

16

AUG

16O

CT 1

6DE

C 16

FEB

17AP

R 17

JUN

17

AUG

17O

CT 1

7DE

C 17

FEB

18AP

R 18

JUN

18

AUG

18O

CT 1

8DE

C 18

Unleaded Gasoline

29-Jan-2016

29-Feb-2016

240

250

260

270

280

290

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

Soybean Meal

29-Jan-2016

29-Feb-2016400

450

500

550

600

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

HRW Wheat

29-Jan-2016

29-Feb-2016

350

370

390

410

430

450

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

Corn

29-Jan-2016

29-Feb-2016800

850

900

950

1000

MAR

16

MAY

16

JUL

16AU

G 16

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

18

Soybeans

29-Jan-2016

29-Feb-2016

400

450

500

550

600

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

Wheat

29-Jan-2016

29-Feb-201629.5

3030.5

3131.5

3232.5

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

Soybean Oil

29-Jan-2016

29-Feb-2016

27

COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

200

205

210

215

220

FEB

16

MAY

16

AUG

16

NO

V 16

FEB

17

MAY

17

AUG

17

NO

V 17

MAR

18

SEP

18

MAY

19

DEC

19

JUL

20

Copper

29-Jan-2016

29-Feb-20161300

1500

1700

1900

2100

2300

FEB

16SE

P 16

APR

17N

OV

17JU

N 1

8JA

N 1

9AU

G 19

MAR

20

OCT

20

JUN

21

JAN

22

AUG

22M

AR 2

3O

CT 2

3M

AY 2

4DE

C 24

JUL

25FE

B 26

Aluminum

29-Jan-2016

29-Feb-2016

10001050110011501200125013001350

FEB

16

APR

16

AUG

16

DEC

16

APR

17

AUG

17

DEC

17

DEC

18

DEC

19

DEC

20

DEC

21

Gold

29-Jan-2016

29-Feb-201613

13.514

14.515

15.516

FEB

16

APR

16

JUL

16

DEC

16

MAR

17

JUL

17

DEC

17

DEC

18

DEC

19

DEC

20

Silver

29-Jan-2016

29-Feb-2016

10111213141516

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

JUL

18

Sugar

29-Jan-2016

29-Feb-2016110115120125130135140

MAR

16

MAY

16

JUL

16SE

P 16

DEC

16M

AR 1

7M

AY 1

7JU

L 17

SEP

17DE

C 17

MAR

18

MAY

18

JUL

18SE

P 18

DEC

18

Coffee

29-Jan-2016

29-Feb-2016

5055606570758085

FEB

16

APR

16

MAY

16

JUN

16

JUL

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

MAY

17

Lean Hogs

29-Jan-2016

29-Feb-2016 105110115120125130135140145

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

#N/A

Inva

lidSe

curit

y

Live Cattle

29-Jan-2016

29-Feb-2016

1500155016001650170017501800

FEB

16JU

N 1

6O

CT 1

6FE

B 17

JUN

17

OCT

17

FEB

18JU

N 1

8O

CT 1

8FE

B 19

JUN

19

OCT

19

FEB

20JU

N 2

0O

CT 2

0FE

B 21

Zinc

29-Jan-2016

29-Feb-2016

8200

8400

8600

8800

9000

9200

FEB

16JU

N 1

6O

CT 1

6FE

B 17

JUN

17

OCT

17

FEB

18JU

N 1

8O

CT 1

8FE

B 19

JUN

19

OCT

19

FEB

20JU

N 2

0O

CT 2

0FE

B 21

Nickel

29-Jan-2016

29-Feb-2016

52545658606264

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

JUL

18

OCT

18

Cotton

29-Jan-2016

29-Feb-2016

28

BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO>

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

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

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 and BLOOMBERG INDICES 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. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDICES. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDICES 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 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 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 should not be considered as information sufficient upon which to base an investment decision. All information provided by the BLOOMBERG INDICES 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 any financial decisions. © 2016 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg.

BCOM Indices are compared to the S&P 500 Index. The S&P 500 Index is an equity index of 500 leading companies and captures approximately 80% coverage of available market capitalization. The volatility of the S&P 500 Index may be materially different from that of the BCOM Indices. In addition, the membership in BCOM Indices may differ significantly from the securities or other attributes that comprise the S&P 500 Index. The S&P 500 Index has not been selected to represent an appropriate benchmark to compare the performance of BCOM Indices, but rather are disclosed to allow for comparison of BCOM Indices to a well-known and widely recognized index. Standard & Poor’s, S&P, and S&P 500 Index are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a part of McGraw Hill Financial.

31