Q3 2015Market Commentary 02Commodity Performance BCOM 06 Roll Select 07 Historical 08Contribution to Return & Weights 09Commodity Volatility Realized 10 Implied 11 Historical Realized 12Commodity Correlation Composites 13 Singles 14 US CPI Indices 15 Country CPI 16 Country GDP 17Commitment of Traders Report Monthly Notional Change & Correlation 18 Historical Net Positions 19Commodity Inventories & Sales Monthly Change & Correlation 21 Historical Levels 22Commodity ETP Flows 24Term Structures 25BI Dashboards 27Bloomberg Cheat Sheet 28

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TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX

Commodities Post Worst Quarter Since 2008 Financial Crisis

• The Bloomberg Commodity Index (BCOM) lost 14.5% in Q3 amid forecasts for the slowest economic growth since 1990 in China,the biggest user of energy, metals and grains. • Oil led the Q3 collapse as OPEC producers pumped near record levels while everything from corn to copper was down more than10% on speculation that supplies are outpacing demand. • Money flowed out of commodity funds in September. U.S.-listed Exchange Traded Products (ETPs) lost $522 million inSeptember. • Money managers’ notional exposure to commodity futures and options fell $800 million in September. Energy positions were up$4.2 billion mostly from crude oil, grains were down $3.9 billion, industrial metals were up $2 billion, and precious metals were down $1.7 billion. • Realized volatility for the BCOM index in September (15.54%) is substantially lower than the S&P 500 index (21.98%). Realizedvolatility for the BCOM Petroleum index remained elevated at 44.81%.

ENERGY (32.6% weight in BCOM)

Oil slipped, capping the lowest quarterly average price since the start of 2009 as U.S. crude inventories climbed. The Bloomberg WTI Crude Oil index fell 27% in Q3. Oil has plunged more than a quarter from this year’s closing peak in June on speculation a global glut will be prolonged amid a weakening Chinese economy and the return of Iranian barrels to market. U.S. crude stockpiles remain more than 100 million barrels above the five-year seasonal average, while OPEC pumped more than its 30 million-barrel daily quota for the 16th consecutive month in September. As the glut pushes prices down, the U.S. has started to curb its output. U.S. crude output declined 40,000 barrels a day to 9.1 million last week. Production has slipped in seven of the last eight weeks.

Nationwide crude stockpiles rose 3.96 million barrels to 457.9 million in the week ended Sept. 25, the EIA said. Supplies at Cushing, Oklahoma, which is the biggest hub in the country, fell by 1.07 million barrels to 53 million, the least since March. Traders are keeping an eye on hurricane Joaquin via Bloomberg commodity maps (BMAP <GO>) to gauge the threat to refineries.

Hurricane Joaquin as of 8am ET on Oct. 2 (BMAP <GO>)

The U.S. is now a net oil exporter to Mexico for first time in two decades. Net exports were 48,000 barrels a day in July, EIA data show. A decade ago, the U.S. bought a net 1.3 million barrels of oil from its southern neighbor. The emergence of the U.S. as a net supplier to Mexico underscores how the growth of the shale industry is redrawing the global energy map. Output from shale rocks pushed U.S. oil production to a three-decade high earlier this year, driving down prices, boosting margins for refiners and fueling a debate over whether the country should lift restrictions on exports of crude. Refineries in the U.S. Midwest earned $24.50 a barrel in the third quarter to Sept. 23, compared with $20.80 in the preceding quarter and $17.60 a year earlier, according to BP Plc data. The U.S. imports oil from various countries including Saudi Arabia and Iraq. Net oil imports into the U.S. dropped to 4.5 million barrels a day in July, 64% less than a decade earlier. Purchases from OPEC nations sank to 2.6 million barrels a day from 6.1 million in July 2005.

The Bloomberg Natural Gas index was down 23% year-to-date and 9% in September, capping a third straight monthly drop. Natural gas futures fell to a five-month low as mild U.S. weather forecasts for the first half of October dashed hopes of early heating demand. Temperatures may be mostly normal in the eastern half of the U.S. from Oct. 5 through Oct. 14, according to MDA Weather Services. Gas stockpiles totaled 3.44 trillion cubic feet as of Sept. 18, 5% above the five-year average and 16% above the year-ago level.

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Natural gas's share of U.S. power generation rose to a record 35% in July. Gas surpassed coal as the primary fuel source for the second time, following April. Generators are building gas plants to replace retired coal generation because of EPA clean-power rules and cheaper gas. Coal capacity will fall slowly, with the EIA projecting that it will remain the main fuel through 2016. The EIA expects additions of 6.3 gigawatts of gas capacity in 2015 vs. reductions of 13 GW for coal (BI EGENN <GO>).

GRAINS (23.1% weight in BCOM)

Members of a trade delegation from China, the world’s top soybean importer, signed memorandums to buy a record 13.18 million metric tons of the oilseed worth around $5.3 billion from U.S. shippers after annual negotiations. China will import a record 79 million tons from around the world in the year that began Oct. 1, the USDA said in September. The country’s total demand has soared 35-fold since 1997 as the economy boomed. As of Sept. 17, U.S. sales to the Asian nation in the 12 months ending Aug. 31 were 55% behind the pace a year earlier, agency data showed.

As the world’s livestock herds and ethanol plants prepare to consume more corn than farmers can grow over the next year, there’s still more than enough of the grain to go around. Global corn inventories before this season were at a 27-year high after two straight seasons of record harvests. Exports by the U.S., the biggest producer, are running 28% behind last year’s pace as a stronger dollar entices buyers to go elsewhere for cheaper supply. While global reserves are forecast to shrink for the first time in five years with smaller crops in the U.S. and Europe, a measure of inventories relative to usage still remains near the highest in 13 years. Corn rallied in September after the USDA cut its world production forecast for a fourth month. Fund managers have cut their bullish bets on Chicago corn futures by 71% since late July, amid signs that demand may be slower than forecast. The dollar has climbed 7.3% this year against a basket of 10 currencies, including a 52% gain against the Brazilian real, reducing global competitiveness for agricultural goods priced in U.S. dollars.

The USDA is forecasting a corn harvest of 13,686 million bushels for the 2015-16 marketing year, which represents a 101 million cut from its previous estimate in August. The USDA cut its estimated corn crop yield to 167.5 bushels an acre from 168.8 in August, which makes it more aligned with historic estimated corn crop conditions. The crop was rated 68%, making it "excellent" or "good" compared with the median 61% since 2006 for this time of year.

The U.S. corn harvest was 10% complete in the week ending Sept. 20, 5% below its five-year average for this time of year. Yet it may catch up in coming weeks with weather in the Corn Belt and key producing areas expected to be favorable and warmer than usual. Warmer conditions help crops mature and allow farmers to work the fields uninterrupted. The sooner farmers are ready to harvest the corn, the main feedstock for U.S. ethanol producers, the less likely the harvest will be damaged by frost.

The U.S. and Brazil are the world's leading ethanol producers and are expected to maintain a combined market share of 88% of global fuel ethanol supplies in the marketing year ending September, according to F.O. Licht. The two countries are also the largest markets for consumption, using most of the ethanol they produce, with government policy in both stimulating demand. The U.S. produces almost all its ethanol from corn, with Brazil using higher-yield sugar cane.

INDUSTRIAL METALS (15.5% weight in BCOM)

Copper is down 18% this year. The 10% drop in prices in Q3 was the biggest since the three months ended September 2011. Copper inventories in China's bonded warehouses dropped 22%, to 420,000 tons in September from August as arbitrage profits widened, according to a Bloomberg Intelligence survey (BI COPP <GO>). It was the third consecutive monthly decline. Traders and producers bought the metal on the LME and imported supplies to China for higher prices, fueling shipments from bonded warehouses to domestic markets.

China imported 262,691 tons of refined copper in August, 1% more than July, as arbitrage profits widened. Imports this year through August fell 7%, weighed by weak demand and rising domestic output. China's announced plans to accelerate investments in infrastructure projects have yet to translate into more demand for metals, according to BI channel checks with producers. China's refined copper output in August was little changed from the previous month at 663,000 tons, and dropped 4% from this-year's high of 693,000 tons in June, mainly due to production halts and lower operating rates at plants reeling from falling prices. China will probably add 800,000 tons of net capacity for refined copper this year, according to Bloomberg Intelligence estimates, while slower domestic demand growth may trigger production halts and delays in capacity expansion.

China's copper-concentrate imports are up 12% in the first eight months this year to 8.12 million tons, indicating higher overseas supply as new copper mines expand production. Chinese refineries could add about 800,000 tons of capacity this year because of higher treatment and refining charges (TC/RC), according to Bloomberg Intelligence analysis. August imports increased 19% from

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July to 1.15 million tons, the second highest level this year, and up 28% from the same period last year. China's imports of unwrought copper and products held steady sequentially at 350,000 tons in August, as slower economic growth hurt demand. Imports this year through August declined 8% to 2.94 million tons as China's economic slowdown reduces copper demand from downstream segments such as construction and transportation. April imports were the highest this year on orders placed before the Lunar New Year holidays in February, on expectations for a demand recovery that hasn't materialized.

Anxiety over an overall economic slowdown in China and concerns about the strong U.S. dollar have caused nickel prices to dive along with other global commodities (BI BMET <GO>). Average nickel prices slumped to $10,632 a metric ton during 3Q, down 43% from a year earlier and 18.7% sequentially. Prices slid to the lowest since April 2009 after peaking at $21,000 a ton in May 2014 due to Indonesia's ban on ore exports. LME nickel stockpiles remain high after they swelled to a record 470,376 tons in June.

Dragged down by a 19.7% decline in output in the Philippines, the nation that filled the gap left by Indonesia's 2014 export ban, global mined nickel production contracted 4.6% to 1.522 million metric tons in the first seven months of 2015. Global output plummeted 19% in 2014 amid an 82% cut in shipments of nickel ore from Indonesia, formerly the biggest supplier.

PRECIOUS METALS (16.6% weight in BCOM)

Gold had a fifth quarterly drop, the longest losing streak since 1997. Bullion is set for a third annual loss, the longest stretch since 1998. Global gold prices have slumped about 40% from a record in 2011 to the lowest levels in more than five years, spurring an increase in demand from China to India, the world’s top consumers. Physical demand from India and China remain high as investors purchase gold in the wake of depreciation of India's rupee and a slump in Chinese stock markets. Swiss gold exports in August rose to a five-month high of 173,913 kilograms, more than double from a year earlier. Outflows to Asia, 70% of total shipments, increased. Shipments to India (66,893 kg) rose 126% and China (17,000 kg) 466% from the previous year.

Imports from Switzerland, Europe's gold hub, were up 29.1% from July to 22,137 kilograms in August. More than 70% of Switzerland's imported gold is re-melted in the country's refineries and shipped to Asia. Exports advanced sequentially to 173,913 kilograms, causing net imports to rebound from a nine-month low.

Precious Metal Mining Dashboard (BI PMETG)

Hong Kong net gold exports to China rebounded 84.3% in July to 40.7 metric tons, from June's 22.1 tons, the lowest in a year. In-bound shipments almost doubled from a year earlier. Imports were still down 16.1% in the year-to-date.

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While traders are pricing in a 43% chance that the Fed will move in December and an even smaller chance of 16% in October, money managers have reduced their notional exposure to gold futures and options by $2.6 billion in September.

SOFTS (7.4% weight in BCOM)

The Bloomberg Sugar index gained 11.5% in September. Sugar prices rose to a 20-week high as adverse weather disrupted the harvest in Brazil, the world’s top producer and exporter, while an increase in gasoline costs in the South American nation boosted prospects for cane-based ethanol demand.

Sugar stockpiles in India have surged to almost 10 million tons after four straight years of decline in global prices and high cane costs deterred exports. The government last month ordered mills to compulsorily ship sugar to cut inventories and boost local prices.

China rejected claims that its domestic cotton subsidies are distorting international markets and blamed developed nations for decreasing the global price of cotton through their various domestic subsidies. China, which made the statements in a Sept. 22 World Trade Organization filing, also downplayed the scale of its cotton industry. Although China is among the world's largest cotton producers, it described its industry as limited to “small-scale and subsistence farming.” A report by the International Cotton Advisory Committee found that China's 11.6 million-metric-ton cotton inventory represents 57% of the global stockpile of cotton. China attributed its “huge” stockpile to recent “difficulties” in its textile sector and to price distortion caused by developed members.

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Composite Indices

Sep Aug Q3 Q2 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity ER BCOM -3.42% -0.93% -14.48% 4.65% -15.82% -13.00% -26.01% -40.86% -37.40% -50.73% -10.43%Bloomberg Commodity TR BCOMTR -3.42% -0.92% -14.47% 4.66% -15.80% -12.99% -25.99% -40.78% -37.21% -44.24% 46.88%

Bloomberg Commodity Spot BCOMSP -2.99% -0.45% -13.73% 6.17% -12.10% -12.02% -22.10% -36.22% -24.48% 15.35% 168.78%Bloomberg Roll Select BCOMRST -3.19% -0.90% -13.61% 3.43% -15.51% -12.09% -24.97% -38.28% -31.26% -7.41% 224.66%

1 Month Forward BCOMF1T -3.35% -0.94% -14.37% 4.47% -15.52% -12.73% -25.19% -38.36% -32.52% -28.78% 166.43% 2 Month Forward BCOMF2T -3.40% -0.84% -14.23% 3.88% -15.93% -12.74% -25.21% -39.14% -33.90% -20.96% 198.62% 3 Month Forward BCOMF3T -3.25% -0.97% -14.14% 3.69% -15.79% -12.63% -24.46% -38.05% -31.85% -13.01% 210.72% 4 Month Forward BCOMF4T -3.21% -0.86% -13.73% 3.60% -15.26% -12.22% -23.88% -36.93% -29.20% -2.44% 5 Month Forward BCOMF5T -3.16% -0.95% -13.54% 3.44% -15.02% -12.08% -23.52% -37.66% -29.31% 1.60% 6 Month Forward BCOMF6T -3.16% -0.83% -13.28% 3.13% -14.97% -11.91% -23.34% -37.32% -29.04% 6.72%

Energy BCOMENTR -9.88% 0.75% -22.34% 10.92% -20.92% -22.68% -49.84% -52.20% -58.28% -90.04% -1.04%Petroleum BCOMPETR -10.37% 2.24% -24.47% 13.98% -21.19% -26.16% -51.53% -53.71% -45.86% -69.69% 186.95%Agriculture BCOMAGTR 2.23% -3.85% -12.63% 8.29% -13.73% -1.44% -8.90% -39.75% -24.79% 4.32% -21.13%

Grains BCOMGRTR 2.86% -3.54% -13.72% 10.21% -12.69% 2.26% 1.85% -41.87% -19.35% 9.96% -31.02%Industrial Metals BCOMINTR -1.35% -2.80% -11.11% -5.31% -20.31% -15.41% -25.25% -38.24% -45.01% 1.07% 58.89%Precious Metals BCOMPRTR -1.25% 2.16% -5.55% -2.55% -6.77% -8.37% -10.40% -44.22% -21.51% 112.36% 187.15%

Softs BCOMSOTR 3.96% -3.28% -7.53% 1.61% -18.92% -5.32% -28.62% -43.60% -44.33% -35.76% -40.97%Livestock BCOMLITR -4.36% 1.13% -5.38% -1.52% -15.93% -10.49% -20.41% -5.30% -13.15% -51.28% -50.79%Ex-Energy BCOMXETR 0.03% -1.78% -10.08% 1.50% -13.99% -7.41% -14.61% -37.59% -28.03% 16.77% 29.33%

Ex-Petroleum BCOMXPET -1.03% -1.92% -10.70% 1.55% -15.15% -7.75% -19.18% -38.48% -37.08% -39.75%Ex-Agriculture BCOMXAGT -5.70% 0.31% -15.25% 3.21% -16.79% -17.19% -32.64% -41.68% -43.04% -59.22%

Ex-Grains BCOMXGRT -4.68% -0.37% -14.63% 3.55% -16.43% -15.69% -30.48% -40.52% -41.31% -54.29%Ex-Industrial Metals BCOMXIMT -3.79% -0.57% -15.06% 6.63% -14.86% -12.53% -26.25% -41.51% -35.68% -54.54%Ex-Precious Metals BCOMXPMT -3.84% -1.50% -16.06% 6.06% -17.56% -13.86% -28.79% -40.78% -40.23% -53.34%

Ex-Softs BCOMXSOT -3.95% -0.75% -14.96% 4.87% -15.70% -13.53% -25.91% -40.68% -37.00% -45.81%Ex-Livestock BCOMXLIT -3.37% -1.02% -14.90% 4.98% -15.75% -13.11% -26.32% -42.46% -38.48% -43.79%

Ex-Agriculture & Livestock BCOMXALT -5.80% 0.25% -15.93% 3.57% -16.79% -17.67% -33.75% -44.22% -45.23% -60.36%S&P 500 Total Return SPXT -2.47% -6.03% -6.44% 0.28% -5.29% -8.25% -0.61% 42.02% 87.02% 93.05% 377.89%

Bloomberg US Treasury Bond BUSY 1.03% -0.14% 2.07% -1.96% 1.83% 1.10% 4.17% 4.25% 13.99%Bloomberg USD IG Corporate Bond BUSC 0.66% -0.79% 0.64% -3.05% -0.24% -1.00% 1.42% 6.77% 23.51%Bloomberg USD HY Corporate Bond BUHY -2.62% -1.92% -5.14% 0.65% -2.01% -6.48% -3.85% 8.86% 32.19%

Bloomberg Dollar Spot BBDXY 0.58% -0.13% 2.80% -1.66% 7.32% 1.84% 13.34% 23.75% 23.27% 13.30%

Single Commodity Indices

Sep Aug Q3 Q2 YTD 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNGTR -8.58% -2.73% -15.02% 1.82% -23.01% -9.98% -48.02% -50.21% -79.91% -99.32% -97.91%WTI Crude BCOMCLTR -9.69% 2.10% -27.38% 17.51% -27.35% -28.89% -56.88% -55.71% -56.91% -77.04% 117.88%

Brent Crude BCOMCOT -12.62% 2.70% -26.29% 10.67% -25.98% -29.02% -55.74% -58.40% -40.65% -51.97% 527.37%ULS Diesel BCOMHOTR -10.53% 6.50% -20.49% 9.10% -17.06% -23.29% -42.09% -50.59% -34.86% -61.42% 216.48%

Unleaded Gasoline BCOMRBTR -7.25% -2.37% -19.76% 18.00% -4.36% -18.96% -41.24% -45.34% -5.43% -44.38% 476.58%Corn BCOMCNTR 3.34% -1.75% -10.74% 7.79% -10.69% 5.09% 6.90% -50.34% -19.50% -11.72% -74.26%

Soybeans BCOMSYTR 0.51% -5.60% -13.99% 9.17% -11.15% -1.71% -1.87% -18.13% 20.11% 118.15% 285.28%Wheat BCOMWHTR 5.73% -3.80% -17.53% 19.26% -14.63% 5.16% 4.01% -52.25% -54.44% -57.62% -90.63%

Soybean Oil BCOMBOTR -3.22% -7.04% -19.74% 10.66% -16.56% -18.53% -18.40% -52.28% -49.88% -30.80% -49.66%Soybean Meal BCOMSMT -0.73% -3.88% -10.53% 11.45% -4.26% 6.61% 16.27% 12.92% 89.16% 381.76% 1326.11%HRW Wheat BCOMKWT 2.88% -5.00% -21.17% 6.13% -25.60% -5.46% -16.75% -53.91% -49.74% -36.77% -65.69%

Copper BCOMHGTR 0.15% -1.39% -10.73% -4.79% -17.57% -14.57% -22.42% -39.18% -39.44% 42.29% 199.41%Alumnium BCOMALTR -2.43% -1.31% -8.29% -7.25% -18.49% -11.46% -23.71% -39.42% -51.01% -47.21% -45.24%

Zinc BCOMZSTR -6.94% -5.60% -16.01% -4.39% -23.58% -23.38% -27.67% -28.20% -35.75% -1.94% 14.76%Nickel BCOMNITR 3.28% -8.95% -13.46% -3.67% -32.09% -17.93% -37.24% -46.45% -58.44% -13.43% 118.72%Gold BCOMGCTR -1.52% 3.42% -5.00% -1.05% -6.21% -6.44% -8.41% -37.96% -17.12% 118.52% 180.56%Silver BCOMSITR -0.46% -1.40% -7.12% -6.63% -7.95% -13.58% -16.09% -59.52% -36.81% 74.41% 145.42%Sugar BCOMSBTR 11.53% -4.03% -4.38% 2.20% -19.49% -3.42% -28.93% -57.45% -53.29% -44.58% -0.36%Coffee BCOMKCTR -2.37% -3.10% -10.50% -3.85% -32.52% -7.60% -43.18% -48.24% -56.50% -47.15% -65.72%Cotton BCOMCTTR -4.06% -1.88% -10.99% 6.21% -1.43% -7.11% -1.03% -10.71% -14.83% -27.78% -81.58%

Live Cattle BCOMLCTR -9.76% -1.86% -14.57% -1.83% -16.71% -16.38% -17.39% -0.61% -3.87% -29.39% -3.25%Lean Hogs BCOMLHTR 5.78% 6.76% 13.44% -0.98% -14.33% 1.73% -26.27% -13.05% -27.93% -74.47% -85.48%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2015

2015

YTD

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Composite Roll Select Indices

Sep Aug Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-YearBCOM Roll Select BCOMRST -3.19% -0.90% -13.61% 3.43% -15.51% -24.97% -38.28% -31.26% -7.41% 224.66%

Roll Select Agriculture BCOMRAGT 1.72% -3.77% -12.73% 7.60% -14.61% -10.03% -38.68% -19.56% 44.35% 42.50%Roll Select Ex-Ags & Livestock BBURXALT -5.33% 0.23% -14.55% 2.18% -15.97% -32.14% -41.41% -39.50% -32.07%

Roll Select Grains BCOMRGRT 2.66% -3.18% -13.25% 9.78% -12.19% 1.46% -41.81% -16.00% 55.39% 27.07%Roll Select Softs BCOMRSOT 2.00% -3.92% -9.57% 0.52% -23.02% -31.54% -40.86% -36.88% -10.40% 6.80%

Roll Select Livestock BCOMRLIT -2.99% 1.23% -5.43% -2.82% -14.33% -16.81% 2.81% 2.47% 6.24%Roll Select Energy BCOMRENT -8.82% 0.68% -19.74% 7.81% -19.15% -46.91% -47.40% -49.65% -73.79%

Roll Select Ex-Energy BCOMRXET -0.04% -1.76% -10.10% 1.21% -14.17% -14.64% -36.37% -24.11% 57.12%Roll Select Petroleum BCOMRPET -10.05% 2.59% -22.45% 10.26% -20.95% -49.54% -50.25% -39.11% -39.21% 781.94%

Roll Select Industrial Metals BCOMRINT -1.27% -2.80% -10.85% -4.96% -19.83% -24.83% -36.74% -42.64% 29.01% 142.23%Roll Select Precious Metals BCOMRPRT -1.25% 2.15% -5.56% -2.53% -6.70% -10.28% -44.11% -21.12% 115.13% 196.19%

Single Commodity Roll Select Indices

Sep Aug Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas RS BCOMRNGT -5.50% -4.18% -11.97% 0.44% -16.99% -42.14% -41.23% -68.91% -96.45% -59.47%WTI Crude RS BCOMRCLT -10.17% 3.20% -23.20% 10.68% -25.06% -54.06% -52.09% -47.09% -42.00% 897.18%

Brent Crude RS BCOMRCOT -11.47% 3.10% -23.12% 8.15% -23.05% -50.59% -51.98% -35.52% -27.66% 991.74%ULS Diesel RS BCOMRHOT -9.63% 5.32% -19.22% 9.11% -15.72% -42.50% -48.97% -35.02% -41.60% 498.24%

Unleaded Gasoline RS BCOMRRBT -7.25% -2.24% -22.63% 14.74% -13.54% -43.96% -44.74% -14.98% -33.85% 700.58%Corn RS BCOMRCNT 3.12% -1.46% -9.85% 7.32% -8.96% 8.11% -50.80% -19.18% 22.09% -53.35%

Soybeans RS BCOMRSYT 0.40% -5.05% -13.58% 8.59% -11.27% -2.68% -17.92% 29.33% 161.69% 353.07%Wheat RS BCOMRWHT 5.32% -3.73% -17.89% 19.26% -15.79% 0.11% -51.78% -51.38% -17.27% -55.81%

Soybean Oil RS BCOMRBOT -3.01% -6.91% -19.46% 10.73% -16.21% -18.02% -51.03% -45.23% -14.15% -14.46%Soybean Meal RS BCOMRSMT -0.35% -3.95% -10.25% 9.76% -5.41% 14.53% 16.40% 102.37% 452.04% 1582.94%HRW Wheat RS BCOMRKWT 2.84% -4.56% -20.15% 6.13% -24.82% -15.16% -52.27% -46.78% 10.00% -19.29%

Copper RS BCOMRHGT 0.27% -1.39% -10.63% -4.88% -17.55% -22.82% -39.12% -38.27% 71.46% 331.53%Alumnium RS BCOMRALT -2.37% -1.18% -7.59% -5.74% -16.71% -21.73% -35.70% -46.67% -30.38% -13.45%

Zinc RS BCOMRZST -6.81% -5.80% -15.93% -4.67% -23.89% -27.67% -26.34% -34.09% 29.19% 81.14%Nickel RS BCOMRNIT 3.18% -9.06% -13.63% -3.70% -32.10% -37.23% -45.64% -56.81% 14.32% 272.42%Gold RS BCOMRGCT -1.52% 3.42% -5.01% -1.04% -6.20% -8.37% -37.97% -17.05% 117.84% 182.30%Silver RS BCOMRSIT -0.46% -1.40% -7.12% -6.57% -7.76% -15.72% -59.15% -35.65% 85.08% 173.13%Sugar RS BCOMRSBT 7.12% -4.92% -8.04% 0.73% -27.01% -34.31% -53.47% -45.73% -11.64% 91.80%Coffee RS BCOMRKCT -2.91% -3.10% -11.02% -4.55% -31.78% -42.25% -46.98% -52.53% -36.00% -43.30%Cotton RS BCOMRCTT -3.62% -2.52% -11.16% 6.21% -2.31% -2.60% -8.36% -3.57% -2.73% -67.21%

Live Cattle RS BCOMRLCT -7.71% -1.71% -12.72% -1.83% -15.73% -15.69% -1.82% 2.38% 5.82% 113.44%Lean Hogs RS BCOMRLHT 5.78% 6.76% 9.04% -4.55% -11.18% -18.45% 10.12% -0.68% -2.72% 48.89%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

2015

2015

7

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

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

-100%0%

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

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-50%0%

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

00 02 04 06 08 10 12 14

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

-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 USD IGCorporate 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

8

BCOM: Contribution to Return (CTR) and Constituent Weights BCOM Index MEMB <GO>, PORT <GO>

Group Commodity Sep 2015 CTR

30 Sep 2015 Actual Weight

31 Aug 2015 Actual Weight

Sep 2015 Weight Change

2015 Target Weight

Natural Gas -0.80% 8.69% 9.22% -0.53% 8.74% WTI Crude -0.85% 8.13% 8.74% -0.61% 7.84%

Brent Crude -1.05% 7.70% 8.26% -0.56% 7.16% ULS Diesel -0.44% 3.90% 4.22% -0.32% 3.76% Gasoline -0.31% 4.14% 4.33% -0.19% 3.69%Subtotal -3.45% 32.56% 34.77% -2.21% 31.19%

Corn 0.25% 8.00% 7.51% 0.49% 7.25% Soybeans 0.03% 5.42% 5.23% 0.19% 5.68%

Wheat 0.18% 3.32% 3.05% 0.27% 3.33% Soybean Oil -0.08% 2.62% 2.62% 0.00% 2.81%

Soybean Meal -0.02% 2.71% 2.64% 0.07% 2.75% HRW Wheat 0.03% 1.07% 1.01% 0.06% 1.17%

Subtotal 0.39% 23.14% 22.06% 1.08% 22.98% Copper 0.01% 7.22% 6.99% 0.23% 7.54%

Aluminum -0.11% 4.54% 4.52% 0.02% 4.59% Zinc -0.16% 2.15% 2.24% -0.09% 2.40%

Nickel 0.05% 1.60% 1.50% 0.10% 2.12%Subtotal -0.20% 15.51% 15.25% 0.26% 16.65%

Gold -0.19% 12.38% 12.19% 0.19% 11.90% Silver -0.02% 4.24% 4.13% 0.11% 4.28%

Subtotal -0.21% 16.62% 16.32% 0.30% 16.18% Sugar 0.38% 3.93% 3.16% 0.77% 4.00% Coffee -0.04% 1.73% 1.72% 0.01% 2.21% Cotton -0.07% 1.71% 1.73% -0.02% 1.51%

Subtotal 0.27% 7.37% 6.61% 0.76% 7.72% Live Cattle -0.31% 2.96% 3.15% -0.19% 3.33% Lean Hogs 0.10% 1.84% 1.82% 0.02% 1.94%Subtotal -0.21% 4.80% 4.97% -0.17% 5.27%

Total -3.42% 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q4 15 Q1 16 Q2 16 Q3 16Forward 2.75 2.82 2.77 2.83Forecast 2.95 3.17 3.03 3.20Forward 45.85 47.50 48.71 49.61Forecast 50.00 53.50 57.50 60.00Forward 49.19 51.35 53.04 54.29Forecast 53.00 57.50 59.50 64.00Forward 154.64 158.14 162.23 162.23Forecast 173.60 182.10 186.00 186.00Forward 133.49 144.02 159.03 150.95Forecast 151.20 168.30 180.00 190.00Forward 391.02 401.13 409.33 406.00Forecast 395.00 416.00 402.00 417.50Forward 885.88 890.71 895.32 892.41Forecast 920.00 950.00 950.00 945.00Forward 505.16 512.18 517.80 529.12Forecast 523.00 531.50 529.00 530.00Forward 4,978 4,965 4,960 4,957Forecast 5,475 5,525 5,700 5,800Forward 1,560 1,575 1,591 1,611Forecast 1,750 1,755 1,775 1,700Forward 1,653 1,661 1,669 1,677Forecast 2,000 2,025 1,988 2,000Forward 9,866 9,878 9,874 9,885Forecast 11,851 12,500 12,750 13,500Forward 1,127 1,128 1,129 1,130Forecast 1,145 1,125 1,142 1,125Forward 14.57 14.61 14.66 14.71Forecast 15.23 15.25 15.70 15.90Forward 12.46 12.43 12.32 12.45Forecast 12.13 13.00 13.00 13.00Forward 121.24 124.23 126.97 129.57Forecast 141.00 154.50 147.50 135.00Forward 60.84 60.81 61.29 61.39Forecast 64.20 66.00 65.60 67.55

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

9

Composite Indices

Bloomberg Commodity ER BCOM 15.54% 16.55% 15.64% 11.91% 14.28% 18.11% 15.92%Bloomberg Commodity TR BCOMTR 15.51% 16.54% 15.64% 11.91% 14.28% 18.11% 15.92%

Bloomberg Commodity Spot BCOMSP 15.21% 16.51% 15.71% 11.96% 14.34% 18.19% 16.01%Bloomberg Roll Select BCOMRST 14.79% 15.66% 14.71% 11.24% 13.57% 16.98% 14.55%

1 Month Forward BCOMF1T 15.40% 16.42% 15.36% 11.61% 14.01% 17.76% 15.35% 2 Month Forward BCOMF2T 15.14% 16.18% 15.05% 11.38% 13.79% 17.42% 14.83% 3 Month Forward BCOMF3T 15.00% 15.95% 14.66% 11.14% 13.59% 17.10% 14.40% 4 Month Forward BCOMF4T 14.89% 15.72% 14.41% 10.93% 13.38% 16.80% 5 Month Forward BCOMF5T 14.58% 15.31% 13.91% 10.56% 13.00% 16.29% 6 Month Forward BCOMF6T 14.58% 15.31% 13.91% 10.56% 13.00% 16.29%

Energy BCOMENTR 31.35% 32.01% 33.64% 23.42% 23.56% 29.12% 30.38%Petroleum BCOMPETR 44.81% 42.00% 40.41% 26.88% 26.82% 32.52% 32.63%Agriculture BCOMAGTR 15.77% 20.31% 17.21% 14.87% 18.71% 20.95% 18.36%

Grains BCOMGRTR 18.30% 25.48% 21.57% 18.98% 22.66% 25.20% 22.58%Industrial Metals BCOMINTR 23.61% 21.44% 18.76% 16.59% 19.69% 26.27% 22.29%Precious Metals BCOMPRTR 16.54% 14.69% 18.12% 19.32% 21.17% 23.38% 19.60%

Softs BCOMSOTR 23.44% 20.60% 20.47% 19.16% 21.70% 22.39% 20.53%Livestock BCOMLITR 16.03% 14.20% 14.75% 12.06% 13.03% 13.85% 14.31%Ex-Energy BCOMXETR 10.86% 12.87% 11.98% 10.83% 13.88% 16.77% 13.75%

Ex-Petroleum BCOMXPET 10.28% 12.49% 11.87% 10.85% 13.48% 16.75%Ex-Agriculture BCOMXAGT 19.01% 19.45% 18.85% 14.00% 15.66% 19.96%

Ex-Grains BCOMXGRT 10.86% 12.87% 11.98% 10.83% 13.88% 16.77%Ex-Industrial Metals BCOMXIMT 17.57% 17.84% 17.07% 12.80% 14.74% 18.79%Ex-Precious Metals BCOMXPMT 16.13% 17.03% 16.85% 12.73% 14.83% 18.38%

Ex-Softs BCOMXSOT 17.99% 19.05% 17.55% 12.81% 15.05% 19.01%Ex-Livestock BCOMXLIT 16.05% 17.17% 16.34% 12.43% 14.62% 18.68%

Ex-Agriculture & Livestock BCOMXALT 19.01% 19.45% 18.85% 14.00% 15.66% 19.96%S&P 500 Total Return Index SPXT 21.98% 18.77% 15.31% 12.58% 15.32% 20.69% 19.55%

Bloomberg US Treasury Bond Index BUSY 4.72% 4.79% 4.63% 3.82% 4.20%Bloomberg USD IG Corporate Bond Index BUSC 4.12% 4.63% 4.63% 4.02% 4.51%Bloomberg USD HY Corporate Bond Index BUHY 4.28% 3.45% 3.63% 2.88% 2.95%

Bloomberg U.S. Dollar Spot Index BBDXY 5.56% 6.51% 7.50% 5.78% 6.44% 7.06%

Single Commodity Indices

Natural Gas BCOMNGTR 26.82% 31.66% 42.62% 37.30% 38.27% 44.25% 47.19%WTI Crude BCOMCLTR 51.48% 46.38% 45.49% 30.32% 30.08% 34.65% 34.19%

Brent Crude BCOMCOT 44.76% 43.31% 41.72% 27.44% 26.87% 32.00% 31.59%ULS Diesel BCOMHOTR 37.74% 36.76% 34.37% 23.64% 23.65% 30.10% 32.05%

Unleaded Gasoline BCOMRBTR 43.81% 41.94% 39.53% 27.55% 27.32% 34.34% 33.80%Corn BCOMCNTR 21.78% 29.32% 25.10% 23.72% 28.18% 30.92% 26.88%

Soybeans BCOMSYTR 16.97% 25.05% 22.32% 20.07% 21.68% 24.86% 23.80%Wheat BCOMWHTR 25.98% 32.00% 30.16% 25.08% 30.59% 33.99% 29.68%

Soybean Oil BCOMBOTR 25.84% 25.42% 23.16% 19.34% 20.39% 24.11% 23.32%Soybean Meal BCOMSMT 15.81% 26.48% 26.35% 24.84% 25.54% 28.06% 26.57%HRW Wheat BCOMKWT 23.90% 28.43% 28.21% 23.32% 27.87% 30.92% 26.90%

Copper BCOMHGTR 33.41% 25.77% 22.76% 19.18% 22.79% 31.55% 27.78%Alumnium BCOMALTR 14.67% 16.76% 17.81% 17.44% 19.51% 24.14% 20.50%

Zinc BCOMZSTR 24.45% 24.78% 21.25% 18.44% 23.36% 34.41% 28.03%Nickel BCOMNITR 33.74% 37.43% 31.44% 26.46% 29.16% 39.14% 35.49%Gold BCOMGCTR 15.21% 13.42% 15.62% 17.28% 18.10% 20.37% 17.47%Silver BCOMSITR 25.50% 23.86% 29.14% 28.41% 34.09% 36.31% 30.46%Sugar BCOMSBTR 35.91% 30.56% 27.45% 22.71% 29.54% 33.27% 31.81%Coffee BCOMKCTR 29.80% 31.12% 35.18% 35.83% 33.90% 31.38% 36.84%Cotton BCOMCTTR 13.32% 19.37% 19.45% 19.32% 27.17% 27.26% 25.97%

Live Cattle BCOMLCTR 20.41% 15.49% 15.74% 12.51% 13.30% 13.79% 14.19%Lean Hogs BCOMLHTR 25.26% 28.32% 26.33% 20.50% 20.42% 22.25% 23.98%

5-Year 10-Year

5-Year 10-Year 20-Year

20-Year

VOLATILITY: Realized

Index Name Ticker

Index Name Ticker

3-Mon 1-Year 3-Year1-Mon

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

10

VOLATILITY: ImpliedVCA <GO>, OVDV <GO>

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

End of Sep -1% 39% 1% -1% 42% 1% 1% 35% -1%End of Aug 1% 34% 0% 0% 37% 1% 0% 40% 1%End of Sep 6% 42% -1% 4% 41% -1% 1% 39% -1%End of Aug 3% 54% -1% 0% 50% 2% 1% 42% -1%End of Sep 3% 39% -2% 2% 39% -2% 2% 36% -1%End of Aug -3% 52% 7% -2% 46% 3% 1% 37% 5%End of Sep 1% 35% -2% 1% 32% -1% 0% 31% 0%End of Aug -4% 41% 5% -3% 39% 2% -3% 36% 0%End of Sep 1% 43% 0% 0% 39% 0% 0% 32% 0%End of Aug -13% 59% 1% 0% 36% 5% 0% 32% 0%End of Sep 1% 26% 1% 0% 25% 1% 0% 24% 1%End of Aug 1% 26% 2% -1% 27% 2% -1% 27% 1%End of Sep 4% 20% 2% 2% 18% 0% 1% 17% 0%End of Aug 4% 23% 1% 2% 21% 0% 1% 19% 0%End of Sep 0% 26% 3% 0% 24% 1% -1% 25% 1%End of Aug 0% 26% 3% -1% 25% 2% -1% 25% 1%End of Sep 1% 25% 1% 0% 23% 0% 0% 22% 1%End of Aug 3% 29% 3% 1% 25% 1% 0% 22% 1%End of Sep 4% 23% 2% 1% 22% 0% 1% 20% 0%End of Aug 3% 28% 2% 1% 26% 1% 0% 22% 1%End of Sep 0% 24% 4% -1% 25% 2% -1% 25% 1%End of Aug 0% 26% 3% -1% 25% 2% -1% 25% 1%End of Sep 1% 26% -2% 1% 26% -1% 3% 25% -2%End of Aug 2% 27% -1% 1% 26% -1% 3% 26% -1%End of Sep 0% 20% 0% 0% 21% 0% 0% 21% 0%End of Aug 0% 15% 0% 0% 15% 0% 0% 15% 0%End of Sep 0% 27% 0% 0% 27% 0% 0% 27% 0%End of Aug 0% 31% 0% 0% 24% 0% 0% 23% 0%End of Sep 0% 37% 0% 0% 37% 0% 0% 37% 0%End of Aug 0% 42% 0% 0% 33% 1% 0% 32% 1%End of Sep 1% 14% 1% 0% 17% 0% 1% 18% 0%End of Aug 2% 16% 1% 1% 17% 0% 1% 17% 0%End of Sep 4% 27% 2% 2% 27% 0% 2% 28% 0%End of Aug 5% 31% 1% 3% 30% 0% 2% 29% 0%End of Sep 0% 34% 2% 0% 30% 1% 0% 29% 1%End of Aug 1% 31% 2% 0% 27% 1% 0% 27% 0%End of Sep 0% 37% 4% -2% 35% 3% -1% 33% 2%

End of Aug -1% 39% 4% -2% 37% 3% -2% 35% 2%End of Sep 1% 21% 2% 1% 20% 1% 1% 19% 1%End of Aug 2% 22% 4% 0% 21% 1% 1% 20% 0%End of Sep 6% 25% 1% 1% 20% 0% 1% 18% 0%

End of Aug 3% 17% 0% 2% 15% -1% 2% 14% -1%End of Sep 8% 17% 6% 4% 24% -3% 2% 21% -2%End of Aug 3% 27% -2% 3% 28% -3% 2% 25% -2%

Aluminum

Zinc

Nickel

Ener

gy

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

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

3M 6M

Corn

Soybeans

Wheat

1M

11

Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices

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

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

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

5%

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 04 06 08 10 12 14

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

0%

5%

10%

15%

20%

25%

11 12 13 14 15

BloombergCommodity Index TRS&P 500 Total ReturnIndexBloomberg USTreasury Bond IndexBloomberg USD IGCorporate 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

12

Bloo

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Com

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Roll

Sele

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1 M

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Fo

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3 M

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Fo

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6 M

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Fo

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Ener

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Petr

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Agric

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Gra

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Indu

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Prec

ious

M

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Soft

s

Live

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Ex-E

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Ex-A

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Li

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Bloomberg Commodity 100% 100% 100% 99% 99% 87% 84% 60% 50% 59% 41% 38% 26% 77% 95%Roll Select 100% 100% 100% 100% 100% 85% 84% 61% 51% 60% 42% 39% 25% 78% 94%

1 Month Forward 100% 100% 100% 100% 99% 86% 84% 60% 50% 59% 42% 38% 26% 78% 94%3 Month Forward 99% 100% 100% 100% 100% 84% 84% 61% 51% 60% 42% 39% 26% 78% 94%6 Month Forward 99% 100% 99% 100% 100% 83% 84% 61% 51% 61% 43% 39% 25% 79% 93%

Energy 87% 85% 86% 84% 83% 100% 93% 24% 18% 33% 17% 15% 16% 35% 93%Petroleum 84% 84% 84% 84% 84% 93% 100% 26% 19% 37% 20% 17% 16% 39% 90%Agriculture 60% 61% 60% 61% 61% 24% 26% 100% 93% 31% 16% 55% 15% 81% 31%

Grains 50% 51% 50% 51% 51% 18% 19% 93% 100% 22% 9% 25% 9% 71% 22%Industrial Metals 59% 60% 59% 60% 61% 33% 37% 31% 22% 100% 28% 29% 19% 69% 57%Precious Metals 41% 42% 42% 42% 43% 17% 20% 16% 9% 28% 100% 18% 6% 57% 43%

Softs 38% 39% 38% 39% 39% 15% 17% 55% 25% 29% 18% 100% 20% 53% 23%Livestock 26% 25% 26% 26% 25% 16% 16% 15% 9% 19% 6% 20% 100% 28% 19%Ex-Energy 77% 78% 78% 78% 79% 35% 39% 81% 71% 69% 57% 53% 28% 100% 58%

Ex-Agriculture & Livestock 95% 94% 94% 94% 93% 93% 90% 31% 22% 57% 43% 23% 19% 58% 100%S&P 500 Total Return Index 26% 27% 26% 27% 28% 25% 28% 16% 14% 25% -8% 10% 6% 17% 24%

S&P Energy 58% 58% 58% 58% 59% 63% 66% 21% 16% 33% 9% 18% 8% 30% 61%S&P Financial 23% 24% 23% 25% 26% 21% 25% 19% 16% 25% -15% 12% 6% 16% 19%

S&P Health Care 10% 11% 10% 12% 12% 9% 11% 7% 7% 15% -8% 1% 4% 7% 9%S&P Consumer Discretionary 18% 19% 18% 20% 21% 17% 20% 14% 13% 24% -15% 9% 8% 13% 15%

S&P IT 18% 20% 19% 20% 21% 16% 19% 13% 12% 22% -7% 6% 4% 14% 16%S&P Utilities 2% 3% 2% 3% 3% 4% 3% 0% 1% -2% 0% 2% -1% -1% 2%

S&P Consumers Staples 13% 14% 13% 15% 15% 10% 12% 11% 9% 19% -8% 11% 5% 11% 11%S&P Industrials 23% 24% 23% 24% 25% 22% 26% 14% 13% 24% -10% 9% 4% 15% 21%

S&P Telecommunication 22% 23% 22% 23% 24% 18% 22% 18% 17% 18% -4% 13% 8% 17% 18%S&P Materials 39% 40% 39% 40% 41% 36% 42% 19% 15% 35% 2% 15% 9% 27% 38%

Bloomberg US Treasury -21% -22% -21% -22% -22% -23% -25% -16% -15% -22% 18% -4% -8% -12% -19%Bloomberg USD IG Corporate -18% -18% -18% -18% -18% -20% -21% -13% -13% -18% 17% -3% -5% -9% -16%Bloomberg USD HY Corporate 20% 21% 20% 22% 23% 16% 23% 13% 8% 28% -5% 9% 13% 18% 19%

Bloomberg U.S. Dollar Spot -34% -34% -34% -34% -34% -25% -25% -21% -14% -10% -36% -26% -8% -31% -32%EURUSD 18% 18% 18% 17% 17% 13% 11% 13% 12% 0% 22% 13% 2% 17% 16%JPYUSD -1% -1% -1% -1% -1% -6% -7% -2% -5% -14% 32% 9% 0% 4% 0%CADUSD 58% 58% 58% 58% 59% 53% 56% 28% 20% 27% 30% 26% 11% 40% 57%MXNUSD 40% 41% 40% 41% 42% 35% 36% 26% 16% 20% 16% 28% 12% 30% 38%GBPUSD 27% 27% 27% 27% 28% 21% 21% 17% 11% 10% 23% 18% 11% 23% 25%AUDUSD 38% 38% 38% 39% 40% 27% 29% 21% 15% 24% 29% 21% 13% 34% 36%CHFUSD 4% 3% 4% 4% 4% -3% -4% 2% -1% 6% 22% 11% 2% 12% 4%KRWUSD 27% 28% 28% 29% 30% 15% 15% 19% 14% 18% 34% 22% 1% 31% 25%CNYUSD 9% 9% 9% 9% 9% 8% 6% 7% 7% 8% 1% -1% 6% 8% 8%

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Bloomberg Commodity 100% 99% 100% 99% 99% 79% 75% 71% 63% 67% 56% 50% 25% 87% 93%Roll Select 99% 100% 99% 100% 99% 78% 75% 71% 63% 68% 57% 51% 24% 88% 92%

1 Month Forward 100% 99% 100% 100% 99% 78% 75% 72% 64% 67% 57% 51% 25% 88% 92%3 Month Forward 99% 100% 100% 100% 100% 77% 75% 71% 63% 68% 58% 51% 24% 88% 92%6 Month Forward 99% 99% 99% 100% 100% 75% 75% 71% 62% 69% 59% 51% 24% 89% 91%

Energy 79% 78% 78% 77% 75% 100% 86% 30% 25% 36% 24% 23% 15% 40% 88%Petroleum 75% 75% 75% 75% 75% 86% 100% 31% 24% 43% 29% 26% 15% 45% 82%Agriculture 71% 71% 72% 71% 71% 30% 31% 100% 95% 35% 27% 60% 19% 83% 40%

Grains 63% 63% 64% 63% 62% 25% 24% 95% 100% 27% 22% 34% 16% 76% 32%Industrial Metals 67% 68% 67% 68% 69% 36% 43% 35% 27% 100% 45% 34% 14% 72% 69%Precious Metals 56% 57% 57% 58% 59% 24% 29% 27% 22% 45% 100% 23% 6% 66% 59%

Softs 50% 51% 51% 51% 51% 23% 26% 60% 34% 34% 23% 100% 16% 57% 33%Livestock 25% 24% 25% 24% 24% 15% 15% 19% 16% 14% 6% 16% 100% 26% 17%Ex-Energy 87% 88% 88% 88% 89% 40% 45% 83% 76% 72% 66% 57% 26% 100% 69%

Ex-Agriculture & Livestock 93% 92% 92% 92% 91% 88% 82% 40% 32% 69% 59% 33% 17% 69% 100%S&P 500 Total Return Index 37% 38% 38% 39% 39% 31% 38% 24% 18% 41% 9% 23% 12% 32% 36%

S&P Energy 55% 55% 55% 55% 56% 53% 60% 28% 22% 45% 20% 28% 13% 40% 56%S&P Financial 31% 32% 32% 33% 33% 25% 32% 21% 15% 38% 3% 22% 9% 27% 30%

S&P Health Care 26% 26% 26% 27% 27% 20% 26% 17% 13% 30% 4% 17% 11% 23% 24%S&P Consumer Discretionary 29% 29% 29% 30% 31% 23% 30% 19% 16% 36% 2% 17% 10% 25% 27%

S&P IT 32% 33% 33% 34% 35% 25% 32% 21% 17% 38% 8% 20% 12% 29% 31%S&P Utilities 18% 18% 18% 19% 19% 16% 19% 12% 9% 17% 5% 14% 4% 15% 17%

S&P Consumers Staples 25% 26% 26% 26% 27% 20% 25% 16% 13% 28% 6% 16% 10% 22% 24%S&P Industrials 35% 36% 36% 36% 37% 28% 35% 23% 17% 41% 8% 23% 11% 31% 34%

S&P Telecommunication 23% 24% 23% 24% 24% 20% 23% 14% 11% 25% 4% 16% 7% 19% 22%S&P Materials 46% 47% 47% 48% 48% 36% 44% 28% 22% 49% 21% 27% 13% 42% 46%

Bloomberg US Treasury -21% -22% -22% -22% -22% -21% -25% -15% -13% -25% 10% -11% -7% -15% -20%Bloomberg USD IG Corporate -14% -14% -15% -15% -14% -17% -20% -10% -9% -17% 13% -6% -6% -8% -13%Bloomberg USD HY Corporate 24% 25% 24% 25% 26% 16% 22% 16% 12% 28% 10% 14% 5% 23% 23%

Bloomberg U.S. Dollar Spot -42% -43% -42% -43% -43% -30% -33% -26% -20% -34% -35% -28% -7% -40% -41%EURUSD 33% 33% 33% 33% 33% 24% 25% 21% 16% 28% 25% 22% 4% 31% 32%JPYUSD 1% 1% 1% 1% 1% -4% -4% 1% 1% -6% 18% 3% -4% 4% 1%CADUSD 50% 50% 50% 51% 52% 42% 48% 29% 23% 39% 28% 28% 11% 42% 50%MXNUSD 37% 38% 37% 38% 38% 29% 33% 23% 17% 36% 18% 26% 12% 33% 36%GBPUSD 31% 31% 31% 32% 32% 20% 24% 19% 15% 26% 26% 19% 9% 30% 30%AUDUSD 46% 46% 46% 47% 48% 31% 37% 30% 23% 41% 33% 30% 12% 44% 44%CHFUSD 16% 16% 16% 16% 16% 6% 6% 9% 6% 18% 24% 13% -2% 19% 17%KRWUSD 32% 33% 33% 34% 35% 20% 24% 23% 19% 31% 22% 20% 10% 33% 30%CNYUSD 10% 10% 10% 10% 10% 6% 6% 8% 7% 8% 6% 5% 1% 10% 8%

Bond

Curr

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

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Natural Gas 100% 18% 17% 17% 15% 1% 4% 2% 14% 0% 4% 0% 13% 0% 2% -4% 6% 1% 4% 1% 10% 4%WTI Crude 18% 100% 95% 92% 89% 17% 29% 3% 48% 14% 6% 36% 33% 27% 27% 14% 27% 12% 13% 21% 17% 11%

Brent Crude 17% 95% 100% 97% 94% 18% 28% 3% 46% 15% 6% 35% 32% 27% 27% 10% 25% 9% 11% 23% 14% 8%ULS Diesel 17% 92% 97% 100% 93% 18% 29% 4% 46% 15% 7% 34% 31% 29% 26% 14% 28% 9% 11% 24% 12% 8%

Unleaded Gasoline 15% 89% 94% 93% 100% 13% 24% 0% 43% 12% 4% 30% 28% 24% 26% 15% 29% 5% 11% 23% 12% 6%Corn 1% 17% 18% 18% 13% 100% 69% 63% 39% 62% 60% 22% 15% 16% 17% 6% 11% 18% 12% 13% 13% -2%

Soybeans 4% 29% 28% 29% 24% 69% 100% 38% 60% 89% 35% 28% 19% 21% 26% 5% 20% 21% 24% 25% 13% 2%Wheat 2% 3% 3% 4% 0% 63% 38% 100% 20% 33% 96% 10% -2% 0% 2% 5% 5% 12% 8% 10% 12% -6%

Soybean Oil 14% 48% 46% 46% 43% 39% 60% 20% 100% 28% 18% 28% 28% 30% 32% 18% 32% 19% 26% 28% 21% -1%Soybean Meal 0% 14% 15% 15% 12% 62% 89% 33% 28% 100% 30% 18% 12% 11% 13% -3% 9% 15% 15% 20% 6% 1%HRW Wheat 4% 6% 6% 7% 4% 60% 35% 96% 18% 30% 100% 7% -4% -3% 2% 4% 3% 13% 7% 5% 9% -6%

Copper 0% 36% 35% 34% 30% 22% 28% 10% 28% 18% 7% 100% 59% 68% 56% 19% 40% 24% 8% 28% 16% 12%Alumnium 13% 33% 32% 31% 28% 15% 19% -2% 28% 12% -4% 59% 100% 66% 51% 13% 27% 22% 4% 15% 15% 9%

Zinc 0% 27% 27% 29% 24% 16% 21% 0% 30% 11% -3% 68% 66% 100% 56% 21% 35% 24% 5% 22% 11% 14%Nickel 2% 27% 27% 26% 26% 17% 26% 2% 32% 13% 2% 56% 51% 56% 100% 6% 24% 23% 17% 23% 6% 6%Gold -4% 14% 10% 14% 15% 6% 5% 5% 18% -3% 4% 19% 13% 21% 6% 100% 80% 5% 13% 7% 6% -2%Silver 6% 27% 25% 28% 29% 11% 20% 5% 32% 9% 3% 40% 27% 35% 24% 80% 100% 12% 22% 14% 14% 3%Sugar 1% 12% 9% 9% 5% 18% 21% 12% 19% 15% 13% 24% 22% 24% 23% 5% 12% 100% 21% 19% 9% 10%Coffee 4% 13% 11% 11% 11% 12% 24% 8% 26% 15% 7% 8% 4% 5% 17% 13% 22% 21% 100% 14% 14% 11%Cotton 1% 21% 23% 24% 23% 13% 25% 10% 28% 20% 5% 28% 15% 22% 23% 7% 14% 19% 14% 100% 18% 8%

Live Cattle 10% 17% 14% 12% 12% 13% 13% 12% 21% 6% 9% 16% 15% 11% 6% 6% 14% 9% 14% 18% 100% 14%Lean Hogs 4% 11% 8% 8% 6% -2% 2% -6% -1% 1% -6% 12% 9% 14% 6% -2% 3% 10% 11% 8% 14% 100%

S&P 500 Total Return Index 2% 26% 31% 28% 24% 11% 18% 8% 15% 12% 8% 25% 18% 16% 22% -15% 3% 7% 5% 23% 8% 1%S&P Energy 17% 65% 67% 64% 59% 13% 20% 7% 32% 9% 9% 31% 29% 24% 23% 2% 19% 15% 9% 24% 11% 2%

S&P Financial 0% 23% 28% 24% 20% 13% 21% 9% 16% 16% 9% 25% 17% 15% 23% -22% -2% 9% 6% 21% 9% -1%S&P Health Care 1% 9% 13% 11% 8% 4% 10% 6% 6% 7% 5% 14% 10% 9% 15% -12% 0% -2% 1% 15% 5% 2%

S&P Consumer Discretionary -3% 19% 23% 21% 16% 10% 15% 8% 10% 11% 9% 24% 15% 12% 24% -22% -2% 6% 4% 22% 8% 4%S&P IT -1% 17% 21% 20% 17% 10% 16% 5% 12% 11% 5% 22% 14% 14% 21% -13% 3% 2% 5% 18% 4% 2%

S&P Utilities 3% 1% 5% 3% 3% -1% 0% 6% -2% -4% 7% 1% -2% -10% -2% 0% -1% 3% -3% 20% 3% -5%S&P Consumers Staples 0% 11% 14% 13% 9% 5% 9% 9% 6% 5% 10% 20% 12% 9% 16% -12% -1% 9% 4% 20% 7% 0%

S&P Industrials 0% 25% 28% 26% 23% 10% 16% 7% 12% 12% 8% 25% 15% 14% 20% -16% 0% 6% 4% 19% 4% 1%S&P Telecommunication -3% 20% 23% 24% 21% 14% 12% 16% 9% 7% 18% 18% 14% 11% 16% -7% 1% 9% 5% 25% 13% -2%

S&P Materials 2% 41% 43% 41% 36% 13% 20% 5% 21% 12% 6% 34% 26% 25% 27% -4% 11% 16% 2% 25% 11% 2%Bloomberg US Treasury -3% -26% -26% -22% -20% -13% -17% -9% -14% -17% -7% -21% -19% -13% -17% 24% 7% -3% -4% -3% -4% -8%

Bloomberg USD IG Corporate -5% -23% -22% -18% -16% -10% -13% -10% -9% -14% -8% -18% -15% -8% -14% 22% 8% -2% -4% 2% 0% -8%Bloomberg USD HY Corporate -8% 22% 24% 22% 21% 9% 17% -4% 20% 12% -5% 24% 27% 26% 18% -11% 4% 11% 0% 21% 18% 2%

Bloomberg U.S. Dollar Spot -11% -26% -23% -25% -21% -12% -12% -12% -16% -7% -13% -14% -5% -5% -3% -39% -28% -17% -15% -29% -5% -7%EURUSD 9% 13% 9% 10% 8% 10% 5% 14% 6% 4% 14% 5% -4% -1% -5% 24% 16% 7% 5% 22% 1% 3%JPYUSD 0% -6% -9% -5% -5% -4% -9% 0% -12% -4% 2% -10% -13% -13% -17% 39% 17% 4% 9% 2% -4% 4%CADUSD 12% 56% 55% 55% 51% 14% 27% 11% 36% 15% 12% 28% 19% 16% 23% 28% 29% 14% 18% 35% 13% 4%MXNUSD 14% 37% 35% 34% 31% 11% 24% 9% 27% 14% 10% 18% 18% 15% 17% 14% 18% 20% 18% 27% 13% 6%GBPUSD 9% 24% 20% 21% 17% 7% 15% 8% 13% 11% 6% 12% 10% 1% 3% 23% 20% 12% 10% 20% 8% 8%AUDUSD 7% 29% 28% 30% 23% 13% 19% 7% 22% 11% 6% 24% 14% 20% 21% 30% 25% 13% 13% 27% 14% 6%CHFUSD 0% -4% -4% -3% -5% 1% -8% 2% 5% -10% 3% 9% 1% 5% -1% 28% 11% 12% -1% 13% -2% 6%KRWUSD 4% 16% 15% 17% 11% 12% 11% 11% 13% 7% 12% 19% 14% 12% 14% 35% 29% 20% 12% 13% 4% -3%CNYUSD 6% 7% 7% 6% 2% 7% 8% 3% 6% 8% 2% 4% 9% 7% 9% -1% 2% -7% 10% -5% 8% 1%

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Natural Gas 100% 14% 12% 13% 10% 12% 6% 11% 7% 5% 11% 3% 7% 1% 3% 1% 5% 5% 5% -1% 6% 5%WTI Crude 14% 100% 91% 86% 83% 19% 27% 16% 39% 16% 17% 43% 37% 33% 32% 24% 34% 21% 17% 22% 15% 11%

Brent Crude 12% 91% 100% 96% 92% 19% 26% 17% 38% 16% 18% 39% 32% 29% 30% 22% 32% 19% 15% 22% 13% 9%ULS Diesel 13% 86% 96% 100% 89% 19% 27% 17% 39% 17% 18% 38% 31% 29% 30% 22% 31% 20% 15% 24% 11% 9%

Unleaded Gasoline 10% 83% 92% 89% 100% 17% 23% 15% 36% 13% 17% 35% 30% 27% 28% 22% 32% 15% 13% 21% 12% 6%Corn 12% 19% 19% 19% 17% 100% 62% 70% 46% 56% 66% 18% 17% 15% 19% 14% 19% 26% 15% 23% 16% 8%

Soybeans 6% 27% 26% 27% 23% 62% 100% 51% 71% 92% 50% 29% 25% 26% 24% 19% 25% 26% 17% 23% 14% 7%Wheat 11% 16% 17% 17% 15% 70% 51% 100% 41% 44% 95% 19% 16% 16% 19% 16% 19% 24% 16% 23% 13% 5%

Soybean Oil 7% 39% 38% 39% 36% 46% 71% 41% 100% 46% 40% 35% 31% 32% 29% 23% 31% 25% 19% 29% 17% 8%Soybean Meal 5% 16% 16% 17% 13% 56% 92% 44% 46% 100% 43% 20% 18% 17% 15% 13% 18% 21% 12% 16% 9% 4%HRW Wheat 11% 17% 18% 18% 17% 66% 50% 95% 40% 43% 100% 19% 15% 14% 18% 15% 17% 23% 15% 22% 13% 6%

Copper 3% 43% 39% 38% 35% 18% 29% 19% 35% 20% 19% 100% 67% 72% 60% 38% 51% 23% 19% 26% 11% 9%Alumnium 7% 37% 32% 31% 30% 17% 25% 16% 31% 18% 15% 67% 100% 70% 56% 32% 41% 21% 17% 20% 12% 10%

Zinc 1% 33% 29% 29% 27% 15% 26% 16% 32% 17% 14% 72% 70% 100% 59% 32% 42% 21% 16% 20% 9% 9%Nickel 3% 32% 30% 30% 28% 19% 24% 19% 29% 15% 18% 60% 56% 59% 100% 23% 33% 23% 16% 24% 7% 6%Gold 1% 24% 22% 22% 22% 14% 19% 16% 23% 13% 15% 38% 32% 32% 23% 100% 82% 11% 17% 13% 6% 1%Silver 5% 34% 32% 31% 32% 19% 25% 19% 31% 18% 17% 51% 41% 42% 33% 82% 100% 16% 22% 18% 8% 4%Sugar 5% 21% 19% 20% 15% 26% 26% 24% 25% 21% 23% 23% 21% 21% 23% 11% 16% 100% 28% 23% 13% 11%Coffee 5% 17% 15% 15% 13% 15% 17% 16% 19% 12% 15% 19% 17% 16% 16% 17% 22% 28% 100% 13% 9% 8%Cotton -1% 22% 22% 24% 21% 23% 23% 23% 29% 16% 22% 26% 20% 20% 24% 13% 18% 23% 13% 100% 8% 5%

Live Cattle 6% 15% 13% 11% 12% 16% 14% 13% 17% 9% 13% 11% 12% 9% 7% 6% 8% 13% 9% 8% 100% 33%Lean Hogs 5% 11% 9% 9% 6% 8% 7% 5% 8% 4% 6% 9% 10% 9% 6% 1% 4% 11% 8% 5% 33% 100%

S&P 500 Total Return Index 2% 38% 36% 34% 32% 14% 20% 14% 23% 13% 16% 42% 32% 32% 31% 4% 16% 18% 12% 23% 13% 6%S&P Energy 12% 60% 58% 55% 52% 18% 22% 18% 30% 14% 20% 45% 35% 36% 33% 14% 26% 22% 16% 24% 13% 7%

S&P Financial 1% 31% 30% 28% 27% 11% 17% 12% 21% 11% 14% 40% 29% 29% 29% -1% 11% 17% 12% 21% 9% 5%S&P Health Care 0% 25% 25% 22% 21% 10% 15% 10% 17% 11% 11% 30% 24% 23% 22% 0% 9% 13% 9% 18% 11% 6%

S&P Consumer Discretionary -1% 30% 29% 26% 26% 12% 17% 13% 19% 11% 14% 36% 27% 26% 28% -3% 9% 14% 8% 19% 12% 4%S&P IT -1% 32% 30% 29% 27% 13% 19% 12% 22% 13% 14% 38% 30% 29% 28% 4% 14% 16% 10% 21% 13% 6%

S&P Utilities 3% 18% 17% 15% 16% 7% 7% 9% 9% 4% 11% 19% 13% 11% 11% 4% 6% 13% 5% 16% 6% 0%S&P Consumers Staples 1% 25% 24% 23% 21% 10% 13% 10% 15% 8% 11% 29% 21% 21% 22% 3% 11% 12% 6% 18% 10% 6%

S&P Industrials 0% 35% 32% 30% 30% 13% 19% 13% 22% 14% 15% 42% 32% 31% 30% 3% 15% 18% 11% 22% 11% 6%S&P Telecommunication 2% 23% 23% 21% 21% 8% 11% 9% 12% 8% 10% 25% 20% 19% 18% 2% 7% 13% 7% 16% 8% 3%

S&P Materials 3% 44% 42% 39% 38% 18% 23% 18% 28% 15% 20% 50% 37% 39% 35% 16% 27% 20% 15% 24% 14% 6%Bloomberg US Treasury -3% -25% -24% -22% -21% -9% -15% -10% -18% -10% -11% -27% -19% -18% -17% 15% 0% -7% -5% -12% -6% -6%

Bloomberg USD IG Corporate -3% -20% -19% -17% -16% -6% -11% -7% -13% -7% -8% -19% -13% -12% -10% 18% 5% -5% -2% -7% -4% -6%Bloomberg USD HY Corporate -2% 21% 22% 21% 18% 11% 16% 5% 20% 12% 7% 26% 22% 23% 22% 6% 15% 10% 8% 15% 5% 3%

Bloomberg U.S. Dollar Spot -7% -33% -31% -31% -29% -16% -19% -18% -21% -14% -18% -35% -28% -26% -23% -34% -33% -18% -19% -24% -6% -5%EURUSD 8% 26% 23% 23% 21% 13% 13% 16% 16% 10% 16% 28% 24% 21% 18% 24% 24% 15% 13% 20% 3% 4%JPYUSD -1% -4% -4% -3% -3% 1% -1% 2% -7% 3% 2% -5% -6% -5% -7% 20% 12% 1% 5% -2% -3% -3%CADUSD 7% 48% 47% 45% 43% 18% 25% 17% 30% 17% 18% 40% 31% 30% 28% 26% 30% 18% 20% 23% 11% 8%MXNUSD 6% 34% 31% 29% 29% 13% 18% 13% 20% 14% 15% 36% 30% 26% 25% 17% 19% 18% 17% 22% 12% 8%GBPUSD 4% 25% 23% 22% 20% 11% 16% 13% 17% 12% 13% 26% 22% 20% 17% 25% 25% 11% 13% 18% 8% 7%AUDUSD 4% 37% 36% 35% 31% 18% 25% 18% 27% 19% 19% 42% 30% 32% 29% 31% 33% 21% 19% 26% 12% 8%CHFUSD 3% 6% 6% 6% 5% 5% 3% 9% 7% 1% 7% 18% 16% 12% 10% 25% 19% 10% 6% 10% -6% 3%KRWUSD 2% 24% 22% 23% 21% 14% 20% 16% 24% 15% 17% 31% 25% 25% 24% 21% 22% 13% 10% 21% 8% 8%CNYUSD 2% 6% 6% 6% 4% 6% 7% 5% 8% 5% 6% 8% 7% 6% 9% 5% 6% 0% 6% 6% 2% -1%

Curr

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

5-Year

Com

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Bloomberg Commodity 64% -8% 20% 23% -4% 66% 64% 68% 64% 6% -12% 25% 4% -12% -35% 11% 34%Energy 69% 2% 4% 7% -9% 75% 76% 70% 75% 8% -11% 26% 14% -7% -17% 3% 19%

Petroleum 76% 13% 5% 7% -9% 79% 81% 78% 80% -9% -13% 1% 23% 0% -22% 9% 26%Agriculture 25% -17% 19% 20% 1% 26% 24% 28% 24% 3% -17% 24% -13% -11% -30% 11% 29%

Grains 16% -13% 10% 10% 4% 17% 15% 16% 15% 0% -20% 23% -14% -6% -24% 15% 22%Industrial Metals 45% 0% 10% 13% -12% 46% 46% 52% 45% -11% -5% -11% 4% -2% -20% 13% 25%Precious Metals 38% -3% 36% 36% 11% 33% 28% 36% 27% 12% 11% 8% 14% -16% -33% 12% 15%

Softs 29% -22% 38% 42% -3% 30% 28% 40% 27% 10% -4% 21% -5% -25% -39% 1% 33%Livestock 22% 1% 25% 25% 7% 22% 22% 14% 22% 18% -1% 32% -9% 10% -9% 21% 19%

Natural Gas 8% -18% 3% 5% -7% 15% 13% 6% 13% 36% 1% 58% -14% -13% 7% -12% -6%WTI Crude 69% 12% 3% 5% -6% 72% 74% 69% 73% -6% -11% 4% 17% 4% -21% 13% 26%

Brent Crude 79% 14% 14% 16% -7% 81% 82% 82% 82% -7% -12% 3% 31% -5% -29% 8% 26%ULS Diesel 80% 9% 13% 15% -5% 82% 83% 86% 82% -8% -12% 2% 28% -9% -29% 7% 29%

Unleaded Gasoline 84% 17% 12% 15% -10% 85% 86% 80% 85% -11% -14% 0% 28% 1% -20% 3% 28%Corn 16% -15% 18% 19% 7% 16% 14% 21% 14% 0% -19% 22% -6% -14% -34% 16% 22%

Soybeans 25% -8% -3% -2% -7% 26% 25% 23% 25% -4% -15% 11% -13% 1% -15% 11% 23%Wheat 0% -14% 5% 4% 10% 1% -1% -5% 0% 3% -22% 30% -26% 3% -10% 13% 12%

Soybean Oil 40% 2% 6% 8% -3% 40% 38% 39% 38% -7% -15% 6% 5% 0% -28% -2% 42%Soybean Meal 13% -8% -5% -4% -4% 15% 14% 11% 15% -5% -14% 9% -21% 7% 0% 12% 15%HRW Wheat 13% -11% 16% 15% 10% 13% 10% 11% 10% 12% -15% 38% -14% -3% -25% 15% 20%

Copper 45% 4% -2% 2% -18% 46% 47% 55% 46% -14% -4% -18% 10% -2% -21% 15% 22%Alumnium 42% -13% 21% 22% -1% 43% 43% 45% 43% -13% -11% -8% 1% -18% -24% 6% 14%

Zinc 31% 2% 1% 3% -9% 31% 32% 36% 31% -9% 1% -16% -4% 7% -5% 11% 21%Nickel 34% 3% 29% 32% -6% 31% 29% 37% 28% 5% 0% 9% -5% 9% -13% 8% 34%Gold 30% 3% 38% 36% 18% 24% 19% 25% 19% 13% 9% 11% 18% -11% -27% 13% 12%Silver 44% -11% 29% 31% 1% 42% 37% 46% 36% 11% 12% 4% 7% -20% -35% 8% 15%Sugar 11% -12% 17% 19% -5% 13% 14% 20% 13% -4% -7% 3% 7% -21% -36% 3% 26%Coffee 26% -16% 51% 52% 14% 24% 19% 24% 19% 31% 7% 44% -9% -14% -13% -3% 14%Cotton 29% -26% 12% 18% -22% 33% 32% 49% 30% -4% -7% 1% -16% -20% -39% 3% 33%

Live Cattle 23% -5% 17% 16% 12% 25% 25% 23% 24% 7% 7% 3% -14% 6% 0% 20% 10%Lean Hogs 16% 6% 26% 27% 0% 15% 14% 3% 14% 23% -6% 45% -2% 9% -14% 16% 19%

S&P 500 Total Return Index 24% -23% -23% -20% -19% 31% 30% 40% 29% -6% -3% -5% -13% -18% -9% -5% -2%Bloomberg US Treasury -39% 0% 22% 15% 41% -44% -45% -45% -44% 10% 9% 5% 12% -11% -10% 7% -16%

Bloomberg USD IG Corporate -17% 1% 13% 7% 33% -21% -23% -10% -23% 10% 6% 10% 19% -15% -11% 3% -12%Bloomberg USD HY Corporate 37% 4% -15% -15% -5% 41% 43% 54% 42% -11% -15% -1% 21% -10% -22% 0% 12%

Bloomberg U.S. Dollar Spot -57% -3% -26% -28% 3% -56% -54% -49% -53% -9% 1% -17% -18% 11% 33% 5% -26%

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Bloomberg Commodity 68% 8% 3% 7% -13% 69% 67% 65% 66% 29% -4% 40% 3% 10% 2% 9% 19%Energy 68% 5% 9% 13% -11% 71% 69% 68% 68% 36% -4% 48% 2% 7% 1% 4% 14%

Petroleum 72% 8% 8% 11% -7% 74% 75% 71% 74% 21% -2% 28% 6% 8% 0% 7% 17%Agriculture 29% 10% -1% 0% -6% 26% 25% 24% 25% 5% -3% 10% 3% 10% 7% 8% 13%

Grains 23% 9% 1% 1% -2% 20% 19% 19% 19% 1% -3% 5% 1% 11% 10% 8% 9%Industrial Metals 42% 5% -11% -8% -14% 44% 44% 42% 43% 10% 0% 13% 3% 5% -1% 9% 9%Precious Metals 31% 4% 0% 0% 0% 29% 27% 27% 27% 11% 6% 10% 4% 4% -6% 12% 16%

Softs 26% 4% -4% -2% -13% 27% 25% 21% 25% 11% -3% 15% 6% 0% -5% 5% 19%Livestock 15% -3% 17% 21% -10% 13% 10% 7% 10% 15% 7% 15% -14% 8% 5% 9% 3%

Natural Gas 36% -4% 7% 13% -14% 39% 33% 37% 32% 45% -7% 60% -2% -1% -1% -7% 2%WTI Crude 67% 10% 9% 12% -6% 69% 70% 67% 69% 19% 0% 27% 5% 11% 2% 9% 17%

Brent Crude 71% 10% 9% 11% -7% 72% 74% 69% 73% 16% -1% 23% 8% 9% 1% 7% 17%ULS Diesel 70% 6% 11% 14% -5% 73% 73% 76% 71% 25% -1% 33% 6% 4% -4% 5% 18%

Unleaded Gasoline 79% 6% 4% 7% -11% 82% 83% 67% 83% 19% -5% 27% 8% 3% -3% 3% 14%Corn 22% 7% 5% 6% -3% 18% 18% 19% 17% 3% -4% 9% 5% 6% 6% 0% 6%

Soybeans 22% 8% -3% -2% -7% 20% 20% 20% 20% 0% 1% 1% 0% 11% 9% 7% 12%Wheat 15% 7% -1% -2% 5% 13% 13% 9% 13% 1% -4% 5% -4% 12% 12% 14% 1%

Soybean Oil 31% 15% -2% -1% -3% 26% 25% 24% 24% 4% -3% 8% 4% 17% 12% 10% 16%Soybean Meal 16% 4% -2% -1% -6% 15% 16% 15% 16% 0% 5% -1% -1% 6% 5% 4% 10%HRW Wheat 22% 10% -1% -3% 3% 20% 20% 15% 20% 6% -1% 10% 2% 10% 9% 15% 2%

Copper 42% 8% -14% -12% -11% 42% 43% 40% 42% 7% -1% 9% 9% 4% -3% 9% 11%Alumnium 40% 3% -1% 2% -8% 41% 40% 44% 39% 18% 3% 22% 0% 4% 2% 5% 6%

Zinc 24% 5% -20% -19% -15% 26% 27% 21% 27% 0% -1% 0% 8% 2% 1% 2% 1%Nickel 31% -4% -7% -2% -18% 35% 36% 29% 36% 3% -2% 7% -10% 3% -3% 11% 8%Gold 29% 3% 5% 4% 5% 27% 26% 25% 25% 12% 10% 10% 2% 5% -6% 11% 16%Silver 29% 6% -7% -5% -8% 27% 26% 26% 25% 9% 1% 10% 6% 3% -4% 11% 13%Sugar 18% 8% -5% -4% -5% 17% 15% 12% 15% 12% 3% 13% 15% -1% -5% 5% 10%Coffee 12% 5% 1% 2% -7% 12% 12% 7% 12% 3% 0% 5% 3% 0% 1% -3% 6%Cotton 27% -5% -4% -1% -19% 29% 29% 32% 28% 6% -8% 11% 0% -6% -10% 2% 19%

Live Cattle 19% -6% 19% 23% -8% 18% 16% 9% 16% 14% 10% 12% -17% 9% 9% 9% 1%Lean Hogs 6% -3% 11% 14% -8% 5% 3% 3% 2% 11% 4% 13% -8% 3% -2% 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

15

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 64% 73% -21% 50% 73% 51% 30% -34% 37% 67% 73% 81% 17% 64% -29% -13% -42% 34% 86%Energy 69% 36% 10% 49% 55% 29% 41% -51% 18% 32% 32% 72% 43% 33% -64% -7% -4% 41% 73%

Petroleum 76% 56% -16% 77% 78% 65% 56% -71% 55% 44% 58% 66% 42% 62% -78% -26% 1% 60% 67%Agriculture 25% 70% -40% 45% 66% 52% 30% -27% 43% 58% 70% 60% 10% 71% -13% -13% -57% 31% 72%

Grains 16% 56% -55% 51% 62% 55% 41% -31% 54% 39% 61% 41% 17% 79% -17% -28% -55% 45% 55%Industrial Metals 45% 52% 4% 7% 34% 12% 3% -7% -2% 53% 49% 59% -2% 31% 13% 6% -43% -4% 77%Precious Metals 38% 80% -43% 49% 71% 68% 10% -7% 59% 77% 89% 57% -12% 69% -4% -39% -31% 30% 42%

Softs 29% 77% -11% 28% 60% 39% 6% -15% 22% 77% 73% 75% -6% 45% -3% 9% -47% 4% 82%Livestock 22% 17% 53% -6% 15% -2% -20% -30% -19% 46% 22% 56% 22% -13% -24% 15% 12% -31% 62%

Natural Gas 8% -12% 49% -26% -11% -46% -8% 12% -55% -2% -26% 45% 12% -36% -5% 35% -7% -14% 40%WTI Crude 69% 47% 0% 65% 67% 52% 48% -72% 41% 40% 48% 64% 44% 46% -76% -12% 8% 46% 69%

Brent Crude 79% 69% -23% 82% 87% 73% 54% -64% 63% 55% 71% 73% 31% 69% -73% -31% -7% 61% 68%ULS Diesel 80% 76% -33% 85% 91% 78% 52% -55% 67% 61% 79% 76% 24% 77% -65% -32% -15% 64% 69%

Unleaded Gasoline 84% 66% -39% 89% 89% 79% 62% -60% 74% 49% 70% 63% 33% 81% -73% -46% -11% 77% 58%Corn 16% 66% -68% 58% 71% 65% 39% -18% 64% 47% 71% 42% 7% 85% -12% -38% -53% 54% 44%

Soybeans 25% 49% -30% 50% 57% 46% 47% -49% 42% 34% 49% 45% 29% 66% -35% -12% -46% 36% 69%Wheat 0% 24% -45% 19% 29% 23% 32% -21% 24% 11% 29% 17% 17% 56% 5% -10% -57% 23% 43%

Soybean Oil 40% 83% -56% 53% 74% 64% 33% -19% 56% 63% 82% 55% -6% 78% -9% -16% -55% 39% 60%Soybean Meal 13% 12% -11% 25% 23% 22% 33% -48% 22% 8% 17% 15% 37% 42% -26% -9% -34% 15% 50%HRW Wheat 13% 51% -35% 30% 51% 36% 29% -25% 29% 42% 53% 50% 14% 62% -4% -8% -58% 23% 68%

Copper 45% 67% -24% 32% 54% 36% 23% -20% 24% 54% 64% 60% 2% 56% -1% -1% -52% 20% 77%Alumnium 42% 49% 5% -5% 25% 3% -12% 15% -9% 54% 45% 53% -21% 19% 33% 7% -41% -12% 62%

Zinc 31% -2% 46% -33% -19% -38% -22% 12% -47% 15% -4% 27% -4% -20% 29% 15% -17% -34% 48%Nickel 34% 30% 33% -8% 21% -4% -3% -21% -18% 44% 32% 56% 18% 9% 1% 9% -23% -20% 76%Gold 30% 73% -43% 49% 68% 71% 7% -11% 64% 74% 88% 48% -8% 66% -9% -50% -16% 31% 29%Silver 44% 82% -40% 43% 69% 57% 12% -2% 47% 75% 84% 64% -16% 67% 4% -21% -51% 27% 58%Sugar 11% 90% -31% 61% 81% 69% 31% -36% 58% 75% 87% 70% 0% 66% -33% -19% -33% 34% 66%Coffee 26% 49% 24% -3% 30% 12% -30% 2% -7% 76% 52% 67% -5% 12% 12% 10% -25% -28% 70%Cotton 29% 65% -28% 18% 48% 22% 18% 1% 8% 49% 52% 61% -14% 44% 13% 35% -70% 11% 77%

Live Cattle 23% -1% 57% -46% -24% -29% -65% 23% -43% 43% 4% 21% -5% -37% 39% 19% 0% -68% 30%Lean Hogs 16% 24% 28% 30% 40% 21% 26% -61% 10% 27% 27% 59% 36% 12% -65% 3% 17% 14% 60%

S&P 500 Total Return Index 24% -16% 30% -12% -15% -36% 18% -14% -40% -24% -31% 11% 24% -15% -1% 43% -25% -7% 48%Bloomberg US Treasury -39% 24% 9% 5% 14% 14% -13% 2% 14% 36% 28% 23% -7% -3% -2% -28% 4% -15% 8%

Bloomberg USD IG Corporate -17% 13% 7% 19% 16% 27% -3% -37% 26% 24% 25% 16% 22% 7% -26% -36% 18% -9% 8%Bloomberg USD HY Corporate 37% 5% -24% 28% 17% 31% 20% -46% 28% -6% 15% 2% 29% 26% -28% -20% 13% 14% -1%

Bloomberg U.S. Dollar Spot -57% -76% 17% -65% -80% -59% -37% 40% -47% -66% -75% -86% -13% -63% 50% 22% 22% -47% -77%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

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Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Russ

ia

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 77% 45% 1% 49% 11% 67% -34% 31% 64% 18% 33% 12% -2% 7% 13% 63%Energy 73% 31% 7% 42% -6% 60% -43% 37% 64% 16% 35% 20% 3% 21% 31% 63%

Petroleum 78% 39% 4% 51% 7% 69% -38% 30% 63% 12% 32% 14% 0% 10% 23% 66%Agriculture 47% 63% 8% 49% 40% 58% 4% 25% 35% 31% 19% 14% -5% -4% 2% 35%

Grains 42% 64% 4% 51% 35% 58% 1% 26% 29% 24% 20% 15% 0% -3% 8% 30%Industrial Metals 46% 16% -5% 17% 1% 27% -24% -2% 31% -14% 10% -10% -4% -14% -28% 37%Precious Metals 39% 23% -31% 25% 39% 49% -1% -7% 29% 16% 20% -23% -16% -32% -15% 32%

Softs 32% 31% 8% 19% 32% 31% 6% 16% 36% 35% 7% 9% -12% 3% -9% 28%Livestock 36% 36% 21% 26% -6% 25% -34% 28% 34% -2% 15% 14% -4% 10% 0% 15%

Natural Gas 51% 16% 26% 20% -19% 31% -36% 33% 49% 23% 24% 25% 2% 27% 23% 41%WTI Crude 77% 39% 8% 48% 4% 67% -40% 31% 62% 11% 31% 17% 4% 13% 21% 67%

Brent Crude 80% 35% -1% 53% 12% 68% -39% 22% 64% 9% 31% 9% -1% 9% 25% 67%ULS Diesel 79% 42% 2% 54% 13% 71% -39% 29% 66% 13% 36% 7% -7% 2% 23% 64%

Unleaded Gasoline 76% 37% -7% 50% 10% 66% -32% 28% 62% 12% 28% 10% -3% 8% 25% 57%Corn 41% 65% 4% 47% 50% 53% 11% 28% 28% 27% 25% 26% 10% 5% 14% 23%

Soybeans 33% 51% 8% 43% 23% 53% -1% 19% 23% 23% 7% 1% -16% -12% 2% 24%Wheat 39% 58% 0% 45% 18% 51% -12% 27% 26% 6% 27% 15% 10% -5% 5% 34%

Soybean Oil 48% 49% 1% 50% 29% 63% 0% 9% 34% 36% 18% -7% -9% -12% 3% 38%Soybean Meal 20% 40% 2% 35% 10% 40% -16% 18% 17% -1% 15% -4% -19% -16% 5% 18%HRW Wheat 51% 61% 9% 48% 26% 54% -10% 28% 36% 16% 30% 22% 14% 0% 3% 43%

Copper 51% 24% -7% 23% 9% 36% -18% 0% 28% -9% 13% -8% -4% -19% -28% 41%Alumnium 58% 15% 5% 28% 1% 37% -31% -2% 47% -4% 14% -13% -4% -7% -11% 48%

Zinc 19% -4% -1% -9% -10% -8% -14% -12% 3% -25% -12% -7% -10% -11% -41% 4%Nickel 23% 1% -19% -5% -12% 11% -32% 5% 25% -29% 7% -10% 1% -10% -25% 21%Gold 38% 22% -33% 26% 38% 53% -5% -3% 32% 5% 28% -28% -17% -41% -11% 33%Silver 37% 21% -21% 22% 34% 37% 1% -10% 24% 27% 7% -11% -11% -15% -17% 28%Sugar 42% 21% -18% 20% 19% 42% -8% 29% 41% 27% 36% 9% -8% 3% 11% 38%Coffee 15% 16% 43% 8% 20% -1% 2% -11% 14% 21% -37% 4% -19% 4% -34% 9%Cotton 21% 46% -3% 4% 34% 20% 23% 29% 25% 10% 17% 19% 18% -5% -18% 19%

Live Cattle 27% 26% 24% 13% -19% 19% -44% 24% 37% -8% 5% 0% -5% -2% -13% 9%Lean Hogs 33% 36% 10% 31% 7% 25% -19% 25% 23% 3% 24% 19% -8% 13% 11% 16%

BCO

M C

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sites

BCO

M S

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CPI by Country

5-Year

CPI by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

20-Year

16

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

US

Chin

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Japa

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Ger

man

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UK

Fran

ce

Indi

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Braz

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Italy

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da

Sout

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rea

Aust

ralia

Mex

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Spai

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Russ

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Indo

nesi

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Turk

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Net

herla

nds

Switz

erla

nd

Bloomberg Commodity -2% 82% -33% 32% 10% 31% 77% 52% 16% 67% 34% 13% 21% -37% 70% 6% 27% -61% 22%Energy 9% 25% -9% 4% 24% -6% 26% 41% -15% 55% 41% 14% -8% -29% 64% 4% -17% -39% 32%

Petroleum 13% 51% -32% 4% 11% -7% 58% 58% -31% 64% 32% 20% 19% -67% 90% 7% -14% -76% 22%Agriculture -17% 84% -42% 34% 9% 40% 79% 59% 18% 60% 27% 8% 19% -43% 63% 2% 39% -65% 20%

Grains -26% 72% -40% 19% 6% 35% 69% 64% 2% 49% 16% 4% 10% -58% 59% 3% 31% -69% 18%Industrial Metals 3% 73% -24% 40% 0% 44% 60% 19% 58% 42% 30% -5% 26% 10% 24% 4% 42% -21% 14%Precious Metals 4% 85% -22% 25% -16% 30% 81% 31% 1% 41% 3% 19% 45% -45% 56% 7% 31% -59% -9%

Softs 0% 85% -37% 52% 12% 39% 80% 38% 37% 64% 36% 12% 31% -11% 56% 0% 44% -46% 17%Livestock 13% 21% -16% 29% 22% 10% 19% 6% 26% 36% 23% -5% 18% 29% 22% -6% 1% 1% 24%

Natural Gas 4% -20% 29% 7% 30% 0% -28% -6% 16% 13% 36% 0% -38% 42% -4% -3% -8% 31% 25%WTI Crude 16% 42% -29% 11% 16% -9% 49% 52% -19% 61% 38% 19% 15% -48% 82% 5% -15% -64% 27%

Brent Crude 12% 61% -31% 6% 6% -4% 67% 55% -34% 68% 29% 25% 27% -70% 94% 6% -9% -78% 14%ULS Diesel 10% 71% -32% 12% 6% 3% 76% 55% -29% 70% 26% 23% 29% -72% 94% 8% -2% -81% 12%

Unleaded Gasoline 7% 57% -29% -6% 1% -5% 63% 58% -45% 59% 15% 21% 23% -84% 91% 9% -11% -81% 11%Corn -23% 77% -32% 19% 1% 35% 73% 62% -7% 44% 9% 12% 12% -65% 62% 4% 29% -71% 12%

Soybeans -24% 58% -43% 16% 16% 21% 57% 60% 3% 59% 25% 2% 12% -50% 61% 3% 24% -61% 21%Wheat -30% 58% -43% 21% 6% 45% 50% 58% 27% 33% 20% -16% -7% -34% 29% 2% 36% -50% 28%

Soybean Oil -9% 93% -41% 39% -1% 38% 91% 54% 16% 59% 24% 13% 30% -49% 67% 5% 45% -72% 11%Soybean Meal -31% 29% -39% 3% 14% 14% 28% 47% 6% 38% 12% -13% 6% -34% 33% 0% 15% -39% 22%HRW Wheat -21% 76% -43% 32% 11% 47% 68% 58% 29% 51% 30% -4% 5% -31% 47% -1% 39% -56% 27%

Copper -1% 88% -37% 42% -3% 40% 78% 36% 46% 57% 35% -3% 32% -19% 45% 5% 48% -48% 16%Alumnium 6% 66% -11% 37% -6% 44% 52% 6% 59% 24% 18% 4% 21% 21% 10% 1% 37% -7% 5%

Zinc 8% 10% 6% 11% -5% 16% -6% -24% 61% -1% 4% -19% 8% 53% -32% 14% 8% 41% 4%Nickel 2% 50% -22% 35% 17% 46% 39% 16% 54% 37% 34% -12% 16% 24% 18% -4% 35% -9% 19%Gold 5% 78% -16% 19% -20% 26% 76% 29% -9% 32% -5% 20% 46% -48% 54% 7% 25% -59% -13%Silver 3% 90% -29% 32% -8% 35% 84% 32% 16% 51% 14% 14% 39% -36% 55% 6% 37% -54% -3%Sugar 4% 82% -35% 28% -2% 15% 84% 45% -4% 64% 25% 35% 41% -52% 80% 6% 29% -68% 5%Coffee 4% 59% -21% 46% 12% 35% 51% 15% 42% 39% 18% 7% 25% 20% 27% 0% 27% -11% 13%Cotton -7% 82% -40% 60% 23% 48% 76% 40% 53% 68% 51% -6% 12% -4% 46% -1% 55% -43% 25%

Live Cattle 7% 6% -13% 33% 15% 22% -2% -26% 47% 1% -13% -11% 13% 61% -30% -8% 16% 44% 9%Lean Hogs 12% 24% -9% 11% 15% -3% 28% 33% -6% 47% 44% 3% 13% -15% 57% -2% -12% -39% 26%

S&P 500 Total Return Index -10% -18% -10% 15% 36% 10% -20% 5% 45% 12% 37% -14% -39% 34% -15% 5% -6% 23% 30%Bloomberg US Treasury 5% 21% 33% -16% -39% -4% 23% 3% -9% -20% -11% 56% 19% -13% 20% 16% -21% -15% -14%

Bloomberg USD IG Corporate -4% 16% 14% -15% -24% -1% 21% 17% -15% -20% -4% 47% 8% -28% 23% 9% -33% -31% -16%Bloomberg USD HY Corporate 10% 21% -38% 10% 9% 16% 26% 29% -6% 12% 15% -6% -19% -26% 18% -11% 14% -43% 8%

Bloomberg U.S. Dollar Spot -15% -69% 25% -9% 0% 0% -69% -44% 13% -67% -29% -28% -28% 52% -83% -11% 1% 64% -12%

US

Chin

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erla

nd

Bloomberg Commodity 39% 44% 18% 31% 35% 34% 49% 4% 3% 33% 39% 34%Energy 34% 8% 10% 11% 22% 20% 35% 3% -4% 20% 39% 17%

Petroleum 36% 21% 12% 16% 23% 20% 41% 6% -3% 23% 32% 25%Agriculture 11% 50% 6% 22% 22% 14% 33% -11% 6% 26% 1% 15%

Grains 6% 44% 3% 13% 15% 10% 27% -9% 8% 24% -3% 8%Industrial Metals 45% 64% 32% 52% 43% 51% 46% 15% 8% 35% 47% 60%Precious Metals 8% 63% 2% 23% 11% 15% 29% 5% 5% 21% -7% 20%

Softs 16% 34% 7% 30% 24% 20% 32% -10% 0% 24% 7% 19%Livestock 44% 10% 23% 27% 29% 29% 20% 6% 13% 30% 36% 34%

Natural Gas 27% -11% 4% 1% 11% 15% 14% -14% -9% 17% 40% 4%WTI Crude 36% 20% 12% 15% 22% 20% 40% 9% -1% 21% 35% 24%

Brent Crude 36% 24% 11% 19% 23% 23% 47% 11% 0% 25% 30% 30%ULS Diesel 31% 21% 9% 13% 18% 14% 38% 2% -7% 24% 24% 22%

Unleaded Gasoline 38% 22% 15% 20% 28% 27% 47% 4% -4% 29% 26% 29%Corn 1% 30% -1% 7% 3% 4% 14% -14% 7% 19% -13% -2%

Soybeans 8% 37% 3% 8% 17% 8% 34% -10% 7% 29% -4% 11%Wheat 6% 52% 10% 22% 24% 13% 26% 1% 4% 14% 12% 15%

Soybean Oil 11% 58% 1% 14% 17% 13% 29% -13% 11% 14% 10% 13%Soybean Meal -3% 21% 2% 6% 10% 4% 29% -3% -3% 27% -12% 12%HRW Wheat 10% 54% 9% 26% 26% 15% 27% 0% 2% 18% 16% 15%

Copper 39% 66% 27% 47% 37% 43% 45% 14% 5% 34% 36% 54%Alumnium 42% 48% 23% 45% 35% 47% 38% 6% 6% 24% 51% 53%

Zinc 45% 49% 37% 55% 41% 53% 37% 11% 8% 43% 44% 61%Nickel 44% 52% 34% 46% 49% 51% 50% 28% 13% 32% 48% 55%Gold -1% 62% 2% 15% 6% 1% 22% 11% -1% 13% -15% 11%Silver 22% 57% 2% 33% 19% 36% 38% -4% 12% 30% 8% 32%Sugar 8% 24% 3% 16% 13% 3% 17% -9% -11% 16% 0% 6%Coffee 20% 20% 5% 21% 11% 23% 24% -12% 10% 23% 13% 30%Cotton 16% 31% 14% 32% 27% 22% 33% 6% -3% 19% 3% 21%

Live Cattle 44% 16% 21% 28% 31% 35% 24% 7% 15% 27% 42% 38%Lean Hogs 32% 5% 20% 18% 21% 15% 10% 3% 8% 27% 19% 22%

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

17

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

Group Commodity End of Sep 2015 Net Position (Lots)

End of Aug 2015 Net Position

(Lots)

Notional Change ($mill, with end

of Sep 2015 price)

End of Sep 2015 Notional ($ mill)

Natural Gas -182,283 -152,085 -778 -4,697 WTI Crude 169,392 99,176 3,218 7,763

Brent Crude 173,819 141,382 1,592 8,531 ULS Diesel -28,049 -33,481 350 -1,805 Gasoline 16,612 20,071 -206 988

Total 4,176 10,780 Corn 66,625 73,537 -132 1,268

Soybeans -46,250 775 -2,026 -1,993 Wheat -35,365 -7,217 -697 -876

Soybean Oil -18,796 -9,007 -153 -295 Soybean Meal 18,200 45,128 -821 555 HRW Wheat -8,533 -7,010 -37 -208

Total -3,867 -1,549 Copper -5,106 -18,266 759 -294

Aluminum 84,390 56,544 1,136 3,442 Zinc 513 5,441 -207 22

Nickel 16,206 11,555 269 939 Total 1,957 4,107 Gold 21,525 44,271 -2,559 2,422 Silver 14,515 2,946 853 1,070 Total -1,706 3,492 Sugar -13,357 -65,034 630 -163 Coffee -24,702 -13,732 -475 -1,069 Cotton 18,363 53,313 -1,026 539 Total -872 -693

Live Cattle 4,903 17,004 -659 267Lean Hogs 29,924 23,807 174 850

Total -486 1,117Total -797 17,254

Historical Correlation

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 38% 24% -55% -39% 67% 48% WTI Crude -25% 36% -45% -48% 22% 53%

Brent Crude -25% 40% -26% -37% -3% 47% ULS Diesel -7% 37% -52% -37% 42% 49% Gasoline -6% 35% -18% -9% 11% 38%

Corn 38% 58% -36% -49% 50% 65% Soybeans 69% 69% -80% -57% 80% 73%

Wheat 54% 49% -61% -61% 64% 66% Soybean Oil 53% 54% -75% -61% 74% 66%

Soybean Meal 59% 54% -55% -44% 66% 60% HRW Wheat 12% 26% -39% 45% 52%

Copper 34% 52% -59% -53% 56% 60% Aluminum 5% -20% 34%

Zinc 27% -46% 59% Nickel 32% -30% 60% Gold 71% 62% -54% -49% 70% 66% Silver 34% 56% -50% -43% 51% 58% Sugar 49% 44% -72% -58% 77% 61% Coffee 70% 48% -66% -64% 81% 67% Cotton 67% 54% -52% -53% 71% 60%

Live Cattle 10% 25% 23% -7% -8% 21%Lean Hogs 17% 21% -9% -16% 14% 16%

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

Grains

Industrial Metals

Precious Metals

Softs

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

18

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

050000

100000150000200000250000300000

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

-40000

-20000

0

20000

40000

60000

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

-20000

0

20000

40000

60000

80000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

19

Sugar Coffee

Cotton Live Cattle

Lean Hogs

Copper Aluminum

Zinc Nickel

Gold Silver

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

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

20

GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>

Group Inventory/SalesRelated Commodities

UnitEnd of Sep

2015End of Aug

2015Change

(%)DOE Natural Gas Total Inventory Natural Gas bcf 3,538 3,099 14%DOE Crude Oil Total Inventory WTI Crude mm barrels 458 451 2%DOE Cushing Oklahoma Crude Oil Total Stocks WTI Crude mm barrels 53 58 -8%DOE Distillate Fuel Oil Total Inventory ULS Diesel mm barrels 152 150 1%DOE Motor Gasoline Total Inventory Gasoline mm barrels 222 214 4%USDA Corn Total Export Sales Corn thousand MT 801 855 -6%USDA Soybeans Total Export Sales Soybeans thousand MT 2,510 1,326 89%USDA All Wheat Total Export Sales Wheat, HRW Wheat thousand MT 77 530 -85%USDA Soybean Oil Total Export Sales Soybean Oil thousand MT 25 35 -30%USDA Soybean Cake Meal Total Export Sales Soybean Meal thousand MT 264 150 76%Comex Copper Total Inventory Copper thousand short ton 40 34 18%LME Copper Total Inventory Copper thousand MT 325 354 -8%LME Primary Aluminum Total Inventory Aluminum thousand MT 3,189 3,321 -4%LME Zinc Total Inventory Zinc thousand MT 596 505 18%LME Nickel Total Inventory Nickel thousand MT 455 455 0%Comex Gold Total Inventory Gold mm ounces 7 7 -6%Comex Silver Total Inventory Silver mm ounces 167 170 -2%

Softs USDA All Upland Cotton Total Export Sales Cotton thousand bales 118 82 45%USDA Cattle Slaughter Estimates Daily Live Cattle thousand heads 111 105 6%USDA Hogs Slaughter Estimates Daily Lean Hogs thousand heads 422 406 4%

Historical Correlation

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory 54% 3%DOE Crude Oil Total Inventory -69% -81%DOE Cushing Oklahoma Crude Oil Total Stocks -79% -54%DOE Distillate Fuel Oil Total Inventory -77% -20%DOE Motor Gasoline Total Inventory -66% -18%USDA Corn Total Export Sales 22% -28%USDA Soybeans Total Export Sales -10% -5%USDA All Wheat Total Export Sales -6% 25%USDA Soybean Oil Total Export Sales -12% -4%USDA Soybean Cake Meal Total Export Sales -22% 18%Comex Copper Total Inventory -32% 71%LME Copper Total Inventory -70% 24%LME Primary Aluminum Total Inventory 94% 4%LME Zinc Total Inventory 40% -17%LME Nickel Total Inventory -83% -64%Comex Gold Total Inventory 52% 80%Comex Silver Total Inventory 47% -84%

Softs USDA All Upland Cotton Total Export Sales -58% -2%USDA Cattle Slaughter Estimates Daily -7% -33%USDA Hogs Slaughter Estimates Daily 8% -25%

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

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

BCOM Index

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

vs. BCOM Silver Indexvs. BCOM Gold Index

21

Soybeans Wheat

Soybean Oil Soybean Meal

HISTORICAL GLOBAL COMMODITIES INVENTORIES & SALES DATA vs. BCOMNatural 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

DOE Natural Gas Total Inventory BCOM Natural Gas Index

0

500

1000

1500

2000

250000

300000

350000

400000

450000

500000

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 06 08 10 12 14

DOE Cushing Oklahoma Crude Oil Total Stocks BCOM WTI Crude Index

0

200

400

600

800

1000

80000

100000

120000

140000

160000

180000

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

DOE Distillate Fuel Oil Total Inventory BCOM ULS Diesel Index

0

200

400

600

800

1000

1200

1400

150000

170000

190000

210000

230000

250000

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

DOE Motor Gasoline Total Inventory BCOM Unleaded Gasoline Index

020406080100120140160

0

500

1000

1500

2000

2500

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

USDA Corn Total Export Sales BCOM Corn Index

0

100

200

300

400

500

600

700

0

500

1000

1500

2000

2500

3000

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

USDA Soybeans Total Export Sales BCOM Soybeans Index

0

50

100

150

200

250

300

-500

0

500

1000

1500

2000

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

USDA All Wheat Total Export Sales BCOM Wheat Index

0

50

100

150

200

250

300

-50

0

50

100

150

200

250

07 09 11 13 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

22

Silver Cotton

Live Cattle Lean Hogs

HISTORICAL GLOBAL COMMODITIES INVENTORIES & SALES DATA vs. BCOMCopper 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 09 11 13 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

23

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

Report Period: 8/31/2015 - 9/30/2015

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

-70.93 6,549.95 -1.1%-419.11 8,408.03 -5.0%-17.71 1,486.39 -1.2%-1.95 29.14 -6.7%-7.19 254.40 -2.8%-5.27 38,920.31 0.0%

-522.16 55,648.21 -0.9%

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 189.47 24,892.30 0.8%UGAZ US VelocityShares 3x Long Natural Gas 99.49 572.05 17.4%DWTI US VelocityShares 3x Inverse Crude 52.67 164.32 32.1%DGL US PowerShares DB Gold Fund 29.41 133.92 22.0%GSG US iShares S&P GSCI Commodity Index 24.29 744.60 3.3%SCO US ProShares UltraShort Bloomberg Commodity 11.28 138.65 8.1%FTGC US First Trust Global Tactical Commodity 11.14 185.91 6.0%UGLD US VelocityShares 3x Long Gold ETF 10.73 42.46 25.3%DNO US United States Short Oil Fund LP 5.74 19.43 29.5%

OUNZ US Merk Gold Trust 5.08 73.53 6.9%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

USO US United States Oil Fund LP -392.81 2,906.06 -13.5%SLV US iShares Silver Trust -106.92 4,751.59 -2.3%UCO US ProShares Ultra Bloomberg Crude -70.26 914.57 -7.7%DJP US iPath Bloomberg Commodity Index -54.01 1,132.43 -4.8%

DGAZ US VelocityShares 3x Inverse Natural Gas -52.66 79.85 -65.9%UWTI US VelocityShares 3x Long Crude ETF -51.98 975.91 -5.3%IAU US iShares Gold Trust -48.98 5,904.79 -0.8%DBC US PowerShares DB Commodity Index -43.26 2,561.50 -1.7%PPLT US ETFS Physical Platinum Shares -32.73 512.93 -6.4%PALL US ETFS Physical Palladium Shares -24.75 224.44 -11.0%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture

24

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

2.53

3.54

4.55

5.5

OCT

15

JUL

16AP

R 17

JAN

18

OCT

18

JUL

19AP

R 20

JAN

21

OCT

21

JUL

22AP

R 23

JAN

24

OCT

24

JUL

25AP

R 26

JAN

27

OCT

27

Natural Gas

31-Aug-2015

30-Sep-2015

40455055606570

OCT

15

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

0DE

C 21

WTI Crude

31-Aug-2015

30-Sep-2015

4550556065707580

OCT

15

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

2

Brent Crude

31-Aug-2015

30-Sep-2015140

160

180

200

220

SEP

15

DEC

15

MAR

16

JUN

16

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

ULS Diesel

31-Aug-2015

30-Sep-2015

100

120

140

160

180

200

SEP

15N

OV

15JA

N 1

6M

AR 1

6M

AY 1

6JU

L 16

SEP

16N

OV

16JA

N 1

7M

AR 1

7M

AY 1

7JU

L 17

SEP

17N

OV

17JA

N 1

8M

AR 1

8M

AY 1

8JU

L 18

Unleaded Gasoline

31-Aug-2015

30-Sep-2015

280

290

300

310

320

330

SEP

15

DEC

15

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

OCT

18

Soybean Meal

31-Aug-2015

30-Sep-2015450470490510530550570590

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

HRW Wheat

31-Aug-2015

30-Sep-2015

350

370

390

410

430

450

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

JUL

18

Corn

31-Aug-2015

30-Sep-2015850

900

950

1000

SEP

15N

OV

15JA

N 1

6M

AR 1

6M

AY 1

6JU

L 16

AUG

16SE

P 16

NO

V 16

JAN

17

MAR

17

MAY

17

JUL

17AU

G 17

SEP

17N

OV

17JU

L 18

Soybeans

31-Aug-2015

30-Sep-2015

450

500

550

600

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

Wheat

31-Aug-2015

30-Sep-201525262728293031

SEP

15

DEC

15

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

OCT

18

Soybean Oil

31-Aug-2015

30-Sep-2015

25

COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

231232233234235236237238

SEP

15

DEC

15

MAR

16

JUN

16

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

MAY

18

DEC

18

JUL

19

MAR

20

Copper

31-Aug-2015

30-Sep-201515001600170018001900200021002200

SEP

15AP

R 16

NO

V 16

JUN

17

JAN

18

AUG

18M

AR 1

9O

CT 1

9M

AY 2

0DE

C 20

JUL

21FE

B 22

SEP

22AP

R 23

NO

V 23

JUN

24

JAN

25

AUG

25

Aluminum

28-Aug-2015

30-Sep-2015

1050

1100

1150

1200

1250

SEP

15

NO

V 15

FEB

16

JUN

16

OCT

16

FEB

17

JUN

17

JUN

18

JUN

19

JUN

20

JUN

21

Gold

31-Aug-2015

30-Sep-201513.5

14

14.5

15

15.5

16

SEP

15

NO

V 15

JAN

16

MAY

16

SEP

16

JAN

17

MAY

17

DEC

17

DEC

18

DEC

19

Silver

31-Aug-2015

30-Sep-2015

10

11

12

13

14

15

OCT

15

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

Sugar

31-Aug-2015

30-Sep-2015110

120

130

140

150

160

SEP

15DE

C 15

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

18

Coffee

31-Aug-2015

30-Sep-2015

5055606570758085

OCT

15

DEC

15

FEB

16

APR

16

MAY

16

JUN

16

JUL

16

AUG

16

OCT

16

DEC

16

FEB

17

Lean Hogs

31-Aug-2015

30-Sep-2015

110

120

130

140

150

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

Live Cattle

31-Aug-2015

30-Sep-2015

15501600165017001750180018501900

SEP

15JA

N 1

6M

AY 1

6SE

P 16

JAN

17

MAY

17

SEP

17JA

N 1

8M

AY 1

8SE

P 18

JAN

19

MAY

19

SEP

19JA

N 2

0M

AY 2

0SE

P 20

Zinc

28-Aug-2015

30-Sep-20159800

10000

10200

10400

10600

SEP

15JA

N 1

6M

AY 1

6SE

P 16

JAN

17

MAY

17

SEP

17JA

N 1

8M

AY 1

8SE

P 18

JAN

19

MAY

19

SEP

19JA

N 2

0M

AY 2

0SE

P 20

Nickel

28-Aug-2015

30-Sep-2015

56

58

60

62

64

66

OCT

15

DEC

15

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

Cotton

31-Aug-2015

30-Sep-2015

26

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.

27

COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE

Broad Commodities EnergyTop commodity news CTOP Top energy news ETOPCommodity markets menu <COMDTY> F9 Top oil news OTOP Global commodity prices GLCO Crude Oil Production Dashboard BI OILSCommodity playbook CPLY First Word oil NI BFWOIL Commitments of traders report COT News on oil inventories TNI OIL INV Calendar of commodity events ECO17 Oil Buyer's Guide newsletter NI OBGBRIEFCommodity arbitrage calculator CARC Pipes & Wires newsletter NI PAWSBRIEFCommodity fundamental data explorer FDM Oil market analysis BOILCommodity futures overview CMBQ Nat gas spot prices BGASSecurity finder SECF Forward European utility markets EUMCommodity data contributors & broker CDAT News on oil markets NI OILMARKET Contract table menu CTM News on OPEC NI OPEC Seasonality chart SEAG OPEC production and prices OPECCommodity curve analysis CCRV Oil markets menu OIL Commodity fair values CFVL Crude stored in tankers NOONCommodity price forecasts CPFC Refinery outages REFOCommitments of Traders Report COT Oil’s decline EXT5 Commodity maps BMAP Oil versus inflation expectations SWIFCommodity options monitor OMON Commodities charts COSY MetalsCommodity Investors menu CMNV Top metal news METT US exchange traded product fund flows ETF Precious metal dashboard BI PMETG

Base metals dashboard BI BMETCommodity 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

BLOOMBERG COMMODITY INDEX (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.

28

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