August 2015Market Commentary 03Commodity Performance BCOM 07 Roll Select 08 Historical 09Contribution to Return & Weights 10Commodity Volatility Realized 11 Implied 12 Historical Realized 13Commodity Correlation Composites 14 Singles 15 US CPI Indices 16 Country CPI 17 Country GDP 18Commitment of Traders Report Monthly Notional Change & Correlation 19 Historical Net Positions 20Commodity Inventories & Sales Monthly Change & Correlation 22 Historical Levels 23Commodity ETP Flows 25Term Structures 26BI Dashboards 28Bloomberg Cheat Sheet 29

Contact us:<Help> <Help> on the Bloomberg Professional Service1-212-617-5020commodities@bloombergindexes.com

TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX

MACRO AND REGULATION CHALLENGES FOR COMMODITY INVESTORS

When

Where

Highlights

Agenda8:00 Registration & Breakfast8:30 Welcome Remarks8:45 The macroeconomic outlook and impact on commodities prices

Thomas Thygesen, Economist, SEB+ Outlook for inflation+ Dollar strength+ QE & rates outlook+ Impact on commodity pricing

9:25 Commodity markets outlook: review fundamentals of commodity sectors, price performance+ Energy - pricing and market dynamics, shale industry impact+ Metals - supply and demand in light of the 'new normal' in China+ Agriculture - supply and inventory levels outlook for grains and softsRichard Mallinson, Geopolitics Analyst, Energy AspectsTom Price, Global Commodity Analyst, Morgan StanleyTracey Allen, Senior Commodities Analyst, Rabobank

10:25 Coffee Break10:40

11:20

Regulatory Framework: Evolving Regulations Across Europe and the US and their impact on processes, liquidity and market as a whole> FTT - Financial transaction tax - impact on commodity trading> ESMA rules and impact on UCIT funds> IOSCO and a move towards news benchmark standards> MiFID 2 - latest revision of the markets in financial instruments directive implemented in 2007 has been revised through a recast directive (MiFID 2) and a new regulation (MiFIR) What do they mean to the commodities industry? Exemptions, scope and position limits - Simon Turek, Governance Relations for CME- Nicolas Bouveret, Investment Management for Arendt- Gary Campbell, Consultant, DeloitteRecent Developments in Bloomberg Commodity Indices

11:35

12:3013:30

Panel Discussion: Commodity Investments, New PerspectiveManaging commodity exposure within a changing regulatory framework, new pricing era in terms of pricing and changing asset allocation outlook. Investors, consultants and Market participants would give you a deep insight into these and other industry topics.- Fiona Boal, Commodity Research Director, Fulcrum Asset Management- Scott Kerson, Partner & Head of Commodities, AHL Partners LP- Moderator: Victoria Hegan, EMEA, Executive Director, EMEA Commodity Investor Sales, Goldman Sachs International Networking ReceptionEvent Close

Tuesday 8 September 2015 08:00 — 12:30

Bloomberg City Gate House 39-45 Finsbury Square London EC2A 1PQ RSVP

Investing in commodities over the past few years has been a challenge. A glut in supply and concerns about a slowdown in global growth posed risks to asset class performance – and now regulatory changes have added further burden to the market. As new geopolitical and macroeconomic dynamics are revealed and regulatory framework takes shape, what does the future hold for commodity investment?

Join us and our market specialists to gain more insight into such topics as:> New economic era – are low interest rates and deflation here to stay?> OPEC’s “war” with shale and impact on oil price> Agricultural market dynamics – are high inventories and oversupply here to stay? > Industrial metals pricing in China’s “new normal”> Investment impact by such regulatory initiatives as FTT, MIFID, ESMA

http://go.bloomberg.com/promo/invite/macro-and-regulation-challenges/

Commodities Fell 0.9% in August, Sentiment Fueled Oil Rally, Spiked Volatility

• Performance: The Bloomberg Commodity Index (BCOM) ended August down 0.9% while the Bloomberg Petroleum Indexand Precious Metals Index each returned 2.2%.

• Money manager positions: The notional exposure to commodity futures and options fell $4 billion in August. Energypositions were down $3.5 billion, Grains were down $6.8 billion, while Precious Metals were up $7.3 billion.

• Fund flows: U.S. listed Exchange Trades Products saw positive commodity fund flows of $1.2 billion in August.• Volatility: 19 out of 22 commodities in BCOM saw increased volatility in August. Realized volatilities for petroleum products

rose sharply with the monthly volatility for the Petroleum Index (59.59%) more than double its five-year average (26.37%).Short term implied volatilities for the oil products increased by around 50% from the last month (37% to 54% for 1m WTI at-the-money).

ENERGY (34.8% weight in BCOM)

The Bloomberg Natural Gas Index capped a second straight monthly drop as forecasts showed waning air-conditioning demand after heat in the eastern U.S. in the latter part of August. The weather may be mostly normal in the lower 48 states from September 10-14, according to the Commodity Weather Group LLC. The bears are winning as the summer winds downs and any fears of significant heat are passing. Gas stockpiles totaled 3.099 trillion cubic feet as of August 21, 2.9% above the five-year average and 18% higher than last year’s supplies for the period, according to the EIA. By the end of the injection season on October 31, inventories (DOENUST1 Index) may reach 3.867 trillion cubic feet, 1.8% above the five-year norm.

Marketed gas production (DOEGMARK Index) in the U.S. may climb 5.4% this year to a record 78.72 billion cubic feet a day, the EIA said August 11 in its monthly Short-Term Energy Outlook. The agency cut its forecast for the average 2015 price of gas at the benchmark Henry Hub in Erath, Louisiana, to $2.89 per million Btu from $2.97 estimated in July. Gross gas output from the lower 48 states slipped 0.1% in June to 89.537 billion cubic feet a day from a month earlier, the EIA said August 31 in its monthly EIA-914 production report. Supplies from Ohio jumped 12.6% to 2.848 billion a day.

On August 31, oil capped the biggest three-day gain in 25 years after OPEC signaled it might cut production and the U.S. lowered its oil output estimates. WTI surged 27% in three days, the most since August 1990 when Iraq invaded Kuwait.

Any speculation the 12 members of OPEC may rein in oil production underestimates Iran’s determination to go it alone. Iran is pushing ahead with its goal to increase market share, with the nation pumping 2.9 million barrels a day in August, the fastest rate in three years, according to a Bloomberg survey of oil companies, producers and analysts. That helped boost OPEC production to 32.3 million barrels a day, the 15th straight month the group has pumped above its 30-million-barrel-a-day quota, the data show.

U.S. refineries operated at 94.5% of their capacity (DOEPPERC Index) on August 21, down 0.6% from the prior week and the lowest since June. Refiners cut operating rates during September (DOEPPERC Index) in nine of the past ten years and gasoline demand dropped with end of the summer driving season, which will end with Labor Day on September 7.

The number of active rigs seeking oil in the U.S. increased for a sixth week to the highest level since early May. Refiners may be able to maintain high refining margins and enjoy reduced feedstock costs while crude oil prices remain low. The industry will probably keep maximizing throughput to reap the benefits of the high-margin environment.

GRAINS (22.1% weight in BCOM)

Soybeans declined with U.S. crop conditions better than estimated. The USDA said August 31 that the U.S. crop conditions at 63% good/excellent were unchanged from the previous week. Analysts surveyed by Bloomberg expected plants to deteriorate. At current prices, soybean producers don’t want to sell, while end-users aren’t eager to buy after commodities slump.

U.S. corn rated 'excellent' or 'good' fell further to 68% in the week ended August 30, according to the USDA, while soybean continues to be stalled at 63% for the fifth consecutive week. Worsening conditions are attributable to drier weather stunting growth, which may suggest WASDE lowers production forecasts. DTN expects drier conditions will remain for the next week in the Midwest. A reduced production outlook could support crop prices and farm income.

3

While the USDA boosted its corn output estimate in August and prices have plunged for two straight months, farms in the world’s biggest corn-growing region are showing signs of strain before the bulk of the harvest begins. The Midwest had the fourth-wettest June since 1895, threatening to erode the benefits of crops from Missouri to Ohio that were planted early. When the rains came, corn futures jumped 28% from June 15 to July 13, touching a one-year high of $4.5425 a bushel, on concern too much moisture would leave damaged plants. Then, prices plunged 17% through September 1 as warm weather dried fields and the USDA unexpectedly raised its national yield forecast, citing the second-biggest plant population and third-highest ear weight ever.

BMAP <GO> Midwest corn prices

Since then, the annual Pro Farmer Crop Tour estimated smaller ears after surveying fields in seven states, and the government reported higher insurance claims by growers. Still, with the slowdown in China pushing most commodities lower in recent weeks, closing corn prices on the Chicago Board of Trade have fluctuated between $3.7325 and $3.825 since August 12. December futures fell 0.9% on August 31.

U.S. corn yields will fall 1.3% to 168.8 bushels an acre this year from the record 171 bushels in 2014, the USDA said on August 12. Production from 81.1 million harvested acres was estimated at 13.686 billion bushels. Marketing adviser Pro Farmer said August 21 that output would fall 2.7% to 13.323 billion, partly based on samples from 1,400 fields from Ohio to South Dakota. The average ear length measured on the tour was 6.56 inches (16.7 centimeters), down 3.4% from last year.

INDUSTRIAL METALS (15.3% weight in BCOM)

Copper prices fell for a fourth straight month, the longest streak since the global financial crisis, as concern that the economic slowdown in China will deepen helped dim the outlook for the metal. The Bloomberg Copper Index ended down 1.4% in August. Stock market turmoil, a surprise currency devaluation and weakening economic indicators in China, the world’s largest metals consumer, have dominated trading sentiment this month, pulling prices to a six-year low.

Copper inventories in China’s bonded warehouses fell to the smallest in almost two years as traders moved metal to the domestic market amid slower sales from smelters. Stockpiles dropped 17% to 540,000 metric tons in August from a month earlier, the lowest level since November 2013, according to Bloomberg Intelligence analysts.

Pessimism in the Chinese metals market has grown since April, according to Bloomberg Intelligence discussions with traders, company managers and associations. Traders are pulling back in the expectation that the copper selloff is overdone in the near term, and slowing growth is leaving them bearish on long-term demand. The stock market's performance, and the government's efforts to stabilize it, was a primary focus.

The mood of Chinese metal traders is closely linked to the performance of equity markets, most commonly the Shanghai A Index. The sentiment among Chinese investors and traders is that economic growth could continue to worsen if the government can't stabilize the stock market. They expect efforts to halt the decline will be successful and the economy will slow more gradually and avoid a sharper decline. The five-year planning conference in October is seen as an important key to 2016 growth. The October government meetings to develop China's 13th five-year plan will be closely watched for insight into the path of the country's economy. A move toward higher-value-added industries, such as technology and high-speed trains, would shift focus away from the many metals-intensive construction projects that had been a priority until a few years ago. China's effort to boost its economic value-added output while cutting pollution continues to hurt demand for metals.

After a year-to-date 17.7% decline in the Bloomberg Copper Index, China and new mine supply may determine the rest of the year. Chinese demand growth, more buying by the Chinese State Reserve Bureau and this year's estimate of 7.88 million metric tons of new mine supply by 2020, and whether it will come into the market as the companies expected after a year of major new mining delays, will also be important.

New aluminum-production facilities with lower costs threaten to exacerbate overcapacity in China this year. Some 3.9 million metric tons of capacity is set to be added in 2015, according to Bloomberg Intelligence estimates. Many of the new projects are likely

4

to secure significantly lower electricity costs than traditional smelters because of captive coal mines and power plants. The new low-cost output is driving down the industry cost curve, weighing on prices, and may squeeze out higher-cost producers.

PRECIOUS METALS (16.3% weight in BCOM)

Investors piled into gold in hopes that the turmoil sweeping financial markets would finally help revive prices. Instead of a rally, futures in New York fell for four straight sessions as global equities plunged to a two-year low. Rather than providing a refuge from the meltdown, gold’s volatility rose right along with a measure of equity turbulence. As stocks started to recover, the metal kept falling because of reports that signaled gains for the U.S. economy. More than $52 billion has been wiped from the value of physical bullion funds since April 2013. Money managers have raised their net-long position to the highest since June just before futures capped the worst slump in a month.

BMAP<GO> Global gold mines

Speculators more than tripled their net-bullish position to 44,271 futures and option contracts (CFCDUMMN Index <GO>) in the week ended August 25, according to the CFTC. Long holdings rose for a third straight week, the longest run since January. Even as the U.S. economy has proven to be resilient, Fed policy makers will have to contend with a weaker global-growth scenario. The world equity rout has lowered expectations for a quick rate rise, with traders as of August 31 pricing in a 38% chance (WIRP <GO>) that policy makers will tighten at their September meeting. That compares with 48% two weeks earlier. The metal climbed 70% from December 2008 to June 2011 as the U.S. central bank fanned inflation fears as it bought debt and held borrowing costs near zero in a bid to shore up growth. Holdings in ETPs backed by the metal have dropped 12% over the past year and on August 11 shrunk to the smallest since 2009. With U.S. inflation languishing below the Fed’s 2% target, there’s little interest in buying gold to hedge against rising consumer prices. With global growth concerns reemerging, we are seeing fears of deflation and gold may not do well in that scenario. ETPs linked to precious metal have lost $22.5 billion year to date, roughly 26% of their market cap.

The opening of gold trading in the Shanghai free-trade zone and the launch of the yuan-denominated gold fix late this year may promote more open trading of China's currency internationally. Gold trading has soared in China, and the metal is a recognized currency instrument that may be used to move yuan into and out of China. The trading of gold via the free-trade zone may be seen as a sign of China's ambition to take a central place in the global market for the commodity and spur the yuan's internationalization.

SOFTS (6.6% weight in BCOM)

The Bloomberg Sugar Index which tracks the sugar contract on ICE dropped 4% in August. Sugar occupies a special place in U.S. politics. The commodity has been a source of controversy since before the American Revolution. Import protections have artificially inflated domestic costs for decades. Major sugar-users like PepsiCo Inc. and Hershey Co. have complained about the sugar program for years, saying it needlessly raises costs, both for them and for consumers. Sugar accounts for a small fraction of U.S. farm output, but the industry contributes more to congressional campaign coffers than any other commodity producer. Between 2007 and 2014, growers donated $18.5 million, according to the Center for Responsive Politics. While a global production surplus has driven world sugar prices to their lowest levels since 2008, U.S. prices are much higher than elsewhere.

The main issue for coffee remains the forex market. Brazil real fell as much as 1.4% against the dollar after touching on August 31 the lowest since February 2003, while Colombia peso has slumped 37% in the past 12 months, boosting producer incentive for commodity sales in the greenback. Cotton dropped 1.9% in August, losing its status as one of the only two raw materials with gains this year in the Bloomberg Commodity Index.

5

LIVESTOCK (5.0% weight in BCOM)

China consumes more than half the world’s pork, and hasn’t been able to produce enough to meet demand. The need for imports increased after a slump in prices bankrupted hog producers. Like dozens of countries, China bans the use of ractopamine that is fed to more than three-quarters of American hogs to help them gain muscle faster while eating less grain. As hog and pork prices surge in China, its record imports this year will likely be dominated by Europe, not the U.S. Pork exports will be 4.999 billion pounds in the U.S. this year, down from a July forecast of 5.065 billion, the government said on August 10. At the same time, production will reach a record 24.6 billion pounds, exceeding beef for the first time in 63 years, according to the USDA.

6

Composite Indices

Aug Jul Q2 Q1 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity ER BCOM -0.93% -10.62% 4.65% -5.95% -12.84% -9.92% -28.16% -37.73% -30.49% -46.77% -6.77%Bloomberg Commodity TR BCOMTR -0.92% -10.62% 4.66% -5.94% -12.82% -9.91% -28.14% -37.64% -30.27% -39.59% 53.52%

Bloomberg Commodity Spot BCOMSP -0.45% -10.67% 6.17% -4.03% -9.39% -9.30% -24.29% -33.05% -16.55% 24.31% 178.67%Bloomberg Roll Select BCOMRST -0.90% -9.95% 3.43% -5.45% -12.73% -9.19% -27.18% -34.81% -24.09% -1.01% 241.27%

1 Month Forward BCOMF1T -0.94% -10.55% 4.47% -5.57% -12.59% -9.70% -27.44% -35.00% -25.29% -23.06% 179.21% 2 Month Forward BCOMF2T -0.84% -10.46% 3.88% -5.64% -12.97% -9.67% -27.39% -35.85% -26.95% -13.86% 213.47% 3 Month Forward BCOMF3T -0.97% -10.38% 3.69% -5.41% -12.96% -9.69% -26.90% -34.86% -24.71% -5.87% 226.32% 4 Month Forward BCOMF4T -0.86% -10.09% 3.60% -5.19% -12.45% -9.31% -26.26% -33.61% -21.79% 5.47% 5 Month Forward BCOMF5T -0.95% -9.86% 3.44% -4.98% -12.25% -9.21% -26.19% -34.34% -21.90% 8.69% 6 Month Forward BCOMF6T -0.83% -9.70% 3.13% -4.93% -12.20% -9.04% -25.87% -33.86% -21.65% 13.99%

Energy BCOMENTR 0.75% -14.47% 10.92% -8.20% -12.25% -14.21% -46.80% -45.75% -51.58% -88.14% 8.18%Petroleum BCOMPETR 2.24% -17.58% 13.98% -8.46% -12.07% -17.61% -49.32% -49.59% -33.85% -66.76% 218.16%Agriculture BCOMAGTR -3.85% -11.11% 8.29% -8.82% -15.61% -3.58% -19.39% -43.67% -19.50% 2.82% -20.48%

Grains BCOMGRTR -3.54% -13.04% 10.21% -8.18% -15.12% -0.59% -13.30% -46.27% -15.60% 6.00% -29.21%Industrial Metals BCOMINTR -2.80% -7.30% -5.31% -5.32% -19.22% -14.26% -29.27% -30.49% -38.52% 4.31% 60.69%Precious Metals BCOMPRTR 2.16% -6.37% -2.55% 1.30% -5.58% -7.21% -16.11% -39.99% -15.18% 133.50% 193.43%

Softs BCOMSOTR -3.28% -8.04% 1.61% -13.70% -22.01% -8.93% -35.72% -46.15% -39.47% -36.66% -45.35%Livestock BCOMLITR 1.13% -2.17% -1.52% -9.78% -12.10% -6.41% -12.00% -3.00% -8.54% -46.48% -46.64%Ex-Energy BCOMXETR -1.78% -8.48% 1.50% -5.77% -14.02% -7.44% -20.65% -36.69% -22.08% 19.72% 31.88%

Ex-Petroleum BCOMXPET -1.92% -8.01% 1.55% -6.43% -14.26% -6.79% -23.41% -36.12% -32.17% -34.96%Ex-Agriculture BCOMXAGT 0.31% -10.41% 3.21% -4.87% -11.76% -12.19% -32.06% -35.10% -35.85% -54.15%

Ex-Grains BCOMXGRT -0.37% -10.10% 3.55% -5.47% -12.33% -11.55% -30.80% -35.19% -34.02% -49.33%Ex-Industrial Metals BCOMXIMT -0.57% -11.20% 6.63% -6.00% -11.50% -9.08% -28.05% -39.32% -28.75% -50.30%Ex-Precious Metals BCOMXPMT -1.50% -11.38% 6.06% -7.40% -14.26% -10.42% -30.37% -37.76% -33.28% -49.36%

Ex-Softs BCOMXSOT -0.75% -10.80% 4.87% -5.47% -12.23% -9.98% -27.66% -37.09% -29.97% -40.85%Ex-Livestock BCOMXLIT -1.02% -11.02% 4.98% -5.69% -12.81% -10.08% -29.05% -39.30% -31.41% -39.14%

Ex-Agriculture & Livestock BCOMXALT 0.25% -10.98% 3.57% -4.43% -11.67% -12.60% -33.75% -37.49% -37.90% -55.34%S&P 500 Total Return SPXT -6.03% 2.10% 0.28% 0.95% -2.88% -5.92% 0.48% 49.38% 108.88% 99.55% 410.70%

Bloomberg US Treasury Bond BUSY -0.14% 1.17% -1.96% 1.77% 0.80% 0.07% 2.48% 2.81% 12.80%Bloomberg USD IG Corporate Bond BUSC -0.79% 0.78% -3.05% 2.23% -0.89% -1.64% -0.64% 6.70% 22.81%Bloomberg USD HY Corporate Bond BUHY -1.92% -0.69% 0.65% 2.63% 0.62% -3.97% -3.34% 13.44% 39.09%

Bloomberg Dollar Spot BBDXY -0.13% 2.34% -1.66% 6.16% 6.70% 1.25% 17.23% 21.30% 17.18% 14.34%

Single Commodity Indices

Aug Jul Q2 Q1 YTD 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNGTR -2.73% -4.43% 1.82% -11.02% -15.78% -1.52% -43.06% -38.97% -79.48% -99.11% -97.82%WTI Crude BCOMCLTR 2.10% -21.24% 17.51% -14.86% -19.55% -21.26% -54.19% -53.27% -48.11% -75.66% 142.02%

Brent Crude BCOMCOT 2.70% -17.85% 10.67% -9.27% -15.29% -18.77% -53.81% -53.33% -25.69% -47.89% 618.58%ULS Diesel BCOMHOTR 6.50% -16.56% 9.10% -4.38% -7.30% -14.26% -40.15% -45.11% -18.07% -55.92% 240.53%

Unleaded Gasoline BCOMRBTR -2.37% -11.38% 18.00% 1.01% 3.12% -12.63% -40.31% -40.33% 11.61% -38.74% 524.09%Corn BCOMCNTR -1.75% -12.08% 7.79% -7.18% -13.58% 1.70% -9.03% -54.55% -12.06% -18.68% -73.45%

Soybeans BCOMSYTR -5.60% -9.35% 9.17% -5.37% -11.60% -2.21% -12.95% -25.75% 30.96% 108.40% 299.18%Wheat BCOMWHTR -3.80% -18.92% 19.26% -13.20% -19.25% -0.53% -16.59% -54.17% -57.64% -56.16% -90.54%

Soybean Oil BCOMBOTR -7.04% -10.80% 10.66% -6.05% -13.79% -15.82% -15.08% -54.50% -41.69% -24.68% -46.49%Soybean Meal BCOMSMT -3.88% -6.22% 11.45% -3.98% -3.55% 7.40% -0.17% 3.85% 98.13% 346.87% 1401.72%HRW Wheat BCOMKWT -5.00% -19.33% 6.13% -11.07% -27.68% -8.11% -29.74% -54.13% -50.77% -32.20% -64.26%

Copper BCOMHGTR -1.39% -9.62% -4.79% -3.01% -17.70% -14.71% -26.29% -33.98% -34.48% 51.98% 199.56%Alumnium BCOMALTR -1.31% -4.76% -7.25% -4.18% -16.46% -9.26% -27.40% -31.26% -42.84% -45.91% -44.83%

Zinc BCOMZSTR -5.60% -4.39% -4.39% -4.83% -17.87% -17.66% -24.76% -12.41% -26.89% 9.35% 28.56%Nickel BCOMNITR -8.95% -7.97% -3.67% -18.54% -34.25% -20.53% -47.35% -39.99% -54.54% -23.58% 106.50%Gold BCOMGCTR 3.42% -6.73% -1.05% -0.23% -4.76% -4.99% -12.46% -33.77% -11.83% 139.92% 185.84%Silver BCOMSITR -1.40% -5.36% -6.63% 6.13% -7.53% -13.18% -26.23% -55.27% -28.70% 92.57% 151.99%Sugar BCOMSBTR -4.03% -10.66% 2.20% -17.61% -27.81% -13.40% -41.57% -62.03% -48.20% -46.88% -10.83%Coffee BCOMKCTR -3.10% -5.40% -3.85% -21.58% -30.88% -5.36% -44.07% -44.17% -54.29% -49.80% -71.97%Cotton BCOMCTTR -1.88% -5.45% 6.21% 4.26% 2.74% -3.18% -4.90% -14.89% 4.98% -19.39% -79.37%

Live Cattle BCOMLCTR -1.86% -3.54% -1.83% -0.69% -7.70% -7.33% -2.71% 6.47% 6.14% -16.84% 10.17%Lean Hogs BCOMLHTR 6.76% 0.45% -0.98% -23.73% -19.01% -3.83% -27.09% -17.21% -30.09% -75.12% -85.59%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2015

2015

YTD

7

Composite Roll Select Indices

Aug Jul Q2 Q1 YTD 1-Year 3-Year 5-Year 10-Year 20-YearBCOM Roll Select BCOMRST -0.90% -9.95% 3.43% -5.45% -12.73% -27.18% -34.81% -24.09% -1.01% 241.27%

Roll Select Agriculture BCOMRAGT -3.77% -10.85% 7.60% -9.06% -16.06% -19.80% -41.64% -13.38% 43.85% 45.06%Roll Select Ex-Ags & Livestock BBURXALT 0.23% -9.95% 2.18% -3.75% -11.24% -32.36% -34.63% -32.23% -25.15%

Roll Select Grains BCOMRGRT -3.18% -12.73% 9.78% -7.79% -14.47% -13.42% -45.26% -11.46% 51.36% 31.58%Roll Select Softs BCOMRSOT -3.92% -7.74% 0.52% -15.31% -24.54% -36.79% -42.33% -30.48% -9.47% 0.58%

Roll Select Livestock BCOMRLIT 1.23% -3.69% -2.82% -6.78% -11.68% -8.91% 4.01% 7.41% 14.43%Roll Select Energy BCOMRENT 0.68% -12.57% 7.81% -6.56% -11.33% -44.15% -40.87% -43.04% -69.99%

Roll Select Ex-Energy BCOMRXET -1.76% -8.44% 1.21% -5.68% -14.13% -20.51% -34.99% -17.66% 61.73%Roll Select Petroleum BCOMRPET 2.59% -15.97% 10.26% -7.56% -12.12% -47.06% -46.01% -27.00% -33.38% 878.15%

Roll Select Industrial Metals BCOMRINT -2.80% -7.11% -4.96% -5.38% -18.80% -28.85% -28.85% -35.91% 33.73% 146.71%Roll Select Precious Metals BCOMRPRT 2.15% -6.38% -2.53% 1.36% -5.52% -16.03% -39.88% -14.76% 136.31% 202.39%

Single Commodity Roll Select Indices

Aug Jul Q2 Q1 YTD 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas RS BCOMRNGT -4.18% -2.78% 0.44% -6.12% -12.16% -38.99% -30.63% -69.41% -95.71% -56.51%WTI Crude RS BCOMRCLT 3.20% -17.15% 10.68% -11.84% -16.58% -50.94% -48.87% -36.99% -37.51% 1013.61%

Brent Crude RS BCOMRCOT 3.10% -15.78% 8.15% -7.45% -13.08% -48.12% -46.96% -21.47% -20.75% 1134.18%ULS Diesel RS BCOMRHOT 5.32% -15.12% 9.11% -4.38% -6.74% -40.62% -44.42% -21.05% -35.08% 548.04%

Unleaded Gasoline RS BCOMRRBT -2.24% -14.67% 14.74% -2.61% -6.78% -43.08% -39.68% 0.34% -27.16% 766.54%Corn RS BCOMRCNT -1.46% -11.28% 7.32% -5.91% -11.72% -7.81% -54.94% -11.57% 14.46% -51.78%

Soybeans RS BCOMRSYT -5.05% -9.35% 8.59% -5.44% -11.62% -13.17% -22.27% 40.83% 152.13% 369.96%Wheat RS BCOMRWHT -3.73% -19.02% 19.26% -14.01% -20.04% -19.50% -53.75% -53.49% -13.92% -53.66%

Soybean Oil RS BCOMRBOT -6.91% -10.80% 10.73% -6.04% -13.61% -15.18% -52.77% -36.71% -7.13% -9.26%Soybean Meal RS BCOMRSMT -3.95% -6.22% 9.76% -3.98% -5.08% -1.66% 12.48% 113.27% 415.91% 1661.31%HRW Wheat RS BCOMRKWT -4.56% -18.65% 6.13% -11.28% -26.89% -28.88% -52.64% -47.11% 18.55% -13.90%

Copper RS BCOMRHGT -1.39% -9.62% -4.88% -3.01% -17.77% -26.84% -33.99% -33.29% 83.48% 336.33%Alumnium RS BCOMRALT -1.18% -4.23% -5.74% -4.37% -14.69% -25.25% -27.10% -37.80% -28.42% -12.46%

Zinc RS BCOMRZST -5.80% -4.23% -4.67% -5.03% -18.32% -24.78% -10.10% -25.04% 45.14% 102.73%Nickel RS BCOMRNIT -9.06% -7.95% -3.70% -18.37% -34.20% -47.22% -39.06% -52.77% 2.85% 255.14%Gold RS BCOMRGCT 3.42% -6.73% -1.04% -0.21% -4.75% -12.44% -33.79% -11.76% 139.16% 187.30%Silver RS BCOMRSIT -1.40% -5.37% -6.57% 6.29% -7.33% -25.97% -54.86% -27.39% 103.54% 180.28%Sugar RS BCOMRSBT -4.92% -9.70% 0.73% -21.20% -31.86% -42.76% -56.65% -39.56% -9.78% 78.60%Coffee RS BCOMRKCT -3.10% -5.42% -4.55% -19.68% -29.74% -42.74% -42.48% -49.15% -38.64% -53.81%Cotton RS BCOMRCTT -2.52% -5.44% 6.21% 3.53% 1.36% -8.83% -12.59% 18.27% 7.24% -63.45%

Live Cattle RS BCOMRLCT -1.71% -3.78% -1.83% -1.66% -8.69% -2.24% 3.12% 12.21% 18.72% 135.12%Lean Hogs RS BCOMRLHT 6.76% -3.45% -4.55% -14.65% -16.03% -19.35% 4.85% -3.66% -2.45% 53.12%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

2015

2015

8

PERFORMANCE: Historical ReturnBloomberg Commodity Composite Indices

Commodities vs. Equities vs. Bonds vs. USD

Bloomberg Commodity Energy Subindices

Bloomberg Commodity Forward Indices

Bloomberg Commodity Group Subindices

Bloomberg Commodity Grains Subindices

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

-100%0%

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

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-50%0%

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

00 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

9

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

Group Commodity Aug 2015 CTR

31 Aug 2015 Actual Weight

31 Jul 2015 Actual Weight

Aug 2015 Weight Change

2015 Target Weight

Natural Gas -0.29% 9.22% 9.03% 0.19% 8.74% WTI Crude 0.23% 8.74% 8.21% 0.53% 7.84%

Brent Crude 0.23% 8.26% 8.01% 0.25% 7.16% ULS Diesel 0.26% 4.22% 3.89% 0.33% 3.76% Gasoline -0.15% 4.33% 5.18% -0.85% 3.69%Subtotal 0.28% 34.77% 34.32% 0.45% 31.19%

Corn -0.14% 7.51% 7.40% 0.11% 7.25% Soybeans -0.31% 5.23% 5.51% -0.28% 5.68%

Wheat -0.13% 3.05% 3.13% -0.08% 3.33% Soybean Oil -0.20% 2.62% 2.81% -0.19% 2.81%

Soybean Meal -0.11% 2.64% 2.74% -0.10% 2.75% HRW Wheat -0.05% 1.01% 1.01% 0.00% 1.17%

Subtotal -0.94% 22.06% 22.60% -0.54% 22.98% Copper -0.09% 6.99% 7.04% -0.05% 7.54%

Aluminum -0.04% 4.52% 4.50% 0.02% 4.59% Zinc -0.13% 2.24% 2.35% -0.11% 2.40%

Nickel -0.15% 1.50% 1.64% -0.14% 2.12%Subtotal -0.41% 15.25% 15.53% -0.28% 16.65%

Gold 0.39% 12.19% 11.74% 0.45% 11.90% Silver -0.07% 4.13% 4.15% -0.02% 4.28%

Subtotal 0.32% 16.32% 15.89% 0.43% 16.18% Sugar -0.13% 3.16% 3.28% -0.12% 4.00% Coffee -0.06% 1.72% 1.73% -0.01% 2.21% Cotton -0.04% 1.73% 1.75% -0.02% 1.51%

Subtotal -0.23% 6.61% 6.76% -0.15% 7.72% Live Cattle -0.06% 3.15% 3.19% -0.04% 3.33% Lean Hogs 0.11% 1.82% 1.70% 0.12% 1.94%Subtotal 0.05% 4.97% 4.89% 0.08% 5.27%

Total -0.9% 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q3 15 Q4 15 Q1 16 Q2 16Forward 2.75 2.90 2.93 2.87Forecast 2.80 3.19 3.36 3.23Forward 47.79 51.03 53.12 54.21Forecast 51.50 55.00 56.50 61.00Forward 53.31 56.15 58.36 59.87Forecast 56.00 60.00 60.00 63.00Forward 163.77 173.54 179.31 179.31Forecast 177.00 183.00 196.50 196.50Forward 167.50 146.27 156.79 172.76Forecast 171.00 170.50 168.30 180.00Forward 381.85 377.31 387.53 395.07Forecast 385.00 390.00 408.00 403.50Forward 950.85 889.88 894.07 898.43Forecast 937.50 920.00 950.00 937.50Forward 510.48 485.98 491.04 496.18Forecast 526.00 527.00 537.00 540.00Forward 5,252 5,136 5,130 5,134Forecast 5,700 5,925 5,938 6,100Forward 1,606 1,612 1,625 1,640Forecast 1,750 1,850 1,800 1,806Forward 1,876 1,810 1,816 1,825Forecast 2,163 2,250 2,308 2,350Forward 10,639 10,061 10,085 10,109Forecast 13,750 14,500 14,996 15,000Forward 1,126 1,132 1,134 1,135Forecast 1,150 1,150 1,160 1,180Forward 14.83 14.59 14.63 14.68Forecast 15.65 16.00 15.90 16.25Forward 11.09 11.77 11.83 11.98Forecast 12.40 12.60 12.75 13.15Forward 124.50 124.73 128.04 130.91Forecast 145.00 150.00 155.00 160.00Forward 64.74 62.96 62.66 63.10Forecast 65.00 64.95 66.10 64.30

Energy

Livestock

Softs

Precious Metals

Industrial Metals

Grains

Coffee

Cotton

Zinc

Nickel

Gold

Silver

Sugar

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

10

Composite Indices

Bloomberg Commodity ER BCOM 23.02% 17.43% 15.46% 11.92% 14.24% 18.21% 15.90%Bloomberg Commodity TR BCOMTR 23.02% 17.43% 15.46% 11.92% 14.24% 18.21% 15.90%

Bloomberg Commodity Spot BCOMSP 23.08% 17.48% 15.55% 11.98% 14.31% 18.29% 16.00%Bloomberg Roll Select BCOMRST 22.14% 16.55% 14.55% 11.26% 13.54% 17.02% 14.53%

1 Month Forward BCOMF1T 22.95% 17.32% 15.17% 11.62% 13.97% 17.83% 15.34% 2 Month Forward BCOMF2T 22.77% 17.10% 14.87% 11.40% 13.75% 17.49% 14.82% 3 Month Forward BCOMF3T 22.51% 16.85% 14.48% 11.16% 13.56% 17.15% 14.39% 4 Month Forward BCOMF4T 22.35% 16.60% 14.22% 10.96% 13.34% 16.86% 5 Month Forward BCOMF5T 21.94% 16.16% 13.69% 10.57% 12.97% 16.32% 6 Month Forward BCOMF6T 21.94% 16.16% 13.69% 10.57% 12.97% 16.32%

Energy BCOMENTR 47.04% 33.86% 33.29% 23.31% 23.40% 29.36% 30.36%Petroleum BCOMPETR 64.09% 43.58% 39.41% 26.40% 26.55% 32.61% 32.57%Agriculture BCOMAGTR 22.25% 21.64% 17.28% 15.09% 18.78% 20.95% 18.36%

Grains BCOMGRTR 27.53% 27.47% 21.65% 19.30% 22.77% 25.20% 22.58%Industrial Metals BCOMINTR 26.05% 20.71% 18.07% 16.60% 19.62% 26.25% 22.25%Precious Metals BCOMPRTR 16.42% 14.09% 17.75% 19.33% 21.10% 23.36% 19.58%

Softs BCOMSOTR 20.24% 19.42% 20.43% 19.03% 21.75% 22.36% 20.52%Livestock BCOMLITR 15.23% 13.61% 14.78% 11.89% 12.99% 13.84% 14.29%Ex-Energy BCOMXETR 15.99% 13.46% 11.96% 10.99% 13.90% 16.76% 13.74%

Ex-Petroleum BCOMXPET 14.75% 13.14% 11.90% 10.97% 13.50% 16.82%Ex-Agriculture BCOMXAGT 28.12% 20.28% 18.54% 13.93% 15.57% 20.11%

Ex-Grains BCOMXGRT 15.99% 13.46% 11.96% 10.99% 13.90% 16.76%Ex-Industrial Metals BCOMXIMT 25.64% 18.57% 16.77% 12.75% 14.67% 18.92%Ex-Precious Metals BCOMXPMT 23.29% 17.99% 16.71% 12.74% 14.78% 18.50%

Ex-Softs BCOMXSOT 26.54% 20.15% 17.30% 12.80% 14.99% 19.11%Ex-Livestock BCOMXLIT 23.93% 18.12% 16.16% 12.43% 14.58% 18.79%

Ex-Agriculture & Livestock BCOMXALT 28.12% 20.28% 18.54% 13.93% 15.57% 20.11%S&P 500 Total Return Index SPXT 26.11% 17.61% 14.18% 12.19% 15.20% 20.61% 19.51%

Bloomberg US Treasury Bond Index BUSY 4.38% 4.80% 4.51% 3.78% 4.21%Bloomberg USD IG Corporate Bond Index BUSC 4.24% 4.76% 4.58% 4.00% 4.55%Bloomberg USD HY Corporate Bond Index BUHY 4.07% 3.11% 3.46% 2.80% 2.89%

Bloomberg U.S. Dollar Spot Index BBDXY 6.48% 6.80% 7.46% 5.79% 6.47% 7.06%

Single Commodity Indices

Natural Gas BCOMNGTR 27.71% 32.86% 42.87% 37.62% 38.32% 44.48% 47.18%WTI Crude BCOMCLTR 68.61% 46.95% 44.19% 29.64% 29.68% 34.58% 34.10%

Brent Crude BCOMCOT 66.57% 45.66% 40.79% 27.06% 26.59% 31.99% 31.53%ULS Diesel BCOMHOTR 55.17% 38.83% 33.61% 23.35% 23.50% 30.48% 32.03%

Unleaded Gasoline BCOMRBTR 64.01% 43.41% 38.59% 27.12% 27.03% 34.67% 33.74%Corn BCOMCNTR 30.25% 31.53% 25.25% 24.02% 28.33% 30.91% 26.87%

Soybeans BCOMSYTR 32.26% 27.31% 22.47% 20.35% 21.75% 24.89% 23.82%Wheat BCOMWHTR 26.10% 33.63% 29.93% 25.39% 30.74% 33.95% 29.66%

Soybean Oil BCOMBOTR 29.03% 25.60% 23.18% 19.28% 20.28% 24.16% 23.30%Soybean Meal BCOMSMT 33.58% 29.17% 26.93% 25.19% 25.65% 28.06% 26.59%HRW Wheat BCOMKWT 22.92% 29.75% 27.89% 23.75% 28.02% 30.90% 26.87%

Copper BCOMHGTR 27.98% 22.82% 21.21% 18.76% 22.53% 31.48% 27.72%Alumnium BCOMALTR 21.85% 17.38% 17.82% 17.82% 19.63% 24.14% 20.49%

Zinc BCOMZSTR 32.94% 24.89% 20.76% 18.50% 23.41% 34.43% 28.00%Nickel BCOMNITR 38.55% 38.72% 31.27% 26.45% 29.04% 39.15% 35.46%Gold BCOMGCTR 13.50% 12.87% 15.24% 17.26% 18.04% 20.36% 17.45%Silver BCOMSITR 30.82% 23.25% 28.75% 28.44% 33.99% 36.27% 30.45%Sugar BCOMSBTR 26.68% 27.88% 26.14% 22.19% 29.70% 33.16% 31.74%Coffee BCOMKCTR 39.98% 31.99% 36.16% 36.12% 33.93% 31.61% 36.94%Cotton BCOMCTTR 25.49% 20.94% 20.14% 19.55% 27.42% 27.42% 26.05%

Live Cattle BCOMLCTR 15.59% 13.50% 15.19% 12.17% 13.14% 13.71% 14.14%Lean Hogs BCOMLHTR 33.24% 29.17% 26.09% 20.26% 20.34% 22.20% 23.94%

VOLATILITY: Realized

Index Name Ticker

Index Name Ticker

3-Mon 1-Year 3-Year1-Mon

1-Mon 3-Mon 1-Year 3-Year 5-Year 10-Year

5-Year 10-Year 20-Year

20-Year

11

VOLATILITY: ImpliedVCA <GO>, OVDV <GO>

TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%End of Aug 1% 34% 0% 0% 37% 1% 0% 40% 1%End of Jul 1% 36% 1% 1% 36% 0% 0% 37% 1%

End of Aug 3% 54% -1% 0% 50% 2% 1% 42% -1%End of Jul 3% 37% -1% 1% 37% 0% 0% 37% -2%

End of Aug -3% 52% 7% -2% 46% 3% 1% 37% 5%End of Jul 4% 34% -1% 2% 34% -1% 1% 34% -1%

End of Aug -4% 41% 5% -3% 39% 2% -3% 36% 0%End of Jul 1% 31% 0% 0% 32% 0% 1% 31% -1%

End of Aug -13% 59% 1% 0% 36% 5% -1% 34% 1%End of Jul -1% 36% 0% -3% 37% 1% -1% 34% 1%

End of Aug 1% 26% 2% -1% 27% 2% -1% 27% 1%End of Jul -1% 31% 5% -1% 29% 2% -1% 27% 1%

End of Aug 4% 23% 1% 2% 21% 0% 1% 19% 0%End of Jul 1% 22% 4% 0% 20% 2% 0% 19% 1%

End of Aug 0% 26% 3% -1% 25% 2% -1% 25% 1%End of Jul 0% 29% 3% -1% 27% 2% -1% 26% 1%

End of Aug 3% 29% 3% 1% 25% 1% 0% 22% 1%End of Jul 2% 24% 3% 1% 21% 1% 0% 20% 1%

End of Aug 3% 28% 2% 1% 26% 1% 0% 22% 1%End of Jul 2% 28% 3% 0% 25% 1% 0% 22% 1%

End of Aug 0% 26% 3% -1% 25% 2% -1% 25% 1%End of Jul 0% 29% 3% -1% 27% 1% -1% 25% 1%

End of Aug 2% 27% -1% 1% 26% -1% 3% 26% -1%End of Jul 2% 27% 1% 1% 25% -1% 3% 25% -2%

End of Aug 0% 15% 0% 0% 15% 0% 0% 15% 0%End of Jul 0% 18% 0% 0% 18% 0% 0% 18% 0%

End of Aug 0% 31% 0% 0% 24% 0% 0% 23% 0%End of Jul 0% 26% 0% 0% 24% 0% 0% 26% 0%

End of Aug 0% 42% 0% 0% 33% 1% 0% 32% 1%End of Jul 0% 36% 0% 0% 35% 0% 0% 35% 0%

End of Aug 2% 16% 1% 1% 17% 0% 1% 17% 0%End of Jul 3% 14% -1% 2% 16% -1% 1% 16% 0%

End of Aug 5% 31% 1% 3% 30% 0% 2% 29% 0%End of Jul 7% 25% 0% 3% 27% -1% 2% 27% 0%

End of Aug 1% 31% 2% 0% 27% 1% 0% 27% 0%End of Jul 1% 26% 2% 1% 23% 1% 0% 23% 1%

End of Aug -1% 39% 4% -2% 37% 3% -2% 35% 2%

End of Jul -1% 32% 5% -1% 32% 3% -2% 31% 2%End of Aug 2% 22% 4% 0% 21% 1% 1% 20% 0%End of Jul 2% 20% 3% 0% 20% 1% 0% 20% 0%

End of Aug 3% 17% 0% 2% 15% -1% 2% 14% -1%

End of Jul 4% 13% 2% 2% 14% 0% 1% 12% 0%End of Aug 3% 27% -2% 3% 28% -3% 2% 25% -2%End of Jul 10% 20% 4% 2% 29% -2% 2% 26% -2%

3M 6M

Corn

Soybeans

Wheat

1M

Live

stoc

k Live Cattle

Lean Hogs

Grai

nsPr

ecio

us

Met

als Gold

Silver

Softs

Sugar

Coffee

Cotton

Soybean Oil

Soybean Meal

HRW Wheat

Indu

stria

l Met

als Copper

Aluminum

Zinc

Nickel

Ener

gy

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

12

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices

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

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

5%

10%

15%

20%

25%

30%

35%

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5%

10%

15%

20%

25%

30%

35%

02 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

13

Bloo

mbe

rg

Com

mod

ity

Roll

Sele

ct

1 M

onth

Fo

rwar

d

3 M

onth

Fo

rwar

d

6 M

onth

Fo

rwar

d

Ener

gy

Petr

oleu

m

Agric

ultu

re

Gra

ins

Indu

stria

l M

etal

s

Prec

ious

M

etal

s

Soft

s

Live

stoc

k

Ex-E

nerg

y

Ex-A

gs &

Li

vest

ock

Bloomberg Commodity 100% 100% 100% 99% 99% 86% 84% 60% 51% 58% 42% 38% 26% 76% 95%Roll Select 100% 100% 100% 100% 99% 85% 83% 61% 52% 60% 43% 38% 25% 78% 94%

1 Month Forward 100% 100% 100% 100% 99% 85% 83% 60% 52% 59% 42% 38% 26% 77% 94%3 Month Forward 99% 100% 100% 100% 100% 84% 84% 61% 53% 60% 43% 38% 25% 78% 93%6 Month Forward 99% 99% 99% 100% 100% 83% 84% 61% 52% 60% 44% 38% 25% 79% 93%

Energy 86% 85% 85% 84% 83% 100% 93% 23% 17% 32% 17% 13% 16% 34% 93%Petroleum 84% 83% 83% 84% 84% 93% 100% 25% 18% 37% 19% 16% 16% 38% 90%Agriculture 60% 61% 60% 61% 61% 23% 25% 100% 93% 31% 18% 56% 14% 82% 31%

Grains 51% 52% 52% 53% 52% 17% 18% 93% 100% 24% 12% 26% 8% 72% 23%Industrial Metals 58% 60% 59% 60% 60% 32% 37% 31% 24% 100% 29% 26% 20% 69% 56%Precious Metals 42% 43% 42% 43% 44% 17% 19% 18% 12% 29% 100% 19% 8% 58% 43%

Softs 38% 38% 38% 38% 38% 13% 16% 56% 26% 26% 19% 100% 20% 53% 22%Livestock 26% 25% 26% 25% 25% 16% 16% 14% 8% 20% 8% 20% 100% 28% 20%Ex-Energy 76% 78% 77% 78% 79% 34% 38% 82% 72% 69% 58% 53% 28% 100% 57%

Ex-Agriculture & Livestock 95% 94% 94% 93% 93% 93% 90% 31% 23% 56% 43% 22% 20% 57% 100%S&P 500 Total Return Index 19% 20% 19% 20% 21% 19% 22% 14% 12% 18% -11% 9% 6% 12% 17%

S&P Energy 56% 56% 56% 56% 56% 61% 65% 21% 16% 28% 7% 16% 10% 27% 58%S&P Financial 17% 19% 18% 19% 20% 17% 21% 16% 14% 19% -17% 9% 4% 11% 14%

S&P Health Care 8% 9% 8% 9% 10% 8% 9% 8% 8% 8% -11% 4% 7% 5% 6%S&P Consumer Discretionary 13% 15% 14% 15% 16% 13% 17% 13% 13% 18% -19% 8% 8% 9% 11%

S&P IT 14% 16% 15% 16% 17% 13% 16% 12% 11% 16% -10% 7% 4% 11% 12%S&P Utilities 0% 1% 0% 0% 1% 3% 3% -2% 1% -7% -1% -1% 0% -4% 1%

S&P Consumers Staples 8% 9% 8% 9% 10% 6% 8% 9% 8% 12% -11% 8% 5% 7% 5%S&P Industrials 18% 20% 19% 20% 21% 19% 23% 13% 12% 17% -12% 8% 3% 10% 17%

S&P Telecommunication 18% 19% 18% 20% 20% 16% 21% 15% 16% 12% -5% 11% 6% 13% 15%S&P Materials 35% 36% 35% 36% 37% 34% 40% 18% 15% 27% 0% 13% 9% 23% 34%

Bloomberg US Treasury -16% -17% -16% -17% -17% -18% -20% -13% -12% -19% 21% -4% -6% -8% -14%Bloomberg USD IG Corporate -13% -13% -13% -13% -13% -16% -16% -11% -10% -15% 19% -3% -5% -6% -12%Bloomberg USD HY Corporate 19% 20% 20% 21% 23% 16% 24% 12% 8% 26% -7% 8% 11% 16% 18%

Bloomberg U.S. Dollar Spot -33% -34% -33% -33% -34% -25% -25% -21% -15% -7% -37% -24% -8% -29% -31%EURUSD 18% 18% 18% 18% 17% 13% 12% 14% 12% -2% 23% 13% 2% 16% 16%JPYUSD 2% 2% 2% 2% 2% -4% -5% 0% -2% -12% 35% 9% 1% 8% 3%CADUSD 56% 56% 56% 57% 57% 51% 55% 27% 21% 24% 30% 21% 13% 38% 55%MXNUSD 38% 39% 38% 39% 40% 34% 34% 26% 19% 16% 14% 25% 13% 28% 35%GBPUSD 24% 24% 24% 24% 24% 19% 20% 16% 12% 3% 23% 17% 8% 20% 22%AUDUSD 37% 38% 37% 38% 39% 26% 28% 20% 15% 23% 30% 20% 14% 33% 35%CHFUSD 4% 4% 4% 4% 4% -3% -4% 2% 0% 6% 24% 10% 2% 12% 4%KRWUSD 25% 26% 25% 26% 28% 13% 13% 18% 14% 15% 35% 20% 1% 29% 23%CNYUSD 8% 8% 8% 8% 8% 8% 6% 5% 5% 6% 1% -3% 6% 6% 8%

Bloo

mbe

rg

Com

mod

ity

Roll

Sele

ct

1 M

onth

Fo

rwar

d

3 M

onth

Fo

rwar

d

6 M

onth

Fo

rwar

d

Ener

gy

Petr

oleu

m

Agric

ultu

re

Gra

ins

Indu

stria

l M

etal

s

Prec

ious

M

etal

s

Soft

s

Live

stoc

k

Ex-E

nerg

y

Ex-A

gs &

Li

vest

ock

Bloomberg Commodity 100% 99% 100% 99% 99% 79% 75% 72% 64% 67% 56% 50% 25% 87% 92%Roll Select 99% 100% 99% 100% 99% 77% 74% 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% 76% 75% 72% 64% 68% 58% 51% 24% 89% 91%6 Month Forward 99% 99% 99% 100% 100% 75% 74% 71% 63% 69% 59% 51% 24% 89% 91%

Energy 79% 77% 78% 76% 75% 100% 86% 30% 25% 36% 24% 23% 15% 40% 88%Petroleum 75% 74% 75% 75% 74% 86% 100% 31% 25% 43% 29% 26% 15% 45% 82%Agriculture 72% 71% 72% 72% 71% 30% 31% 100% 95% 35% 27% 60% 19% 84% 40%

Grains 64% 63% 64% 64% 63% 25% 25% 95% 100% 27% 22% 34% 16% 76% 33%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% 34%Livestock 25% 24% 25% 24% 24% 15% 15% 19% 16% 14% 6% 16% 100% 26% 16%Ex-Energy 87% 88% 88% 89% 89% 40% 45% 84% 76% 72% 66% 57% 26% 100% 69%

Ex-Agriculture & Livestock 92% 92% 92% 91% 91% 88% 82% 40% 33% 69% 59% 34% 16% 69% 100%S&P 500 Total Return Index 36% 37% 37% 38% 38% 29% 37% 24% 19% 40% 8% 23% 12% 32% 35%

S&P Energy 54% 54% 54% 55% 55% 53% 60% 29% 22% 44% 19% 28% 13% 40% 56%S&P Financial 30% 31% 31% 32% 32% 24% 31% 21% 16% 37% 3% 22% 9% 27% 29%

S&P Health Care 26% 26% 26% 27% 27% 20% 26% 18% 14% 29% 3% 18% 12% 23% 23%S&P Consumer Discretionary 28% 29% 29% 30% 30% 23% 30% 20% 16% 35% 2% 18% 11% 25% 26%

S&P IT 32% 33% 33% 34% 34% 24% 32% 22% 17% 37% 7% 21% 12% 29% 30%S&P Utilities 18% 18% 18% 18% 19% 15% 18% 12% 9% 16% 5% 14% 4% 14% 17%

S&P Consumers Staples 24% 25% 25% 25% 26% 19% 24% 16% 13% 27% 6% 15% 10% 21% 23%S&P Industrials 35% 35% 35% 36% 37% 27% 35% 23% 18% 40% 8% 23% 11% 31% 33%

S&P Telecommunication 22% 23% 22% 23% 24% 19% 23% 14% 11% 23% 4% 15% 7% 18% 21%S&P Materials 46% 47% 47% 47% 48% 35% 43% 29% 23% 48% 21% 27% 13% 42% 45%

Bloomberg US Treasury -20% -21% -21% -21% -21% -21% -24% -15% -13% -24% 10% -10% -7% -15% -19%Bloomberg USD IG Corporate -14% -14% -14% -14% -14% -17% -19% -10% -9% -16% 14% -6% -6% -8% -12%Bloomberg USD HY Corporate 24% 25% 25% 25% 26% 17% 23% 16% 13% 28% 10% 14% 5% 23% 23%

Bloomberg U.S. Dollar Spot -42% -43% -42% -43% -44% -30% -33% -26% -20% -35% -35% -28% -7% -40% -41%EURUSD 33% 33% 33% 34% 34% 24% 25% 21% 16% 29% 25% 22% 4% 31% 33%JPYUSD 1% 1% 1% 1% 2% -3% -3% 2% 1% -5% 18% 4% -4% 5% 1%CADUSD 49% 50% 50% 50% 51% 42% 48% 30% 24% 39% 28% 27% 12% 41% 49%MXNUSD 37% 37% 37% 38% 38% 28% 33% 24% 18% 35% 18% 26% 12% 33% 35%GBPUSD 30% 31% 31% 32% 32% 20% 24% 20% 16% 26% 26% 20% 9% 30% 29%AUDUSD 46% 46% 46% 47% 48% 31% 37% 30% 23% 40% 33% 31% 12% 44% 43%CHFUSD 16% 16% 16% 17% 17% 6% 6% 9% 6% 18% 24% 13% -2% 20% 17%KRWUSD 32% 33% 33% 34% 35% 20% 24% 24% 20% 31% 22% 20% 11% 33% 30%CNYUSD 10% 11% 10% 10% 11% 6% 6% 9% 8% 9% 6% 5% 0% 10% 9%

Bond

Curr

ency

Bond

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

rren

cyCo

mm

oditi

esEq

uitie

s

5-Year

1-Year

Com

mod

ities

Equi

ties

14

Nat

ural

Gas

WTI

Cru

de

Bren

t Cru

de

ULS

Die

sel

Unl

eade

d G

asol

ine

Corn

Soyb

eans

Whe

at

Soyb

ean

Oil

Soyb

ean

Mea

l

HRW

Whe

at

Copp

er

Alum

nium

Zinc

Nic

kel

Gol

d

Silv

er

Suga

r

Coffe

e

Cott

on

Live

Cat

tle

Lean

Hog

s

Natural Gas 100% 21% 19% 20% 18% 3% 4% 4% 15% 0% 5% 0% 13% 0% 2% -3% 8% 2% 3% -1% 8% 4%WTI Crude 21% 100% 95% 92% 88% 16% 26% 4% 44% 12% 7% 36% 31% 28% 24% 14% 25% 11% 15% 19% 17% 11%

Brent Crude 19% 95% 100% 97% 93% 17% 26% 4% 43% 13% 7% 35% 30% 27% 25% 11% 23% 8% 12% 22% 16% 8%ULS Diesel 20% 92% 97% 100% 93% 18% 27% 6% 44% 14% 9% 34% 29% 27% 25% 15% 27% 8% 12% 23% 14% 8%

Unleaded Gasoline 18% 88% 93% 93% 100% 13% 22% 0% 43% 10% 5% 31% 27% 24% 24% 17% 28% 3% 12% 22% 13% 5%Corn 3% 16% 17% 18% 13% 100% 70% 63% 38% 63% 59% 25% 17% 19% 16% 8% 14% 19% 12% 8% 11% 0%

Soybeans 4% 26% 26% 27% 22% 70% 100% 39% 59% 89% 35% 27% 18% 23% 26% 6% 20% 21% 22% 21% 11% 1%Wheat 4% 4% 4% 6% 0% 63% 39% 100% 20% 34% 95% 13% 1% 3% 2% 7% 8% 17% 9% 9% 10% -5%

Soybean Oil 15% 44% 43% 44% 43% 38% 59% 20% 100% 28% 17% 28% 25% 31% 32% 16% 30% 16% 23% 22% 18% -3%Soybean Meal 0% 12% 13% 14% 10% 63% 89% 34% 28% 100% 31% 18% 13% 13% 11% -1% 10% 16% 15% 16% 5% 1%HRW Wheat 5% 7% 7% 9% 5% 59% 35% 95% 17% 31% 100% 11% 0% 1% 3% 5% 6% 16% 7% 6% 9% -4%

Copper 0% 36% 35% 34% 31% 25% 27% 13% 28% 18% 11% 100% 59% 70% 55% 23% 39% 21% 9% 25% 18% 12%Alumnium 13% 31% 30% 29% 27% 17% 18% 1% 25% 13% 0% 59% 100% 67% 50% 13% 24% 20% 7% 12% 16% 10%

Zinc 0% 28% 27% 27% 24% 19% 23% 3% 31% 13% 1% 70% 67% 100% 57% 21% 34% 23% 8% 18% 18% 15%Nickel 2% 24% 25% 25% 24% 16% 26% 2% 32% 11% 3% 55% 50% 57% 100% 9% 24% 17% 17% 22% 9% 3%Gold -3% 14% 11% 15% 17% 8% 6% 7% 16% -1% 5% 23% 13% 21% 9% 100% 81% 11% 11% 8% 8% -2%Silver 8% 25% 23% 27% 28% 14% 20% 8% 30% 10% 6% 39% 24% 34% 24% 81% 100% 13% 20% 14% 16% 3%Sugar 2% 11% 8% 8% 3% 19% 21% 17% 16% 16% 16% 21% 20% 23% 17% 11% 13% 100% 22% 16% 13% 10%Coffee 3% 15% 12% 12% 12% 12% 22% 9% 23% 15% 7% 9% 7% 8% 17% 11% 20% 22% 100% 10% 13% 11%Cotton -1% 19% 22% 23% 22% 8% 21% 9% 22% 16% 6% 25% 12% 18% 22% 8% 14% 16% 10% 100% 15% 6%

Live Cattle 8% 17% 16% 14% 13% 11% 11% 10% 18% 5% 9% 18% 16% 18% 9% 8% 16% 13% 13% 15% 100% 20%Lean Hogs 4% 11% 8% 8% 5% 0% 1% -5% -3% 1% -4% 12% 10% 15% 3% -2% 3% 10% 11% 6% 20% 100%

S&P 500 Total Return Index 2% 20% 24% 21% 17% 10% 14% 9% 10% 9% 9% 15% 15% 14% 18% -16% -1% 7% 4% 20% 7% 2%S&P Energy 18% 64% 66% 63% 57% 15% 18% 8% 28% 8% 11% 27% 25% 22% 19% 2% 16% 14% 8% 22% 12% 3%

S&P Financial -1% 19% 24% 21% 15% 11% 17% 8% 11% 13% 8% 17% 14% 14% 20% -24% -5% 7% 6% 18% 7% -1%S&P Health Care 1% 8% 12% 8% 6% 6% 9% 7% 6% 6% 7% 5% 7% 5% 14% -15% -4% 1% 3% 14% 9% 2%

S&P Consumer Discretionary -3% 15% 20% 18% 12% 11% 13% 9% 7% 9% 10% 16% 12% 11% 22% -25% -7% 5% 5% 20% 9% 4%S&P IT -1% 14% 18% 17% 13% 10% 14% 5% 10% 10% 5% 13% 12% 13% 17% -15% 0% 1% 7% 17% 5% 2%

S&P Utilities 2% 0% 5% 3% 3% -1% -3% 6% -6% -5% 7% -5% -4% -11% -3% 0% -4% 0% -6% 18% 4% -5%S&P Consumers Staples -1% 7% 10% 9% 4% 6% 5% 10% 1% 3% 10% 11% 9% 7% 12% -14% -6% 6% 4% 15% 7% 1%

S&P Industrials 0% 22% 26% 23% 20% 10% 12% 8% 9% 10% 9% 16% 12% 12% 16% -17% -3% 4% 4% 16% 4% 1%S&P Telecommunication -5% 18% 22% 22% 19% 14% 9% 16% 6% 4% 19% 10% 11% 10% 13% -7% -2% 7% 5% 20% 12% -2%

S&P Materials 2% 39% 41% 39% 33% 14% 17% 7% 18% 9% 8% 26% 21% 22% 23% -4% 7% 14% 2% 21% 12% 3%Bloomberg US Treasury -3% -21% -22% -18% -15% -10% -14% -8% -11% -14% -5% -17% -19% -14% -13% 27% 9% -2% -5% -1% -1% -9%

Bloomberg USD IG Corporate -5% -18% -17% -13% -11% -8% -10% -8% -8% -11% -6% -15% -16% -8% -9% 24% 9% -1% -6% 4% 1% -9%Bloomberg USD HY Corporate -10% 22% 27% 24% 22% 9% 16% -4% 19% 12% -6% 20% 25% 27% 19% -11% 1% 10% -2% 21% 13% 4%

Bloomberg U.S. Dollar Spot -10% -26% -23% -25% -22% -14% -12% -13% -13% -8% -14% -12% -2% -2% -2% -40% -28% -16% -13% -26% -5% -8%EURUSD 8% 14% 10% 11% 10% 10% 6% 14% 4% 6% 14% 4% -6% -6% -6% 25% 16% 9% 4% 20% 0% 3%JPYUSD 0% -4% -7% -3% -3% -1% -7% 1% -11% -2% 3% -6% -12% -12% -15% 42% 20% 4% 8% 2% -3% 5%CADUSD 12% 55% 54% 54% 50% 16% 26% 12% 35% 14% 13% 24% 16% 15% 21% 29% 28% 10% 15% 32% 14% 6%MXNUSD 14% 35% 34% 33% 31% 14% 24% 11% 24% 14% 13% 13% 15% 13% 16% 12% 15% 17% 17% 24% 15% 6%GBPUSD 7% 22% 18% 20% 17% 9% 15% 8% 9% 12% 7% 4% 4% -4% 0% 24% 18% 13% 9% 18% 4% 10%AUDUSD 6% 28% 28% 31% 24% 13% 18% 7% 19% 10% 8% 21% 13% 20% 23% 30% 24% 12% 13% 25% 13% 9%CHFUSD 0% -4% -3% -2% -4% 2% -7% 3% 5% -9% 3% 10% 0% 4% -1% 29% 12% 12% -2% 13% -2% 6%KRWUSD 5% 14% 13% 15% 9% 13% 9% 12% 9% 7% 14% 15% 13% 10% 11% 36% 27% 17% 12% 12% 3% -2%CNYUSD 5% 8% 7% 6% 2% 5% 5% 2% 4% 5% 3% 2% 8% 6% 10% -1% 2% -9% 8% -3% 9% 1%

Nat

ural

Gas

WTI

Cru

de

Bren

t Cru

de

ULS

Die

sel

Unl

eade

d G

asol

ine

Corn

Soyb

eans

Whe

at

Soyb

ean

Oil

Soyb

ean

Mea

l

HRW

Whe

at

Copp

er

Alum

nium

Zinc

Nic

kel

Gol

d

Silv

er

Suga

r

Coffe

e

Cott

on

Live

Cat

tle

Lean

Hog

s

Natural Gas 100% 14% 12% 13% 11% 12% 6% 11% 6% 5% 11% 3% 7% 1% 3% 0% 5% 5% 6% -1% 6% 5%WTI Crude 14% 100% 91% 86% 83% 20% 26% 17% 38% 16% 18% 43% 37% 34% 32% 24% 33% 21% 17% 22% 15% 11%

Brent Crude 12% 91% 100% 96% 92% 20% 26% 17% 38% 16% 19% 39% 32% 30% 30% 22% 31% 20% 15% 22% 13% 9%ULS Diesel 13% 86% 96% 100% 89% 20% 27% 17% 39% 17% 19% 38% 31% 29% 30% 22% 31% 20% 15% 23% 12% 9%

Unleaded Gasoline 11% 83% 92% 89% 100% 18% 23% 16% 36% 13% 18% 35% 30% 27% 28% 22% 32% 15% 13% 20% 12% 6%Corn 12% 20% 20% 20% 18% 100% 62% 70% 46% 57% 66% 18% 17% 15% 19% 15% 19% 27% 15% 23% 16% 9%

Soybeans 6% 26% 26% 27% 23% 62% 100% 51% 72% 92% 50% 29% 25% 26% 23% 19% 25% 26% 16% 23% 13% 7%Wheat 11% 17% 17% 17% 16% 70% 51% 100% 41% 45% 95% 20% 16% 16% 19% 16% 19% 25% 16% 24% 13% 6%

Soybean Oil 6% 38% 38% 39% 36% 46% 72% 41% 100% 46% 40% 35% 32% 33% 29% 23% 31% 25% 19% 29% 16% 9%Soybean Meal 5% 16% 16% 17% 13% 57% 92% 45% 46% 100% 43% 20% 18% 18% 15% 14% 18% 20% 11% 16% 9% 5%HRW Wheat 11% 18% 19% 19% 18% 66% 50% 95% 40% 43% 100% 19% 15% 15% 19% 14% 17% 24% 14% 22% 13% 7%

Copper 3% 43% 39% 38% 35% 18% 29% 20% 35% 20% 19% 100% 67% 73% 60% 39% 51% 23% 20% 26% 12% 9%Alumnium 7% 37% 32% 31% 30% 17% 25% 16% 32% 18% 15% 67% 100% 70% 56% 33% 41% 22% 17% 20% 12% 10%

Zinc 1% 34% 30% 29% 27% 15% 26% 16% 33% 18% 15% 73% 70% 100% 59% 32% 42% 21% 17% 20% 10% 9%Nickel 3% 32% 30% 30% 28% 19% 23% 19% 29% 15% 19% 60% 56% 59% 100% 24% 34% 23% 17% 24% 8% 6%Gold 0% 24% 22% 22% 22% 15% 19% 16% 23% 14% 14% 39% 33% 32% 24% 100% 82% 12% 17% 13% 6% 1%Silver 5% 33% 31% 31% 32% 19% 25% 19% 31% 18% 17% 51% 41% 42% 34% 82% 100% 17% 22% 18% 9% 4%Sugar 5% 21% 20% 20% 15% 27% 26% 25% 25% 20% 24% 23% 22% 21% 23% 12% 17% 100% 28% 24% 14% 11%Coffee 6% 17% 15% 15% 13% 15% 16% 16% 19% 11% 14% 20% 17% 17% 17% 17% 22% 28% 100% 13% 10% 9%Cotton -1% 22% 22% 23% 20% 23% 23% 24% 29% 16% 22% 26% 20% 20% 24% 13% 18% 24% 13% 100% 9% 6%

Live Cattle 6% 15% 13% 12% 12% 16% 13% 13% 16% 9% 13% 12% 12% 10% 8% 6% 9% 14% 10% 9% 100% 35%Lean Hogs 5% 11% 9% 9% 6% 9% 7% 6% 9% 5% 7% 9% 10% 9% 6% 1% 4% 11% 9% 6% 35% 100%

S&P 500 Total Return Index 2% 37% 35% 33% 31% 15% 19% 15% 23% 13% 17% 41% 32% 31% 30% 4% 15% 19% 11% 23% 13% 7%S&P Energy 12% 60% 57% 55% 52% 18% 22% 19% 29% 14% 21% 44% 35% 36% 32% 14% 26% 22% 16% 24% 14% 8%

S&P Financial 0% 31% 30% 28% 26% 12% 16% 13% 20% 11% 15% 39% 28% 29% 28% -2% 10% 17% 11% 21% 9% 5%S&P Health Care 0% 26% 24% 22% 21% 11% 15% 11% 17% 11% 12% 29% 23% 22% 22% 0% 9% 14% 10% 18% 13% 6%

S&P Consumer Discretionary -1% 29% 28% 26% 25% 13% 16% 14% 19% 11% 15% 35% 27% 26% 27% -3% 8% 14% 8% 19% 13% 5%S&P IT -1% 32% 30% 29% 27% 14% 19% 13% 22% 12% 15% 37% 30% 29% 28% 3% 13% 16% 10% 21% 14% 6%

S&P Utilities 2% 18% 17% 15% 16% 7% 7% 9% 9% 4% 12% 17% 13% 11% 11% 4% 6% 13% 4% 16% 6% 0%S&P Consumers Staples 0% 24% 23% 22% 20% 11% 12% 10% 15% 8% 12% 28% 21% 20% 21% 3% 10% 12% 6% 18% 10% 6%

S&P Industrials 0% 35% 32% 30% 29% 14% 19% 15% 23% 13% 17% 41% 31% 31% 29% 3% 14% 18% 11% 22% 11% 6%S&P Telecommunication 1% 22% 22% 21% 21% 9% 11% 10% 12% 8% 11% 23% 19% 18% 17% 2% 7% 13% 7% 16% 8% 3%

S&P Materials 3% 43% 41% 38% 38% 19% 22% 19% 28% 15% 21% 49% 36% 39% 34% 16% 26% 20% 15% 24% 14% 7%Bloomberg US Treasury -4% -24% -23% -21% -20% -10% -14% -11% -17% -9% -12% -26% -19% -18% -16% 15% 0% -7% -4% -11% -5% -7%

Bloomberg USD IG Corporate -4% -20% -18% -16% -15% -7% -10% -8% -12% -6% -9% -18% -13% -11% -9% 18% 5% -4% -2% -6% -4% -6%Bloomberg USD HY Corporate -2% 22% 23% 21% 19% 11% 16% 6% 21% 11% 7% 26% 22% 24% 22% 6% 14% 11% 8% 16% 4% 4%

Bloomberg U.S. Dollar Spot -7% -33% -31% -31% -29% -16% -18% -18% -20% -14% -19% -36% -28% -25% -23% -34% -33% -19% -19% -24% -6% -6%EURUSD 8% 26% 24% 24% 22% 14% 13% 16% 15% 9% 16% 29% 25% 21% 18% 24% 25% 15% 13% 20% 3% 4%JPYUSD -2% -3% -4% -3% -2% 1% 0% 2% -6% 3% 2% -4% -5% -4% -6% 20% 12% 2% 5% -1% -3% -3%CADUSD 7% 48% 46% 44% 42% 19% 25% 18% 30% 17% 19% 40% 30% 29% 27% 25% 29% 18% 20% 23% 11% 9%MXNUSD 6% 33% 31% 29% 29% 14% 18% 14% 20% 13% 16% 36% 30% 26% 25% 17% 18% 18% 17% 22% 12% 8%GBPUSD 3% 24% 23% 22% 20% 12% 16% 13% 17% 12% 14% 26% 22% 20% 17% 25% 25% 12% 14% 18% 8% 7%AUDUSD 3% 37% 36% 35% 32% 18% 25% 19% 27% 19% 19% 41% 30% 32% 29% 30% 33% 22% 19% 26% 12% 9%CHFUSD 3% 6% 6% 6% 5% 5% 3% 8% 7% 1% 7% 19% 16% 12% 11% 26% 19% 11% 6% 10% -6% 3%KRWUSD 2% 24% 22% 23% 21% 14% 20% 17% 24% 15% 18% 31% 25% 25% 24% 21% 22% 13% 11% 21% 9% 8%CNYUSD 2% 7% 7% 6% 5% 7% 7% 5% 8% 5% 7% 7% 7% 6% 10% 6% 6% 0% 5% 6% 1% -1%

Curr

ency

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

5-Year

Com

mod

ities

Equi

ties

Bond

1-YearCo

mm

oditi

esEq

uitie

sBo

ndCu

rren

cy

15

All i

tem

s

Core

Food

Food

at h

ome

Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

Com

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

e

Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

ical

car

e

Tran

spor

tatio

n

Bloomberg Commodity 62% -17% 20% 22% -1% 66% 64% 64% 63% 9% -11% 28% 1% -22% -38% 7% 28%Energy 69% -2% 5% 8% -10% 75% 75% 68% 75% 10% -11% 30% 11% -10% -14% -1% 13%

Petroleum 77% 7% 6% 8% -9% 80% 81% 75% 81% -7% -12% 5% 20% -5% -21% 5% 20%Agriculture 23% -24% 17% 17% 6% 26% 23% 26% 23% 4% -15% 25% -13% -21% -37% 9% 26%

Grains 14% -20% 8% 7% 9% 16% 14% 14% 14% 1% -19% 24% -14% -15% -32% 13% 19%Industrial Metals 42% -9% 9% 11% -7% 44% 44% 48% 43% -9% -4% -9% 2% -13% -27% 10% 20%Precious Metals 37% -5% 36% 36% 11% 32% 27% 34% 26% 13% 11% 9% 13% -17% -30% 11% 13%

Softs 28% -28% 37% 39% 0% 30% 27% 39% 27% 11% -3% 22% -6% -31% -43% 0% 32%Livestock 22% -2% 24% 24% 9% 22% 21% 14% 22% 19% -1% 32% -9% 5% -13% 21% 18%

Natural Gas 8% -15% 4% 6% -8% 15% 13% 7% 13% 36% 0% 58% -13% -9% 10% -12% -6%WTI Crude 69% 5% 4% 6% -6% 73% 74% 65% 74% -3% -10% 8% 14% -3% -20% 8% 19%

Brent Crude 80% 9% 15% 17% -7% 82% 83% 81% 82% -5% -11% 6% 30% -11% -28% 3% 21%ULS Diesel 80% 4% 15% 17% -5% 83% 83% 85% 82% -6% -11% 5% 26% -13% -26% 3% 24%

Unleaded Gasoline 84% 14% 13% 16% -11% 85% 86% 79% 85% -9% -14% 2% 26% -2% -16% -1% 24%Corn 15% -19% 17% 17% 9% 16% 14% 19% 14% 1% -18% 23% -7% -19% -36% 14% 20%

Soybeans 23% -14% -4% -3% -4% 26% 24% 21% 24% -3% -15% 13% -14% -6% -20% 9% 20%Wheat -1% -23% 2% -2% 17% 2% 0% -6% 1% 4% -18% 28% -23% -12% -25% 11% 9%

Soybean Oil 38% -7% 6% 6% 1% 38% 37% 34% 37% -4% -14% 9% 2% -10% -33% -6% 37%Soybean Meal 13% -12% -5% -5% -2% 15% 14% 10% 15% -4% -13% 9% -22% 2% -5% 11% 14%HRW Wheat 10% -23% 12% 9% 17% 12% 9% 7% 10% 14% -12% 36% -13% -18% -37% 12% 15%

Copper 43% -4% -3% -1% -14% 45% 46% 52% 45% -12% -3% -16% 9% -11% -27% 12% 18%Alumnium 40% -20% 20% 20% 3% 42% 42% 43% 42% -12% -10% -6% 0% -26% -29% 3% 10%

Zinc 28% -7% 0% 0% -4% 30% 30% 31% 29% -7% 2% -13% -6% -4% -14% 7% 16%Nickel 31% -5% 28% 30% -2% 30% 27% 33% 27% 7% 2% 12% -7% 1% -18% 5% 30%Gold 29% 1% 38% 37% 18% 23% 18% 23% 18% 14% 9% 13% 17% -12% -24% 12% 10%Silver 44% -12% 30% 31% 1% 42% 36% 46% 36% 11% 12% 4% 6% -20% -32% 7% 14%Sugar 10% -19% 16% 17% -1% 13% 13% 18% 13% -2% -6% 4% 6% -29% -41% 2% 23%Coffee 26% -18% 50% 50% 16% 25% 19% 25% 19% 32% 7% 44% -9% -17% -16% -3% 15%Cotton 28% -28% 11% 17% -20% 33% 32% 50% 31% -4% -7% 1% -16% -22% -39% 3% 33%

Live Cattle 21% -13% 16% 13% 16% 24% 23% 20% 23% 9% 9% 5% -15% -3% -8% 17% 6%Lean Hogs 17% 7% 25% 27% 0% 16% 15% 6% 15% 23% -6% 45% -1% 10% -13% 17% 22%

S&P 500 Total Return Index 23% -25% -22% -19% -20% 30% 28% 38% 28% -5% -3% -4% -15% -19% -7% -8% -5%Bloomberg US Treasury -37% -2% 20% 12% 43% -41% -42% -42% -42% 9% 9% 4% 14% -15% -17% 9% -13%

Bloomberg USD IG Corporate -16% -6% 10% 3% 36% -18% -21% -9% -21% 11% 6% 10% 18% -23% -22% 2% -12%Bloomberg USD HY Corporate 35% -5% -16% -17% -1% 40% 41% 50% 41% -9% -13% 2% 19% -20% -28% -4% 6%

Bloomberg U.S. Dollar Spot -55% 4% -24% -25% -1% -55% -53% -48% -52% -10% 0% -18% -17% 18% 38% 6% -24%

All i

tem

s

Core

Food

Food

at h

ome

Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

Com

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

e

Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

ical

car

e

Tran

spor

tatio

n

Bloomberg Commodity 68% 7% 3% 7% -13% 69% 67% 65% 66% 30% -4% 40% 3% 9% 2% 8% 18%Energy 68% 4% 9% 13% -11% 71% 69% 67% 68% 36% -4% 49% 2% 6% 1% 3% 13%

Petroleum 72% 7% 9% 11% -7% 75% 76% 70% 75% 21% -2% 29% 6% 7% 0% 5% 15%Agriculture 28% 9% -1% 0% -6% 26% 25% 23% 25% 5% -3% 10% 2% 9% 7% 7% 13%

Grains 23% 9% 1% 1% -2% 19% 19% 18% 19% 1% -3% 5% 1% 11% 10% 7% 8%Industrial Metals 42% 5% -11% -8% -14% 43% 44% 41% 43% 10% 0% 13% 3% 4% -1% 7% 8%Precious Metals 30% 4% 0% 0% 0% 29% 27% 27% 26% 11% 6% 11% 4% 4% -6% 11% 16%

Softs 26% 4% -4% -2% -13% 26% 25% 20% 25% 11% -3% 16% 6% 0% -5% 4% 18%Livestock 15% -4% 17% 21% -10% 13% 10% 7% 10% 15% 7% 15% -14% 8% 5% 9% 2%

Natural Gas 36% -4% 7% 13% -14% 39% 33% 37% 32% 45% -7% 60% -2% -1% -1% -7% 2%WTI Crude 67% 9% 10% 12% -6% 69% 70% 66% 69% 20% 0% 27% 5% 9% 2% 7% 16%

Brent Crude 71% 9% 9% 12% -8% 73% 74% 68% 73% 17% -1% 23% 7% 8% 1% 5% 16%ULS Diesel 70% 5% 12% 14% -5% 73% 73% 76% 71% 25% -1% 33% 6% 4% -4% 3% 17%

Unleaded Gasoline 79% 6% 4% 8% -12% 82% 83% 66% 83% 20% -5% 28% 8% 2% -3% 1% 13%Corn 22% 7% 5% 6% -3% 18% 18% 18% 17% 3% -4% 9% 5% 5% 6% 0% 6%

Soybeans 22% 8% -3% -2% -7% 20% 20% 19% 19% 0% 1% 2% 0% 11% 9% 6% 12%Wheat 15% 7% -1% -2% 5% 13% 13% 8% 13% 1% -4% 5% -4% 11% 12% 14% 1%

Soybean Oil 30% 14% -2% -1% -3% 25% 24% 23% 24% 4% -3% 8% 3% 16% 12% 9% 15%Soybean Meal 16% 4% -2% -1% -6% 15% 16% 15% 15% 0% 5% -1% -1% 6% 5% 4% 10%HRW Wheat 22% 9% -1% -3% 3% 20% 19% 14% 19% 6% -1% 10% 2% 10% 10% 14% 1%

Copper 41% 8% -14% -12% -11% 42% 43% 39% 42% 8% -1% 10% 8% 4% -3% 9% 10%Alumnium 40% 2% -1% 2% -9% 41% 40% 44% 39% 19% 3% 22% 0% 3% 2% 4% 5%

Zinc 23% 5% -20% -19% -15% 26% 27% 20% 27% 0% -1% 0% 7% 1% 1% 1% 0%Nickel 31% -5% -6% -2% -18% 34% 36% 28% 35% 3% -2% 7% -10% 3% -3% 10% 7%Gold 28% 2% 5% 4% 5% 27% 25% 24% 25% 12% 10% 10% 2% 5% -6% 11% 15%Silver 28% 5% -7% -5% -8% 27% 25% 26% 25% 9% 1% 10% 6% 2% -4% 10% 13%Sugar 17% 8% -5% -4% -5% 17% 15% 12% 15% 12% 3% 14% 15% -1% -5% 4% 9%Coffee 12% 5% 1% 2% -7% 12% 12% 7% 12% 3% 1% 5% 3% -1% 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% 17% 15% 9% 16% 14% 10% 12% -17% 9% 9% 9% 1%Lean Hogs 6% -3% 11% 14% -8% 5% 3% 3% 3% 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

16

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 62% 73% -23% 46% 71% 48% 25% -27% 35% 67% 72% 80% 10% 63% -23% -10% -45% 31% 85%Energy 69% 35% 9% 45% 52% 24% 34% -41% 14% 31% 29% 71% 36% 30% -59% -3% -7% 38% 69%

Petroleum 77% 58% -19% 76% 77% 64% 51% -63% 55% 45% 58% 65% 35% 61% -76% -23% -2% 59% 63%Agriculture 23% 69% -41% 43% 66% 51% 29% -25% 42% 58% 70% 59% 7% 71% -10% -12% -58% 29% 72%

Grains 14% 56% -56% 50% 63% 55% 41% -30% 53% 39% 61% 40% 15% 79% -16% -26% -55% 44% 55%Industrial Metals 42% 51% 1% 0% 31% 8% -2% -1% -6% 52% 48% 58% -10% 28% 21% 10% -46% -9% 76%Precious Metals 37% 79% -45% 46% 71% 67% 8% -6% 58% 76% 89% 57% -16% 68% -2% -37% -31% 28% 42%

Softs 28% 77% -13% 24% 59% 37% 2% -11% 20% 77% 73% 74% -11% 44% 1% 11% -48% 1% 81%Livestock 22% 16% 50% -11% 12% -5% -24% -28% -22% 45% 21% 55% 17% -16% -21% 18% 11% -35% 61%

Natural Gas 8% -13% 48% -29% -13% -49% -10% 16% -57% -3% -28% 44% 10% -38% -3% 36% -7% -15% 39%WTI Crude 69% 48% -3% 62% 65% 50% 42% -64% 39% 41% 47% 63% 37% 44% -74% -8% 6% 43% 66%

Brent Crude 80% 72% -27% 81% 86% 72% 49% -55% 63% 57% 72% 72% 23% 69% -70% -29% -10% 61% 64%ULS Diesel 80% 79% -36% 84% 91% 77% 46% -46% 67% 63% 79% 75% 16% 77% -61% -30% -18% 64% 65%

Unleaded Gasoline 84% 67% -42% 89% 88% 78% 58% -51% 74% 49% 70% 61% 26% 81% -69% -44% -14% 77% 52%Corn 15% 66% -68% 58% 72% 65% 39% -18% 64% 47% 72% 42% 6% 86% -12% -37% -54% 54% 45%

Soybeans 23% 48% -30% 48% 55% 44% 44% -45% 41% 33% 48% 43% 26% 65% -32% -11% -48% 35% 67%Wheat -1% 24% -46% 17% 30% 24% 34% -25% 24% 11% 30% 19% 16% 56% 4% -9% -55% 21% 45%

Soybean Oil 38% 83% -57% 52% 75% 64% 33% -19% 56% 63% 82% 55% -8% 78% -8% -15% -55% 38% 61%Soybean Meal 13% 12% -12% 24% 22% 20% 31% -47% 21% 8% 16% 14% 37% 41% -25% -8% -34% 14% 49%HRW Wheat 10% 50% -38% 26% 50% 34% 28% -25% 27% 41% 53% 49% 11% 61% -1% -6% -58% 20% 69%

Copper 43% 67% -27% 27% 52% 34% 19% -16% 21% 53% 63% 59% -5% 54% 4% 3% -54% 16% 76%Alumnium 40% 49% 2% -10% 22% 0% -17% 22% -12% 53% 44% 52% -28% 17% 40% 10% -42% -17% 61%

Zinc 28% -3% 43% -41% -25% -44% -29% 21% -52% 14% -6% 25% -11% -25% 37% 18% -18% -39% 46%Nickel 31% 29% 31% -16% 16% -9% -10% -13% -23% 44% 30% 55% 11% 5% 9% 14% -25% -26% 74%Gold 29% 73% -45% 46% 68% 70% 6% -11% 63% 73% 87% 49% -12% 65% -8% -47% -16% 28% 28%Silver 44% 81% -41% 41% 69% 56% 11% 0% 46% 75% 84% 64% -19% 67% 6% -20% -51% 26% 58%Sugar 10% 89% -31% 59% 80% 68% 27% -28% 57% 75% 86% 67% -6% 64% -28% -17% -35% 32% 63%Coffee 26% 48% 21% -8% 28% 10% -34% 6% -9% 76% 51% 67% -9% 10% 16% 13% -26% -31% 70%Cotton 28% 66% -29% 18% 49% 22% 19% -1% 8% 49% 52% 62% -16% 44% 13% 36% -69% 10% 80%

Live Cattle 21% -1% 55% -48% -26% -30% -68% 26% -44% 43% 3% 21% -7% -38% 41% 20% -1% -70% 30%Lean Hogs 17% 23% 23% 23% 37% 18% 23% -61% 7% 26% 26% 58% 31% 9% -63% 7% 17% 9% 59%

S&P 500 Total Return Index 23% -18% 31% -16% -21% -41% 13% -4% -44% -25% -35% 7% 20% -19% 5% 45% -26% -10% 43%Bloomberg US Treasury -37% 25% 6% 4% 17% 16% -10% -6% 15% 35% 30% 27% -6% -2% -6% -27% 6% -15% 13%

Bloomberg USD IG Corporate -16% 13% 2% 15% 15% 25% -2% -41% 24% 23% 25% 18% 19% 6% -26% -32% 18% -12% 10%Bloomberg USD HY Corporate 35% 3% -28% 21% 12% 27% 15% -43% 25% -8% 13% 0% 22% 23% -23% -16% 13% 9% -6%

Bloomberg U.S. Dollar Spot -55% -76% 19% -62% -78% -57% -32% 33% -46% -66% -74% -85% -7% -61% 46% 20% 24% -45% -75%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Russ

ia

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 76% 45% 1% 48% 9% 67% -35% 31% 64% 17% 33% 12% -3% 7% 12% 62%Energy 73% 31% 7% 41% -8% 59% -44% 37% 64% 15% 34% 20% 3% 21% 30% 62%

Petroleum 78% 39% 4% 50% 5% 68% -40% 31% 63% 10% 31% 13% 0% 10% 22% 65%Agriculture 46% 63% 8% 48% 39% 58% 3% 26% 35% 31% 18% 14% -5% -4% 1% 34%

Grains 42% 64% 4% 51% 35% 58% 0% 26% 29% 24% 20% 15% 0% -3% 8% 29%Industrial Metals 46% 16% -5% 16% 0% 26% -25% -1% 31% -15% 9% -10% -5% -15% -29% 36%Precious Metals 38% 23% -31% 25% 38% 48% -2% -7% 29% 15% 20% -24% -16% -33% -16% 31%

Softs 31% 31% 8% 18% 31% 30% 6% 16% 35% 34% 6% 9% -12% 3% -10% 27%Livestock 35% 36% 21% 26% -7% 24% -35% 28% 34% -2% 15% 14% -4% 9% 0% 15%

Natural Gas 51% 16% 26% 20% -20% 30% -36% 33% 49% 23% 24% 25% 2% 27% 23% 41%WTI Crude 77% 39% 8% 47% 2% 66% -41% 32% 62% 9% 30% 16% 4% 13% 20% 66%

Brent Crude 80% 35% -1% 52% 10% 67% -40% 23% 65% 8% 30% 9% -1% 8% 24% 66%ULS Diesel 79% 42% 2% 53% 11% 71% -40% 30% 66% 12% 36% 7% -7% 1% 22% 64%

Unleaded Gasoline 76% 37% -7% 49% 9% 66% -33% 29% 62% 11% 27% 10% -4% 7% 24% 56%Corn 41% 65% 4% 47% 50% 53% 11% 28% 28% 27% 25% 26% 10% 5% 14% 23%

Soybeans 33% 51% 8% 42% 23% 52% -1% 20% 22% 22% 7% 0% -16% -12% 1% 23%Wheat 39% 58% 0% 45% 18% 51% -12% 28% 26% 6% 27% 14% 10% -5% 5% 35%

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% -20% -17% 5% 18%HRW Wheat 51% 62% 9% 48% 25% 53% -11% 29% 36% 16% 30% 22% 14% 0% 2% 43%

Copper 50% 24% -7% 22% 8% 35% -19% 1% 28% -9% 13% -8% -4% -19% -29% 40%Alumnium 57% 15% 5% 27% 0% 36% -32% -1% 46% -5% 14% -14% -4% -7% -12% 48%

Zinc 19% -4% -1% -10% -10% -8% -15% -12% 3% -26% -12% -8% -10% -11% -42% 3%Nickel 22% 1% -19% -6% -14% 10% -33% 5% 25% -30% 6% -11% 1% -10% -26% 20%Gold 37% 22% -33% 25% 37% 52% -6% -3% 32% 4% 28% -29% -17% -41% -12% 32%Silver 37% 21% -21% 21% 33% 36% 0% -10% 24% 26% 7% -12% -11% -16% -18% 27%Sugar 41% 21% -18% 19% 18% 41% -9% 29% 41% 27% 36% 8% -9% 2% 10% 36%Coffee 15% 16% 43% 7% 19% -2% 2% -11% 14% 21% -37% 4% -19% 3% -35% 8%Cotton 22% 46% -3% 5% 35% 21% 23% 29% 25% 10% 17% 19% 18% -5% -18% 20%

Live Cattle 27% 26% 24% 13% -19% 20% -44% 24% 37% -8% 5% 0% -5% -2% -13% 9%Lean Hogs 32% 36% 10% 30% 6% 25% -20% 26% 22% 2% 24% 18% -8% 13% 10% 15%

BCO

M C

ompo

sites

BCO

M S

ingl

es

CPI by Country

5-Year

CPI by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

20-Year

17

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

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesi

a

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 3% 79% -30% 35% 13% 34% 75% 54% 21% 63% 37% -5% 24% -35% 70% 10% 33% -61% 26%Energy 12% 28% -8% 8% 25% -3% 27% 41% -10% 53% 36% -9% -5% -28% 56% 6% -9% -37% 33%

Petroleum 18% 54% -29% 13% 13% -2% 58% 59% -22% 61% 34% -6% 22% -64% 85% 11% -2% -74% 26%Agriculture -18% 69% -41% 24% 8% 38% 67% 53% 14% 61% 15% -7% 16% -43% 60% 0% 35% -57% 16%

Grains -29% 51% -40% 4% 3% 31% 51% 53% -5% 51% -2% -11% 4% -59% 52% -1% 21% -56% 10%Industrial Metals 14% 77% -17% 57% 8% 47% 69% 32% 66% 30% 53% -12% 35% 12% 30% 15% 54% -36% 28%Precious Metals 10% 84% -19% 33% -11% 34% 81% 37% 10% 37% 18% 13% 48% -42% 63% 13% 37% -63% 0%

Softs 2% 78% -35% 47% 13% 40% 75% 38% 37% 62% 32% 1% 32% -10% 59% 2% 45% -45% 18%Livestock 14% 22% -16% 24% 22% 7% 16% 6% 24% 36% 16% -19% 17% 29% 16% -6% 2% 3% 23%

Natural Gas 2% -23% 26% -3% 27% -4% -31% -10% 9% 14% 17% -6% -40% 41% -12% -6% -13% 36% 18%WTI Crude 21% 47% -26% 19% 19% -4% 51% 54% -10% 58% 40% -7% 19% -46% 76% 9% -4% -64% 31%

Brent Crude 16% 61% -28% 12% 8% 1% 65% 55% -26% 65% 30% 1% 29% -69% 91% 9% 0% -76% 17%ULS Diesel 14% 70% -29% 19% 8% 8% 74% 56% -21% 66% 30% 3% 32% -69% 92% 11% 7% -79% 17%

Unleaded Gasoline 11% 57% -26% 2% 4% 0% 61% 58% -36% 57% 20% -2% 26% -82% 88% 12% -2% -79% 15%Corn -26% 55% -31% 3% -3% 32% 55% 50% -14% 45% -7% 1% 6% -65% 58% 0% 19% -58% 4%

Soybeans -26% 42% -42% 4% 13% 19% 44% 50% -3% 60% 8% -18% 8% -51% 52% -1% 18% -50% 15%Wheat -34% 35% -43% 2% 1% 38% 32% 44% 14% 35% -3% -25% -14% -34% 21% -4% 23% -36% 17%

Soybean Oil -7% 82% -39% 33% 0% 40% 82% 52% 16% 58% 20% 4% 30% -49% 70% 6% 44% -68% 11%Soybean Meal -33% 16% -39% -7% 11% 11% 17% 39% 0% 40% -2% -32% 1% -35% 22% -3% 10% -29% 14%HRW Wheat -25% 50% -43% 10% 6% 39% 46% 44% 16% 53% 4% -16% -3% -32% 39% -7% 26% -40% 15%

Copper 10% 88% -29% 56% 5% 45% 83% 46% 55% 45% 53% -10% 39% -13% 49% 15% 58% -57% 29%Alumnium 16% 70% -6% 54% 2% 47% 62% 20% 66% 15% 43% 2% 30% 22% 20% 12% 48% -23% 20%

Zinc 17% 26% 8% 34% 3% 21% 16% -5% 67% -7% 33% -18% 19% 51% -22% 22% 24% 18% 19%Nickel 13% 60% -16% 53% 22% 47% 52% 30% 62% 26% 54% -26% 26% 25% 20% 8% 48% -24% 32%Gold 11% 79% -12% 31% -14% 30% 77% 36% 3% 27% 15% 14% 50% -44% 60% 13% 34% -64% -2%Silver 6% 84% -27% 35% -5% 37% 81% 36% 21% 48% 21% 9% 42% -34% 61% 10% 41% -57% 3%Sugar 5% 73% -33% 23% -2% 15% 75% 42% -3% 64% 18% 20% 40% -51% 81% 6% 29% -63% 4%Coffee 5% 54% -21% 39% 12% 33% 48% 16% 40% 39% 16% -1% 25% 20% 28% 1% 27% -11% 14%Cotton -4% 75% -39% 54% 24% 51% 72% 41% 52% 65% 45% -11% 14% -3% 50% 1% 56% -44% 27%

Live Cattle 5% 3% -14% 23% 14% 16% -5% -27% 40% 2% -14% -6% 11% 60% -29% -10% 10% 44% 6%Lean Hogs 14% 29% -8% 13% 16% -2% 28% 34% -3% 46% 37% -22% 14% -15% 48% 0% -6% -37% 26%

S&P 500 Total Return Index -1% -1% -7% 33% 39% 18% 0% 16% 53% 6% 51% -22% -25% 35% -13% 13% 11% 7% 39%Bloomberg US Treasury 9% 27% 33% -2% -34% -2% 28% 9% -1% -22% 4% 41% 22% -11% 23% 20% -12% -20% -6%

Bloomberg USD IG Corporate 0% 18% 15% -6% -22% 0% 24% 20% -10% -21% 5% 29% 10% -27% 21% 11% -26% -32% -11%Bloomberg USD HY Corporate 10% 20% -36% 10% 9% 17% 25% 28% -4% 12% 13% -3% -17% -25% 19% -10% 17% -42% 9%

Bloomberg U.S. Dollar Spot -18% -66% 23% -13% -1% -3% -66% -45% 8% -65% -29% -9% -30% 51% -81% -13% -6% 62% -14%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Switz

erla

nd

Bloomberg Commodity 40% 47% 18% 31% 35% 34% 49% 4% 1% 33% 39% 34%Energy 34% 12% 10% 11% 22% 20% 35% 3% -7% 20% 39% 17%

Petroleum 36% 25% 12% 16% 23% 20% 41% 6% -6% 23% 32% 25%Agriculture 11% 54% 6% 22% 22% 15% 33% -11% 3% 26% 1% 15%

Grains 6% 44% 3% 13% 15% 10% 27% -9% 5% 24% -3% 8%Industrial Metals 45% 62% 31% 52% 43% 50% 46% 15% 7% 35% 47% 60%Precious Metals 8% 64% 2% 23% 11% 16% 29% 5% 4% 21% -7% 20%

Softs 16% 45% 6% 30% 24% 21% 32% -10% -2% 24% 7% 19%Livestock 44% 14% 22% 27% 29% 28% 20% 6% 12% 30% 36% 34%

Natural Gas 27% -7% 4% 1% 11% 15% 14% -14% -11% 17% 40% 4%WTI Crude 37% 24% 12% 15% 22% 20% 40% 9% -4% 21% 35% 24%

Brent Crude 36% 27% 11% 19% 23% 23% 47% 11% -4% 25% 30% 30%ULS Diesel 32% 27% 9% 13% 18% 14% 38% 2% -9% 24% 24% 22%

Unleaded Gasoline 39% 26% 15% 20% 28% 26% 47% 4% -6% 29% 26% 29%Corn 1% 32% -1% 7% 3% 4% 14% -14% 5% 19% -13% -2%

Soybeans 8% 39% 3% 8% 17% 9% 34% -10% 4% 29% -4% 11%Wheat 6% 49% 10% 22% 24% 13% 26% 1% 2% 14% 12% 15%

Soybean Oil 11% 57% 1% 14% 17% 14% 29% -13% 10% 14% 10% 13%Soybean Meal -3% 21% 2% 6% 10% 4% 29% -3% -6% 27% -12% 12%HRW Wheat 11% 53% 9% 26% 26% 15% 27% 0% 0% 18% 16% 15%

Copper 39% 68% 27% 47% 37% 43% 45% 14% 4% 34% 36% 54%Alumnium 42% 48% 23% 45% 35% 47% 38% 6% 6% 24% 51% 53%

Zinc 45% 48% 37% 55% 41% 52% 37% 11% 8% 43% 44% 61%Nickel 44% 45% 33% 46% 49% 50% 50% 28% 12% 32% 48% 55%Gold 0% 62% 2% 15% 6% 2% 22% 11% -2% 13% -15% 11%Silver 22% 59% 2% 33% 19% 36% 38% -4% 11% 30% 8% 32%Sugar 8% 32% 3% 16% 13% 4% 17% -9% -13% 16% 0% 6%Coffee 20% 28% 5% 21% 11% 23% 24% -12% 9% 23% 13% 30%Cotton 16% 40% 14% 32% 27% 24% 33% 6% -3% 19% 3% 21%

Live Cattle 44% 18% 20% 28% 31% 34% 24% 7% 16% 27% 42% 38%Lean Hogs 32% 9% 20% 18% 21% 14% 10% 3% 5% 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

18

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

Group Commodity End of Aug 2015 Net Position (Lots)

End of Jul 2015 Net Position

(Lots)

Notional Change ($mill, with end

of Aug 2015 price)

End of Aug 2015 Notional ($ mill)

Natural Gas -152,085 -90,876 -1,643 -4,083 WTI Crude 99,176 98,933 10 3,899

Brent Crude 141,382 175,902 -1,492 6,109 ULS Diesel -33,481 -20,068 -786 -1,962 Gasoline 20,071 13,604 391 1,213

Total -3,521 5,175 Corn 73,537 242,801 -3,093 1,344

Soybeans 775 62,295 -2,751 35 Wheat -7,217 5,099 -305 -179

Soybean Oil -9,007 -1,230 -125 -145 Soybean Meal 45,128 57,862 -417 1,478 HRW Wheat -7,010 -513 -151 -163

Total -6,843 2,370 Copper -18,266 -25,746 433 -1,056

Aluminum 52,384 56,521 -159 2,011 Zinc 7,381 32,889 -1,124 325

Nickel 10,167 11,546 -84 621 Total -935 1,900 Gold 44,271 -11,334 6,329 5,039 Silver 2,946 -10,447 978 215 Total 7,307 5,254 Sugar -65,034 -59,520 -65 -772 Coffee -13,732 -22,729 395 -603 Cotton 53,313 46,214 226 1,700 Total 556 325

Live Cattle 17,004 27,466 -601 977Lean Hogs 23,807 21,946 50 643

Total -551 1,620Total -3,986 16,644

Historical Correlation

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 45% 25% -55% -39% 68% 48% WTI Crude -29% 39% -46% -49% 19% 55%

Brent Crude -26% 44% -23% -39% -8% 50% ULS Diesel 1% 40% -47% -37% 40% 49% Gasoline 2% 39% -13% -8% 10% 39%

Corn 32% 59% -35% -48% 48% 65% Soybeans 67% 69% -80% -59% 80% 74%

Wheat 51% 46% -61% -58% 63% 62% Soybean Oil 50% 56% -76% -61% 74% 66%

Soybean Meal 57% 54% -54% -44% 64% 60% HRW Wheat 14% 27% -38% 45% 52%

Copper 32% 51% -60% -50% 54% 58% Aluminum 7% -18% 33%

Zinc 32% -50% 62% Nickel 31% -28% 60% Gold 73% 61% -53% -46% 69% 65% Silver 33% 56% -48% -41% 49% 58% Sugar 48% 45% -72% -61% 76% 60% Coffee 71% 50% -67% -64% 80% 68% Cotton 67% 53% -49% -54% 70% 59%

Live Cattle 7% 27% 31% -8% -11% 23%Lean Hogs 16% 19% -8% -16% 14% 16%

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityBCOM Single Index Level vs. MM's

Long PositionBCOM Single Index Level vs. MM's

Short PositionBCOM Single Index Level vs.

MM's Net Position

Energy

Group

19

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

20

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

Zinc Nickel

Gold Silver

Sugar Coffee

Cotton Live Cattle

Lean Hogs

020040060080010001200

-40000

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

0

10000

20000

30000

40000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-500000

50000100000150000200000250000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

250

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

21

GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>

Group Inventory/SalesRelated Commodities

UnitEnd of Aug

2015End of Jul

2015Change

(%)DOE Natural Gas Total Inventory Natural Gas bcf 3,099 2,880 8%DOE Crude Oil Total Inventory WTI Crude mm barrels 451 460 -2%DOE Cushing Oklahoma Crude Oil Total Stocks WTI Crude mm barrels 58 58 0%DOE Distillate Fuel Oil Total Inventory ULS Diesel mm barrels 150 144 4%DOE Motor Gasoline Total Inventory Gasoline mm barrels 214 216 -1%USDA Corn Total Export Sales Corn thousand MT 855 808 6%USDA Soybeans Total Export Sales Soybeans thousand MT 1,326 1,316 1%USDA All Wheat Total Export Sales Wheat, HRW Wheat thousand MT 530 700 -24%USDA Soybean Oil Total Export Sales Soybean Oil thousand MT 35 75 -53%USDA Soybean Cake Meal Total Export Sales Soybean Meal thousand MT 150 152 -1%Comex Copper Total Inventory Copper thousand short ton 34 38 -10%LME Copper Total Inventory Copper thousand MT 354 343 3%LME Primary Aluminum Total Inventory Aluminum thousand MT 3,321 3,481 -5%LME Zinc Total Inventory Zinc thousand MT 505 446 13%LME Nickel Total Inventory Nickel thousand MT 455 453 0%Comex Gold Total Inventory Gold mm ounces 7 8 -8%Comex Silver Total Inventory Silver mm ounces 170 178 -4%

Softs USDA All Upland Cotton Total Export Sales Cotton thousand bales 82 93 -12%USDA Cattle Slaughter Estimates Daily Live Cattle thousand heads 105 96 9%USDA Hogs Slaughter Estimates Daily Lean Hogs thousand heads 406 403 1%

Historical Correlation

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory 67% 7%DOE Crude Oil Total Inventory -75% -79%DOE Cushing Oklahoma Crude Oil Total Stocks -82% -51%DOE Distillate Fuel Oil Total Inventory -64% -19%DOE Motor Gasoline Total Inventory -72% -21%USDA Corn Total Export Sales 12% -30%USDA Soybeans Total Export Sales 24% -3%USDA All Wheat Total Export Sales -18% 24%USDA Soybean Oil Total Export Sales -5% -3%USDA Soybean Cake Meal Total Export Sales -19% 18%Comex Copper Total Inventory 1% 71%LME Copper Total Inventory -72% 25%LME Primary Aluminum Total Inventory 94% -5%LME Zinc Total Inventory 60% -24%LME Nickel Total Inventory -90% -62%Comex Gold Total Inventory 52% 78%Comex Silver Total Inventory 31% -82%

Softs USDA All Upland Cotton Total Export Sales -63% -4%USDA Cattle Slaughter Estimates Daily 11% -32%USDA Hogs Slaughter Estimates Daily 1% -24%

BCOM Index

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

vs. BCOM Silver Indexvs. BCOM Gold Index

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

vs. BCOM Natural Gas Index

vs. BCOM Unleaded Gasoline Index

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

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

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

22

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

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

23

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

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

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

24

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

Report Period: 7/31/2015 - 8/31/2015

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

-36.49 6,904.27 -0.5%1,203.48 8,006.65 15.0%

-36.35 1,576.86 -2.3%-1.35 29.06 -4.6%2.28 267.36 0.9%

19.29 37,710.99 0.1%1,150.86 54,495.19 2.1%

All Commodities Sector: Top 10 Creations

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

USO US United States Oil Fund LP 418.65 2,654.89 15.8%UWTI US VelocityShares 3x Long Crude ETN 266.99 947.26 28.2%UCO US ProShares Ultra Bloomberg Crude Oil 167.56 871.36 19.2%

UGAZ US VelocityShares 3x Long Natural Gas 161.61 479.36 33.7%OIL US iPath Goldman Sachs Crude Oil 139.80 839.05 16.7%GLD US SPDR Gold Shares 117.35 23,784.00 0.5%UNG US United States Natural Gas Fund 44.87 575.41 7.8%DBO US PowerShares DB Oil Fund 34.64 507.58 6.8%DJP US iPath Bloomberg Commodity Index 34.42 1,148.60 3.0%GSG US iShares S&P GSCI Commodity Index 27.80 753.79 3.7%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

IAU US iShares Gold Trust -59.38 5,695.89 -1.0%SCO US ProShares UltraShort Bloomberg Crude -53.18 185.34 -28.7%DBC US PowerShares DB Commodity Index -44.10 2,676.41 -1.6%DBA US PowerShares DB Agriculture Fund -33.87 894.24 -3.8%GSP US iPath GSCI Total Return Index -33.42 119.00 -28.1%PALL US ETFS Physical Palladium Shares -32.61 269.82 -12.1%FTGC US First Trust Global Tactical Commodity -28.15 220.97 -12.7%DGAZ US VelocityShares 3x Inverse Natural Gas -18.47 81.48 -22.7%SLV US iShares Silver Trust -12.31 4,820.89 -0.3%DBP US PowerShares DB Precious Metals -7.10 114.04 -6.2%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture

25

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

2.53

3.54

4.55

5.5

SEP

15JU

N 1

6M

AR 1

7DE

C 17

SEP

18JU

N 1

9M

AR 2

0DE

C 20

SEP

21JU

N 2

2M

AR 2

3DE

C 23

SEP

24JU

N 2

5M

AR 2

6DE

C 26

SEP

27

Natural Gas

31-Jul-2015

31-Aug-201540455055606570

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

JUN

21

WTI Crude

31-Jul-2015

31-Aug-2015

4550556065707580

SEP

15FE

B 16

JUL

16DE

C 16

MAY

17

OCT

17

MAR

18

AUG

18JA

N 1

9JU

N 1

9N

OV

19AP

R 20

SEP

20FE

B 21

JUL

21DE

C 21

MAY

22

Brent Crude

31-Jul-2015

31-Aug-2015150160170180190200210220

AUG

15

NO

V 15

FEB

16

MAY

16

AUG

16

NO

V 16

FEB

17

MAY

17

AUG

17

NO

V 17

FEB

18

MAY

18

AUG

18

NO

V 18

ULS Diesel

31-Jul-2015

31-Aug-2015

140150160170180190200

AUG

15O

CT 1

5DE

C 15

FEB

16AP

R 16

JUN

16

AUG

16O

CT 1

6DE

C 16

FEB

17AP

R 17

JUN

17

AUG

17O

CT 1

7DE

C 17

FEB

18AP

R 18

JUN

18

Unleaded Gasoline

31-Jul-2015

31-Aug-2015

280

300

320

340

360

AUG

15

OCT

15

JAN

16

MAY

16

AUG

16

OCT

16

JAN

17

MAY

17

AUG

17

OCT

17

JUL

18

Soybean Meal

31-Jul-2015

31-Aug-2015450

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

HRW Wheat

31-Jul-2015

31-Aug-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-Jul-2015

31-Aug-2015850

900

950

1000

AUG

15SE

P 15

NO

V 15

JAN

16

MAR

16

MAY

16

JUL

16AU

G 16

SEP

16N

OV

16JA

N 1

7M

AR 1

7M

AY 1

7JU

L 17

AUG

17SE

P 17

NO

V 17

Soybeans

31-Jul-2015

31-Aug-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-Jul-2015

31-Aug-201526272829303132

AUG

15

OCT

15

JAN

16

MAY

16

AUG

16

OCT

16

JAN

17

MAY

17

AUG

17

OCT

17

JUL

18

Soybean Oil

31-Jul-2015

31-Aug-2015

26

COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

225

230

235

240

245

AUG

15

NO

V 15

FEB

16

MAY

16

AUG

16

NO

V 16

FEB

17

MAY

17

SEP

17

MAY

18

DEC

18

JUL

19

MAR

20

Copper

31-Jul-2015

31-Aug-201515001600170018001900200021002200

AUG

15M

AR 1

6O

CT 1

6M

AY 1

7DE

C 17

JUL

18FE

B 19

SEP

19AP

R 20

NO

V 20

JUL

21FE

B 22

SEP

22AP

R 23

NO

V 23

JUN

24

JAN

25

AUG

25

Aluminum

31-Jul-2015

28-Aug-2015

1000

1050

1100

1150

1200

1250

AUG

15

OCT

15

FEB

16

JUN

16

OCT

16

FEB

17

JUN

17

JUN

18

JUN

19

JUN

20

JUN

21

Gold

31-Jul-2015

31-Aug-201513.5

14

14.5

15

15.5

16

AUG

15

OCT

15

JAN

16

MAY

16

SEP

16

JAN

17

MAY

17

DEC

17

DEC

18

DEC

19

Silver

31-Jul-2015

31-Aug-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-Jul-2015

31-Aug-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-Jul-2015

31-Aug-2015

5055606570758085

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

MAY

16

JUN

16

JUL

16

AUG

16

OCT

16

DEC

16

Lean Hogs

31-Jul-2015

31-Aug-2015

125

130

135

140

145

150

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

Live Cattle

31-Jul-2015

31-Aug-2015

1700175018001850190019502000

AUG

15DE

C 15

APR

16AU

G 16

DEC

16AP

R 17

AUG

17DE

C 17

APR

18AU

G 18

DEC

18AP

R 19

AUG

19DE

C 19

APR

20AU

G 20

Zinc

31-Jul-2015

28-Aug-2015

9000

9500

10000

10500

11000

11500

AUG

15DE

C 15

APR

16AU

G 16

DEC

16AP

R 17

AUG

17DE

C 17

APR

18AU

G 18

DEC

18AP

R 19

AUG

19DE

C 19

APR

20AU

G 20

Nickel

31-Jul-2015

28-Aug-2015

61

62

63

64

65

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-Jul-2015

31-Aug-2015

27

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.

28

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

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.

29

BLOOMBERG and BLOOMBERG INDICES are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates ("collectively, "Bloomberg") or Bloomberg's licensors own all proprietary right in the BLOOMBERG INDICES. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDICES. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDICES or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. It is not possible to invest directly in an index. Back-tested performance is not actual performance. Past performance is not an indication of future results. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with BLOOMBERG INDICES or any data or values relating thereto - whether arising from their negligence or otherwise. This document constitutes the provision of factual information, rather than financial product advice. Nothing in the BLOOMBERG INDICES shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg or its affiliates or a recommendation as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the BLOOMBERG INDICES should not be considered as information sufficient upon which to base an investment decision. All information provided by the BLOOMBERG INDICES is impersonal and not tailored to the needs of any person, entity or group of persons. Bloomberg and its affiliates do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. Customers should consider obtaining independent advice before making any financial decisions.

The BLOOMBERG PROFESSIONAL® service and BLOOMBERG Data (the “Services”) are owned and distributed by Bloomberg Finance L.P. (“BFLP”) in all jurisdictions other than Argentina, Bermuda, China, India, Japan, and Korea (the “BLP Countries”). BFLP is a wholly owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with global marketing and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of “an investment strategy or whether or not to “buy”, “sell” or “hold” an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.

Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence shall not constitute, nor be construed as, investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest) or a recommendation as to an investment or other strategy. No aspect of the Bloomberg Intelligence function is based on the consideration of a customer's individual circumstances. Bloomberg Intelligence should not be considered as information sufficient upon which to base an investment decision. You should determine on your own whether you agree with Bloomberg Intelligence.Bloomberg Intelligence is offered where the necessary legal clearances have been obtained. Bloomberg Intelligence should not be construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence subscriber's compliance with its tax, accounting, or other legal obligations. Employees involved in Bloomberg Intelligence may hold positions in the securities analyzed or discussed on Bloomberg Intelligence.