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

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TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX

The Bloomberg Commodity Index (BCOM) returned 3.8% in March and capped an eight month losing streak. Commodities received a boost from a weakened dollar -- the Bloomberg Dollar Index sank to a nine month low as the Fed was seen putting off a rate increase. A 16% rally in gold kept commodities in positive territory in Q1.

Q1 Scorecard for Individual Bloomberg Commodity Indices: CRR <go>

Energy (29.7% of BCOM)

The Bloomberg Energy Index posted a 7.8% gain in March as WTI surged above $40 a barrel from a 12-year low. OPEC crude production rose in March as Iranian output climbed to the highest level in almost four years. Production increased by 64,000 barrels to 33.09 million a day in March, according to a Bloomberg survey of oil companies, producers and analysts.

Saudi Arabia pledged to freeze oil production if Iran and other major producers freeze production, the kingdom’s deputy crown prince said March 30. Even if Saudi Arabia and Russia were to pull off a diplomatic coup and persuade producers all over the world to join their oil-output freeze, it would have little impact on the global surplus. That’s because Iran and Brazil, the two countries the International Energy Agency predicts will add most supply this year, have shown little interest in participating. Even if other suppliers as diverse as Argentina and Equatorial Guinea agreed to cap output, their combined efforts would curb supply this year by just 50,000 barrels a day, or 5% of the global production surplus, IEA data show.

Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary. It won’t be regional nemesis Iran, a resurgent Iraq or long-standing competitor Russia. The answer will be more prosaic: a stockpile surplus of more than 1 billion barrels built up since 2014 will remain, weighing on prices. Inventories will keep accumulating until the end of 2017, the International Energy Agency forecasts, and clearing the glut could take years.

Three months since the U.S. lifted a 40-year ban on oil exports, American crude is flowing to virtually every corner of the market and reshaping the world’s energy map. Overseas sales, which started on Dec. 31 with a small cargo aboard the Theo T tanker, have been picking up speed. Oil companies including Exxon Mobil and China Petroleum and Chemical Corp have joined independent traders such as Vitol and Trafigura in exporting American crude. The export activity is helping to support spot oil prices in the U.S. relative to contracts for later delivery. With American stockpiles at unprecedented levels, oil tankers laden with U.S. crude have docked in, or are heading to, countries including France, Germany, the Netherlands, Israel, China and Panama. Oil traders said other destinations are likely, just as supplies in Europe and the Mediterranean region are also increasing. That said, the U.S. is likely to remain for the foreseeable future a small exporter compared with OPEC giants Saudi Arabia, Iran and Iraq and non-OPEC producers Mexico and Russia.

The International Energy Agency said that oil prices may have passed their lowest point as shrinking supplies outside OPEC and disruptions inside the group erode the global surplus. Production outside OPEC will decline by 750,000 barrels a day this year, or 150,000 barrels a day more than estimated in February. Markets are also being supported by output losses in Iraq and Nigeria, and

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as Iran restores production more slowly than planned following the end of international sanctions.

China’s crude imports rose to a record as oil’s crash to the lowest in more than 12 years boosted buying. The world’s biggest energy user increased inbound crude shipments in February by 19% from the previous month to 31.8 million metric tons, according to data from the Beijing-based General Administration of Customs. That’s equivalent to about 8.04 million barrels a day, the highest daily average on record. Oil product exports slid a second month to 2.99 million tons, the lowest since May. The government’s decision not to cut retail fuel prices when oil falls below $40 a barrel has made domestic sales of oil products more profitable compared with exports, according to ICIS China, a Shanghai-based researcher. China has also pushed back completion of its emergency petroleum stockpiles to beyond the original 2020 deadline. The world’s largest energy consumer will finish construction of the second phase of its strategic oil reserves and begin preliminary work on additional sites by 2020, according to the 2016-2020 Five Year Plan. The country’s previous plans called for three phases to be completed by the end of the decade.

As crude has soared more than 50% since Feb. 11, the number of bets on increased prices has barely budged. Instead, the upward pressure on prices appears to have come from traders cashing out of bearish wagers at an unprecedented pace. The liquidation of short positions during the last seven weeks covered by data from the CFTC was the largest on record.

Pierre Andurand, a hedge fund manager who predicted the oil collapse, said crude is starting a “multi-year bull run” because low prices have curbed supply. Futures will rebound to $60 to $70 this year and $80 in 2017, the CIO of Andurand Capital Management LLP said in a newsletter to investors.

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Index FAQ: why is the index down if spot is up? The following graphs show how the WTI futures market has moved during Q1 and may help investors understand why benchmark indices can drop even as spot prices rise. Bloomberg WTI Index vs. Generic 1st WTI Contract

YTD, we can see that the generic 1st WTI futures contract moved up 3.4% while the Bloomberg WTI Index dropped 11.6%. The Index was composed of (only) the March 2016 WTI futures contract from 12/31/2015 to 02/05/2016 and rolled into the May 2016 WTI futures contract during the February rolling period until the end of the Q1. The March contract returned -26.8% from 12/31/2015 to 02/09/2016 (approximately middle of the February roll window) and the May contract returned 20.6% from 02/09/2016 to 03/30/2016, resulting in a total loss of 11.6% for the Bloomberg WTI Index. WTI Active Contract {CLA Comdty CCRV <go>}

As shown in the chart above, the futures curve was in contango on 12/31/2015 with the May 2016 contract priced at a $2.94 premium over the Feb 2016 contract. Winding the clock forward by three months, we see that the current first nearby contract (May 2016), although $1.24 higher than the previous first nearby contract (Feb 2016), is far below the expectation projected on the last day of 2015, resulting in a loss for the futures investor. Grains (22.8% of BCOM) China will end its state corn stockpiling program this year, replacing it with other subsidies, amid surging reserves in the world’s second-biggest grower. The government will encourage state and private firms to buy corn at market prices and offer credit support to farmers, Xinhua reported Mar. 28, citing a press briefing by the National Development and Reform Commission. It will also promote changes in crop cultivation and move to reduce existing stockpiles. The changes will affect the 2016-17 season. China has about 1.4 billion mouths to feed and President Xi Jinping has singled out increasing agricultural output as among the country’s priorities. China has become the world’s largest importer of soybeans and purchases rose 14% to a record last year, customs data show. The country imports most of the soybeans it consumes, while rice and corn only represent about 2% of domestic usage, U.S. government data show. Heavy rain and flooding from Louisiana to southern Illinois and east to Ohio in early March probably damaged winter wheat, according to World Weather Inc. Freezing temperatures later in the month followed by dry, warm weather forecast into April may also stress plants in parts of the Great Plains. Abnormally dry ratings have increased in parts of Kansas, Oklahoma and Colorado, where hard red winter wheat is grown, U.S. Drought Monitor data showed.

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Global grain stockpiles remain ample, and hedge funds have held net-short positions in wheat futures and options. Bumper crops are set to boost European stockpiles to an eight-year high, clashing with expectations for reduced planting in the U.S. and the concerns about dry weather in the Great Plains. French milling wheat, which is usually more expensive than the comparable U.S. contract, is now trading at a discount.

Wheat exports from Argentina have been climbing since newly elected President Mauricio Macri eliminated most crop taxes and lifted four years of currency controls in December. A March USDA report boosted its estimate for Argentina wheat exports to 7 million tons, from 6.5 million, citing a stronger shipment pace.

U.S. farmers plan to sow 93.6 million acres of corn in 2016, exceeding all analyst estimates and boosting prospects for higher supplies after the harvest. Planting will rise 6.4% from a year earlier to the third-highest since 1994, according to the USDA. Farmers also told the government they intend to reduce soybean planting to 82.2 million acres, compared with 82.65 million in 2015.

Industrial Metals (17.5% of BCOM)

China's real copper demand may be half what the world thinks it is. Global copper demand may be 15% lower than expected. An analysis by Bloomberg Intelligence show that slow growth may mean that almost all of the increase in demand is due to financial carry trades using copper as the backing medium. China's carry trade -- which uses metals as collateral to finance deals -- inflated demand, kept prices higher and led miners to raise output. For more detail, run NSN O4SGDQ6TTDS2 <go> on your Bloomberg terminal.

Copper consumption, already falling outside of Asia, grew at the slowest pace since 2006 last year in China, according to the World Bureau of Metal Statistics.

Output is still increasing, with more than 4.5 million metric tons of new capacity planned to come online over the next four years, according to Bloomberg Intelligence estimates. Production has exceeded demand in 18 of 19 months through January, according to the World Bureau of Metals Statistics.

In the U.S., annual consumption of refined metal has fallen in five of the past 10 years and is 21% lower over that period, at 1.79 million tons, according to the World Bureau of Metal Statistics. Of the 18 end-use markets tracked by the Copper Development Association, the only gains from 2004 to 2014 were in power cable, automotive wire and transportation equipment. Excluding Asia, the combined consumption in the rest of the world shrank 20% in the past decade, data compiled by Bloomberg Intelligence shows. Even in China, Goldman Sachs is predicting zero growth this year. The Lisbon-based International Copper Study Group on March 10 forecast “essentially flat” global usage this year for refined copper, excluding stockpiling, even as output rises, creating a surplus through next year.

Aluminum extended declines after the world’s largest maker of the metal, China Hongqiao Group, said it will expand capacity by 16% this year. Bulls are fleeing the aluminum market as traders are holding the fewest bets on aluminum prices in more than eight years on the LME. A 7% slump in open interest in March coincided with the largest drop in prices in four months. That combination typically signals the closing out of bullish wagers. JPMorgan is recommending investors sell aluminum because smelters in China, the biggest producer, may resume production after cutbacks. Global inventories of the metal total a record high of more than 15 million metric tons, according to Macquarie.

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Aluminum Open Interest at 8-Year Low

Traders keep pulling material out of LME warehouses. The amount stored in depots tracked by LME has almost halved from a 2013 peak and is near a seven-year low. Copper and aluminum have accounted for the bulk of the decline. Inventories of aluminum are near a seven-year low and there will probably be more withdrawals. Orders to remove aluminum surged 26% on 17 March on requests to get the commodity out of depots in Vlissingen, and rose 14% on 18 March due to bookings in Detroit as the LME tightens warehousing rules to prevent queues from building and traders have been moving metal outside of the network to benefit from cheaper storage charges. Traders have been shifting copper from LME-tracked warehouses to China to take advantage of arbitrage opportunities, boosting the amount held in facilities monitored by the Shanghai Futures Exchange to a record. Reserves tracked by LME have declined to the lowest level in more than a year. The movement has also been spurred by traders purchasing metal priced in dollars as a currency hedge amid expectations of a weaker yuan. Prices for immediate delivery are at the highest premium since August to the benchmark contracts - one indication that supplies are limited.

Precious Metals (17% of BCOM)

Gold is the best-performing asset in the Bloomberg Commodity Index this year, with a return of 17% in Q1, after turbulent financial markets and weakening economies boosted demand for the metal as a haven. Flows into exchange-traded products backed by gold have been a significant source of demand, with holdings rising 21% to 1,761.3 metric tons after falling in 11 of the previous 12 quarters. The demand for gold ETFs have been so high that BlackRock temporarily stopped issuing new shares in its $7.4 billion iShares Gold Trust. Investors had piled into the fund so fast that the asset manager didn’t register in time with the SEC to issue more shares. The fund created more shares in February than at any time in the last decade and the fund has expanded by $1.4 billion so far this year.

Gold has rallied more than silver this year, stretching the price ratio between the two metals to about 80. That’s historically led to higher silver prices. The last three times that the ratio exceeded and then fell back below 80, silver then outperformed gold in the following two to three years.

The spread between gold and silver hasn’t been this great for more than seven years and with mine supplies forecast to contract this year that may be a sign it’s ready to come out of gold’s shadow. Mine production of silver may drop in 2016 for the first time in over a decade as about two-thirds of the world’s silver output is a byproduct scraped up when companies dig for base metals. As producers react to weak Chinese demand by slashing output of copper, zinc and lead, a side effect is silver prices are getting a boost as less of the precious metal is unearthed.

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Softs (7% of BCOM) The Bloomberg Sugar Index rose 6.9% in March and has climbed 12.7% in the past year. Sugar futures in New York rallied to a 17-month high in March as the strongest El Nino in two decades parched crops in China, India and Thailand, exacerbating a global deficit. The world market is heading for a second annual deficit, following half a decade of surpluses. Raw sugar production may fall by the most in seven years to 171.1 million tons in the 2015-16 season as droughts in Asia are reaching the “worst-case scenario,” researcher F.O. Licht estimates. World consumption will exceed production by 4.95 million tons of raw sugar in the 2016-17 season, 19% more than a January forecast, Green Pool Commodity Specialists said. The researcher also raised its estimate for the 2015-16 shortage to 6.65 million tons from 4.14 million tons previously. Coffee futures, mired in bearish territory for most of 2015, entered a bull market as adverse conditions from El Nino threaten to shrink output of premium arabica beans. Crop estimates from some analysts for Brazil, the top grower, and Colombia, the second-biggest, are falling after the weather pattern brought dry conditions and exacerbated the spread of plant disease. In 2014, futures soared 50% as drought ravaged Brazil. Inventories monitored by ICE Exchange have slumped to the lowest November 2011.

Livestock (5.8% of BCOM) Hedge funds are loading up with pork. With Americans expected to eat the most pork since 2007, money managers are now the most-bullish since 2014 on hog futures, which already are at a nine-month high (LHA Comdty COT <GO>). Demand at home and abroad is rising faster than U.S. farmers are boosting output. Pork remains a cheaper alternative to beef cuts that last year surged to records as supply shrank. The Bloomberg Lean Hogs Index returned 7.4% in Q1.

Beef is now so expensive in Argentina, which once was the third-largest exporter, that slaughtering plants are about to start importing cattle from neighboring countries for the first time in almost two decades. It’s a big switch for a population that eats more beef per person than any other and where the meat has become as much a part of their national identity. Rising costs have encouraged what was almost unthinkable a decade ago: beef demand is dropping, and consumers are substituting with cheaper chicken and pork.

Argentina’s cattle industry was upended by the end of price controls and a devaluation of the peso under newly elected President Mauricio Macri, who altered the policies of his predecessors to revive an economy hobbled by a government debt default. In December, the price of beef used for barbecues known as asados surged 28%. To ease the strain, Macri authorized imports of beef and cattle from neighbors like Uruguay.

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Composite Indices* Click hyperlinks to open in Bloomberg

2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year

Bloomberg Commodity ER BCOM 3.79% -1.65% 0.34% -10.55% -19.66% -42.66% -53.51% -52.28% -28.99%Bloomberg Commodity TR BCOMTR 3.82% -1.63% 0.42% -10.52% -19.56% -42.54% -53.35% -47.05% 13.56%

Bloomberg Commodity Spot BCOMSP 4.15% 0.84% 3.58% -7.16% -11.93% -35.96% -42.91% 11.87% 133.26%Bloomberg Roll Select BCOMRST 3.84% -0.84% 1.64% -9.39% -17.71% -39.17% -48.90% -21.61% 159.98%

1 Month Forward BCOMF1T 3.99% -1.25% 1.09% -9.53% -18.18% -39.58% -49.92% -33.67% 113.42% 2 Month Forward BCOMF2T 3.96% -1.12% 1.28% -9.47% -18.30% -40.15% -50.83% -31.74% 144.51% 3 Month Forward BCOMF3T 4.03% -0.97% 1.50% -8.70% -17.50% -38.64% -49.11% -23.68% 160.37% 4 Month Forward BCOMF4T 3.94% -0.84% 1.72% -8.06% -16.41% -37.10% -47.00% -15.73% 5 Month Forward BCOMF5T 3.95% -0.72% 1.80% -7.85% -16.11% -37.29% -46.94% -12.45% 6 Month Forward BCOMF6T 3.93% -0.56% 1.98% -7.70% -15.82% -36.76% -46.47% -8.39%

Energy BCOMENTR 7.84% -9.27% -9.31% -22.70% -39.61% -66.98% -74.80% -89.99% -51.69%Petroleum BCOMPETR 7.71% -3.22% -5.69% -23.12% -37.58% -67.05% -68.98% -75.35% 52.66%Agriculture BCOMAGTR 4.44% -2.78% 0.71% -2.17% -6.78% -31.71% -42.77% -1.38% -31.82%

Grains BCOMGRTR 2.35% -4.68% 0.12% -7.71% -12.13% -36.88% -39.25% 3.54% -46.01%Industrial Metals BCOMINTR 0.38% 3.35% 2.29% -8.25% -21.00% -34.72% -54.21% -34.63% 53.04%Precious Metals BCOMPRTR 0.98% 8.98% 15.29% -5.02% 0.77% -30.29% -30.92% 78.05% 204.58%

Softs BCOMSOTR 7.46% 1.97% -0.98% 11.18% 3.44% -31.08% -58.99% -40.66% -38.45%Livestock BCOMLITR -1.10% 0.93% 1.15% -3.45% -8.99% -5.58% -22.31% -43.87% -50.32%Ex-Energy BCOMXETR 2.12% 1.71% 4.54% -4.35% -8.73% -29.45% -41.26% 1.77% 21.84%

Ex-Petroleum BCOMXPET 2.65% -1.35% 1.55% -6.52% -13.91% -35.37% -49.86% -40.61%Ex-Agriculture BCOMXAGT 3.56% -1.14% 0.14% -14.12% -24.77% -47.38% -57.96% -61.59%

Ex-Grains BCOMXGRT 4.13% -0.97% 0.40% -11.12% -21.10% -43.95% -56.46% -56.57%Ex-Industrial Metals BCOMXIMT 4.55% -2.64% 0.00% -10.92% -19.32% -44.14% -53.32% -52.98%Ex-Precious Metals BCOMXPMT 4.40% -3.61% -2.40% -11.60% -23.18% -45.33% -57.17% -56.26%

Ex-Softs BCOMXSOT 3.55% -1.89% 0.56% -12.22% -21.28% -43.59% -53.08% -48.31%Ex-Livestock BCOMXLIT 4.13% -1.78% 0.38% -10.87% -20.07% -44.21% -54.77% -47.55%

Ex-Agriculture & Livestock BCOMXALT 3.99% -1.33% 0.06% -14.90% -25.86% -50.03% -60.21% -63.62%S&P 500 Total Return SPXT 6.78% -0.13% 1.35% 7.04% 1.78% 39.82% 72.95% 96.87% 364.10%

Bloomberg US Treasury Bond BUSY 0.15% 0.91% 3.18% -0.96% 2.25% 6.91% 20.00%Bloomberg USD IG Corporate Bond BUSC 2.87% 0.76% 3.93% -0.56% 0.84% 9.26% 28.66%Bloomberg USD HY Corporate Bond BUHY 4.57% 0.71% 3.69% -1.51% -2.49% 5.51% 26.03%

Bloomberg Dollar Spot BBDXY -3.85% -1.79% -4.08% 1.55% -1.53% 15.90% 24.62% 9.46%

Single Commodity Indices

2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year

Natural Gas BCOMNGTR 8.39% -25.78% -21.75% -22.00% -47.19% -70.25% -87.00% -99.13% -99.26%WTI Crude BCOMCLTR 7.79% -6.81% -11.51% -23.40% -42.16% -70.56% -75.85% -83.98% 7.36%

Brent Crude BCOMCOT 8.41% -0.65% -0.38% -26.46% -40.23% -70.11% -69.05% -64.54% 257.82%ULS Diesel BCOMHOTR 6.50% 0.59% 0.61% -31.09% -39.86% -64.80% -66.10% -66.55% 56.99%

Unleaded Gasoline BCOMRBTR 7.34% -5.75% -11.75% -8.67% -23.68% -58.38% -47.08% -41.04% 260.96%Corn BCOMCNTR -1.51% -5.29% -3.26% -9.55% -15.81% -52.60% -47.61% -25.84% -82.72%

Soybeans BCOMSYTR 5.81% -2.85% 4.96% -3.92% -5.31% -6.92% -2.64% 129.88% 239.23%Wheat BCOMWHTR 4.50% -6.27% -0.11% -8.88% -10.48% -41.49% -59.96% -59.11% -92.07%

Soybean Oil BCOMBOTR 10.88% -0.77% 10.52% 10.62% 8.58% -37.16% -51.80% -8.78% -34.34%Soybean Meal BCOMSMT 3.00% -4.35% 1.10% -14.35% -13.66% 14.87% 38.12% 310.11% 927.80%HRW Wheat BCOMKWT 4.13% -5.11% -0.43% -9.51% -24.62% -45.29% -63.60% -48.06% -73.05%

Copper BCOMHGTR 2.40% 3.05% 2.18% -9.17% -21.12% -37.22% -52.18% -12.81% 183.29%Alumnium BCOMALTR -3.85% 3.30% -0.13% -5.45% -19.69% -34.67% -58.05% -63.15% -44.33%

Zinc BCOMZSTR 2.84% 8.40% 12.40% -5.77% -14.94% -13.43% -35.65% -44.75% 17.35%Nickel BCOMNITR -0.52% -1.30% -4.12% -15.53% -32.48% -51.51% -69.75% -38.45% 77.92%Gold BCOMGCTR 0.03% 10.60% 16.49% -4.97% 4.06% -23.39% -16.27% 95.83% 198.40%Silver BCOMSITR 3.69% 4.61% 11.95% -5.18% -7.94% -47.33% -61.26% 20.59% 157.03%Sugar BCOMSBTR 6.92% 9.92% 1.36% 18.36% 17.24% -40.95% -54.35% -58.95% -4.75%Coffee BCOMKCTR 10.81% -2.84% -1.11% 1.46% -13.67% -30.64% -69.12% -51.76% -67.53%Cotton BCOMCTTR 3.46% -8.36% -8.39% 4.46% -9.53% -30.27% -60.58% -25.48% -81.55%

Live Cattle BCOMLCTR -1.90% 2.25% -2.43% 2.90% -15.80% 2.40% -13.89% -19.10% 2.62%Lean Hogs BCOMLHTR 0.00% -1.00% 7.38% -13.73% 4.05% -18.95% -35.85% -70.49% -86.73%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2016

2016

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Composite Roll Select Indices* Click hyperlinks to open in Bloomberg

2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year

BCOM Roll Select BCOMRST 3.84% -0.84% 1.64% -9.39% -17.71% -39.17% -48.90% -21.61% 159.98%Roll Select Agriculture BCOMRAGT 4.71% -2.78% 0.87% -2.51% -7.66% -31.95% -40.51% 31.72% 22.68%

Roll Select Ex-Ags & Livestock BBURXALT 3.83% -0.10% 2.10% -13.04% -22.48% -45.47% -55.09% -45.81%Roll Select Grains BCOMRGRT 2.46% -4.54% -0.08% -7.88% -12.34% -38.29% -38.88% 40.08% -1.44%Roll Select Softs BCOMRSOT 8.35% 1.64% 0.19% 10.35% 0.49% -28.22% -54.53% -19.12% 13.05%

Roll Select Livestock BCOMRLIT -0.69% 1.05% -0.82% -3.73% -12.24% 0.76% -15.44% 6.71%Roll Select Energy BCOMRENT 7.17% -5.96% -4.19% -18.93% -32.79% -59.89% -67.53% -77.98%

Roll Select Ex-Energy BCOMRXET 2.34% 1.67% 4.37% -4.47% -9.27% -28.99% -39.43% 31.40%Roll Select Petroleum BCOMRPET 6.64% -2.00% -2.32% -18.48% -31.91% -61.25% -62.79% -50.78% 436.14%

Roll Select Industrial Metals BCOMRINT 0.56% 3.24% 2.05% -8.17% -20.60% -33.60% -52.76% -18.89% 134.55%Roll Select Precious Metals BCOMRPRT 1.01% 8.98% 15.27% -5.03% 0.77% -30.23% -30.63% 79.63% 213.10%

Single Commodity Roll Select Indices

2015Mar Feb Q1 Q4 1-Year 3-Year 5-Year 10-Year 20-Year

Natural Gas RS BCOMRNGT 8.94% -16.89% -11.20% -20.56% -37.62% -59.26% -78.16% -96.85% -82.30%WTI Crude RS BCOMRCLT 6.49% -3.77% -2.46% -15.36% -29.82% -61.38% -65.57% -54.17% 498.52%

Brent Crude RS BCOMRCOT 6.48% -1.83% -2.81% -21.74% -36.76% -64.21% -64.29% -46.87% 546.45%ULS Diesel RS BCOMRHOT 6.50% 0.06% -0.31% -27.49% -36.29% -62.72% -65.26% -55.51% 221.46%

Unleaded Gasoline RS BCOMRRBT 7.55% 0.02% -2.85% -10.74% -23.01% -54.53% -47.51% -32.19% 530.43%Corn RS BCOMRCNT -1.54% -4.83% -3.81% -10.32% -16.54% -51.09% -48.84% -3.23% -68.61%

Soybeans RS BCOMRSYT 6.08% -2.85% 5.22% -3.90% -5.11% -12.87% 2.20% 166.63% 301.80%Wheat RS BCOMRWHT 4.65% -6.52% -0.50% -7.82% -10.19% -43.39% -60.21% -22.51% -64.78%

Soybean Oil RS BCOMRBOT 10.75% -0.77% 10.46% 10.56% 8.91% -35.65% -48.41% 9.46% 8.17%Soybean Meal RS BCOMRSMT 3.11% -4.35% 1.21% -14.38% -14.63% 11.19% 45.93% 377.09% 1078.29%HRW Wheat RS BCOMRKWT 4.26% -5.05% -0.28% -9.23% -23.29% -45.80% -61.68% -13.84% -37.70%

Copper RS BCOMRHGT 2.70% 2.83% 1.76% -9.34% -21.58% -38.07% -52.13% 1.29% 314.78%Alumnium RS BCOMRALT -3.85% 3.30% -0.13% -5.34% -17.66% -30.54% -54.81% -52.87% -12.18%

Zinc RS BCOMRZST 2.93% 8.35% 11.68% -5.26% -15.20% -12.34% -34.12% -28.20% 82.83%Nickel RS BCOMRNIT -0.30% -1.29% -3.92% -14.97% -32.04% -50.43% -68.57% -20.08% 202.57%Gold RS BCOMRGCT 0.07% 10.60% 16.53% -4.98% 4.08% -23.41% -16.19% 94.98% 199.59%Silver RS BCOMRSIT 3.70% 4.60% 11.81% -5.15% -7.97% -47.04% -60.65% 26.68% 184.28%Sugar RS BCOMRSBT 8.83% 9.09% 4.10% 16.60% 12.44% -35.74% -48.43% -35.48% 102.77%Coffee RS BCOMRKCT 10.51% -2.52% -1.08% 1.65% -14.60% -29.52% -67.71% -42.66% -45.41%Cotton RS BCOMRCTT 3.46% -8.25% -8.92% 5.29% -9.52% -28.49% -54.42% -4.31% -68.40%

Live Cattle RS BCOMRLCT -1.68% 2.26% -2.88% 2.24% -14.91% 0.91% -14.52% 16.65% 104.07%Lean Hogs RS BCOMRLHT 0.72% -0.70% 1.77% -13.68% -8.56% -2.93% -19.87% -16.31% 33.19%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

2016

2016

9

PERFORMANCE: Historical ReturnBloomberg Commodity Composite Indices

Commodities vs. Equities vs. Bonds vs. USD

Bloomberg Commodity Energy Subindices

Bloomberg Commodity Forward Indices

Bloomberg Commodity Group Subindices

Bloomberg Commodity Grains Subindices

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

-100%0%

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

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-50%0%

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

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

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

-60%-40%-20%

0%20%40%60%80%

100%120%

10 11 12 13 14 15

BloombergCommodity Index TR

S&P 500 Total ReturnIndex

Bloomberg USTreasury Bond Index

Bloomberg USCorporate Bond Index

Bloomberg USD HYCorporate Bond Index

Bloomberg U.S. DollarSpot Index

-200%

0%

200%

400%

600%

800%

1000%

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

-500%

0%

500%

1000%

1500%

2000%

2500%

3000%

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

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline-200%

0%200%400%600%800%

1000%1200%1400%1600%1800%

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

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

-200%

0%

200%

400%

600%

800%

1000%

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

Copper

Alumnium

Zinc

Nickel-100%

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

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

Gold

Silver

-200%

-100%

0%

100%

200%

300%

400%

500%

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

Sugar

Coffee

Cotton

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

0%20%40%60%80%

100%120%

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

Live Cattle

Lean Hogs

10

BCOM Constituent Weights BCOM Index MEMB <GO>

Group Commodity Ticker Mar 2016 Contrib to Return %

Mar 31 2016 Weight

Feb 29 2016 Weight

Mar 2016 Weight Change

2016 Target Weight

Natural Gas NG 0.53 6.81% 6.55% 0.26% 8.45% WTI Crude CL 0.58 7.66% 7.41% 0.25% 7.47%

Brent Crude CO 0.65 8.35% 7.80% 0.55% 7.53% ULS Diesel HO 0.25 3.90% 3.81% 0.09% 3.83% Gasoline XB 0.30 4.28% 4.16% 0.12% 3.75%Subtotal 2.31 31.00% 29.73% 1.27% 31.03%

Corn C -0.11 6.90% 7.30% -0.40% 7.36% Soybeans S 0.31 5.66% 5.57% 0.09% 5.70%

Wheat W 0.14 3.21% 3.20% 0.01% 3.33% Soybean Oil BO 0.30 3.07% 2.89% 0.18% 2.84%

Soybean Meal SM 0.08 2.70% 2.73% -0.03% 2.84% HRW Wheat KW 0.05 1.12% 1.12% 0.00% 1.15%

Subtotal 0.77 22.66% 22.81% -0.15% 23.22% Copper HG 0.19 7.51% 7.65% -0.14% 7.63%

Aluminum LA -0.18 4.44% 4.78% -0.34% 4.60% Zinc LX 0.08 2.79% 2.82% -0.03% 2.53%

Nickel LN -0.01 2.19% 2.28% -0.09% 2.36%Subtotal 0.09 16.93% 17.53% -0.60% 17.11%

Gold GC 0.01 12.13% 12.63% -0.50% 11.38% Silver SI 0.16 4.39% 4.41% -0.02% 4.21%

Subtotal 0.17 16.52% 17.04% -0.52% 15.59% Sugar SB 0.24 3.64% 3.55% 0.09% 3.63% Coffee KC 0.23 2.30% 2.16% 0.14% 2.29% Cotton CT 0.04 1.33% 1.34% -0.01% 1.49%

Subtotal 0.51 7.27% 7.05% 0.22% 7.41% Live Cattle LC -0.06 3.05% 3.51% -0.46% 3.57% Lean Hogs LH 0.00 2.58% 2.33% 0.25% 2.06%

Subtotal -0.06 5.63% 5.84% -0.21% 5.63%Total 3.79 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q2 16 Q3 16 Q4 16 Q1 17Forward 2.21 2.24 2.70 2.76Forecast 2.23 2.50 2.72 3.05Forward 41.36 41.36 42.98 44.16Forecast 36.00 42.00 46.00 45.00Forward 40.29 41.73 43.80 44.76Forecast 38.00 43.00 46.05 47.00Forward 120.32 126.38 121.98 121.98Forecast 114.00 119.00 119.00 119.00Forward 145.89 137.28 122.07 133.05Forecast 139.15 143.00 145.50Forward 369.32 376.87 385.53 384.00Forecast 361.00 370.00 380.00 376.00Forward 912.74 919.20 924.78 929.00Forecast 862.00 873.00 889.00 870.50Forward 467.87 482.81 517.25 518.98Forecast 472.00 483.50 496.50 500.00Forward 4,856 4,841 4,834 4,829Forecast 4,700 4,884 5,000 5,096Forward 1,515 1,529 1,541 1,553Forecast 1,550 1,581 1,613 1,610Forward 1,814 1,821 1,826 1,828Forecast 1,732 1,700 1,809 1,900Forward 8,477 8,518 8,555 8,587Forecast 9,000 9,250 9,750 10,200Forward 1,235 1,237 1,239 1,241Forecast 1,138 1,150 1,175 1,150Forward 15.48 15.53 15.59 15.64Forecast 14.85 14.90 15.10 15.33Forward 15.42 15.61 16.04 15.95Forecast 14.10 14.50 14.70 15.00Forward 128.43 131.14 133.12 134.79Forecast 120.75 123.00 126.25 127.60Forward 58.36 58.03 57.95 58.55Forecast 62.00 60.40 63.00 63.80

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

11

Composite Indices

Bloomberg Commodity ER BCOM 15.67% 16.96% 15.64% 12.86% 13.94% 18.01% 16.05%Bloomberg Commodity TR BCOMTR 15.67% 16.96% 15.64% 12.86% 13.94% 18.01% 16.04%

Bloomberg Commodity Spot BCOMSP 15.64% 17.03% 15.73% 12.92% 13.98% 18.09% 16.14%Bloomberg Roll Select BCOMRST 14.59% 15.32% 14.43% 12.03% 13.14% 16.96% 14.65%

1 Month Forward BCOMF1T 15.05% 16.28% 15.29% 12.50% 13.63% 17.66% 15.49% 2 Month Forward BCOMF2T 14.98% 15.97% 14.97% 12.24% 13.38% 17.37% 14.97% 3 Month Forward BCOMF3T 14.71% 15.61% 14.65% 11.96% 13.16% 17.07% 14.54% 4 Month Forward BCOMF4T 14.55% 15.33% 14.38% 11.73% 12.93% 16.81% 5 Month Forward BCOMF5T 14.18% 14.93% 13.93% 11.35% 12.55% 16.32% 6 Month Forward BCOMF6T 14.18% 14.93% 13.93% 11.35% 12.55% 16.32%

Energy BCOMENTR 31.57% 45.35% 34.98% 27.20% 25.59% 29.18% 30.77%Petroleum BCOMPETR 37.44% 56.02% 43.52% 31.93% 29.54% 33.48% 33.28%Agriculture BCOMAGTR 10.10% 10.15% 14.92% 14.63% 16.83% 20.84% 18.37%

Grains BCOMGRTR 10.75% 11.92% 18.72% 18.56% 20.95% 25.09% 22.58%Industrial Metals BCOMINTR 21.24% 20.80% 19.69% 17.27% 19.38% 26.18% 22.37%Precious Metals BCOMPRTR 19.87% 20.93% 17.66% 20.00% 21.03% 23.36% 19.77%

Softs BCOMSOTR 21.57% 21.15% 20.57% 19.79% 20.05% 22.44% 20.67%Livestock BCOMLITR 12.10% 14.17% 16.80% 13.95% 13.52% 14.20% 14.51%Ex-Energy BCOMXETR 11.65% 9.55% 10.99% 10.90% 12.79% 16.72% 13.80%

Ex-Petroleum BCOMXPET 11.74% 10.08% 11.21% 10.93% 12.53% 16.51%Ex-Agriculture BCOMXAGT 20.60% 23.17% 19.75% 15.62% 16.10% 19.88%

Ex-Grains BCOMXGRT 11.65% 9.55% 10.99% 10.90% 12.79% 16.72%Ex-Industrial Metals BCOMXIMT 18.51% 20.25% 17.68% 14.12% 14.85% 18.70%Ex-Precious Metals BCOMXPMT 15.41% 17.91% 16.52% 13.75% 14.54% 18.21%

Ex-Softs BCOMXSOT 16.34% 19.99% 17.81% 14.10% 14.84% 18.98%Ex-Livestock BCOMXLIT 16.29% 17.84% 16.33% 13.43% 14.42% 18.56%

Ex-Agriculture & Livestock BCOMXALT 20.60% 23.17% 19.75% 15.62% 16.10% 19.88%S&P 500 Total Return Index SPXT 11.44% 18.53% 16.56% 13.51% 15.71% 20.90% 19.65%

Bloomberg US Treasury Bond Index BUSY 3.91% 3.86% 4.26% 3.95% 4.09%Bloomberg USD IG Corporate Bond Index BUSC 3.41% 3.53% 4.24% 4.15% 4.36%Bloomberg USD HY Corporate Bond Index BUHY 5.18% 6.45% 4.57% 3.63% 3.41%

Bloomberg U.S. Dollar Spot Index BBDXY 7.17% 6.94% 6.84% 6.20% 6.40% 7.10%

Single Commodity Indices

Natural Gas BCOMNGTR 33.01% 41.61% 37.74% 38.59% 38.79% 43.31% 46.83%WTI Crude BCOMCLTR 44.49% 60.80% 47.39% 35.48% 32.99% 35.88% 34.93%

Brent Crude BCOMCOT 38.83% 60.83% 45.79% 33.26% 30.13% 33.33% 32.40%ULS Diesel BCOMHOTR 35.42% 54.63% 40.70% 29.08% 26.59% 30.97% 32.64%

Unleaded Gasoline BCOMRBTR 31.87% 49.14% 42.43% 31.73% 29.50% 34.65% 34.35%Corn BCOMCNTR 17.23% 15.02% 21.41% 23.36% 26.24% 30.83% 26.89%

Soybeans BCOMSYTR 8.57% 10.83% 18.10% 19.27% 20.08% 24.57% 23.79%Wheat BCOMWHTR 20.19% 19.69% 27.33% 25.03% 28.92% 34.00% 29.72%

Soybean Oil BCOMBOTR 16.11% 16.28% 21.80% 19.72% 19.49% 23.95% 23.44%Soybean Meal BCOMSMT 13.64% 14.84% 19.97% 23.89% 24.18% 27.78% 26.55%HRW Wheat BCOMKWT 23.05% 21.85% 26.48% 23.55% 26.56% 30.93% 26.99%

Copper BCOMHGTR 21.65% 21.84% 22.38% 20.14% 22.55% 31.46% 27.79%Alumnium BCOMALTR 16.18% 18.04% 18.01% 17.31% 19.07% 23.85% 20.56%

Zinc BCOMZSTR 31.29% 31.34% 27.46% 20.99% 22.92% 34.41% 28.33%Nickel BCOMNITR 42.54% 37.58% 34.27% 28.23% 29.38% 39.30% 35.66%Gold BCOMGCTR 17.45% 19.79% 16.02% 18.06% 18.27% 20.34% 17.65%Silver BCOMSITR 29.68% 27.95% 26.01% 28.90% 33.33% 36.34% 30.64%Sugar BCOMSBTR 30.04% 34.77% 31.91% 24.89% 26.81% 33.28% 31.89%Coffee BCOMKCTR 27.05% 27.47% 30.48% 36.00% 33.60% 31.26% 36.68%Cotton BCOMCTTR 15.29% 15.49% 17.97% 18.84% 23.56% 27.09% 25.93%

Live Cattle BCOMLCTR 13.18% 15.95% 17.85% 14.44% 14.03% 14.26% 14.41%Lean Hogs BCOMLHTR 18.80% 20.69% 26.64% 22.51% 21.00% 22.58% 24.19%

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

12

VOLATILITY: ImpliedVCA <GO> OVDV <GO>

TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%End of Mar 5% 46% -3% 2% 40% -1% 1% 39% -1%End of Feb 1% 50% 0% 1% 41% 0% 0% 36% 0%End of Mar 4% 43% -1% 1% 42% -2% 1% 40% -1%End of Feb 5% 59% -3% 3% 53% -2% 1% 48% -1%End of Mar 5% 40% 1% 2% 41% 0% 1% 41% 0%End of Feb 4% 59% -2% 2% 55% -2% 2% 50% -1%End of Mar 2% 37% -1% 1% 37% 0% 0% 36% 0%End of Feb 3% 48% -1% 1% 46% -1% 1% 41% 0%End of Mar 0% 39% 0% 0% 38% 0% 0% 42% 0%End of Feb 1% 45% 0% 0% 43% 0% 0% 42% 0%End of Mar 2% 17% 6% -3% 21% 3% -2% 25% 2%End of Feb 5% 13% 4% -2% 18% 3% -2% 23% 2%End of Mar 5% 13% 6% 0% 15% 3% 0% 16% 2%End of Feb 8% 11% 6% 2% 13% 2% 0% 16% 2%End of Mar -2% 22% 7% -3% 25% 3% -2% 25% 2%End of Feb 1% 18% 7% -2% 22% 3% -2% 25% 2%End of Mar 5% 19% 5% 1% 19% 2% 0% 18% 1%End of Feb 2% 16% 3% 1% 17% 2% 0% 17% 1%End of Mar 4% 18% 5% 1% 18% 2% 0% 19% 1%End of Feb 6% 14% 5% 1% 16% 2% 0% 19% 1%End of Mar -1% 22% 7% -3% 24% 3% -2% 25% 2%End of Feb 0% 17% 7% -3% 21% 3% -2% 24% 2%End of Mar 2% 21% -2% 1% 23% -1% 1% 23% -2%End of Feb 2% 22% -1% 1% 23% 0% 1% 23% -1%End of Mar 0 12% 0% 0% 15% 0% 0% 17% 0%End of Feb 0% 17% 0% 0% 17% 0% 0% 17% 0%End of Mar 0% 26% 0% 0% 26% 0% 0% 26% 0%End of Feb 0% 27% 0% 0% 27% 0% 0% 27% 0%End of Mar 0% 23% 0% 0% 28% 0% 0% 28% 0%End of Feb 0% 45% 0% 0% 42% 0% 0% 37% 0%End of Mar 0% 16% 1% 0% 17% 1% 0% 17% 0%End of Feb 0% 19% 1% 0% 19% 1% 0% 20% 0%End of Mar 2% 23% 5% 0% 25% 2% 0% 26% 2%End of Feb 2% 24% 3% 1% 25% 2% 0% 26% 1%End of Mar 0% 34% 3% -1% 31% 1% -1% 30% 1%End of Feb 0% 31% 3% -1% 29% 2% -1% 29% 1%End of Mar 0% 30% 4% -2% 30% 2% -2% 30% 2%End of Feb -1% 28% 4% -2% 28% 2% -2% 29% 2%End of Mar 5% 20% 5% 1% 20% 1% 1% 19% 1%End of Feb 2% 21% 1% 1% 20% 0% 0% 19% 0%End of Mar 11% 20% 4% 3% 17% -2% 3% 15% -2%End of Feb 5% 19% -1% 3% 18% -2% 3% 16% -2%End of Mar 8% 18% 3% 2% 20% -1% 2% 19% -2%End of Feb 5% 20% -2% 3% 21% -2% 2% 19% -2%

3M 6M

Corn

Soybeans

Wheat

1M

Live

stoc

k Live Cattle

Lean Hogs

Gra

ins

Prec

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M

etal

s Gold

Silver

Soft

s

Sugar

Coffee

Cotton

Soybean Oil

Soybean Meal

HRW Wheat

Indu

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l Met

als Copper

Aluminum

Zinc

Nickel

Ener

gy

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

13

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices

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

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

5%

10%

15%

20%

25%

30%

35%

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5%

10%

15%

20%

25%

30%

35%

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

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

0%

5%

10%

15%

20%

25%

11 12 13 14 15 16

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

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

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

10%

20%

30%

40%

50%

60%

70%

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

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline10%

15%

20%

25%

30%

35%

40%

45%

50%

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

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

10%

20%

30%

40%

50%

60%

70%

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

Copper

Alumnium

Zinc

Nickel0%

10%

20%

30%

40%

50%

60%

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

Gold

Silver

10%

20%

30%

40%

50%

60%

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

Sugar

Coffee

Cotton

5%

10%

15%

20%

25%

30%

35%

40%

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

Live Cattle

Lean Hogs

14

Bloo

mbe

rg

Com

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Roll

Sele

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1 M

onth

Fo

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3 M

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Fo

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d

6 M

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Fo

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Petr

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Agric

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Grai

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Indu

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M

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Ex-E

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Ex-A

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Li

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ock

Bloomberg Commodity 99% 100% 100% 99% 90% 86% 53% 42% 63% 35% 36% 28% 76% 96%Roll Select 99% 100% 100% 100% 88% 85% 54% 43% 64% 37% 36% 27% 77% 95%

1 Month Forward 100% 100% 100% 99% 89% 86% 54% 42% 63% 36% 36% 28% 76% 96%3 Month Forward 100% 100% 100% 100% 88% 86% 54% 43% 64% 36% 36% 27% 77% 95%6 Month Forward 99% 100% 99% 100% 88% 86% 54% 43% 64% 36% 36% 27% 77% 95%

Energy 90% 88% 89% 88% 88% 96% 23% 15% 42% 13% 21% 19% 39% 94%Petroleum 86% 85% 86% 86% 86% 96% 24% 15% 41% 11% 23% 19% 38% 90%Agriculture 53% 54% 54% 54% 54% 23% 24% 93% 28% 7% 51% 18% 77% 27%

Grains 42% 43% 42% 43% 43% 15% 15% 93% 16% 3% 18% 12% 65% 17%Industrial Metals 63% 64% 63% 64% 64% 42% 41% 28% 16% 23% 26% 22% 70% 62%Precious Metals 35% 37% 36% 36% 36% 13% 11% 7% 3% 23% 6% 2% 53% 38%

Softs 36% 36% 36% 36% 36% 21% 23% 51% 18% 26% 6% 15% 46% 24%Livestock 28% 27% 28% 27% 27% 19% 19% 18% 12% 22% 2% 15% 32% 21%Ex-Energy 76% 77% 76% 77% 77% 39% 38% 77% 65% 70% 53% 46% 32% 60%

Ex-Agriculture & Livestock 96% 95% 96% 95% 95% 94% 90% 27% 17% 62% 38% 24% 21% 60%S&P 500 Total Return Index 38% 39% 38% 38% 39% 38% 42% 16% 9% 30% -4% 19% 20% 23% 37%

S&P Energy 64% 64% 64% 64% 64% 70% 72% 19% 9% 37% 8% 25% 18% 33% 67%S&P Financial 34% 35% 34% 35% 35% 36% 39% 17% 9% 28% -11% 21% 20% 20% 33%

S&P Health Care 19% 20% 19% 19% 20% 19% 22% 9% 5% 21% -8% 9% 11% 12% 18%S&P Consumer Discretionary 28% 29% 28% 29% 30% 28% 33% 16% 9% 24% -10% 20% 21% 18% 26%

S&P IT 31% 32% 31% 32% 33% 32% 35% 13% 9% 26% -4% 10% 17% 19% 31%S&P Utilities 14% 15% 14% 14% 15% 14% 16% 3% -3% 7% 10% 20% 8% 10% 15%

S&P Consumers Staples 27% 27% 26% 27% 27% 26% 27% 11% 5% 19% 1% 18% 18% 18% 26%S&P Industrials 38% 38% 38% 38% 39% 36% 39% 16% 10% 34% -2% 21% 20% 26% 37%

S&P Telecommunication 36% 36% 36% 36% 36% 34% 37% 16% 11% 23% 8% 17% 20% 25% 35%S&P Materials 52% 53% 52% 53% 54% 51% 53% 22% 13% 42% 6% 25% 22% 36% 52%

Bloomberg US Treasury -26% -26% -26% -26% -27% -29% -31% -17% -16% -22% 20% -6% -6% -13% -24%Bloomberg USD IG Corporate -20% -20% -20% -20% -20% -22% -24% -12% -14% -17% 17% 1% -2% -8% -19%Bloomberg USD HY Corporate 32% 33% 32% 32% 34% 32% 33% 16% 7% 29% -6% 23% 18% 22% 30%

Bloomberg U.S. Dollar Spot -35% -34% -35% -34% -33% -25% -21% -15% -9% -21% -42% -22% -9% -36% -35%EURUSD 13% 13% 13% 13% 12% 2% -2% 6% 5% 7% 43% 10% -3% 23% 13%JPYUSD -10% -10% -10% -10% -11% -16% -19% -12% -8% -12% 41% -7% -9% 3% -7%CADUSD 59% 58% 59% 58% 58% 55% 53% 17% 6% 41% 35% 29% 17% 43% 62%MXNUSD 52% 52% 52% 52% 52% 47% 47% 24% 11% 37% 20% 38% 20% 41% 51%GBPUSD 28% 28% 28% 28% 27% 18% 16% 12% 6% 22% 37% 16% 11% 32% 28%AUDUSD 49% 49% 49% 49% 49% 36% 35% 23% 13% 45% 36% 27% 18% 49% 47%CHFUSD 7% 7% 7% 6% 6% -2% -5% 0% -2% 1% 43% 6% -5% 16% 8%KRWUSD 40% 41% 40% 40% 41% 25% 24% 23% 11% 37% 38% 33% 11% 46% 38%CNYUSD 22% 22% 22% 22% 22% 14% 15% 24% 21% 20% 3% 8% 5% 25% 17%

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Bloomberg Commodity 99% 100% 99% 99% 81% 77% 66% 57% 64% 53% 44% 23% 84% 94%Roll Select 99% 99% 100% 99% 79% 76% 66% 57% 66% 55% 45% 22% 85% 93%

1 Month Forward 100% 99% 100% 99% 80% 77% 66% 57% 65% 54% 45% 23% 85% 93%3 Month Forward 99% 100% 100% 100% 79% 77% 66% 57% 66% 55% 45% 22% 85% 93%6 Month Forward 99% 99% 99% 100% 77% 77% 65% 56% 67% 56% 45% 22% 86% 92%

Energy 81% 79% 80% 79% 77% 88% 27% 22% 35% 19% 21% 16% 37% 89%Petroleum 77% 76% 77% 77% 77% 88% 28% 21% 41% 23% 25% 16% 41% 83%Agriculture 66% 66% 66% 66% 65% 27% 28% 95% 30% 24% 54% 14% 80% 36%

Grains 57% 57% 57% 57% 56% 22% 21% 95% 21% 19% 26% 11% 71% 27%Industrial Metals 64% 66% 65% 66% 67% 35% 41% 30% 21% 43% 31% 13% 71% 66%Precious Metals 53% 55% 54% 55% 56% 19% 23% 24% 19% 43% 19% 5% 67% 55%

Softs 44% 45% 45% 45% 45% 21% 25% 54% 26% 31% 19% 12% 51% 30%Livestock 23% 22% 23% 22% 22% 16% 16% 14% 11% 13% 5% 12% 23% 17%Ex-Energy 84% 85% 85% 85% 86% 37% 41% 80% 71% 71% 67% 51% 23% 67%

Ex-Agriculture & Livestock 94% 93% 93% 93% 92% 89% 83% 36% 27% 66% 55% 30% 17% 67%S&P 500 Total Return Index 37% 37% 37% 38% 39% 33% 40% 19% 14% 39% 6% 20% 11% 29% 36%

S&P Energy 56% 56% 56% 56% 57% 57% 64% 25% 18% 42% 16% 26% 12% 37% 58%S&P Financial 31% 31% 31% 32% 33% 27% 34% 17% 11% 37% 1% 20% 8% 24% 30%

S&P Health Care 23% 24% 24% 25% 25% 20% 26% 13% 9% 28% 1% 14% 10% 19% 23%S&P Consumer Discretionary 29% 29% 29% 30% 30% 25% 32% 16% 12% 34% 0% 16% 11% 23% 28%

S&P IT 32% 32% 32% 33% 34% 27% 34% 17% 13% 36% 6% 16% 11% 26% 31%S&P Utilities 17% 18% 18% 18% 18% 16% 19% 9% 6% 16% 4% 13% 3% 13% 18%

S&P Consumers Staples 24% 24% 24% 25% 25% 21% 25% 12% 8% 26% 5% 14% 10% 19% 24%S&P Industrials 35% 35% 35% 36% 36% 29% 37% 19% 13% 40% 6% 20% 11% 28% 34%

S&P Telecommunication 23% 24% 23% 24% 25% 22% 27% 11% 7% 23% 4% 13% 8% 17% 24%S&P Materials 47% 47% 47% 48% 49% 39% 47% 24% 18% 46% 18% 24% 12% 39% 47%

Bloomberg US Treasury -22% -22% -23% -23% -23% -25% -28% -13% -11% -25% 11% -9% -6% -13% -22%Bloomberg USD IG Corporate -15% -14% -15% -15% -15% -19% -22% -8% -7% -17% 14% -4% -5% -6% -15%Bloomberg USD HY Corporate 25% 26% 26% 26% 27% 21% 26% 15% 11% 27% 5% 15% 9% 21% 24%

Bloomberg U.S. Dollar Spot -41% -42% -42% -42% -43% -28% -31% -24% -17% -33% -36% -28% -7% -40% -41%EURUSD 35% 36% 35% 36% 37% 20% 21% 19% 13% 35% 37% 22% 2% 37% 35%JPYUSD 3% 3% 2% 3% 3% -6% -6% 3% 3% -5% 28% 5% -4% 10% 2%CADUSD 53% 54% 54% 54% 55% 42% 48% 25% 17% 46% 36% 28% 13% 46% 54%MXNUSD 47% 48% 48% 48% 49% 35% 41% 25% 16% 46% 30% 31% 11% 44% 47%GBPUSD 33% 34% 34% 34% 35% 20% 23% 17% 12% 32% 35% 19% 8% 35% 34%AUDUSD 49% 50% 50% 51% 52% 32% 37% 28% 19% 47% 41% 30% 12% 49% 48%CHFUSD 21% 21% 21% 22% 22% 7% 7% 11% 8% 24% 33% 15% -3% 27% 22%KRWUSD 34% 35% 35% 35% 36% 21% 24% 21% 14% 34% 28% 22% 7% 36% 33%CNYUSD 11% 11% 11% 11% 11% 7% 7% 9% 9% 10% 4% 4% 2% 11% 9%

Bond

Curr

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Alum

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Zinc

Nic

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Gold

Silv

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Suga

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Coffe

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Live

Cat

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Natural Gas 17% 17% 17% 10% 6% 4% 7% 10% -1% 5% 15% 15% 10% 11% 10% 11% 2% 6% -3% 10% 5%WTI Crude 17% 96% 93% 84% 15% 19% 4% 40% 3% 7% 42% 30% 23% 34% 3% 22% 14% 29% 15% 20% 12%

Brent Crude 17% 96% 96% 87% 16% 18% 3% 38% 3% 6% 42% 30% 23% 33% 2% 21% 9% 28% 15% 18% 9%ULS Diesel 17% 93% 96% 83% 15% 19% 4% 36% 4% 6% 39% 29% 22% 29% 6% 23% 9% 26% 14% 16% 12%

Unleaded Gasoline 10% 84% 87% 83% 12% 14% 1% 34% -1% 5% 38% 27% 20% 26% 3% 19% 5% 19% 16% 11% 9%Corn 6% 15% 16% 15% 12% 65% 67% 35% 56% 64% 15% 5% 2% 13% -5% 3% 9% 19% 9% 8% 9%

Soybeans 4% 19% 18% 19% 14% 65% 41% 58% 86% 40% 29% 22% 17% 28% 1% 20% 6% 30% 20% 14% 12%Wheat 7% 4% 3% 4% 1% 67% 41% 20% 36% 95% 7% -6% -4% 1% 3% 4% 2% 21% 10% 3% 4%

Soybean Oil 10% 40% 38% 36% 34% 35% 58% 20% 19% 19% 36% 33% 27% 32% 13% 34% 4% 34% 26% 23% 12%Soybean Meal -1% 3% 3% 4% -1% 56% 86% 36% 19% 34% 19% 11% 10% 15% -4% 7% 3% 18% 10% 4% 7%HRW Wheat 5% 7% 6% 6% 5% 64% 40% 95% 19% 34% 7% -5% -5% 3% 3% 4% 1% 19% 9% 5% 6%

Copper 15% 42% 42% 39% 38% 15% 29% 7% 36% 19% 7% 58% 64% 65% 12% 34% 17% 23% 21% 21% 17%Alumnium 15% 30% 30% 29% 27% 5% 22% -6% 33% 11% -5% 58% 60% 55% 9% 25% 5% 18% 17% 18% 12%

Zinc 10% 23% 23% 22% 20% 2% 17% -4% 27% 10% -5% 64% 60% 53% 23% 33% 13% 17% 11% 9% 12%Nickel 11% 34% 33% 29% 26% 13% 28% 1% 32% 15% 3% 65% 55% 53% 4% 24% 11% 19% 20% 8% 4%Gold 10% 3% 2% 6% 3% -5% 1% 3% 13% -4% 3% 12% 9% 23% 4% 78% -1% 1% -1% -5% 2%Silver 11% 22% 21% 23% 19% 3% 20% 4% 34% 7% 4% 34% 25% 33% 24% 78% 10% 16% 11% 7% 3%Sugar 2% 14% 9% 9% 5% 9% 6% 2% 4% 3% 1% 17% 5% 13% 11% -1% 10% 20% 8% 6% 9%Coffee 6% 29% 28% 26% 19% 19% 30% 21% 34% 18% 19% 23% 18% 17% 19% 1% 16% 20% 17% 9% 7%Cotton -3% 15% 15% 14% 16% 9% 20% 10% 26% 10% 9% 21% 17% 11% 20% -1% 11% 8% 17% 13% 6%

Live Cattle 10% 20% 18% 16% 11% 8% 14% 3% 23% 4% 5% 21% 18% 9% 8% -5% 7% 6% 9% 13% 28%Lean Hogs 5% 12% 9% 12% 9% 9% 12% 4% 12% 7% 6% 17% 12% 12% 4% 2% 3% 9% 7% 6% 28%

S&P 500 Total Return Index 3% 42% 43% 40% 36% 10% 13% 1% 19% 3% 3% 29% 20% 19% 33% -12% 9% 6% 26% 17% 24% 6%S&P Energy 16% 72% 71% 69% 61% 10% 12% 0% 28% -3% 6% 37% 28% 22% 34% 0% 21% 13% 28% 15% 21% 6%

S&P Financial 3% 39% 40% 37% 33% 10% 14% -1% 18% 4% 3% 26% 20% 16% 33% -18% 5% 8% 26% 16% 26% 3%S&P Health Care -3% 21% 23% 21% 18% 6% 9% 0% 11% 2% 1% 19% 17% 14% 23% -13% 1% 1% 14% 11% 15% 2%

S&P Consumer Discretionary -4% 32% 33% 31% 28% 10% 12% 2% 15% 4% 3% 23% 17% 13% 28% -17% 2% 8% 26% 17% 22% 10%S&P IT 0% 34% 36% 33% 32% 9% 13% 1% 19% 3% 4% 24% 17% 19% 30% -10% 6% -2% 22% 14% 21% 4%

S&P Utilities 0% 15% 17% 17% 12% -4% -1% -3% 0% -5% -3% 9% -1% 3% 9% 7% 14% 8% 23% 19% 12% 1%S&P Consumers Staples 7% 27% 28% 26% 22% 6% 8% -1% 11% 1% 1% 20% 11% 11% 21% -5% 12% 7% 21% 18% 24% 4%

S&P Industrials 3% 40% 40% 37% 34% 10% 11% 3% 17% 2% 5% 35% 20% 22% 34% -10% 12% 9% 27% 13% 23% 8%S&P Telecommunication 4% 36% 38% 37% 30% 11% 13% 3% 15% 3% 6% 24% 15% 14% 23% 2% 16% 3% 25% 24% 27% 4%

S&P Materials 9% 54% 53% 51% 44% 13% 17% 2% 26% 5% 4% 42% 28% 26% 38% -3% 21% 12% 30% 17% 25% 8%Bloomberg US Treasury -1% -33% -32% -29% -24% -16% -16% -7% -13% -14% -8% -24% -17% -6% -22% 25% 8% 3% -19% -6% -7% -1%

Bloomberg USD IG Corporate 0% -26% -25% -23% -18% -15% -12% -8% -9% -11% -7% -18% -14% -1% -17% 20% 9% 8% -12% -2% -1% -2%Bloomberg USD HY Corporate 4% 34% 35% 33% 24% 4% 15% 2% 15% 10% 3% 27% 21% 22% 22% -13% 7% 13% 24% 14% 27% 0%

Bloomberg U.S. Dollar Spot -21% -23% -19% -21% -15% -6% -5% -13% -9% -1% -10% -23% -14% -15% -10% -41% -37% -13% -21% -17% -3% -12%EURUSD 14% 0% -4% -1% -5% 3% -2% 11% 2% -3% 9% 10% 3% 5% 0% 45% 34% 4% 9% 15% -10% 5%JPYUSD 1% -19% -20% -17% -14% -9% -15% 3% -19% -7% 3% -10% -8% -6% -18% 49% 21% -3% -8% -9% -16% 4%CADUSD 21% 55% 52% 51% 42% 2% 10% 4% 25% -1% 4% 38% 31% 32% 32% 29% 41% 18% 28% 14% 16% 10%MXNUSD 14% 49% 47% 44% 38% 7% 18% 4% 22% 10% 5% 36% 25% 28% 34% 11% 31% 27% 32% 12% 20% 11%GBPUSD 15% 19% 14% 13% 11% 3% 8% 5% 9% 5% 1% 24% 16% 18% 9% 34% 36% 7% 16% 15% 11% 7%AUDUSD 13% 35% 34% 34% 30% 9% 19% 7% 24% 12% 7% 44% 31% 40% 29% 30% 42% 14% 31% 13% 17% 12%CHFUSD 8% -2% -7% -5% -8% -4% -7% 7% 3% -9% 5% 3% -1% 4% -5% 46% 31% 5% 0% 10% -12% 5%KRWUSD 13% 26% 23% 22% 19% 9% 13% 8% 19% 8% 6% 35% 23% 34% 28% 32% 44% 25% 29% 7% 10% 8%CNYUSD 2% 17% 15% 15% 6% 19% 24% 12% 19% 23% 11% 17% 15% 17% 18% 0% 9% -1% 22% 6% 6% 3%

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Gold

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Natural Gas 15% 14% 15% 12% 11% 5% 9% 7% 4% 9% 2% 6% 0% 2% 1% 4% 3% 3% -1% 5% 5%WTI Crude 15% 92% 88% 82% 17% 23% 13% 37% 12% 15% 42% 35% 31% 31% 18% 30% 19% 19% 20% 16% 11%

Brent Crude 14% 92% 96% 89% 16% 21% 13% 36% 11% 15% 38% 30% 27% 28% 15% 27% 16% 16% 19% 14% 9%ULS Diesel 15% 88% 96% 86% 16% 22% 12% 35% 13% 14% 36% 29% 26% 27% 16% 27% 16% 17% 19% 13% 10%

Unleaded Gasoline 12% 82% 89% 86% 15% 19% 11% 34% 9% 13% 34% 28% 25% 25% 16% 28% 13% 13% 17% 12% 7%Corn 11% 17% 16% 16% 15% 60% 70% 41% 53% 65% 14% 13% 10% 14% 12% 17% 17% 12% 17% 12% 6%

Soybeans 5% 23% 21% 22% 19% 60% 47% 66% 91% 45% 25% 21% 20% 20% 16% 24% 18% 13% 19% 10% 5%Wheat 9% 13% 13% 12% 11% 70% 47% 35% 41% 94% 14% 11% 10% 13% 13% 16% 17% 15% 20% 9% 2%

Soybean Oil 7% 37% 36% 35% 34% 41% 66% 35% 38% 33% 32% 28% 29% 25% 21% 31% 15% 18% 23% 15% 8%Soybean Meal 4% 12% 11% 13% 9% 53% 91% 41% 38% 39% 17% 13% 12% 11% 11% 16% 14% 8% 12% 5% 2%HRW Wheat 9% 15% 15% 14% 13% 65% 45% 94% 33% 39% 13% 10% 8% 13% 11% 14% 15% 13% 18% 9% 3%

Copper 2% 42% 38% 36% 34% 14% 25% 14% 32% 17% 13% 66% 71% 60% 36% 50% 21% 19% 23% 12% 10%Alumnium 6% 35% 30% 29% 28% 13% 21% 11% 28% 13% 10% 66% 69% 56% 30% 41% 18% 16% 18% 10% 7%

Zinc 0% 31% 27% 26% 25% 10% 20% 10% 29% 12% 8% 71% 69% 57% 30% 41% 20% 16% 16% 9% 8%Nickel 2% 31% 28% 27% 25% 14% 20% 13% 25% 11% 13% 60% 56% 57% 21% 31% 21% 15% 22% 7% 5%Gold 1% 18% 15% 16% 16% 12% 16% 13% 21% 11% 11% 36% 30% 30% 21% 82% 9% 14% 10% 4% 1%Silver 4% 30% 27% 27% 28% 17% 24% 16% 31% 16% 14% 50% 41% 41% 31% 82% 15% 20% 16% 8% 4%Sugar 3% 19% 16% 16% 13% 17% 18% 17% 15% 14% 15% 21% 18% 20% 21% 9% 15% 24% 15% 9% 8%Coffee 3% 19% 16% 17% 13% 12% 13% 15% 18% 8% 13% 19% 16% 16% 15% 14% 20% 24% 11% 6% 7%Cotton -1% 20% 19% 19% 17% 17% 19% 20% 23% 12% 18% 23% 18% 16% 22% 10% 16% 15% 11% 8% 4%

Live Cattle 5% 16% 14% 13% 12% 12% 10% 9% 15% 5% 9% 12% 10% 9% 7% 4% 8% 9% 6% 8% 32%Lean Hogs 5% 11% 9% 10% 7% 6% 5% 2% 8% 2% 3% 10% 7% 8% 5% 1% 4% 8% 7% 4% 32%

S&P 500 Total Return Index 1% 40% 38% 35% 34% 10% 16% 9% 21% 10% 11% 40% 30% 29% 29% 1% 14% 15% 12% 20% 13% 5%S&P Energy 12% 64% 61% 59% 54% 14% 19% 13% 28% 10% 15% 43% 33% 32% 31% 11% 24% 21% 16% 21% 13% 6%

S&P Financial 0% 34% 32% 30% 28% 8% 14% 8% 19% 8% 10% 38% 28% 27% 28% -4% 10% 15% 11% 19% 10% 3%S&P Health Care -1% 26% 25% 22% 21% 7% 12% 5% 14% 8% 7% 28% 23% 21% 21% -2% 8% 10% 8% 15% 11% 4%

S&P Consumer Discretionary -1% 32% 31% 28% 27% 9% 14% 9% 18% 9% 10% 34% 26% 24% 27% -5% 8% 12% 9% 17% 13% 4%S&P IT -1% 34% 32% 30% 30% 10% 16% 7% 20% 9% 9% 36% 28% 28% 27% 1% 13% 11% 10% 18% 13% 5%

S&P Utilities 3% 19% 18% 16% 15% 4% 6% 6% 7% 3% 8% 18% 10% 12% 10% 4% 6% 12% 5% 14% 5% -1%S&P Consumers Staples 1% 26% 25% 23% 21% 6% 10% 5% 13% 6% 7% 27% 19% 19% 20% 1% 10% 11% 5% 16% 11% 5%

S&P Industrials 0% 37% 34% 31% 31% 10% 16% 9% 20% 11% 11% 41% 31% 30% 29% 1% 14% 15% 11% 18% 12% 5%S&P Telecommunication 1% 26% 26% 25% 23% 5% 9% 5% 11% 5% 6% 24% 19% 18% 16% 2% 8% 10% 7% 14% 10% 3%

S&P Materials 3% 47% 45% 42% 40% 14% 19% 12% 25% 11% 15% 47% 36% 35% 33% 13% 25% 18% 15% 21% 14% 6%Bloomberg US Treasury -4% -29% -27% -25% -24% -7% -13% -7% -17% -8% -9% -27% -19% -17% -17% 17% 1% -5% -6% -11% -5% -5%

Bloomberg USD IG Corporate -3% -23% -21% -19% -18% -5% -9% -5% -12% -5% -6% -18% -13% -10% -11% 19% 6% -2% -3% -6% -3% -5%Bloomberg USD HY Corporate 0% 25% 27% 25% 20% 9% 14% 4% 17% 10% 5% 26% 21% 22% 21% 1% 11% 10% 10% 14% 11% 3%

Bloomberg U.S. Dollar Spot -7% -32% -29% -28% -25% -12% -16% -15% -19% -12% -15% -35% -27% -25% -20% -35% -34% -18% -21% -21% -5% -7%EURUSD 7% 23% 18% 19% 17% 9% 13% 14% 16% 9% 14% 35% 29% 26% 21% 35% 35% 14% 16% 19% -2% 5%JPYUSD -2% -6% -7% -5% -4% 3% 0% 5% -7% 5% 4% -5% -2% -4% -7% 31% 18% 2% 6% 0% -4% -2%CADUSD 7% 49% 46% 44% 39% 11% 20% 12% 29% 13% 12% 45% 36% 37% 33% 32% 38% 17% 23% 21% 11% 10%MXNUSD 4% 42% 39% 36% 34% 12% 20% 12% 25% 14% 13% 45% 37% 36% 34% 27% 33% 22% 21% 23% 10% 7%GBPUSD 3% 25% 21% 20% 17% 7% 13% 11% 15% 10% 10% 32% 27% 25% 20% 33% 34% 11% 15% 15% 8% 6%AUDUSD 3% 38% 35% 34% 31% 12% 24% 14% 28% 18% 15% 47% 35% 39% 34% 38% 41% 20% 23% 23% 11% 10%CHFUSD 3% 8% 6% 6% 5% 5% 5% 10% 10% 3% 9% 24% 22% 16% 14% 34% 28% 12% 8% 10% -7% 3%KRWUSD 3% 25% 22% 23% 20% 10% 17% 11% 21% 13% 11% 33% 27% 30% 26% 26% 28% 14% 17% 16% 6% 7%CNYUSD 3% 7% 7% 7% 3% 8% 8% 6% 9% 5% 8% 9% 8% 8% 11% 3% 5% -1% 7% 4% 3% 0%

Curr

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

5-Year

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Bloomberg Commodity 62% -10% 25% 27% 4% 63% 60% 64% 59% 23% 1% 36% -5% -6% -19% 8% 15%Energy 65% -20% 17% 20% -4% 74% 74% 75% 73% 20% 4% 29% 0% -24% -27% -5% -4%

Petroleum 72% -8% 14% 16% -4% 78% 78% 80% 78% 5% 2% 6% 6% -13% -28% 1% 5%Agriculture 19% -9% 11% 11% 5% 19% 16% 10% 16% 13% -12% 35% -24% 9% -4% 9% 25%

Grains 10% -8% 7% 7% 6% 10% 8% 3% 9% 8% -15% 30% -20% 7% -7% 14% 18%Industrial Metals 41% 12% 6% 8% -5% 38% 36% 43% 36% -3% 3% -7% 4% 13% 5% 11% 15%Precious Metals 32% 19% 41% 39% 22% 19% 12% 27% 12% 17% 13% 15% 21% 8% -9% 20% 9%

Softs 22% -11% 24% 24% 9% 22% 19% 16% 19% 24% 5% 33% -25% 8% 4% -3% 30%Livestock 19% 4% 22% 22% 9% 17% 14% 12% 15% 20% 0% 34% 2% 6% -1% 18% 8%

Natural Gas 10% -30% 14% 16% -3% 19% 17% 14% 17% 39% 5% 59% -14% -29% -6% -15% -15%WTI Crude 66% -9% 13% 15% -1% 72% 73% 72% 72% 7% 4% 8% 1% -10% -27% 5% 4%

Brent Crude 75% -7% 20% 23% -4% 79% 79% 83% 78% 7% 4% 7% 13% -17% -33% -2% 5%ULS Diesel 72% -12% 23% 25% 1% 77% 76% 85% 75% 7% 5% 8% 10% -21% -30% -5% 3%

Unleaded Gasoline 81% -1% 13% 16% -5% 85% 86% 78% 86% -2% -3% 1% 10% -7% -25% -5% 13%Corn 12% -7% 15% 14% 10% 10% 7% 7% 8% 9% -15% 31% -13% 1% -13% 13% 18%

Soybeans 18% -3% -3% -2% -6% 19% 17% 11% 17% 5% -9% 19% -19% 12% -3% 13% 20%Wheat -4% -12% 0% -2% 8% -2% -3% -14% -2% 5% -20% 31% -30% 9% 0% 10% 11%

Soybean Oil 26% 14% -8% -8% -3% 22% 19% 11% 20% 1% -14% 16% -1% 21% 1% 2% 32%Soybean Meal 13% -10% 3% 5% -4% 16% 15% 12% 15% 5% -5% 14% -25% 8% 0% 10% 14%HRW Wheat 7% -11% 10% 8% 10% 7% 5% -2% 5% 17% -12% 42% -21% 3% -11% 9% 13%

Copper 41% 16% -5% -4% -5% 39% 38% 47% 38% -7% 3% -14% 9% 15% 5% 14% 11%Alumnium 37% -2% 13% 13% 6% 34% 33% 32% 33% -10% -8% -6% 4% -6% -2% 1% 5%

Zinc 29% 16% -3% 0% -16% 25% 23% 33% 23% 1% 10% -7% 4% 17% 12% 12% 17%Nickel 30% 6% 25% 29% -5% 27% 24% 31% 25% 14% 9% 14% -10% 18% 3% 7% 24%Gold 24% 26% 42% 41% 24% 9% 3% 19% 3% 16% 10% 17% 28% 10% -6% 22% 9%Silver 41% 7% 32% 32% 14% 32% 25% 36% 24% 17% 16% 10% 8% 3% -12% 15% 9%Sugar 3% 11% 1% 0% 4% 2% 3% -1% 3% 3% 1% 4% -3% 18% 7% 5% 29%Coffee 21% -13% 44% 44% 17% 19% 13% 10% 14% 39% 12% 51% -18% -3% 6% -8% 7%Cotton 21% -27% -2% 0% -11% 26% 24% 30% 24% 6% -3% 13% -35% -3% -6% -6% 21%

Live Cattle 24% -6% 15% 15% 5% 26% 25% 26% 25% 12% 11% 8% -4% -3% -1% 13% 3%Lean Hogs 8% 12% 22% 22% 8% 4% 1% -3% 2% 21% -7% 44% 7% 11% -1% 16% 8%

S&P 500 Total Return Index 26% -39% -27% -23% -25% 39% 40% 35% 40% 5% 8% -1% -28% -26% -11% -11% -18%Bloomberg US Treasury -34% 12% 33% 29% 31% -43% -45% -36% -45% 11% 8% 8% 28% -10% -12% 8% -8%

Bloomberg USD IG Corporate -4% -7% 22% 19% 22% -5% -8% 5% -8% 17% 10% 16% 20% -27% -20% -8% -16%Bloomberg USD HY Corporate 40% -21% -5% -3% -8% 49% 50% 58% 50% 7% 1% 11% 5% -29% -28% -16% -12%

Bloomberg U.S. Dollar Spot -55% -8% -26% -27% -6% -50% -46% -45% -45% -15% -5% -20% -18% 4% 18% 6% -12%

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Com

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Fuel

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Mot

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Serv

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less

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serv

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Shel

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Bloomberg Commodity 68% 6% 6% 10% -12% 69% 67% 66% 66% 31% -1% 40% 2% 9% 1% 8% 19%Energy 68% 1% 12% 16% -9% 72% 70% 69% 68% 38% 0% 48% 0% 4% -1% 2% 13%

Petroleum 72% 5% 11% 14% -7% 75% 76% 72% 75% 23% 2% 29% 4% 6% -2% 5% 16%Agriculture 29% 8% -1% 0% -7% 27% 26% 24% 26% 5% -3% 10% 1% 9% 6% 8% 15%

Grains 23% 7% 2% 2% -2% 20% 20% 19% 20% 2% -3% 6% -1% 10% 9% 8% 10%Industrial Metals 43% 7% -9% -6% -14% 44% 44% 43% 44% 11% 1% 14% 5% 6% -1% 8% 10%Precious Metals 30% 5% 1% 1% 0% 28% 26% 27% 25% 11% 7% 11% 5% 5% -6% 15% 16%

Softs 27% 4% -6% -3% -13% 28% 27% 21% 27% 11% -2% 15% 4% 1% -5% 4% 20%Livestock 15% -3% 18% 22% -8% 13% 10% 9% 10% 16% 7% 16% -12% 7% 5% 10% 2%

Natural Gas 36% -6% 9% 14% -12% 39% 33% 37% 32% 47% -4% 61% -3% -2% -2% -8% 3%WTI Crude 67% 6% 12% 14% -5% 70% 71% 68% 70% 21% 3% 27% 2% 8% 0% 7% 16%

Brent Crude 71% 6% 12% 14% -7% 73% 74% 70% 73% 18% 3% 23% 6% 6% -1% 5% 15%ULS Diesel 70% 2% 15% 17% -4% 73% 72% 77% 71% 27% 3% 33% 4% 2% -5% 2% 17%

Unleaded Gasoline 79% 4% 5% 9% -11% 82% 84% 67% 83% 21% -2% 27% 6% 2% -4% 0% 14%Corn 22% 5% 6% 7% -3% 19% 18% 19% 18% 4% -4% 10% 4% 5% 5% 0% 8%

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

Soybean Oil 30% 15% -3% -2% -6% 25% 24% 23% 24% 4% -3% 8% 4% 16% 11% 10% 15%Soybean Meal 17% 2% 0% 1% -6% 16% 17% 16% 17% 1% 6% -1% -3% 6% 4% 4% 13%HRW Wheat 22% 8% 0% -1% 3% 21% 21% 16% 21% 7% -2% 11% 1% 9% 8% 14% 2%

Copper 43% 10% -12% -10% -11% 43% 44% 41% 43% 8% 0% 10% 10% 5% -3% 9% 12%Alumnium 41% 5% 0% 3% -9% 41% 40% 45% 39% 19% 3% 22% 1% 5% 3% 3% 7%

Zinc 24% 7% -18% -17% -16% 26% 27% 22% 27% 1% 0% 1% 9% 2% 0% 3% 2%Nickel 32% -4% -4% 0% -18% 36% 37% 31% 37% 4% -2% 8% -10% 4% -3% 11% 8%Gold 28% 4% 6% 5% 5% 25% 23% 24% 23% 12% 10% 10% 4% 6% -6% 14% 16%Silver 29% 6% -6% -5% -7% 27% 25% 27% 25% 9% 2% 10% 6% 3% -5% 13% 12%Sugar 18% 8% -7% -6% -5% 18% 16% 12% 16% 11% 4% 13% 13% 0% -4% 5% 13%Coffee 13% 6% 1% 4% -8% 13% 13% 8% 13% 3% 1% 6% 4% 0% 1% -4% 5%Cotton 27% -8% -5% -2% -18% 30% 30% 32% 29% 8% -6% 12% 0% -8% -11% 1% 19%

Live Cattle 20% -6% 20% 24% -9% 19% 17% 12% 17% 15% 10% 13% -15% 8% 8% 10% 1%Lean Hogs 5% -2% 12% 14% -6% 3% 1% 3% 1% 11% 4% 14% -7% 3% -1% 7% 2%

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

20-Year

US CPI Indices

BCO

M C

ompo

sites

BCO

M S

ingl

esUS CPI Indices

5-Year

BCO

M C

ompo

sites

BCO

M S

ingl

esBe

nchm

arks

17

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

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesia

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 62% 70% -4% 63% 76% 56% 39% -50% 45% 63% 70% 84% 36% 65% -44% -13% -36% 51% 87%Energy 65% 45% 16% 62% 68% 44% 50% -71% 31% 34% 41% 76% 62% 47% -71% 0% -6% 54% 84%

Petroleum 72% 58% -3% 82% 82% 70% 62% -80% 60% 42% 60% 69% 60% 67% -82% -19% 2% 68% 76%Agriculture 19% 66% -30% 51% 63% 52% 33% -26% 47% 57% 66% 61% 14% 68% -22% -21% -53% 41% 66%

Grains 10% 51% -48% 54% 58% 54% 42% -27% 56% 35% 55% 39% 20% 75% -22% -33% -51% 51% 46%Industrial Metals 41% 48% 25% 26% 40% 19% 12% -31% 8% 50% 43% 64% 21% 32% -7% 5% -39% 19% 79%Precious Metals 32% 77% -36% 51% 65% 65% 9% -6% 61% 77% 87% 54% -10% 64% -9% -47% -26% 37% 33%

Softs 22% 74% 5% 34% 57% 38% 6% -14% 24% 81% 70% 78% -3% 39% -13% 0% -39% 14% 76%Livestock 19% 21% 60% 19% 30% 14% -3% -53% -1% 42% 23% 59% 46% 1% -42% 16% 13% -1% 69%

Natural Gas 10% 2% 48% -9% 8% -27% 4% -18% -41% 5% -12% 56% 31% -18% -17% 40% -15% 0% 58%WTI Crude 66% 50% 11% 74% 74% 60% 55% -81% 48% 39% 51% 68% 62% 54% -80% -7% 7% 58% 78%

Brent Crude 75% 70% -9% 86% 89% 76% 60% -75% 66% 52% 71% 75% 53% 72% -78% -23% -4% 70% 76%ULS Diesel 72% 75% -16% 89% 92% 80% 59% -72% 70% 56% 76% 77% 48% 79% -72% -23% -11% 73% 76%

Unleaded Gasoline 81% 69% -27% 91% 91% 81% 66% -67% 75% 49% 73% 68% 48% 84% -78% -40% -7% 80% 66%Corn 12% 62% -63% 57% 64% 61% 38% -14% 64% 43% 67% 39% 8% 80% -15% -42% -51% 57% 34%

Soybeans 18% 45% -17% 57% 58% 49% 52% -52% 47% 31% 45% 47% 39% 65% -45% -14% -40% 47% 68%Wheat -4% 9% -39% 15% 15% 13% 26% -4% 20% 1% 12% 6% 9% 44% 6% -17% -55% 21% 24%

Soybean Oil 26% 80% -52% 55% 67% 61% 31% -6% 58% 64% 79% 52% -12% 73% -15% -31% -49% 46% 47%Soybean Meal 13% 10% 1% 36% 28% 27% 38% -55% 29% 5% 14% 20% 47% 43% -34% -5% -30% 28% 51%HRW Wheat 7% 45% -22% 39% 50% 36% 33% -29% 34% 39% 46% 51% 23% 60% -15% -14% -56% 35% 64%

Copper 41% 64% -5% 48% 58% 41% 30% -35% 32% 53% 59% 66% 19% 57% -19% -5% -48% 41% 79%Alumnium 37% 46% 21% 12% 31% 10% -5% -10% 0% 52% 40% 56% 1% 21% 14% 7% -39% 7% 65%

Zinc 29% 9% 51% -2% 6% -13% -3% -30% -22% 17% 4% 38% 29% -1% 2% 20% -21% -2% 63%Nickel 30% 25% 54% 16% 29% 7% 9% -44% -5% 40% 26% 61% 39% 13% -19% 9% -16% 6% 78%Gold 24% 70% -35% 52% 64% 69% 6% -9% 66% 73% 86% 46% -5% 62% -14% -56% -11% 38% 21%Silver 41% 78% -33% 44% 61% 53% 11% 1% 47% 75% 81% 62% -17% 61% 0% -31% -46% 32% 46%Sugar 3% 87% -23% 61% 76% 66% 32% -27% 59% 75% 86% 68% 0% 62% -38% -27% -26% 40% 58%Coffee 21% 45% 40% 10% 33% 16% -24% -15% 0% 76% 48% 69% 11% 11% -3% 7% -17% -12% 69%Cotton 21% 56% -18% 15% 35% 11% 14% 13% 1% 47% 39% 59% -25% 30% 13% 30% -68% 12% 62%

Live Cattle 24% 3% 64% -14% -3% -9% -41% -22% -22% 39% 7% 30% 24% -21% 10% 21% 3% -33% 42%Lean Hogs 8% 29% 35% 40% 47% 29% 32% -61% 18% 28% 29% 62% 50% 19% -72% 4% 18% 28% 67%

S&P 500 Total Return Index 26% -1% 33% 16% 12% -6% 34% -52% -14% -14% -13% 28% 48% 8% -18% 43% -25% 17% 63%Bloomberg US Treasury -34% 39% 3% 5% 22% 18% -14% 2% 17% 44% 39% 28% -1% 5% -1% -20% -16% -13% 18%

Bloomberg USD IG Corporate -4% 25% 8% 29% 29% 37% 4% -40% 35% 31% 35% 24% 33% 20% -27% -27% 2% 1% 22%Bloomberg USD HY Corporate 40% 7% -8% 45% 31% 41% 32% -61% 38% -5% 16% 13% 45% 35% -36% -11% 8% 31% 15%

Bloomberg U.S. Dollar Spot -55% -78% 9% -68% -80% -62% -41% 44% -50% -65% -77% -87% -27% -64% 57% 22% 18% -55% -79%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

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Indi

a

Braz

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Cana

da

Sout

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rea

Aust

ralia

Mex

ico

Russ

ia

Turk

ey

Switz

erla

nd

Bloomberg Commodity 78% 48% 1% 52% 16% 69% -33% 29% 64% 21% 35% 13% -9% 8% 66%Energy 75% 34% 7% 46% 1% 62% -41% 40% 64% 19% 37% 26% 5% 24% 67%

Petroleum 80% 44% 4% 54% 14% 71% -36% 31% 63% 16% 34% 18% 0% 13% 70%Agriculture 48% 66% 9% 50% 40% 58% 2% 19% 36% 31% 17% 8% -21% -6% 35%

Grains 43% 66% 6% 51% 35% 57% -1% 20% 29% 23% 17% 8% -15% -6% 28%Industrial Metals 49% 16% -5% 21% 7% 31% -24% -9% 32% -10% 12% -12% -12% -14% 41%Precious Metals 41% 28% -31% 28% 42% 51% 0% -8% 30% 19% 23% -25% -18% -30% 36%

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

Natural Gas 53% 22% 26% 23% -14% 33% -35% 43% 50% 26% 27% 35% 9% 31% 45%WTI Crude 78% 42% 8% 52% 11% 69% -37% 31% 62% 15% 33% 21% 4% 15% 71%

Brent Crude 81% 39% -2% 56% 20% 71% -35% 22% 64% 14% 34% 14% 0% 12% 72%ULS Diesel 81% 49% 2% 57% 19% 74% -36% 34% 66% 17% 40% 13% -6% 5% 69%

Unleaded Gasoline 77% 41% -7% 53% 15% 68% -31% 29% 63% 16% 30% 12% -7% 10% 60%Corn 40% 65% 5% 47% 48% 50% 9% 20% 28% 25% 21% 17% -6% -1% 19%

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

Soybean Oil 48% 51% 1% 50% 29% 62% -1% 2% 34% 36% 16% -15% -26% -15% 37%Soybean Meal 22% 46% 2% 38% 14% 41% -15% 19% 18% 2% 16% -6% -28% -16% 22%HRW Wheat 53% 60% 10% 51% 27% 54% -13% 16% 37% 16% 27% 12% -3% -5% 42%

Copper 52% 23% -6% 27% 13% 39% -18% -9% 29% -6% 14% -13% -15% -20% 43%Alumnium 60% 17% 5% 32% 6% 41% -30% -6% 47% 0% 17% -14% -8% -5% 53%

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

Live Cattle 30% 27% 23% 17% -13% 23% -44% 23% 38% -5% 5% -1% -13% -2% 13%Lean Hogs 35% 36% 11% 33% 9% 27% -20% 22% 23% 4% 23% 17% -22% 12% 17%

BCO

M C

ompo

sites

BCO

M S

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5-Year

CPI by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

20-Year

CPI by Country

18

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

US

Chin

a

Japa

n

Germ

any

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesia

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 2% 84% -25% 22% 26% 14% 78% 59% -11% 65% 5% -5% 12% -42% 69% 14% 11% -71% 21%Energy 17% 47% -6% 5% 34% -9% 46% 65% -26% 57% 5% -4% -9% -41% 62% 7% -10% -71% 38%

Petroleum 18% 62% -20% 2% 31% -13% 65% 74% -43% 56% -10% -3% 8% -66% 78% 9% -18% -90% 30%Agriculture -20% 85% -37% 27% 18% 28% 78% 53% -2% 58% 12% -7% 13% -39% 62% 12% 25% -59% 11%

Grains -28% 73% -37% 13% 15% 25% 68% 57% -13% 49% 7% -8% 4% -51% 58% 12% 22% -60% 10%Industrial Metals 4% 68% -19% 28% 19% 20% 56% 29% 23% 44% -2% -23% 18% -5% 28% 14% 20% -37% 10%Precious Metals 1% 83% -21% 16% -3% 18% 78% 26% -24% 34% -16% 12% 41% -46% 59% 12% 11% -50% -15%

Softs -3% 85% -31% 46% 17% 27% 79% 35% 16% 56% 14% -3% 27% -12% 56% 9% 24% -45% 10%Livestock 17% 28% -9% 20% 31% -4% 26% 29% -3% 40% -8% -17% 11% 1% 26% 5% -7% -34% 25%

Natural Gas 12% -2% 27% 12% 22% 4% -11% 13% 18% 32% 36% -1% -36% 29% 3% 0% 10% 0% 31%WTI Crude 19% 54% -17% 7% 33% -15% 58% 70% -34% 51% -9% -5% 5% -55% 70% 8% -19% -84% 32%

Brent Crude 17% 72% -21% 4% 27% -10% 74% 71% -45% 59% -8% 2% 15% -68% 84% 9% -13% -92% 24%ULS Diesel 16% 79% -22% 8% 28% -6% 81% 71% -43% 63% -7% 4% 18% -69% 87% 11% -8% -93% 22%

Unleaded Gasoline 13% 73% -23% -5% 23% -10% 75% 74% -54% 58% -12% 2% 13% -79% 88% 9% -14% -95% 23%Corn -25% 78% -29% 13% 6% 29% 73% 52% -20% 43% 4% 6% 7% -56% 61% 11% 24% -59% 4%

Soybeans -21% 65% -36% 11% 26% 10% 63% 62% -12% 59% 10% -16% 7% -47% 62% 13% 12% -66% 15%Wheat -38% 45% -44% 12% 15% 33% 37% 39% 13% 35% 14% -27% -15% -23% 20% 7% 27% -28% 17%

Soybean Oil -14% 92% -38% 31% 9% 28% 89% 45% -5% 52% 10% 2% 27% -45% 68% 14% 28% -59% -1%Soybean Meal -27% 32% -34% -1% 24% 2% 31% 48% -6% 42% 2% -29% 2% -32% 32% 12% 6% -44% 12%HRW Wheat -23% 74% -40% 24% 24% 33% 65% 53% 7% 54% 13% -19% -2% -31% 46% 9% 25% -53% 19%

Copper -1% 85% -32% 30% 21% 17% 75% 42% 11% 57% 4% -21% 25% -28% 50% 17% 25% -55% 9%Alumnium 7% 63% -6% 29% 6% 26% 49% 15% 31% 26% -4% -8% 17% 6% 15% 11% 20% -21% 3%

Zinc 14% 20% 3% 7% 8% 0% 6% 6% 32% 18% -14% -29% 5% 23% -12% 17% 10% -3% 11%Nickel 4% 45% -17% 23% 29% 22% 35% 28% 18% 36% -5% -33% 7% 3% 19% 7% 7% -32% 16%Gold 2% 74% -16% 9% -7% 13% 71% 24% -37% 24% -26% 15% 42% -52% 56% 11% 5% -50% -18%Silver -1% 89% -27% 25% 3% 24% 82% 26% -3% 45% 0% 5% 35% -33% 56% 12% 19% -46% -8%Sugar 3% 88% -27% 22% 3% 6% 89% 47% -21% 50% 3% 17% 37% -50% 81% 13% 5% -69% 1%Coffee 4% 58% -17% 39% 13% 22% 50% 19% 21% 38% 0% -6% 20% 11% 27% 8% 15% -22% 12%Cotton -14% 75% -35% 56% 31% 42% 68% 26% 43% 63% 45% -14% 9% 7% 40% 8% 44% -26% 13%

Live Cattle 12% 13% -6% 29% 11% 11% 6% -6% 27% 6% -22% -19% 13% 34% -19% 9% 8% 9% 9%Lean Hogs 15% 31% -8% 4% 36% -15% 35% 51% -29% 53% 5% -9% 4% -30% 56% -2% -18% -60% 30%

S&P 500 Total Return Index 1% 10% -8% 20% 36% 7% 6% 36% 37% 26% 20% -23% -32% 11% 2% 10% 3% -22% 38%Bloomberg US Treasury 5% 18% 30% -23% -49% -12% 21% 2% -22% -13% -16% 62% 18% -10% 26% 6% -15% -9% -16%

Bloomberg USD IG Corporate -3% 17% 5% -20% -25% -14% 25% 24% -33% -14% -22% 42% 3% -39% 32% -6% -41% -38% -9%Bloomberg USD HY Corporate 11% 21% -35% 1% 25% -3% 26% 37% -33% 13% -16% -22% -22% -50% 27% -5% -16% -56% 11%

Bloomberg U.S. Dollar Spot -18% -80% 21% -6% -16% 7% -79% -57% 27% -67% -6% -11% -19% 52% -82% -11% 10% 76% -20%

US

Chin

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Japa

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Germ

any

UK

Fran

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Cana

da

Sout

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rea

Aust

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Mex

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Spai

n

Switz

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Bloomberg Commodity 40% 47% 16% 30% 36% 33% 51% 4% 1% 39% 35% 34%Energy 35% 13% 10% 10% 26% 19% 36% 4% -4% 23% 35% 19%

Petroleum 37% 26% 11% 15% 27% 19% 42% 6% -3% 27% 27% 26%Agriculture 12% 51% 5% 21% 20% 14% 36% -12% 2% 32% 1% 14%

Grains 6% 44% 3% 13% 15% 10% 29% -9% 4% 25% -3% 7%Industrial Metals 46% 65% 29% 51% 41% 50% 50% 14% 5% 46% 44% 59%Precious Metals 10% 65% 2% 22% 11% 15% 30% 6% 3% 22% -8% 21%

Softs 18% 36% 5% 29% 22% 20% 34% -10% -3% 35% 7% 20%Livestock 44% 14% 23% 27% 33% 28% 22% 7% 11% 32% 33% 34%

Natural Gas 28% -6% 6% 1% 16% 15% 16% -12% -7% 14% 39% 5%WTI Crude 37% 25% 11% 14% 26% 19% 41% 8% -2% 26% 30% 25%

Brent Crude 37% 29% 10% 17% 27% 21% 47% 10% -1% 28% 24% 31%ULS Diesel 33% 26% 9% 13% 23% 14% 39% 2% -7% 25% 21% 24%

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

Soybeans 9% 40% 5% 8% 18% 9% 35% -9% 5% 27% -4% 10%Wheat 6% 51% 8% 22% 22% 13% 29% 0% -2% 19% 12% 14%

Soybean Oil 11% 58% -1% 13% 17% 14% 32% -14% 8% 18% 10% 12%Soybean Meal -3% 25% 5% 7% 11% 4% 29% -1% -5% 24% -11% 12%HRW Wheat 12% 55% 6% 25% 25% 16% 32% -2% -4% 25% 15% 16%

Copper 41% 67% 25% 46% 36% 42% 49% 12% 2% 45% 34% 53%Alumnium 44% 50% 20% 44% 32% 47% 43% 5% 5% 35% 49% 52%

Zinc 45% 51% 37% 55% 39% 52% 40% 11% 6% 50% 42% 60%Nickel 44% 54% 32% 45% 46% 51% 52% 27% 10% 38% 45% 54%Gold 1% 64% 2% 15% 5% 2% 23% 12% -2% 13% -15% 13%Silver 23% 59% 2% 33% 19% 35% 39% -3% 9% 33% 8% 32%Sugar 9% 26% 2% 15% 10% 4% 18% -9% -17% 20% 0% 7%Coffee 23% 24% 5% 20% 11% 22% 25% -12% 12% 33% 13% 32%Cotton 17% 28% 11% 32% 25% 24% 37% 4% -7% 33% 5% 19%

Live Cattle 44% 18% 20% 28% 31% 34% 26% 8% 14% 32% 40% 37%Lean Hogs 33% 10% 21% 19% 29% 15% 12% 4% 6% 24% 17% 24%

20-Year

BCO

M C

ompo

sites

BCO

M S

ingl

es

GDP by Country

5-Year

GDP by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

19

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

* Click hyperlinks to open in Bloomberg

Group Commodity End of Mar 2016 Net Position (Lots)

End of Feb 2016 Net Position

(Lots)

Notional Change ($mill, with end

of Mar 2016 price)

End of Mar 2016 Notional ($ mill)

Natural Gas -123,153 -161,615 765 -2,451 WTI Crude 235,830 110,554 4,682 8,813

Brent Crude 363,706 320,289 1,709 14,315 ULS Diesel -12,635 -22,797 496 -617 Gasoline 29,234 20,340 532 1,749

Total 8,184 21,810 Corn -154,569 -134,334 -353 -2,699

Soybeans 53,682 -22,059 3,459 2,451 Wheat -81,837 -98,680 396 -1,925

Soybean Oil 99,340 50,488 1,010 2,054 Soybean Meal -22,110 -46,742 668 -600 HRW Wheat -10,457 -27,163 396 -248

Total 5,575 -967 Copper 23,011 -2,095 1,372 1,258

Aluminum 40,519 41,462 -36 1,528 Zinc 50,574 33,314 781 2,289

Nickel 23,253 17,887 272 1,180 Total 2,390 6,255 Gold 161,610 123,566 4,679 19,876 Silver 52,409 47,637 366 4,024 Total 5,045 23,900 Sugar 146,663 17,086 2,213 2,505 Coffee 26,040 -10,452 1,733 1,237 Cotton -9,605 -2,778 -199 -281 Total 3,747 3,461

Live Cattle 41,382 16,162 1,341 2,200Lean Hogs 53,199 44,014 251 1,454

Total 1,592 3,655Total 26,534 58,114

Historical Correlation

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 14% 23% -31% -34% 34% 43% WTI Crude 2% 28% -56% -47% 52% 50%

Brent Crude 6% 23% -36% -31% 27% 34% ULS Diesel -5% 25% -43% -31% 39% 40% Gasoline 35% 31% -46% -21% 57% 39%

Corn 49% 52% -33% -49% 51% 61% Soybeans 45% 57% -74% -55% 65% 66%

Wheat 68% 50% -68% -62% 71% 66% Soybean Oil 28% 45% -64% -57% 64% 62%

Soybean Meal 47% 51% -54% -41% 64% 58% HRW Wheat 1% 18% -37% 42% 49%

Copper 34% 45% -60% -59% 58% 60% Aluminum 10% -19% 33%

Zinc 16% -41% 53% Nickel 24% -25% 48% Gold 72% 64% -67% -58% 76% 68% Silver 51% 45% -66% -51% 71% 57% Sugar 52% 49% -71% -59% 75% 64% Coffee 44% 38% -69% -63% 71% 62% Cotton 69% 58% -51% -50% 72% 62%

Live Cattle 27% 20% -14% -5% 27% 16%Lean Hogs -2% 14% -6% -12% -3% 10%

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

Grains

Industrial Metals

Precious Metals

Softs

Livestock

CommodityBCOM Single Index Level vs. MM's

Long PositionBCOM Single Index Level vs. MM's

Short PositionBCOM Single Index Level vs.

MM's Net Position

Energy

Group

20

Gasoline Corn

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

Brent Crude ULS Diesel

Soybeans Wheat

Soybean Oil Soybean Meal

HRW Wheat

0

20

40

60

80

100

-300000

-200000

-100000

0

100000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

2500

0

100000

200000

300000

400000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

0

100000

200000

300000

400000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

1000

-60000-40000-20000

0200004000060000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

-200000

20000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

-400000

-200000

0

200000

400000

600000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

-150000

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

050100150200250300

-100000

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

-100000

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

21

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

Zinc Nickel

Gold Silver

Sugar Coffee

Cotton Live Cattle

Lean Hogs

020040060080010001200

-40000

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

0

10000

20000

30000

40000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-500000

50000100000150000200000250000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

250

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

22

GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>

* Click hyperlinks to open in Bloomberg

Group Inventory/Sales Related Ticker UnitEnd of Mar

2016End of Feb

2016Change

(%)DOE Natural Gas Total Inventory DOENUST1 bcf 2,468 2,584 -4%DOE Crude Oil Total Inventory DOESCRUD mm barrels 535 508 5%DOE Cushing Oklahoma Crude Oil Total Stocks DOESCROK mm barrels 66 65 1%DOE Distillate Fuel Oil Total Inventory DOESDIST mm barrels 161 161 0%DOE Motor Gasoline Total Inventory DOESTMGS mm barrels 243 256 -5%USDA Corn Total Export Sales SALECNUM thousand MT 860 1,066 -19%USDA Soybeans Total Export Sales SALESYBN thousand MT 362 329 10%USDA All Wheat Total Export Sales SALEWEAL thousand MT 403 486 -17%USDA Soybean Oil Total Export Sales SALESYOL thousand MT 18 3 469%USDA Soybean Cake Meal Total Export Sales SALESCML thousand MT 212 173 23%Comex Copper Total Inventory COMXCOPR thousand short ton 72 68 7%LME Copper Total Inventory NLSCA thousand MT 145 197 -27%LME Primary Aluminum Total Inventory NLSAH thousand MT 2,792 2,769 1%LME Zinc Total Inventory NLSZS thousand MT 436 483 -10%LME Nickel Total Inventory NLSNI thousand MT 432 442 -2%Comex Gold Total Inventory COMXGOLD mm ounces 7 7 1%Comex Silver Total Inventory COMXSILV mm ounces 155 154 0%

Softs USDA All Upland Cotton Total Export Sales SALECNUA thousand bales 122 129 -6%USDA Cattle Slaughter Estimates Daily SLGTCATT thousand heads 106 104 2%USDA Hogs Slaughter Estimates Daily SLGTHOGS thousand heads 438 404 8%

Historical Correlation

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory -42% -15%DOE Crude Oil Total Inventory -56% -90%DOE Cushing Oklahoma Crude Oil Total Stocks -52% -69%DOE Distillate Fuel Oil Total Inventory -91% -49%DOE Motor Gasoline Total Inventory -73% -41%USDA Corn Total Export Sales -26% -30%USDA Soybeans Total Export Sales -39% -2%USDA All Wheat Total Export Sales 1% 18%USDA Soybean Oil Total Export Sales -34% -13%USDA Soybean Cake Meal Total Export Sales 5% 18%Comex Copper Total Inventory -93% 47%LME Copper Total Inventory 75% 33%LME Primary Aluminum Total Inventory 96% 45%LME Zinc Total Inventory -30% 29%LME Nickel Total Inventory 41% -74%Comex Gold Total Inventory 44% 90%Comex Silver Total Inventory 56% -85%

Softs USDA All Upland Cotton Total Export Sales -47% -20%USDA Cattle Slaughter Estimates Daily 9% -24%USDA Hogs Slaughter Estimates Daily 19% -18%

BCOM Index

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

vs. BCOM Silver Indexvs. BCOM Gold Index

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

vs. BCOM Natural Gas Index

vs. BCOM Unleaded Gasoline Index

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

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

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

23

Soybeans Wheat

Soybean Oil Soybean Meal

COMMODITY INVENTORY & SALES vs. BCOM INDICESNatural Gas WTI Crude

WTI Crude ULS Diesel

Gasoline Corn

0

50

100

150

200

250

300

350

0500

1000150020002500300035004000

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

DOE Natural Gas Total Inventory BCOM Natural Gas Index

0

500

1000

1500

2000

250000

300000

350000

400000

450000

500000

550000

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

DOE Crude Oil Total Inventory BCOM WTI Crude Index

0

500

1000

1500

2000

0

10000

20000

30000

40000

50000

60000

70000

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

DOE Cushing Oklahoma Crude Oil Total Stocks BCOM WTI Crude Index

0

200

400

600

800

1000

80000

100000

120000

140000

160000

180000

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

DOE Distillate Fuel Oil Total Inventory BCOM ULS Diesel Index

0

200

400

600

800

1000

1200

1400

150000

170000

190000

210000

230000

250000

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

DOE Motor Gasoline Total Inventory BCOM Unleaded Gasoline Index

020406080100120140160

0

500

1000

1500

2000

2500

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

USDA Corn Total Export Sales BCOM Corn Index

0

100

200

300

400

500

600

700

0

500

1000

1500

2000

2500

3000

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

USDA Soybeans Total Export Sales BCOM Soybeans Index

0

50

100

150

200

250

300

-500

0

500

1000

1500

2000

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

USDA All Wheat Total Export Sales BCOM Wheat Index

0

50

100

150

200

250

300

-50

0

50

100

150

200

250

07 08 09 10 11 12 13 14 15

USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index

0

500

1000

1500

2000

0

100

200

300

400

500

07 09 11 13 15

USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index

24

Silver Cotton

Live Cattle Lean Hogs

COMMODITY INVENTORY & SALES vs. BCOM INDICESCopper Copper

Aluminum Zinc

Nickel Gold

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

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

Comex Copper Total Inventory BCOM Copper Index

0

200

400

600

800

1000

1200

0

200000

400000

600000

800000

1000000

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

LME Copper Total Inventory BCOM Copper Index

0

50

100

150

200

0

1000000

2000000

3000000

4000000

5000000

6000000

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

LME Primary Aluminum Total Inventory BCOM Alumnium Index

050100150200250300350400

0

200000

400000

600000

800000

1000000

1200000

1400000

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

LME Zinc Total Inventory BCOM Zinc Index

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

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

LME Nickel Total Inventory BCOM Nickel Index

0

100

200

300

400

500

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

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

Comex Gold Total Inventory BCOM Gold Index

0

200

400

600

800

1000

0

50000

100000

150000

200000

250000

300000

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

Comex Silver Total Inventory BCOM Silver Index

0

20

40

60

80

100

120

-200

0

200

400

600

800

1000

07 08 09 10 11 12 13 14 15

USDA All Upland Cotton Total Export Sales BCOM Cotton Index

0

50

100

150

200

250

0

20000

40000

60000

80000

100000

120000

140000

99 01 03 05 07 09 11 13 15

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 01 03 05 07 09 11 13 15

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

25

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

Report Period: Feb 29 2016 - Mar 31 2016

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

175.14 5,150.55 3.4%-1,039.16 8,631.82 -12.0%

50.48 1,176.29 4.3%-0.24 19.74 -1.2%4.61 168.47 2.7%

2,773.96 45,307.16 6.1%1,964.80 60,454.03 3.3%

All Commodities Sector: Top 10 Creations

Ticker NameNet Flows

($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

GLD US SPDR Gold Shares 2,290.72 30,015.30 7.6%SLV US iShares Silver Trust 321.93 4,587.34 7.0%DGL US PowerShares DB Gold Fund 72.72 143.86 50.6%SCO US ProShares UltraShort Bloomberg Crude Oil 72.34 170.01 42.6%

FTGC US First Trust Global Tactical Commodity Strategy Fund 58.28 161.19 36.2%UNG US United States Natural Gas Fund LP 57.42 439.26 13.1%DBC US PowerShares DB Commodity Index Tracking Fund 51.51 1,843.18 2.8%GSG US iShares S&P GSCI Commodity Indexed Trust 41.47 665.18 6.2%DBP US PowerShares DB Precious Metals Fund 37.22 117.31 31.7%

SGOL US ETFS Physical Swiss Gold Shares 36.56 919.69 4.0%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

USO US United States Oil Fund LP -671.69 3,819.30 -17.6%UWTI US VelocityShares 3x Long Crude ETN -388.50 969.67 -40.1%UCO US ProShares Ultra Bloomberg Crude Oil -138.06 780.50 -17.7%IAU US iShares Gold Trust -81.45 7,417.27 -1.1%OIL US iPath Goldman Sachs Crude Oil Total Return Index ETN -16.27 663.44 -2.5%

KOLD US ProShares UltraShort Bloomberg Natural Gas -9.80 16.97 -57.7%UGLD US VelocityShares 3x Long Gold ETN -8.98 74.56 -12.0%DBO US PowerShares DB Oil Fund -7.61 425.71 -1.8%DNO US United States Short Oil Fund LP -4.55 33.07 -13.8%UGAZ US VelocityShares 3x Long Natural Gas ETN -4.06 218.30 -1.9%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture

26

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

1.5

2.5

3.5

4.5

5.5

APR

16JA

N 1

7O

CT 1

7JU

L 18

APR

19JA

N 2

0O

CT 2

0JU

L 21

APR

22JA

N 2

3O

CT 2

3JU

L 24

APR

25JA

N 2

6O

CT 2

6JU

L 27

APR

28

Natural Gas

29-Feb-2016

31-Mar-2016

0102030405060

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

DEC

20AP

R 21

AUG

21

WTI Crude

29-Feb-2016

31-Mar-2016

30354045505560

APR

16SE

P 16

FEB

17JU

L 17

DEC

17M

AY 1

8O

CT 1

8M

AR 1

9AU

G 19

JAN

20

JUN

20

NO

V 20

APR

21SE

P 21

FEB

22JU

L 22

DEC

22Brent Crude

29-Feb-2016

31-Mar-20160

50

100

150

200

MAR

16

JUN

16

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

JUN

18

SEP

18

DEC

18

MAR

19

JUN

19

ULS Diesel

29-Feb-2016

31-Mar-2016

100

120

140

160

180

200

MAR

16

MAY

16

JUL

16SE

P 16

NO

V 16

JAN

17

MAR

17

MAY

17

JUL

17SE

P 17

NO

V 17

JAN

18

MAR

18

MAY

18

JUL

18SE

P 18

NO

V 18

JAN

19

Unleaded Gasoline

29-Feb-2016

31-Mar-2016

240

250

260

270

280

290

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

Soybean Meal

29-Feb-2016

31-Mar-2016400

450

500

550

600

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

HRW Wheat

29-Feb-2016

31-Mar-2016

350

370

390

410

430

450

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

MAY

18

JUL

18

Corn

29-Feb-2016

31-Mar-2016800

850

900

950

1000

MAR

16

MAY

16

JUL

16AU

G 16

SEP

16N

OV

16JA

N 1

7M

AR 1

7M

AY 1

7JU

L 17

AUG

17SE

P 17

NO

V 17

JAN

18

MAR

18

MAY

18

JUL

18

Soybeans

29-Feb-2016

31-Mar-2016

400

450

500

550

600

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

MAR

18

Wheat

29-Feb-2016

31-Mar-201628

30

32

34

36

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

MAR

18

JUL

18

SEP

18

Soybean Oil

29-Feb-2016

31-Mar-2016

27

INDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

205

210

215

220

225

MAR

16

JUN

16

SEP

16

DEC

16

MAR

17

JUN

17

SEP

17

DEC

17

MAR

18

SEP

18

MAY

19

DEC

19

JUL

20

Copper

29-Feb-2016

31-Mar-20161300

1500

1700

1900

2100

2300

MAR

16

OCT

16

MAY

17

DEC

17JU

L 18

FEB

19SE

P 19

APR

20N

OV

20JU

L 21

FEB

22SE

P 22

APR

23N

OV

23JU

N 2

4JA

N 2

5AU

G 25

MAR

26

Aluminum

29-Feb-2016

31-Mar-2016

11801200122012401260128013001320

MAR

16

MAY

16

AUG

16

DEC

16

APR

17

AUG

17

DEC

17

DEC

18

DEC

19

DEC

20

DEC

21

Gold

29-Feb-2016

31-Mar-201614

14.515

15.516

16.517

MAR

16

MAY

16

SEP

16

JAN

17

MAY

17

SEP

17

JAN

18

DEC

18

DEC

19

DEC

20

Silver

29-Feb-2016

31-Mar-2016

1011121314151617

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

JUL

18

Sugar

29-Feb-2016

31-Mar-2016110

120

130

140

150

MAR

16

MAY

16

JUL

16SE

P 16

DEC

16M

AR 1

7M

AY 1

7JU

L 17

SEP

17DE

C 17

MAR

18

MAY

18

JUL

18SE

P 18

DEC

18

Coffee

29-Feb-2016

31-Mar-2016

5055606570758085

APR

16

MAY

16

JUN

16

JUL

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

MAY

17

JUN

17

Lean Hogs

29-Feb-2016

31-Mar-2016

0

50

100

150

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

JUN

17

Live Cattle

29-Feb-2016

31-Mar-2016

1720174017601780180018201840

MAR

16

JUL

16N

OV

16M

AR 1

7JU

L 17

NO

V 17

MAR

18

JUL

18N

OV

18M

AR 1

9JU

L 19

NO

V 19

MAR

20

JUL

20N

OV

20M

AR 2

1

Zinc

29-Feb-2016

31-Mar-20168000820084008600880090009200

MAR

16

JUL

16N

OV

16M

AR 1

7JU

L 17

NO

V 17

MAR

18

JUL

18N

OV

18M

AR 1

9JU

L 19

NO

V 19

MAR

20

JUL

20N

OV

20M

AR 2

1

Nickel

29-Feb-2016

31-Mar-2016

52545658606264

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

JUL

18

OCT

18

Cotton

29-Feb-2016

31-Mar-2016

28

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

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

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

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

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

29

COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE

* Click hyperlinks to open in Bloomberg

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

Precious metal dashboard BI PMETGBase metals dashboard BI BMET

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

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

Crop calendar CCAL

BCOM QUICK FACTS

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

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

First Value Date 30 December 1990

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

30

BLOOMBERG, BLOOMBERG INDICES and BCOM are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates ("collectively, "Bloomberg") or Bloomberg's licensors own all proprietary right in the BLOOMBERG INDICES or BCOM. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDICES or BCOM. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDICES or BCOM or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. It is not possible to invest directly in an index. Back-tested performance is not actual performance. Past performance is not an indication of future results. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with BLOOMBERG INDICES or BCOM or any data or values relating thereto - whether arising from their negligence or otherwise. This document constitutes the provision of factual information, rather than financial product advice. Nothing in the BLOOMBERG INDICES or BCOM shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg or its affiliates or a recommendation as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the BLOOMBERG INDICES or BCOM should not be considered as information sufficient upon which to base an investment decision. All information provided by the BLOOMBERG INDICES or BCOM is impersonal and not tailored to the needs of any person, entity or group of persons. Bloomberg and its affiliates do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. Customers should consider obtaining independent advice before making any financial decisions. © 2016 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg.

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