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

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TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX

MACRO AND REGULATION CHALLENGES FOR COMMODITY INVESTORS

When

Where

Highlights

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

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

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

10:25 Coffee Break10:40

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

11:20 Recent Developments in Bloomberg Commodity Indices11:35 Panel Discussion: Commodity Investments, New Perspective

Managing commodity exposure within a changing regulatory framework, new pricing era in terms of pricing and changing asset allocation outlook. Investors, consultants and Market participants would give you a deep insight into these and other industry topics.Fiona Boal, Commodity Research Director, Fulcrum Asset ManagementGeoff Krug, Commodity Research Analyst, Albourne America LLCModerator: Victoria Hegan, EMEA, Executive Director, EMEA Commodity Investor Sales, Goldman Sachs International

12:30 Networking Reception

Tuesday 8 September 2015 08:00 — 12:30

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

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

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

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

Commodities Fell 10.6% in July, Marking Worst Month Since 2011

• Bloomberg Commodity Index dropped 10.6% in July (lowest level since February 2002)o Worst Performers

Groups: Energy (-14.5%), Grains (-13.1%) Singles: WTI (-21.2%), HRW Wheat (-19.3%)

o Best Performers Group: Livestock (-2.2%) Single: Lean Hogs (0.45%)

o Group Contribution to Return Energy (-5.14%), Grains (-2.8%), Industrial Metals (-1.11%), Precious Metals (-0.96%),

Softs (-0.52%), Livestock (-0.11%)

• As of the end 1Q 2015, an estimated $61.9 billion was benchmarked to the Bloomberg Commodity indices, upslightly from 4Q 2014 when assets totaling $61.5 billion were tracking the indices.

Commodities suffered the biggest monthly decline in almost four years on concern that supplies are rising as demand slows, sending copper to a six-year low and oil into a bear market. The Bloomberg Commodity Index (BCOM) retreated 10.6% in July, the most since September 2011. The prospect of higher borrowing costs in the U.S. strengthened the dollar and drove gold to the lowest in five years. Brent crude’s third month of losses has fueled more cost cuts by the biggest producers including Royal Dutch Shell Plc and BP Plc. Grains including wheat, corn and soybeans had their worst monthly performance this year.

Commodities are falling out of favor with investors as demand in China, the biggest user of everything from metals to energy, is faltering. China’s benchmark stock index plunged 14.3% in July for the biggest monthly drop in six years amid the slowest economic expansion since 1990.

The dominant theme is oversupply affecting the energy complex and much of the metals sector. BCOM slumped 12% YTD, after tumbling on July 31 to 91.67, the lowest intraday level since March 2002. Commodities are losing favor with investors as returns have lagged other assets this year; the Bloomberg Dollar Spot Index (BBDXY Index) advanced 6.8%, the Bloomberg USD High Yield index (BUHY Index) is up 2.6% and U.S. Treasuries returned 0.9% (BUSY Index).

Oil entered a bear market in July amid speculation that a supply glut will persist as leading members of OPEC pumped record volumes to defend market share. In the U.S., crude stockpiles are about 100 million barrels above the five-year seasonal average and output is near the highest level in more than three decades.

Copper fell to a six-year low as stockpiles tracked by LME rose to the highest level since January 2014. Gold headed for its worst monthly performance in more than two years after tumbling last week to $1,072.30 on July 24, the lowest level since February 2010.

The rout in raw materials has hurt miners, major oil companies and the currencies of commodity-producing nations. The Australian and Canadian dollars, Brazil’s real and South Africa’s rand are among the biggest decliners against the greenback in a basket of 16 major currencies this month.

In the credit market, commodity-exposed high-yield bonds suffered the worst losses since 4Q14. Energy bonds fell 4.5%, the second-worst monthly performance in five years, as spreads widened 149 bps due to a 12.2% decline in coal bond prices, a 5% fall in energy services debt and a 5% drop in exploration and production company debt.

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ENERGY (34.3% weight in BCOM) The global oil surplus increasingly looks like a problem that’ll take years rather than months to solve - and the market is pricing that in. U.S. crude futures for delivery in five years have broken below levels seen during the financial crisis. With leading OPEC members pumping at a record, supplies from elsewhere holding up and Iran close to reviving exports, the market is signaling the glut will persist. Oil capped its biggest monthly drop in almost seven years. WTI slid 2.9% on July 31, bringing the monthly drop in the Bloomberg WTI Crude Oil index to 21.2%. Sanctions on oil exports from Iran, which holds the world’s fourth-biggest crude reserves, may be lifted after a nuclear accord on July 14. China's apparent crude oil demand jumped 17% from a year earlier in June, the fastest monthly increase since November 2010. That took daily demand to a historical high of 11.6 million barrels. China is speeding up storage as futures exceed expected spot prices, and local demand appears to be growing. A 27% surge in imports accounted for 91% of growth as new storage capacity, such as the Qingdao SPR, reportedly came online. China's 1H15 natural gas demand rose 3%, the slowest in six years. The high price of Chinese gas vs. oil is prompting industrial users such as glass makers to switch back to oil, based on Bloomberg Intelligence channel checks. Demand from long-distance trucking isn't picking up and power plants have little need for gas, given the low price of coal. The slowing economy is curbing demand growth. The 1H15 oil-to-gas price ratio was about 0.97x vs. 1.8x last year, less than the 1.5x needed to make LNG economical for trucking. China's apparent demand for gasoline in 1H15 rose by 5.6 million tons, or 10.9% from the year-earlier period, the biggest jump since at least 2005. Although car sales have slowed in the last two months, vehicle ownership is still rising. The number of passenger cars may have jumped 68% since 2011 to 120.1 million in June, according to Bloomberg Intelligence estimates based on sales and a 4.9% scrap rate. China's drivers may also be traveling longer distances after a 2013 suspension of highway tolls and an extension of national roadways. China's apparent diesel demand rose 5.6% in 1H15. Including the gain in commercial stockpiles, growth may have been 1.2%, still faster than last year's 1% drop. Increased mechanization in agriculture, which consumes 8% of China's diesel, may be spurring use. Demand growth accelerated during the nation's peak planting season in March to May. Diesel's replacement with LNG in truck fleets is limited amid low oil prices, though transport needs driven by domestic coal, cement and steel output have fallen. GRAINS (22.6% weight in BCOM) Corn, which started strong in July rallying to a one-year high, fell the most in 12 months as weather boosted U.S. crop yields. U.S. corn rated 70% in good or excellent condition as of July 26, was up from 69% previous week, according to traders surveyed by Bloomberg. Rain was extremely timely for crops as they finish pollinating and begin filling kernels. Chinese farmers will harvest the most on record. The International Grains Council raised its estimate for Chinese corn production by 5 million metric tons to an all-time high of 225 million tons, according to a statement released July 30. The group also boosted its estimate for global corn output. While the worldwide crop will still be less than last year’s record, the increase from China will offset some of the decline in U.S. and European production. Corn futures in Chicago fell to the lowest in a month on expectations grain supplies will remain abundant. Farmers around the world will harvest 966 million tons of corn in the 2015-16 season, IGC said, a 0.3% increase from its June estimate. China’s corn production may climb 4.3% in the season, the IGC said. U.S. output is forecast to drop 8.1% to 332 million tons. World wheat production may fall 1.5% to 710.3 million tons, 1 million tons less than last month’s estimate, based on the IGC report. The quality of some of the first wheat harvested by U.S. farmers in 2015 is the worst in at least 17 years, according to one measure, following heavy rainfall across parts of the Midwest. A report on July 24 by U.S. Wheat Associates,

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a trade group, tracked the so-called falling number, a gauge of sprout damage in crops. The data was the worst since 1998, backing up comments from grain handlers about the condition of the soft-red winter wheat crop, which accounts for about a fifth of total domestic wheat output. U.S. farmers will produce 393 million bushels of the soft-red winter variety this year, down 14% from 2014, according to government forecasts. While the most recent government estimate is for total U.S. wheat production to reach a three-year high, the state of the winter crop shows how quickly the outlook for crops can worsen because of adverse weather. Over the past month, about three times the amount of normal precipitation fell in parts of the eastern U.S. and Mississippi River region, which grows the winter wheat, typically used in cookies and crackers. The rains have prolonged harvests and increased sprout and mold damage as plants sat in wet fields. Projected global wheat inventories jumped 8.6% from June’s estimate as China fed less of the grain to livestock, the Department of Agriculture said. Ending supplies after the harvest of this year’s crops worldwide will be 219.81 million metric tons, up from 202.4 million last month and exceeding the highest estimate in a Bloomberg survey of analysts. The agency slashed its estimates for China’s feed use, adding to projected global supplies. The agency also lowered its projection for 2016 global corn inventories by 2.7% from last month’s estimate to 189.95 million tons, as excessive heat in Europe scorches crops and acreage in the U.S. declines. Supplies in the U.S., the world’s biggest producer of the grain, at the end of the current marketing year on Aug. 31, 2016, were forecast at 1.599 billion bushels, lower than the June estimate, on a smaller anticipated crop and rising demand for ethanol. INDUSTRIAL METALS (15.5% weight in BCOM) The pain rippling through the copper market isn’t yet threatening profits for most miners, and that could mean more tears for bullish investors. Even with prices near a six-year low, about 90% of copper mines are profitable, meaning most producers have little incentive to reduce output. Prices need to fall another 24% before major companies begin cutting back, Bloomberg Intelligence estimates. As producers dig up more metal, demand for the raw material is weakening with China’s economy expanding at the slowest pace since 1990. There are some signs the mine expansion will slow. Freeport-McMoRan Inc., the biggest publicly listed copper miner, has promised a sweeping operational review, is considering spending cuts and may adjust production, it said in a statement July 28. The Freeport plan signals some capacity being taken offline, which should be good news for the copper price. Stockpiles monitored by the LME are at the highest in more than a year. Low energy prices and the decline in currencies of producing countries such as Chile against the dollar are making it cheaper to produce the metal. That means companies can still make money, even as prices keep falling. LME copper prices are down 17% this year. One of the last bull markets in commodities is over; zinc fell into a bear market amid easing supply concerns and signs of slowing demand in China, the world’s biggest user. The metal, used in steel auto parts, brass plumbing fixtures and sunscreens, has lost 12% this year, on pace for the biggest annual decline since 2011. Zinc joins other commodities in bear markets, including aluminum and lead, as China’s economy is forecast to expand at the slowest pace since 1990 this year. Prices fell in July for a third straight month, snapping a 13% gain in April. Zinc’s fortunes reversed as investors grew concerned that slower demand from China means there will be ample supplies, even as some producers cut back output and shutter aging sites. A report this month from the International Lead and Zinc Study Group showed supply outpacing demand by 143,000 tons in the first five months of 2015. PRECIOUS METALS (15.9% weight in BCOM) After drifting lower for most of 2015, gold tumbled in July, posting the biggest monthly decline in two years after slumping to the lowest since February 2010. The retreat shows how the metal has lost its appeal as a commodity and as an alternative to currencies. Prices are plunging amid mounting speculation that U.S. interest rates will climb this year, curbing the appeal of bullion because it doesn’t pay interest. At the same time, China bought less of the precious metal than analysts were expecting, and the dollar is strengthening.

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For much of the previous decade, gold prices were on the rise. Buying picked up after global central banks fought the 2008 financial crisis with unprecedented stimulus, stoking fear of accelerating inflation. Futures gained more than six-fold in 12 straight years of gains through 2012. An improving U.S. economy spurred a shift in sentiment, driving bullion into a bear market in April 2013. About 60% of respondents in a separate Bloomberg News survey of 27 traders and analysts say that the metal will post a third straight annual loss this year. That would be the worst rout since 1998, when gold was last out of favor and languished near a 19-year low.

Speculators hold a net-short position according to the most-recent data from the CFTC. That’s the first net-bearish outlook since the data begins in 2006. More than $5.7 billion has been wiped from the value of global gold ETPs in July. Investors cut holdings to about 1,539 metric tons, the smallest hoard since 2009. They have been selling for three straight months.

SOFTS (6.8% weight in BCOM)

Bloomberg Sugar index hit a 15-year low in July on speculation that the global glut will increase as the harvest accelerates in Brazil, the world’s top producer. The drop in energy prices added to bearish sentiment in sugar because Brazilian ethanol producers have less incentive to use cane to make fuel. Global sugar supplies have outpaced demand for five straight years, and beneficial weather in parts of Brazil probably will aid the harvest stalled by rain earlier in July. The index is down 24.8% YTD.

In Brazil, the biggest coffee grower, the lack of rain has stunted cherry growth on coffee trees and created “tiny” beans, the National Coffee Council said in a report July 31. Meanwhile, dryness caused by the El Nino weather pattern is affecting nations including Vietnam, the second-largest producer. The situation in Brazil is of particular concern because prices have fallen for much of this year as traders and buyers bet that there would be more rain, triggering a bigger crop. The commodity surged 50% in 2014 after a drought hurt plants, creating a supply deficit. About 53% of Brazil’s crop was collected by July 28, compared with 75% a year earlier. The dry conditions mean some growers will probably need 600 liters of beans to fill a 60kg bag, compared with the typical average of 480 liters, or 132lbs, the coffee council said. If Brazilian crops are still on trees by September when the rains typically begin, spurring the first bloom , it will hurt cherries, and first flowers for the 2016 crop will be ruined.

In Japan, the fastest-growing drinks market isn’t craft beer or fruit smoothies. It’s $1 cups of black coffee from the local 7-Eleven. Coffee sales at convenience stores surged 48% last year, the fastest-growing part of Japan’s beverage market, as $1-a-cup brews boosted consumption to a record. Japan is the world’s biggest coffee importer after the U.S. and Germany. Demand per person may soon be comparable to the U.S. and Europe. Bean and product imports reached 459,708 metric tons last year, according to roasters’ group All Japan Coffee Association. The biggest suppliers are Brazil, Vietnam and Colombia, government data show. Consumption was an all-time high 449,908 tons last year, the coffee association said.

LIVESTOCK (4.9% weight in BCOM)

The only BCOM component that posted a positive return in July was lean hogs. Hog futures climbed as hot weather in the U.S. Midwest led to smaller pigs. Pigs don’t eat as much in the heat, and with recent temperatures in the region exceeding 90F, they came in 1.4kg lighter than a year earlier. In July, weights touched the lowest since October 2013, according to USDA data.

Futures prices have been sliding, bringing the Bloomberg Lean Hogs index down 35% in the previous 12 months. Farmers expanded production amid record prices in mid-2014 in the wake of a virus that killed millions of piglets. The U.S. hog population increased 9% to 66.9 million on 1 June from a year earlier, according to the most recent USDA data. Wholesale prices are also seeing a reversal. They jumped the most in seven weeks on July 21 as good weather prompts consumers to fire up their grills and grocery stores are pushing pork that’s $1.48 cheaper per pound than beef.

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Composite Indices

Jul Jun Q2 Q1 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity ER BCOM -10.62% 1.73% 4.65% -5.95% -12.03% -11.53% -28.25% -36.34% -31.63% -42.39% -4.74%Bloomberg Commodity TR BCOMTR -10.62% 1.73% 4.66% -5.94% -12.01% -11.53% -28.23% -36.24% -31.42% -34.42% 57.59%

Bloomberg Commodity Spot BCOMSP -10.67% 1.98% 6.17% -4.03% -8.98% -11.25% -24.44% -31.28% -17.15% 36.07% 184.06%Bloomberg Roll Select BCOMRST -9.95% 1.76% 3.43% -5.45% -11.94% -11.16% -27.14% -32.91% -24.31% 4.94% 249.89%

1 Month Forward BCOMF1T -10.55% 1.91% 4.47% -5.57% -11.76% -11.46% -27.29% -33.24% -26.21% -16.49% 186.91% 2 Month Forward BCOMF2T -10.46% 1.73% 3.88% -5.64% -12.24% -11.56% -27.40% -34.26% -27.44% -7.18% 220.56% 3 Month Forward BCOMF3T -10.38% 1.76% 3.69% -5.41% -12.11% -11.45% -26.77% -32.98% -24.94% 1.20% 234.28% 4 Month Forward BCOMF4T -10.09% 1.75% 3.60% -5.19% -11.68% -11.16% -26.10% -31.66% -21.93% 13.24% 5 Month Forward BCOMF5T -9.86% 1.69% 3.44% -4.98% -11.40% -10.98% -25.92% -32.26% -21.90% 16.59% 6 Month Forward BCOMF6T -9.70% 1.58% 3.13% -4.93% -11.47% -10.93% -25.72% -31.87% -21.57% 20.36%

Energy BCOMENTR -14.47% -0.44% 10.92% -8.20% -12.91% -16.66% -47.31% -45.41% -57.77% -85.23% 10.26%Petroleum BCOMPETR -17.58% -2.24% 13.98% -8.46% -14.00% -20.29% -51.47% -45.51% -40.51% -62.10% 219.32%Agriculture BCOMAGTR -11.11% 12.81% 8.29% -8.82% -12.24% -3.24% -18.05% -41.11% -14.33% -2.33% -14.69%

Grains BCOMGRTR -13.04% 18.51% 10.21% -8.18% -12.01% -0.10% -11.40% -43.35% -10.23% -2.80% -25.22%Industrial Metals BCOMINTR -7.30% -4.85% -5.31% -5.32% -16.90% -18.59% -26.89% -28.29% -37.65% 9.64% 62.76%Precious Metals BCOMPRTR -6.37% -2.98% -2.55% 1.30% -7.58% -7.99% -18.70% -37.61% -11.89% 126.14% 192.34%

Softs BCOMSOTR -8.04% 2.39% 1.61% -13.70% -19.36% -13.31% -34.52% -48.07% -35.45% -36.40% -39.29%Livestock BCOMLITR -2.17% -5.41% -1.52% -9.78% -13.08% -5.30% -16.62% -5.83% -9.70% -45.30% -47.97%Ex-Energy BCOMXETR -8.48% 2.97% 1.50% -5.77% -12.46% -8.60% -20.36% -34.73% -19.22% 17.79% 36.01%

Ex-Petroleum BCOMXPET -8.01% 3.30% 1.55% -6.43% -12.59% -8.13% -22.48% -35.46% -31.59% -30.55%Ex-Agriculture BCOMXAGT -10.41% -2.29% 3.21% -4.87% -12.04% -14.57% -32.64% -34.20% -39.09% -47.60%

Ex-Grains BCOMXGRT -10.10% -1.24% 3.55% -5.47% -12.00% -13.56% -31.23% -34.19% -36.34% -43.04%Ex-Industrial Metals BCOMXIMT -11.20% 2.98% 6.63% -6.00% -10.99% -10.10% -28.63% -38.05% -30.34% -45.71%Ex-Precious Metals BCOMXPMT -11.38% 2.62% 6.06% -7.40% -12.96% -12.17% -30.06% -36.42% -34.86% -44.36%

Ex-Softs BCOMXSOT -10.80% 1.68% 4.87% -5.47% -11.57% -11.40% -27.85% -35.41% -31.56% -35.31%Ex-Livestock BCOMXLIT -11.02% 2.10% 4.98% -5.69% -11.90% -11.83% -28.93% -37.77% -32.58% -33.65%

Ex-Agriculture & Livestock BCOMXALT -10.98% -2.06% 3.57% -4.43% -11.89% -15.20% -34.06% -36.37% -41.29% -48.30%S&P 500 Total Return SPXT 2.10% -1.94% 0.28% 0.95% 3.35% 1.41% 11.21% 62.55% 112.26% 110.43% 444.85%

Bloomberg US Treasury Bond BUSY 1.17% -0.95% -1.96% 1.77% 0.93% -0.21% 3.90% 2.79% 15.33%Bloomberg USD IG Corporate Bond BUSC 0.78% -1.63% -3.05% 2.23% -0.10% -1.68% 1.67% 7.84% 26.58%Bloomberg USD HY Corporate Bond BUHY -0.69% -1.42% 0.65% 2.63% 2.59% -1.68% -0.30% 17.07% 42.51%

Bloomberg Dollar Spot BBDXY 2.34% -0.94% -1.66% 6.16% 6.84% 3.70% 18.25% 20.13% 19.16% 12.77%

Single Commodity Indices

Jul Jun Q2 Q1 YTD 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNGTR -4.43% 5.93% 1.82% -11.02% -13.41% -4.54% -38.69% -46.31% -83.23% -98.72% -97.72%WTI Crude BCOMCLTR -21.24% -2.09% 17.51% -14.86% -21.21% -23.41% -56.01% -50.02% -53.28% -73.30% 142.85%

Brent Crude BCOMCOT -17.85% -3.71% 10.67% -9.27% -17.52% -23.07% -56.30% -49.81% -31.36% -43.75% 614.04%ULS Diesel BCOMHOTR -16.56% -3.51% 9.10% -4.38% -12.96% -20.96% -44.54% -42.83% -27.85% -50.06% 229.94%

Unleaded Gasoline BCOMRBTR -11.38% 1.00% 18.00% 1.01% 5.62% -9.03% -40.09% -30.55% 3.10% -20.19% 554.69%Corn BCOMCNTR -12.08% 17.74% 7.79% -7.18% -12.04% -0.65% -8.33% -54.52% -3.57% -28.41% -71.71%

Soybeans BCOMSYTR -9.35% 14.28% 9.17% -5.37% -6.35% -0.86% -12.70% -15.80% 39.45% 93.09% 331.09%Wheat BCOMWHTR -18.92% 27.52% 19.26% -13.20% -16.07% 4.05% -10.53% -53.11% -56.27% -57.72% -90.39%

Soybean Oil BCOMBOTR -10.80% 1.51% 10.66% -6.05% -7.27% -4.64% -19.34% -47.70% -38.04% -24.76% -42.11%Soybean Meal BCOMSMT -6.22% 19.16% 11.45% -3.98% 0.35% 8.07% 4.43% 16.46% 109.86% 307.56% 1489.09%HRW Wheat BCOMKWT -19.33% 19.92% 6.13% -11.07% -23.87% -3.31% -25.67% -52.27% -47.14% -29.37% -62.23%

Copper BCOMHGTR -9.62% -4.30% -4.79% -3.01% -16.54% -18.25% -27.23% -32.51% -32.81% 56.45% 209.04%Alumnium BCOMALTR -4.76% -3.46% -7.25% -4.18% -15.35% -17.92% -22.95% -30.38% -45.40% -45.46% -46.25%

Zinc BCOMZSTR -4.39% -8.78% -4.39% -4.83% -13.01% -19.02% -20.74% -7.66% -21.47% 24.95% 27.61%Nickel BCOMNITR -7.97% -5.16% -3.67% -18.54% -27.78% -21.18% -41.34% -33.80% -51.16% -11.66% 118.72%Gold BCOMGCTR -6.73% -1.51% -1.05% -0.23% -7.92% -7.64% -15.06% -33.06% -9.96% 133.94% 176.61%Silver BCOMSITR -5.36% -6.96% -6.63% 6.13% -6.21% -8.96% -28.79% -49.05% -22.18% 83.03% 170.51%Sugar BCOMSBTR -10.66% 1.01% 2.20% -17.61% -24.78% -17.98% -42.70% -65.43% -45.52% -43.11% -3.44%Coffee BCOMKCTR -5.40% 3.24% -3.85% -21.58% -28.67% -10.36% -41.80% -46.49% -52.70% -51.28% -70.24%Cotton BCOMCTTR -5.45% 4.35% 6.21% 4.26% 4.70% -6.46% 2.63% -6.05% 17.11% -21.89% -75.75%

Live Cattle BCOMLCTR -3.54% -2.11% -1.83% -0.69% -5.95% -3.64% -4.59% 9.92% 11.23% -16.17% 8.42%Lean Hogs BCOMLHTR 0.45% -10.32% -0.98% -23.73% -24.13% -7.41% -35.04% -28.36% -37.72% -74.11% -86.31%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2015

2015

YTD

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Composite Roll Select Indices

Jul Jun Q2 Q1 YTD 1-Year 3-Year 5-Year 10-Year 20-YearBCOM Roll Select BCOMRST -9.95% 1.76% 3.43% -5.45% -11.94% -27.14% -32.91% -24.31% 4.94% 249.89%

Roll Select Agriculture BCOMRAGT -10.85% 12.98% 7.60% -9.06% -12.77% -18.29% -38.55% -7.36% 39.22% 55.56%Roll Select Ex-Ags & Livestock BBURXALT -9.95% -2.10% 2.18% -3.75% -11.44% -32.52% -32.97% -34.59% -17.01%

Roll Select Grains BCOMRGRT -12.73% 18.62% 9.78% -7.79% -11.65% -11.87% -42.08% -5.67% 41.51% 38.59%Roll Select Softs BCOMRSOT -7.74% 2.66% 0.52% -15.31% -21.46% -34.52% -43.02% -24.75% -7.19% 12.30%

Roll Select Livestock BCOMRLIT -3.69% -4.70% -2.82% -6.78% -12.76% -13.99% 0.26% 5.81% 17.75%Roll Select Energy BCOMRENT -12.57% -0.59% 7.81% -6.56% -11.93% -44.53% -39.65% -47.97% -65.15%

Roll Select Ex-Energy BCOMRXET -8.44% 3.14% 1.21% -5.68% -12.59% -20.07% -32.74% -14.47% 60.97%Roll Select Petroleum BCOMRPET -15.97% -2.13% 10.26% -7.56% -14.34% -49.29% -42.15% -32.86% -25.56% 874.14%

Roll Select Industrial Metals BCOMRINT -7.11% -4.74% -4.96% -5.38% -16.46% -26.19% -26.54% -35.08% 41.59% 152.08%Roll Select Precious Metals BCOMRPRT -6.38% -2.97% -2.53% 1.36% -7.51% -18.62% -37.49% -11.44% 129.13% 200.65%

Single Commodity Roll Select Indices

Jul Jun Q2 Q1 YTD 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas RS BCOMRNGT -2.78% 4.61% 0.44% -6.12% -8.33% -33.54% -33.69% -72.16% -94.58% -55.06%WTI Crude RS BCOMRCLT -17.15% -1.30% 10.68% -11.84% -19.16% -53.30% -46.17% -42.15% -33.14% 1005.59%

Brent Crude RS BCOMRCOT -15.78% -2.79% 8.15% -7.45% -15.70% -50.56% -43.41% -27.28% -15.52% 1121.57%ULS Diesel RS BCOMRHOT -15.12% -3.50% 9.11% -4.38% -11.45% -44.65% -42.25% -29.17% -28.55% 523.07%

Unleaded Gasoline RS BCOMRRBT -14.67% -1.31% 14.74% -2.61% -4.65% -42.66% -29.88% -5.02% -5.22% 807.80%Corn RS BCOMRCNT -11.28% 17.74% 7.32% -5.91% -10.41% -7.38% -55.04% -3.32% 3.64% -48.65%

Soybeans RS BCOMRSYT -9.35% 14.52% 8.59% -5.44% -6.92% -13.42% -11.08% 49.07% 137.92% 404.55%Wheat RS BCOMRWHT -19.02% 27.52% 19.26% -14.01% -16.95% -13.80% -52.21% -51.10% -16.12% -52.98%

Soybean Oil RS BCOMRBOT -10.80% 2.04% 10.73% -6.04% -7.20% -19.35% -45.94% -32.62% -6.13% -1.52%Soybean Meal RS BCOMRSMT -6.22% 19.16% 9.76% -3.98% -1.17% 2.40% 30.58% 127.01% 380.05% 1776.06%HRW Wheat RS BCOMRKWT -18.65% 19.92% 6.13% -11.28% -23.40% -25.25% -50.30% -43.38% 20.69% -9.76%

Copper RS BCOMRHGT -9.62% -4.30% -4.88% -3.01% -16.62% -27.44% -32.51% -31.58% 89.97% 352.92%Alumnium RS BCOMRALT -4.23% -3.11% -5.74% -4.37% -13.67% -20.61% -26.09% -40.91% -26.71% -13.59%

Zinc RS BCOMRZST -4.23% -8.80% -4.67% -5.03% -13.29% -20.17% -5.01% -19.33% 65.35% 104.81%Nickel RS BCOMRNIT -7.95% -5.07% -3.70% -18.37% -27.64% -41.03% -32.73% -49.19% 19.12% 278.44%Gold RS BCOMRGCT -6.73% -1.50% -1.04% -0.21% -7.90% -15.04% -33.08% -9.88% 133.21% 177.68%Silver RS BCOMRSIT -5.37% -6.94% -6.57% 6.29% -6.02% -28.51% -48.58% -20.75% 94.44% 199.65%Sugar RS BCOMRSBT -9.70% 1.55% 0.73% -21.20% -28.33% -42.02% -58.62% -34.80% 2.14% 89.48%Coffee RS BCOMRKCT -5.42% 3.43% -4.55% -19.68% -27.49% -39.98% -44.87% -46.89% -40.46% -50.38%Cotton RS BCOMRCTT -5.44% 4.35% 6.21% 3.53% 3.97% -1.59% -3.11% 32.81% 4.60% -56.76%

Live Cattle RS BCOMRLCT -3.78% -2.11% -1.83% -1.66% -7.10% -4.08% 5.17% 17.17% 21.17% 136.25%Lean Hogs RS BCOMRLHT -3.45% -9.12% -4.55% -14.65% -21.35% -28.86% -9.27% -14.17% 1.50% 45.49%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

2015

2015

8

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

PERFORMANCE: Historical ReturnBloomberg Commodity Composite Indices

Commodities vs. Equities vs. Bonds vs. USD

Bloomberg Commodity Energy Subindices

Bloomberg Commodity Forward Indices

Bloomberg Commodity Group Subindices

Bloomberg Commodity Grains Subindices

-100%0%

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

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-50%0%

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

00 02 04 06 08 10 12 14

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

10 11 12 13 14 15

BloombergCommodity Index TR

S&P 500 Total ReturnIndex

Bloomberg USTreasury Bond Index

Bloomberg USD IGCorporate Bond Index

Bloomberg USD HYCorporate Bond Index

Bloomberg U.S. DollarSpot Index

-200%

0%

200%

400%

600%

800%

1000%

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

-500%

0%

500%

1000%

1500%

2000%

2500%

3000%

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

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline-200%

0%200%400%600%800%

1000%1200%1400%1600%1800%

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

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

-200%

0%

200%

400%

600%

800%

1000%

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

Copper

Alumnium

Zinc

Nickel-100%

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

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

Gold

Silver

-200%

-100%

0%

100%

200%

300%

400%

500%

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

Sugar

Coffee

Cotton

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

0%20%40%60%80%

100%120%

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

Live Cattle

Lean Hogs

9

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

Group Commodity Jul 2015 CTR31 July 2015 Actual

Weight30 June 2015

Actual WeightJuly 2015

Weight Change2015 Target

Weight Natural Gas -0.39% 9.03% 8.44% 0.59% 8.74% WTI Crude -1.95% 8.21% 9.31% -1.10% 7.84%

Brent Crude -1.53% 8.01% 8.57% -0.56% 7.16% ULS Diesel -0.68% 3.89% 4.16% -0.27% 3.76% Gasoline -0.59% 5.18% 5.22% -0.04% 3.69%Subtotal -5.14% 34.32% 35.70% -1.38% 31.19%

Corn -0.94% 7.40% 7.52% -0.12% 7.25% Soybeans -0.52% 5.51% 5.43% 0.08% 5.68%

Wheat -0.65% 3.13% 3.44% -0.31% 3.33% Soybean Oil -0.30% 2.81% 2.81% 0.00% 2.81%

Soybean Meal -0.17% 2.74% 2.61% 0.13% 2.75% HRW Wheat -0.22% 1.01% 1.12% -0.11% 1.17%

Subtotal -2.80% 22.60% 22.93% -0.33% 22.98% Copper -0.67% 7.04% 6.96% 0.08% 7.54%

Aluminum -0.21% 4.50% 4.23% 0.27% 4.59% Zinc -0.10% 2.35% 2.20% 0.15% 2.40%

Nickel -0.13% 1.64% 1.59% 0.05% 2.12%Subtotal -1.11% 15.53% 14.98% 0.55% 16.65%

Gold -0.75% 11.74% 11.22% 0.52% 11.90% Silver -0.21% 4.15% 3.92% 0.23% 4.28%

Subtotal -0.96% 15.89% 15.14% 0.75% 16.18% Sugar -0.35% 3.28% 3.28% 0.00% 4.00% Coffee -0.08% 1.73% 1.63% 0.10% 2.21% Cotton -0.09% 1.75% 1.66% 0.09% 1.51%

Subtotal -0.52% 6.76% 6.57% 0.19% 7.72% Live Cattle -0.11% 3.19% 2.89% 0.30% 3.33% Lean Hogs 0.00% 1.70% 1.77% -0.07% 1.94%Subtotal -0.11% 4.89% 4.66% 0.23% 5.27%

Total -10.6% 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q3 15 Q4 15 Q1 16 Q2 16Forward 2.76 3.03 3.06 3.00Forecast 2.91 3.30 3.50 3.50Forward 48.67 49.13 51.10 52.57Forecast 57.40 62.00 64.50 67.00Forward 54.23 54.57 56.59 58.19Forecast 61.00 65.00 69.00 69.00Forward 162.65 164.44 171.81 171.81Forecast 192.90 202.00 212.00 212.00Forward 175.41 148.20 156.67 171.33Forecast 186.85 184.50 200.00 214.00Forward 385.07 383.27 393.23 400.96Forecast 394.00 392.50 415.00 405.00Forward 975.77 943.00 943.78 942.17Forecast 926.50 920.00 950.00 925.00Forward 516.68 505.83 511.29 515.79Forecast 550.00 527.00 545.00 547.50Forward 5,309 5,236 5,247 5,259Forecast 6,173 6,250 6,129 6,319Forward 1,621 1,630 1,643 1,657Forecast 1,800 1,830 1,850 1,850Forward 1,942 1,920 1,928 1,936Forecast 2,213 2,250 2,300 2,333Forward 11,162 11,056 11,093 11,127Forecast 14,125 16,018 15,750 16,000Forward 1,106 1,095 1,097 1,098Forecast 1,159 1,170 1,200 1,203Forward 14.84 14.79 14.83 14.88Forecast 15.95 16.13 16.60 17.25Forward 11.39 12.40 12.44 12.52Forecast 13.10 13.40 13.98 13.70Forward 125.35 128.94 132.28 135.13Forecast 155.00 155.00 160.00 162.50Forward 64.45 64.19 64.27 64.65Forecast 63.50 64.00 65.60 65.60

Softs

Bloomberg survey of commodity analysts

Energy

Grains

Industrial Metals

Precious Metals

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

Corn

Soybeans

Wheat

Copper

Aluminum

Coffee

Cotton

Zinc

Nickel

Gold

Silver

Sugar

Energy

Livestock

Softs

Precious Metals

Industrial Metals

Grains

10

Composite Indices

Bloomberg Commodity ER BCOM 14.25% 14.31% 14.11% 11.46% 14.02% 18.16% 15.84%Bloomberg Commodity TR BCOMTR 14.24% 14.30% 14.11% 11.46% 14.02% 18.16% 15.83%

Bloomberg Commodity Spot BCOMSP 14.22% 14.36% 14.19% 11.51% 14.08% 18.25% 15.93%Bloomberg Roll Select BCOMRST 13.40% 13.45% 13.22% 10.79% 13.33% 16.94% 14.46%

1 Month Forward BCOMF1T 14.16% 14.13% 13.80% 11.14% 13.74% 17.78% 15.27% 2 Month Forward BCOMF2T 13.97% 13.88% 13.49% 10.92% 13.53% 17.43% 14.75% 3 Month Forward BCOMF3T 13.77% 13.55% 13.08% 10.67% 13.34% 17.09% 14.32% 4 Month Forward BCOMF4T 13.47% 13.24% 12.82% 10.45% 13.12% 16.79% 5 Month Forward BCOMF5T 13.07% 12.67% 12.28% 10.07% 12.75% 16.24% 6 Month Forward BCOMF6T 13.07% 12.67% 12.28% 10.07% 12.75% 16.24%

Energy BCOMENTR 26.92% 25.78% 30.60% 22.18% 22.73% 29.26% 30.21%Petroleum BCOMPETR 31.62% 29.83% 35.12% 24.33% 25.47% 32.22% 32.31%Agriculture BCOMAGTR 16.50% 19.02% 16.46% 14.93% 18.73% 20.92% 18.32%

Grains BCOMGRTR 20.44% 24.56% 20.65% 19.12% 22.71% 25.14% 22.53%Industrial Metals BCOMINTR 22.55% 17.12% 16.86% 16.25% 19.55% 26.18% 22.21%Precious Metals BCOMPRTR 13.64% 13.95% 17.33% 19.29% 21.04% 23.34% 19.56%

Softs BCOMSOTR 17.43% 19.52% 20.61% 18.90% 21.79% 22.37% 20.50%Livestock BCOMLITR 15.68% 12.54% 14.86% 11.75% 12.95% 13.82% 14.28%Ex-Energy BCOMXETR 12.56% 11.68% 11.26% 10.83% 13.85% 16.72% 13.71%

Ex-Petroleum BCOMXPET 12.85% 12.30% 11.33% 10.90% 13.45% 16.84%Ex-Agriculture BCOMXAGT 16.12% 15.98% 16.80% 13.31% 15.23% 20.06%

Ex-Grains BCOMXGRT 12.56% 11.68% 11.26% 10.83% 13.85% 16.72%Ex-Industrial Metals BCOMXIMT 15.08% 14.61% 15.20% 12.18% 14.37% 18.88%Ex-Precious Metals BCOMXPMT 14.16% 15.31% 15.46% 12.31% 14.55% 18.48%

Ex-Softs BCOMXSOT 16.52% 16.07% 15.70% 12.19% 14.71% 19.04%Ex-Livestock BCOMXLIT 14.92% 14.92% 14.74% 11.96% 14.34% 18.75%

Ex-Agriculture & Livestock BCOMXALT 16.12% 15.98% 16.80% 13.31% 15.23% 20.06%S&P 500 Total Return Index SPXT 11.67% 11.12% 12.18% 11.44% 14.99% 20.48% 19.43%

Bloomberg US Treasury Bond Index BUSY 4.53% 5.02% 4.40% 3.77% 4.23%Bloomberg USD IG Corporate Bond Index BUSC 4.39% 5.18% 4.49% 4.00% 4.59%Bloomberg USD HY Corporate Bond Index BUHY 2.85% 2.27% 3.34% 2.71% 2.83%

Bloomberg U.S. Dollar Spot Index BBDXY 5.54% 7.40% 7.28% 5.75% 6.48% 7.06%

Single Commodity Indices

Natural Gas BCOMNGTR 30.34% 36.13% 42.86% 37.95% 38.38% 44.73% 47.22%WTI Crude BCOMCLTR 35.55% 32.36% 39.82% 27.60% 28.55% 34.11% 33.81%

Brent Crude BCOMCOT 35.00% 31.34% 36.31% 24.87% 25.42% 31.51% 31.23%ULS Diesel BCOMHOTR 28.32% 28.18% 29.98% 21.63% 22.67% 30.29% 31.83%

Unleaded Gasoline BCOMRBTR 30.73% 29.60% 34.31% 25.12% 25.98% 34.39% 33.49%Corn BCOMCNTR 28.26% 28.37% 24.31% 23.79% 28.24% 30.86% 26.81%

Soybeans BCOMSYTR 21.08% 21.55% 20.99% 20.07% 21.44% 24.84% 23.74%Wheat BCOMWHTR 23.98% 36.59% 29.83% 25.47% 31.51% 33.92% 29.67%

Soybean Oil BCOMBOTR 25.76% 24.30% 22.34% 18.91% 20.12% 24.13% 23.23%Soybean Meal BCOMSMT 20.71% 23.84% 25.92% 25.00% 25.39% 28.01% 26.52%HRW Wheat BCOMKWT 17.78% 34.21% 27.79% 23.84% 28.73% 30.88% 26.91%

Copper BCOMHGTR 23.80% 18.21% 20.08% 18.43% 22.42% 31.44% 27.68%Alumnium BCOMALTR 17.93% 17.99% 17.31% 17.68% 19.58% 24.12% 20.47%

Zinc BCOMZSTR 26.36% 20.58% 19.16% 17.82% 23.44% 34.32% 27.94%Nickel BCOMNITR 47.07% 36.31% 29.60% 25.87% 28.88% 39.03% 35.40%Gold BCOMGCTR 12.60% 12.62% 15.01% 17.22% 17.99% 20.35% 17.42%Silver BCOMSITR 21.37% 20.98% 27.62% 28.31% 33.87% 36.19% 30.44%Sugar BCOMSBTR 30.73% 28.78% 25.64% 22.07% 29.94% 33.11% 31.75%Coffee BCOMKCTR 25.40% 29.49% 35.75% 35.64% 33.96% 31.63% 36.89%Cotton BCOMCTTR 13.74% 18.29% 19.39% 19.68% 27.30% 27.38% 26.07%

Live Cattle BCOMLCTR 13.26% 12.30% 15.21% 11.98% 13.08% 13.69% 14.14%Lean Hogs BCOMLHTR 30.07% 24.10% 25.10% 19.80% 20.10% 22.09% 23.88%

10-Year 20-Year

20-Year

VOLATILITY: Realized

Index Name Ticker

Index Name Ticker

3-Mon 1-Year 3-Year1-Mon

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

5-Year

11

VOLATILITY: ImpliedVCA <GO>, OVDV <GO>

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

End of Jul 1% 36% 1% 1% 36% 0% 0% 37% 1%End of Jun 0% 41% 1% 1% 41% 0% 0% 38% 1%End of Jul 3% 37% -1% 1% 37% 0% 0% 37% -2%End of Jun 8% 28% 1% 2% 33% -3% 2% 33% -2%End of Jul -1% 39% -3% 0% 35% 0% 0% 36% 0%End of Jun 4% 30% 1% 1% 33% -1% 2% 33% -1%End of Jul 1% 31% 0% 0% 32% 0% 1% 31% -1%End of Jun 1% 28% 2% 0% 29% 1% 1% 30% 0%End of Jul -1% 36% 0% -3% 37% 1% -1% 34% 1%End of Jun 1% 33% 0% 0% 35% -1% 0% 33% 0%End of Jul -1% 31% 5% -1% 29% 2% -1% 27% 1%End of Jun -2% 37% 5% -1% 30% 3% -1% 27% 1%End of Jul 1% 22% 4% 0% 20% 2% 0% 19% 1%End of Jun 0% 25% 2% 0% 22% 1% 0% 19% 1%End of Jul 0% 29% 3% -1% 27% 2% -1% 26% 1%End of Jun -1% 38% 2% -1% 33% 1% -1% 29% 1%End of Jul 2% 24% 3% 1% 21% 1% 0% 20% 1%End of Jun 2% 20% 2% 1% 20% 1% 0% 18% 1%End of Jul 2% 28% 3% 0% 25% 1% 0% 22% 1%End of Jun 3% 29% 3% 1% 25% 2% 1% 22% 1%End of Jul 0% 29% 3% -1% 27% 1% -1% 25% 1%End of Jun -1% 37% 2% -1% 33% 1% -1% 28% 1%End of Jul 2% 27% 1% 1% 25% -1% 3% 25% -2%End of Jun 2% 21% -1% 2% 21% -1% 2% 21% -1%End of Jul 0% 18% 0% 0% 18% 0% 0% 18% 0%End of Jun 0% 20% 0% 0% 20% 0% 0% 18% 0%End of Jul 0% 26% 0% 0% 24% 0% 0% 26% 0%End of Jun 0% 21% 0% 0% 21% 0% 0% 21% 0%End of Jul 0% 36% 0% 0% 35% 0% 0% 35% 0%End of Jun 0% 35% 1% 0% 29% 0% 0% 28% -1%End of Jul 3% 14% -1% 2% 16% -1% 1% 16% 0%End of Jun 1% 13% 0% 1% 14% 0% 1% 15% 0%End of Jul 7% 25% 0% 3% 27% -1% 2% 27% 0%End of Jun 5% 22% 1% 4% 23% 1% 3% 24% 0%End of Jul 1% 26% 2% 1% 23% 1% 0% 23% 1%End of Jun 1% 27% 4% 1% 25% 1% 0% 22% 1%End of Jul -1% 32% 5% -1% 32% 3% -2% 31% 2%

End of Jun 0% 33% 6% -2% 34% 3% -2% 33% 2%End of Jul 2% 20% 3% 0% 20% 1% 0% 20% 0%End of Jun 0% 21% 1% 0% 21% 2% 0% 21% 1%End of Jul 4% 13% 2% 2% 14% 0% 1% 12% 0%

End of Jun 7% 13% 5% 2% 12% -1% 2% 11% -1%End of Jul 10% 20% 4% 2% 29% -2% 2% 26% -2%End of Jun 9% 18% 5% 2% 25% 0% 1% 25% -1%

Aluminum

Zinc

Nickel

Ener

gy

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

Live

stoc

k Live Cattle

Lean Hogs

Grai

nsPr

ecio

us

Met

als Gold

Silver

Softs

Sugar

Coffee

Cotton

Soybean Oil

Soybean Meal

HRW Wheat

Indu

stria

l Met

als Copper

3M 6M

Corn

Soybeans

Wheat

1M

12

Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices

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

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

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

5%

10%

15%

20%

25%

30%

35%

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5%

10%

15%

20%

25%

30%

35%

02 04 06 08 10 12 14

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

0%

5%

10%

15%

20%

25%

11 12 13 14 15

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

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

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

10%

20%

30%

40%

50%

60%

70%

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

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline10%

15%

20%

25%

30%

35%

40%

45%

50%

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

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

10%

20%

30%

40%

50%

60%

70%

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

Copper

Alumnium

Zinc

Nickel0%

10%

20%

30%

40%

50%

60%

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

Gold

Silver

10%

20%

30%

40%

50%

60%

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

Sugar

Coffee

Cotton

5%

10%

15%

20%

25%

30%

35%

40%

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

Live Cattle

Lean Hogs

13

Bloo

mbe

rg

Com

mod

ity

Roll

Sele

ct

1 M

onth

Fo

rwar

d

3 M

onth

Fo

rwar

d

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Bloomberg Commodity 100% 100% 100% 99% 99% 85% 82% 60% 52% 52% 43% 36% 27% 76% 94%Roll Select 100% 100% 100% 100% 99% 83% 81% 61% 53% 54% 44% 36% 26% 78% 93%

1 Month Forward 100% 100% 100% 100% 99% 84% 81% 61% 52% 53% 43% 36% 27% 77% 94%3 Month Forward 99% 100% 100% 100% 100% 82% 81% 62% 53% 54% 44% 36% 26% 78% 93%6 Month Forward 99% 99% 99% 100% 100% 80% 81% 62% 53% 54% 46% 37% 25% 79% 92%

Energy 85% 83% 84% 82% 80% 100% 91% 22% 17% 24% 15% 9% 15% 30% 93%Petroleum 82% 81% 81% 81% 81% 91% 100% 23% 18% 29% 19% 11% 15% 34% 88%Agriculture 60% 61% 61% 62% 62% 22% 23% 100% 92% 27% 19% 58% 14% 81% 30%

Grains 52% 53% 52% 53% 53% 17% 18% 92% 100% 20% 13% 25% 8% 71% 23%Industrial Metals 52% 54% 53% 54% 54% 24% 29% 27% 20% 100% 26% 22% 19% 65% 51%Precious Metals 43% 44% 43% 44% 46% 15% 19% 19% 13% 26% 100% 19% 11% 59% 43%

Softs 36% 36% 36% 36% 37% 9% 11% 58% 25% 22% 19% 100% 21% 53% 18%Livestock 27% 26% 27% 26% 25% 15% 15% 14% 8% 19% 11% 21% 100% 30% 20%Ex-Energy 76% 78% 77% 78% 79% 30% 34% 81% 71% 65% 59% 53% 30% 100% 56%

Ex-Agriculture & Livestock 94% 93% 94% 93% 92% 93% 88% 30% 23% 51% 43% 18% 20% 56% 100%S&P 500 Total Return Index 15% 16% 15% 16% 16% 14% 17% 11% 12% 17% -10% 0% 7% 10% 13%

S&P Energy 52% 53% 53% 53% 53% 57% 61% 21% 19% 24% 8% 9% 12% 27% 54%S&P Financial 10% 11% 10% 11% 12% 9% 12% 10% 12% 17% -17% 0% 4% 7% 7%

S&P Health Care 3% 3% 3% 3% 4% 2% 2% 4% 7% 6% -9% -5% 8% 3% 1%S&P Consumer Discretionary 6% 7% 6% 7% 8% 5% 8% 9% 12% 16% -18% -2% 7% 6% 3%

S&P IT 7% 8% 7% 8% 9% 4% 7% 8% 10% 14% -8% -1% 4% 8% 5%S&P Utilities -4% -3% -4% -4% -4% 0% -1% -4% 1% -9% -3% -9% 0% -7% -3%

S&P Consumers Staples 0% 1% 1% 1% 1% -3% -2% 5% 8% 9% -9% 1% 6% 4% -2%S&P Industrials 10% 11% 11% 11% 12% 12% 15% 6% 7% 14% -12% -2% 1% 5% 10%

S&P Telecommunication 12% 13% 13% 13% 14% 9% 14% 11% 14% 12% -5% 3% 9% 11% 9%S&P Materials 27% 28% 28% 28% 29% 26% 32% 14% 13% 23% 1% 5% 9% 18% 27%

Bloomberg US Treasury -14% -15% -14% -15% -15% -16% -18% -11% -10% -20% 19% -2% -4% -8% -12%Bloomberg USD IG Corporate -13% -13% -13% -13% -13% -15% -16% -10% -8% -17% 17% -3% -3% -6% -12%Bloomberg USD HY Corporate 12% 12% 12% 14% 15% 9% 17% 7% 5% 21% -7% 2% 10% 11% 11%

Bloomberg U.S. Dollar Spot -40% -40% -40% -40% -41% -29% -31% -26% -18% -8% -36% -28% -11% -33% -36%EURUSD 26% 26% 26% 26% 27% 22% 22% 19% 15% 0% 20% 19% 5% 19% 23%JPYUSD 15% 14% 14% 15% 15% 6% 7% 7% 2% -7% 39% 17% 4% 16% 14%CADUSD 55% 56% 55% 56% 57% 48% 53% 29% 23% 20% 30% 21% 16% 38% 53%MXNUSD 36% 37% 36% 37% 37% 29% 29% 27% 21% 13% 18% 23% 15% 30% 32%GBPUSD 27% 27% 26% 27% 28% 22% 23% 16% 11% 3% 21% 17% 10% 20% 25%AUDUSD 35% 36% 36% 37% 38% 23% 26% 21% 17% 17% 30% 18% 16% 32% 32%CHFUSD 8% 7% 8% 8% 8% 0% 0% 5% 1% 7% 23% 13% 4% 15% 7%KRWUSD 25% 26% 25% 26% 28% 11% 12% 18% 13% 11% 37% 20% 1% 29% 22%CNYUSD -1% -2% -1% -3% -2% 5% 1% -12% -13% -5% 3% -1% 7% -8% 3%

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Bloomberg Commodity 100% 99% 100% 99% 99% 78% 74% 72% 65% 66% 56% 50% 25% 88% 92%Roll Select 99% 100% 99% 100% 99% 76% 73% 72% 64% 68% 58% 51% 24% 89% 92%

1 Month Forward 100% 99% 100% 100% 99% 77% 74% 73% 65% 67% 57% 51% 25% 89% 92%3 Month Forward 99% 100% 100% 100% 100% 75% 74% 72% 65% 68% 58% 51% 24% 89% 91%6 Month Forward 99% 99% 99% 100% 100% 74% 73% 71% 64% 69% 59% 51% 23% 89% 91%

Energy 78% 76% 77% 75% 74% 100% 85% 30% 26% 35% 24% 22% 15% 40% 87%Petroleum 74% 73% 74% 74% 73% 85% 100% 31% 25% 43% 30% 25% 14% 45% 81%Agriculture 72% 72% 73% 72% 71% 30% 31% 100% 95% 35% 27% 60% 18% 84% 40%

Grains 65% 64% 65% 65% 64% 26% 25% 95% 100% 27% 22% 35% 16% 76% 33%Industrial Metals 66% 68% 67% 68% 69% 35% 43% 35% 27% 100% 45% 33% 13% 72% 69%Precious Metals 56% 58% 57% 58% 59% 24% 30% 27% 22% 45% 100% 23% 7% 66% 60%

Softs 50% 51% 51% 51% 51% 22% 25% 60% 35% 33% 23% 100% 17% 57% 33%Livestock 25% 24% 25% 24% 23% 15% 14% 18% 16% 13% 7% 17% 100% 26% 17%Ex-Energy 88% 89% 89% 89% 89% 40% 45% 84% 76% 72% 66% 57% 26% 100% 70%

Ex-Agriculture & Livestock 92% 92% 92% 91% 91% 87% 81% 40% 33% 69% 60% 33% 17% 70% 100%S&P 500 Total Return Index 37% 37% 38% 38% 39% 29% 38% 24% 19% 41% 9% 22% 12% 32% 35%

S&P Energy 53% 54% 54% 54% 54% 51% 59% 29% 23% 44% 20% 27% 13% 40% 55%S&P Financial 30% 31% 31% 32% 32% 24% 31% 20% 15% 38% 3% 21% 9% 27% 29%

S&P Health Care 26% 26% 26% 27% 27% 19% 26% 18% 14% 30% 4% 17% 11% 23% 24%S&P Consumer Discretionary 28% 29% 29% 30% 30% 22% 29% 20% 17% 36% 2% 16% 11% 25% 26%

S&P IT 32% 33% 33% 33% 34% 23% 32% 21% 17% 38% 8% 19% 12% 30% 30%S&P Utilities 18% 18% 18% 19% 19% 15% 19% 12% 10% 17% 5% 13% 4% 15% 17%

S&P Consumers Staples 24% 24% 24% 25% 25% 18% 23% 15% 13% 28% 7% 14% 10% 21% 23%S&P Industrials 35% 35% 35% 36% 37% 26% 35% 23% 18% 41% 8% 22% 11% 31% 33%

S&P Telecommunication 21% 22% 22% 22% 23% 17% 22% 14% 11% 24% 5% 14% 7% 18% 21%S&P Materials 46% 46% 46% 47% 48% 34% 43% 29% 23% 48% 21% 26% 13% 42% 45%

Bloomberg US Treasury -20% -21% -21% -21% -21% -20% -24% -15% -13% -25% 10% -10% -7% -15% -19%Bloomberg USD IG Corporate -14% -14% -15% -14% -14% -17% -20% -11% -9% -17% 13% -6% -6% -8% -13%Bloomberg USD HY Corporate 22% 23% 23% 24% 25% 15% 20% 15% 12% 27% 10% 13% 5% 22% 21%

Bloomberg U.S. Dollar Spot -44% -44% -44% -45% -45% -32% -36% -27% -20% -36% -35% -28% -7% -40% -43%EURUSD 36% 36% 36% 36% 37% 27% 30% 21% 17% 31% 25% 23% 5% 32% 36%JPYUSD 3% 3% 3% 3% 3% -1% -1% 2% 1% -4% 18% 4% -4% 5% 3%CADUSD 50% 50% 50% 51% 51% 41% 48% 30% 24% 39% 27% 27% 13% 42% 49%MXNUSD 37% 37% 37% 37% 38% 28% 33% 24% 18% 36% 18% 25% 12% 33% 35%GBPUSD 31% 32% 32% 33% 33% 21% 26% 20% 15% 26% 26% 19% 9% 30% 31%AUDUSD 46% 47% 46% 47% 48% 31% 38% 31% 24% 40% 33% 30% 12% 44% 44%CHFUSD 17% 17% 17% 18% 18% 8% 8% 10% 7% 19% 24% 14% -2% 20% 18%KRWUSD 33% 34% 34% 34% 36% 20% 25% 24% 20% 32% 22% 20% 11% 34% 31%CNYUSD 8% 9% 9% 8% 9% 5% 5% 6% 5% 7% 7% 5% 0% 8% 8%

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Natural Gas 100% 21% 20% 20% 19% 4% 7% 5% 16% 2% 6% -3% 10% -3% 1% -6% 7% 2% 3% -3% 8% 5%WTI Crude 21% 100% 94% 90% 87% 15% 23% 5% 39% 12% 6% 30% 25% 20% 16% 16% 23% 8% 11% 18% 14% 14%

Brent Crude 20% 94% 100% 97% 93% 16% 23% 5% 38% 12% 7% 29% 25% 19% 16% 12% 20% 4% 7% 21% 11% 11%ULS Diesel 20% 90% 97% 100% 92% 18% 25% 8% 38% 14% 9% 28% 24% 19% 16% 16% 24% 6% 8% 23% 9% 11%

Unleaded Gasoline 19% 87% 93% 92% 100% 13% 21% 3% 38% 11% 5% 23% 21% 16% 17% 17% 24% 0% 8% 18% 10% 8%Corn 4% 15% 16% 18% 13% 100% 66% 62% 36% 59% 57% 21% 16% 18% 14% 11% 13% 21% 7% 13% 11% 2%

Soybeans 7% 23% 23% 25% 21% 66% 100% 37% 56% 88% 32% 22% 15% 18% 20% 8% 18% 22% 14% 27% 6% 4%Wheat 5% 5% 5% 8% 3% 62% 37% 100% 19% 32% 95% 10% 0% 1% 1% 8% 6% 20% 8% 12% 11% -3%

Soybean Oil 16% 39% 38% 38% 38% 36% 56% 19% 100% 24% 15% 22% 20% 25% 26% 17% 27% 14% 18% 24% 12% 1%Soybean Meal 2% 12% 12% 14% 11% 59% 88% 32% 24% 100% 28% 14% 10% 10% 7% 0% 9% 17% 10% 20% 3% 2%HRW Wheat 6% 6% 7% 9% 5% 57% 32% 95% 15% 28% 100% 8% -1% -1% 1% 7% 4% 17% 6% 7% 9% -3%

Copper -3% 30% 29% 28% 23% 21% 22% 10% 22% 14% 8% 100% 55% 67% 51% 21% 35% 17% 6% 24% 13% 14%Alumnium 10% 25% 25% 24% 21% 16% 15% 0% 20% 10% -1% 55% 100% 64% 48% 11% 20% 17% 5% 14% 12% 12%

Zinc -3% 20% 19% 19% 16% 18% 18% 1% 25% 10% -1% 67% 64% 100% 54% 17% 27% 21% 7% 14% 15% 16%Nickel 1% 16% 16% 16% 17% 14% 20% 1% 26% 7% 1% 51% 48% 54% 100% 11% 19% 15% 12% 21% 6% 7%Gold -6% 16% 12% 16% 17% 11% 8% 8% 17% 0% 7% 21% 11% 17% 11% 100% 81% 12% 13% 7% 10% 2%Silver 7% 23% 20% 24% 24% 13% 18% 6% 27% 9% 4% 35% 20% 27% 19% 81% 100% 13% 20% 11% 16% 8%Sugar 2% 8% 4% 6% 0% 21% 22% 20% 14% 17% 17% 17% 17% 21% 15% 12% 13% 100% 24% 18% 11% 12%Coffee 3% 11% 7% 8% 8% 7% 14% 8% 18% 10% 6% 6% 5% 7% 12% 13% 20% 24% 100% 9% 9% 15%Cotton -3% 18% 21% 23% 18% 13% 27% 12% 24% 20% 7% 24% 14% 14% 21% 7% 11% 18% 9% 100% 15% 9%

Live Cattle 8% 14% 11% 9% 10% 11% 6% 11% 12% 3% 9% 13% 12% 15% 6% 10% 16% 11% 9% 15% 100% 25%Lean Hogs 5% 14% 11% 11% 8% 2% 4% -3% 1% 2% -3% 14% 12% 16% 7% 2% 8% 12% 15% 9% 25% 100%

S&P 500 Total Return Index 0% 17% 19% 16% 13% 11% 12% 9% 6% 11% 6% 16% 16% 10% 8% -14% -2% 4% -8% 19% 4% 8%S&P Energy 18% 62% 61% 58% 52% 17% 20% 11% 25% 13% 11% 24% 25% 18% 9% 3% 14% 13% -1% 20% 9% 11%

S&P Financial -2% 12% 14% 11% 7% 10% 14% 8% 6% 13% 3% 16% 17% 13% 9% -22% -7% 6% -9% 17% 2% 6%S&P Health Care 0% 3% 4% 0% 0% 5% 6% 8% 1% 6% 5% 4% 9% 2% 5% -11% -4% -1% -9% 11% 6% 6%

S&P Consumer Discretionary -4% 7% 10% 7% 3% 11% 10% 11% 1% 10% 8% 16% 13% 7% 13% -22% -8% 1% -9% 20% 5% 6%S&P IT -4% 6% 9% 7% 6% 9% 12% 5% 5% 10% 1% 13% 14% 10% 8% -12% 1% 0% -5% 17% 1% 7%

S&P Utilities 2% -2% 1% -2% -1% 0% -3% 6% -11% -2% 6% -5% -3% -16% -10% -1% -7% -1% -15% 12% 0% 0%S&P Consumers Staples -3% -2% -1% -1% -5% 7% 1% 11% -6% 3% 9% 9% 10% 3% 2% -9% -7% 6% -8% 12% 3% 7%

S&P Industrials -2% 15% 17% 14% 12% 6% 8% 6% 3% 8% 4% 15% 12% 8% 6% -15% -5% 2% -8% 14% -2% 5%S&P Telecommunication -6% 13% 13% 14% 13% 13% 5% 16% 2% 3% 16% 9% 13% 12% 4% -6% -4% 7% -7% 19% 9% 4%

S&P Materials 1% 33% 33% 30% 25% 12% 14% 7% 13% 9% 6% 21% 21% 17% 12% -2% 5% 13% -10% 18% 7% 9%Bloomberg US Treasury -3% -18% -19% -15% -13% -7% -14% -6% -14% -12% -2% -17% -19% -15% -11% 25% 7% -2% -3% 0% -1% -6%

Bloomberg USD IG Corporate -5% -17% -17% -12% -11% -5% -11% -6% -13% -9% -3% -15% -18% -11% -9% 22% 6% -1% -5% 5% 0% -5%Bloomberg USD HY Corporate -11% 15% 19% 17% 16% 9% 11% -6% 10% 10% -9% 15% 21% 20% 12% -10% -2% 7% -7% 19% 10% 5%

Bloomberg U.S. Dollar Spot -11% -32% -29% -31% -26% -16% -18% -13% -17% -12% -14% -11% -3% -2% -6% -38% -29% -19% -18% -28% -9% -9%EURUSD 9% 24% 20% 21% 17% 12% 11% 14% 10% 8% 14% 5% -5% -5% -1% 21% 16% 13% 10% 23% 4% 3%JPYUSD 2% 6% 5% 9% 7% 2% 1% 2% -2% 2% 4% -3% -9% -9% -5% 45% 26% 8% 18% 8% 5% 1%CADUSD 11% 54% 52% 52% 48% 18% 29% 13% 34% 17% 13% 20% 13% 11% 17% 29% 28% 11% 16% 30% 14% 11%MXNUSD 14% 30% 28% 26% 26% 16% 25% 13% 19% 18% 13% 10% 12% 9% 11% 17% 17% 17% 13% 24% 13% 11%GBPUSD 8% 25% 22% 23% 18% 7% 17% 7% 12% 12% 6% 4% 5% -3% 2% 21% 18% 14% 10% 16% 6% 10%AUDUSD 5% 27% 26% 28% 21% 15% 18% 9% 15% 12% 9% 16% 9% 13% 17% 31% 22% 12% 12% 21% 13% 12%CHFUSD 0% -1% 0% 1% -3% 3% -4% 3% 7% -8% 4% 12% 1% 4% 2% 27% 12% 14% 2% 13% 0% 6%KRWUSD 3% 13% 11% 13% 9% 12% 11% 10% 8% 9% 12% 12% 9% 5% 9% 39% 28% 16% 13% 14% 4% -3%CNYUSD 9% -1% 2% 2% 1% -11% -13% -10% -7% -10% -8% -8% 0% -9% 1% 3% 3% -13% 13% 3% 6% 5%

Nat

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Natural Gas 100% 14% 12% 13% 11% 12% 6% 11% 6% 5% 12% 2% 7% 0% 2% 0% 5% 5% 6% -2% 6% 6%WTI Crude 14% 100% 90% 85% 82% 20% 26% 18% 37% 16% 18% 43% 36% 33% 31% 25% 34% 20% 16% 22% 14% 12%

Brent Crude 12% 90% 100% 96% 91% 20% 26% 18% 37% 16% 19% 39% 31% 29% 28% 23% 32% 18% 14% 21% 11% 9%ULS Diesel 13% 85% 96% 100% 89% 20% 27% 18% 38% 18% 19% 37% 30% 28% 28% 22% 31% 18% 14% 23% 10% 10%

Unleaded Gasoline 11% 82% 91% 89% 100% 18% 23% 17% 35% 14% 18% 35% 30% 27% 27% 22% 32% 14% 13% 19% 11% 7%Corn 12% 20% 20% 20% 18% 100% 62% 68% 46% 56% 65% 18% 18% 16% 19% 15% 19% 27% 15% 24% 15% 9%

Soybeans 6% 26% 26% 27% 23% 62% 100% 50% 71% 92% 48% 28% 25% 26% 23% 19% 25% 26% 14% 25% 11% 8%Wheat 11% 18% 18% 18% 17% 68% 50% 100% 40% 43% 95% 19% 17% 16% 19% 15% 18% 24% 16% 24% 14% 7%

Soybean Oil 6% 37% 37% 38% 35% 46% 71% 40% 100% 46% 39% 34% 30% 32% 28% 23% 30% 24% 17% 30% 14% 9%Soybean Meal 5% 16% 16% 18% 14% 56% 92% 43% 46% 100% 42% 20% 18% 18% 14% 14% 18% 20% 10% 17% 8% 5%HRW Wheat 12% 18% 19% 19% 18% 65% 48% 95% 39% 42% 100% 19% 16% 15% 18% 14% 16% 23% 15% 22% 14% 7%

Copper 2% 43% 39% 37% 35% 18% 28% 19% 34% 20% 19% 100% 66% 73% 60% 39% 50% 22% 20% 25% 11% 10%Alumnium 7% 36% 31% 30% 30% 18% 25% 17% 30% 18% 16% 66% 100% 70% 56% 32% 40% 21% 17% 20% 11% 11%

Zinc 0% 33% 29% 28% 27% 16% 26% 16% 32% 18% 15% 73% 70% 100% 60% 32% 41% 20% 18% 19% 9% 9%Nickel 2% 31% 28% 28% 27% 19% 23% 19% 28% 14% 18% 60% 56% 60% 100% 24% 33% 22% 17% 23% 7% 7%Gold 0% 25% 23% 22% 22% 15% 19% 15% 23% 14% 14% 39% 32% 32% 24% 100% 82% 12% 18% 13% 7% 2%Silver 5% 34% 32% 31% 32% 19% 25% 18% 30% 18% 16% 50% 40% 41% 33% 82% 100% 16% 22% 18% 8% 5%Sugar 5% 20% 18% 18% 14% 27% 26% 24% 24% 20% 23% 22% 21% 20% 22% 12% 16% 100% 27% 24% 13% 12%Coffee 6% 16% 14% 14% 13% 15% 14% 16% 17% 10% 15% 20% 17% 18% 17% 18% 22% 27% 100% 13% 9% 9%Cotton -2% 22% 21% 23% 19% 24% 25% 24% 30% 17% 22% 25% 20% 19% 23% 13% 18% 24% 13% 100% 9% 6%

Live Cattle 6% 14% 11% 10% 11% 15% 11% 14% 14% 8% 14% 11% 11% 9% 7% 7% 8% 13% 9% 9% 100% 36%Lean Hogs 6% 12% 9% 10% 7% 9% 8% 7% 9% 5% 7% 10% 11% 9% 7% 2% 5% 12% 9% 6% 36% 100%

S&P 500 Total Return Index 1% 38% 35% 33% 32% 15% 19% 16% 23% 13% 17% 42% 33% 32% 29% 4% 15% 19% 10% 22% 12% 8%S&P Energy 11% 59% 56% 53% 51% 18% 22% 20% 29% 15% 21% 45% 35% 36% 31% 15% 26% 22% 14% 23% 12% 10%

S&P Financial 0% 31% 29% 28% 27% 11% 16% 13% 20% 11% 14% 39% 29% 30% 27% -1% 11% 17% 9% 20% 8% 7%S&P Health Care -1% 26% 24% 22% 21% 11% 15% 11% 17% 11% 12% 30% 25% 23% 21% 1% 9% 14% 8% 17% 11% 7%

S&P Consumer Discretionary -2% 29% 27% 25% 26% 13% 16% 15% 19% 11% 16% 36% 28% 27% 27% -2% 8% 14% 6% 18% 12% 6%S&P IT -2% 32% 29% 28% 28% 14% 18% 13% 22% 13% 14% 38% 31% 30% 27% 4% 14% 16% 8% 20% 13% 7%

S&P Utilities 1% 19% 17% 15% 16% 8% 8% 9% 9% 5% 12% 18% 14% 12% 10% 4% 6% 14% 2% 15% 5% 2%S&P Consumers Staples 0% 24% 22% 21% 20% 11% 12% 10% 14% 8% 11% 28% 22% 21% 20% 4% 10% 13% 4% 17% 8% 8%

S&P Industrials -1% 35% 32% 30% 30% 14% 19% 15% 22% 13% 16% 42% 32% 32% 29% 4% 14% 18% 10% 21% 10% 7%S&P Telecommunication 1% 21% 21% 20% 20% 8% 11% 10% 12% 8% 10% 24% 20% 19% 16% 3% 7% 14% 4% 16% 6% 5%

S&P Materials 2% 43% 40% 37% 37% 19% 22% 19% 27% 15% 21% 49% 37% 40% 34% 17% 26% 20% 14% 23% 13% 8%Bloomberg US Treasury -3% -24% -23% -21% -21% -9% -14% -11% -17% -9% -12% -26% -19% -18% -16% 15% 0% -8% -4% -10% -5% -6%

Bloomberg USD IG Corporate -3% -20% -18% -17% -16% -7% -10% -8% -13% -6% -9% -19% -13% -12% -10% 17% 5% -6% -2% -6% -4% -5%Bloomberg USD HY Corporate -2% 20% 20% 20% 17% 11% 15% 6% 19% 11% 7% 25% 21% 22% 21% 7% 14% 9% 7% 15% 3% 5%

Bloomberg U.S. Dollar Spot -7% -36% -35% -34% -31% -16% -20% -17% -21% -15% -18% -37% -29% -27% -25% -34% -34% -19% -19% -24% -7% -6%EURUSD 8% 31% 29% 28% 26% 14% 15% 14% 17% 10% 15% 31% 26% 23% 20% 23% 25% 16% 14% 20% 4% 4%JPYUSD -1% -1% -1% 0% 0% 1% 1% 2% -5% 3% 1% -4% -4% -4% -4% 20% 13% 2% 6% 0% -1% -4%CADUSD 7% 48% 47% 44% 42% 19% 26% 19% 30% 18% 20% 40% 31% 30% 27% 25% 29% 18% 19% 22% 11% 10%MXNUSD 5% 33% 30% 28% 29% 14% 18% 15% 19% 14% 16% 36% 30% 26% 24% 17% 19% 18% 16% 22% 11% 9%GBPUSD 3% 27% 25% 25% 21% 11% 17% 13% 17% 12% 13% 26% 22% 21% 19% 24% 25% 11% 14% 17% 8% 7%AUDUSD 2% 38% 37% 36% 32% 19% 25% 18% 27% 19% 19% 42% 30% 32% 29% 30% 33% 22% 19% 25% 11% 9%CHFUSD 3% 7% 8% 8% 6% 5% 4% 8% 8% 2% 7% 19% 16% 12% 12% 25% 20% 11% 7% 11% -5% 3%KRWUSD 2% 25% 23% 24% 23% 14% 21% 17% 25% 16% 17% 31% 26% 26% 24% 21% 22% 13% 11% 21% 9% 9%CNYUSD 2% 4% 5% 5% 5% 4% 4% 3% 6% 2% 5% 6% 6% 4% 8% 7% 7% 0% 6% 8% 0% 0%

Curr

ency

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

5-Year

Com

mod

ities

Equi

ties

Bond

1-YearCo

mm

oditi

esEq

uitie

sBo

ndCu

rren

cy

15

All i

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Core

Food

Food

at h

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Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

C om

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

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Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

ical

car

e

Tran

spor

tatio

n

Bloomberg Commodity 63% -17% 20% 23% -6% 67% 65% 63% 65% 9% -10% 28% -2% -20% -31% 4% 26%Energy 69% -3% 5% 9% -16% 76% 77% 66% 76% 9% -12% 30% 9% -9% -9% -4% 10%

Petroleum 78% 7% 7% 10% -12% 81% 83% 75% 82% -7% -13% 4% 18% -3% -12% 2% 17%Agriculture 24% -25% 15% 15% 4% 27% 24% 26% 24% 7% -13% 27% -12% -22% -41% 6% 29%

Grains 16% -20% 8% 7% 9% 18% 15% 16% 16% 4% -16% 26% -12% -16% -37% 11% 23%Industrial Metals 44% -6% 14% 16% -7% 45% 44% 47% 44% -8% -2% -9% -2% -6% -9% 5% 15%Precious Metals 36% -6% 34% 35% 6% 31% 26% 32% 26% 10% 9% 8% 11% -16% -26% 10% 10%

Softs 27% -31% 31% 36% -10% 30% 28% 35% 27% 11% -3% 22% -8% -33% -45% -4% 31%Livestock 23% -1% 26% 26% 6% 24% 23% 14% 23% 18% -1% 31% -12% 8% -3% 18% 15%

Natural Gas 6% -18% -1% 2% -13% 13% 12% 4% 12% 34% -1% 57% -13% -13% 2% -12% -5%WTI Crude 71% 5% 6% 8% -10% 75% 76% 65% 76% -4% -11% 7% 11% -1% -11% 5% 16%

Brent Crude 81% 9% 17% 20% -9% 83% 85% 81% 84% -5% -11% 5% 27% -7% -17% 1% 17%ULS Diesel 83% 5% 16% 20% -9% 85% 86% 85% 85% -7% -12% 3% 23% -10% -16% 1% 20%

Unleaded Gasoline 84% 14% 15% 18% -11% 85% 86% 79% 85% -9% -13% 2% 25% 0% -10% -3% 22%Corn 16% -18% 18% 17% 13% 17% 14% 22% 14% 4% -16% 24% -5% -19% -39% 14% 25%

Soybeans 24% -14% -4% -3% -2% 27% 25% 23% 25% 0% -12% 15% -12% -7% -24% 8% 24%Wheat 0% -25% 0% -3% 11% 4% 2% -5% 3% 8% -15% 30% -22% -15% -31% 6% 12%

Soybean Oil 38% -7% 7% 8% -1% 39% 38% 34% 38% -4% -14% 9% 1% -9% -28% -8% 36%Soybean Meal 13% -13% -7% -7% -1% 16% 15% 13% 15% 0% -10% 12% -19% -2% -16% 10% 20%HRW Wheat 11% -25% 9% 8% 8% 14% 11% 7% 11% 16% -9% 37% -14% -21% -40% 6% 16%

Copper 45% -3% 0% 4% -16% 47% 47% 51% 46% -12% -3% -16% 5% -7% -13% 8% 13%Alumnium 41% -16% 23% 24% 4% 43% 43% 43% 42% -10% -8% -6% -2% -19% -15% 0% 7%

Zinc 30% -2% 7% 8% 0% 30% 30% 31% 29% -4% 5% -12% -8% 3% 5% 3% 11%Nickel 33% -1% 33% 35% 0% 30% 28% 34% 28% 7% 3% 10% -10% 7% 0% 3% 24%Gold 27% 0% 35% 35% 12% 21% 17% 19% 17% 11% 6% 11% 15% -12% -21% 12% 7%Silver 44% -12% 29% 31% -2% 41% 36% 45% 36% 9% 11% 3% 4% -19% -28% 7% 12%Sugar 10% -22% 12% 15% -11% 14% 14% 15% 14% -1% -6% 5% 4% -31% -42% -3% 22%Coffee 24% -23% 40% 43% 1% 24% 19% 20% 19% 30% 5% 43% -11% -22% -23% -7% 14%Cotton 29% -26% 13% 17% -16% 32% 31% 51% 30% -4% -7% 1% -16% -20% -36% 4% 34%

Live Cattle 23% -12% 17% 16% 13% 25% 25% 20% 24% 9% 9% 5% -18% -1% 1% 14% 3%Lean Hogs 18% 8% 26% 29% -2% 16% 16% 5% 16% 22% -7% 44% -3% 12% -6% 16% 19%

S&P 500 Total Return Index 25% -17% -12% -10% -9% 29% 28% 39% 27% -3% -1% -4% -15% -10% 9% -7% -7%Bloomberg US Treasury -38% -7% 13% 7% 30% -40% -41% -44% -40% 8% 7% 4% 12% -19% -25% 7% -13%

Bloomberg USD IG Corporate -16% -9% 8% 3% 26% -17% -20% -12% -20% 10% 6% 10% 16% -24% -21% -1% -15%Bloomberg USD HY Corporate 36% -5% -14% -13% -6% 42% 43% 49% 43% -8% -13% 2% 15% -17% -18% -8% 2%

Bloomberg U.S. Dollar Spot -55% 5% -22% -25% 7% -56% -53% -46% -53% -12% -2% -19% -14% 18% 33% 12% -22%

All i

tem

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Core

Food

Food

at h

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Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

C om

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

e

Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

ical

car

e

Tran

spor

tatio

n

Bloomberg Commodity 68% 7% 3% 7% -14% 69% 67% 65% 66% 30% -4% 40% 2% 9% 3% 7% 17%Energy 68% 4% 9% 14% -12% 71% 69% 67% 68% 36% -4% 48% 2% 6% 1% 2% 12%

Petroleum 72% 7% 9% 12% -8% 75% 76% 70% 75% 21% -2% 29% 5% 7% 1% 5% 15%Agriculture 28% 9% -1% -1% -6% 26% 25% 23% 25% 5% -3% 10% 3% 10% 7% 8% 13%

Grains 23% 9% 1% 1% -2% 19% 19% 19% 19% 2% -3% 6% 1% 11% 10% 8% 8%Industrial Metals 42% 4% -11% -8% -15% 43% 44% 41% 43% 10% -1% 13% 3% 4% 0% 7% 6%Precious Metals 30% 4% 0% 1% -1% 29% 27% 26% 27% 11% 6% 10% 3% 4% -5% 11% 15%

Softs 26% 4% -4% -2% -14% 26% 25% 20% 25% 10% -3% 15% 5% 0% -5% 4% 18%Livestock 14% -4% 17% 21% -11% 13% 10% 7% 10% 15% 7% 15% -14% 8% 6% 9% 1%

Natural Gas 36% -4% 8% 13% -14% 39% 33% 37% 32% 45% -6% 60% -2% -1% -2% -7% 2%WTI Crude 68% 8% 10% 12% -7% 70% 71% 66% 70% 20% -1% 27% 4% 9% 3% 6% 15%

Brent Crude 71% 9% 9% 12% -9% 73% 75% 68% 74% 16% -1% 23% 7% 8% 2% 4% 15%ULS Diesel 70% 4% 12% 14% -6% 73% 73% 76% 72% 25% -1% 33% 5% 3% -3% 2% 16%

Unleaded Gasoline 78% 6% 4% 8% -12% 82% 84% 66% 83% 20% -5% 28% 8% 2% -3% 1% 13%Corn 22% 7% 5% 6% -2% 18% 17% 19% 17% 4% -4% 9% 5% 5% 6% 0% 6%

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

Soybean Oil 30% 14% -2% -2% -4% 25% 24% 23% 24% 4% -3% 8% 3% 16% 12% 9% 15%Soybean Meal 16% 4% -2% -1% -5% 15% 16% 15% 15% 0% 5% -1% -1% 6% 5% 4% 11%HRW Wheat 21% 9% -2% -3% 3% 20% 19% 14% 19% 6% -1% 10% 2% 9% 10% 14% 0%

Copper 41% 8% -14% -12% -12% 42% 43% 39% 42% 7% -2% 9% 8% 4% -3% 8% 9%Alumnium 39% 2% -1% 2% -10% 41% 40% 43% 39% 18% 2% 22% 0% 3% 3% 3% 4%

Zinc 23% 5% -20% -19% -16% 26% 27% 19% 27% -1% -1% 0% 7% 1% 1% 0% -1%Nickel 31% -5% -7% -2% -19% 34% 35% 28% 35% 3% -3% 7% -11% 2% -2% 9% 6%Gold 28% 2% 5% 4% 4% 27% 25% 24% 25% 12% 9% 10% 1% 4% -5% 10% 15%Silver 29% 5% -7% -5% -9% 27% 26% 26% 25% 9% 1% 10% 5% 2% -4% 10% 12%Sugar 17% 8% -6% -4% -6% 17% 15% 11% 15% 12% 3% 14% 15% -1% -4% 4% 9%Coffee 12% 5% 1% 3% -7% 12% 12% 7% 12% 3% 0% 5% 3% -1% 1% -4% 6%Cotton 27% -5% -4% -1% -19% 29% 29% 32% 28% 6% -7% 11% 0% -6% -10% 2% 19%

Live Cattle 19% -6% 19% 23% -9% 17% 15% 8% 15% 14% 10% 11% -17% 9% 10% 8% 0%Lean Hogs 6% -3% 11% 14% -9% 5% 3% 3% 3% 11% 3% 13% -9% 3% -1% 7% 1%

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

20-Year

US CPI Indices

BCO

M C

ompo

sites

BCO

M S

ingl

esUS CPI Indices

5-Year

BCO

M C

ompo

sites

BCO

M S

ingl

esBe

nchm

arks

16

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

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesi

a

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 63% 73% -27% 41% 70% 46% 21% -20% 32% 67% 72% 80% 4% 62% -18% -7% -49% 27% 84%Energy 69% 33% 7% 40% 47% 20% 25% -28% 9% 31% 26% 69% 30% 27% -54% 2% -12% 36% 64%

Petroleum 78% 58% -24% 74% 76% 63% 43% -53% 54% 46% 58% 64% 27% 62% -72% -20% -7% 58% 57%Agriculture 24% 69% -41% 42% 65% 50% 24% -22% 42% 58% 69% 57% 4% 70% -8% -10% -59% 29% 70%

Grains 16% 56% -52% 51% 62% 54% 34% -27% 53% 40% 59% 37% 15% 78% -13% -25% -56% 45% 51%Industrial Metals 44% 49% -5% -8% 28% 6% 1% 1% -10% 48% 47% 58% -16% 26% 24% 13% -47% -15% 76%Precious Metals 36% 77% -48% 41% 70% 66% 11% -7% 56% 72% 88% 57% -20% 67% -1% -36% -32% 23% 43%

Softs 27% 76% -15% 20% 58% 36% 1% -7% 18% 76% 72% 74% -15% 42% 4% 14% -50% -2% 81%Livestock 23% 13% 49% -20% 6% -10% -32% -18% -27% 44% 18% 53% 11% -21% -14% 23% 9% -41% 57%

Natural Gas 6% -14% 48% -30% -16% -51% -15% 22% -59% -3% -29% 42% 9% -39% 0% 37% -8% -15% 36%WTI Crude 71% 48% -6% 59% 63% 48% 33% -54% 36% 42% 45% 62% 29% 43% -70% -2% 1% 42% 61%

Brent Crude 81% 74% -31% 80% 86% 72% 40% -43% 63% 59% 73% 71% 14% 70% -65% -26% -15% 60% 59%ULS Diesel 83% 80% -40% 82% 91% 77% 39% -35% 67% 65% 80% 74% 8% 78% -56% -27% -23% 62% 61%

Unleaded Gasoline 84% 67% -45% 87% 87% 78% 50% -41% 74% 50% 69% 58% 19% 83% -65% -43% -18% 76% 46%Corn 16% 66% -65% 60% 72% 65% 33% -16% 64% 47% 70% 40% 6% 86% -10% -36% -54% 55% 42%

Soybeans 24% 47% -28% 48% 52% 42% 34% -38% 40% 34% 45% 38% 24% 63% -27% -8% -49% 35% 61%Wheat 0% 25% -42% 20% 30% 23% 27% -25% 25% 13% 29% 17% 18% 56% 4% -8% -55% 25% 43%

Soybean Oil 38% 83% -57% 51% 76% 64% 31% -18% 55% 62% 82% 55% -11% 78% -6% -13% -56% 36% 61%Soybean Meal 13% 11% -9% 25% 20% 19% 24% -43% 20% 9% 14% 11% 36% 40% -23% -6% -35% 16% 45%HRW Wheat 11% 49% -34% 26% 48% 32% 18% -18% 26% 41% 50% 45% 9% 59% 3% -4% -59% 22% 63%

Copper 45% 64% -32% 19% 50% 32% 22% -15% 18% 49% 62% 59% -11% 52% 7% 5% -55% 9% 76%Alumnium 41% 47% -3% -16% 21% -1% -12% 22% -15% 49% 43% 53% -33% 15% 41% 12% -42% -22% 62%

Zinc 30% -5% 39% -48% -28% -46% -28% 24% -55% 12% -8% 25% -16% -27% 41% 20% -20% -43% 45%Nickel 33% 26% 25% -26% 11% -13% -10% -7% -28% 40% 28% 54% 3% 2% 16% 17% -28% -33% 74%Gold 27% 70% -49% 40% 67% 69% 11% -13% 60% 68% 86% 49% -16% 63% -7% -45% -16% 22% 30%Silver 44% 80% -44% 37% 68% 56% 12% 2% 44% 72% 83% 64% -24% 66% 9% -18% -52% 22% 58%Sugar 10% 90% -32% 57% 78% 66% 20% -20% 56% 75% 86% 65% -12% 64% -23% -15% -38% 30% 59%Coffee 24% 47% 18% -12% 27% 9% -34% 8% -11% 74% 50% 66% -13% 9% 19% 15% -27% -34% 70%Cotton 29% 66% -29% 17% 50% 22% 20% -1% 7% 48% 53% 63% -17% 44% 13% 36% -69% 9% 81%

Live Cattle 23% -2% 56% -50% -29% -33% -72% 33% -46% 43% 1% 18% -9% -39% 47% 21% -1% -69% 26%Lean Hogs 18% 20% 20% 14% 32% 13% 19% -55% 1% 23% 23% 57% 23% 5% -59% 12% 14% 2% 56%

S&P 500 Total Return Index 25% -20% 29% -20% -24% -44% 11% 0% -47% -27% -37% 5% 18% -21% 9% 47% -28% -12% 41%Bloomberg US Treasury -38% 23% -1% -2% 17% 16% -1% -11% 12% 30% 30% 29% -10% -2% -7% -25% 5% -20% 17%

Bloomberg USD IG Corporate -16% 10% -1% 8% 11% 23% -5% -37% 21% 21% 23% 16% 13% 4% -22% -29% 16% -17% 6%Bloomberg USD HY Corporate 36% 1% -26% 19% 7% 23% 4% -32% 23% -8% 9% -6% 18% 21% -16% -13% 11% 9% -15%

Bloomberg U.S. Dollar Spot -55% -77% 21% -59% -76% -55% -24% 22% -44% -67% -74% -83% 1% -61% 40% 16% 29% -43% -71%

US

Chin

a

Japa

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UK

Fran

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Indi

a

Braz

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Aust

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Mex

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Russ

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Turk

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Net

herla

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Switz

erla

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Bloomberg Commodity 76% 43% 1% 47% 8% 66% -36% 31% 64% 16% 33% 11% -2% 6% 12% 62%Energy 72% 29% 7% 41% -9% 59% -45% 36% 63% 14% 34% 19% 2% 20% 30% 61%

Petroleum 78% 37% 4% 49% 4% 68% -41% 30% 63% 9% 31% 12% -1% 9% 21% 63%Agriculture 46% 61% 8% 48% 39% 58% 3% 25% 35% 30% 18% 14% -4% -4% 1% 34%

Grains 43% 62% 4% 51% 35% 58% 1% 26% 29% 24% 20% 16% 2% -3% 8% 30%Industrial Metals 46% 17% -5% 15% -1% 26% -25% 1% 31% -16% 9% -9% -3% -15% -30% 36%Precious Metals 37% 21% -31% 24% 37% 48% -2% -7% 29% 14% 19% -24% -16% -34% -17% 29%

Softs 31% 30% 8% 17% 30% 29% 5% 15% 35% 34% 6% 8% -12% 2% -11% 25%Livestock 35% 34% 21% 25% -8% 24% -35% 27% 33% -3% 15% 13% -3% 9% -1% 14%

Natural Gas 51% 13% 26% 19% -21% 30% -37% 30% 48% 23% 23% 23% -1% 26% 23% 40%WTI Crude 76% 37% 8% 46% 1% 66% -42% 31% 62% 8% 30% 15% 3% 12% 19% 65%

Brent Crude 79% 33% -1% 51% 8% 67% -42% 23% 65% 6% 29% 8% -2% 7% 23% 65%ULS Diesel 79% 39% 2% 53% 10% 71% -41% 28% 66% 11% 35% 6% -8% 0% 21% 62%

Unleaded Gasoline 75% 35% -7% 48% 7% 65% -34% 28% 62% 10% 27% 9% -4% 7% 23% 55%Corn 41% 63% 4% 48% 51% 53% 12% 28% 28% 27% 26% 26% 11% 5% 14% 24%

Soybeans 32% 48% 8% 42% 22% 52% -2% 19% 22% 22% 7% 0% -15% -12% 1% 22%Wheat 40% 58% 0% 46% 19% 51% -11% 29% 27% 6% 27% 16% 13% -4% 5% 36%

Soybean Oil 48% 49% 1% 50% 29% 63% 0% 11% 34% 36% 18% -5% -6% -11% 2% 38%Soybean Meal 20% 37% 2% 35% 10% 40% -16% 16% 16% -1% 14% -5% -20% -17% 5% 17%HRW Wheat 51% 62% 9% 47% 25% 53% -10% 30% 36% 15% 31% 23% 16% 1% 2% 43%

Copper 50% 24% -7% 22% 7% 35% -19% 2% 28% -10% 13% -7% -2% -19% -30% 40%Alumnium 57% 16% 5% 27% -1% 36% -32% 1% 47% -5% 14% -12% -1% -7% -13% 48%

Zinc 19% -4% -1% -10% -11% -9% -15% -11% 3% -26% -13% -8% -9% -11% -43% 2%Nickel 22% 2% -19% -7% -15% 9% -33% 6% 25% -31% 6% -10% 2% -11% -27% 19%Gold 36% 20% -34% 24% 36% 52% -6% -3% 31% 3% 27% -29% -17% -42% -13% 31%Silver 36% 20% -22% 20% 32% 35% 0% -10% 23% 25% 6% -12% -11% -17% -19% 25%Sugar 41% 20% -18% 18% 17% 40% -10% 30% 41% 26% 35% 8% -7% 2% 9% 35%Coffee 14% 13% 43% 6% 18% -3% 1% -12% 13% 20% -38% 2% -21% 2% -35% 6%Cotton 22% 47% -3% 5% 35% 21% 24% 31% 26% 11% 18% 21% 20% -4% -18% 21%

Live Cattle 27% 25% 24% 13% -19% 20% -44% 24% 37% -8% 5% 1% -4% -2% -13% 9%Lean Hogs 31% 33% 10% 29% 4% 24% -21% 25% 22% 1% 23% 17% -8% 12% 9% 13%

BCO

M C

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sites

BCO

M S

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CPI by Country

5-Year

CPI by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

20-Year

17

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

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesi

a

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 10% 79% -46% 35% 13% 19% 75% 37% 23% 69% 37% -5% 27% -35% 70% 10% 33% -59% 34%Energy 23% 28% -33% 10% 25% -22% 27% 11% -8% 64% 36% -9% -3% -28% 56% 6% -9% -31% 50%

Petroleum 29% 54% -54% 14% 13% -23% 58% 28% -20% 72% 34% -6% 26% -64% 85% 11% -2% -69% 48%Agriculture -12% 69% -53% 22% 8% 25% 67% 42% 15% 64% 15% -7% 20% -43% 60% 0% 35% -56% 23%

Grains -24% 51% -51% 2% 3% 18% 51% 44% -4% 55% -2% -11% 8% -59% 52% -1% 21% -54% 18%Industrial Metals 16% 77% -21% 58% 8% 43% 69% 31% 66% 30% 53% -12% 35% 12% 30% 15% 54% -36% 26%Precious Metals 12% 84% -23% 32% -11% 29% 81% 34% 11% 37% 18% 13% 49% -42% 63% 13% 37% -64% 0%

Softs 7% 78% -44% 47% 13% 29% 75% 28% 38% 63% 32% 1% 34% -10% 59% 2% 45% -44% 21%Livestock 20% 22% -30% 26% 22% -5% 16% -17% 24% 42% 16% -19% 19% 29% 16% -6% 2% 8% 27%

Natural Gas 5% -23% 15% -1% 27% -10% -31% -23% 10% 18% 17% -6% -39% 41% -12% -6% -13% 41% 20%WTI Crude 33% 47% -53% 20% 19% -26% 51% 22% -8% 70% 40% -7% 22% -46% 76% 9% -4% -58% 53%

Brent Crude 27% 61% -52% 13% 8% -19% 65% 27% -24% 75% 30% 1% 33% -69% 91% 9% 0% -72% 36%ULS Diesel 24% 70% -49% 19% 8% -9% 74% 31% -19% 74% 30% 3% 35% -69% 92% 11% 7% -76% 32%

Unleaded Gasoline 21% 57% -48% 2% 4% -19% 61% 32% -34% 67% 20% -2% 29% -82% 88% 12% -2% -76% 32%Corn -22% 55% -41% 0% -3% 21% 55% 45% -13% 48% -7% 1% 9% -65% 58% 0% 19% -58% 10%

Soybeans -19% 42% -59% 4% 13% 1% 44% 30% -1% 67% 8% -18% 13% -51% 52% -1% 18% -46% 27%Wheat -31% 35% -48% -1% 1% 30% 32% 45% 16% 37% -3% -25% -11% -34% 21% -4% 23% -35% 22%

Soybean Oil -3% 82% -46% 31% 0% 31% 82% 47% 17% 59% 20% 4% 33% -49% 70% 6% 44% -69% 15%Soybean Meal -27% 16% -54% -6% 11% -5% 17% 21% 1% 46% -2% -32% 6% -35% 22% -3% 10% -25% 26%HRW Wheat -21% 50% -52% 8% 6% 28% 46% 38% 17% 55% 4% -16% 0% -32% 39% -7% 26% -38% 22%

Copper 12% 88% -33% 57% 5% 40% 83% 44% 56% 44% 53% -10% 40% -13% 49% 15% 58% -58% 29%Alumnium 16% 70% -6% 55% 2% 46% 62% 28% 66% 14% 43% 2% 29% 22% 20% 12% 48% -24% 14%

Zinc 16% 26% 11% 37% 3% 25% 16% 1% 67% -9% 33% -18% 18% 51% -22% 22% 24% 18% 10%Nickel 18% 60% -27% 55% 22% 37% 52% 16% 62% 31% 54% -26% 28% 25% 20% 8% 48% -21% 36%Gold 14% 79% -17% 29% -14% 26% 77% 32% 3% 28% 15% 14% 51% -44% 60% 13% 34% -65% -2%Silver 9% 84% -30% 33% -5% 32% 81% 35% 22% 47% 21% 9% 43% -34% 61% 10% 41% -58% 3%Sugar 12% 73% -47% 22% -2% 1% 75% 25% -2% 68% 18% 20% 44% -51% 81% 6% 29% -62% 12%Coffee 9% 54% -28% 40% 12% 24% 48% 9% 41% 40% 16% -1% 26% 20% 28% 1% 27% -9% 12%Cotton -2% 75% -42% 53% 24% 44% 72% 38% 53% 63% 45% -11% 15% -3% 50% 1% 56% -44% 29%

Live Cattle 2% 3% -6% 23% 14% 19% -5% -21% 39% -2% -14% -6% 9% 60% -29% -10% 10% 45% -6%Lean Hogs 26% 29% -36% 16% 16% -24% 28% -3% -1% 59% 37% -22% 19% -15% 48% 0% -6% -30% 44%

S&P 500 Total Return Index 1% -1% -12% 36% 39% 14% 0% 14% 53% 8% 51% -22% -26% 35% -13% 13% 11% 10% 45%Bloomberg US Treasury 14% 27% 19% 4% -34% -11% 28% 2% 0% -13% 4% 41% 25% -11% 23% 20% -12% -18% -9%

Bloomberg USD IG Corporate 6% 18% -2% 0% -22% -14% 24% 11% -8% -10% 5% 29% 13% -27% 21% 11% -26% -29% 1%Bloomberg USD HY Corporate 10% 20% -31% 7% 9% 20% 25% 36% -2% 10% 13% -3% -17% -25% 19% -10% 17% -45% 22%

Bloomberg U.S. Dollar Spot -27% -66% 43% -14% -1% 14% -66% -24% 6% -72% -29% -9% -33% 51% -81% -13% -6% 58% -28%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Switz

erla

nd

Bloomberg Commodity 41% 47% 12% 32% 35% 31% 50% 4% 1% 34% 39% 36%Energy 36% 12% 6% 12% 22% 18% 36% 3% -7% 21% 39% 18%

Petroleum 37% 25% 7% 17% 23% 18% 42% 6% -6% 24% 32% 27%Agriculture 12% 54% 1% 22% 22% 12% 35% -11% 3% 26% 1% 16%

Grains 7% 44% -1% 13% 15% 8% 29% -9% 5% 24% -3% 11%Industrial Metals 45% 62% 28% 53% 43% 50% 46% 15% 7% 35% 47% 60%Precious Metals 9% 64% -1% 23% 11% 14% 30% 5% 4% 21% -7% 21%

Softs 17% 45% 1% 30% 24% 17% 34% -10% -2% 24% 7% 19%Livestock 44% 14% 19% 27% 29% 28% 20% 6% 12% 31% 36% 33%

Natural Gas 27% -7% 1% 1% 11% 14% 15% -14% -11% 17% 40% 4%WTI Crude 38% 24% 7% 17% 22% 17% 41% 9% -4% 22% 35% 26%

Brent Crude 38% 27% 5% 20% 23% 20% 49% 11% -4% 25% 30% 32%ULS Diesel 33% 27% 4% 14% 18% 12% 39% 2% -9% 24% 24% 24%

Unleaded Gasoline 40% 26% 9% 21% 28% 24% 48% 4% -6% 30% 26% 31%Corn 2% 32% -4% 7% 3% 2% 15% -14% 5% 19% -13% 0%

Soybeans 9% 39% -3% 8% 17% 6% 36% -10% 4% 30% -4% 13%Wheat 7% 49% 7% 22% 24% 12% 26% 1% 2% 14% 12% 17%

Soybean Oil 11% 57% -2% 14% 17% 11% 30% -13% 10% 15% 10% 15%Soybean Meal -2% 21% -3% 6% 10% 2% 30% -3% -6% 28% -12% 13%HRW Wheat 12% 53% 4% 26% 26% 13% 28% 0% 0% 19% 16% 18%

Copper 40% 68% 24% 48% 37% 42% 45% 14% 4% 34% 36% 54%Alumnium 43% 48% 22% 46% 35% 46% 38% 6% 6% 24% 51% 52%

Zinc 45% 48% 36% 55% 41% 53% 36% 11% 8% 42% 44% 60%Nickel 44% 45% 29% 47% 49% 49% 50% 28% 12% 32% 48% 55%Gold 0% 62% -1% 15% 6% 0% 22% 11% -2% 13% -15% 12%Silver 23% 59% -1% 33% 19% 34% 39% -4% 11% 30% 8% 33%Sugar 9% 32% -2% 15% 13% 1% 19% -9% -13% 17% 0% 7%Coffee 21% 28% 2% 22% 11% 21% 25% -12% 9% 23% 13% 29%Cotton 17% 40% 12% 31% 27% 22% 34% 6% -3% 19% 3% 21%

Live Cattle 43% 18% 21% 29% 31% 35% 23% 7% 16% 27% 42% 35%Lean Hogs 33% 9% 14% 19% 21% 13% 11% 3% 5% 27% 19% 23%

20-Year

BCO

M C

ompo

sites

BCO

M S

ingl

es

GDP by Country

5-Year

GDP by CountryBC

OM

Com

posit

esBC

OM

Sin

gles

Benc

hmar

ks

18

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

Group CommodityEnd of Jul 2015

Net Position (Lots)

End of Jun 2015 Net Position

(Lots)

Notional Change ($mill, with end

of Jul 2015 price)

End of Jul 2015 Notional ($ mill)

Natural Gas -90,876 -133,994 1,216 -2,564 WTI Crude 98,933 216,152 -5,624 4,747

Brent Crude 175,902 198,693 -1,215 9,376 ULS Diesel -20,068 -4,805 -1,028 -1,352 Gasoline 13,604 17,127 -267 1,030

Total -6,918 11,237 Corn 242,801 70,606 3,229 4,553

Soybeans 62,295 67,596 -258 3,036 Wheat 5,099 14,106 -230 130

Soybean Oil -1,230 29,747 -570 -23 Soybean Meal 57,862 39,585 631 1,997 HRW Wheat -513 2,236 -69 -13

Total 2,732 9,681 Copper -25,746 -21,275 -269 -1,547

Aluminum 49,513 48,383 46 1,998 Zinc 24,572 38,394 -672 1,195

Nickel 11,503 6,575 333 778 Total -562 2,424 Gold -11,334 21,480 -3,597 -1,242 Silver -10,447 -9,138 -96 -764 Total -3,693 -2,007 Sugar -59,520 -70,238 134 -745 Coffee -22,729 -10,207 -565 -1,025 Cotton 46,214 53,414 -232 1,488 Total -662 -282

Live Cattle 27,466 76,586 -2,850 1,594Lean Hogs 21,946 12,717 293 698

Total -2,557 2,291Total -11,659 23,344

Historical Correlation

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 48% 25% -52% -39% 68% 48% WTI Crude -24% 43% -48% -50% 24% 57%

Brent Crude -32% 44% -23% -42% -12% 51% ULS Diesel -1% 39% -47% -36% 38% 47% Gasoline 7% 40% -16% -8% 15% 40%

Corn 32% 59% -38% -50% 50% 66% Soybeans 63% 69% -73% -58% 73% 73%

Wheat 51% 47% -64% -58% 65% 63% Soybean Oil 60% 59% -77% -62% 77% 68%

Soybean Meal 58% 54% -59% -44% 65% 60% HRW Wheat 17% 28% -39% 47% 51%

Copper 36% 51% -59% -51% 57% 58% Aluminum 10% -13% 36%

Zinc 27% -47% 59% Nickel 34% -31% 62% Gold 71% 62% -52% -45% 68% 66% Silver 28% 55% -47% -40% 47% 57% Sugar 53% 46% -66% -52% 73% 61% Coffee 57% 47% -67% -61% 76% 66% Cotton 65% 49% -54% -51% 69% 55%

Live Cattle 11% 27% 18% -10% 1% 24%Lean Hogs 23% 21% -18% -17% 24% 18%

CommodityBCOM Single Index Level vs. MM's

Long PositionBCOM Single Index Level vs. MM's

Short PositionBCOM Single Index Level vs.

MM's Net Position

Energy

Group

Grains

Industrial Metals

Precious Metals

Softs

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

19

Gasoline Corn

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

Brent Crude ULS Diesel

Soybeans Wheat

Soybean Oil Soybean Meal

HRW Wheat

0

20

40

60

80

100

-300000

-200000

-100000

0

100000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

2500

050000

100000150000200000250000300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

0

100000

200000

300000

400000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

1000

-40000

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

-200000

20000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

-400000

-200000

0

200000

400000

600000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

-150000

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

050100150200250300

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

-100000

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-20000

0

20000

40000

60000

80000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

20

Sugar Coffee

Cotton Live Cattle

Lean Hogs

Copper Aluminum

Zinc Nickel

Gold Silver

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

020040060080010001200

-40000

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

0

10000

20000

30000

40000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-500000

50000100000150000200000250000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

250

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

21

GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>

Group Inventory/SalesRelated Commodities

UnitEnd of Jul

2015End of Jun

2015Change

(%)DOE Natural Gas Total Inventory Natural Gas bcf 2,880 2,577 12%DOE Crude Oil Total Inventory WTI Crude mm barrels 460 465 -1%DOE Cushing Oklahoma Crude Oil Total Stocks WTI Crude mm barrels 58 56 2%DOE Distillate Fuel Oil Total Inventory ULS Diesel mm barrels 144 136 6%DOE Motor Gasoline Total Inventory Gasoline mm barrels 216 217 0%USDA Corn Total Export Sales Corn thousand MT 808 833 -3%USDA Soybeans Total Export Sales Soybeans thousand MT 1,316 117 1023%USDA All Wheat Total Export Sales Wheat, HRW Wheat thousand MT 700 364 92%USDA Soybean Oil Total Export Sales Soybean Oil thousand MT 75 5 1311%USDA Soybean Cake Meal Total Export Sales Soybean Meal thousand MT 152 264 -42%Comex Copper Total Inventory Copper thousand short ton 38 29 29%LME Copper Total Inventory Copper thousand MT 343 310 11%LME Primary Aluminum Total Inventory Aluminum thousand MT 3,481 3,598 -3%LME Zinc Total Inventory Zinc thousand MT 446 465 -4%LME Nickel Total Inventory Nickel thousand MT 453 458 -1%Comex Gold Total Inventory Gold mm ounces 8 8 1%Comex Silver Total Inventory Silver mm ounces 178 183 -3%

Softs USDA All Upland Cotton Total Export Sales Cotton thousand bales 93 132 -30%USDA Cattle Slaughter Estimates Daily Live Cattle thousand heads 96 111 -14%USDA Hogs Slaughter Estimates Daily Lean Hogs thousand heads 403 403 0%

Historical Correlation

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory 67% 9%DOE Crude Oil Total Inventory -78% -77%DOE Cushing Oklahoma Crude Oil Total Stocks -84% -47%DOE Distillate Fuel Oil Total Inventory -55% -21%DOE Motor Gasoline Total Inventory -75% -23%USDA Corn Total Export Sales 9% -33%USDA Soybeans Total Export Sales 36% -7%USDA All Wheat Total Export Sales -10% 30%USDA Soybean Oil Total Export Sales -3% -3%USDA Soybean Cake Meal Total Export Sales -13% 18%Comex Copper Total Inventory 20% 70%LME Copper Total Inventory -74% 26%LME Primary Aluminum Total Inventory 92% -14%LME Zinc Total Inventory 59% -31%LME Nickel Total Inventory -94% -60%Comex Gold Total Inventory 56% 75%Comex Silver Total Inventory -8% -78%

Softs USDA All Upland Cotton Total Export Sales -60% -7%USDA Cattle Slaughter Estimates Daily 1% -32%USDA Hogs Slaughter Estimates Daily -19% -25%

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

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

vs. BCOM Natural Gas Index

vs. BCOM Unleaded Gasoline Index

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

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

BCOM Index

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

vs. BCOM Silver Indexvs. BCOM Gold Index

22

Soybeans Wheat

Soybean Oil Soybean Meal

HISTORICAL GLOBAL COMMODITIES INVENTORIES & SALES DATA vs. BCOMNatural Gas WTI Crude

WTI Crude ULS Diesel

Gasoline Corn

0

50

100

150

200

250

300

350

0500

1000150020002500300035004000

93 95 97 99 01 03 05 07 09 11 13

DOE Natural Gas Total Inventory BCOM Natural Gas Index

0

500

1000

1500

2000

250000

300000

350000

400000

450000

500000

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

DOE Crude Oil Total Inventory BCOM WTI Crude Index

0

500

1000

1500

2000

0

10000

20000

30000

40000

50000

60000

70000

04 06 08 10 12 14

DOE Cushing Oklahoma Crude Oil Total Stocks BCOM WTI Crude Index

0

200

400

600

800

1000

80000

100000

120000

140000

160000

180000

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

DOE Distillate Fuel Oil Total Inventory BCOM ULS Diesel Index

0

200

400

600

800

1000

1200

1400

150000

170000

190000

210000

230000

250000

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

DOE Motor Gasoline Total Inventory BCOM Unleaded Gasoline Index

020406080100120140160

0

500

1000

1500

2000

2500

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

USDA Corn Total Export Sales BCOM Corn Index

0

100

200

300

400

500

600

700

0

500

1000

1500

2000

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

USDA Soybeans Total Export Sales BCOM Soybeans Index

0

50

100

150

200

250

300

-500

0

500

1000

1500

2000

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

USDA All Wheat Total Export Sales BCOM Wheat Index

0

50

100

150

200

250

300

-50

0

50

100

150

200

250

07 09 11 13 15

USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index

0

500

1000

1500

2000

0

100

200

300

400

500

07 09 11 13 15

USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index

23

Silver Cotton

Live Cattle Lean Hogs

HISTORICAL GLOBAL COMMODITIES INVENTORIES & SALES DATA vs. BCOMCopper Copper

Aluminum Zinc

Nickel Gold

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

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

Comex Copper Total Inventory BCOM Copper Index

0

200

400

600

800

1000

1200

0

200000

400000

600000

800000

1000000

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

LME Copper Total Inventory BCOM Copper Index

0

50

100

150

200

0

1000000

2000000

3000000

4000000

5000000

6000000

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

LME Primary Aluminum Total Inventory BCOM Alumnium Index

050100150200250300350400

0

200000

400000

600000

800000

1000000

1200000

1400000

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

LME Zinc Total Inventory BCOM Zinc Index

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

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

LME Nickel Total Inventory BCOM Nickel Index

0

100

200

300

400

500

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

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

Comex Gold Total Inventory BCOM Gold Index

0

200

400

600

800

1000

0

50000

100000

150000

200000

250000

300000

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

Comex Silver Total Inventory BCOM Silver Index

0

20

40

60

80

100

120

-200

0

200

400

600

800

1000

07 09 11 13 15

USDA All Upland Cotton Total Export Sales BCOM Cotton Index

0

50

100

150

200

250

0

20000

40000

60000

80000

100000

120000

140000

99 01 03 05 07 09 11 13

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 01 03 05 07 09 11 13

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

24

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

Report Period: 6/30/2015 - 7/31/2015

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

-752.46 8,953.96 -8.40%3,313.10 4,412.79 75.08%

-2.18 1,815.72 -0.12%-8.65 43.34 -19.95%11.36 345.06 3.29%

114.57 42,236.52 0.27%2,675.74 57,807.40 4.63%

All Commodities Sector: Top 10 Creations

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

USO US United States Oil Fund LP 722.81 1,288.79 56.08%OIL US iPath Goldman Sachs Crude Oil 576.12 387.30 148.75%

UWTI US VelocityShares 3x Long Crude Oil 468.08 104.40 448.34%DWTI US VelocityShares 3x Inverse Crude Oil 316.39 42.24 749.09%DBO US PowerShares DB Oil Fund 310.14 282.60 109.74%

COMT US iShares Commodities Select Strategy 308.03 16.52 1864.48%UCO US ProShares Ultra Bloomberg Crude Oil 307.60 455.75 67.49%IAU US iShares Gold Trust 247.20 6,124.98 4.04%

UGAZ US VelocityShares 3x Long Natural Gas 225.85 437.20 51.66%SCO US ProShares UltraShort Bloomberg Crude Oil 202.56 166.04 121.99%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

DBC US PowerShares DB Commodity Index -744.19 4,047.93 -18.38%DJP US iPath Bloomberg Commodity Index -342.72 1,735.40 -19.75%USCI US United States Commodity Index -130.33 709.86 -18.36%GLTR US ETFS Physical Precious Metal Basket Shares -90.76 234.39 -38.72%GLD US SPDR Gold Shares -52.37 26,941.20 -0.19%JJG US iPath Bloomberg Grains Subindex -39.47 171.36 -23.03%

BCM US iPath Pure Beta Broad Commodities -38.24 71.56 -53.44%SLV US iShares Silver Trust -37.26 5,180.64 -0.72%

PALL US ETFS Physical Palladium Shares -34.17 399.07 -8.56%DBA US PowerShares DB Agriculture Fund -29.35 1,040.40 -2.82%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture

25

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

2.53

3.54

4.55

5.5

AUG

15M

AY 1

6FE

B 17

NO

V 17

AUG

18M

AY 1

9FE

B 20

NO

V 20

AUG

21M

AY 2

2FE

B 23

NO

V 23

AUG

24M

AY 2

5FE

B 26

NO

V 26

AUG

27

Natural Gas

30-Jun-2015

31-Jul-2015

40455055606570

AUG

15DE

C 15

APR

16AU

G 16

DEC

16AP

R 17

AUG

17DE

C 17

APR

18AU

G 18

DEC

18AP

R 19

AUG

19DE

C 19

APR

20AU

G 20

DEC

20

WTI Crude

30-Jun-2015

31-Jul-2015

4550556065707580

AUG

15JA

N 1

6JU

N 1

6N

OV

16AP

R 17

SEP

17FE

B 18

JUL

18DE

C 18

MAY

19

OCT

19

MAR

20

AUG

20JA

N 2

1JU

N 2

1N

OV

21AP

R 22

Brent Crude

30-Jun-2015

31-Jul-2015

150

170

190

210

230

JUL

15

OCT

15

JAN

16

APR

16

JUL

16

OCT

16

JAN

17

APR

17

JUL

17

OCT

17

JAN

18

APR

18

JUL

18

OCT

18

ULS Diesel

30-Jun-2015

31-Jul-2015

140150160170180190200210

JUL

15SE

P 15

NO

V 15

JAN

16

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

Unleaded Gasoline

30-Jun-2015

31-Jul-2015

280

300

320

340

360

380

JUL

15

SEP

15

DEC

15

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

Soybean Meal

30-Jun-2015

31-Jul-2015460

510

560

610

660

710

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

HRW Wheat

30-Jun-2015

31-Jul-2015

300

350

400

450

500

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

Corn

30-Jun-2015

31-Jul-2015850

900

950

1000

1050

1100

JUL

15AU

G 15

SEP

15N

OV

15JA

N 1

6M

AR 1

6M

AY 1

6JU

L 16

AUG

16SE

P 16

NO

V 16

JAN

17

MAR

17

MAY

17

JUL

17AU

G 17

SEP

17

Soybeans

30-Jun-2015

31-Jul-2015

450

500

550

600

650

700

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

Wheat

30-Jun-2015

31-Jul-2015272829303132333435

JUL

15

SEP

15

DEC

15

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

Soybean Oil

30-Jun-2015

31-Jul-2015

26

COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

220

230

240

250

260

270

JUL

15

OCT

15

JAN

16

APR

16

JUL

16

OCT

16

JAN

17

APR

17

JUL

17

MAR

18

SEP

18

MAY

19

DEC

19

Copper

30-Jun-2015

31-Jul-20151500

1700

1900

2100

2300

JUL

15FE

B 16

SEP

16AP

R 17

NO

V 17

JUN

18

JAN

19

AUG

19M

AR 2

0O

CT 2

0JU

N 2

1JA

N 2

2AU

G 22

MAR

23

OCT

23

MAY

24

DEC

24JU

L 25

Aluminum

30-Jun-2015

31-Jul-2015

1000105011001150120012501300

JUL

15

SEP

15

DEC

15

APR

16

AUG

16

DEC

16

APR

17

DEC

17

DEC

18

DEC

19

DEC

20

Gold

30-Jun-2015

31-Jul-201513.5

1414.5

1515.5

1616.5

17

JUL

15

SEP

15

JAN

16

MAY

16

SEP

16

JAN

17

MAY

17

DEC

17

DEC

18

DEC

19

Silver

30-Jun-2015

31-Jul-2015

10111213141516

JUL

15

OCT

15

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

Sugar

30-Jun-2015

31-Jul-2015120

130

140

150

160

170

JUL

15SE

P 15

DEC

15M

AR 1

6M

AY 1

6JU

L 16

SEP

16DE

C 16

MAR

17

MAY

17

JUL

17SE

P 17

DEC

17M

AR 1

8M

AY 1

8

Coffee

30-Jun-2015

31-Jul-2015

5055606570758085

JUL

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

MAY

16

JUN

16

JUL

16

AUG

16

OCT

16

Lean Hogs

30-Jun-2015

31-Jul-2015

130

135

140

145

150

155

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

Live Cattle

30-Jun-2015

31-Jul-2015

1850

1900

1950

2000

2050

JUL

15N

OV

15M

AR 1

6JU

L 16

NO

V 16

MAR

17

JUL

17N

OV

17M

AR 1

8JU

L 18

NO

V 18

MAR

19

JUL

19N

OV

19M

AR 2

0JU

L 20

Zinc

30-Jun-2015

31-Jul-201510000

10500

11000

11500

12000

12500

JUL

15N

OV

15M

AR 1

6JU

L 16

NO

V 16

MAR

17

JUL

17N

OV

17M

AR 1

8JU

L 18

NO

V 18

MAR

19

JUL

19N

OV

19M

AR 2

0JU

L 20

Nickel

30-Jun-2015

31-Jul-2015

60

62

64

66

68

70

JUL

15

OCT

15

DEC

15

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

Cotton

30-Jun-2015

31-Jul-2015

27

BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO>

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

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

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

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

28

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

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

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

Crop calendar CCAL

BCOM QUICK FACTS

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

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

First Value Date 30 December 1990

COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICEThe data provided in this report can be easily accessed on the Bloomberg Professional® service along with numerous news and analytical tools to help you stay on top of the commodity markets.

29