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

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TABLES & CHARTS(BCOM)BLOOMBERG COMMODITY INDEX

Commodities dropped 7.3% in November, down 22.3% YTD

Investors are suffering through the worst commodity collapse in a generation. The Bloomberg Commodity Index (BCOM), the raw-material gauge, is poised for a fifth straight annual loss, the longest slide since the data began in 1991. Bulls can blame the cooling economy in China, the world’s largest consumer of metals, grains and energy. The nation’s slowest pace of growth in two decades is stamping out demand and leaving the world oversupplied with everything from aluminum to wheat. China’s factory gauges signaled that manufacturing hasn’t yet bottomed out amid faltering global demand and deepening deflationary pressures. In Germany, Europe’s largest economy, industrial production unexpectedly dropped in September. The prospect that U.S. borrowing costs will rise for the first time in nine years is compounding concern that raw-material users will slow or abandon plans for expansion, eroding consumption.

ENERGY (31.4% weight in BCOM)

WTI oil averaged less than $50 a barrel for a fourth month, the longest stretch since the global financial crisis, as a record supply glut showed no signs of ending as producers fight for market share. Surging U.S. crude stockpiles that have filled storage tanks near capacity are widening the discount on immediate oil deliveries. WTI Cushing spot closed at a $1.70 discount to January WTI on NYMEX, the highest level of contango since 2010. "We don’t get this kind of super contango unless there are concerns about how much spare storage capacity is available," Tim Evans, an energy analyst at Citi Futures Perspective said. "Storage offshore becomes a viable option with these kind of spreads," Evans said. "It costs about 45 to 50 cents a barrel per month to store crude on land. It rises to the $1-to-$1.25 per barrel a month range, depending on the specific vessel, when stored on a tanker."

The OPEC basket price recently fell below Brent front month and WTI front month contracts and for the first time since 2009 traded under $40 a barrel, increasing the financial strain on the group that adopted a policy of maintaining production to defend its market share and pressure higher-cost producers. The pain of low oil prices isn't spread evenly. Only Kuwait's fiscal breakeven - the price of oil required to balance government revenue with spending - is currently below the average price of Brent this year. Libya is facing the most pressure, with a fiscal breakeven of $215 a barrel, according to the IMF. Even Saudi Arabia is in the red: Its breakeven is more than double the current crude price. Saudi Arabia's pain is mitigated by a hoard of foreign assets, currently valued at $646 billion, which it has been drawing down over the past eight months to make up for a shortfall in government revenue. While these assets provide a cushion in the short term, the IMF has said that the kingdom may run out of financial assets needed to support spending within five years if the government maintains current policies.

OPEC is considering raising its official production target at its next meeting on Dec. 4 to take into account new member Indonesia, according to two OPEC delegates. The Southeast Asian nation’s re-entry comes after a break of almost seven years as Indonesia suspended its membership in 2009 after becoming a net oil importer. It pumped 852,000 barrels a day in 2014 and consumed almost twice as much, according to BP Plc. Indonesia's move to rejoin OPEC complicates its status as an organization for oil exporters. The nation will be the group's only East Asian member and its only net importer of petroleum liquids. It aims to be a link between oil producers and consumers and seeks greater access to crude supplies. Indonesia is located along the Strait of Malacca, through which 27% of global maritime oil trade passes. It is a strategic route that serves much of East Asia with crude from the Middle East.

Oil demand will soon reflect the “attractiveness” of the current level of crude prices, and Asia will be a vital engine of economic expansion for decades, Saudi Oil Minister Ali al-Naimi said. OPEC’s chief joined him in seeing Asia as the main hub for growth. Oil demand in Asia will rise by about 16 million barrels a day to almost 46 million by 2040, Abdalla Salem El-Badri, secretary-general of OPEC, said. He said that the region will need to import 40 million barrels a day of crude oil and refined products by then.

The global oil and gas industry will need to keep spending $630 billion on exploration and production each year just to maintain output at current levels as aging fields decline, according to the International Energy Agency (IEA). Investment will be cut by 20% this year and will drop further in 2016, the first two-year decline in spending since the 1980s, IEA said. Reductions to industry spending will result in non-OPEC crude supply leveling off at about 55 million barrels a day before 2020. That’s 1.3 million higher than this

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year, less than a third of the total growth of 5 million from 2010 to 2015. U.S. drillers have cut the number of rigs in use by an unprecedented 63% in the past year and daily production has fallen by 450,000 barrels from its June peak. While the nation’s shale output “stumbles” in the short term, it will resume its “upward march” once prices recover to $80 to plateau at 5 million barrels a day early next decade, the agency said. Output will gradually decline in the early 2020s as costs increase and operators exhaust the most prolific areas.

Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to OPEC. Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crisis. Slowing non-OPEC supply and rising demand for winter fuels could “help alleviate the current overhang,” enabling a recovery in prices, it said. The 2009 glut was the only other occasion in the past 10 years when the oversupply has topped 150 million barrels.

The U.S. and Iraq, whose extra crude this year equates to about 80% of the global surplus, will fail to boost output in 2016, according to the world’s biggest forecasters. While the U.S. curtailment is mainly because prices are too low to spur fresh supply, the Middle East country’s ability to boost output is also being crimped by a need to fund its battle with Islamic State. As production from the U.S. is slowing, Russian output continues to expand as Russian oil fields delivered 10.78 million barrels a day in October, according to data from the nation's Oil Ministry, breaking the country's post-Soviet era production record for the fourth time this year. Russian production costs have been kept low as the ruble has lost its U.S. dollar value along with global crude.

Crude imports to U.S. Gulf Coast refineries, which have fallen by more than half since September 2005 when the region’s imports peaked, sank to a 24-year low on the back of plant maintenance and ample domestic inventories. Imports to PADD 3, home to about half of U.S. crude processing, were 2.54 million barrels a day in the week ended Oct. 30, the Energy Information Administration (EIA) reported. That was the lowest single-week total since Nov. 29, 1991. The 52-week average of 3.08 million barrels was the lowest in the data series begun in 1990.

Gasoline at the pump hasn’t been so expensive against its raw material, crude oil, since at least 2004. Regular gasoline in the U.S. has averaged $1.13 a gallon more than Brent crude so far in 2015, according to data compiled by Bloomberg based on AAA prices and Brent futures. That’s almost 20 cents a gallon higher than the average in the past 10 years. Gasoline demand in the U.S. averaged 9.24 million barrels a day in the four weeks ended Nov. 13, the highest seasonal level since 2007, according to the EIA.

Faced with the collapse in oil prices, the two dominant North Sea producers are taking opposite approaches to bolster dwindling investment: The U.K. is offering carrots, while Norway is wielding a stick. Britain plans to extend the 1.3 billion pounds of tax cuts granted to producers in March after more than one in three fields was rendered uneconomic by the slump in crude. In contrast, Norway has shunned incentives and warned companies that scrapping projects could hurt their chances of getting new Arctic licenses. The differing strategies highlight the divide between depleted British waters and the untapped potential and larger reserves on the Norwegian side of the North Sea.

Energy experts say that, despite the huge stockpiles, the oil market could easily be shaken by a crisis in the Middle East, like a major terrorist attack in Saudi Arabia or a collapse in Iraq, and prices could soar again. "There is no spare capacity in the world. The market isn't pricing in any risk, geopolitical risk, for oil," said Steven Wood of Moody's Corporate Finance Group. "Geopolitical worries and terrorism have had a growing impact on the market the last few weeks. The stakes just went up and the geopolitical risk premium has reinflated," according to John Kilduff, a partner at Again Capital LLC hedge fund.

Waiting for U.S. natural gas prices to bottom? It may be a while. Analysts including those at Barclays Plc and energy broker Tradition Energy say competition from coal may set a floor for natural gas that’s as low as $1.50 per million British thermal units. A warm winter would keep the U.S. awash in shale gas into next year, forcing the power-plant fuel to compete against the nation’s cheapest coal. While U.S. natural gas drillers facing the lowest seasonal prices in two decades are trying to cut back supplies, the rigs are freeing record volumes of gas from new wells in six out of the seven largest U.S. shale deposits, EIA data show. That’ll keep supplies expanding to all-time highs this year and next even as drillers sideline rigs. While total gas production from the top seven shale plays is forecast to drop in December, a rig drilling new wells in the Marcellus will yield a record 8.741 million cubic feet a day, keeping production declines modest, according to an EIA report.

GRAINS (23.7% weight in BCOM)

Argentina, the world’s third-largest soybean producer and fourth-largest exporter of corn, will reduce its tariff on soybean exports by 5% to 30% and then will continue to cut the tariff by 5% a year until its elimination in seven years, Clarin reported, citing designated Agriculture Minister Ricardo Buryaile. The new government will also fulfill electoral pledges to remove tariffs on wheat, corn, beef and sunflowers from Dec. 10, Buryaile said. Argentine farmers have protested the taxes for several years, in part by holding back crops and storing them in silo bags that can be seen dotted along rural roads, as they waited for a new government and

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a change in policy. The country has shipped $17 billion of grains and oilseeds aboard so far this year, the lowest for the period since 2009, according to exporters’ consortium data.

The Bloomberg Grains Index touched an all-time low in November and is heading for a third straight annual loss, the longest slide since 2001. Global inventories of corn, wheat and soybeans will each rise to all-time highs before next year’s North American harvests, the U.S. government forecasts. While grain prices have already dropped to five-year lows, hedge funds are predicting more losses as stockpiles expand. The funds are holding the biggest bearish bet on the crops since June. Supplies are rising after record prices in 2008 spurred farmers worldwide to increase plantings, while favorable weather in the past few seasons helped spur bigger yields. Even with a slowdown in acreage growth in recent years, gains for global consumption are also easing. A stronger dollar is also cutting the appeal of exports from the U.S., the world’s largest seller. World inventories of soybeans are expected to climb for a fourth year to a record 82.9 million metric tons, as crops rise to the biggest ever in the U.S. and Brazil, the U.S. Department of Agriculture (USDA) said. Global stockpiles of corn are seen reaching an all-time high after the USDA cut its outlook for Chinese consumption, and wheat supplies are also estimated to rise to a peak. The combined stocks-to-use ratio of all three crops is forecast at the highest in 14 years, signaling that supply is outstripping demand.

The record corn crop China was counting on to sustain its huge pork habit is coming up short. Production that was supposed to reach an all-time high this season instead will drop 5.8%, the most in 15 years, after a summer drought and late-season rains stunted plants and delayed harvests, according to SGS SA, a researcher hired by Bloomberg to survey farmers in the main growing regions during September and October. While China has expanded inventories in recent years, it grows and consumes more corn than any nation except the U.S., and two thirds of its domestic output is used to feed hogs because the country consumes more than half the world’s pork. Output had been expected to reach another record, mostly because Chinese farmers expanded planting this year. In the seven major growing areas, which accounted for 69% of the country’s output last year, only one province reduced acreage, according to SGS. However, for the second straight year, drought stunted plant growth and damaged stalks and corn kernels, especially in the northeastern areas near North Korea and in Inner Mongolia to the west. At the end of July, rainfall in Liaoning, the fourth-largest growing province, was 10% of normal and the lowest since 1951, according to SGS. The dry spell compounded stress on crops after some farmers delayed planting because of a spring freeze, the researcher said. Some also postponed the harvest because of late-season rains. SGS is forecasting the biggest crop decline since 2000, when a drought sent production plunging 17%, according to data from China’s National Bureau of Statistics, which estimated last year’s harvest at 215.65 million tons. A smaller harvest may not make much of a dent in domestic supplies or global markets however. Over the past decade, the Chinese government acquired surplus grain at above-market prices to protect income for farmers, most of which have less than a few acres of land. That’s left the biggest inventories since 2001. The USDA last month estimated stockpiles in China will jump to 90.6 million metric tons before the 2016 harvest, up 11% from 2015 and the fifth straight annual gain.

INDUSTRIAL METALS (14.7% weight in BCOM)

The Bloomberg Industrial Metals Index is down 29.3% this year to the lowest since February 2009 amid concern that demand is sputtering in China. Economic growth is forecast at the slowest in 25 years in China, undermining demand and exacerbating gluts. Copper dropped to the cheapest since 2009 after declining factory orders in Germany and a worsening outlook for Europe’s economy added to demand concerns. Aluminum fell to a six-year low on the LME. Nickel dropped to the lowest level in more than a decade amid slowing stainless-steel production in China. Zinc dropped to the lowest since July 2009. Supply cutbacks have been insufficient and demand has either been too weak to offset the adjustment or seen outright declines, Goldman Sachs Group Inc. said.

Amid a slump that saw the Bloomberg Commodity Index (BCOM) at the lowest since 1999, China is stepping up to support metals with measures including state purchases, output cuts and a probe into short-selling. The country’s largest copper and nickel suppliers met to weigh their response to the rout, according to people with knowledge of the matter. The smelters, including China’s biggest, Jiangxi Copper Co. and Tongling Nonferrous Metals Group Co., decided to reduce output after meeting in Shanghai, the people said. The size of any cut hasn’t been determined, the people said. Zinc suppliers also pledged to reduce output to boost prices, announcing cuts of 500,000 tons. Authorities are said to be considering state purchases to support the metals as well as possibly intervening to limit futures short selling.

Hedge funds are betting there’s more pain in store for copper, even with prices trading at the lowest in six years. Money managers are holding the biggest net-short position in the metal since August. Futures are trading near the lowest since 2009 as economic growth slows to the weakest pace in more than two decades in China. Declining industrial profits in the Asian country added to concern that the government still hasn’t done enough to spur a rebound. Mining companies had boosted production after booming growth in China over the last decade sent prices to a record in 2011. With the economy slowing, there is too much supply and Goldman Sachs Group Inc. predicts the metal will remain in surplus through at least 2020.

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PRECIOUS METALS (16.9% weight in BCOM)

Gold is heading for a third straight annual decline, the longest slump since 1998. Prices fell to the lowest in five years as speculation that U.S. policy makers will raise interest rates next month helped boost the dollar, curbing the metal’s appeal as an alternative asset. The greenback climbed to near the highest since at least 2004. Odds that the Federal Reserve will increase rates for the first time since 2006 advanced to 72% at the end of November, from 35% a month ago, Fed-fund futures data show. Bets on higher rates have risen as a resilient U.S. labor market powers consumer spending, adding to signs that the economy may be robust enough to withstand higher rates. Speculators boosted their net-short positions to 14,655 contracts in gold futures and options in the week ended Nov. 24, the most since the U.S. government data begins in 2006. They’re not the only bears. Investors in exchange-traded products backed by the metal cut their holdings for an eighth session through Monday, to the smallest since 2009. Almost $10 billion has been wiped from the value of gold ETPs this year.

Half of the gold coming from mines may not be viable at current prices, underscoring the industry’s need for consolidation and output cuts, according to the best-performing producer of the metal in the past decade. The lower prices may start to attract jewelry and coin buyers, especially in Asia. In China, gold demand may match or exceed the record in 2013 as consumers seek protection against financial-market turmoil and the yuan devaluation, according to the Chinese Gold & Silver Exchange Society. In India, imports tripled to 152.9 tons in August, the Directorate General of Commercial Intelligence and Statistics said.

SOFTS (8.5% weight in BCOM)

The first global deficit of sugar in six years will probably get even bigger next season. World supplies will fall short of demand by 6.44 million metric tons in the season that starts Oct. 1, 2016, Platts’ Kingsman unit said. Production is expected to decline in India and the U.S. while consumption rises around the world. Raw sugar futures touched a 10-month high and have rallied more than 50% since setting a seven-year low in August. The market is expected to shift into a shortage in the season that began in October as El Nino threatens output in Asia and South America. Kingsman raised its estimate for the 2015-16 shortfall by about 10% to 3.31 million tons. Output in Brazil’s center-south, the main growing region in the world’s biggest producer, is set to climb to 32.94 million tons in the 12 months starting in April, from 31.08 million tons expected this year, Kingsman said. The percentage of cane used to make sugar rather than ethanol will probably increase to 43% next year from 41%. More sugar from Brazil won’t be enough to make up for a forecast decline in supply from India, the world’s second-largest producer. Output there will drop 8.6% to 25.1 million tons in 2016-17, according to the report.

Colombia, the world’s third-largest coffee supplier, will produce more this year than previously predicted after a tree-planting program helped to boost yields, according to the country’s growers’ federation. Output will be almost 14 million bags in 2015. The country is set for a bumper Arabica-bean crop of about 1.4 million bags in both November and December. Total coffee exports in 2015 are predicted by the FNC at 12.5 million bags, beating previous targets despite the shortage of rain caused by the El Nino weather phenomenon. Next year’s crop will depend on rainfall but could be similar. FNC also plans to increase the density of tree plantings, lifting productivity to 22 bags per hectare in 2018 from 16.7 bags now. “We’re aiming for 16 million bags in about three year’s time,” Velez said.

While robusta prices on ICE closed at a two-year low, weighed down by substantial global inventories, Brazilian prices for robusta coffee climbed to a record after drought conditions curbed domestic production this year and fueled concern that output will shrink again in 2016. The price in Espirito Santo state, Brazil’s largest robusta producer, rose to 378 reais per 60-kilogram bag on Nov. 26, the highest for the data, which goes back to 2001. Coffee co-operative Cooabriel, Brazil’s biggest grower of robusta, said last month the drought will again curb 2016 output because, in addition to the lack of moisture, the government of Espirito Santo has restricted irrigation to preserve water for human consumption. Continued drought will probably reduce the harvest that starts in the second quarter of 2016 by 30% to 50%, according to Coex Coffee International Inc. Brazil is the second-largest producer of robusta after Vietnam.

LIVESTOCK (4.8% weight in BCOM)

That’s all, folks, for porky pigs after hog futures in Chicago extended a slump to a six-year low. In 2015, the price has plummeted 30%. Domestic pork supplies and inventories are at records, with output set to reach an all-time high for the year. Wholesale prices are the lowest for this time of year since 2009 and the number of hogs slaughtered this year is above 2014’s pace by 7.9%, according to the USDA. With meatpackers still fetching profit margins that are more than triple the average since the end of 2013, the flood of supply isn’t likely to end soon. A stronger dollar - as the Bloomberg Dollar Spot Index (BDXY <GO>) reached the highest since data begins in January 2005 - is helping to make domestic meat less costly, as overseas consumers turn to cheaper suppliers. Through September, exports in 2015 dropped 4% from a year earlier, according to the U.S. Meat Export Federation. There’s still the chance that higher pork costs in China could lift demand for U.S. meat as the Asian country ends some restrictions on shipments. For now though, the U.S. is awash in ham: Inventories held in freezers increased 27% in September from a year earlier to 247.4 million pounds, an all-time high, government data show.

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Composite Indices

Nov Oct Q3 Q2 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearBloomberg Commodity ER BCOM -7.26% -0.45% -14.86% 4.65% -22.29% -10.84% -28.21% -43.22% -44.74% -51.28% -18.52%Bloomberg Commodity TR BCOMTR -7.25% -0.45% -14.85% 4.66% -22.26% -10.82% -28.19% -43.15% -44.58% -45.21% 32.40%

Bloomberg Commodity Spot BCOMSP -6.63% 1.26% -12.64% 6.17% -16.89% -8.28% -23.23% -38.42% -33.38% 13.61% 148.56%Bloomberg Roll Select BCOMRST -6.43% -0.16% -13.74% 3.43% -21.07% -9.56% -26.54% -40.59% -38.80% -11.42% 197.60%

1 Month Forward BCOMF1T -6.91% -0.08% -14.44% 4.47% -21.43% -10.11% -27.24% -40.55% -40.28% -30.45% 143.30% 2 Month Forward BCOMF2T -6.84% 0.07% -14.17% 3.88% -21.62% -9.94% -26.90% -41.27% -41.29% -23.34% 173.66% 3 Month Forward BCOMF3T -6.37% 0.12% -14.03% 3.69% -21.06% -9.31% -25.93% -39.89% -39.12% -15.84% 186.31% 4 Month Forward BCOMF4T -6.16% 0.49% -13.30% 3.60% -20.09% -8.73% -24.70% -38.74% -36.47% -6.64% 5 Month Forward BCOMF5T -5.95% 0.48% -13.13% 3.44% -19.69% -8.49% -24.27% -39.31% -36.46% -2.75% 6 Month Forward BCOMF6T -5.86% 0.52% -12.83% 3.13% -19.54% -8.36% -23.99% -39.02% -36.08% 2.14%

Energy BCOMENTR -10.64% -3.32% -24.92% 10.92% -31.69% -22.15% -46.76% -57.26% -64.08% -89.66% -19.34%Petroleum BCOMPETR -10.80% 0.68% -23.95% 13.98% -29.22% -19.50% -42.03% -57.46% -53.03% -66.69% 143.51%Agriculture BCOMAGTR -2.71% 1.58% -11.25% 8.29% -14.75% 1.03% -16.38% -36.62% -31.74% 8.40% -24.19%

Grains BCOMGRTR -4.55% -0.76% -14.38% 10.21% -17.30% -2.57% -16.33% -41.50% -28.05% 12.34% -37.71%Industrial Metals BCOMINTR -8.68% -2.81% -13.60% -5.31% -29.27% -12.44% -32.34% -43.53% -51.12% -21.67% 43.09%Precious Metals BCOMPRTR -7.53% 3.59% -2.16% -2.55% -10.69% -5.41% -10.13% -44.54% -32.86% 90.33% 176.89%

Softs BCOMSOTR 0.42% 7.82% -0.30% 1.61% -12.20% 12.57% -19.01% -34.64% -47.44% -31.56% -35.22%Livestock BCOMLITR -7.91% 0.77% -4.65% -1.52% -21.99% -11.25% -25.76% -15.68% -18.47% -56.09% -54.46%Ex-Energy BCOMXETR -5.62% 1.01% -9.17% 1.50% -18.00% -4.63% -19.85% -38.02% -35.45% 8.10% 22.16%

Ex-Petroleum BCOMXPET -6.13% -0.80% -11.42% 1.55% -20.98% -7.84% -25.29% -40.20% -44.14% -42.64%Ex-Agriculture BCOMXAGT -9.27% -1.31% -16.36% 3.21% -25.49% -15.56% -33.17% -46.30% -50.24% -60.99%

Ex-Grains BCOMXGRT -7.83% -0.37% -14.94% 3.55% -23.26% -12.47% -30.51% -43.56% -48.27% -55.44%Ex-Industrial Metals BCOMXIMT -7.00% -0.02% -15.07% 6.63% -20.84% -10.55% -27.46% -43.34% -43.42% -53.22%Ex-Precious Metals BCOMXPMT -7.20% -1.24% -17.10% 6.06% -24.44% -11.87% -31.37% -43.55% -47.05% -54.03%

Ex-Softs BCOMXSOT -7.91% -1.10% -15.90% 4.87% -23.22% -12.52% -29.06% -43.93% -44.67% -47.10%Ex-Livestock BCOMXLIT -7.22% -0.51% -15.33% 4.98% -22.23% -10.81% -28.31% -44.52% -45.90% -44.35%

Ex-Agriculture & Livestock BCOMXALT -9.37% -1.46% -17.16% 3.57% -25.69% -15.88% -33.79% -48.47% -52.44% -61.76%S&P 500 Total Return SPXT 0.30% 8.44% 1.45% 0.28% 3.01% 6.07% 2.75% 56.45% 95.92% 105.74% 399.67%

Bloomberg US Treasury Bond BUSY -0.44% -0.36% 1.70% -1.96% 1.02% 0.22% 1.20% 3.07% 14.13%Bloomberg USD IG Corporate Bond BUSC -0.28% 0.56% 1.20% -3.05% 0.03% 0.94% -0.03% 5.99% 24.80%Bloomberg USD HY Corporate Bond BUHY -1.85% 3.20% -2.10% 0.65% -0.75% -1.36% -2.88% 9.17% 31.46%

Bloomberg Dollar Spot BBDXY 2.32% -0.33% 2.46% -1.66% 9.44% 2.57% 11.83% 25.55% 23.34% 13.24%

Single Commodity Indices

Nov Oct Q3 Q2 YTD 3-Month 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas BCOMNGTR -10.24% -13.50% -26.49% 1.82% -40.22% -29.02% -57.47% -59.37% -83.04% -99.38% -98.48%WTI Crude BCOMCLTR -12.25% 2.62% -25.48% 17.51% -34.58% -18.68% -47.22% -58.26% -62.43% -76.26% 84.06%

Brent Crude BCOMCOT -11.73% 1.21% -25.40% 10.67% -33.88% -21.94% -45.89% -62.75% -48.65% -50.27% 425.83%ULS Diesel BCOMHOTR -12.24% -3.40% -23.20% 9.10% -29.69% -24.15% -39.64% -57.39% -45.13% -57.61% 156.44%

Unleaded Gasoline BCOMRBTR -4.68% -0.21% -19.93% 18.00% -9.03% -11.78% -26.62% -47.76% -16.55% -26.15% 421.39%Corn BCOMCNTR -4.81% -1.42% -12.01% 7.79% -16.20% -3.03% -14.42% -53.01% -29.49% -9.95% -77.43%

Soybeans BCOMSYTR -0.53% -1.21% -15.03% 9.17% -12.69% -1.23% -12.56% -10.53% 6.04% 123.64% 258.81%Wheat BCOMWHTR -9.47% 1.80% -16.04% 19.26% -21.32% -2.56% -19.78% -53.25% -56.75% -55.93% -91.40%

Soybean Oil BCOMBOTR 3.17% 3.31% -17.09% 10.66% -11.07% 3.15% -12.08% -45.78% -52.43% -16.65% -42.76%Soybean Meal BCOMSMT -5.86% -1.62% -11.98% 11.45% -11.33% -8.07% -12.84% 15.97% 58.46% 343.12% 1111.53%HRW Wheat BCOMKWT -7.23% -1.59% -22.42% 6.13% -32.08% -6.08% -33.51% -56.51% -55.57% -40.26% -68.77%

Copper BCOMHGTR -11.99% -1.00% -11.63% -4.79% -28.18% -12.74% -28.70% -45.28% -49.54% 7.07% 159.22%Alumnium BCOMALTR -2.02% -7.08% -14.79% -7.25% -25.79% -11.17% -32.08% -43.96% -53.51% -58.83% -46.94%

Zinc BCOMZSTR -8.83% 0.68% -15.43% -4.39% -29.85% -14.58% -31.23% -31.73% -38.31% -25.65% 4.64%Nickel BCOMNITR -11.69% -3.34% -16.35% -3.67% -42.04% -11.85% -46.18% -52.04% -63.93% -22.67% 87.95%Gold BCOMGCTR -6.73% 2.35% -2.77% -1.05% -10.47% -5.99% -9.81% -38.59% -25.14% 97.93% 165.12%Silver BCOMSITR -9.78% 7.23% -0.41% -6.63% -10.95% -3.71% -10.71% -59.22% -52.60% 51.84% 148.27%Sugar BCOMSBTR 2.83% 12.73% 7.79% 2.20% -6.66% 29.29% -13.06% -47.93% -53.85% -42.33% 6.21%Coffee BCOMKCTR -3.90% -0.33% -10.80% -3.85% -35.36% -6.48% -42.55% -40.91% -61.62% -49.80% -64.59%Cotton BCOMCTTR -1.32% 4.77% -6.75% 6.21% 1.90% -0.81% 2.23% -10.94% -26.12% -19.84% -80.28%

Live Cattle BCOMLCTR -8.05% 8.25% -7.53% -1.83% -17.10% -10.19% -19.88% -2.49% -6.87% -32.41% -6.56%Lean Hogs BCOMLHTR -7.67% -11.28% 0.65% -0.98% -29.81% -13.34% -35.40% -35.14% -35.87% -79.34% -87.66%

Index Name Ticker

Index Name Ticker

PERFORMANCE: Bloomberg Commodity Indices

2015

2015

YTD

6

Composite Roll Select Indices

Nov Oct Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-YearBCOM Roll Select BCOMRST -6.43% -0.16% -13.74% 3.43% -21.07% -26.54% -40.59% -38.80% -11.42% 197.60%

Roll Select Agriculture BCOMRAGT -2.55% 1.07% -11.80% 7.60% -15.89% -17.30% -36.98% -27.36% 47.62% 36.92%Roll Select Ex-Ags & Livestock BBURXALT -8.24% -0.68% -15.13% 2.18% -23.42% -31.04% -44.97% -46.56% -36.39%

Roll Select Grains BCOMRGRT -4.13% -1.08% -14.19% 9.78% -16.73% -15.66% -42.92% -25.52% 56.83% 15.19%Roll Select Softs BCOMRSOT 0.19% 6.63% -3.58% 0.52% -17.77% -23.67% -32.69% -40.45% -6.75% 16.42%

Roll Select Livestock BCOMRLIT -7.01% -0.63% -6.02% -2.82% -20.83% -24.23% -9.08% -4.64% -5.98%Roll Select Energy BCOMRENT -8.43% -1.74% -21.14% 7.81% -27.26% -41.83% -51.31% -55.16% -73.71%

Roll Select Ex-Energy BCOMRXET -5.44% 0.68% -9.49% 1.21% -18.29% -19.95% -37.54% -32.16% 44.64%Roll Select Petroleum BCOMRPET -8.78% 1.76% -21.09% 10.26% -26.62% -38.01% -53.08% -44.72% -33.73% 679.74%

Roll Select Industrial Metals BCOMRINT -8.65% -2.81% -13.36% -4.96% -28.82% -31.77% -42.20% -49.04% 0.65% 120.28%Roll Select Precious Metals BCOMRPRT -7.52% 3.59% -2.17% -2.53% -10.62% -10.02% -44.45% -32.56% 92.36% 185.62%

Single Commodity Roll Select Indices

Nov Oct Q3 Q2 YTD 1-Year 3-Year 5-Year 10-Year 20-YearNatural Gas RS BCOMRNGT -7.30% -11.09% -21.73% 0.44% -31.58% -50.81% -49.15% -73.83% -96.95% -67.28%WTI Crude RS BCOMRCLT -8.16% 3.58% -20.45% 10.68% -28.72% -40.60% -53.11% -50.50% -38.26% 789.93%

Brent Crude RS BCOMRCOT -10.45% 2.27% -21.38% 8.15% -29.52% -39.67% -55.87% -42.44% -25.82% 838.09%ULS Diesel RS BCOMRHOT -11.22% -1.22% -20.21% 9.11% -26.09% -37.02% -54.94% -43.54% -39.67% 402.29%

Unleaded Gasoline RS BCOMRRBT -4.53% -0.37% -22.92% 14.74% -17.76% -30.61% -46.76% -23.80% -14.80% 652.57%Corn RS BCOMRCNT -4.73% -2.03% -11.68% 7.32% -15.04% -13.19% -53.94% -29.79% 20.99% -58.97%

Soybeans RS BCOMRSYT -0.77% -0.95% -14.40% 8.59% -12.79% -12.45% -12.94% 14.08% 167.29% 323.38%Wheat RS BCOMRWHT -7.11% 1.16% -16.95% 19.26% -20.87% -19.94% -53.94% -54.28% -13.97% -58.82%

Soybean Oil RS BCOMRBOT 3.25% 3.10% -16.97% 10.73% -10.80% -11.61% -44.63% -48.55% 0.90% -4.80%Soybean Meal RS BCOMRSMT -5.86% -1.65% -11.73% 9.76% -12.43% -13.92% 16.33% 70.99% 411.56% 1321.80%HRW Wheat RS BCOMRKWT -6.83% -1.29% -21.19% 6.13% -30.86% -30.83% -56.27% -52.92% 7.13% -26.95%

Copper RS BCOMRHGT -11.90% -1.10% -11.62% -4.88% -28.17% -28.68% -45.29% -48.47% 28.75% 285.10%Alumnium RS BCOMRALT -2.14% -7.19% -14.24% -5.74% -24.34% -30.47% -40.63% -49.71% -44.83% -17.35%

Zinc RS BCOMRZST -8.81% 1.02% -15.07% -4.67% -29.89% -31.00% -30.01% -36.51% -1.18% 64.91%Nickel RS BCOMRNIT -11.43% -3.07% -16.28% -3.70% -41.71% -45.77% -51.04% -62.46% 1.87% 219.12%Gold RS BCOMRGCT -6.71% 2.35% -2.78% -1.04% -10.44% -9.76% -38.61% -25.08% 97.24% 167.20%Silver RS BCOMRSIT -9.74% 7.23% -0.41% -6.57% -10.72% -10.41% -58.86% -51.76% 59.91% 175.28%Sugar RS BCOMRSBT 2.06% 10.70% 1.80% 0.73% -17.53% -22.27% -44.78% -46.12% -9.40% 104.97%Coffee RS BCOMRKCT -3.54% -0.16% -11.16% -4.55% -34.30% -41.49% -39.86% -58.50% -39.21% -40.89%Cotton RS BCOMRCTT -0.56% 4.46% -7.20% 6.21% 1.47% 1.79% -7.70% -13.32% 4.31% -64.74%

Live Cattle RS BCOMRLCT -6.77% 6.19% -7.31% -1.83% -16.57% -19.88% -4.29% -2.91% 0.83% 104.11%Lean Hogs RS BCOMRLHT -7.72% -11.28% -3.26% -4.55% -27.28% -30.84% -18.40% -10.10% -24.32% 21.30%

PERFORMANCE: Bloomberg Commodity Roll Select Indices

Index Name Ticker

Index Name Ticker

2015

2015

7

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

PERFORMANCE: Historical ReturnBloomberg Commodity Composite Indices

Commodities vs. Equities vs. Bonds vs. USD

Bloomberg Commodity Energy Subindices

Bloomberg Commodity Forward Indices

Bloomberg Commodity Group Subindices

Bloomberg Commodity Grains Subindices

-100%0%

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

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

-50%0%

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

00 02 04 06 08 10 12 14

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

-60%-40%-20%

0%20%40%60%80%

100%120%

10 11 12 13 14 15

BloombergCommodity Index TR

S&P 500 Total ReturnIndex

Bloomberg USTreasury Bond Index

Bloomberg USD IGCorporate Bond Index

Bloomberg USD HYCorporate Bond Index

Bloomberg U.S. DollarSpot Index

-200%

0%

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

-500%

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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%

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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%

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0%

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

Sugar

Coffee

Cotton

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

0%20%40%60%80%

100%120%

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

Live Cattle

Lean Hogs

8

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

Group Commodity Ticker Nov 2015 CTR

Nov 30 2015 Actual Weight

Oct 30 2015 Actual Weight

Nov 2015 Weight Change

2015 Target Weight

2016 Target Weight

Natural Gas NG -0.89% 8.14% 8.47% -0.33% 8.74% 8.45% WTI Crude CL -1.04% 7.95% 8.46% -0.51% 7.84% 7.47%

Brent Crude CO -0.91% 7.50% 7.69% -0.19% 7.16% 7.53% ULS Diesel HO -0.48% 3.63% 3.86% -0.23% 3.76% 3.83% Gasoline XB -0.19% 4.19% 4.10% 0.09% 3.69% 3.75%Subtotal -3.50% 31.41% 32.58% -1.17% 31.19% 31.03%

Corn C -0.37% 8.13% 7.79% 0.34% 7.25% 7.36% Soybeans S -0.02% 5.66% 5.31% 0.35% 5.68% 5.70%

Wheat W -0.32% 3.26% 3.34% -0.08% 3.33% 3.33% Soybean Oil BO 0.09% 2.98% 2.70% 0.28% 2.81% 2.84%

Soybean Meal SM -0.15% 2.64% 2.62% 0.02% 2.75% 2.84% HRW Wheat KW -0.08% 1.07% 1.04% 0.03% 1.17% 1.15%

Subtotal -0.85% 23.74% 22.80% 0.94% 22.98% 23.22% Copper HG -0.85% 6.68% 7.06% -0.38% 7.54% 7.63%

Aluminum LA -0.09% 4.46% 4.25% 0.21% 4.59% 4.60% Zinc LX -0.19% 2.10% 2.15% -0.05% 2.40% 2.53%

Nickel LN -0.18% 1.45% 1.53% -0.08% 2.12% 2.36%Subtotal -1.32% 14.69% 14.99% -0.30% 16.65% 17.11%

Gold GC -0.83% 12.51% 12.51% 0.00% 11.90% 11.38% Silver SI -0.43% 4.35% 4.49% -0.14% 4.28% 4.21%

Subtotal -1.26% 16.86% 17.00% -0.14% 16.18% 15.59% Sugar SB 0.12% 4.82% 4.38% 0.44% 4.00% 3.63% Coffee KC -0.07% 1.81% 1.70% 0.11% 2.21% 2.29% Cotton CT -0.02% 1.87% 1.77% 0.10% 1.51% 1.49%

Subtotal 0.04% 8.50% 7.85% 0.65% 7.72% 7.41% Live Cattle LC -0.25% 3.17% 3.17% 0.00% 3.33% 3.57% Lean Hogs LH -0.12% 1.66% 1.61% 0.05% 1.94% 2.06%Subtotal -0.37% 4.83% 4.78% 0.05% 5.27% 5.63%

Total -7.3% 100% 100% 100% 100%

Commodity Price ForecastsCPFC <GO>

Group Commodity Q4 15 Q1 16 Q2 16 Q3 16Forward 2.30 2.32 2.44 2.51Forecast 2.75 3.00 2.80 3.10Forward 43.79 44.19 46.17 47.46Forecast 47.00 48.00 52.50 56.30Forward 46.72 46.49 48.66 50.27Forecast 50.00 51.30 55.00 59.50Forward 142.62 139.36 146.77 146.77Forecast 150.00 156.00 164.00 164.00Forward 132.63 140.81 156.65 147.72Forecast 134.00 152.00 160.00 164.50Forward 372.98 373.38 380.96 388.16Forecast 395.00 400.00 400.00 415.00Forward 880.53 884.15 892.47 896.78Forecast 900.00 915.00 925.00 920.00Forward 490.14 477.17 488.51 505.59Forecast 518.00 522.00 522.50 522.50Forward 4,878 4,588 4,582 4,581Forecast 5,247 5,159 5,325 5,500Forward 1,482 1,448 1,458 1,471Forecast 1,600 1,594 1,626 1,655Forward 1,626 1,563 1,574 1,585Forecast 1,770 1,790 1,810 1,853Forward 9,495 8,900 8,933 8,965Forecast 10,638 11,000 12,000 12,000Forward 1,104 1,066 1,067 1,068Forecast 1,125 1,100 1,125 1,125Forward 14.76 14.08 14.13 14.18Forecast 15.01 14.92 15.00 15.00Forward 14.65 14.76 14.26 14.16Forecast 13.55 14.00 14.10 14.70Forward 120.46 119.93 122.78 125.76Forecast 133.50 140.00 135.00 133.10Forward 62.13 62.85 63.76 63.65Forecast 63.20 63.00 63.00 63.00

Softs

Bloomberg survey of commodity analysts

Energy

Grains

Industrial Metals

Precious Metals

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Gasoline

Corn

Soybeans

Wheat

Copper

Aluminum

Coffee

Cotton

Zinc

Nickel

Gold

Silver

Sugar

Energy

Livestock

Softs

Precious Metals

Industrial Metals

Grains

9

Composite Indices

Bloomberg Commodity ER BCOM 10.80% 13.09% 15.33% 11.93% 13.88% 18.03% 15.95%Bloomberg Commodity TR BCOMTR 10.80% 13.09% 15.33% 11.93% 13.88% 18.03% 15.95%

Bloomberg Commodity Spot BCOMSP 10.57% 13.17% 15.44% 11.98% 13.93% 18.12% 16.04%Bloomberg Roll Select BCOMRST 10.14% 12.34% 14.36% 11.25% 13.15% 16.96% 14.57%

1 Month Forward BCOMF1T 10.52% 12.91% 15.06% 11.63% 13.60% 17.69% 15.39% 2 Month Forward BCOMF2T 10.32% 12.70% 14.76% 11.40% 13.37% 17.36% 14.86% 3 Month Forward BCOMF3T 10.13% 12.55% 14.47% 11.15% 13.17% 17.05% 14.44% 4 Month Forward BCOMF4T 9.95% 12.36% 14.22% 10.94% 12.95% 16.79% 5 Month Forward BCOMF5T 9.62% 12.06% 13.70% 10.58% 12.56% 16.29% 6 Month Forward BCOMF6T 9.62% 12.06% 13.70% 10.58% 12.56% 16.29%

Energy BCOMENTR 24.36% 27.74% 33.19% 23.67% 23.73% 28.94% 30.45%Petroleum BCOMPETR 30.16% 37.10% 40.60% 27.37% 27.06% 32.59% 32.74%Agriculture BCOMAGTR 12.05% 12.72% 16.07% 14.75% 17.84% 20.93% 18.37%

Grains BCOMGRTR 14.89% 16.04% 20.44% 18.82% 21.91% 25.20% 22.60%Industrial Metals BCOMINTR 15.70% 19.62% 19.01% 16.66% 19.32% 26.27% 22.30%Precious Metals BCOMPRTR 10.97% 15.77% 17.72% 19.36% 20.85% 23.38% 19.64%

Softs BCOMSOTR 26.67% 21.99% 20.55% 19.30% 20.93% 22.46% 20.60%Livestock BCOMLITR 28.55% 21.62% 17.14% 13.19% 13.48% 14.08% 14.45%Ex-Energy BCOMXETR 8.59% 9.74% 11.50% 10.77% 13.24% 16.77% 13.76%

Ex-Petroleum BCOMXPET 7.92% 9.42% 11.35% 10.75% 12.89% 16.66%Ex-Agriculture BCOMXAGT 13.08% 16.55% 18.70% 14.10% 15.51% 19.86%

Ex-Grains BCOMXGRT 8.59% 9.74% 11.50% 10.77% 13.24% 16.77%Ex-Industrial Metals BCOMXIMT 12.19% 15.14% 16.86% 12.88% 14.49% 18.70%Ex-Precious Metals BCOMXPMT 11.82% 13.92% 16.57% 12.76% 14.47% 18.26%

Ex-Softs BCOMXSOT 12.42% 14.65% 17.21% 12.88% 14.67% 18.93%Ex-Livestock BCOMXLIT 10.96% 13.50% 16.04% 12.43% 14.27% 18.59%

Ex-Agriculture & Livestock BCOMXALT 13.08% 16.55% 18.70% 14.10% 15.51% 19.86%S&P 500 Total Return Index SPXT 12.41% 16.53% 15.23% 12.59% 15.32% 20.70% 19.58%

Bloomberg US Treasury Bond Index BUSY 2.76% 3.87% 4.62% 3.83% 4.16%Bloomberg USD IG Corporate Bond Index BUSC 2.81% 3.58% 4.61% 4.04% 4.46%Bloomberg USD HY Corporate Bond Index BUHY 3.12% 4.14% 3.67% 3.00% 3.00%

Bloomberg U.S. Dollar Spot Index BBDXY 6.08% 5.99% 7.41% 5.90% 6.35% 7.06%

Single Commodity Indices

Natural Gas BCOMNGTR 35.74% 30.19% 40.90% 37.16% 38.14% 43.94% 47.20%WTI Crude BCOMCLTR 30.67% 41.11% 45.62% 30.71% 30.37% 34.78% 34.32%

Brent Crude BCOMCOT 29.77% 37.46% 41.80% 28.04% 27.19% 32.12% 31.72%ULS Diesel BCOMHOTR 27.64% 32.37% 34.93% 24.17% 23.83% 30.10% 32.14%

Unleaded Gasoline BCOMRBTR 40.08% 39.58% 40.18% 28.30% 27.73% 34.33% 33.93%Corn BCOMCNTR 16.31% 18.34% 23.32% 23.55% 27.27% 30.96% 26.89%

Soybeans BCOMSYTR 13.46% 15.47% 19.85% 19.74% 20.89% 24.76% 23.81%Wheat BCOMWHTR 24.17% 25.25% 30.42% 25.30% 30.13% 34.06% 29.73%

Soybean Oil BCOMBOTR 20.03% 22.33% 22.48% 19.46% 19.88% 24.08% 23.38%Soybean Meal BCOMSMT 11.50% 14.62% 21.98% 24.49% 24.75% 27.95% 26.57%HRW Wheat BCOMKWT 21.49% 23.94% 28.48% 23.51% 27.45% 30.98% 26.96%

Copper BCOMHGTR 18.80% 24.68% 22.94% 19.35% 22.53% 31.53% 27.76%Alumnium BCOMALTR 14.68% 16.12% 17.53% 17.26% 19.13% 24.11% 20.50%

Zinc BCOMZSTR 23.06% 29.92% 23.79% 19.44% 22.93% 34.55% 28.13%Nickel BCOMNITR 34.08% 31.47% 31.94% 26.86% 28.98% 39.14% 35.54%Gold BCOMGCTR 11.78% 14.10% 15.27% 17.34% 17.94% 20.36% 17.51%Silver BCOMSITR 11.89% 24.40% 28.46% 28.42% 33.42% 36.35% 30.50%Sugar BCOMSBTR 42.74% 35.29% 29.63% 23.56% 28.39% 33.46% 31.94%Coffee BCOMKCTR 32.17% 31.17% 34.05% 35.83% 33.68% 31.34% 36.85%Cotton BCOMCTTR 16.11% 17.00% 19.17% 19.17% 25.69% 27.17% 25.95%

Live Cattle BCOMLCTR 25.26% 21.88% 17.43% 13.45% 13.72% 14.00% 14.31%Lean Hogs BCOMLHTR 41.32% 32.42% 28.87% 21.85% 20.98% 22.53% 24.15%

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

10

VOLATILITY: ImpliedVCA <GO> OVDV <GO>

TermMoneyness 90% 100% 110% 90% 100% 110% 90% 100% 110%End of Nov 2% 52% 0% 0% 44% 1% 0% 32% 0%End of Oct 2% 57% 3% -3% 52% -1% 0% 37% -1%End of Nov 3% 45% 1% 2% 42% -1% 1% 38% 0%End of Oct 1% 41% 0% 2% 38% 0% 1% 37% 0%End of Nov 3% 43% 3% 1% 40% 0% 1% 36% 0%End of Oct 4% 38% 2% 2% 38% 0% 1% 36% -1%End of Nov 1% 37% -2% 3% 35% 0% 2% 30% 0%End of Oct 1% 35% 1% 1% 33% 0% 0% 30% 0%End of Nov 2% 41% -2% 0% 37% 0% 0% 33% -1%End of Oct -1% 39% 1% -1% 37% 0% 0% 30% 0%End of Nov 3% 16% 5% -1% 19% 2% -1% 20% 1%End of Oct 2% 18% 2% 0% 21% 1% 0% 22% 0%End of Nov 6% 16% 4% 1% 17% 1% 1% 17% 0%End of Oct 4% 16% 4% 1% 16% 1% 1% 17% 0%End of Nov 1% 20% 4% -1% 22% 2% -1% 24% 1%End of Oct 1% 22% 3% -1% 23% 2% -1% 25% 1%End of Nov 3% 21% 3% 1% 20% 1% 0% 20% 0%End of Oct 3% 23% 4% 1% 22% 1% 0% 22% 1%End of Nov 3% 18% 4% 1% 19% 1% 0% 19% 1%End of Oct 4% 17% 4% 1% 18% 1% 1% 18% 0%End of Nov 0% 19% 4% -2% 22% 2% -1% 23% 1%End of Oct 1% 21% 3% -1% 22% 1% -1% 24% 1%End of Nov 1% 25% 0% 1% 26% -1% 3% 26% -1%End of Oct 3% 26% -1% 1% 25% -1% 3% 25% -2%End of Nov 0% 45% 0% 0% 37% 0% 0% 25% 0%End of Oct 0% 19% 0% 0% 20% 0% 0% 19% 0%End of Nov 0% 50% 0% 0% 33% 0% 0% 32% 0%End of Oct 0% 50% 0% 0% 33% 0% 0% 32% 0%End of Nov 0% 32% 3% 0% 29% 5% 0% 29% 5%End of Oct 0% 38% -1% 0% 37% -1% 0% 37% -1%End of Nov 2% 15% 0% 1% 15% 0% 1% 16% 0%End of Oct 2% 13% 1% 1% 15% 0% 1% 16% 0%End of Nov 6% 24% 2% 3% 25% 1% 2% 26% 0%End of Oct 6% 22% 3% 3% 24% 1% 1% 26% 0%End of Nov 1% 32% 2% -1% 30% 2% -1% 29% 2%End of Oct 1% 32% 2% 0% 30% 1% 0% 28% 1%End of Nov -2% 33% 4% -2% 33% 3% -2% 33% 2%

End of Oct -1% 35% 4% -2% 35% 3% -2% 34% 2%End of Nov 6% 17% 4% 1% 17% 1% 0% 18% 1%End of Oct 3% 18% 3% 1% 18% 1% 1% 18% 0%End of Nov 2% 26% -1% 2% 22% -1% 2% 18% -2%

End of Oct 4% 19% 0% 2% 17% -1% 2% 15% -1%End of Nov 6% 26% 3% 2% 30% -1% 1% 23% -1%End of Oct 3% 30% -1% 2% 28% -1% 1% 22% -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

11

Bloomberg Commodity Energy Subindices Bloomberg Commodity Grains Subindices

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

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

Bloomberg Commodity Industrial Metals Subindices Bloomberg Commodity Precious Metals Subindices

Bloomberg Commodity Softs Subindices Bloomberg Commodity Livestock Subindices

5%

10%

15%

20%

25%

30%

35%

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

BloombergCommodity Index ER

BloombergCommodity Index TR

BloombergCommodity IndexSpotBloombergCommodity IndexRoll Select

5%

10%

15%

20%

25%

30%

35%

02 04 06 08 10 12 14

Bloomberg CommodityIndex TR

Bloomberg CommodityIndex 1 MonthForwardBloomberg CommodityIndex 3 MonthForwardBloomberg CommodityIndex 6 MonthForward

0%

5%

10%

15%

20%

25%

11 12 13 14 15

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

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

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

Energy

Grains

Industrial Metals

Precious Metals

Softs

Livestock

10%

20%

30%

40%

50%

60%

70%

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

Natural Gas

WTI Crude

Brent Crude

ULS Diesel

Unleaded Gasoline10%

15%

20%

25%

30%

35%

40%

45%

50%

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

Corn

Soybeans

Wheat

Soybean Oil

Soybean Meal

HRW Wheat

10%

20%

30%

40%

50%

60%

70%

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

Copper

Alumnium

Zinc

Nickel0%

10%

20%

30%

40%

50%

60%

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

Gold

Silver

10%

20%

30%

40%

50%

60%

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

Sugar

Coffee

Cotton

5%

10%

15%

20%

25%

30%

35%

40%

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

Live Cattle

Lean Hogs

12

Bloo

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Com

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Roll

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1 M

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Fo

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3 M

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Fo

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6 M

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Fo

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Petr

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Agric

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Gra

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Indu

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Prec

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M

etal

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Soft

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Live

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Ex-E

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Ex-A

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Bloomberg Commodity 100% 100% 100% 100% 99% 88% 86% 58% 47% 56% 43% 38% 25% 76% 95%Roll Select 100% 100% 100% 100% 100% 87% 85% 59% 48% 57% 44% 38% 24% 78% 95%

1 Month Forward 100% 100% 100% 100% 99% 87% 85% 59% 48% 57% 44% 38% 25% 77% 95%3 Month Forward 100% 100% 100% 100% 100% 86% 85% 59% 48% 58% 44% 38% 25% 78% 95%6 Month Forward 99% 100% 99% 100% 100% 86% 86% 59% 48% 58% 45% 38% 24% 78% 94%

Energy 88% 87% 87% 86% 86% 100% 94% 27% 19% 32% 19% 18% 15% 37% 94%Petroleum 86% 85% 85% 85% 86% 94% 100% 27% 19% 36% 21% 19% 15% 40% 90%Agriculture 58% 59% 59% 59% 59% 27% 27% 100% 93% 27% 15% 52% 15% 79% 32%

Grains 47% 48% 48% 48% 48% 19% 19% 93% 100% 16% 9% 20% 10% 67% 22%Industrial Metals 56% 57% 57% 58% 58% 32% 36% 27% 16% 100% 31% 27% 17% 69% 56%Precious Metals 43% 44% 44% 44% 45% 19% 21% 15% 9% 31% 100% 17% 5% 59% 45%

Softs 38% 38% 38% 38% 38% 18% 19% 52% 20% 27% 17% 100% 17% 50% 25%Livestock 25% 24% 25% 25% 24% 15% 15% 15% 10% 17% 5% 17% 100% 29% 18%Ex-Energy 76% 78% 77% 78% 78% 37% 40% 79% 67% 69% 59% 50% 29% 100% 60%

Ex-Agriculture & Livestock 95% 95% 95% 95% 94% 94% 90% 32% 22% 56% 45% 25% 18% 60% 100%S&P 500 Total Return Index 28% 30% 29% 30% 32% 27% 30% 17% 12% 25% -1% 17% 7% 21% 27%

S&P Energy 61% 62% 61% 62% 62% 65% 67% 22% 14% 32% 15% 23% 7% 33% 64%S&P Financial 24% 26% 25% 26% 27% 22% 26% 18% 13% 23% -8% 16% 7% 18% 21%

S&P Health Care 11% 13% 12% 13% 13% 9% 11% 6% 4% 16% -1% 7% 3% 10% 11%S&P Consumer Discretionary 20% 22% 21% 22% 24% 18% 23% 16% 11% 21% -10% 17% 10% 16% 18%

S&P IT 21% 23% 21% 23% 24% 18% 22% 14% 10% 22% -1% 11% 6% 17% 20%S&P Utilities 6% 7% 6% 7% 7% 5% 5% 4% 2% -1% 9% 10% -3% 5% 6%

S&P Consumers Staples 17% 18% 17% 19% 19% 13% 15% 14% 10% 18% -1% 17% 5% 16% 14%S&P Industrials 26% 28% 26% 28% 29% 24% 29% 16% 11% 25% -4% 16% 7% 19% 24%

S&P Telecommunication 26% 27% 26% 27% 28% 22% 26% 21% 18% 17% 0% 17% 8% 20% 22%S&P Materials 45% 46% 45% 46% 47% 41% 46% 23% 16% 37% 9% 21% 10% 33% 44%

Bloomberg US Treasury -19% -19% -19% -19% -20% -21% -24% -15% -15% -19% 19% -1% -5% -10% -17%Bloomberg USD IG Corporate -16% -16% -16% -16% -16% -19% -21% -12% -13% -15% 19% -1% -2% -6% -14%Bloomberg USD HY Corporate 22% 22% 22% 23% 24% 17% 23% 13% 7% 28% -2% 12% 16% 20% 20%

Bloomberg U.S. Dollar Spot -37% -37% -37% -37% -36% -28% -25% -23% -15% -16% -33% -28% -8% -33% -35%EURUSD 22% 22% 22% 22% 21% 13% 10% 14% 12% 12% 34% 14% 0% 26% 21%JPYUSD 5% 4% 5% 4% 3% 2% -3% -5% -5% -10% 38% 2% -7% 7% 8%CADUSD 54% 54% 54% 54% 54% 46% 48% 22% 11% 32% 42% 30% 5% 42% 55%MXNUSD 44% 45% 44% 45% 46% 33% 34% 26% 13% 33% 38% 37% 6% 44% 42%GBPUSD 29% 28% 29% 29% 28% 18% 16% 18% 12% 21% 34% 21% 8% 33% 27%AUDUSD 40% 41% 41% 42% 42% 26% 26% 21% 11% 35% 41% 27% 10% 43% 39%CHFUSD 12% 11% 12% 11% 11% 3% 1% 4% 2% 14% 33% 9% 0% 20% 13%KRWUSD 31% 31% 31% 32% 32% 15% 17% 21% 11% 27% 40% 32% 1% 38% 28%CNYUSD 13% 12% 13% 13% 12% 9% 8% 12% 11% 9% 2% 2% 2% 12% 10%

Bloo

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Com

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Roll

Sele

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1 M

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Fo

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3 M

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Fo

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d

6 M

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Fo

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Ener

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Petr

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Agric

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Gra

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Indu

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Prec

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M

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Soft

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Live

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Ex-E

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Ex-A

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Bloomberg Commodity 100% 99% 100% 99% 99% 80% 76% 69% 61% 65% 55% 47% 24% 86% 93%Roll Select 99% 100% 99% 100% 99% 78% 75% 69% 60% 66% 56% 48% 23% 87% 92%

1 Month Forward 100% 99% 100% 100% 99% 79% 76% 69% 61% 65% 55% 48% 24% 87% 92%3 Month Forward 99% 100% 100% 100% 100% 77% 76% 69% 61% 66% 56% 48% 23% 87% 92%6 Month Forward 99% 99% 99% 100% 100% 76% 76% 68% 60% 67% 58% 48% 23% 87% 92%

Energy 80% 78% 79% 77% 76% 100% 87% 29% 24% 34% 23% 23% 14% 39% 88%Petroleum 76% 75% 76% 76% 76% 87% 100% 30% 23% 41% 28% 26% 15% 44% 82%Agriculture 69% 69% 69% 69% 68% 29% 30% 100% 95% 32% 24% 57% 17% 82% 38%

Grains 61% 60% 61% 61% 60% 24% 23% 95% 100% 24% 19% 30% 14% 74% 30%Industrial Metals 65% 66% 65% 66% 67% 34% 41% 32% 24% 100% 43% 31% 13% 71% 67%Precious Metals 55% 56% 55% 56% 58% 23% 28% 24% 19% 43% 100% 21% 6% 66% 58%

Softs 47% 48% 48% 48% 48% 23% 26% 57% 30% 31% 21% 100% 15% 54% 32%Livestock 24% 23% 24% 23% 23% 14% 15% 17% 14% 13% 6% 15% 100% 25% 16%Ex-Energy 86% 87% 87% 87% 87% 39% 44% 82% 74% 71% 66% 54% 25% 100% 68%

Ex-Agriculture & Livestock 93% 92% 92% 92% 92% 88% 82% 38% 30% 67% 58% 32% 16% 68% 100%S&P 500 Total Return Index 36% 37% 37% 38% 38% 30% 37% 22% 16% 40% 7% 23% 11% 30% 35%

S&P Energy 54% 55% 55% 55% 56% 54% 60% 27% 20% 43% 19% 28% 11% 39% 56%S&P Financial 30% 31% 31% 31% 32% 24% 30% 19% 14% 37% 2% 22% 8% 26% 29%

S&P Health Care 23% 24% 24% 25% 25% 18% 24% 15% 11% 28% 3% 16% 9% 21% 22%S&P Consumer Discretionary 28% 28% 28% 29% 30% 22% 30% 18% 14% 34% 1% 17% 10% 24% 26%

S&P IT 31% 32% 32% 33% 33% 24% 32% 20% 15% 37% 7% 19% 11% 28% 30%S&P Utilities 17% 18% 18% 18% 18% 15% 18% 11% 8% 16% 5% 14% 3% 14% 17%

S&P Consumers Staples 24% 24% 24% 25% 26% 19% 24% 14% 11% 26% 5% 15% 9% 20% 23%S&P Industrials 34% 34% 34% 35% 36% 26% 34% 21% 16% 40% 6% 22% 10% 30% 32%

S&P Telecommunication 22% 22% 22% 23% 23% 19% 23% 13% 10% 22% 3% 15% 7% 17% 21%S&P Materials 45% 46% 46% 47% 47% 35% 43% 27% 20% 47% 19% 26% 12% 40% 44%

Bloomberg US Treasury -21% -22% -22% -22% -22% -22% -25% -15% -12% -25% 10% -10% -7% -15% -20%Bloomberg USD IG Corporate -14% -15% -15% -15% -15% -18% -20% -10% -9% -17% 14% -6% -5% -7% -13%Bloomberg USD HY Corporate 23% 24% 24% 25% 25% 16% 22% 15% 12% 27% 9% 13% 7% 22% 22%

Bloomberg U.S. Dollar Spot -42% -42% -42% -43% -43% -29% -31% -26% -20% -33% -35% -29% -8% -40% -40%EURUSD 37% 38% 38% 38% 39% 23% 25% 21% 16% 35% 35% 24% 3% 38% 37%JPYUSD 4% 4% 4% 4% 4% -1% -2% 3% 2% -5% 26% 4% -4% 8% 5%CADUSD 50% 51% 50% 51% 52% 38% 44% 26% 19% 43% 37% 29% 11% 45% 50%MXNUSD 46% 47% 46% 47% 48% 30% 36% 26% 19% 46% 34% 30% 10% 45% 45%GBPUSD 34% 35% 35% 35% 36% 20% 23% 20% 15% 32% 34% 22% 10% 36% 34%AUDUSD 49% 50% 49% 50% 51% 30% 36% 30% 22% 46% 43% 31% 12% 50% 47%CHFUSD 22% 22% 22% 22% 22% 9% 10% 10% 7% 23% 33% 14% -3% 26% 23%KRWUSD 34% 35% 34% 35% 36% 18% 22% 23% 18% 34% 28% 22% 8% 37% 31%CNYUSD 10% 11% 11% 11% 11% 7% 6% 9% 8% 8% 5% 3% 0% 10% 9%

Bond

Curr

ency

Bond

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

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5-Year

1-Year

Com

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Equi

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13

Nat

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Gas

WTI

Cru

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Bren

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ULS

Die

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Unl

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Corn

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Whe

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Oil

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Mea

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HRW

Whe

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Alum

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Zinc

Nic

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Gol

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Silv

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Suga

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Coffe

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Cott

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Live

Cat

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Lean

Hog

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Natural Gas 100% 18% 16% 16% 12% 3% 7% 3% 16% 1% 5% -1% 10% 1% -3% 0% 10% 0% 8% -2% 8% 4%WTI Crude 18% 100% 95% 92% 88% 18% 27% 2% 47% 12% 6% 35% 33% 24% 25% 15% 28% 13% 17% 18% 16% 12%

Brent Crude 16% 95% 100% 97% 92% 20% 27% 2% 44% 13% 6% 33% 31% 23% 25% 12% 26% 10% 15% 19% 13% 8%ULS Diesel 16% 92% 97% 100% 92% 20% 27% 4% 44% 12% 7% 32% 31% 23% 23% 14% 28% 10% 15% 20% 12% 9%

Unleaded Gasoline 12% 88% 92% 92% 100% 15% 23% 0% 42% 9% 5% 30% 30% 20% 24% 14% 28% 5% 14% 19% 11% 8%Corn 3% 18% 20% 20% 15% 100% 65% 65% 37% 59% 63% 18% 8% 8% 12% 6% 12% 12% 10% 12% 13% 2%

Soybeans 7% 27% 27% 27% 23% 65% 100% 40% 60% 88% 39% 27% 18% 17% 27% 4% 21% 13% 23% 26% 13% 7%Wheat 3% 2% 2% 4% 0% 65% 40% 100% 19% 36% 95% 7% -7% -2% -4% 4% 4% 7% 11% 8% 6% -3%

Soybean Oil 16% 47% 44% 44% 42% 37% 60% 19% 100% 25% 19% 27% 28% 22% 28% 19% 34% 11% 27% 28% 21% 3%Soybean Meal 1% 12% 13% 12% 9% 59% 88% 36% 25% 100% 34% 19% 9% 11% 15% -5% 7% 10% 14% 18% 6% 7%HRW Wheat 5% 6% 6% 7% 5% 63% 39% 95% 19% 34% 100% 6% -8% -3% -3% 3% 3% 6% 9% 5% 4% -3%

Copper -1% 35% 33% 32% 30% 18% 27% 7% 27% 19% 6% 100% 61% 66% 57% 21% 39% 22% 7% 24% 15% 11%Alumnium 10% 33% 31% 31% 30% 8% 18% -7% 28% 9% -8% 61% 100% 63% 49% 16% 29% 16% 10% 18% 16% 11%

Zinc 1% 24% 23% 23% 20% 8% 17% -2% 22% 11% -3% 66% 63% 100% 53% 25% 33% 20% 9% 12% 10% 10%Nickel -3% 25% 25% 23% 24% 12% 27% -4% 28% 15% -3% 57% 49% 53% 100% 14% 26% 15% 18% 19% 6% 3%Gold 0% 15% 12% 14% 14% 6% 4% 4% 19% -5% 3% 21% 16% 25% 14% 100% 80% 6% 14% 3% 4% -3%Silver 10% 28% 26% 28% 28% 12% 21% 4% 34% 7% 3% 39% 29% 33% 26% 80% 100% 13% 21% 11% 14% 3%Sugar 0% 13% 10% 10% 5% 12% 13% 7% 11% 10% 6% 22% 16% 20% 15% 6% 13% 100% 22% 10% 10% 8%Coffee 8% 17% 15% 15% 14% 10% 23% 11% 27% 14% 9% 7% 10% 9% 18% 14% 21% 22% 100% 15% 10% 9%Cotton -2% 18% 19% 20% 19% 12% 26% 8% 28% 18% 5% 24% 18% 12% 19% 3% 11% 10% 15% 100% 16% 8%

Live Cattle 8% 16% 13% 12% 11% 13% 13% 6% 21% 6% 4% 15% 16% 10% 6% 4% 14% 10% 10% 16% 100% 27%Lean Hogs 4% 12% 8% 9% 8% 2% 7% -3% 3% 7% -3% 11% 11% 10% 3% -3% 3% 8% 9% 8% 27% 100%

S&P 500 Total Return Index 0% 29% 32% 30% 26% 10% 17% 5% 16% 12% 6% 26% 16% 13% 23% -8% 9% 11% 10% 24% 12% -1%S&P Energy 18% 67% 68% 65% 60% 14% 18% 3% 33% 7% 7% 32% 28% 20% 21% 8% 25% 17% 15% 20% 12% -1%

S&P Financial -3% 25% 29% 26% 22% 11% 19% 6% 14% 15% 7% 23% 15% 10% 23% -15% 4% 12% 8% 22% 14% -3%S&P Health Care -1% 10% 12% 11% 8% 2% 9% 1% 5% 7% 1% 16% 12% 9% 16% -5% 5% 3% 4% 16% 6% -2%

S&P Consumer Discretionary -5% 21% 25% 23% 19% 10% 14% 6% 10% 11% 6% 23% 12% 10% 20% -17% 2% 12% 9% 24% 11% 4%S&P IT -4% 20% 24% 23% 20% 8% 15% 3% 13% 11% 3% 23% 13% 14% 22% -8% 9% 5% 10% 19% 10% -1%

S&P Utilities 3% 3% 6% 4% 5% -1% 1% 6% -1% 1% 6% 4% -5% -9% 2% 9% 7% 6% 5% 20% -1% -4%S&P Consumers Staples -1% 14% 16% 15% 13% 7% 12% 7% 8% 9% 7% 21% 9% 6% 17% -5% 6% 13% 8% 22% 10% -3%

S&P Industrials -2% 27% 30% 28% 25% 9% 14% 5% 13% 11% 7% 27% 14% 14% 20% -10% 6% 12% 9% 20% 10% 1%S&P Telecommunication -2% 23% 27% 26% 25% 16% 16% 13% 14% 10% 16% 18% 10% 6% 17% -4% 6% 9% 11% 27% 14% -3%

S&P Materials 3% 45% 47% 45% 39% 16% 22% 3% 25% 15% 6% 38% 27% 24% 27% 2% 19% 17% 8% 26% 16% 0%Bloomberg US Treasury 1% -25% -25% -21% -19% -13% -17% -9% -10% -19% -8% -19% -17% -10% -14% 24% 8% 1% -4% -4% -5% -3%

Bloomberg USD IG Corporate -1% -22% -21% -18% -15% -11% -12% -10% -7% -15% -8% -15% -15% -6% -10% 23% 10% 1% -4% 0% -1% -3%Bloomberg USD HY Corporate -7% 22% 24% 21% 21% 8% 17% -4% 17% 14% -4% 26% 24% 24% 18% -8% 7% 11% 3% 19% 22% 3%

Bloomberg U.S. Dollar Spot -18% -26% -24% -25% -21% -13% -13% -12% -15% -9% -12% -18% -11% -9% -8% -35% -26% -18% -18% -28% -4% -10%EURUSD 12% 12% 9% 9% 8% 10% 5% 14% 3% 5% 14% 15% 6% 10% 3% 36% 27% 8% 9% 20% -6% 5%JPYUSD 12% -2% -4% -1% -1% -5% -9% 2% -12% -6% 3% -8% -6% -8% -12% 46% 21% -2% 6% -1% -13% 2%CADUSD 11% 48% 47% 46% 44% 8% 16% 6% 26% 6% 7% 33% 24% 21% 22% 39% 41% 21% 22% 24% 5% 3%MXNUSD 7% 35% 33% 32% 31% 9% 21% 7% 23% 14% 8% 33% 24% 24% 22% 34% 39% 33% 21% 18% 7% 3%GBPUSD 12% 19% 14% 15% 12% 10% 14% 9% 10% 12% 7% 22% 18% 10% 10% 33% 31% 14% 15% 14% 5% 9%AUDUSD 8% 26% 26% 26% 24% 9% 16% 5% 22% 8% 4% 34% 23% 31% 25% 39% 39% 18% 22% 19% 7% 10%CHFUSD 3% 2% 1% 1% -1% 4% -7% 4% 8% -11% 6% 15% 10% 12% 4% 38% 21% 9% -2% 12% -4% 4%KRWUSD 2% 17% 16% 17% 15% 10% 9% 8% 12% 6% 7% 29% 17% 22% 18% 38% 37% 25% 27% 8% -1% 3%CNYUSD 7% 9% 9% 8% 3% 11% 12% 6% 12% 11% 5% 6% 6% 11% 11% 1% 3% -4% 14% -2% 4% -1%

Nat

ural

Gas

WTI

Cru

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Bren

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Unl

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Corn

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Whe

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Soyb

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Oil

Soyb

ean

Mea

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HRW

Whe

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Copp

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Alum

nium

Zinc

Nic

kel

Gol

d

Silv

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Suga

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Coffe

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Cott

on

Live

Cat

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Lean

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Natural Gas 100% 14% 12% 14% 10% 12% 6% 10% 7% 4% 10% 2% 7% 0% 2% 0% 3% 4% 4% 0% 6% 4%WTI Crude 14% 100% 91% 86% 82% 18% 25% 15% 37% 15% 16% 42% 35% 31% 30% 23% 33% 21% 17% 21% 15% 11%

Brent Crude 12% 91% 100% 96% 91% 18% 25% 16% 37% 15% 17% 38% 30% 27% 28% 21% 31% 19% 15% 20% 13% 8%ULS Diesel 14% 86% 96% 100% 89% 18% 25% 15% 37% 16% 17% 36% 29% 26% 28% 20% 31% 19% 15% 21% 11% 9%

Unleaded Gasoline 10% 82% 91% 89% 100% 16% 22% 14% 35% 12% 16% 34% 29% 25% 26% 20% 31% 15% 14% 19% 12% 7%Corn 12% 18% 18% 18% 16% 100% 61% 70% 44% 54% 66% 16% 14% 12% 17% 13% 18% 22% 13% 21% 15% 8%

Soybeans 6% 25% 25% 25% 22% 61% 100% 50% 69% 92% 48% 27% 22% 22% 21% 16% 23% 21% 14% 21% 12% 6%Wheat 10% 15% 16% 15% 14% 70% 50% 100% 39% 43% 95% 16% 12% 13% 16% 14% 17% 22% 15% 23% 11% 4%

Soybean Oil 7% 37% 37% 37% 35% 44% 69% 39% 100% 43% 37% 32% 28% 28% 26% 21% 30% 20% 18% 26% 16% 9%Soybean Meal 4% 15% 15% 16% 12% 54% 92% 43% 43% 100% 41% 19% 15% 14% 13% 11% 16% 16% 9% 14% 8% 4%HRW Wheat 10% 16% 17% 17% 16% 66% 48% 95% 37% 41% 100% 16% 12% 11% 15% 12% 15% 20% 13% 21% 11% 4%

Copper 2% 42% 38% 36% 34% 16% 27% 16% 32% 19% 16% 100% 66% 71% 59% 37% 50% 22% 18% 24% 10% 9%Alumnium 7% 35% 30% 29% 29% 14% 22% 12% 28% 15% 12% 66% 100% 69% 55% 30% 40% 19% 16% 18% 11% 9%

Zinc 0% 31% 27% 26% 25% 12% 22% 13% 28% 14% 11% 71% 69% 100% 58% 30% 40% 19% 15% 15% 8% 8%Nickel 2% 30% 28% 28% 26% 17% 21% 16% 26% 13% 15% 59% 55% 58% 100% 22% 32% 21% 15% 23% 6% 5%Gold 0% 23% 21% 20% 20% 13% 16% 14% 21% 11% 12% 37% 30% 30% 22% 100% 82% 9% 16% 11% 6% 1%Silver 3% 33% 31% 31% 31% 18% 23% 17% 30% 16% 15% 50% 40% 40% 32% 82% 100% 15% 21% 16% 9% 5%Sugar 4% 21% 19% 19% 15% 22% 21% 22% 20% 16% 20% 22% 19% 19% 21% 9% 15% 100% 25% 20% 12% 11%Coffee 4% 17% 15% 15% 14% 13% 14% 15% 18% 9% 13% 18% 16% 15% 15% 16% 21% 25% 100% 12% 7% 8%Cotton 0% 21% 20% 21% 19% 21% 21% 23% 26% 14% 21% 24% 18% 15% 23% 11% 16% 20% 12% 100% 9% 5%

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

S&P 500 Total Return Index 1% 37% 35% 33% 32% 13% 18% 12% 22% 12% 14% 40% 31% 29% 29% 3% 15% 18% 11% 22% 13% 4%S&P Energy 12% 60% 58% 55% 52% 17% 21% 16% 29% 13% 18% 43% 33% 32% 31% 13% 26% 23% 15% 23% 13% 5%

S&P Financial 0% 30% 29% 27% 26% 10% 16% 10% 20% 11% 12% 39% 28% 27% 28% -3% 11% 17% 11% 20% 9% 3%S&P Health Care 0% 24% 23% 21% 19% 9% 13% 7% 15% 10% 8% 29% 23% 21% 21% -1% 9% 13% 8% 17% 11% 3%

S&P Consumer Discretionary -2% 29% 28% 26% 25% 11% 15% 11% 18% 10% 12% 35% 25% 24% 26% -4% 8% 14% 8% 18% 12% 3%S&P IT -2% 31% 30% 28% 27% 12% 17% 10% 21% 11% 12% 37% 29% 27% 27% 3% 13% 14% 9% 20% 13% 4%

S&P Utilities 3% 18% 16% 14% 15% 6% 7% 7% 8% 4% 9% 18% 11% 10% 11% 4% 6% 13% 5% 15% 5% 0%S&P Consumers Staples 1% 24% 23% 22% 20% 9% 11% 8% 14% 8% 9% 28% 20% 17% 20% 2% 10% 13% 6% 16% 10% 5%

S&P Industrials 0% 34% 31% 29% 29% 12% 18% 12% 21% 13% 13% 41% 30% 29% 28% 2% 14% 18% 10% 20% 11% 5%S&P Telecommunication 1% 22% 22% 20% 21% 7% 10% 8% 12% 7% 9% 23% 18% 15% 16% 1% 7% 12% 7% 15% 8% 2%

S&P Materials 2% 43% 41% 38% 37% 17% 21% 15% 26% 14% 17% 48% 36% 36% 33% 14% 26% 20% 14% 23% 14% 4%Bloomberg US Treasury -3% -26% -25% -22% -21% -9% -14% -9% -17% -10% -10% -26% -20% -18% -17% 15% 1% -7% -4% -12% -5% -5%

Bloomberg USD IG Corporate -4% -21% -19% -17% -16% -6% -10% -7% -12% -7% -8% -18% -13% -11% -10% 18% 6% -5% -2% -7% -4% -5%Bloomberg USD HY Corporate -2% 21% 22% 20% 18% 10% 15% 5% 18% 11% 6% 26% 22% 23% 21% 5% 14% 9% 7% 14% 7% 4%

Bloomberg U.S. Dollar Spot -7% -32% -30% -29% -27% -15% -19% -17% -20% -15% -17% -35% -27% -24% -21% -34% -33% -19% -20% -23% -6% -7%EURUSD 7% 26% 23% 23% 20% 11% 15% 16% 17% 11% 17% 35% 30% 27% 23% 34% 34% 15% 17% 20% 0% 4%JPYUSD 0% -2% -3% -1% -1% 1% 0% 5% -7% 4% 4% -4% -4% -4% -6% 29% 17% 0% 7% 0% -4% -3%CADUSD 5% 44% 42% 40% 38% 13% 21% 15% 27% 14% 15% 45% 34% 33% 29% 34% 38% 19% 22% 21% 10% 8%MXNUSD 3% 36% 34% 32% 31% 13% 21% 14% 26% 15% 15% 47% 37% 35% 34% 31% 36% 22% 19% 23% 10% 6%GBPUSD 5% 24% 21% 20% 17% 10% 16% 12% 17% 12% 13% 32% 28% 24% 21% 32% 33% 14% 16% 18% 9% 8%AUDUSD 3% 36% 33% 32% 30% 15% 25% 17% 28% 19% 18% 46% 34% 37% 32% 40% 42% 21% 23% 24% 10% 10%CHFUSD 3% 10% 9% 9% 8% 5% 4% 10% 9% 3% 9% 23% 21% 16% 14% 34% 27% 9% 8% 11% -6% 2%KRWUSD 0% 22% 21% 21% 20% 13% 20% 15% 23% 16% 15% 33% 27% 28% 26% 26% 27% 13% 16% 19% 6% 8%CNYUSD 4% 6% 7% 6% 4% 8% 7% 6% 8% 4% 8% 7% 7% 6% 9% 5% 5% -2% 6% 4% 1% -1%

Curr

ency

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

5-Year

Com

mod

ities

Equi

ties

Bond

1-YearCo

mm

oditi

esEq

uitie

sBo

ndCu

rren

cy

14

All i

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Core

Food

Food

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Food

aw

ay fr

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hom

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Ener

gy

Ener

gy

Com

mod

ities

Fuel

Oil

Mot

or F

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Ener

gy se

rvic

es

Elec

tric

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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

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Med

i cal

car

e

Tran

spor

tatio

n

Bloomberg Commodity 65% -1% 19% 22% -7% 66% 64% 67% 63% 10% -7% 25% 4% -3% -27% 11% 34%Energy 69% 1% 4% 7% -12% 75% 76% 71% 76% 8% -11% 26% 15% -10% -23% 5% 18%

Petroleum 76% 15% 4% 7% -10% 78% 80% 77% 79% -8% -11% 1% 23% 2% -23% 12% 25%Agriculture 26% -8% 16% 19% -3% 25% 23% 25% 23% 7% -12% 26% -14% 1% -19% 9% 30%

Grains 16% -7% 8% 9% 0% 16% 14% 14% 14% 3% -16% 24% -14% 3% -16% 13% 22%Industrial Metals 45% 9% 9% 13% -13% 44% 44% 51% 43% -9% 0% -12% 4% 9% -7% 10% 25%Precious Metals 36% 7% 37% 36% 14% 28% 23% 32% 22% 15% 15% 8% 14% -2% -20% 12% 14%

Softs 28% -9% 39% 43% -3% 27% 24% 37% 23% 16% 3% 23% -8% -5% -21% 1% 36%Livestock 23% 0% 24% 25% 2% 24% 23% 16% 23% 19% 0% 33% -9% 9% -11% 17% 20%

Natural Gas 10% -27% 4% 6% -9% 19% 17% 10% 17% 35% -2% 59% -11% -26% -6% -13% -6%WTI Crude 69% 14% 3% 4% -7% 71% 73% 68% 72% -5% -9% 3% 16% 7% -20% 17% 25%

Brent Crude 79% 16% 12% 16% -10% 81% 82% 82% 81% -6% -9% 3% 32% -4% -30% 9% 26%ULS Diesel 79% 12% 14% 16% -5% 80% 81% 86% 80% -7% -10% 1% 29% -7% -28% 6% 28%

Unleaded Gasoline 84% 18% 12% 15% -12% 85% 86% 80% 85% -10% -13% -1% 30% 0% -22% 5% 27%Corn 15% -5% 17% 18% 5% 13% 11% 17% 11% 4% -15% 24% -7% -1% -21% 12% 23%

Soybeans 26% -4% -6% -3% -13% 27% 26% 21% 26% -1% -11% 11% -12% 5% -11% 10% 22%Wheat 1% -13% 3% 2% 4% 2% 1% -5% 2% 5% -20% 31% -27% 6% -8% 13% 13%

Soybean Oil 41% 10% 3% 6% -12% 41% 39% 36% 39% -3% -9% 6% 5% 10% -21% 0% 42%Soybean Meal 14% -8% -7% -4% -10% 17% 16% 11% 16% -3% -11% 9% -20% 7% 0% 9% 15%HRW Wheat 14% -9% 13% 14% 2% 14% 11% 11% 12% 15% -11% 39% -15% 2% -22% 12% 21%

Copper 44% 14% -4% 0% -16% 44% 44% 53% 43% -12% 0% -19% 10% 11% -7% 13% 22%Alumnium 41% -5% 22% 23% 2% 40% 40% 43% 39% -12% -8% -9% 4% -9% -12% 1% 13%

Zinc 32% 9% -3% 1% -18% 32% 33% 34% 32% -5% 7% -16% -3% 14% 4% 6% 21%Nickel 34% 9% 26% 31% -11% 31% 29% 35% 28% 9% 5% 10% -6% 18% -5% 8% 34%Gold 27% 13% 38% 36% 21% 19% 14% 21% 14% 16% 12% 11% 17% 2% -14% 13% 12%Silver 43% -1% 30% 31% 3% 38% 33% 43% 32% 13% 16% 4% 6% -7% -23% 8% 15%Sugar 8% 8% 16% 18% -1% 6% 6% 13% 6% 1% 0% 2% 4% 6% -11% 7% 28%Coffee 26% -14% 49% 51% 9% 24% 19% 23% 19% 34% 10% 45% -9% -10% -9% -5% 15%Cotton 28% -17% 11% 17% -21% 29% 28% 48% 27% -1% -3% 1% -16% -8% -26% -3% 35%

Live Cattle 26% -10% 13% 14% -2% 29% 29% 25% 29% 9% 9% 4% -11% -2% -7% 10% 10%Lean Hogs 14% 8% 26% 26% 5% 12% 11% 3% 11% 22% -7% 45% -4% 14% -10% 17% 20%

S&P 500 Total Return Index 26% -21% -25% -20% -29% 34% 33% 38% 33% -3% 2% -6% -11% -17% -11% -2% -3%Bloomberg US Treasury -40% 4% 21% 14% 37% -45% -46% -47% -46% 11% 11% 5% 11% -6% -4% 6% -16%

Bloomberg USD IG Corporate -16% 3% 11% 6% 27% -20% -22% -11% -22% 12% 8% 10% 18% -12% -8% 0% -12%Bloomberg USD HY Corporate 38% 6% -18% -16% -13% 42% 44% 52% 43% -8% -10% -1% 23% -10% -21% -5% 11%

Bloomberg U.S. Dollar Spot -56% -16% -29% -30% -4% -52% -49% -46% -49% -12% -2% -18% -20% -4% 19% 4% -26%

All i

tem

s

Core

Food

Food

at h

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Food

aw

ay fr

om

hom

e

Ener

gy

Ener

gy

Com

mod

ities

Fuel

Oil

Mot

or F

uel

Ener

gy se

rvic

es

Elec

tric

ity

Util

ity g

as se

rvic

e

Com

mod

ities

less

fo

od a

nd e

nerg

y

Serv

ices

less

en

ergy

serv

ices

Shel

ter

Med

i cal

car

e

Tran

spor

tatio

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Bloomberg Commodity 68% 8% 3% 7% -14% 69% 67% 65% 66% 30% -3% 40% 3% 10% 1% 9% 19%Energy 68% 4% 9% 13% -11% 71% 69% 68% 68% 37% -3% 48% 3% 6% 0% 4% 14%

Petroleum 72% 8% 8% 11% -8% 75% 76% 71% 75% 21% -1% 29% 6% 8% 0% 7% 17%Agriculture 29% 8% -2% -1% -7% 27% 26% 24% 26% 5% -3% 10% 2% 9% 6% 9% 13%

Grains 23% 8% 0% 1% -3% 20% 20% 19% 20% 1% -3% 6% 0% 10% 9% 8% 8%Industrial Metals 42% 6% -11% -8% -14% 44% 44% 42% 44% 10% 0% 13% 4% 5% -1% 8% 10%Precious Metals 30% 5% 0% 0% 0% 29% 27% 27% 26% 11% 7% 10% 4% 5% -6% 13% 16%

Softs 26% 4% -5% -2% -13% 27% 26% 20% 26% 11% -2% 15% 5% 1% -5% 6% 19%Livestock 15% -5% 17% 21% -9% 13% 11% 8% 11% 15% 7% 16% -15% 7% 4% 9% 3%

Natural Gas 36% -4% 7% 12% -14% 39% 33% 37% 32% 46% -6% 61% -2% -2% -2% -8% 2%WTI Crude 67% 9% 9% 11% -7% 69% 70% 67% 69% 20% 0% 27% 5% 10% 2% 10% 18%

Brent Crude 71% 10% 8% 11% -8% 73% 74% 69% 73% 17% 0% 23% 8% 8% 1% 7% 17%ULS Diesel 70% 5% 11% 14% -5% 73% 73% 76% 71% 25% 0% 33% 6% 4% -4% 4% 19%

Unleaded Gasoline 79% 6% 4% 7% -12% 82% 83% 67% 83% 20% -5% 27% 9% 3% -3% 2% 14%Corn 22% 6% 4% 5% -4% 19% 18% 19% 18% 4% -4% 9% 4% 5% 5% 1% 6%

Soybeans 23% 7% -4% -3% -9% 21% 21% 20% 21% 0% 1% 2% 0% 10% 8% 7% 12%Wheat 15% 6% -1% -3% 4% 13% 13% 9% 14% 1% -5% 5% -5% 11% 12% 14% 2%

Soybean Oil 31% 15% -3% -2% -5% 27% 26% 24% 25% 4% -3% 8% 4% 16% 11% 11% 16%Soybean Meal 17% 3% -3% -1% -7% 16% 17% 15% 16% 0% 5% -1% -1% 5% 5% 4% 10%HRW Wheat 22% 8% -2% -3% 2% 21% 21% 16% 21% 6% -2% 10% 1% 9% 9% 15% 3%

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

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

Live Cattle 20% -7% 19% 23% -10% 19% 17% 10% 17% 14% 10% 12% -17% 8% 8% 8% 1%Lean Hogs 5% -4% 11% 14% -7% 4% 2% 3% 2% 11% 4% 13% -10% 3% -2% 6% 2%

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

20-Year

US CPI Indices

BCO

M C

ompo

sites

BCO

M S

ingl

esUS CPI Indices

5-Year

BCO

M C

ompo

sites

BCO

M S

ingl

esBe

nchm

arks

15

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

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Italy

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Spai

n

Russ

ia

Indo

nesi

a

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 65% 73% -15% 57% 75% 54% 35% -40% 41% 67% 73% 82% 26% 66% -36% -16% -43% 40% 87%Energy 69% 41% 12% 56% 62% 37% 48% -65% 24% 36% 38% 74% 53% 41% -70% -10% -3% 47% 79%

Petroleum 76% 57% -10% 80% 80% 67% 61% -79% 57% 46% 60% 68% 52% 65% -81% -27% 1% 63% 73%Agriculture 26% 69% -37% 48% 66% 52% 30% -25% 45% 58% 69% 59% 12% 71% -15% -14% -61% 34% 70%

Grains 16% 55% -54% 51% 60% 54% 40% -26% 54% 39% 59% 39% 17% 77% -17% -28% -58% 46% 51%Industrial Metals 45% 53% 10% 17% 39% 16% 8% -15% 3% 54% 48% 61% 8% 35% 3% 4% -47% 6% 79%Precious Metals 36% 79% -41% 50% 69% 67% 10% -6% 60% 77% 88% 56% -9% 68% -6% -40% -35% 33% 40%

Softs 28% 77% -7% 33% 61% 41% 8% -17% 25% 78% 73% 76% 1% 47% -9% 8% -50% 9% 81%Livestock 23% 21% 56% 8% 24% 6% -10% -40% -11% 48% 24% 58% 33% -4% -34% 11% 9% -18% 66%

Natural Gas 10% -8% 49% -20% -5% -40% -2% -1% -51% 2% -21% 49% 18% -29% -11% 33% -5% -10% 46%WTI Crude 69% 49% 4% 70% 71% 56% 54% -81% 44% 42% 50% 66% 54% 51% -80% -15% 7% 51% 75%

Brent Crude 79% 69% -17% 84% 87% 74% 59% -73% 63% 56% 72% 74% 43% 71% -77% -32% -6% 65% 74%ULS Diesel 79% 76% -26% 87% 92% 79% 56% -65% 68% 62% 79% 77% 36% 78% -70% -33% -14% 68% 74%

Unleaded Gasoline 84% 68% -33% 90% 90% 80% 66% -69% 74% 51% 73% 66% 43% 83% -77% -45% -10% 78% 64%Corn 15% 65% -67% 56% 67% 63% 36% -13% 64% 46% 69% 40% 6% 83% -11% -38% -56% 54% 40%

Soybeans 26% 50% -27% 52% 58% 48% 48% -49% 44% 35% 50% 46% 32% 66% -37% -13% -47% 40% 69%Wheat 1% 20% -43% 17% 25% 19% 27% -9% 23% 8% 23% 12% 13% 52% 8% -9% -63% 23% 35%

Soybean Oil 41% 83% -54% 55% 74% 64% 33% -17% 58% 63% 81% 54% -3% 78% -11% -17% -59% 42% 58%Soybean Meal 14% 13% -9% 28% 24% 23% 33% -45% 23% 9% 17% 16% 38% 42% -28% -9% -35% 18% 49%HRW Wheat 14% 51% -32% 34% 52% 36% 30% -23% 31% 42% 52% 50% 17% 62% -7% -9% -63% 28% 67%

Copper 44% 68% -19% 40% 58% 39% 26% -24% 28% 55% 63% 62% 10% 59% -9% -3% -57% 28% 78%Alumnium 41% 50% 10% 5% 30% 7% -8% 7% -5% 55% 44% 55% -11% 23% 23% 5% -45% -4% 64%

Zinc 32% 3% 49% -18% -8% -29% -13% -3% -38% 18% -1% 31% 9% -11% 14% 11% -18% -22% 53%Nickel 34% 32% 38% 4% 27% 2% 3% -28% -12% 46% 32% 58% 27% 15% -9% 6% -26% -9% 78%Gold 27% 73% -41% 52% 67% 71% 7% -8% 66% 75% 87% 47% -6% 66% -11% -52% -20% 34% 27%Silver 43% 81% -38% 44% 67% 56% 12% -1% 47% 75% 83% 63% -13% 66% 2% -22% -53% 29% 55%Sugar 8% 89% -28% 63% 81% 70% 33% -37% 60% 75% 88% 70% 5% 67% -36% -20% -35% 38% 66%Coffee 26% 50% 28% 5% 35% 16% -24% -6% -2% 77% 52% 68% 4% 16% 4% 8% -27% -20% 71%Cotton 28% 64% -26% 19% 46% 20% 17% 4% 8% 48% 49% 59% -14% 42% 12% 35% -74% 12% 72%

Live Cattle 26% 4% 58% -31% -13% -20% -52% 5% -35% 45% 7% 26% 7% -27% 23% 15% -1% -55% 37%Lean Hogs 14% 27% 32% 38% 45% 26% 31% -64% 15% 30% 29% 61% 43% 18% -69% 0% 15% 21% 63%

S&P 500 Total Return Index 26% -8% 30% -1% -3% -24% 27% -30% -32% -17% -21% 19% 34% -5% -13% 38% -22% 1% 57%Bloomberg US Treasury -40% 21% 11% 3% 10% 10% -17% 10% 12% 33% 23% 19% -11% -7% 2% -28% 2% -16% 2%

Bloomberg USD IG Corporate -16% 11% 11% 21% 15% 25% -4% -30% 26% 24% 22% 14% 21% 6% -25% -37% 15% -7% 5%Bloomberg USD HY Corporate 38% 7% -18% 37% 23% 35% 24% -50% 33% -3% 15% 6% 37% 31% -35% -22% 10% 22% 6%

Bloomberg U.S. Dollar Spot -56% -77% 14% -68% -81% -62% -41% 46% -50% -67% -77% -87% -21% -65% 54% 24% 22% -51% -79%

US

Chin

a

Japa

n

Ger

man

y

UK

Fran

ce

Indi

a

Braz

il

Cana

da

Sout

h Ko

rea

Aust

ralia

Mex

ico

Russ

ia

Turk

ey

Net

herla

nds

Switz

erla

nd

Bloomberg Commodity 77% 48% 1% 50% 13% 68% -34% 31% 64% 19% 34% 13% -6% 8% 16% 65%Energy 74% 34% 7% 44% -3% 61% -42% 41% 64% 17% 36% 23% 5% 23% 33% 65%

Petroleum 79% 43% 4% 52% 10% 70% -37% 33% 63% 14% 33% 16% 1% 12% 25% 68%Agriculture 47% 66% 8% 49% 40% 58% 3% 24% 35% 31% 18% 12% -13% -5% 3% 35%

Grains 42% 66% 5% 50% 35% 57% 0% 25% 29% 23% 19% 13% -6% -5% 9% 28%Industrial Metals 47% 14% -5% 18% 3% 28% -25% -7% 32% -13% 10% -13% -12% -15% -26% 38%Precious Metals 40% 27% -31% 26% 40% 50% 0% -6% 30% 17% 22% -23% -17% -31% -14% 34%

Softs 34% 33% 8% 21% 34% 32% 7% 15% 36% 36% 8% 10% -17% 4% -6% 30%Livestock 37% 36% 21% 27% -4% 26% -34% 27% 34% -1% 15% 13% -10% 9% 2% 16%

Natural Gas 52% 22% 26% 21% -17% 32% -35% 42% 50% 25% 27% 31% 9% 30% 24% 44%WTI Crude 78% 41% 8% 50% 8% 68% -38% 33% 62% 13% 32% 19% 4% 14% 23% 69%

Brent Crude 81% 38% -2% 54% 16% 69% -36% 24% 64% 12% 32% 12% 0% 10% 27% 70%ULS Diesel 80% 47% 2% 55% 15% 73% -37% 34% 67% 15% 38% 10% -6% 4% 24% 67%

Unleaded Gasoline 77% 40% -7% 51% 13% 67% -31% 30% 63% 14% 29% 12% -5% 9% 26% 59%Corn 40% 66% 4% 46% 49% 52% 10% 26% 28% 26% 23% 23% 3% 2% 15% 20%

Soybeans 34% 56% 8% 43% 24% 53% -1% 22% 23% 23% 8% 1% -20% -11% 3% 25%Wheat 38% 58% 1% 45% 17% 49% -14% 24% 26% 5% 25% 10% 2% -8% 6% 32%

Soybean Oil 48% 49% 1% 51% 29% 63% -1% 4% 34% 36% 16% -12% -21% -14% 5% 37%Soybean Meal 21% 46% 1% 35% 11% 40% -15% 23% 17% 0% 16% -2% -21% -16% 6% 20%HRW Wheat 52% 61% 9% 49% 26% 54% -12% 23% 37% 16% 29% 18% 5% -3% 5% 42%

Copper 51% 23% -6% 24% 10% 36% -19% -5% 29% -8% 13% -11% -13% -20% -26% 41%Alumnium 58% 13% 5% 30% 3% 38% -32% -7% 47% -3% 14% -17% -11% -8% -9% 49%

Zinc 21% -3% -1% -7% -8% -6% -14% -13% 4% -23% -11% -7% -11% -10% -40% 6%Nickel 25% -1% -18% -2% -10% 13% -32% 1% 26% -28% 7% -13% -3% -10% -22% 22%Gold 39% 26% -33% 27% 39% 54% -4% -1% 33% 6% 30% -28% -18% -40% -10% 35%Silver 38% 25% -21% 23% 35% 37% 2% -11% 25% 28% 8% -11% -12% -14% -16% 30%Sugar 43% 20% -18% 22% 20% 43% -8% 29% 42% 28% 36% 8% -16% 3% 13% 38%Coffee 18% 23% 42% 10% 23% 2% 4% -7% 16% 24% -34% 11% -15% 7% -32% 14%Cotton 21% 41% -3% 4% 33% 19% 21% 21% 25% 9% 13% 11% 4% -11% -17% 15%

Live Cattle 28% 26% 24% 14% -17% 20% -44% 25% 38% -7% 5% -1% -10% -3% -11% 10%Lean Hogs 34% 37% 10% 32% 8% 26% -19% 26% 23% 4% 24% 18% -14% 13% 13% 17%

BCO

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5-Year

CPI by CountryBC

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20-Year

16

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

US

Chin

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UK

Fran

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Indi

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Braz

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Italy

Cana

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Sout

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Aust

ralia

Mex

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Spai

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Russ

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Indo

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Turk

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Net

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Switz

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Bloomberg Commodity 0% 83% -28% 30% 7% 25% 78% 58% 8% 65% 11% 2% 14% -33% 76% -1% 23% -69% 31%Energy 10% 34% -6% 5% 17% -8% 35% 56% -22% 49% 6% 0% -11% -33% 74% -6% -16% -58% 42%

Petroleum 13% 53% -22% 5% 13% -9% 58% 69% -34% 51% -5% 5% 9% -62% 92% -5% -13% -83% 35%Agriculture -16% 84% -40% 34% 5% 38% 80% 56% 17% 61% 17% -1% 14% -34% 62% -1% 38% -63% 23%

Grains -26% 72% -40% 19% 4% 35% 69% 59% 3% 51% 11% -5% 5% -48% 55% 2% 30% -63% 19%Industrial Metals 5% 75% -20% 38% 0% 36% 63% 29% 47% 46% 9% -13% 21% 6% 39% -3% 37% -37% 21%Precious Metals 5% 86% -19% 25% -14% 27% 82% 33% -1% 39% -5% 18% 41% -42% 57% 4% 29% -59% 0%

Softs 1% 86% -34% 51% 6% 35% 82% 40% 33% 61% 21% 7% 28% -8% 60% -4% 41% -51% 23%Livestock 14% 29% -13% 28% 14% 4% 27% 20% 16% 36% 1% -14% 13% 18% 39% -12% -1% -22% 35%

Natural Gas 5% -16% 27% 7% 15% -1% -24% 0% 13% 19% 27% -4% -39% 39% 4% -5% -9% 19% 29%WTI Crude 15% 46% -19% 10% 16% -10% 52% 65% -26% 47% -3% 3% 6% -49% 86% -7% -14% -75% 38%

Brent Crude 12% 62% -22% 7% 8% -6% 66% 66% -36% 54% -5% 10% 16% -65% 95% -5% -9% -85% 29%ULS Diesel 11% 70% -24% 12% 9% -1% 74% 66% -33% 59% -4% 11% 20% -66% 95% -3% -4% -86% 28%

Unleaded Gasoline 8% 60% -22% -3% 6% -7% 64% 69% -46% 52% -10% 8% 14% -77% 93% -1% -11% -87% 25%Corn -23% 75% -31% 19% -2% 37% 72% 55% -6% 45% 7% 7% 8% -54% 55% 4% 29% -63% 13%

Soybeans -23% 60% -42% 16% 14% 19% 60% 60% 1% 59% 13% -11% 7% -42% 63% -1% 22% -63% 21%Wheat -30% 55% -43% 21% 4% 45% 48% 47% 31% 39% 20% -24% -11% -21% 23% 3% 36% -41% 25%

Soybean Oil -8% 93% -39% 39% -1% 37% 90% 52% 15% 58% 17% 10% 28% -41% 64% 3% 44% -68% 14%Soybean Meal -30% 31% -40% 3% 13% 13% 30% 44% 7% 41% 6% -28% 1% -26% 34% -2% 15% -39% 17%HRW Wheat -20% 77% -42% 32% 8% 45% 69% 55% 28% 56% 19% -13% 0% -24% 49% -4% 38% -56% 30%

Copper 1% 88% -32% 40% 1% 34% 80% 43% 38% 59% 15% -9% 27% -17% 54% 0% 43% -57% 23%Alumnium 7% 68% -8% 37% -8% 38% 56% 15% 51% 29% 4% 0% 19% 17% 23% -3% 34% -21% 14%

Zinc 9% 19% 7% 11% -7% 10% 4% -5% 48% 10% -12% -29% 6% 41% -6% 6% 6% 12% 11%Nickel 4% 54% -18% 33% 10% 35% 45% 28% 40% 40% 8% -22% 10% 14% 37% -10% 29% -31% 26%Gold 6% 79% -14% 19% -19% 24% 77% 31% -11% 29% -12% 19% 43% -47% 55% 4% 24% -59% -3%Silver 3% 90% -27% 32% -6% 32% 84% 33% 14% 51% 6% 12% 36% -31% 56% 3% 35% -55% 5%Sugar 6% 83% -31% 28% -5% 12% 85% 51% -7% 57% 8% 26% 37% -48% 82% 0% 26% -72% 12%Coffee 5% 62% -20% 45% 1% 29% 54% 19% 38% 40% 6% 0% 22% 19% 35% -4% 26% -22% 22%Cotton -7% 80% -39% 60% 24% 48% 74% 36% 53% 69% 45% -5% 11% 7% 42% -2% 55% -39% 27%

Live Cattle 7% 11% -11% 33% 5% 16% 3% -21% 42% 3% -19% -18% 13% 54% -16% -11% 15% 27% 14%Lean Hogs 12% 33% -7% 11% 13% -6% 35% 47% -13% 44% 16% -5% 7% -20% 67% -9% -13% -54% 37%

S&P 500 Total Return Index -8% -7% -9% 15% 31% 7% -9% 22% 34% 17% 17% -23% -37% 23% 6% -1% -7% -1% 31%Bloomberg US Treasury 5% 20% 33% -16% -56% -5% 22% 3% -7% -22% -10% 49% 19% -7% 17% 16% -21% -12% -12%

Bloomberg USD IG Corporate -3% 21% 14% -14% -38% -3% 26% 23% -16% -22% -13% 34% 6% -34% 32% 5% -33% -39% -9%Bloomberg USD HY Corporate 11% 30% -32% 11% 10% 12% 34% 37% -11% 16% -8% -14% -19% -42% 37% -17% 10% -56% 18%

Bloomberg U.S. Dollar Spot -16% -71% 21% -10% 1% 3% -71% -54% 18% -63% -6% -17% -21% 49% -87% -2% 3% 72% -25%

US

Chin

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Bloomberg Commodity 40% 45% 16% 31% 33% 33% 50% 4% 2% 40% 37% 35%Energy 34% 11% 9% 11% 23% 20% 35% 3% -5% 23% 36% 18%

Petroleum 36% 23% 11% 15% 23% 20% 41% 6% -3% 27% 28% 26%Agriculture 11% 51% 5% 21% 19% 14% 35% -12% 3% 33% 2% 14%

Grains 6% 44% 3% 13% 14% 10% 28% -9% 5% 26% -3% 7%Industrial Metals 45% 65% 30% 51% 39% 50% 49% 14% 7% 46% 45% 60%Precious Metals 9% 64% 2% 23% 8% 15% 30% 5% 2% 21% -7% 21%

Softs 17% 35% 4% 29% 20% 20% 33% -11% -2% 35% 8% 21%Livestock 44% 12% 22% 27% 32% 28% 21% 6% 12% 32% 35% 34%

Natural Gas 26% -9% 5% 2% 13% 16% 15% -13% -9% 12% 40% 4%WTI Crude 36% 22% 11% 15% 23% 20% 40% 8% -2% 26% 32% 25%

Brent Crude 36% 27% 10% 18% 23% 22% 46% 10% -1% 28% 26% 31%ULS Diesel 32% 24% 8% 13% 20% 15% 38% 2% -8% 24% 22% 23%

Unleaded Gasoline 38% 24% 14% 20% 28% 26% 48% 4% -5% 34% 22% 29%Corn 1% 30% -1% 7% 2% 4% 14% -14% 5% 20% -14% -4%

Soybeans 8% 39% 3% 8% 16% 9% 34% -10% 5% 27% -3% 9%Wheat 6% 51% 8% 22% 23% 13% 27% 1% 1% 20% 12% 15%

Soybean Oil 11% 59% 0% 13% 16% 13% 30% -13% 10% 19% 10% 13%Soybean Meal -4% 23% 3% 7% 8% 5% 28% -2% -7% 23% -10% 10%HRW Wheat 11% 54% 7% 25% 24% 15% 30% -1% -1% 27% 16% 17%

Copper 40% 67% 25% 46% 35% 43% 47% 13% 3% 46% 35% 54%Alumnium 44% 49% 21% 44% 32% 47% 41% 5% 6% 36% 50% 53%

Zinc 45% 50% 37% 55% 38% 52% 39% 11% 5% 50% 43% 60%Nickel 44% 53% 32% 46% 45% 50% 51% 27% 11% 39% 46% 55%Gold 0% 63% 2% 15% 2% 2% 22% 11% -3% 12% -15% 12%Silver 22% 58% 2% 33% 17% 35% 39% -4% 8% 33% 8% 32%Sugar 9% 26% 2% 15% 8% 3% 17% -9% -15% 20% 0% 8%Coffee 21% 21% 4% 20% 8% 22% 25% -13% 9% 32% 14% 31%Cotton 17% 29% 12% 31% 27% 23% 36% 5% -3% 34% 4% 22%

Live Cattle 44% 16% 20% 28% 31% 34% 25% 7% 15% 32% 41% 37%Lean Hogs 32% 8% 21% 19% 26% 16% 11% 3% 6% 24% 18% 24%

20-Year

BCO

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GDP by Country

5-Year

GDP by CountryBC

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17

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

Group Commodity End of Nov 2015 Net Position (Lots)

End of Oct 2015 Net Position

(Lots)

Notional Change ($mill, with end

of Nov 2015 price)

End of Nov 2015 Notional ($ mill)

Natural Gas -178,169 -208,915 676 -3,920 WTI Crude 96,521 143,291 -2,005 4,138

Brent Crude 177,945 161,196 772 8,207 ULS Diesel -45,372 -37,286 -475 -2,667 Gasoline 15,189 12,081 181 887

Total -850 6,645 Corn -99,808 33,600 -2,430 -1,818

Soybeans -52,925 2,376 -2,388 -2,286 Wheat -47,353 -33,264 -341 -1,147

Soybean Oil 21,535 20,506 17 366 Soybean Meal -24,266 8,388 -927 -689 HRW Wheat -24,115 -12,320 -270 -552

Total -6,338 -6,124 Copper -29,917 8,186 -1,957 -1,537

Aluminum 72,635 25,891 1,690 2,625 Zinc 9,369 5,224 163 369

Nickel 8,214 20,254 -632 431 Total -736 1,888 Gold -14,655 120,645 -14,529 -1,574 Silver 8,862 51,585 -3,025 627 Total -17,553 -946 Sugar 176,022 137,221 652 2,957 Coffee -19,565 -13,606 -274 -898 Cotton 30,192 43,942 -417 915 Total -38 2,974

Live Cattle 5,622 8,389 -144 293Lean Hogs 11,034 38,553 -630 253

Total -774 545Total -26,290 4,981

Historical Correlation

1-Year 5-Year 1-Year 5-Year 1-Year 5-Year Natural Gas 6% 23% -50% -37% 51% 45% WTI Crude -5% 35% -59% -48% 46% 53%

Brent Crude -10% 37% -40% -39% 23% 46% ULS Diesel 4% 35% -57% -36% 54% 48% Gasoline 18% 35% -49% -17% 47% 41%

Corn 44% 59% -34% -50% 53% 66% Soybeans 64% 68% -80% -58% 80% 73%

Wheat 61% 50% -62% -61% 67% 66% Soybean Oil 49% 53% -79% -62% 77% 66%

Soybean Meal 63% 53% -60% -43% 73% 60% HRW Wheat 7% 25% -41% 46% 52%

Copper 37% 50% -66% -54% 61% 59% Aluminum -1% -25% 32%

Zinc 22% -40% 54% Nickel 32% -31% 62% Gold 72% 62% -60% -53% 72% 65% Silver 52% 57% -59% -48% 62% 61% Sugar 53% 48% -77% -59% 82% 64% Coffee 69% 47% -69% -66% 81% 68% Cotton 68% 55% -51% -52% 71% 60%

Live Cattle -4% 19% -10% -7% 6% 18%Lean Hogs 7% 17% -5% -14% 3% 13%

CommodityBCOM Single Index Level vs. MM's

Long PositionBCOM Single Index Level vs. MM's

Short PositionBCOM Single Index Level vs.

MM's Net Position

Energy

Group

Grains

Industrial Metals

Precious Metals

Softs

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Softs

18

Gasoline Corn

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

Brent Crude ULS Diesel

Soybeans Wheat

Soybean Oil Soybean Meal

HRW Wheat

0

20

40

60

80

100

-300000

-200000

-100000

0

100000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

2500

050000

100000150000200000250000300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

0

100000

200000

300000

400000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

1000

-60000-40000-20000

0200004000060000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

-200000

20000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

-400000

-200000

0

200000

400000

600000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

-150000

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

050100150200250300

-100000

-50000

0

50000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

500

1000

1500

2000

-100000

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

19

Sugar Coffee

Cotton Live Cattle

Lean Hogs

Copper Aluminum

Zinc Nickel

Gold Silver

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

020040060080010001200

-40000

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

020000400006000080000

100000120000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

0

10000

20000

30000

40000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

100

200

300

400

500

-500000

50000100000150000200000250000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020040060080010001200

-20000

0

20000

40000

60000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

200

400

600

800

-200000

-100000

0

100000

200000

300000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

020406080100120

-40000-20000

020000400006000080000

100000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

50

100

150

200

250

-50000

0

50000

100000

150000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

0

20

40

60

80

0

50000

100000

150000

200000

06 07 08 09 10 11 12 13 14 15

Money Manager's Net Position Index Level

20

GLOBAL COMMODITIES INVENTORIES & SALES DATAECO17 <GO>

Group Inventory/SalesRelated Commodities

UnitEnd of Nov 2015

End ofOct 2015

Change (%)

DOE Natural Gas Total Inventory Natural Gas bcf 4,009 3,875 3%DOE Crude Oil Total Inventory WTI Crude mm barrels 488 480 2%DOE Cushing Oklahoma Crude Oil Total Stocks WTI Crude mm barrels 59 53 10%DOE Distillate Fuel Oil Total Inventory ULS Diesel mm barrels 141 142 0%DOE Motor Gasoline Total Inventory Gasoline mm barrels 217 219 -1%USDA Corn Total Export Sales Corn thousand MT 2,565 709 262%USDA Soybeans Total Export Sales Soybeans thousand MT 1,179 2,156 -45%USDA All Wheat Total Export Sales Wheat, HRW Wheat thousand MT 326 551 -41%USDA Soybean Oil Total Export Sales Soybean Oil thousand MT 13 82 -84%USDA Soybean Cake Meal Total Export Sales Soybean Meal thousand MT 248 219 13%Comex Copper Total Inventory Copper thousand short ton 70 49 43%LME Copper Total Inventory Copper thousand MT 252 278 -9%LME Primary Aluminum Total Inventory Aluminum thousand MT 2,946 3,082 -4%LME Zinc Total Inventory Zinc thousand MT 551 578 -5%LME Nickel Total Inventory Nickel thousand MT 415 430 -3%Comex Gold Total Inventory Gold mm ounces 6 7 -4%Comex Silver Total Inventory Silver mm ounces 160 162 -1%

Softs USDA All Upland Cotton Total Export Sales Cotton thousand bales 306 82 272%USDA Cattle Slaughter Estimates Daily Live Cattle thousand heads 108 104 4%USDA Hogs Slaughter Estimates Daily Lean Hogs thousand heads 437 431 1%

Historical Correlation

Group Inventory/Sales 1-Year 5-YearDOE Natural Gas Total Inventory -22% -11%DOE Crude Oil Total Inventory -44% -85%DOE Cushing Oklahoma Crude Oil Total Stocks -46% -57%DOE Distillate Fuel Oil Total Inventory -80% -20%DOE Motor Gasoline Total Inventory -11% -20%USDA Corn Total Export Sales 17% -27%USDA Soybeans Total Export Sales -39% -3%USDA All Wheat Total Export Sales -3% 23%USDA Soybean Oil Total Export Sales -31% -9%USDA Soybean Cake Meal Total Export Sales -21% 21%Comex Copper Total Inventory -78% 66%LME Copper Total Inventory -29% 26%LME Primary Aluminum Total Inventory 96% 20%LME Zinc Total Inventory 1% -2%LME Nickel Total Inventory -54% -67%Comex Gold Total Inventory 61% 84%Comex Silver Total Inventory 48% -87%

Softs USDA All Upland Cotton Total Export Sales -58% -2%USDA Cattle Slaughter Estimates Daily -12% -31%USDA Hogs Slaughter Estimates Daily 14% -27%

Livestock

Livestock

Energy

Grains

Industrial Metals

Precious Metals

Energy

Grains

Industrial Metals

Precious Metals

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

vs. BCOM Natural Gas Index

vs. BCOM Unleaded Gasoline Index

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

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

BCOM Index

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

vs. BCOM Silver Indexvs. BCOM Gold Index

21

Soybeans Wheat

Soybean Oil Soybean Meal

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

WTI Crude ULS Diesel

Gasoline Corn

0

50

100

150

200

250

300

350

0

1000

2000

3000

4000

5000

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

550000

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

DOE Crude Oil Total Inventory BCOM WTI Crude Index

0

500

1000

1500

2000

0

10000

20000

30000

40000

50000

60000

70000

04 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

3000

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

USDA Corn Total Export Sales BCOM Corn Index

0

100

200

300

400

500

600

700

0

500

1000

1500

2000

2500

3000

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

USDA Soybeans Total Export Sales BCOM Soybeans Index

0

50

100

150

200

250

300

-500

0

500

1000

1500

2000

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

USDA All Wheat Total Export Sales BCOM Wheat Index

0

50

100

150

200

250

300

-50

0

50

100

150

200

250

07 09 11 13 15

USDA Soybean Oil Total Export Sales BCOM Soybean Oil Index

0

500

1000

1500

2000

0

100

200

300

400

500

07 09 11 13 15

USDA Soybean Cake Meal Total Export Sales BCOM Soybean Meal Index

22

Silver Cotton

Live Cattle Lean Hogs

HISTORICAL GLOBAL COMMODITIES INVENTORIES & SALES DATA vs. BCOMCopper Copper

Aluminum Zinc

Nickel Gold

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

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

Comex Copper Total Inventory BCOM Copper Index

0

200

400

600

800

1000

1200

0

200000

400000

600000

800000

1000000

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

LME Copper Total Inventory BCOM Copper Index

0

50

100

150

200

0

1000000

2000000

3000000

4000000

5000000

6000000

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

LME Primary Aluminum Total Inventory BCOM Alumnium Index

050100150200250300350400

0

200000

400000

600000

800000

1000000

1200000

1400000

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

LME Zinc Total Inventory BCOM Zinc Index

0

200

400

600

800

1000

1200

0

100000

200000

300000

400000

500000

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

LME Nickel Total Inventory BCOM Nickel Index

0

100

200

300

400

500

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

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

Comex Gold Total Inventory BCOM Gold Index

0

200

400

600

800

1000

0

50000

100000

150000

200000

250000

300000

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

Comex Silver Total Inventory BCOM Silver Index

0

20

40

60

80

100

120

-200

0

200

400

600

800

1000

07 09 11 13 15

USDA All Upland Cotton Total Export Sales BCOM Cotton Index

0

50

100

150

200

250

0

20000

40000

60000

80000

100000

120000

140000

99 01 03 05 07 09 11 13 15

USDA Cattle Slaughter Estimates Daily BCOM Live Cattle Index

0

20

40

60

80

100

0

100000

200000

300000

400000

500000

99 01 03 05 07 09 11 13 15

USDA Hogs Slaughter Estimates Daily BCOM Lean Hogs Index

23

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

Report Period: 10/30/2015 - 11/30/2015

Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

-68.31 6,402.33 -1.1%1,535.69 7,794.07 19.7%

6.69 1,468.50 0.5%-1.24 26.60 -4.7%4.68 228.64 2.0%

-1,455.44 39,823.63 -3.7%22.07 55,743.77 0.0%

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 838.36 2,803.11 29.9%UWTI US VelocityShares 3x Long Crude ETN 387.86 1,000.25 38.8%UCO US ProShares Ultra Bloomberg Crude 169.34 883.05 19.2%UNG US United States Natural Gas Fund 73.03 487.03 15.0%UGAZ US VelocityShares 3x Long Natural 62.37 368.59 16.9%SLV US iShares Silver Trust 53.83 4,905.94 1.1%USCI US United States Commodity Index 47.45 507.63 9.3%GSG US iShares S&P GSCI Commodity Index 22.13 749.52 3.0%OIL US iPath Goldman Sachs Crude Oil 20.20 899.57 2.2%

USLV US VelocityShares 3x Long Silver 19.18 118.19 16.2%

All Commodities Sector: Top 10 Redemptions

Ticker Name Net Flows ($ mill)

Beginning Fund Market Cap

($ mill)

% of Funds Market Cap

GLD US SPDR Gold Shares -1,392.35 25,575.70 -5.4%IAU US iShares Gold Trust -116.72 5,963.55 -2.0%

FTGC US First Trust Global Tactical -53.80 251.33 -21.4%DBC US PowerShares DB Commodity Index -44.18 2,453.15 -1.8%

DWTI US VelocityShares 3x Inverse Crude -39.96 146.76 -27.2%DJP US iPath Bloomberg Commodity Index -37.37 1,080.95 -3.5%DGL US PowerShares DB Gold Fund -14.39 165.35 -8.7%ZSL US ProShares UltraShort Silver -12.02 68.22 -17.6%

DSLV US VelocityShares 3x Inverse Silver -11.99 21.05 -57.0%SCO US ProShares UltraShort Bloomberg -10.36 109.25 -9.5%

Sector

LivestockIndustrial MetalsPrecious Metals

Total

Broad BasedEnergy

Agriculture

24

COMMODITY FUTURES TERM STRUCTUREENERGY GROUP

GRAINS GROUP

1.5

2.5

3.5

4.5

5.5

DEC

15SE

P 16

JUN

17

MAR

18

DEC

18SE

P 19

JUN

20

MAR

21

DEC

21SE

P 22

JUN

23

MAR

24

DEC

24SE

P 25

JUN

26

MAR

27

DEC

27

Natural Gas

30-Oct-2015

30-Nov-2015

40455055606570

DEC

15AP

R 16

AUG

16DE

C 16

APR

17AU

G 17

DEC

17AP

R 18

AUG

18DE

C 18

APR

19AU

G 19

DEC

19AP

R 20

AUG

20DE

C 20

DEC

22

WTI Crude

30-Oct-2015

30-Nov-2015

4550556065707580

DEC

15M

AY 1

6O

CT 1

6M

AR 1

7AU

G 17

JAN

18

JUN

18

NO

V 18

APR

19SE

P 19

FEB

20JU

L 20

DEC

20M

AY 2

1O

CT 2

1M

AR 2

2AU

G 22

Brent Crude

30-Oct-2015

30-Nov-2015 140

160

180

200

220

NO

V 15

FEB

16

MAY

16

AUG

16

NO

V 16

FEB

17

MAY

17

AUG

17

NO

V 17

FEB

18

MAY

18

AUG

18

NO

V 18

#N/A

Inva

lid…

ULS Diesel

30-Oct-2015

30-Nov-2015

100

120

140

160

180

200

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

JUL

18SE

P 18

Unleaded Gasoline

30-Oct-2015

30-Nov-2015

280285290295300305310

DEC

15

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

OCT

18

#N/A

Inva

lid…

Soybean Meal

30-Oct-2015

30-Nov-2015450

500

550

600

650

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

HRW Wheat

30-Oct-2015

30-Nov-2015

350

370

390

410

430

450

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

JUL

18

DEC

18

Corn

30-Oct-2015

30-Nov-2015850

900

950

1000

NO

V 15

JAN

16

MAR

16

MAY

16

JUL

16AU

G 16

SEP

16N

OV

16JA

N 1

7M

AR 1

7M

AY 1

7JU

L 17

AUG

17SE

P 17

NO

V 17

JUL

18N

OV

18

Soybeans

30-Oct-2015

30-Nov-2015

450

500

550

600

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

DEC

17

Wheat

30-Oct-2015

30-Nov-2015 26272829303132

DEC

15

MAR

16

JUL

16

SEP

16

DEC

16

MAR

17

JUL

17

SEP

17

DEC

17

OCT

18

#N/A

Inva

lid…

Soybean Oil

30-Oct-2015

30-Nov-2015

25

COMMODITY FUTURES TERM STRUCTUREINDUSTRIAL METALS GROUP

PRECIOUS METALS GROUP

SOFTS GROUP

LIVESTOCK GROUP

180190200210220230240

NO

V 15

FEB

16

MAY

16

AUG

16

NO

V 16

FEB

17

MAY

17

AUG

17

DEC

17

JUL

18

MAR

19

SEP

19

MAY

20

Copper

30-Oct-2015

30-Nov-20151300

1500

1700

1900

2100

NO

V 15

JUN

16

JAN

17

AUG

17M

AR 1

8O

CT 1

8M

AY 1

9DE

C 19

JUL

20AP

R 21

NO

V 21

JUN

22

JAN

23

AUG

23M

AR 2

4O

CT 2

4M

AY 2

5DE

C 25

Aluminum

30-Oct-2015

30-Nov-2015

950100010501100115012001250

NO

V 15

JAN

16

APR

16

AUG

16

DEC

16

APR

17

AUG

17

JUN

18

JUN

19

JUN

20

JUN

21

Gold

30-Oct-2015

30-Nov-201512

13

14

15

16

17

NO

V 15

JAN

16

MAY

16

SEP

16

JAN

17

MAY

17

SEP

17

JUL

18

JUL

19

JUL

20

Silver

30-Oct-2015

30-Nov-2015

10111213141516

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

OCT

17

MAR

18

MAY

18

JUL

18

Sugar

30-Oct-2015

30-Nov-2015110

120

130

140

150

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

8JU

L 18

SEP

18

Coffee

30-Oct-2015

30-Nov-2015

50556065707580

DEC

15

FEB

16

APR

16

MAY

16

JUN

16

JUL

16

AUG

16

OCT

16

DEC

16

FEB

17

APR

17

Lean Hogs

30-Oct-2015

30-Nov-2015

110115120125130135140145150

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

OCT

16

DEC

16

FEB

17

Live Cattle

30-Oct-2015

30-Nov-2015

1400

1500

1600

1700

1800

1900

NO

V 15

MAR

16

JUL

16N

OV

16M

AR 1

7JU

L 17

NO

V 17

MAR

18

JUL

18N

OV

18M

AR 1

9JU

L 19

NO

V 19

MAR

20

JUL

20N

OV

20

Zinc

30-Oct-2015

30-Nov-20158000

8500

9000

9500

10000

10500

NO

V 15

MAR

16

JUL

16N

OV

16M

AR 1

7JU

L 17

NO

V 17

MAR

18

JUL

18N

OV

18M

AR 1

9JU

L 19

NO

V 19

MAR

20

JUL

20N

OV

20

Nickel

30-Oct-2015

30-Nov-2015

59606162636465

DEC

15

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

JUL

17

OCT

17

DEC

17

MAR

18

MAY

18

JUL

18

Cotton

30-Oct-2015

30-Nov-2015

26

BLOOMBERG INTELLIGENCE: COMMODITY DASHBOARDS BI <GO>

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

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

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

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

27

COMMODITY CHEAT SHEET FOR THE BLOOMBERG PROFESSIONAL® SERVICE

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

Precious metal dashboard BI PMETGBase metals dashboard BI BMET

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

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

Crop calendar CCAL

BCOM QUICK FACTS

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

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

First Value Date 30 December 1990

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

28

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