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COMMODITIES A Bloomberg Professional Service Offering

BLOOMBERG COMMODITY INDEX (BCOM)TABLES & CHARTS

Q4 2014

Bloomberg

INSIDE

03 PERFORMANCE: BCOM05 PERFORMANCE: BCOM SUBGROUP06 PERFORMANCE: BCOM SINGLE COMMODITY09 TERM STRUCTURE12 BCOM CONSTITUENT WEIGHTS13 BCOM SWAP PROVIDERS14 BCOM CHEATSHEET15 CONTACT US

4Q SUMMARY

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Broad commodity performance continued to deteriorate in the final quarter of 2014 (Table 1) given a strengthening US Dollar (Chart 3), concerns about demand from China and strong supply across most commodity sectors. The Bloomberg Commodity Index (BCOM) was down 12% for the quarter. The WTI Crude Oil index and Brent Crude Oil index have seen the sharpest declines, dropping over 40% during the quarter, making it the largest quarterly drop since the 2008 financial crisis and dragging the Energy index down by 36% (Chart 6). Gasoline responded promptly with a drop of 38.5%, while Diesel dropped 30% due to relatively higher demand and seasonality factors (Chart 12). Natural Gas dropped 32% to a two-year low as mild weather and record production threatened to expand a stockpile surplus. Volatility for the Energy index more than doubled to over 30% (Chart 7) during Q4 - the most volatile quarter for the Energy index since Q4 2013.

Despite this backdrop there were still some winners, especially in the agriculture group. The BCOM Grains index had a strong quarter, gaining over 16% due to global supply shortage. Wheat gained the most at 22%, and with the exception of soybean oil, other grains gained between 10% and 21%. Despite the higher soybean price, the soybean oil price declined by 2% because of its correlation with crude oil through the making of biofuel for which both vegetable oil and fossil oil are part of the blending. Q4 marked one of the most volatile quarters since Q4 2013 for all BCOM Grains single commodity indices.

With the drastic price drop for spot and front futures contracts, the term structure of most energy underlyings have gone from backwardation or mild contango to steeper contango during the quarter. Futures curves for grains have mostly rotated clockwise during Q4 to go from steeper contango to mild contango or backwardation for soybean meal. The Lean hogs curve rotated counter clockwise to a mild contango at the front end, while the live cattle curve changed from contango to backwardation at the front end.

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Table 1: BCOM Composite Indices

2014Dec Nov Oct YTD 3-Month 1-Year 3-Year

Bloomberg Commodity Index (BCOM) BCOM -7.63% -4.07% -0.81% -17.04% -12.10% -17.04% -25.84%Bloomberg Roll Select Commodity BCOMRS -6.92% -3.91% -0.72% -15.20% -11.20% -15.20% -23.30%1 Month Forward BCOMF1 -7.41% -3.84% -0.55% -15.69% -11.46% -15.69% -22.76%2 Month Forward BCOMF2 -6.74% -3.89% -0.76% -15.51% -11.05% -15.51% -24.53%3 Month Forward BCOMF3 -6.17% -3.76% -0.68% -14.87% -10.30% -14.87% -23.21%4 Month Forward BCOMF4 -5.78% -4.16% -0.53% -14.29% -10.18% -14.29% -22.12%5 Month Forward BCOMF5 -5.69% -4.15% -0.43% -14.98% -10.00% -14.98% -22.59%6 Month Forward BCOMF6 -5.53% -4.18% -0.40% -14.53% -9.84% -14.53% -22.07%Energy BCOMEN -22.06% -10.47% -9.10% -39.36% -36.58% -39.36% -42.27%Ex- Energy BCOMXE -2.25% -1.44% 3.04% -6.50% -0.73% -6.50% -20.07%Petroleum BCOMPE -18.11% -16.94% -9.59% -43.31% -38.50% -43.31% -40.22%Ex-Petroleum BCOMXPE -5.46% -0.89% 1.65% -9.37% -4.75% -9.37% -22.98%Agriculture BCOMAG -1.92% -1.14% 8.91% -9.26% 5.60% -9.26% -19.24%Ex-Agriculture BCOMXAG -10.31% -5.39% -4.61% -20.60% -19.06% -20.60% -29.24%Softs BCOMSO -7.76% -2.96% -1.66% -10.13% -11.97% -10.13% -42.10%Ex-Softs BCOMXSO -7.62% -4.19% -0.72% -17.64% -12.12% -17.64% -24.44%Grains BCOMGR 1.17% 0.89% 14.28% -9.40% 16.65% -9.40% -11.10%Ex-Grains BCOMXGR -9.45% -5.04% -3.26% -18.64% -16.81% -18.64% -29.48%Industrial Metals BCOMIN -4.35% -3.37% 1.47% -6.90% -6.22% -6.90% -19.17%Ex-Industrial Metals BCOMXIM -8.37% -4.23% -1.30% -19.16% -13.39% -19.16% -27.26%Precious Metals BCOMPR 0.63% -0.68% -3.85% -6.74% -3.90% -6.74% -31.51%Ex-Precious Metals BCOMXPM -9.18% -4.68% -0.24% -18.70% -13.63% -18.70% -25.28%Livestock BCOMLI -4.84% 0.83% -1.35% 11.52% -5.34% 11.52% 3.61%Ex-Livestock BCOMXLI -7.83% -4.40% -0.77% -18.61% -12.56% -18.61% -27.39%

Table 2: BCOM Single Commodity Indices

2014Dec Nov Oct YTD 3-Month 1-Year 3-Year

Natural Gas BCOMNG -28.87% 3.26% -8.08% -30.73% -32.49% -30.73% -49.62%WTI Crude BCOMCL -19.33% -17.74% -10.56% -41.71% -40.65% -41.71% -45.13%Brent Crude BCOMCO -18.18% -18.86% -9.93% -47.64% -40.20% -47.64% -39.66%ULS Diesel BCOMHO -14.14% -13.81% -5.65% -38.79% -30.18% -38.79% -35.28%Unleaded Gasoline BCOMRB -19.34% -14.82% -10.58% -43.81% -38.56% -43.81% -28.11%Corn BCOMCN 2.12% -0.21% 17.46% -13.32% 19.70% -13.32% -28.19%Soybeans BCOMSY 0.14% -3.17% 13.90% -5.51% 10.44% -5.51% 29.29%Wheat BCOMWH 1.94% 7.21% 11.46% -9.48% 21.82% -9.48% -27.75%Soybean Oil BCOMBO -1.14% -7.80% 7.29% -20.59% -2.20% -20.59% -44.52%Soybean Meal BCOMSM -1.70% -0.11% 23.67% 11.78% 21.43% 11.78% 99.60%HRW Wheat BCOMKW -2.11% 7.41% 6.41% -4.71% 11.89% -4.71% -25.81%Copper BCOMHG -0.72% -6.44% 1.31% -16.58% -5.89% -16.58% -20.20%Alumnium BCOMAL -8.48% -1.93% 4.27% -3.12% -6.41% -3.12% -26.37%Zinc BCOMZS -1.97% -4.29% 0.87% 3.45% -5.36% 3.45% 4.75%Nickel BCOMNI -7.14% 3.03% -3.40% 7.27% -7.58% 7.27% -23.16%Lead BCOMPB -8.63% 0.98% -4.63% -18.12% -12.01% -18.12% -15.34%Tin BCOMSN -4.18% 2.96% -3.12% -13.18% -4.43% -13.18% 0.45%Gold BCOMGC 0.73% 0.26% -3.30% -1.78% -2.34% -1.78% -25.77%Silver BCOMSI 0.28% -3.73% -5.58% -20.45% -8.85% -20.45% -46.08%Sugar BCOMSB -6.86% -2.81% -2.49% -30.92% -11.73% -30.92% -51.95%Coffee BCOMKC -11.12% -2.58% -2.77% 37.74% -15.81% 37.74% -44.18%Cotton BCOMCT 0.32% -4.70% 5.02% -21.20% 0.40% -21.20% -25.11%Cocoa BCOMCC 2.36% -2.15% -12.15% 6.23% -12.01% 6.23% 33.50%Lean Hogs BCOMLH -7.96% 0.41% -6.88% -4.41% -13.94% -4.41% -9.20%Live Cattle BCOMLC -3.35% 1.03% 1.58% 22.02% -0.82% 22.02% 11.19%

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PERFORMANCE: Bloomberg Commodity Indices

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BCOM vs. Bond vs. USD

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PERFORMANCE: Bloomberg Commodity IndicesChart 1: Return

Chart 3: Return

Chart 5: Correlation

Chart 2: Volatility (Realized, 60 days) Oil prices continued to fall through Q4 2014, dragging commodity indices further down. The BCOM 3 Month Forward index and Roll Select index slightly outperformed BCOM due to smaller exposure to the overall spot price crash.

Oil market turmoil contributed most to the hiking volatility towards the end of the year. The more weight on oil underlyings and front future contracts, the higher the volatility.

Dollar has been particularly strong during the quarter, which yielded the highest return among major asset classes.

Bond volatility has been fairly stationary while volatility for other asset classes has seen substantial jumps towards the end of the year.

Chart 4: Volatility (Realized, 60 days)

BCOM is generally less correlated with other asset classes in normal market conditions. In Q4, we observed slight negative correlation between BCOM and USD.

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PERFORMANCE: BCOM SubgroupsChart 6: Return Chart 7: Volatility (Realized, 60 days)

Chart 8: Return vs. Previous Quarters Chart 9: Volatility vs. Previous QuartersBCOM energy index declined even more than Q3 2014 during Q4 2014 and ended with a 39% drop for the full year of 2014. BCOM softs index continued the trend of declining from previous two quarters and erased its huge gain mainly from coffee for Q1 2014. BCOM grains index had the best quarter since Q4 2014.

Energy has higher correlation with other commodity groups during a bear market for Q4 2014.

Chart 11: Commodity Subgroup Correlation - 3Q to 4Q 2014

Q4 2014 marked the most volatile quarter for BCOM energy index since Q4 2013. Volatility for BCOM grains index was also higher than previous quarters accompanied by a substantial positive return.

During Q4 2014, we observe universally higher cross correlations between different commodity groups than Q3 2014. This is mainly due to the oil price crash characterizing bear market condition for commodities in which most underlyings have increased correlation.

BCOM energy index declined by 36% due to huge loss in the oil space. BCOM industrial metals, precious metals, softs and livestock indices also declined during the quarter responding to supply forecast changes. BCOM grains index on the other hand, had a great quarter and gained 16%.

The volatility for BCOM energy index more than doubled to over 30% during Q4 2014 amid sharp drops of the price level. The volatility for BCOM precious metals index also jumped 10% during the quarter. Other BCOM subindices have seen smaller changes of volatility.

Chart 10: Correlation Between Energy and Other Groups

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Energy 100%Grains 18% 100%Industrial Metals 6% 12% 100%Precious Metals 21% 13% 6% 100%Softs 10% 25% 12% -12% 100%Livestock 6% 12% 3% -1% 13% 100%

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MetalsPrecious Metals Softs Livestock

Energy 100%Grains 18% 100%Industrial Metals 49% 29% 100%Precious Metals 31% 11% 38% 100%Softs 17% 24% 37% 39% 100%Livestock 13% 14% 22% 30% 32% 100%

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PERFORMANCE: BCOM Single Commodity IndicesChart 12: Overview - Return For Q4 2014

Chart 13: Overview - Volatility For Q4 2014

Chart 14: Overview - Inter-Commodity Correlation for Q4 2014

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leNatural Gas 100%WTI Crude 21% 100%Brent Crude 23% 95% 100%ULS Diesel 24% 91% 96% 100%Unleaded Gasoline 22% 89% 94% 93% 100%Corn 9% 9% 11% 10% 15% 100%Soybeans 9% 26% 27% 30% 32% 75% 100%Wheat 10% -6% 0% 2% 2% 44% 17% 100%Soybean Oil 20% 40% 43% 42% 47% 51% 67% 9% 100%Soybean Meal 9% 19% 21% 25% 27% 63% 90% 13% 42% 100%HRW Wheat 11% -5% -3% -1% 0% 40% 12% 95% 5% 8% 100%Copper 17% 53% 55% 54% 53% 24% 32% -1% 34% 23% -11% 100%Alumnium 36% 35% 38% 40% 41% 34% 31% 13% 29% 28% 14% 46% 100%Zinc -1% 42% 46% 48% 45% 24% 33% -7% 48% 18% -11% 64% 60% 100%Nickel 14% 10% 13% 14% 19% 16% 11% -4% 22% 0% -6% 39% 43% 50% 100%Lead 8% 33% 35% 39% 37% 15% 26% -13% 31% 17% -16% 56% 56% 68% 52% 100%Tin -1% 11% 9% 7% 5% -9% 6% -25% 4% 7% -25% 17% 16% 26% 35% 38% 100%Gold 0% 36% 32% 38% 34% 5% 14% -1% 23% 8% -3% 42% 16% 27% 2% 38% 14% 100%Silver 9% 47% 49% 52% 51% 15% 23% 5% 33% 17% -1% 62% 27% 38% 13% 50% 8% 88% 100%Sugar 14% 23% 24% 25% 27% 20% 25% 7% 33% 20% 12% 26% 46% 43% 33% 27% 13% 24% 29% 100%Coffee -15% 15% 13% 10% 25% 14% 22% -6% 28% 17% -7% 27% -5% 13% 10% 10% -12% 28% 32% 15% 100%Cotton 7% 16% 24% 28% 28% 25% 31% 13% 40% 32% 4% 31% 9% 29% 24% 15% 21% 16% 25% 27% 5% 100%Cocoa 8% 9% 7% 4% 2% -22% -5% -15% 0% -4% -11% 8% 13% 9% -8% 10% 0% 17% 11% 21% -6% -12% 100%Lean Hogs 1% 6% 8% 7% 10% 3% 3% 4% 17% -8% -3% 33% 12% 38% 19% 32% 0% 22% 29% 30% 37% 1% -12% 100%Live Cattle 5% 12% 15% 12% 18% 18% 9% 11% 18% 5% 7% 8% 7% 5% 2% 17% 10% 22% 24% 11% 9% 10% -21% 21% 100%

LivestockEnergy Grains Industrial MetalsPrecious Metals Softs

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PERFORMANCE: Single Commodity IndicesENERGY GROUP

GRAINS GROUPChart 18: Volatility (Realized, 60 days)

INDUSTRIAL METALS GROUPSChart 20: Volatility (Realized, 60 days)

Chart 17: Return

BCOM energy index declined by 36% due to huge loss in the oil space. WTI crude oil index and Brent crude oil index both dropped over 40% during the quarter, marking the largest quarterly drop since the 2008 financial crisis. Gasoline responded promptly and dropped similar percentage (38.5%) as crude oil, while diesel dropped less (30%) due to relatively higher demand and seasonality factors. Natural gas also dropped 32% to a two-year low as mild weather and record production threatened to expand a stockpile surplus.

Q4 2014 marked one of the most volatile quarter since Q4 2013 for all BCOM grains single commodity indices.

Volatility for BCOM industrial metals single commodity indices was mostly slightly higher than previous quarters.

Chart 15: Return

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BCOM grains index had a very strong quarter, gaining over 16% due to global supply shortage. Wheat gained the most at 22% with other grains gaining between 10% to 21% except Soybean oil. Despite the higher soybean price, the soybean oil price has declined by 2% because of its correlation with the crude oil through the making of biofuel, for which both vegetable oil and fossil oil are part of the blending.

BCOM industrial metals single commodity indices dropped 4-12% across the board on concern that a slower economy will cut metal demands in China, the world's largest consumer of industrial metals.

Chart 19: Return

Chart 16: Volatility (Realized, 60 days)Volatility has increased substantially for all BCOM energy single commodity indices from Q3 2014 to Q4 2014.

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PERFORMANCE: Single Commodity Indices PRECIOUS METALS GROUPS

SOFTS GROUPChart 24: Volatility (Realized, 60 days)

LIVESTOCK GROUP

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Chart 23: Return

Chart 25: Return

Softs declined by about 12% during Q4 2014. Sugar, coffee and cocoa dropped responding to supply forecast changes, while cotton reamined unchanged.

Lean hogs was down 15% for the quarter. Live cattle was relatively unchanged.

Q4 has been the most volatile quarter in 2014 for both gold and silver.Chart 22: Volatility (Realized, 60 days)

Coffee volatility has again dropped since the wild first quarter of 2014, but is still at a relatively high level. Cocoa has been more active, while sugar and cotton volatility stays at the same level.

Both lean hogs and live cattle were slightly less volatile than the previous quarter.Chart 26: Volatility (Realized, 60 days)

BCOM gold and silver indices dropped as US dollar has risen.Chart 21: Return

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COMMODITY CURVE ANALYSISChart 27: ENERGY GROUP

Chart 28: GRAINS GROUP

With the drastic price drop for spot and front futures contracts, most energy underlyings have gone from backwardation or mild contango to steeper contango during Q4 2014.

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Futures curves for grains have mostly rotated clockwise during the Q4 2014 to go from steeper contango to mild contango or backwardation for soybean meal.

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N 1

6M

AR 1

6M

AY 1

6JU

L 16

AUG

16SE

P 16

OCT

16

DEC

16JU

L 17

OCT

17

DEC

17

Soybean Oil

30-Sep-2014 31-Dec-2014

900920940960980

1000102010401060

NO

V 14

JAN

15

MAR

15

MAY

15

JUL

15

AUG

15

SEP

15

NO

V 15

JAN

16

MAR

16

MAY

16

JUL

16

AUG

16

SEP

16

NO

V 16

JUL

17

NO

V 17

Soybeans

30-Sep-2014 31-Dec-2014

9

COMMODITY CURVE ANALYSIS

Chart 29: INDUSTRIAL METALS GROUP

Chart 30: PRECIOUS METALS GROUP

/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Term structure for industrial metals were relatively persistent from Q3 2014, with copper now showing mild backwardation at the front end of the curve.

Term structure for gold and silver are rather flat at the front end and remain relatively unchanged from Q3 2014.

275

325

375

OCT

14

DEC

14JA

N 1

5M

AR 1

5M

AY 1

5JU

L 15

AUG

15SE

P 15

OCT

15

DEC

15JA

N 1

6M

AR 1

6M

AY 1

6JU

L 16

AUG

16SE

P 16

OCT

16

DEC

16JU

L 17

OCT

17

DEC

17

Soybean Meal

30-Sep-2014 31-Dec-2014

500550600650700

DEC

14

MAR

15

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

HRW Wheat

30-Sep-2014 31-Dec-2014

265275285295305

OCT

14

DEC

14

FEB

15

APR

15

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

APR

16

JUN

16

AUG

16

DEC

16

MAY

17

SEP

17

MAR

18

JUL

18

DEC

18

MAY

19

SEP

19

Copper

30-Sep-2014 31-Dec-2014

1500

2000

2500

3000

OCT

14

MAR

15

AUG

15JA

N 1

6JU

N 1

6N

OV

16AP

R 17

SEP

17FE

B 18

JUL

18DE

C 18

MAY

19

OCT

19

MAR

20

AUG

20JA

N 2

1JU

N 2

1N

OV

21AP

R 22

SEP

22FE

B 23

JUL

23DE

C 23

MAY

24

OCT

24

Aluminum

30-Sep-2014 31-Dec-2014

210021502200225023002350

OCT

14

JAN

15

APR

15JU

L 15

OCT

15

JAN

16

APR

16JU

L 16

OCT

16

JAN

17

APR

17JU

L 17

OCT

17

JAN

18

APR

18JU

L 18

OCT

18

JAN

19

APR

19JU

L 19

OCT

19

Zinc

30-Sep-2014 31-Dec-2014

145001500015500160001650017000

OCT

14

JAN

15

APR

15JU

L 15

OCT

15

JAN

16

APR

16JU

L 16

OCT

16

JAN

17

APR

17JU

L 17

OCT

17

JAN

18

APR

18JU

L 18

OCT

18

JAN

19

APR

19JU

L 19

OCT

19

JAN

20

Nickel

30-Sep-2014 31-Dec-2014

18001900200021002200

OCT

14

JAN

15

APR

15JU

L 15

OCT

15

JAN

16

APR

16JU

L 16

OCT

16

JAN

17

APR

17JU

L 17

OCT

17

JAN

18

APR

18JU

L 18

OCT

18

JAN

19

APR

19JU

L 19

OCT

19

JAN

20

Lead

30-Sep-2014 31-Dec-2014

1516171819

OCT

14

NO

V 14

DEC

14

JAN

15

MAR

15

MAY

15

JUL

15

SEP

15

DEC

15

JAN

16

MAR

16

MAY

16

JUL

16

DEC

16

JUL

17

DEC

17

JUL

18

DEC

18

JUL

19

Tin

30-Sep-2014 31-Dec-2014

1150

1200

1250

1300

1350

1400

OCT

14

NO

V 14

DEC

14FE

B 15

APR

15JU

N 1

5AU

G 15

OCT

15

DEC

15FE

B 16

APR

16JU

N 1

6AU

G 16

DEC

16JU

N 1

7DE

C 17

JUN

18

DEC

18JU

N 1

9DE

C 19

JUN

20

Gold

30-Sep-2014 31-Dec-2014

1515.5

1616.5

1717.5

1818.5

19

OCT

14

NO

V 14

DEC

14

JAN

15

MAR

15

MAY

15

JUL

15

SEP

15

DEC

15

JAN

16

MAR

16

MAY

16

JUL

16

DEC

16

JUL

17

DEC

17

JUL

18

DEC

18

JUL

19

Silver

30-Sep-2014 31-Dec-2014

10

COMMODITY CURVE ANALYSISChart 31: SOFTS GROUP

Chart 32: LIVESTOCK GROUPLean hogs futures curve rotated counter clockwise to a mild contango at the front end, while live cattle futures curve changed from contango to backwardation at the front. The back end of the curve for both were little changed.

Term structure for softs are basically unchanged from Q3 2014.

/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

1314151617181920

OCT

14

MAR

15

MAY

15

JUL

15

OCT

15

MAR

16

MAY

16

JUL

16

OCT

16

MAR

17

MAY

17

JUL

17

Sugar

30-Sep-2014 31-Dec-2014

150

160

170

180

190

200

210

DEC

14

MAR

15

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

DEC

16

MAR

17

MAY

17

JUL

17

SEP

17

Coffee

30-Sep-2014 31-Dec-2014

2500260027002800290030003100320033003400

DEC

14

MAR

15

MAY

15

JUL

15

SEP

15

DEC

15

MAR

16

MAY

16

JUL

16

SEP

16

Cocoa

30-Sep-2014 31-Dec-2014

545658606264666870

OCT

14

DEC

14

MAR

15

MAY

15

JUL

15

OCT

15

DEC

15

MAR

16

MAY

16

JUL

16

OCT

16

DEC

16

MAR

17

MAY

17

Cotton

30-Sep-2014 31-Dec-2014

60

70

80

90

100

110

120

OCT

14

DEC

14

FEB

15

APR

15

MAY

15

JUN

15

JUL

15

AUG

15

OCT

15

DEC

15

FEB

16

Lean Hogs

30-Sep-2014 31-Dec-2014

145

150

155

160

165

170

OCT

14

DEC

14

FEB

15

APR

15

JUN

15

AUG

15

OCT

15

DEC

15

FEB

16

Live Cattle

30-Sep-2014 31-Dec-2014

11

BCOM CONSTITUENT WEIGHTS

Group Commodity 2015 Target Weight

2014 Target Weight

30-Sep-2014 Actual Weight

31-Dec-2014 Actual Weight

Q4 2014 Weight Change

Natural Gas 8.74% 9.45% 9.68% 7.67% -2.01% WTI Crude 7.84% 8.49% 8.75% 5.81% -2.94% Brent Crude 7.16% 6.51% 6.19% 4.24% -1.95% ULS Diesel 3.76% 3.72% 3.55% 2.75% -0.80% Gasoline 3.69% 3.62% 3.48% 2.42% -1.06%

31.19% 31.78% 31.65% 22.89% -8.76% Corn 7.25% 7.20% 5.75% 8.03% 2.28% Soybeans 5.68% 5.68% 4.32% 5.46% 1.14% Wheat 3.33% 3.34% 2.81% 3.91% 1.10% Soybean Oil 2.81% 2.83% 2.56% 2.87% 0.31% Soybean Meal 2.75% 2.68% 2.05% 2.68% 0.63% HRW Wheat 1.17% 1.21% 1.11% 1.41% 0.30%

22.98% 22.95% 18.60% 24.36% 5.76% Copper 7.54% 7.51% 7.13% 7.56% 0.43% Aluminum 4.59% 4.72% 5.50% 5.89% 0.39% Zinc 2.40% 2.31% 2.74% 2.95% 0.21% Nickel 2.12% 2.05% 2.63% 2.76% 0.13%

16.65% 16.60% 18.00% 19.16% 1.16% Gold 11.90% 11.53% 12.05% 13.29% 1.24% Silver 4.28% 4.14% 3.79% 3.91% 0.12%

16.18% 15.67% 15.84% 17.20% 1.36% Sugar 4.00% 3.96% 4.30% 4.28% -0.02% Coffee 2.21% 2.32% 4.06% 3.95% -0.11% Cotton 1.51% 1.58% 1.21% 1.34% 0.13%

7.72% 7.85% 9.57% 9.57% 0.00% Live Cattle 3.33% 3.27% 4.16% 4.69% 0.53% Lean Hogs 1.94% 1.87% 2.20% 2.13% -0.07%

5.27% 5.14% 6.36% 6.82% 0.46%

Energy

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Livestock

Softs

Precious Metals

Industrial Metals

Grains

12

BCOM SWAP PROVIDERS

OTC BCOM SWAPS

ELECTRONIC BCOM SWAPS*

BNP Paribas YES Barclays Bank YES CIBC YES Cargill YES Citigroup YES Credit Suisse YES Deutsche Bank YES Goldman Sachs YES J.P. Morgan Chase YES YES Macquarie YES Bank of America Merrill Lynch YES Morgan Stanley YES Royal Bank Of Canada YES Societe Generale YES YES State Street YES UBS YES Wells Fargo YES

*Commodity investors can trade BCOM swaps in real-time over the Bloomberg Professional Service via Commodity Streaming (CCST). Traders can view streaming executable pricing provided by market makers. Participants include investment managers, pension funds, and global macro/hedge funds.

///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

13

////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

BLOOMBERG CHEATSHEET

BCOM Index Description BCOM Index DESBCOM Index Weights BCOM Index MEMBBCOM Index Futures BCOM Index CTBCOM Index Options BCOM Index OMONBCOM Index Option Volatility Surface BCOM Index OVDVBCOM Index Seasonality Chart BCOMNG Index SEAGGlobal Commodity Prices GLCO Commodity Playbook CPLY Commitments of Traders Report COT Commodity Index Ranked Returns CRRCalendar of Energy Events ECO10 Bloomberg Intelligence BI OILFirst Word Oil NI BFWOILTop Oil News Stories TOP OILVolatility Comparison GVCommodity Curves CLA Comdty CCRV

BCOM QUICK FACTS

Weighting Bias 2/3 market liquidity and 1/3 world productionNo. of Commodities 20Re-balancing Frequency AnnualRoll Schedule Monthly (5 day roll)Annual 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.

14

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Bloombergindexes.com commodities@bloombergindexes.com

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INDEX <GO>

/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

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