THE RICI Handbook. The Guide to the Rogers International Commodity Index

Transcription

1 THE RICI Handbook The Guide o he January 30, 2019

2 The RICI Handbook - January 30, 2019 i This documen is provided o you for informaion purposes only. I is no an offer for purchase or sale of any ype of financial insrumen. Pas performance is no indicaive of fuure reurns. The informaion presened in his RICI Handbook demonsraes he mehodology ha is used for deermining he composiion and calculaion of he ( RICI ) and sub-indexes. All daa and informaion is provided for informaion purposes only. All informaion has been carefully compiled o ensure maximum accuracy. However, we canno guaranee and do no guaranee he accuracy of he informaion/calculaion, or he complee absence of errors and omissions concerning informaion included or cied in his Handbook. The publisher disclaims all responsibiliy and all liabiliy for all expenses, losses, and damages and/or coss you migh incur as a resul of he informaion being inaccurae or incomplee in any way, and for any reason. Copyrigh 2019 Beeland Ineress, Inc.

3 The RICI Handbook - January 30, 2019 ii AMENDMENTS TO THE PREVIOUS HANDBOOK INCLUDE: Afer deliberaion by he Commiee governing he, he Commiee Chairman decided o implemen he following Index changes: o Increase he Index Weigh of Milk Class III from 0.10% o 0.20% (+0.10%) o Reduce he Index Weigh of Lumber from 1.00% o 0.90% (-0.10%) The Index Weighs of he RICI Agriculure sub-index were adjused proporionally. Each of hese changes will be implemened during he January 2019 roll period, which roll period begins a he end of January The ables afer Appendix B are updaed o he laes weighing.

4 The RICI Handbook - January 30, 2019 iii CONTENTS I. OVERVIEW THE RICI THE RICI AND ITS SUB-INDEXES THE RICI COMMITTEE...4 II. RICI INCLUSION PROCESS THE PROCESS EXCHANGES AND NON-TRADED ITEMS GENERAL COMMODITY ELIGIBILITY COMMODITY SCREENING PROCESS CONTRACT CHARACTERISTICS INCLUDED RICI CONTRACTS...7 III. RICI WEIGHTS INDEX WEIGHTS CHANGES IN WEIGHTS AND/OR INDEX COMPOSITION ROLLING OF THE RICI INDEX CONTRACTS REBALANCING OF THE RICI COMPONENTS DATA SOURCE EXCEPTIONAL COMMITTEE MEETING...9 IV. RICI STANDARD CALCULATION OUTLINE OF THE CALCULATION METHODOLOGY INITIAL VALUE DEFINITION CALCULATION OF THE RICI INDEXES...12 V. RICI - A SM RICI - A SM DEFINITION RICI - A SM REFERENCE CURRENCY RICI - A SM INDEX COMPOSITION RICI - A SM INDEX WEIGHTS RICI - A SM CALCULATION METHODOLOGY...21 VI. RICI - E SM RICI - E SM DEFINITION RICI - E SM REFERENCE CURRENCY RICI - E SM INDEX COMPOSITION RICI - E SM INDEX WEIGHTS RICI - E SM CALCULATION METHODOLOGY VII. RICI - M SM RICI - M SM DEFINITION RICI - M SM REFERENCE CURRENCY RICI - M SM INDEX COMPOSITION RICI - M SM INDEX WEIGHTS RICI - M SM CALCULATION METHODOLOGY...23

5 The RICI Handbook - January 30, 2019 iv CONTENTS VIII. RICI - IM SM RICI - IM SM DEFINITION RICI - IM SM REFERENCE CURRENCY RICI - IM SM INDEX COMPOSITION RICI - IM SM INDEX WEIGHTS RICI - IM SM CALCULATION METHODOLOGY...24 IX. RICI - PM SM RICI - PM SM DEFINITION RICI - PM SM REFERENCE CURRENCY RICI - PM SM INDEX COMPOSITION RICI - PM SM INDEX WEIGHTS RICI - PM SM CALCULATION METHODOLOGY...25 APPENDIX A - ROLLING RULES APPENDIX B - INDEX COMPOSITIONS... 30

6 The RICI Handbook - January 30, I. OVERVIEW 1.1 THE RICI The ( RICI ) is a composie, USD based, oal reurn index, designed by James B. Rogers, Jr. in he lae 1990s. The index was designed o mee he need for consisen invesing in a broad-based inernaional vehicle; i represens he value of a baske of commodiies consumed in he global economy, ranging from agriculural o energy o meals producs. The value of his baske is racked via fuures conracs on exchange-raded physical commodiies, comprised of 38 commodiies fuures conracs, quoed in four differen currencies, lised on en exchanges in four counries. RICI aims o be an effecive measure of he price acion of raw maerials no jus in he Unied Saes bu also around he world. Indeed, he index s weighs aemp o balance consumpion paerns worldwide (in developed and developing economies) and specific conrac liquidiy. The index is designed o offer sabiliy, parly because i is broadly based and consisen in composiion, and o mee a need in he financial specrum currenly no effecively covered. Mehodology The Rogers Inernaional Commodiy Indexes are mainained by heir owner, Beeland Ineress, Inc., who is advised by members of he Commiee: a group of wise people jus as are he people who deermine he Dow Jones Averages and oher major indexes. For he sake of ransparency, consisency, and sabiliy, composiion changes are infrequen. The Commiee members generally monior he Indexes daily for circumsances ha warran consideraion of changes. The Commiee mees formally in November or December of each year o assess he Indexes and discuss changes. Mr. James B. Rogers, Jr., as he founder of he RICI and sole owner of Beeland Ineress, chairs he RICI Commiee and is he final arbier of is decisions. The Commiee of wise people bases is discussion on world consumpion paerns and liquidiy. Oher indexes may show regular dramaic changes in weighs and composiions meaning invesors never know in wha hey are invesing. This is no he case wih he Rogers Inernaional Commodiy Index, which is sable, consisen and ransparen. An invesor in he Rogers Indexes always knows wha he or she is geing. The RICI and is sub-indexes are calculaed and published in real ime.

7 The RICI Handbook - January 30, 2019 Indexes, calculaed wih 9 decimals accuracy, will be rounded o 2 decimal places and can be accessed via he following sources: 2 FOR CQG SUBSCRIBERS RICI Agriculure Index Excess Reurn: RICI Agriculure Index Toal Reurn: RICI Energy Index Excess Reurn: RICI Energy Index Toal Reurn: RICI Meals Index Excess Reurn: RICI Meals Index Toal Reurn: RICI Indusrial Meals Index Excess Reurn: RICI Indusrial Meals Index Toal Reurn: RICI Precious Meals Index Excess Reurn: RICI Precious Meals Index Toal Reurn: RICI Index Excess Reurn: RICI Index Toal Reurn: RICIAER RICIATR RICIEER RICIETR RICIMER RICIMTR RICIBMER RICIBMTR RICIPMER RICIPMTR RICIER RICITR BLOOMBERG CQG DIAPASON RICI Agriculure Index Excess Reurn: ROGRAGER RICIAGER Index RICI Agriculure Index Toal Reurn: ROGRAGTR RICIAGTR Index RICI Energy Index Excess Reurn: ROGRENER RICIENER Index RICI Energy Index Toal Reurn: ROGRENTR RICIENTR Index RICI Meals Index Excess Reurn: ROGRIMER RICIMEER Index RICI Meals Index Toal Reurn: ROGRIMTR RICIMETR Index RICI Indusrial Meals Index Excess Reurn: ROGRBMER RICIIMER Index RICI Indusrial Meals Index Toal Reurn: ROGRBMTR RICIIMTR Index RICI Precious Meals Index Excess Reurn: ROGRPMER RICIBMER Index RICI Precious Meals Index Toal Reurn: ROGRPMTR RICIBMTR Index RICI Index Excess Reurn: ROGRER RICIGLER Index RICI Index Toal Reurn: ROGRTR RICIGLTR Index REUTERS CQG DIAPASON RICI Agriculure Index Excess Reurn:.ROGRAGER RICIAGER=DIAP RICI Agriculure Index Toal Reurn:.ROGRAGTR RICIAGTR=DIAP RICI Energy Index Excess Reurn:.ROGRENER RICIENER=DIAP RICI Energy Index Toal Reurn:.ROGRENTR RICIENTR=DIAP RICI Meals Index Excess Reurn:.ROGRIMER RICIMEER=DIAP RICI Meals Index Toal Reurn:.ROGRIMTR RICIMETR=DIAP RICI Indusrial Meals Index Excess Reurn:.ROGRBMER RICIIMER=DIAP RICI Indusrial Meals Index Toal Reurn:.ROGRBMTR RICIIMTR=DIAP RICI Precious Meals Index Excess Reurn:.ROGRPMER RICIBMER=DIAP RICI Precious Meals Index Toal Reurn:.ROGRPMTR RICIBMTR=DIAP RICI Index Excess Reurn:.ROGRER RICIGLER=DIAP RICI Index Toal Reurn:.ROGRTR RICIGLTR=DIAP hp://

8 The RICI Handbook - January 30, THE RICI AND ITS SUB-INDEXES ROGERS INTERNATIONAL COMMODITY INDEX RICI ROGERS INTERNATIONAL COMMODITY INDEX AGRICULTURE RICI - A SM ROGERS INTERNATIONAL COMMODITY INDEX ENERGY RICI - E SM ROGERS INTERNATIONAL COMMODITY INDEX METALS RICI - M SM Cocoa Coffee Corn Coon Lean Hogs Live Cale Lumber Milk Class III Milling Whea Oas Orange Juice Rapeseed Rice Rubber Soybean Meal Soybean Oil Soybeans Sugar Whea (CBOT) Whea (CME) Whea (MGEX) Whie Sugar Bren Crude Oil Gas Oil Heaing Oil Naural Gas RBOB Gasoline Aluminium Copper Gold Lead Nickel Palladium Plainum Silver Tin Zinc ROGERS INTERNATIONAL COMMODITY INDEX INDUSTRIAL METALS RICI - IM SM Aluminium Copper Lead Nickel Tin Zinc ROGERS INTERNATIONAL COMMODITY INDEX PRECIOUS METALS RICI - PM SM Gold Palladium Plainum Silver

9 The RICI Handbook - January 30, THE RICI COMMITTEE The RICI Commiee formulaes and enacs all business assessmens and decisions regarding he calculaion, composiion and managemen of he index. Mr. James B. Rogers, Jr., as he founder of he RICI and sole owner of Beeland Ineress, chairs he RICI Commiee and is he final arbier of is decisions. In addiion o Mr. Rogers, he represenaives of he following paries ake par o advise he Chairman: 1. CQG 2. DAIWA ASSET MANAGEMENT 3. DIAPASON COMMODITIES MANAGEMENT S.A. 4. MERRILL LYNCH 5. PRICE ASSET MANAGEMENT 6. UBS AG The seven members of he RICI Commiee usually mee once per year, owards he end of he year, eiher during he monh of November or December. However, he Commiee may assemble on any oher day of he year for example, o deal wih Excepional Circumsances (see 2.1). Exclusively Mr. Rogers, as Chairman of he Commiee, is auhorized o designae new members of he commiee if necessary. 2.1 THE PROCESS II. RICI INCLUSION PROCESS The conracs chosen for he baske of commodiies ha consiue he RICI are required o fulfill various condiions (see below). Generally, he selecion and weighs of he iems in he index are reviewed annually (see 1.3 The RICI Commiee), and weighs for he nex year are assigned every November or December. As a sable and invesable index, he RICI s composiion is modified infrequenly. For example, he composiion of he RICI may require changes when excepional circumsances occur. Excepional Circumsances include (bu are no resriced o): Coninuous adverse rading condiions for a single conrac (e.g., rading volume collapses). Criical changes in he global consumpion paern (e.g., a scienific breakhrough fundamenally alers he consumpion of a commodiy).

10 The RICI Handbook - January 30, EXCHANGES AND NON-TRADED ITEMS All commodiies included in he RICI mus be publicly raded on recognized exchanges o ensure ease of racking and verificaion. Addiionally, he RICI does no and will no include non-raded iems such as hides or allow, which are included in oher popular commodiy indexes. The 10 inernaional exchanges recognized by he RICI Commiee are: 1. Chicago Board of Trade (USA) 2. Chicago Mercanile Exchange (USA) 3. COMEX (USA) 4. ICE Fuures Europe (UK) 5. ICE Fuures US (USA) 6. London Meal Exchange (UK) 7. NYMEX (USA) 8. Euronex (EU-Paris) 9. The Tokyo Commodiy Exchange (Japan) 10. Minneapolis Grain Exchange (USA) 2.3 GENERAL COMMODITY ELIGIBILITY A commodiy will be considered fi o be included in he index if i plays a significan role in worldwide (developed and developing economies) consumpion. Worldwide consumpion is measured by racking inernaional impor/expor paerns, and domesic consumpion environmens of he world s prime commodiy consumers. Only raw maerials ha reflec he curren sae of inernaional rade and commerce are eligible o become RICI commodiies. Commodiies ha are merely linked o naional consumpion paerns will no be considered. The RICI is no relaed o commodiies producion daa of any sor. 2.4 COMMODITY SCREENING PROCESS Daa of privae and governmenal providers concerning he world s op consumed commodiies is moniored and considered by members of he RICI Commiee hroughou he year. To obain a fair represenaion of inernaional commodiies consumpion, a wide range of sources on commodiies demand and supply is consuled. The findings of his underaking are hen condensed ino he differen commodiies conracs and weighs of he RICI.

11 The RICI Handbook - January 30, Sources on he world s commodiy consumpion daa include: Indusrial Commodiy Saisics Yearbook, Unied Naions (New York) Commodiy Trade Saisics Daabase, Unied Naions Saisics Division (New York) Copper Bullein Yearbook, Inernaional Copper Sudy Group (Lisbon) Foreign Agriculural Service s Producion, Supply and Disribuion Daabase, U.S. Deparmen of Agriculure (Washingon, DC) Manufacured Fiber Review, Fiber Economics Bureau, Inc. (Arlingon, VA) Monhly Bullein, Inernaional Lead and Zinc Sudy Group (London) Quarerly Bullein of Cocoa Saisics, Inernaional Cocoa Organizaion (London) Rubber Saisical Bullein, Inernaional Rubber Sudy Group (London) Saisical Bullein Volumes, Arab Gulf Cooperaion Council (GCC) (Saudi Arabia) Sugar Yearbook, Inernaional Sugar Organizaion (ISO) (London) World Agriculure Assessmens of Inergovernmenal Groups, Food & Agriculure Organizaion of he Unied Naions (Rome) World Commodiy Forecass, Economis Inelligence Uni (London) World Coon Saisics, Inernaional Coon Advisory Commiee (Washingon, DC) World Meals Saisics, World Bureau of Meal Saisics (London) 2.5 CONTRACT CHARACTERISTICS In order o decide wheher a specific commodiy conrac is acually invesable, he RICI Commiee screens volume and liquidiy daa of inernaional exchanges, which is published on a regular basis by he Fuures Indusry Associaion (Washingon DC, Unied Saes) or by he individual exchanges on which he conracs rade. If a commodiy conrac rades on more han one exchange, generally he mos liquid conrac globally, in erms of volume and open ineres combined, is hen aimed o be seleced for inclusion in he index, aking legal consideraions ino accoun. Beyond liquidiy, he RICI Commiee generally seeks o include he conrac represening he highes qualiy grade of a specific commodiy. RICI commodiy conracs reflec inernaional liquidiy and qualiy choice. For example, Silver is raded on COMEX, on ICE Fuures and on he Tokyo Commodiy Exchange. The larges average volume and open ineres is consisenly ransaced on COMEX, consequenly his conrac was seleced o represen Silver in he Index.

12 The RICI Handbook - January 30, INCLUDED RICI CONTRACTS Please find below he lis of he fuures conracs composing he Index, ogeher wih heir respecive codes, exchanges and currencies: PRODUCT CODE EXCHANGE CURRENCY PRODUCT CODE EXCHANGE CURRENCY Aluminium AH LME 1 USD Bren BRN ICE 2 EU USD Cocoa C ICE EU GBP Coffee RC ICE EU USD Copper CA LME USD Corn C CBOT 3 USD Coon CT ICE US USD Crude Oil CL NYMEX USD Gas Oil GAS ICE EU USD Gold GC COMEX USD Heaing Oil HO NYMEX USD Lead PB LME USD Lean Hogs LH CME USD Live Cale LC CME USD Lumber LB CME USD Milk Class III DA CME USD Milling Whea EBM EURONEXT EUR Naural Gas NG NYMEX USD Nickel NI LME USD Oas O CBOT USD Orange Juice OJ ICE US USD Palladium PA NYMEX USD Plainum PL NYMEX USD Rapeseed ECO EURONEXT EUR RBOB Gasoline RB NYMEX USD Rice RR CBOT USD Rubber 81 TOCOM JPY Silver SI COMEX USD Soybean Meal SM CBOT USD Soybean Oil BO CBOT USD Soybeans S CBOT USD Sugar SB ICE US USD Tin SN LME USD Whea W CBOT USD Whea KW CME USD Whea MWE MGEX USD Whie Sugar W ICE EU USD Zinc ZS LME USD 1 The London Meal Exchange Limied provides he pricing daa for he LME componens of he RICI. All references o he LME pricing daa are used wih he permission of he LME and LME has no involvemen wih and acceps no responsibiliy for any RICI produc or any par of he Rogers Inernaional Commodiy Index, Rogers Inernaional Commodiy Index - Meals, Rogers Inernaional Commodiy Index - Indusrial Meals, heir suiabiliy as he basis for an invesmen, or heir fuure performance. 2 The RICI is based in par on he ICE Coon, ICE Robusa Coffee, ICE London Cocoa, ICE Sugar No.11, ICE Whie Sugar, ICE FCOJ-A (Orange Juice), ICE Bren Crude Oil and ICE Gas Oil commodiy fuures conracs owned by ICE Daa, LLP and is affiliaes, and are used by Beeland Ineress wih permission under license by ICE Daa, LLP. The RICI Agriculure SM is based in par on he ICE Coon, ICE Robusa Coffee, ICE London Cocoa, ICE Sugar No.11, ICE Whie Sugar and ICE FCOJ-A (Orange Juice) commodiy fuures conracs owned by ICE Daa, LLP and is affiliaes, and are used by Beeland Ineress wih permission under license by ICE Daa, LLP. The RICI Energy SM is based in par on he ICE Bren Crude Oil and ICE Gas Oil commodiy fuures conracs owned by ICE Daa, LLP and is affiliaes, and are used by Beeland Ineress wih permission under license by ICE Daa, LLP. The rademarks ICE, ICE DATA, ICE FUTURES, ICE FUTURES CANADA, ICE FUTURES EUROPE, ICE FUTURES U.S., COTTON NO.2 and SUGAR NO.11 are owned by ICE Daa, LLP and is affiliaes, and are used by Beeland Ineress wih permission under license by ICE Daa, LLP. NEITHER THE INDICATION THAT SECURITIES OR OTHER FINANCIAL PRODUCTS OFFERED HEREIN ARE BASED ON DATA PROVIDED BY ICE DATA LLP, NOR THE USE OF THE TRADEMARKS OF ICE DATA LLP IN CONNECTION WITH SECURITIES OR OTHER FINANCIAL PRODUCTS DERIVED FROM SUCH DATA IN ANY WAY SUGGESTS OR IMPLIES A REPRESENTATION OR OPINION BY ICE DATA OR ANY OF ITS AFFILIATES AS TO THE ATTRACTIVENESS OF INVESTMENT IN ANY SECURITIES OR OTHER FINANCIAL PRODUCTS BASED UPON OR DERIVED FROM SUCH DATA. ICE DATA IS NOT THE ISSUER OF ANY SUCH SECURITIES OR OTHER FINANCIAL PRODUCTS AND MAKES NO EXPRESS OR IMPLIED WARRANTIES WHATSOEVER, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANT- ABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO SUCH DATA INCLUDED OR REFLECTED THEREIN, NOR AS TO RESULTS TO BE OBTAINED BY ANY PERSON OR ANY ENTITY FROM THE USE OF THE DATA INCLUDED OR REFLECTED THEREIN. 3 CME GROUP MARKET DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR CERTAIN BEELAND INTERESTS, INC. PRODUCTS. CME GROUP HAS NO OTHER CONNECTION TO BEELAND INTERESTS, INC. PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY BEELAND INTERESTS, INC. PRODUCTS OR SERVICES. CME GROUP HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE BEELAND INTERESTS, INC. PRODUCTS AND SERVICES. CME GROUP DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY MARKET DATA LICENSED TO BEELAND INTERESTS, INC. AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME GROUP AND BEELAND INTERESTS, INC.

13 The RICI Handbook - January 30, III. RICI WEIGHTS 3.1 INDEX WEIGHTS The Index Weighs a he end of he January 2019 roll period, which roll period begins a he end of January 2019, are: Crude Oil 15.00% Bren 13.00% Naural Gas 6.00% Gold 5.00% Corn 4.75% Coon 4.20% Aluminium 4.00% Copper 4.00% Silver 4.00% Soybeans 3.50% RBOB Gasoline 3.00% Whea (CBOT) 2.75% Coffee 2.00% Lead 2.00% Live Cale 2.00% Milling Whea 2.00% Soybean Oil 2.00% Zinc 2.00% Heaing Oil 1.80% Plainum 1.80% Gas Oil 1.20% Cocoa 1.00% Lean Hogs 1.00% Nickel 1.00% Rapeseed 1.00% Rubber 1.00% Sugar 1.00% Tin 1.00% Whea (CME) 1.00% Whea (MGEX) 1.00% Whie Sugar 1.00% Lumber % Rice 0.75% Soybean Meal 0.75% Orange Juice 0.60% Oas 0.50% Palladium 0.30% Milk Class III % TOTAL % 1 Upon compleion of he January 2019 roll period, which roll period begins a he end of January 2019, Milk Class III was increased from 0.10% o 0.20% and Lumber was reduced from 1.00% o 0.90%. 3.2 CHANGES IN WEIGHTS AND/OR INDEX COMPOSITION Generally, he RICI Commiee reviews he selecion and weighs of he fuures conracs in he index annually. Thus weighs are poenially reassigned owards he end of he year for he following year, usually in November or December.

14 The RICI Handbook - January 30, ROLLING OF THE RICI INDEX CONTRACTS The index rolls usually over 3 days, from he day prior o he las RICI Business Day of he monh o he firs RICI Business Day of he following monh, following he rules defined in Appendix A. In he even ha a leas one of he las 3 weekdays (excluding weekend) of he monh is simulaneously a holiday in he US and a business day in Japan, he roll period will be shifed forward by he number of days meeing he preceding condiion (i.e., holiday in he US and business day in Japan). Generally, if he nex calendar monh of a fuures conrac includes a firs noice day, a delivery day or hisorical evidence ha liquidiy migraes o a nex conrac monh during his period, hen he nex conrac monh is inended o be applied o calculae he index aking legal consrains ino accoun. For example, during he November roll period, he January Crude Oil conrac is replaced by he February Crude Oil conrac. 3.4 REBALANCING OF THE RICI COMPONENTS The Index is rebalanced monhly during each roll period using Index Weighs, as explained in Secion DATA SOURCE The index calculaion is based on he official commodiy exchanges prices of he fuures conracs used. 3.6 EXCEPTIONAL COMMITTEE MEETING If, for any reason, one of he index componens ceases o exis or liquidiy collapses o abnormal levels, or any oher similar even wih similar consequences as deermined in he discreion of he Commiee occurs, he Commiee will call an excepional meeing o assess he siuaion. In addiion, any Index calculaion issue ha may arise, he reamen for which is no sufficienly documened in his Handbook, promply shall be referred o he RICI Commiee for deliberaion. Following he fall of he Malaysian ringgi in 1998, he liquidiy of he Palm Oil fuures conrac on he Kuala Lumpur Commodiy Exchange collapsed o a poin where i became impossible o rade i. In his case, he Palm Oil fuures conrac was replaced by he Soybean Oil conrac ha rades on he Chicago Board of Trade, Unied Saes.

15 The RICI Handbook - January 30, IV. RICI STANDARD CALCULATION 4.1 OUTLINE OF THE CALCULATION METHODOLOGY The Index calculaion mehodology is reviewed by he RICI Commiee during is annual meeing in November or December if and as necessary o consider changes. 4.2 INITIAL VALUE The Iniial Value of he RICI Index was as of July 31, DEFINITION CC MCW IW DCP FX Coninuiy Consan. The consan used o mainain coninuiy of he Toal Componen Weigh during he rebalancing periods. The Monhly Conrac Weigh is defined as he facor which, when applied o he second nearby prices on he business day preceding he sar of he roll, would resul in he index effecive weighs being equal o Index Weighs were he second nearby a ha ime he referenced conrac. Noe ha he second nearby is no a ha ime he referenced conrac and so he effecive weighs are no necessarily ever equal o Index Weighs. Index Weigh. The percenage index weigh fixed for each componen represened in he RICI index mehodology and raified by he RICI Commiee. Daily Conrac Price is he daily reference price, fixed a 4 p.m. New York ime, ha is used in he calculaion of he index. Firs and second RICI nearbys are designaed by he RICI Commiee. FX is he foreign currency rae, fixed a 2:30 p.m. New York ime, ha is used o conver a fuures conrac value expressed in is original currency o he currency in which he index is quoed. The expression of FX is given according o marke sandard and pracices and adjused by he CRY facor. The is he adjusing facor used in he foreign currency conversion. DCW TCW RW The Daily Componen Weigh is he produc of currency adjused Daily Conrac Prices (DCP) wih Monhly Conrac Weighs (MCW). For an index, he Toal Componen Weigh (TCW) is he sum of Daily Componen Weighs (DCWs) for all he componens of ha index. Roll Weigh is, for each componen, he weigh associaed o he firs and second RICI nearby for each day of he roll period. During he roll period, he RW can ake he values 1.0, 2/3, 1/3 and 0.0.

16 The RICI Handbook - January 30, TCWR BDR IRR ARR ER TR The Toal Componen Weigh Raio is he raio of an index s Toal Componen Weigh as calculaed using second nearby prices and new MCWs o ha index s Toal Componen Weigh as calculaed using second nearby prices and old MCWs. The Baske Daily Reurn is he daily composie baske reurn weighed appropriaely by RWs and MCWs o reflec asses held from one RICI Business Day o he nex. Ineres Rae Reurn is he reurn reflecing he fixed income performance of he index in is designaed currency from one RICI Business Day o he nex. The Available Reference Rae is he rae of ineres used as he source for he fixed income performance componen of he TR indices. Excess Reurn Index measures he uncollaeralized reurns of he RICI baske on a roll adjused basis. Toal Reurn Index measures he collaeralized reurns of he RICI baske.

17 The RICI Handbook - January 30, CALCULATION OF THE RICI INDEXES Two RICI indexes are calculaed: The Excess Reurn (RICI - ER), The Toal Reurn (RICI - TR) The Toal Componen Weigh Toal Componen Weigh calculaion during non roll periods The TCW for any given non-roll dae is calculaed as he sum of adjused Daily Conrac Prices (DCP), muliplied by heir respecive Monhly Conrac Weighs (MCW). The DCP are adjused by price scalars reflecing reference currency raes versus he U.S. Dollar such ha all adjused DCP are expressed in U.S. Dollars. For non-roll days we have: Where: TCW = DCW c c= 1, N, c, c, c, c, ( 1 ) [ FX ] ( 2 ) DCW = DCP MCW MCW DCP FX is he Monhly Conrac Weigh for each Index componen, is he Daily Conrac Price in he local currency, is he currency exchange rae beween he quoaion currency of he componen insrumen and he index reference currency. For official selemen price, he RICI Indexes use a direc or USD cross fixing price is +1 or 1 (see below) QUOTATION CURRENCIES AND CRY FACTORS Quoaion Currency FX Expression Rae Source USD 1 EUR EURUSD USD per EUR 1 TPI: EURUSDSPT (USA/EU) GBP GBPUSD USD per GBP 1 TPI: GBPUSDSPT (USA/Grea Briain) JPY USDJPY JPY per USD -1 TPI: USDJPYSPT (Japan /USA)

18 The RICI Handbook - January 30, The roll period - Index Rebalancing and coninuiy Normally, he 3 day RICI roll period sars on he day prior o he las RICI Business Day of he monh and ends on he firs RICI Business Day of he following monh. In he even ha a leas one of he las 3 weekdays (excluding weekend) of he monh is simulaneously a holiday in he US and a business day in Japan, he roll period will be shifed forward by he number of days meeing he preceding condiion (i.e. holiday in he US and business day in Japan). During he roll period, he index is shifed from he firs o he second nearby baskes a a rae of 33.33% per day. On he las roll day, he roll is compleed unless he roll period is exended for a componen as a resul of a Marke Disrupion Even such as a limi day. During he roll period of each monh he index is rebased using Index Weighs (IW), as defined by he RICI Commiee. The RICI will roll ino new Monhly Conrac Weighs (MCWs) and Coninuiy Consans (CCs). On he day before he sar of he roll period, he RICI is calculaed based on he old MCWs and CCs of he curren RICI period. During he roll period he calculaion of Toal Componen Weigh akes he following expression: TCW CC = CC + new old c= 1, N MCW c= 1, N new MCW old RW 2 RW1 DCP2 DCP1 [ FX ] [ FX ], (3) WhereRWscanakehefollowingvalues he he values: TCWR = c= 1, N c= 1, N MCW { 1,1/3,2/3,0} RW =, MCW c new old DCP2 DCP2 [ FX ] [ FX ] In equaion (4), DCP is he price a ime of he new conrac on which we are going o roll and is he firs business day preceding he firs roll day., (4)

19 The RICI Handbook - January 30, And CC = TCWR CC, (5) new old If here is a Marke Disrupion Even during one of he days of he roll period, he amoun o be rolled IfhereisaMarkeDisrupionEvenduringoneofhedaysofherollperiod will be carried forward unil he nex RICI Business Day. heamounoberolledwillbecarriedforwardunilhenexrici business day. New MCWs and CC are calculaed monhly using he selemen levels of he second nearby conracs The calculaion he RICI of he Business new MCWs Day prior ando CC he isfirs effeced day of monhly, he roll. a close of businessonhebusinessdayimmediaelyprecedinghefirsrollday. On ha day, he new MCWs are solved such ha if applied o he second nearby prices he index effecive On haweighs day, he would new be MCWs equal o are Index solved Weighs, suchwere ha he second calculaed nearby effecive a ha ime he referenced weighsmachheiniialweighs(iw)definedbyherici Commiee. conrac. Noe ha he second nearby is no ha ime he referenced conrac and so he effecive weighs are no necessarily ever equal o Index Weighs. We define MCW = 10000, wherer R (1<=R<=N) and and is an arbirary is an consan. c = R, new x = arbiraryconsan. Foreachcomponeniwehensolve, c= 1, N MCW MCW i, new new DCP i, DCP [ FX i, ] [ FX ] Whichhavehefollowinganalyicsoluion: - I W i = 0 (6) MCW 1 = IW DCP 1 IW DCP R R 1 [ FX R, ] [ FX ] 1, x MCW MCW. MCW 2 3 R = =. = IW DCP 2 IW DCP R 3 2 IW DCP IW DCP R R R 3 [ FX R, ] [ FX ] [ FX R, ] [ FX ]. x 2, 3, x x Once he new MCWs are deermined, he new Coninuiy Consan is calculaed using equaion (5) above. ( 7 )

20 The RICI Handbook - January 30, The RICI - Excess Reurn (RICI - ER) Calculaion during non roll periods The RICI - ER is an Excess Reurn Index. I represens he uncollaeralized reurnofherici baske.theindexiscalculaedaccordingohefollowing formula: DefineBDR(BaskeDailyReurn)as: Wih TCWI TCWF BDR = TCWF TCWI 1 1 (8) [ FX ] MCW (9) 1 = DCP 1 1 c= 1, N = c = 1, N DCP 1 [ FX ] MCW (10) c, 1 Where TCWFisheToalComponenWeighFinal TCWIisheToalComponenWeighIniial TheexpressionofheRICI ERis: expression of - is: RICI ER = RICI ER 1 ( 1+ BDR ) ( 1 1 ) The RICI - ER was se equal o on 31 s of July 1998.

21 The RICI Handbook - January 30, Calculaion during roll periods The Baske Daily Reurn is defined as he percenage change in he TCW of he RICI from one RICI Business Day o he nex. I reflecs he reurn ha would have been realized by holding posiions in he firs and second RICI nearby conracs appropriaely weighed o reflec he MCWs (IWs), from he closing of he exchange on he prior RICI Business Day o he closing of he exchange on he nex RICI Business Day. The Roll Weighs (RW) used o calculae TCWI and TCWF are he ones used o calculae he Toal Componen Weigh on he Business Day immediaely preceding he calculaion dae. During he roll period we have: TCWI and TCWF 1 CC = CC + new old c= 1, N CC = CC + new old c= 1, N MCW MCW c= 1, N c= 1, N new new MCW MCW old RW 2 old RW 2 RW1 1 RW1 1 1 DCP2 1 DCP2 DCP1 1 DCP1 WhereRWscanakehefollowingvalues he he values: Andhen 1 [ FX ] [ FX ], (12) 1 [ FX ] 1 [ FX ], (13) { 1,2/3,1/3,0},, RW 2 { 0,1/3,2/3,1} RW, 1c, 1 = c, 1 = Wih ( 1 BDR ) ( 1 4 ) RICI ER = RICI ER + BDR TCWF = TCWI 1 1 1

22 The RICI Handbook - January 30, The RICI - Toal Reurn (RICI - TR) Calculaion of he Toal Reurn Index The RICI - TR Index is calculaed according o he following formula: days ( 1+ BDR + IRR ) ( 1 IRR ) (15) RICI TR = RICI TR + 1 Where IRR:,ishecompoundingfacordefinedas IRR = 1, (16) 91 1 DRR Where days isheinegernumberofnonrici BusinessDaysincehe ineger number non Days since immedi- immediaelyprecedingrici BusinessDay. DRR: DRR Daily : Reference Rae,, is a funcion is a funcion of he rae of available he raeon available he immediaely on he immediaelyprecedingrici BusinessDay(ARR) (ARR). DRR = 0. 9 * ARR (17) InheevenhaanewARRispublishedondayssuchha1<s< even ha a new day s such ha 1 < s < wih, he Wih,hedaeofheRICI calculaionand1hefirsrici BusinessDay he and 1, he firs preceding, he calculaion preceding,hecalculaionisasbelow: is as days1 days2 RICI TR = RICI TR 1 ( 1+ BDR + IRR ) ( 1+ IRR ) ( 1+ IRRs ) (15 bis) Where days1 Days1 is he number of days beween s and (including and excludings)anddays2ishenumberofdaysbeween1ands(including Days2 andincludings). Ex: if=28/03/2007,1=23/03/2007,s=26/03/2007,hen 1=23/03/2007, s=26/03/2007, hen Days1 = 1 and Days2 = 3 Days1=1andDays2=3. TheRICI TRisseequalo1000onJuly31s,1998. The RICI - TR was se equal o on July 31 s, 1998.

23 The RICI Handbook - January 30, Available Reference Raes The Available Reference Rae ARR used for he calculaion of he RICI Toal Reurn index is defined below: ARR is he 91-Day U.S. Treasury Bill (3 Monhs) aucion rae, designaed as High Rae as published in he Treasury Securiy Aucion Resuls repor, published by he Bureau of Public Deb and available on Bloomberg USB3MTA Index <GO> or Reuers USAUCTION9. The rae is generally published once per week on Monday and effecive on he RICI Business Day immediaely following RICI Business Day definiion and Marke Disrupion Even RICI Business Day Definiion A RICI Business Day is a day on which all Unied Saes-based exchanges ha lis fuures conracs included in he RICI are open for business (including half-day opening) Adjusmens for Marke Disrupion Even A Marke Disrupion Even will be deemed o have occurred on any day upon which he rading of a conrac involved in he index calculaion is disruped or he fair deerminaion of is price is inerfered wih subjec o he following: a. The selemen price for he conrac as deermined by he exchange is a he limi of is permissible rading range. b. No selemen price for ha conrac is deermined by midnigh on he day of rading in he ime zone in which he exchange is locaed. c. The exchange upon which he conrac rades closes rading in ha conrac a a ime prior o he published closing ime, unless he alered closing ime was brough o public aenion by he closing ime on he rading day prior o he day in quesion. d. The selemen closing price published by he exchange is no deemed, in he opinion of he RICI Commiee, o properly reflec he fair price of ha conrac as deermined by is free and fair rading on ha exchange. e. A local holiday or an excepional exchange closure day is deemed a Marke Disrupion Even. If a Marke Disrupion Even occurs during he roll or rebalancing period for one or more commodiies, he specific conracs involved are neiher rolled nor rebalanced on ha day. For hose conracs, he RWs and he MCWs remain idenical o he values hey had on he RICI Business Day immediaely preceding he Marke Disrupion Even day. However, conversion of non-usd prices will use he curren RICI Business Day s FX close. The roll period and he rebalancing period will be

24 The RICI Handbook - January 30, exended for his or hese paricular commodiies only unil he nex available business day upon which no Marke Disrupion Even occurs for ha or hose commodiies. On such day, he roll will accelerae o he raios ha would be used on said dae if here were no Marke Disrupion Even in he prior business day. Ouside of he roll and rebalancing period, he Index is calculaed using he las rading price available on he exchange. In paricular he calculaion of he MCWs will, in he normal course of evens, ake place using he las price available regardless of wheher a Marke Disrupion Even has occurred. However, under excepional condiions he RICI Commiee reserves he righ o adjus any prices used in he index calculaion. This may occur if he selemen price is deemed o maerially differ from he fair price for ha commodiy deermined by rading on ha day and ha use of he official selemen price would no be in he ineres of RICI Index invesors. In his case an alernaive selemen price or prices may be deermined and used for he index calculaion unil fair rading is resumed and he exchange quoed selemen price can again be relied upon. In his case he prices used in he calculaion of he index and he calculaion of MCWs will be published along wih he mechanism for heir deerminaion. Should any exchange amend he selemen price for a conrac involved in he RICI calculaion and do so in a imely manner he RICI Commiee may, if deemed appropriae, reflec his change by adjusing he published level of he index. Example of values aken by RW1 and RW2 for a specific conrac over he June 2008 roll period if June 30 h is a Marke Disrupion Even day: Example of RW1 and RW2 for a specific conrac over June 2008 Figure 1. Sandard Roll, no Marke Disrupion Even Theoreical Roll MCW Reference Firs Roll Day Second Roll Day Third Roll Day Thursday Friday Monday Tuesday Wednesday Dae 26-Jun Jun Jun Jul Jul 2008 RW RW Figure 2. Hypoheical Marke Disrupion Even on June 30, 2008 Theoreical Roll MCW Reference Firs Roll Day Second Roll Day Third Roll Day Thursday Friday Monday Tuesday Wednesday Dae 26-Jun Jun Jun Jul Jul 2008 RW RW N.B. The Roll Weighs (RW1 and RW2) apply o each Toal Reurn and Excess Reurn indexes conaining he disruped componen. If, afer a period of five business days, no selemen price has been made available by he exchange, he RICI Commiee will deermine, in good faih, he selemen prices necessary for he rolling of he conracs and for he calculaion of he index.

25 The RICI Handbook - January 30, V. RICI - A SM 5.1 RICI - A SM DEFINITION The - Agriculure ( RICI - A SM ) is a composie oal reurn index and is a sub-index of he ( RICI ) designed by James B. Rogers, Jr. in he lae 1990s. The RICI - A SM index represens he value of a baske of 22 agriculural fuures conracs for commodiies consumed in he global economy. 5.2 RICI - A SM REFERENCE CURRENCY The RICI - A SM index is based in USD. The non-usd componens of he Index are no hedged when calculaing he Index in USD. 5.3 RICI - A SM INDEX COMPOSITION The RICI - A SM index is based on 22 commodiy fuures conracs. Individual componens qualify for inclusion in he index on he basis of liquidiy and weighing in heir respecive underlying worldwide consumpion. If a commodiy conrac rades on more han one exchange, hen generally he mos liquid, in erms of volume and open ineres combined, is seleced for inclusion in he index. Please find below he lis of he fuures conracs composing he Index ogeher wih heir respecive exchanges and currencies: Cocoa C ICE EU GBP Coffee RC ICE EU USD Corn C CBOT USD Coon CT ICE US USD Lean Hogs LH CME USD Live Cale LC CME USD Lumber LB CME USD Milk Class III DA CME USD Milling Whea EBM EURONEXT EUR Oas O CBOT USD Orange Juice OJ ICE US USD Rapeseed ECO EURONEXT EUR Rice RR CBOT USD Rubber 81 TOCOM JPY Soybean Meal SM CBOT USD Soybean Oil BO CBOT USD Soybeans S CBOT USD Sugar SB ICE US USD Whea W CBOT USD Whea KW CME USD Whea MWE MGEX USD Whie Sugar W ICE EU USD

26 The RICI Handbook - January 30, RICI - A SM INDEX WEIGHTS Being a sub-index of he ( RICI ) he exac weigh of each of he - Agriculure ( RICI - A SM ) componens is he weigh of he index componen in he RICI divided by he weigh of he Agriculure segmen in he RICI (34.90%). Upon compleion of he January 2019 roll period, which roll period begins a he end of January 2019, he Index Weighs for RICI - A SM are: Corn 4.75% / 34.90% % Coon 4.20% / 34.90% % Rubber 1.00% / 34.90% 2.865% Sugar 1.00% / 34.90% 2.865% Soybeans 3.50% / 34.90% % Whea (CME) 1.00% / 34.90% 2.865% Whea (CBOT) 2.75% / 34.90% 7.880% Coffee 2.00% / 34.90% 5.731% Live Cale 2.00% / 34.90% 5.731% Milling Whea 2.00% / 34.90% 5.731% Soybean Oil 2.00% / 34.90% 5.731% Cocoa 1.00% / 34.90% 2.865% Lean Hogs 1.00% / 34.90% 2.865% Rapeseed 1.00% / 34.90% 2.865% Whea (MGEX) 1.00% / 34.90% 2.865% Whie Sugar 1.00% / 34.90% 2.865% Lumber % / 34.90% 2.579% Rice 0.75% / 34.90% 2.149% Soybean Meal 0.75% / 34.90% 2.149% Orange Juice 0.60% / 34.90% 1.719% Oas 0.50% / 34.90% 1.433% Milk Class III % / 34.90% 0.573% 1 Upon compleion of he January 2019 roll period, which roll period begins a he end of January 2019, Milk Class III (CME) was increased from 0.10% o 0.20% and Lumber (CME) was reduced from 1.00% o 0.90%. 5.5 RICI - A SM CALCULATION METHODOLOGY TOTAL 100% The Index calculaion mehodology is he same as he one defined for he RICI. The Iniial Value of he RICI - A SM Index was as of November 30,

27 The RICI Handbook - January 30, VI. RICI - E SM 6.1 RICI - E SM DEFINITION The - Energy ( RICI - E SM ) is a composie oal reurn index and is a sub-index of he ( RICI ) designed by James B. Rogers, Jr. in he lae 1990s. The RICI - E SM index represens he value of a baske of 6 energy commodiies consumed in he global economy. 6.2 RICI - E SM REFERENCE CURRENCY The RICI - E SM index is based in USD. The non-usd componens of he Index (if any) are no hedged when calculaing he Index in USD. 6.3 RICI - E SM INDEX COMPOSITION The RICI - E SM index is based on 6 commodiy fuures conracs. Individual componens qualify for inclusion in he index on he basis of liquidiy and weighing in heir respecive underlying worldwide consumpion. Bren BRN ICE EU USD Crude Oil CL NYMEX USD Gas Oil GAS ICE EU USD Heaing Oil HO NYMEX USD Naural Gas NG NYMEX USD RBOB Gasoline RB NYMEX USD 6.4 RICI - E SM INDEX WEIGHTS Being a sub-index of he ( RICI ) he exac weigh of each of he - Energy ( RICI - E SM ) componens is he weigh of he index componen in he RICI divided by he weigh of he Energy segmen in he RICI (40.00%). Hence he Index Weighs for RICI - E SM are: Crude Oil 15.00% / 40.00% = % Bren 13.00% / 40.00% = % Naural Gas 6.00% / 40.00% = % RBOB Gasoline 3.00% / 40.00% = 7.500% Heaing Oil 1.80% / 40.00% = 4.500% Gas Oil 1.20% / 40.00% = 3.000% TOTAL = 100% 6.5 RICI - E SM CALCULATION METHODOLOGY The Index calculaion mehodology is he same as he one defined for he RICI. The Iniial Value of he RICI - E SM Index was as of November 30, 2004.

28 The RICI Handbook - January 30, VII. RICI - M SM 7.1 RICI - M SM DEFINITION The - Meals ( RICI - M SM ) is a composie oal reurn index and is a sub-index of he ( RICI ) designed by James B. Rogers, Jr. in he lae 1990s. The RICI - M SM index represens he value of a baske of 10 meals commodiies consumed in he global economy. 7.2 RICI - M SM REFERENCE CURRENCY The RICI - M SM index is based in USD. The non-usd componens of he Index (if any) are no hedged when calculaing he Index in USD. 7.3 RICI - M SM INDEX COMPOSITION The RICI - M SM index is based on 10 commodiy fuures conracs. Individual componens qualify for inclusion in he index on he basis of liquidiy, weighing in heir respecive underlying worldwide consumpion as well as legal and rading consrains. Please find below he lis of he fuures conracs composing he Index ogeher wih heir respecive exchanges and currencies: Aluminium AH LME USD Copper CA LME USD Gold GC COMEX USD Lead PB LME USD Nickel NI LME USD Palladium PA NYMEX USD Plainum PL NYMEX USD Silver SI COMEX USD Tin SN LME USD Zinc ZS LME USD 7.4 RICI - M SM INDEX WEIGHTS Being a sub-index of he ( RICI ) he exac weigh of each of he - Meals ( RICI - M SM ) componens is he weigh of he index componen in he RICI divided by he weigh of he Meals segmen in he RICI (25.10%). Hence he Index Weighs for RICI - M SM are: Gold 5.00% / 25.10% % Zinc 2.00% / 25.10% 7.968% Aluminium 4.00% / 25.10% % Plainum 1.80% / 25.10% 7.171% Copper 4.00% / 25.10% % Nickel 1.00% / 25.10% 3.984% Silver 4.00% / 25.10% % Tin 1.00% / 25.10% 3.984% Lead 2.00% / 25.10% 7.968% Palladium 0.30% / 25.10% 1.195% TOTAL 100% 7.5 RICI - M SM CALCULATION METHODOLOGY The Index calculaion mehodology is he same as he one defined for he RICI. The Iniial Value of he RICI - M SM Index was as of November 30, 2004.

29 The RICI Handbook - January 30, VIII. RICI - IM SM 8.1 RICI - IM SM DEFINITION The - Indusrial Meals ( RICI - IM SM ) is a composie oal reurn index and is a sub-index of he ( RICI ) designed by James B. Rogers, Jr. in he lae 1990s. The RICI - IM SM index represens he value of a baske of 6 indusrial meals commodiies consumed in he global economy. 8.2 RICI - IM SM REFERENCE CURRENCY The RICI - IM SM index is based in USD. The non-usd componens of he Index (if any) are no hedged when calculaing he Index in USD. 8.3 RICI - IM SM INDEX COMPOSITION The RICI - IM SM index is based on 6 commodiy fuures conracs. Individual componens qualify for inclusion in he index on he basis of liquidiy, weighing in heir respecive underlying worldwide consumpion as well as legal and rading consrains. Please find below he lis of he fuures conracs composing he Index ogeher wih heir respecive exchanges and currencies: Aluminium AH LME USD Copper CA LME USD Lead PB LME USD Nickel NI LME USD Tin SN LME USD Zinc ZS LME USD 8.4 RICI - IM SM INDEX WEIGHTS Being a sub-index of he ( RICI ) he exac weigh of each of he - Indusrial Meals ( RICI - IM SM ) componens is he weigh of he index componen in he RICI divided by he weigh of he Indusrial Meals segmen in he RICI (14%). Hence he Index Weighs for RICI - IM SM are: Aluminium 4.00% / 14.00% % Copper 4.00% / 14.00% % Lead 2.00% / 14.00% % Zinc 2.00% / 14.00% % Nickel 1.00% / 14.00% 7.143% Tin 1.00% / 14.00% 7.143% TOTAL 100 % 8.5 RICI - IM SM CALCULATION METHODOLOGY The Index calculaion mehodology is he same as he one defined for he RICI. The value of he RICI - IM SM Index was as of March 31, 2008.

30 9.1 RICI - PM SM DEFINITION The RICI Handbook - January 30, IX. RICI - PM SM The - Precious Meals ( RICI - PM SM ) is a composie oal reurn index and is a sub-index of he ( RICI ) designed by James B. Rogers, Jr. in he lae 1990s. The RICI - PM SM index represens he value of a baske of 4 meals commodiies consumed in he global economy. 9.2 RICI - PM SM REFERENCE CURRENCY The RICI - PM SM index is based in USD. The non-usd componens of he Index (if any) are no hedged when calculaing he Index in USD. 9.3 RICI - PM SM INDEX COMPOSITION The RICI - PM SM index is based on 4 commodiy fuures conracs. Individual componens qualify for inclusion in he index on he basis of liquidiy, weighing in heir respecive underlying worldwide consumpion as well as legal and rading consrains. Please find below he lis of he fuures conracs composing he Index ogeher wih heir respecive exchanges and currencies: Gold GC COMEX USD Palladium PA NYMEX USD Plainum PL NYMEX USD Silver SI COMEX USD 9.4 RICI - PM SM INDEX WEIGHTS Being a sub-index of he ( RICI ) he exac weigh of each of he - Meals ( RICI - PM SM ) componens is he weigh of he index componen in he RICI divided by he weigh of he Precious Meals segmen in he RICI (11.10%). Hence he Index Weighs for RICI - PM SM are: Gold 5.00% / 11.10% % Silver 4.00% / 11.10% % Plainum 1.80% / 11.10% % Palladium 0.30% / 11.10% 2.703% TOTAL 100 % 9.5 RICI - PM SM CALCULATION METHODOLOGY The Index calculaion mehodology is he same as he one defined for he RICI. The value of he RICI - PM SM Index was as of March 31, 2008.

31 The RICI Handbook - January 30, Rolling rules RICI Please find below he valid mauriy for he rolling of he index conracs componens: APPENDIX A CONTRACT 01-JAN 01-FEB 01-MAR 01-APR 01-MAY 01-JUN 01-JUL 01-AUG 01-SEP 01-OCT 01-NOV 01-DEC Aluminium* H J K M N Q U V X Z F G Bren J K M N Q U V X Z F G H Cocoa H K K N N U U Z Z Z H H Coffee H K K N N U U X X F F H Copper* H J K M N Q U V X Z F G Corn H K K N N U U Z Z Z H H Coon H K K N N Z Z Z Z Z H H Crude Oil H J K M N Q U V X Z F G Gas Oil H J K M N Q U V X Z F G Gold J J M M Q Q Z Z Z Z G G Heaing Oil H J K M N Q U V X Z F G Lead* H J K M N Q U V X Z F G Lean Hogs J J M M Q Q V V Z Z G G Live Cale J J M M Q Q V V Z Z G G Lumber H K K N N U U X X F F H Milk Class III G H J K M N Q U V X Z F Milling Whea H K K U U U U Z Z Z H H Naural Gas H J K M N Q U V X Z F G Nickel* H J K M N Q U V X Z F G Oas H K K N N U U Z Z Z H H Orange Juice H K K N N U U X X F F H Palladium H M M M U U U Z Z Z H H Plainum J J N N N V V V F F F J Rapeseed K K K Q Q Q X X X G G G RBOB Gasoline H J K M N Q U V X Z F G Rice H K K N N U U X X F F H Rubber M N Q U V X Z F G H J K Silver H K K N N U U Z Z Z H H Soybean Meal H K K N N Z Z Z Z Z F H Soybean Oil H K K N N Z Z Z Z Z F H Soybeans H K K N N X X X X F F H Sugar H K K N N V V V H H H H Tin* H J K M N Q U V X Z F G Whea (CBOT) H K K N N U U Z Z Z H H Whea (CME) H K K N N U U Z Z Z H H Whea (MGEX) H K K N N U U Z Z Z H H Whie Sugar H K K Q Q Q V V Z Z H H Zinc* H J K M N Q U V X Z F G * The promp dae used for LME conracs shall be he hird Wednesday of he appropriae monh.

32 The RICI Handbook - January 30, Rolling rules RICI - A SM Please find below he valid mauriy for he rolling of he index conracs componens: CONTRACT 01-JAN 01-FEB 01-MAR 01-APR 01-MAY 01-JUN 01-JUL 01-AUG 01-SEP 01-OCT 01-NOV 01-DEC Cocoa H K K N N U U Z Z Z H H Coffee H K K N N U U X X F F H Corn H K K N N U U Z Z Z H H Coon H K K N N Z Z Z Z Z H H Lean Hogs J J M M Q Q V V Z Z G G Live Cale J J M M Q Q V V Z Z G G Lumber H K K N N U U X X F F H Milk Class III G H J K M N Q U V X Z F Milling Whea H K K U U U U Z Z Z H H Oas H K K N N U U Z Z Z H H Orange Juice H K K N N U U X X F F H Rapeseed K K K Q Q Q X X X G G G Rice H K K N N U U X X F F H Rubber M N Q U V X Z F G H J K Soybean Meal H K K N N Z Z Z Z Z F H Soybean Oil H K K N N Z Z Z Z Z F H Soybeans H K K N N X X X X F F H Sugar H K K N N V V V H H H H Whea (CBOT) H K K N N U U Z Z Z H H Whea (CME) H K K N N U U Z Z Z H H Whea (MGEX) H K K N N U U Z Z Z H H Whie Sugar H K K Q Q Q V V Z Z H H Rolling rules RICI - E SM Please find below he valid mauriy for he rolling of he index conracs componens: CONTRACT 01-JAN 01-FEB 01-MAR 01-APR 01-MAY 01-JUN 01-JUL 01-AUG 01-SEP 01-OCT 01-NOV 01-DEC Bren J K M N Q U V X Z F G H Crude Oil H J K M N Q U V X Z F G Gas Oil H J K M N Q U V X Z F G Heaing Oil H J K M N Q U V X Z F G Naural Gas H J K M N Q U V X Z F G RBOB Gasoline H J K M N Q U V X Z F G

33 The RICI Handbook - January 30, Rolling rules RICI - M SM Please find below he valid mauriy for he rolling of he index conracs componens: CONTRACT 01-JAN 01-FEB 01-MAR 01-APR 01-MAY 01-JUN 01-JUL 01-AUG 01-SEP 01-OCT 01-NOV 01-DEC Aluminium* H J K M N Q U V X Z F G Copper* H J K M N Q U V X Z F G Gold J J M M Q Q Z Z Z Z G G Lead* H J K M N Q U V X Z F G Nickel* H J K M N Q U V X Z F G Palladium H M M M U U U Z Z Z H H Plainum J J N N N V V V F F F J Silver H K K N N U U Z Z Z H H Tin* H J K M N Q U V X Z F G Zinc* H J K M N Q U V X Z F G * The promp dae used for LME conracs shall be he hird Wednesday of he appropriae monh. Rolling rules RICI - IM SM Please find below he valid mauriy for he rolling of he index conracs componens: CONTRACT 01-JAN 01-FEB 01-MAR 01-APR 01-MAY 01-JUN 01-JUL 01-AUG 01-SEP 01-OCT 01-NOV 01-DEC Aluminium* H J K M N Q U V X Z F G Copper* H J K M N Q U V X Z F G Lead* H J K M N Q U V X Z F G Nickel* H J K M N Q U V X Z F G Tin* H J K M N Q U V X Z F G Zinc* H J K M N Q U V X Z F G * The promp dae used for LME conracs shall be he hird Wednesday of he appropriae monh.