Linn & Associates, Cost of Carry Spreadsheet **Date: 9/16/2016 **Interest Rate = 1.50% **All Quotes are Arithmetically Settled

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1 Linn & Associates, Cost of Carry Spreadsheet **Date: 9/16/2016 **Interest Rate = 1.50% **All Quotes are Arithmetically Settled Corn - Spread Settlements, Full Carry, and % of Carry Calculations CH17 CK17 CN17 CU17 CZ17 CZ18 CZ16 Settlement Full Carry $ $ $ $ $ $ % of Carry 63.02% 64.56% 63.24% 62.51% 61.10% 45.92% CH17 Settlement Full Carry $ $ $ $ $ % of Carry 66.71% 63.26% 62.11% 60.32% 43.38% CK17 Settlement Full Carry $ $ $ $ % of Carry 59.71% 59.71% 58.40% 40.85% CN17 Settlement Full Carry $ $ $ % of Carry 59.62% 57.78% 38.58% CU17 Settlement Full Carry $ $ % of Carry 56.48% 35.72% Wheat - Spread Settlements, Full Carry, and % of Carry Calculations WH17 WK17 WN17 WU17 WZ17 WN18 WZ16 Settlement using Full Carry $ $ $ $ $ $ cents % of Carry 63.02% 62.15% 57.43% 59.40% 58.86% 44.84% WZ16** Settlement using Full Carry $ $ $ $ $ $ cents % of Carry 49.79% 49.10% 45.37% 46.93% 46.50% 35.42% WH17 Settlement Full Carry $ $ $ $ $ % of Carry 60.70% 53.12% 57.45% 57.33% 41.33% WK17 Settlement Full Carry $ $ $ $ % of Carry 45.46% 55.74% 56.28% 38.50% WN17 Settlement Full Carry $ $ $ % of Carry 65.95% 60.54% 37.30% WU17 Settlement Full Carry $ $ % of Carry 56.85% 31.52% *All CBOT Wheat carries reflect 11 cent/mo Variable Storage Rate, unless otherwise noted ** This row represents a theoretical 14 cent/bu storage rate

2 Soybeans - Spread Settlements, Full Carry, and % of Carry Calculations SF17 SH17 SK17 SN17 SX17 SX18 SX16 Settlement Full Carry $ $ $ $ $ $ % of Carry 42.29% 31.21% 34.23% 35.74% % % SF17 Settlement Full Carry $ $ $ $ $ % of Carry 20.12% 30.17% 33.53% % % SH17 Settlement Full Carry $ $ $ $ % of Carry 40.21% 40.21% % % SK17 Settlement Full Carry $ $ $ % of Carry 40.17% % % SN17 Settlement Full Carry $ $ % of Carry % % Soy-Meal - Spread Settlements, Full Carry, and % of Carry Calculations SMZ16 SMF17 SMH17 SMK17 SMN17 SMZ17 SMV16 Settlement Full Carry $ $ $ $ $ $ % of Carry % % -9.63% -2.87% 4.46% % SMZ16 Settlement Full Carry $ $ $ $ $ % of Carry 4.01% -4.01% 3.21% 10.90% % SMF17 Settlement Full Carry $ $ $ $ % of Carry -8.03% 3.01% 12.04% % SMH17 Settlement Full Carry $ $ $ % of Carry 14.05% 22.08% % SMK17 Settlement Full Carry $ $ % of Carry 35.71% % Soy Oil - Spread Settlements, Full Carry, and % of Carry Calculations BOZ16 BOF17 BOH16 BOK17 BON17 BOZ17 BOV16 Settlement Full Carry $ $ $ $ $ $ % of Carry 96.17% % % 95.62% 85.49% 50.56% BOZ16 Settlement Full Carry $ $ $ $ $ % of Carry % % 95.17% 82.24% 42.85% BOF17 Settlement Full Carry $ $ $ $ % of Carry 88.07% 74.67% 66.37% 30.63% BOH16 Settlement Full Carry $ $ $ % of Carry 61.13% 55.40% 17.83% BOK17 Settlement Full Carry $ $ % of Carry 72.22% 7.94%

3 KC Wheat - Spread Settlements, Full Carry, and % of Carry Calculations KWH17 KWK17 KWN17 KWU17 KWZ17 KWN18 KWZ16 Settlement Full Carry $ $ $ $ $ $ % of Carry 83.06% 81.27% 81.05% 80.73% 78.81% 59.65% KWH17 Settlement Full Carry $ $ $ $ $ % of Carry 78.34% 79.30% 79.56% 77.46% 57.18% KWK17 Settlement Full Carry $ $ $ $ % of Carry 80.10% 79.92% 77.58% 52.10% KWN17 Settlement Full Carry $ $ $ % of Carry 79.69% 76.30% 51.43% KWU17 Settlement Full Carry $ $ % of Carry 73.89% 44.08% *Contains storage rate changes MGE Wheat - Spread Settlements, Full Carry, and % of Carry Calculations MWEH17 MWEK17 MWEN17 MWEU17 MWEZ17 MWEH18 MWEZ16 Settlement Full Carry $ $ $ $ $ $ % of Carry 43.77% 49.90% 52.99% 55.44% 58.27% 56.90% MWEH17 Settlement Full Carry $ $ $ $ $ % of Carry 58.99% 59.81% 61.17% 63.00% 60.08% MWEK17 Settlement Full Carry $ $ $ $ % of Carry 60.54% 62.18% 64.05% 60.21% MWEN17 Settlement Full Carry $ $ $ % of Carry 63.72% 65.35% 60.04% MWEU17 Settlement Full Carry $ $ % of Carry 66.33% 58.72% **Does include storage change of 7 cents/bu, instated May 2013 onward THIS IS A SOLICITATION. Reproduction or rebroadcast of any portion of this information is strictly prohibited without written permission. The information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. In an effort to combat misleading information, Linn & Associates has performed its due diligence to insure that all material information is provided within this report, though specific information related to your investment, hedging or speculative situation may not be included. Opinions expressed are subject to change without notice. This company and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

4 $3.370 $3.473 $3.545 $3.610 $3.675 $3.768 $3.868 Corn - Snapshot of Spreads $4.00 $3.80 $3.60 $3.40 $3.20 $3.00 Nov '16 Jan '17 Mar '16 May '17 July '17 Aug '17 Sept '17 Nov '17 $9.660 $9.713 $9.738 $9.788 $9.838 $9.808 $9.648 $9.528 Soybeans - Snapshot of Spreads $10.00 $9.80 $9.60 $9.40 $9.20 $9.00 Nov '16 Jan '17 Mar '16 May '17 July '17 Aug '17 Sept '17 Nov '17 $4.033 $4.250 $4.390 $4.495 $4.648 $4.845 $4.990 CBOT Wheat (SRW) - Snapshot of Spreads $5.20 $5.00 $4.80 $4.60 $4.40 $4.20 $4.00 $3.80

5 $320 Oct '16 Dec '16 Jan '17 Mar '17 May '17 July '17 Aug '17 $313.7 $312.8 $312.9 $312.5 $313.2 $314.7 $314.4 Soybean Meal - Snapshot of Spreads $310 $300 Oct '16 Dec '16 Jan '17 Mar '17 May '17 July '17 Aug '17 Oct '16 Dec '16 Jan '17 Mar '17 May '17 July '17 Aug '17 $0.320 $0.322 $0.325 $0.327 $0.329 $0.330 $0.330 Soybean Oil - Snapshot of Spreads $ $ $ $ $ $ $ Oct '16 Dec '16 Jan '17 Mar '17 May '17 July '17 Aug '17 $4.173 $4.335 $4.173 $4.543 $4.695 $4.908 $5.015 KCBT Wheat (HRW) - Snapshot of Spreads $5.20 $5.00 $4.80 $4.60 $4.40 $4.20 $4.00 $3.80

6 $0.20 Corn - Chi Wheat - Snapshot of Spreads -$0.60 -$1.00 -$1.40 -$ $0.20 $0.15 $0.10 $0.05 $0.00 -$0.05 KC Wheat - Chi Wheat - Snapshot of Spreads -$0.10 Dec '16 Mar '17 May '17 July '17 Sept '17 Dec ' $1.00 $0.90 $0.80 $0.70 $0.60 MPLS Wheat - Chi Wheat - Snapshot of Spreads $0.50 Dec '16 Mar '17 May '17 July '17 Sept '17 Dec '17

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8 Linn & Associates, Cost of Carry Spreadsheet **Date: 9/16/2016 **Interest Rate = 2.50% **All Quotes are Arithmetically Settled Corn - Spread Settlements, Full Carry, and % of Carry Calculations CH17 CK17 CN17 CU17 CZ17 CZ18 CZ16 Settlement Full Carry $ $ $ $ $ $ % of Carry 59.92% 61.38% 60.13% 59.43% 58.09% 43.66% CH17 Settlement Full Carry $ $ $ $ $ % of Carry 63.34% 60.06% 58.97% 57.27% 41.18% CK17 Settlement Full Carry $ $ $ $ % of Carry 56.63% 56.63% 55.39% 38.75% CN17 Settlement Full Carry $ $ $ % of Carry 56.50% 54.76% 36.56% CU17 Settlement Full Carry $ $ % of Carry 53.48% 33.82% Wheat - Spread Settlements, Full Carry, and % of Carry Calculations WH17 WK17 WN17 WU17 WZ17 WN18 WZ16 Settlement using Full Carry $ $ $ $ $ $ cents % of Carry 61.23% 60.39% 55.80% 57.71% 57.19% 43.56% WZ16** Settlement using Full Carry $ $ $ $ $ $ cents % of Carry 48.54% 47.87% 44.24% 45.75% 45.33% 34.53% WH17 Settlement Full Carry $ $ $ $ $ % of Carry 58.90% 51.53% 55.74% 55.62% 40.10% WK17 Settlement Full Carry $ $ $ $ % of Carry 44.06% 54.03% 54.55% 37.32% WN17 Settlement Full Carry $ $ $ % of Carry 63.88% 58.64% 36.13% WU17 Settlement Full Carry $ $ % of Carry 55.01% 30.50% *All CBOT Wheat carries reflect 11 cent/mo Variable Storage Rate, unless otherwise noted ** This row represents a theoretical 14 cent/bu storage rate

9 Soybeans - Spread Settlements, Full Carry, and % of Carry Calculations SF17 SH17 SK17 SN17 SX17 SX18 SX16 Settlement Full Carry $ $ $ $ $ $ % of Carry 37.43% 27.63% 30.30% 31.64% % % SF17 Settlement Full Carry $ $ $ $ $ % of Carry 17.80% 26.70% 29.66% % % SH17 Settlement Full Carry $ $ $ $ % of Carry 35.57% 35.57% % % SK17 Settlement Full Carry $ $ $ % of Carry 35.52% % % SN17 Settlement Full Carry $ $ % of Carry % % Soy-Meal - Spread Settlements, Full Carry, and % of Carry Calculations SMZ16 SMF17 SMH17 SMK17 SMN17 SMZ17 SMV16 Settlement Full Carry $ $ $ $ $ $ % of Carry % -9.68% -8.72% -2.59% 4.04% % SMZ16 Settlement Full Carry $ $ $ $ $ % of Carry 3.63% -3.63% 2.91% 9.86% % SMF17 Settlement Full Carry $ $ $ $ % of Carry -7.27% 2.73% 10.90% % SMH17 Settlement Full Carry $ $ $ % of Carry 12.72% 19.99% % SMK17 Settlement Full Carry $ $ % of Carry 35.71% % Soy Oil - Spread Settlements, Full Carry, and % of Carry Calculations BOZ16 BOF17 BOH16 BOK17 BON17 BOZ17 BOV16 Settlement Full Carry $ $ $ $ $ $ % of Carry 79.81% % 90.66% 79.35% 70.94% 41.96% BOZ16 Settlement Full Carry $ $ $ $ $ % of Carry % 97.57% 78.91% 68.18% 35.53% BOF17 Settlement Full Carry $ $ $ $ % of Carry 72.96% 61.86% 54.98% 25.38% BOH16 Settlement Full Carry $ $ $ % of Carry 50.60% 45.86% 14.76% BOK17 Settlement Full Carry $ $ % of Carry 72.22% 7.94%

10 KC Wheat - Spread Settlements, Full Carry, and % of Carry Calculations KWH17 KWK17 KWN17 KWU17 KWZ17 KWN18 KWZ16 Settlement Full Carry $ $ $ $ $ $ % of Carry 78.85% 77.16% 76.95% 77.00% 75.44% 57.02% KWH17 Settlement Full Carry $ $ $ $ $ % of Carry 74.24% 75.15% 75.92% 74.20% 54.57% KWK17 Settlement Full Carry $ $ $ $ % of Carry 75.82% 76.41% 74.40% 49.81% KWN17 Settlement Full Carry $ $ $ % of Carry 76.66% 73.39% 49.06% KWU17 Settlement Full Carry $ $ % of Carry 70.99% 41.89% *Contains storage rate changes MGE Wheat - Spread Settlements, Full Carry, and % of Carry Calculations MWEH17 MWEK17 MWEN17 MWEU17 MWEZ17 MWEH18 MWEZ16 Settlement Full Carry $ $ $ $ $ $ % of Carry 41.53% 47.34% 50.28% 52.60% 55.29% 53.99% MWEH17 Settlement Full Carry $ $ $ $ $ % of Carry 55.92% 56.70% 57.99% 59.72% 56.95% MWEK17 Settlement Full Carry $ $ $ $ % of Carry 57.34% 58.89% 60.66% 57.03% MWEN17 Settlement Full Carry $ $ $ % of Carry 60.29% 61.84% 56.82% MWEU17 Settlement Full Carry $ $ % of Carry 62.71% 55.52% **Does include storage change of 7 cents/bu, instated May 2013 onward THIS IS A SOLICITATION. Reproduction or rebroadcast of any portion of this information is strictly prohibited without written permission. The information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. In an effort to combat misleading information, Linn & Associates has performed its due diligence to insure that all material information is provided within this report, though specific information related to your investment, hedging or speculative situation may not be included. Opinions expressed are subject to change without notice. This company and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.