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

Transcription

1 THE RICI Handbook The Guide o he Rogers Inernaional Commodiy Index 2009 version February 11, 2009

2 Rogers Inernaional Commodiy Index 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 Rogers Inernaional Commodiy Index ( 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, nor he complee absence of errors and omissions. The publisher disclaims all responsibiliy and all liabiliy for all expenses, losses, and damages and coss you migh incur as a resul of he informaion being inaccurae or incomplee in any way, and for any reason. Copyrigh 2009 Beeland Ineress, Inc.

3 Rogers Inernaional Commodiy Index ii Amendmens o he previous Handbook include: The Commiee governing he Rogers Inernaional Commodiy Index decided o increase he weigh of ICE US Coon from 4.05% o 4.20%, o increase he weigh of CBOT Soybeans from 3.25% o 3.35%, o increase he weigh of CBOT Soybean Oil from 2.00% o 2.17%, o reduce he weigh of TGE Azuki Beans from 0.25% o 0.15%, o reduce he weigh of Ice CA Barley from 0.27% o 0.10% and o reduce he weigh of SFE Greasy Wool from 0.25% o 0.10%. These changes were implemened during he January roll period which occurred a he end of January EBS is now he source of foreign exchange values for he compuaion of he RICI, replacing Bloomberg. CQG has been appoined as he Official Global Calculaion Agen for he RICI.

4 Rogers Inernaional Commodiy Index iii Conens I. OVERVIEW THE RICI THE RICI AND ITS SUB-INDEXES THE RICI COMMITEE...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 Weighs 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...22 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 APPENDIX A APPENDIX B

5 Rogers Inernaional Commodiy Index 1 I. overview 1.1 THE RICI The Rogers Inernaional Commodiy Index ( 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 and meals producs. The value of his baske is racked via fuures conracs on 36 differen exchange raded physical commodiies, quoed in four differen currencies, lised on eleven exchanges in five 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. Rogers Inernaional Commodiy Index Mehodology The Rogers Inernaional Commodiy Indexes are mainained and reviewed by he members of he Rogers Inernaional Commodiy Index 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 rare, and generally occur only afer significan shifs in he world economy or markes. When such an even necessiaes ha one componen be modified, he enire index is reviewed. The Commiee members monior he Indexes daily in case of needed changes. The Commiee mees formally in December of each year o assess he Indexes and make any necessary changes. The Commiee of wise people bases is selecion on world consumpion paerns and liquidiy. All oher indexes 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, unlike he ohers. [See below for he Saemen of Mehodology for he Dow Jones Averages from he DJ web sie as a comparison.]

6 Rogers Inernaional Commodiy Index 2 Dow Jones Averages Overview The Dow Jones Indusrial, Transporaion and Uiliies Averages are mainained and reviewed by ediors of The Wall Sree Journal. For he sake of coninuiy, composiion changes are rare, and generally occur only afer corporae acquisiions or oher dramaic shifs in a componen s core business. When such an even necessiaes ha one componen be replaced, he enire index is reviewed. As a resul, muliple componen changes are ofen implemened simulaneously. While here are no rules for componen selecion, a sock ypically is added only if i has an excellen repuaion, demonsraes susained growh, is of ineres o a large number of invesors and accuraely represens he secor(s) covered by he average. The RICI and is sub-indexes are calculaed and published in real ime. Indexes, calculaed wih 9 decimals accuracy, will be rounded o 2 decimal places and can be accessed via he following sources: 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 Index Excess Reurn: RICI Index Toal Reurn: RICIAER RICIATR RICIEER RICIETR RICIMER RICIMTR 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 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 Index Excess Reurn:.ROGRER RICIGLER=DIAP RICI Index Toal Reurn:.ROGRTR RICIGLTR=DIAP hp://

7 Rogers Inernaional Commodiy Index THE RICI AND ITS SUB-INDEXES ROGERS ROGERS INTERNATIONAL INTERNATIONAL COMMODITIES COMMODITY INDEX INDEX RICI RICI ROGERS INTERNATIONAL ROGERS COMMODITIES INTERNATIONAL INDEX AGRICULTURE COMMODITY INDEX AGRICULTURE RICI - A sm RICI - A SM ROGERS INTERNATIONAL ROGERS COMMODITIES INTERNATIONAL INDEX ENERGY COMMODITY INDEX ENERGY RICI - E sm RICI - E SM ROGERS INTERNATIONAL ROGERS COMMODITIES INTERNATIONAL INDEX METALS COMMODITY INDEX METALS RICI - M sm RICI - M SM Whea - Whea - Soybean Meal Corn - Corn - Azuki Beans - Coon - Cocoa Cocoa - Soybeans - Wool Wool - Cale - Live Cale Rubber - Coffee - Lumber - Rice Coffee - Barley Lumber - Soybean Rice Oil - Canola Barley - Lean Hogs - Orange Juice - Sugar Soybean Oil - Oas Canola Lean Hogs Sugar Soybean Meal Azuki Beans Orange Juice Oas - Crude Oil - Bren - Heaing Oil - Gas Oil - RBOB Gasoline - Naural Gas Crude Oil Bren Heaing Oil Gas Oil RBOB Gasoline Naural Gas Aluminium Copper Gold Zinc Silver - Aluminium - Plainum - Copper - Nickel - Gold - Tin - Zinc - Palladium - Silver - Lead Lead Plainum Nickel Tin Palladium

8 Rogers Inernaional Commodiy Index 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: 1. ABN AMRO 2. BEELAND MANAGEMENT COMPANY 3. CQG 4. DAIWA ASSET MANAGEMENT 5. DIAPASON COMMODITIES MANAGEMENT S.A. 6. MERRILL LYNCH 7. UBS AG The eigh members of he RICI Commiee usually mee once per year, during he monh of December. However, he Commiee may assemble addiionally on any oher day of he year dealing 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.

9 2.1 THE PROCESS Rogers Inernaional Commodiy Index 5 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 December. As a sable and invesable index, he RICI s composiion is modified only on rare occasions. Indeed, he composiion of he RICI will no be changed unless excepional circumsances do 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). 2.2 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 11 inernaional exchanges recognized by he RICI Commiee are: 1. Chicago Mercanile Exchange (USA) 2. Chicago Board of Trade (USA) 3. ICE Fuures US (USA) 4. NYMEX (USA) 5. ICE Fuures Canada (Canada) 6. ICE Fuures Europe (UK) 7. London Meal Exchange (UK) 8. Sydney Fuures Exchange (Ausralia) 9. COMEX (USA) 10. The Tokyo Commodiy Exchange (Japan) 11. Tokyo Grain Exchange (Japan)

10 Rogers Inernaional Commodiy Index 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 acively moniored and horoughly analyzed by he members of he RICI Commiee, hroughou he year. To obain he mos accurae picure of inernaional commodiies consumpion, a wide range of sources on commodiies demand and supply is consuled. The findings of his complex research underaking are hen condensed ino he differen commodiies conracs weighs of he RICI. Sources on 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 he exensive volume and liquidiy daa of inernaional exchanges, published on a regular basis by he Fuures Indusry Associaion (Washingon DC, Unied Saes); addiionally individual exchange daa on conracs can be included in he process.

11 Rogers Inernaional Commodiy Index 7 If a commodiy conrac rades on more han one exchange, 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 is dedicaed o including he conrac represening he highes qualiy grade of a specific commodiy. RICI commodiy conracs epiomize inernaional liquidiy and qualiy choice. For example, Silver is raded on COMEX, on NYSE Liffe, 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. 2.6 INCLUDED RICI CONTRACTS Please find below he lis of he fuures conracs composing he Index, ogeher wih heir respecive exchanges and currencies: Produc Code Exchange Currency Produc Code Exchange Currency Crude Oil CL NYMEX USD Rice RR CBOT USD Bren BRN ICE EU 1 USD Plainum PL NYMEX USD Whea W CBOT USD Soybean Oil BO CBOT USD Corn C CBOT USD Lean Hogs LH CME USD Aluminium AH LME 2 USD Sugar SB ICE US USD Copper CA LME USD Azuki Beans 101 TGE JPY Heaing Oil HO NYMEX USD Cocoa CC ICE US USD Gas Oil GAS ICE EU USD Nickel NI LME USD RBOB Gasoline RB NYMEX USD Tin SN LME USD Naural Gas NG NYMEX USD Greasy Wool GW SFE AUS Coon CT ICE US USD Rubber 81 TOCOM JPY Soybeans S CBOT USD Lumber LB CME USD Gold GC COMEX USD Barley AB ICE CA CAD Live Cale LC CME USD Canola RS ICE CA CAD Coffee KC ICE US USD Orange Juice OJ ICE US USD Zinc ZS LME USD Oas O CBOT USD Silver SI COMEX USD Palladium PA NYMEX USD Lead PB LME USD Soybean Meal SM CBOT USD 1 ICE Fuures hrough is affiliae ICE Daa LLP provides he pricing daa for he ICE componens of he RICI and such daa is used subjec o license by ICE Fuures and ICE Daa LLP; bu for such license Beeland Ineress would no have he righ o use such pricing daa in providing he Index Values hrough is Official Global Calculaion Agen, CQG, Inc. The ICE pricing daa is provided as is and wihou represenaion or warrany. 2 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 and Rogers Inernaional Commodiy Index - Meals, is suiabiliy as he basis for an invesmen, or is fuure performance.

12 3.1 INDEX WEIGHTS Rogers Inernaional Commodiy Index 8 III. RICI WEIGHTS The Index Weighs are: Crude Oil 21.00% Heaing Oil 1.80% Bren 14.00% Plainum 1.80% Whea 7.00% Gas Oil 1.20% Corn 4.75% Cocoa 1.00% Coon % Lean Hogs 1.00% Aluminium 4.00% Lumber 1.00% Copper 4.00% Nickel 1.00% Soybeans % Rubber 1.00% Gold 3.00% Tin 1.00% Naural Gas 3.00% Soybean Meal 0.75% RBOB Gasoline 3.00% Canola 0.67% Soybean Oil % Orange Juice 0.66% Coffee 2.00% Oas 0.50% Lead 2.00% Rice 0.50% Live Cale 2.00% Palladium 0.30% Silver 2.00% Azuki Beans % Sugar 2.00% Barley % Zinc 2.00% Greasy Wool % TOTAL % 1 Previous weigh of Coon was 4.05%. The weigh was increased by 0.15% during he January 2009 roll period. 2 Previous weigh of Soybeans was 3.25%. The weigh was increased by 0.10% during he January 2009 roll period. 3 Previous weigh of Soybean Oil was 2.00%. The weigh was increased by 0.17% during he January 2009 roll period. 4 Previous weigh of Azuki Beans was 0.25%. The weigh was reduced by 0.10% during he January 2009 roll period. 5 Previous weigh of Barley was 0.27%. The weigh was reduced by 0.17% during he January 2009 roll period. 6 Previous weigh of Greasy Wool was 0.25%. The weigh was reduced by 0.15% during he January 2009 roll period.

13 Rogers Inernaional Commodiy Index CHANGES IN WEIGHTS AND/OR INDEX COMPOSITION As noed, he RICI Commiee reviews he selecion and weighs of he fuures conracs in he index annually. Thus weighs are poenially reassigned during each monh of December for he following year if necessary. 3.3 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 index commiee occurs, he index commiee will call an excepional meeing o assess he siuaion and come ou wih a replacemen for his componen or for a change in he weighs. For example, 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 RICI Commiee, calling an excepional meeing, decided o replace he Palm Oil fuures conrac by he Soybean Oil conrac ha rades on he Chicago Board of Trade, Unied Saes.

14 Rogers Inernaional Commodiy Index 10 IV. RICI STANDARD CALCULATION 4.1 OUTLINE OF THE CALCULATION METHODOLOGY The Index calculaion mehodology is reviewed annually by he index commiee during is meeing in December and possibly amended hereafer. 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 used in he calculaion of he index. Firs and second RICI nearbys are designaed by he RICI Commiee. FX is he foreign currency rae 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. CRY Facor The CRY Facor 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.

15 Rogers Inernaional Commodiy Index 11 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.

16 Rogers Inernaional Commodiy Index 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: TCW = DCW c c= 1, N, c, c, c, c, ( 1 ) CRY Facor [ FX ] ( 2 ) DCW = DCP MCW MCW DCP FX CRY Facor 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 CRY Facor Rae Source USD 1 CAD USDCAD CAD per USD -1 EBS: CEUSDCAD (Canada/USA) JPY USDJPY JPY per USD -1 EBS: CEUSDJPY (Japan /USA) AUD AUDUSD USD per AUD 1 EBS: CEAUDUSD (USA/Ausralia)

17 Rogers Inernaional Commodiy Index 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 ] CRY Facor [ FX ], (3) CRY Facor Where he RWs can ake he following values: TCWR = c= 1, N c= 1, N MCW RWc = { 1,1/3,2/3,0} MCW new old DCP2 DCP2 [ FX ] [ FX ] CRY Facor CRY Facor, (4) 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.

18 Rogers Inernaional Commodiy Index 14 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 will be carried forward unil he nex RICI Business Day. New MCWs and CC are calculaed monhly using he selemen levels of he second nearby conracs on he RICI Business Day prior o he firs day of he roll. On ha day, he new MCWs are solved such ha if applied o he second nearby prices he index effecive weighs would be 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. MCW = where R (1<=R<=N) and is an arbirary consan. c = R, new x = c= 1, N MCW MCW i, new new DCP i, DCP [ FX i, ] [ FX ] CRY Facor CRY Facor - I W i = 0 (6) MCW 1 = IW DCP 1 IW DCP R R 1 [ FX R, ] [ FX ] CRY Facor CRY Facor 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 CRY Facor CRY Facor 2, CRY Facor CRY Facor 3, x x Once he new MCWs are deermined, he new Coninuiy Consan is calculaed using equaion (5) above. ( 7 )

19 Rogers Inernaional Commodiy Index The RICI - Excess Reurn (RICI - ER) Calculaion during non roll periods The RICI - ER TCWI TCWF BDR = TCWF TCWI 1 1 (8) CRY Facor [ FX ] MCW (9) 1 = DCP 1 1 c= 1, N = c = 1, N DCP 1 CRY Facor [ FX ] MCW (10) c, 1 The expression of he RICI - ER is: RICI ER = RICI ER 1 ( 1+ BDR ) ( 1 1 ) The RICI - ER was se equal o on 31s of July 1998.

20 Rogers Inernaional Commodiy Index 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 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 Where RWs can ake he following values: RW 1 [ FX ] CRY Facor [ FX ], (12) 1 [ FX ] CRY Facor 1 CRY Facor [ FX ], (13) CRY Facor { 1,2/3,1/3,0},, RW 2 { 0,1/3,2/3,1} 1c, 1 = c, 1 = ( 1 BDR ) ( 1 4 ) RICI ER = RICI ER + BDR TCWF = TCWI 1 1 1

21 Rogers Inernaional Commodiy Index 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 IRR = 1, (16) 91 1 DRR Where days is he ineger number of non RICI Business Days since he immediaely preceding RICI Business Day. DRR: Daily Reference Rae, is a funcion of he rae available on he immediaely preceding RICI Business Day (ARR). DRR = 0. 9 * ARR (17) In he even ha a new ARR is published on day s such ha 1 < s < wih, he dae of he RICI calculaion and 1, he firs RICI Business Day preceding, he calculaion is as below: days1 days2 RICI TR = RICI TR 1 ( 1+ BDR + IRR ) ( 1+ IRR ) ( 1+ IRRs ) (15 bis) Days1 Days2 Ex: if = 28/03/2007, 1=23/03/2007, s=26/03/2007, hen Days1 = 1 and Days2 = 3 The RICI - TR was se equal o on July 31s, 1998.

22 Rogers Inernaional Commodiy Index 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 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 conrac rades a he price se by he exchange o be he limi of is permissible rading range a any poin in he las fifeen minues of rading. 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. 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. The roll period and he rebalancing period will be 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.

23 Rogers Inernaional Commodiy Index 19 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 08 roll period if June 29h is a Marke Disrupion Even day : Firs Roll Second Roll Las Roll Theoreical Roll Day Day Day Firs and Las Roll Effecive Roll Second Roll Day Day Index day 28 June 29 June 30 June 01 July 02 July 03 July 06 July TCW RW RW Excess Reurn RW RW 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.

24 Rogers Inernaional Commodiy Index 20 V. RICI - A SM 5.1 RICI - A sm DEFINITION The Rogers Inernaional Commodiy Index - Agriculure ( RICI - A sm ) is a composie oal reurn index and is a sub-index of he Rogers Inernaional Commodiy Index ( RICI ) designed by James B. Rogers, Jr. in he lae 1990s. The RICI - A sm index represens he value of a baske of 20 agriculural 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 20 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 he mos liquid, in erms of volume and open ineres combined, is seleced for inclusion in he index. For example, Whea is raded on he Chicago Board of Trade, on he Kansas Ciy Board of Trade and on he Minneapolis Grain Exchange, as well as oher exchanges. The larges volume and open ineres is consisenly ransaced on he Chicago Board of Trade, consequenly, his conrac was seleced o represen Whea in he Index. Please find below he lis of he fuures conracs composing he Index ogeher wih heir respecive exchanges and currencies: Whea W CBOT USD Azuki Beans 101 TGE JPY Corn C CBOT USD Cocoa CC ICE US USD Coon CT ICE US USD Greasy Wool GW SFE AUS Soybeans S CBOT USD Rubber 81 TOCOM JPY Live Cale LC CME USD Lumber LB CME USD Coffee KC ICE US USD Barley AB ICE CA CAD Rice RR CBOT USD Canola RS ICE CA CAD Soybean Oil BO CBOT USD Orange Juice OJ ICE US USD Lean Hogs LH CME USD Oas O CBOT USD Sugar SB ICE US USD Soybean Meal SM CBOT USD

25 Rogers Inernaional Commodiy Index RICI - A sm INDEX WEIGHTS Being a sub-index of he Rogers Inernaional Commodiy Index ( RICI ) he exac weigh of each of he Rogers Inernaional Commodiy Index - 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%). Hence he Index Weighs for RICI - A sm are: Whea 7.00% / 34.90% % Lumber 1.00% / 34.90% 2.865% Corn 4.75% / 34.90% % Soybean Meal 0.75% / 34.90% 2.149% Coon % / 34.90% % Canola 0.67% / 34.90% 1.920% Soybeans % / 34.90% 9.599% Orange Juice 0.66% / 34.90% 1.891% Soybean Oil % / 34.90% 6.218% Rice 0.50% / 34.90% 1.433% Coffee 2.00% / 34.90% 5.731% Oas 0.50% / 34.90% 1.433% Live Cale 2.00% / 34.90% 5.731% Azuki Beans % / 34.90% 0.430% Sugar 2.00% / 34.90% 5.731% Barley % / 34.90% 0.286% Lean Hogs 1.00% / 34.90% 2.865% Greasy Wool % / 34.90% 0.286% Cocoa 1.00% / 34.90% 2.865% Rubber 1.00% / 34.90% 2.865% TOTAL 100% 1 Previous weigh of Coon was 4.05%. The weigh was increased by 0.15% during he January 2009 roll period. 2 Previous weigh of Soybeans was 3.25%. The weigh was increased by 0.10% during he January 2009 roll period. 3 Previous weigh of Soybean Oil was 2.00%. The weigh was increased by 0.17% during he January 2009 roll period. 4 Previous weigh of Azuki Beans was 0.25%. The weigh was reduced by 0.10% during he January 2009 roll period. 5 Previous weigh of Barley was 0.27%. The weigh was reduced by 0.17% during he January 2009 roll period. 6 Previous weigh of Greasy Wool was 0.25%. The weigh was reduced by 0.15% during he January 2009 roll period. 5.5 RICI -A sm CALCULATION METHODOLOGY 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, 2004.

26 Rogers Inernaional Commodiy Index RICI - E sm DEFINITION VI. RICI - E SM The Rogers Inernaional Commodiy Index - Energy ( RICI - E sm ) is a composie oal reurn index and is a sub-index of he Rogers Inernaional Commodiy Index ( 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 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. Crude Oil CL NYMEX USD Gas Oil GAS ICE EU USD Bren BRN ICE EU USD RBOB Gasoline RB NYMEX USD Heaing Oil HO NYMEX USD Naural Gas NG NYMEX USD 6.4 RICI - E SM INDEX WEIGHTS Being a sub-index of he Rogers Inernaional Commodiy Index ( RICI ) he exac weigh of each of he Rogers Inernaional Commodiy Index - 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 (44.00%). Hence he Index Weighs for RICI - E sm are: Crude Oil 21.00% / 44.00% % Bren 14.00% / 44.00% % Heaing Oil 1.80% / 44.00% 4.091% Gas Oil 1.20% / 44.00% 2.727% RBOB Gasoline 3.00% / 44.00% 6.818% Naural Gas 3.00% / 44.00% 6.818% 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.

27 Rogers Inernaional Commodiy Index RICI - M SM DEFINITION VII. RICI - M SM The Rogers Inernaional Commodiy Index - Meals ( RICI - M SM ) is a composie oal reurn index and is a sub-index of he Rogers Inernaional Commodiy Index ( 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 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 Lead PB LME USD Copper CA LME USD Plainum PL NYMEX USD Gold GC COMEX USD Nickel NI LME USD Zinc ZS LME USD Tin SN LME USD Silver SI COMEX USD Palladium PA NYMEX USD 7.4 RICI - M SM INDEX WEIGHTS Being a sub-index of he Rogers Inernaional Commodiy Index ( RICI ) he exac weigh of each of he Rogers Inernaional Commodiy Index - 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 (21.10%). Hence he Index Weighs for RICI - M SM are: Aluminium 4.00% / 21.10% % Lead 2.00% / 21.10% 9.479% Copper 4.00% / 21.10% % Plainum 1.80% / 21.10% 8.531% Gold 3.00% / 21.10% % Nickel 1.00% / 21.10% 4.739% Zinc 2.00% / 21.10% 9.479% Tin 1.00% / 21.10% 4.739% Silver 2.00% / 21.10% 9.479% Palladium 0.30% / 21.10% 1.422% 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.

28 Rogers Inernaional Commodiy Index Rolling rules RICI Please find below he valid mauriy for he rolling of he index conracs componens: 24 Appendix A Conrac 01-jan 01-feb 01-mar 01-apr 01-may 01-jun 01-jul 01-aug 01-sep 01-oc 01-nov 01-dec Crude Oil H J K M N Q U V X Z F G Bren H J K M N Q U V X Z F G Whea H K K N N U U Z Z Z H H Corn H K K N N U U Z Z Z H H 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 Heaing 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 RBOB Gasoline 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 Soybeans H K K N N X X X X F F H Gold J J M M Q Q Z Z Z Z G G Coon H K K N N Z Z Z Z Z H H Rice H K K N N U U X X F F H Silver H K K N N U U Z Z Z H H Lead* 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 Live Cale J J M M Q Q V V Z Z G G Coffee H K K N N U U Z Z Z H H Soybean Oil H K K N N Z Z Z Z Z F H Plainium J J N N N V V V F F F J 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 Live Hogs 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 Sugar H K K N N V V V H H H H Cocoa H K K N N U U Z Z Z H H Azuki Beans M N Q U V X Z F G H J K Greasy Wool J J M M Q Q Q V Z Z G G Rubber M N Q U V X Z F G H J K Barley H K K N N V V V Z Z H H Canola H K K N N X X X X F F H Orange Juice H K K N N U U X X F F H Oas H K K N N U U Z Z Z H H Palladium H M M M U U U Z Z Z H H Soybean Meal H K K N N Z Z Z Z Z F H * The promp dae used for LME conracs shall be he hird Wednesday of he appropriae monh.

29 Rogers Inernaional Commodiy Index 25 Rolling rules RICI - A SM Please find below he valid mauriy for he rolling of he index conracs componens: Conrac 01-jan 01-feb 01-mar 01-apr 01-may 01-jun 01-jul 01-aug 01-sep 01-oc 01-nov 01-dec Whea H K K N N U U Z Z Z H H Corn H K K N N U U Z Z Z H H Soybeans H K K N N X X X X F F H Coon H K K N N Z Z Z Z Z H H Rice H K K N N U U X X F F H Live Cale J J M M Q Q V V Z Z G G Coffee H K K N N U U Z Z Z H H Soybean Oil H K K N N Z Z Z Z Z F H Live Hogs 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 Sugar H K K N N V V V H H H H Cocoa H K K N N U U Z Z Z H H Azuki Beans M N Q U V X Z F G H J K Greasy Wool J J M M Q Q Q V Z Z G G Rubber M N Q U V X Z F G H J K Barley H K K N N V V V Z Z H H Canola H K K N N X X X X F F H Orange Juice H K K N N U U X X F F H Oas 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 Rolling rules RICI - E SM Please find below he valid mauriy for he rolling of he index conracs componens: Conrac 01-jan 01-feb 01-mar 01-apr 01-may 01-jun 01-jul 01-aug 01-sep 01-oc 01-nov 01-dec Crude Oil H J K M N Q U V X Z F G Bren 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 Gas Oil 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 Naural Gas H J K M N Q U V X Z F G

30 Rogers Inernaional Commodiy Index 26 Rolling rules RICI - M SM Please find below he valid mauriy for he rolling of he index conracs componens: Conrac 01-jan 01-feb 01-mar 01-apr 01-may 01-jun 01-jul 01-aug 01-sep 01-oc 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 Zinc * 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 Silver H K K N N U U Z Z Z H H Plainium J J N N N V V V F F F J 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 Palladium H M M M U U U Z Z Z H H * The promp dae used for LME conracs shall be he hird Wednesday of he appropriae monh. ROLLING RULES CODES Monh Code 1 F 2 G 3 H 4 J 5 K 6 M 7 N 8 Q 9 u 10 v 11 x 12 Z

31 Rogers Inernaional Commodiy Index 27 Appendix B RICI Index Composiion Conrac Weigh Code exchange Currency Crude Oil 21.00% CL NYMex usd Bren 14.00% BRN ICE eu usd Whea 7.00% W CBOT usd Corn 4.75% C CBOT usd Coon 4.20% CT ICE US usd Aluminium 4.00% AH LMe usd Copper 4.00% CA LMe usd Soybeans 3.35% S CBOT usd Gold 3.00% GC COMex usd Naural Gas 3.00% NG NYMex usd RBOB Gasoline 3.00% RB NYMex usd Soybean Oil 2.17% BO CBOT usd Coffee 2.00% KC ICE US usd Lead 2.00% PB LMe usd Live Cale 2.00% LC CMe usd Silver 2.00% SI COMex usd Sugar 2.00% SB ICE US usd Zinc 2.00% ZS LMe usd Heaing Oil 1.80% HO NYMEX usd Plainum 1.80% PL NYMex usd Gas Oil 1.20% GAS ICE eu usd Cocoa 1.00% CC ICE US usd Lean Hogs 1.00% LH CMe usd Lumber 1.00% LB CMe usd Nickel 1.00% NI LMe usd Rubber 1.00% 81 TOCOM JPY Tin 1.00% SN LMe usd Soybean Meal 0.75% SM CBOT usd Canola 0.67% RS ICE CA CAD Orange Juice 0.66% OJ ICE US usd Oas 0.50% O CBOT usd Rice 0.50% RR CBOT usd Palladium 0.30% PA NYMex usd Azuki Beans 0.15% 101 TGE JPY Barley 0.10% AB ICE CA CAD Greasy Wool 0.10% GW SFE AUD TOTAL %

32 Rogers Inernaional Commodiy Index 28 RICI - A SM Index Composiion Conrac Weigh Code Exchange Currency Whea 7.00% / 34.90% W CBOT usd Corn 4.75% / 34.90% C CBOT usd Coon 4.20% / 34.90% CT ICE US usd Soybeans 3.35% / 34.90% S CBOT usd Soybean Oil 2.17% / 34.90% BO CBOT USD Live Cale 2.00% / 34.90% LC CME usd Coffee 2.00% / 34.90% KC ICE US USD Sugar 2.00% / 34.90% SB ICE US USD Lean Hogs 1.00% / 34.90% LH CME usd Cocoa 1.00% / 34.90% CC ICE US USD Rubber 1.00% / 34.90% 81 TOCOM JPY Lumber 1.00% / 34.90% LB CME USD Soybean Meal 0.75% / 34.90% SM CBOT USD Canola 0.67% / 34.90% RS ICE CA CAD Orange Juice 0.66% / 34.90% OJ ICE US USD Rice 0.50% / 34.90% RR CBOT USD Oas 0.50% / 34.90% O CBOT usd Azuki Beans 0.15% / 34.90% 101 TGE JPY Barley 0.10% / 34.90% AB ICE CA CAD Greasy Wool 0.10% / 34.90% GW SFE AUD TOTAL % RICI - E SM Index Composiion Conrac WeIGHT Code Exchange Currency Crude Oil 21.00% / 44.00% CL NYMex usd Bren 14.00% / 44.00% BRN ICE EU USD Heaing Oil 1.80% / 44.00% HO NYMEX usd Gas Oil 1.20% / 44.00% GAS ICE EU USD RBOB Gasoline 3.00% / 44.00% RB NYMEX usd Naural Gas 3.00% / 44.00% NG NYMEX usd TOTAL %

33 Rogers Inernaional Commodiy Index 29 RICI - M SM Index Composiion Conrac Weigh Code Exchange Currency Aluminium 4.00% / 21.10% AH LMe usd Copper 4.00% / 21.10% CA LMe usd Gold 3.00% / 21.10% GC COMex usd Zinc 2.00% / 21.10% ZS LMe usd Silver 2.00% / 21.10% SI COMex usd Lead 2.00% / 21.10% PB LMe usd Plainum 1.80% / 21.10% PL NYMex usd Nickel 1.00% / 21.10% NI LMe usd Tin 1.00% / 21.10% SN LMe usd Palladium 0.30% / 21.10% PA NYMEX usd TOTAL % Jim Rogers, James Beeland Rogers, Jr. Rogers, Rogers Inernaional Commodiy Index, and RICI are rademarks, service marks and/or regisered rademarks of Beeland Ineress, Inc. ( Beeland Ineress ), which is owned and conrolled by James Beeland Rogers, Jr., and are used subjec o license. The personal names and likeness of Jim Rogers/James Beeland Rogers, Jr. are owned and licensed by James Beeland Rogers, Jr. RICI producs are no sponsored, endorsed, sold or promoed by Beeland Ineress. Beeland Ineress makes no represenaion or warrany, express or implied, nor acceps any responsibiliy, regarding he accuracy or compleeness of he CQG websie, or he advisabiliy of invesing in securiies or commodiies generally, or in RICI producs or in fuures paricularly. NEITHER BEELAND INTERESTS NOR ANY MEMBER OF THE RICI COMMITTEE NOR ANY OF THEIR AFFILIATES OR AGENTS GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE RICI, ANY SUB-INDEX THEREOF OR ANY DATA INCLUDED THEREIN. SUCH PERSON SHALL NOT HAVE ANY LIABILITY FOR ANY ER- RORS, OMISSIONS, OR INTERRUPTIONS THEREIN AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF RICI PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RICI, ANY SUB-INDEX THEREOF, ANY DATA INCLUDED THEREIN OR RICI PRODUCTS. NEITHER BEELAND INTERESTS NOR ANY MEMBER OF THE RICI COMMITTEE NOR ANY OF THEIR AFFILIATES OR AGENTS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WAR- RANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RICI, ANY SUB-INDEX THEREOF, AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BEELAND INTERESTS, ANY MEMBER OF THE RICI COMMITTEE OR ANY OF THEIR AFFILIATES OR AGENTS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.