ETFS Commodity ETP Weekly

Transcription

1 22 April 213 ETFS Commodity ETP ly ly Flows by Sector (US$m) TOTAL Broad Industrial Metals Precious Metals Agriculture Top 5 Inflows/Outflows (US$m) Copper Livestock Oil Coffee Nickel Palladium Soybeans Top 5 / Bottom 5 Performers Lean Hogs Aluminium Coffee Cocoa Palladium Tin % % Martin Arnold Director - Research -5.4% -6.4% -6.4% Nicholas Brooks Head of Research and Investment Strategy research@etfsecurities.com % % 2.2% 7.% -2% -15% -1% -5% % 5% 1% Copper and Attract Strong Inflows on Bargain Hunting as Remains Out of Favour Overview Fears over a premature withdrawal of central bank stimulus and a softer economic outlook for the Chinese economy hit a number of commodity sectors last week. Concerns about demand weakness in China appear overdone and cyclical commodities may see some support in coming weeks as investors become more optimistic about emerging economy growth. The release of the latest IMF economic growth forecasts support the view that recovery will continue in 213. Despite a modest reduction in growth forecasts for most regions, growth is expected to be strong in key emerging markets such as China, with Eurozone growth unsurprisingly seeing the largest growth downgrades. With the economic outlook still strong, recent price declines, particularly for cyclical commodities, are being seen as attractive entry points to establish new long positions. copper ETCs receive largest inflows in three months, ling US$4mn. While sentiment remains fickle in financial markets, the trend toward rotation into more cyclical areas of the market and recent weakness in copper prices is prompting new inflows. The Chinese growth fears that drove the recent copper price decline appear overdone, while the supply picture does not appear as rosy as a few weeks ago. Although copper inventories have experienced strong gains in recent months, strikes in Chile and a mine wall collapse in the US may remove the supply surplus forecast only a few weeks ago. Bargain hunting drives long silver ETPs inflows to 17-month high, ling US$25mn. bucked the precious metal trend last week as bargain hunters saw the 3-month price low as an attractive entry point. A near 15% price slump in the silver price over the past week has sparked a strong buying reaction, as investors continued to accumulate positions in what is the second largest globally held exchange-traded commodity after gold. While gold s recent price decline was the catalyst for silver s weakness, six weeks of consecutive net inflows indicate investors believe its broader industrial demand base could become the catalyst for future gains. remains out-of-favour as outflows reach 8-week high. Investors withdrew US$239mn from physically-backed gold ETPs last week, as the gold price reached a 26-month low. While there are reports of strong physical demand in countries such as India, futures market positioning remains bearish. Record outflows from ETFS Soybeans (SOYA), ling $18mn. The large outflows for SOYA are somewhat surprising given the modest moves elsewhere in the sector. Some profit-taking is the likely reason, given that soybean prices have significantly outperformed rival crops like wheat and corn. Futures market positioning has also declined, with net longs dropping over 5% over the past month. South American crops are expected to be plentiful. Key events to watch this week: The widening divide in growth between the US and the Eurozone is again likely to be highlighted this week, with Eurozone manufacturing indicators expected to show the sector firmly in contraction territory. In contrast, US Q1 GDP is expected to show the world s largest economy grew by 3% annualised over the period. As highlighted in the G2 communique, continued policy uncertainty and fiscal sustainability remain key constraints to growth and this divide is unlikely to be bridged in the foreseeable future. Note: All flow and AUM data in this report are based on ETF Securities ETPs to 18 April 213 and are denominated in USD unless otherwise indicated.

2 Oct-6 Jan-7 Apr-7 Jul-7 Oct-7 Jan-8 Apr-8 Jul-8 Oct-8 Jan-9 Apr-9 Jul-9 Oct-9 Jan-1 Apr-1 Jul-1 Oct-1 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 ETF Securities Commodity ETP Flow Trends FLOWS (in $m) ASSETS PRICE PERFORMANCE (in %) -1-1 Month -1 Year in $m -1-1 Month -1 Year TOTAL , ,791.3 Broad Commodity Precious Metals Total , ,59.4 Broad Basket , , % -13.1% -15.9% -15.2% , % -18.4% -21.5% , % -9.4% -6.2% -9.3% Palladium % -12.4% -4.8% 2.% Total ,43.5 Broad Basket Oil % -9.5% -1.8% -16.% % 13.4% 31.3% 125. Heating Oil % -5.% -8.7% -1.9% Gasoline % -11.9% -2.% -14.% Carbon Industrial Metals Total ,152.5 Broad Basket Aluminium % -7.7% -6. Copper % -6.4% -1.7% -13.2% Nickel % -6.4% -8.9% -11.9% Zinc % % -6.3% Tin % -1.9% -12.1% -1.8% Lead % -7.9% -14.1% -1.9% Agriculture Total ,38.7 Broad Baskets Wheat % -1.4% -9.7% 15.1% Corn % -1.5% -7.7% 7.1% Soybeans % 1.5%.8% 1. Cotton % -8.1% 11.1% -9.2% Coffee % 4.3% -3.4% -19.5% Sugar % -3.3% -9.3% -2.8% Soybean Oil %.% 1.% -1.% Cocoa % % 1.2% Livestock Total Broad Baskets Lean Hogs % 1.8% 2..8% Live Cattle %.1% -2.8% 4.9%. All data based on ETF Securities global commodity ETP flows and assets. Flows include sum of all long and short ETP flows so do not necessarily reflect investor directional positioning. For net positioning please see charts below. Price performance is based on spot prices for metals and front month futures for all others. Oil flows report net flows in all ETFS oil ETCs. Oil performance data reflects Brent front month futures price performance. s Net Positioning in ETCs* (US$m) Agriculture Livestock Diversified Precious Metals Industrial Metals $55.4 $15.8 $6. $17.7 $.5 $34.6 $49.8 $55.3 $17.3 $458.9 $28.1 $.3 % 2% 4% 8% 1% Creations (in $m) Redemptions (in $m) * Chart shows net positions in ETCs. Redemptions of short ETCs are counted as long positions, while creations of short ETCs are counted as short positions. Creations of leveraged ETCs are counted as a 2x long positions and redemptions of leveraged ETCs are counted as a 2x short positions. ETF Securities Asset Under Management (US$b) From October 26 to April 213, in billions USD $32 $3 $28 $26 $24 $22 $2 $18 $16 $14 $12 $1 $8 $6 $4 $2 $ Precious Metals Diversified Industrial Metals Agriculture & Livestock This document is intended for non-us investors and may not be taken or transmitted into or distributed, directly or indirectly, in or into the United States or in any other jurisdiction in violation of ETF Securities Commodity ETP ly 22 April 213 Tel:

3 Performance, Flows and Assets Top 5 and Top 5 Short ETC Returns (1 week, %) 1 Top 5 and Top 5 Short ETC Returns (, %) 1 Top 5 and Top 5 Short ETC Returns (12 Mth, %) 1 ETFS ETFS 25% ETFS 51% Swiss Franc Daily Hedged Hedged Hedged Precious Metals Tin 5% 5% 7% 13% 11% 1% 1 exclude ETFS Leveraged ETCs performance 17% % 5% 1% 15% 2% Hedged Hedged Hedged Cotton Precious Metals Lead Copper 9% 17% 15% 13% 2% 18% 24% 23% 2 % 1% 2% 3% Hedged Hedged Hedged Wheat Coffee Sugar Cocoa Precious Metals 4% 24% 24% 19% 18% 1 44% 43% 49% % 15% 3% 45% Top 1 ETC Flows (1, in $m) ETFS Copper WTI Crude Oil ETFS Precious Metals Trust ETFS DJ- WTI Crude Oil $5 $5 $4 $3 $3 $2 $8 $2 $2 $ Top 1 ETC Flows (, in $m) ETFS All Commodities DJ- ETFS Copper ETFS Agriculture DJ- ETFS Trust ETFS Brent 1mth Copper ETFS Grains DJ- ETFS Palladium Trust Swiss $1 $87 $74 $6 $49 $47 $44 $39 $38 $ Top 1 ETC Flows (12 Mth, in $m) Bullion Securities ETFS Copper Swiss ETFS Trust ETFS Trust ETFS All Commodities DJ- ETFS Industrial Metals DJ- $278 $129 $12 $88 $76 $76 $74 $63 $495 $1, ,5 ETC USD Assets (18/4/13, $m) ETC GBP Returns (12 Mths, %) ETC EUR Returns (12 Mths, %) $6,483.7 ETFS 58% ETFS 51% Bullion Securities $6,68. Hedged 57% Hedged 5% ETFS Trust $1,58.4 Hedged 51% Hedged 44% ETFS Trust $ % 43% $636.2 $625. Hedged Wheat ETFS DJ- 9% 8% Hedged Wheat ETFS DJ- 5% 3% (ASX) $543.7 Palladium (ASX) Palladium (ASX) 2% ETFS Palladium Trust $55.8 Palladium Palladium 2% ETFS Agriculture DJ- $499.8 ETFS Palladium Trust ETFS Palladium Trust 2% ETFS Copper $ % 5, 1, 15, % 25% 5% 75% % 5% 1% ETF Securities Commodity ETP ly 22 April 213 Tel:

4 Global Precious Metals ETP Holdings Global ETP Holdings (million ounces) Daily Data, From 25 Apr 7 to 19 Apr Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr 12 Sources: ETF Securities, Bloomberg Palladium Global ETP Holdings (' oz) Daily Data, From 25 Apr 7 to 19 Apr 213 2,5 2, 1,5 1, 5 Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr 12 Sources: ETF Securities, Bloomberg Global ETP Holdings (mn oz) Daily Data, From 25 Apr 7 to 19 Apr Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr 12 Sources: ETF Securities, Bloomberg Global ETP Holdings (' oz) Daily Data, From 25 Apr 7 to 19 Apr 213 1,8 1,6 1,4 1,2 1, Apr 7 Apr 8 Apr 9 Apr 1 Apr 11 Apr 12 Sources: ETF Securities, Bloomberg ETF Securities Commodity ETP Trading Volume $2.5 $2. $1.5 $1. $.5 1 yr ly Turnover (US$bn) ETFS PHYSICAL GOLD GOLD BULLION SECURITIES LTD ETFS GOLD TRUST ETFS COPPER ETFS PLATINUM TRUST ETFS PHYSICAL SILVER ETFS PHYSICAL SILVER SHARES ETFS PHYSICAL PALLADIUM SHAR Top 1 Turnover (US$m) $ ETFS ALL COMMOD DJ- ETFS GRAINS DJ- London BrsaItaliana Deutsche Borse Euronext NYSE Arca $ $5 $1 $15 $2 $25 $3 $35 Sources: ETF Securities, Bloomberg. From April 19, 212 April 19, 213. Sources: ETF Securities, Bloomberg. From April 15 to April 19, 213. ETF Securities Commodity ETP ly 22 April 213 Tel:

5 Performance, Flows and Assets by Sector Short Leveraged FX Hedged Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing 12 AGRICULTURE 12 (2) 12 (1) (2) in m$ ETFS Agriculture DJ-UBSCI SM.2% -5.1% -.9% ($1.8) $87.3 ($118.9) ($.7) $56.4 ($18.8) $ % Agriculture -.2% -4.1%.7% ($.5) $14.3 $9.4 ($.6) $13.2 $1.1 $39.8.2% ETFS Grains DJ-UBSCI SM.4% -6.1% 9.% ($7.5) $47.3 $22. ($7.2) $43. $29.9 $86.4.4% Grains.% -4.5% 12. $. $15.3 ($14.) $. $14.4 ($9.5) $17.2.1% ETFS Wheat.5% -11.% 5.1% ($.2) $.1 ($87.) $.1 ($8.3) ($66.4) $64.4.3% ETFS Corn % 17.9% ($3.9) $7.9 ($44.2) ($4.) $3.3 ($32.5) $36.2.2% ETFS Soybeans 1. 1.% 7.2% ($18.8) ($42.7) ($9.) ($18.3) ($41.9) ($13.6) $23.6.1% ETFS Softs DJ-UBSCI SM -.5% -4.9% -2.2% $. ($1.1) $.7 ($.1) ($1.7) ($2.2) $11.8.% Softs -.4% -5.% -22.3% $. $.1 ($.) ($.) $.1 ($.3) $1..% ETFS Sugar -1.% -1.% -22.8% ($7.8) ($6.5) $15.1 ($8.2) ($11.3) $7.5 $27.6.1% ETFS Cotton -1.5% 9.5% -4.% ($.9) $.2 $1.3 ($1.3) $2.7 $.2 $28.7.1% ETFS Coffee 1.2% -6.% -27.8% $.6 $24.1 $44.1 $1.2 $21. $34.6 $5.5.2% ETFS Soybean Oil % $.2 ($.5) ($.1) $.1 ($.6) ($.8) $4.2.% ETFS Cocoa 3.3% % $. $1.6 $1.5 $.3 $1.9 $1.6 $9.1.% Agriculture DJ-UBSCI SM -3.3% -4.3% -9.8% $. ($.1) ($.7) ($.) ($.1) ($.1) $.5.% Grains DJ-UBSCI SM -.4% 4.% -5.% $. ($1.1) ($4.9) ($.) ($.1) ($.7) $.2.% Wheat -.7% 9.4% -15.5% $. ($7.1) ($.5) ($.) ($6.3) $.5 $5.1.% Corn.4% 5.1% -25.4% $.2 ($5.7) $2.1 $.3 ($5.4) $2.2 $4.6.% Soybeans -1.7% -2.7% -13.9% ($.) ($.4) $1. ($.1) ($.4) $1.1 $2.5.% Softs DJ-UBSCI SM -.5% 4.5% -15. $. ($.5) ($.4) ($.) ($1.) ($5.1) $.1.% Sugar.9% 9.% 19.3% $. ($2.) ($11.9) $.1 ($1.2) ($1.5) $8.1.% Cotton 1.4% -1.4% -5. ($.1) ($.) ($1.5) ($.1) ($.6) ($1.6) $3.3.% Coffee -1.3% 3.8% 23.7% $.6 $.3 ($1.9) $.6 $.2 ($2.3) $1.5.% Soybean Oil.5%.1% 11.3% $. $.4 ($1.1) $. $.2 ($1.1) $1.4.% Cocoa.4% % $. ($.1) ($.) $. ($.5) ($.4) $.7.% Agriculture DJ-UBSCI SM.4% -1.7% -6.4% ($1.) ($1.) ($5.4) ($1.) ($1.7) ($4.3) $7..% Grains DJ-UBSCI SM.7% -13.4% 1.5% ($.3) ($.5) ($1.7) ($.3) ($.6) ($1.) $.6.% Wheat.8% -22.4%.4% $.4 $11.7 ($31.9) $.6 $5.8 ($15.6) $28.6.1% Corn -1.4% -17.5% 24.8% $.1 $.7 ($.2) $.1 $.2 $.1 $2.6.% Soybeans 3.1% 1.% 8.4% $.7 $.1 $.7 $.8 $.2 $.6 $2.2.% Softs DJ-UBSCI SM -1.1% -9.9% -38.9% $. $. ($.) ($.) ($.1) ($.3) $.5.% Sugar -2.1% -2.% -43.9% $.6 $5.7 $15.1 $.2 $2.9 $1.6 $15..1% Cotton -3.% 18.5% -14. $. ($2.1) ($.4) ($.1) ($1.2) ($.) $3..% Coffee 2.2% -13.3% -52.5% $.2 $9.8 $31.9 $.8 $7.1 $22.9 $25.6.1% Soybean Oil -1.3% -4.% -31.9% ($.1) ($.) ($1.3) ($.1) ($.1) ($1.6) $.5.% Cocoa % -4.1% ($1.) $3.4 $2.5 ($.4) $3.9 $2.4 $8.9.% Hedged Wheat.1% -11.8% 4.1% ($.1) $.7 $1.1 ($.1) $.6 $1. $1.1.% Hedged Agriculture DJ-UBS ED SM -.1% -6.1% -2.2% $. $. $. ($.) ($.) ($.) $.1.% Hedged Agriculture DJ-UBS PD SM -.4% -1.7% -5.9% $. ($.1) ($.1) ($.) ($.1) ($.1) $..% Hedged er Dated Agriculture -.8% -9.8% -4.5% $. ($.1) ($.1) ($.) ($.1) ($.1) $..% Swiss Franc Daily Hedged Agriculture DJ-UBS FD SM.2% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged er Dated Agriculture -.2% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Grains DJ-UBS FD SM.3% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Softs DJ-UBS FD SM -. $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Cocoa 3.2% $.1 $.7 $.7 $.1 $.7 $.7 $.7.% Swiss Franc Daily Hedged Coffee 1.1% $.1 $.7 $.7 $.1 $.6 $.6 $.6.% Swiss Franc Daily Hedged Corn -.7% $.1 $.9 $.9 $.1 $.9 $.9 $.9.% Swiss Franc Daily Hedged Cotton -1.5% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Soybeans 1.5% $. $.5 $.5 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged Sugar -1.1% $.2 $.7 $.7 $.2 $.7 $.7 $.7.% Swiss Franc Daily Hedged Wheat.4% $. $.8 $.8 $. $.8 $.8 $.8.% Hedged Coffee.8% -7.1% ($.2) $2.7 $2.9 ($.2) $2.3 $2.5 $2.5.% Hedged Corn -1.% -8. $.1 $.3 $.4 $.1 $.3 $.4 $.4.% Hedged Cotton -1.8% 8.5% $. ($.9) ($.) ($.) ($.8) $.1 $.1.% Hedged Soybeans 1.2%.1% $. ($.1) $.1 $. ($.1) $. $..% Hedged Sugar -1.4% -11.% $.1 $3. $3.2 $. $2.9 $3. $3..% Hedged er Dated Agriculture -.5% -5.1% $. $1.7 $1.9 ($.) $1.6 $1.7 $1.7.% Total ($4.) $173. ($173.4) ($36.9) $17. ($138.6) $1, % ETFS All Commodities DJ-UBSCI SM % ($6.9) $157.9 $75.6 ($19.3) $127.8 $48.4 $ % All Commodities -2.8% -5.% -5.% ($1.1) ($.9) ($14.9) ($2.) ($3.4) ($17.5) $29.1.1% ETFS Ex- DJ-UBSCI SM -3.4% -1.% -8. $. $.3 $.3 ($.1) ($.) $. $2.7.% Ex % -8.1% $. ($.1) ($.5) ($.) ($.2) ($.5) $.4.% ETFS Ex-Agriculture and Livestock -4.2% -5. ($3.6) ($2.) $4.5 ($5.5) ($4.4) $38.1 $38.1.2% All Commodities DJ-UBSCI SM 2.4% 4.8%. $.5 ($15.8) ($25.8) $.6 ($16.1) ($28.2) $5.4.% Ex- DJ-UBSCI SM 3.3% 9.7% 4.9% $. ($.) ($.2) $. $. ($.2) $.1.% All Commodities DJ-UBSCI SM -5.1% -11.3% -11.5% $. ($.4) ($.7) ($.1) ($.7) ($1.1) $2.3.% Ex- DJ-UBSCI SM -6.8% -19.4% -18.7% $. ($.2) ($.3) ($.) ($.3) ($.3) $.1.% Hedged All Commodities DJ-UBS ED SM -2.9% % $. ($7.8) $2.6 ($.1) ($8.3) $2.6 $2.7.% Hedged er Dated All Commodities -3.2% -5.9% ($.1) $.2 $.3 ($.1) $.2 $.3 $.3.% Hedged All Commodities DJ-UBS PD SM $. $. $. ($.2) #N/A #N/A $4.7.% Hedged er Dated All Commodities -3.5% $. ($.) $. ($.) ($.) $. $.1.% Swiss Franc Daily Hedged er Dated All Commodities -2.9% $. $.5 $.5 ($.) $.5 $.5 $.5.% Total ($11.2) $131.7 $77.6 ($26.7) #N/A #N/A $ % -1x 2x FX Hedged BROAD Price Performance Net Creations (in $m) AUM Growth (in $m) AUM since listing (1) (2) 12 (2) in m$ ETF Securities Commodity ETP ly 22 April 213 Tel:

6 Performance, Flows and Assets by Sector (continued) ENERGY Price Performance 12 Net Creations (in m$) AUM Growth (in $m) AUM since listing (2) in m$ (1) 12 (2) 12 ETFS DJ-UBSCI SM -1.2% % $2.9 ($3.9) ($1.9) $.8 $. $3.1 $ % -1.4% 4.1% 1.% $.3 $27. $36.4 ($.7) $28.5 $36.1 $25.1.1% ETFS Petroleum DJ-UBSCI SM -5.3% -7.3% -13.5% $. $.5 ($3.7) ($.5) ($.2) ($5.2) $ % Petroleum -5.4% -6.% -14.2% $. ($.3) ($14.3) ($.3) ($1.1) ($18.8) $14.9.1% ETFS 5.9% 24.8% 5. ($9.5) ($31.8) ($44.4) $1.1 $7.8 $3. $8.4.% % 42. ($.1) $6.3 $8. $.7 $8.7 $11. $177..7% ETFS Brent Crude -5.1% -8.1% -12.% $.2 $18.3 $25.7 ($1.2) $15.9 $24. $8.7.% Brent Crude -5.1% -7.3% -12.5% $.1 $.4 ($.) $.1 $.4 ($.1) $15.8.1% ETFS WTI Crude Oil -6.3% -6.3% -2.% ($.9) ($87.7) ($68.3) ($16.9) ($98.4) ($126.3) $.7.% WTI Crude Oil -6.3% -6.% -19.5% $. $. ($1.5) ($.1) ($.1) ($2.1) $1.8.% ETFS Gasoline -3.8% -6.8% -.3% ($.3) $.1 ($8.) ($.8) ($.9) ($7.9) $.1.% ETFS Heating Oil % -12.2% $. ($.5) ($8.7) ($.4) ($1.3) ($1.6) $69.5.3% Heating Oil -4.5% -6.8% -1.3% $. $. ($.1) ($.) ($.) ($.1) $4.8.% ETFS Brent 1mth -5.1% % $. $6. $17.4 ($18.1) $14.4 ($37.6) $ % ETFS WTI 2mth -6.3% -6.3% -2.2% ($1.4) ($3.) ($17.1) ($4.2) ($6.) ($28.3) $41.2.2% ETFS Brent 1yr -4.8% % $. ($.8) ($4.5) ($.6) ($1.6) ($6.4) $11.2.% ETFS Brent 2yr -4.4% -5.9% -9.4% $. $. ($.4) ($.) ($.) ($.4) $.4.% ETFS Brent 3yr -4.1% -5.3% -7.3% $. ($.4) $.4 ($.1) ($.6) ($.8) $2.9.% ETFS WTI 1yr -6.2% -6.9% -16.9% $. ($.4) $1.3 ($.3) ($.7) ($1.4) $4.2.% ETFS WTI 2yr -5.9% $. $. ($7.7) ($.1) ($.2) ($9.) $2..% ETFS WTI 3yr -5.4% -7.% -12.7% $. $. ($.7) ($.1) ($.2) ($1.1) $2.2.% ETFS Carbon -29.7% -54.5% -6.5% $. $.2 $.2 ($.2) ($.3) ($.4) $.6.% DJ-UBSCI SM.9% -4.7% -9.5% $. ($.6) ($1.2) $. ($.6) ($1.1) $2.9.1% Petroleum DJ-UBSCI SM 5.4% 6.2% 7.8% $. ($1.7) $2.3 $. ($11.1) ($.) $5.9.% -5.9% -22.8% -45.7% $1.6 $16.2 $17.4 $.3 $12. $11.4 $31.4.1% Brent Crude 5.2% 7.2% 5.8% ($.7) ($2.8) $3.3 ($.4) ($2.4) $3.8 $.4.% WTI Crude Oil 6.4% 5.% 14.4% $2. $14.1 ($4.3) $3.8 $16.4 ($28.4) $.6.% Gasoline 3.7% 5.1% -6.9% $. ($.2) ($.) $. ($.2) ($.1) $.4.% Heating Oil 4. 8.% 6.8% $.2 $.3 $.1 $.2 $.4 $.2 $.4.% DJ-UBSCI SM -2.2% 6.2%. $. ($.2) ($.2) ($.) ($.2) ($.2) $ % Petroleum DJ-UBSCI SM -1.5% -14.7% -29.2% $. ($.2) ($.3) ($.1) ($.3) ($.5) $.9.% 11.7% 51.% 9.4% ($8.7) ($81.) ($67.4) $4.7 ($2.2) $31.9 $81..3% Brent Crude -1.1% -16.3% -26.3% $.5 ($.3) $.5 $.4 ($.4) $.4 $1.2.% WTI Crude Oil -12.4% -13.% -4.1% $2.4 ($47.8) $23.7 $11.3 ($5.3) $11.7 $.4.% Gasoline -7.5% -14.3% -5.8% $. ($.1) ($.5) ($.1) ($.3) ($.6) $.6.% Heating Oil -9.1% % $. ($.) ($.4) ($.) ($.1) ($.6) $.4.% Hedged WTI Crude Oil % -21.4% $. ($.9) $.2 ($.) ($.9) $.2 $.3.% Hedged Brent Crude -5.5% -9.% -13.3% $. $.3 $1. ($.1) $.2 $.9 $1..% Hedged 5.5% 23.4% 49.3% $. ($.2) $.4 $. ($.) $.6 $.7.% Hedged WTI Crude Oil -6.9% -11.9% -24.1% $. ($.2) $.2 ($.) ($.2) $.1 $.2.% Hedged Brent Crude Oil -5.8% % $. ($2.1) $.4 ($.) ($2.2) $.2 $.3.% Hedged 5.1% 17.3% 43. $. ($.) $.7 $. $.1 $.7 $.7.% Hedged DJ-UBS PD SM -1.7% -2.7% -2.3% $. ($.4) $.1 ($.) ($.4) $.1 $.1.% Hedged er Dated -1.8% -1.8% -3. $. ($.) $. ($.) ($.) $. $.1.% Swiss Franc Daily Hedged DJ-UBS FD SM -1.1% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged er Dated -1.2% $. $.5 $.5 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged WTI Crude Oil -6.4% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Brent Crude -5.2% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged 5.8% $. $.7 $.7 $.1 $1. $1. $1..% Total $6.5 ($13.3) ($149.3) ($21.8) ($93.6) ($118.3) $1, % Short Leveraged FX Hedged LIVESTOCK Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing 12 (1) (2) 12 (2) 12 in m$ ETFS Livestock DJ-UBSCI SM.1% -8.1% -11.5% $. ($14.7) ($21.9) $. ($.2) ($.7) $1.3.% Livestock 1.3% -9.% -4.9% $. ($.6) ($.1) $.1 ($2.6) ($2.1) $.1.% ETFS Live Cattle.8% -8.3% -5.5% $. $.3 ($1.1) $.1 ($16.1) ($21.9) $.2.% Live Cattle.2% -7.9% -9.3% $. ($.) ($.2) $. ($.6) ($.1) $.2.% ETFS Lean Hogs.2% -7.9% -8.% ($.1) ($1.5) ($1.9) $. ($.) ($.3) $6.8.% Lean Hogs. -7.9% -5.8% $. $.1 ($.4) $. ($.3) ($1.5) $11.2.% Livestock DJ-UBSCI SM -.9% 7.8% 1.7% $. ($.) ($.4) ($.) $. ($.4) $.6.% Live Cattle -.7% 7.3% 2.% $. $.1 ($.5) ($.) $.2 ($.5) $.8.% Lean Hogs -1.4% 8.4% -.7% $.3 $.2 $.2 $.3 $.2 $.1 $.1.% Livestock DJ-UBSCI SM 1.7% -16.2% -12.% $. ($.3) ($.3) $. ($.4) ($.3) $.5.% Live Cattle 1.1% -15.5% -12.8% $. $.2 ($.5) $. $.1 ($.6) $1.2.% Lean Hogs 2.5% -17.8% -12.7% $. ($.1) ($.) $. ($.3) $. $.4.% Total $.2 ($16.3) ($27.1) $.5 ($2.) ($28.3) $32.5.1% -1x 2x ETF Securities Commodity ETP ly 22 April 213 Tel:

7 Performance, Flows and Assets by Sector (continued) FX Hedged Leveraged Short INDUSTRIAL METALS Price Performance 12 Net Creations (in m$) (1) (2) 12 (2) AUM Growth (in $m) ETFS Industrial Metals DJ-UBSCI SM % -13.5% ($1.6) $28.1 $63.2 ($18.5) ($3.6) $26. $23.3.9% Industrial Metals % -12.8% $. ($14.5) ($9.9) ($1.2) ($19.4) ($16.3) $33.5.1% ETFS Aluminium. -1.% -13.9% ($2.5) ($.3) $8.7 ($2.2) ($4.8) $2.8 $42.7.2% Aluminium.8% -1.8% -16.1% $. $. $. $. ($.1) ($.1) $.5.% ETFS Copper -6.8% -13.% -14.% $4. $1.1 $278.5 $6.7 $28.7 $196.6 $ % Copper -7.3% -12.8% -16.2% $. $21.7 ($12.7) ($2.5) $15.8 ($21.2) $31.9.1% ETFS Zinc -1.3% -11.% -1.4% $.4 ($2.3) ($3.4) $.1 ($4.4) ($5.5) $22.5.1% Zinc -.9% -11.9% -15.2% $. $. $. ($.) ($.) ($.) $.3.% ETFS Nickel -4.5% % $1. $6.9 $13.1 ($1.4) $1.6 $6.5 $51.9.2% Nickel % -14.8% $. $. $3. ($.1) ($.5) $2.6 $4..% ETFS Tin -9.9% -12.4% -2.7% $. ($2.) ($5.4) ($.1) ($19.1) ($.8) $1.3.% Tin -1.8% -14.% -5. $. $. $. ($.3) ($.4) ($1.1) $2.3.% ETFS Lead -3.4% % $.1 ($.3) ($.7) $. ($.4) ($.6) $.7.% Lead -3.3% % $. $. $. ($.) ($.1) ($.1) $.5.% Industrial Metals DJ-UBSCI SM 3.5% 11.2% 9.2% $.7 $.4 ($6.8) $1.9 $4. ($4.7) $36.5.2% Aluminium -.8% 9.1% 9.1% $. $. ($.7) ($.) $.3 ($.3) $3.5.% Copper 7.% 13.% 9.1% $1.7 $48.9 ($45.3) $13.1 $69.2 ($27.5) $ % Zinc 1.2% 1.3% 4.4% $. $.1 ($.9) $. $.4 ($.7) $2.7.% Nickel 4.5% 8.1% 6.8% $. $2.5 $19.7 $1. $24. $23.2 $24.3.1% Tin 1.5% 11.7% -6. $. $. ($.4) $. $.1 ($.4) $.4.% Lead 3.4% 14.7% -2. $. ($.2) ($.) $. ($.1) ($.1) $.3.% Industrial Metal DJ-UBSCI SM -7.1% -22.4% -27.7% $. $. $.3 ($.1) ($.4) ($.3) $1.4.% Aluminium 1.1% -2.% -28.8% $.2 $1.8 $3. $.3 $.8 $1.9 $5.3.% Copper -13.4% -25.% -29.% $.5 $3.4 $2.3 ($1.5) ($1.1) ($2.5) $13.9.1% Zinc -2.8% % $. $.1 ($.1) ($.) ($.2) ($.4) $1.5.% Nickel -8.9% % $. $.9 $2. ($.4) ($.2) $.6 $3.9.% Tin -19.3% -24.4% -11.9% $. $.3 $.4 ($.4) ($.4) $.1 $1.8.% Lead -6.8% -28.% -14.1% $. ($.) ($.6) ($.1) ($.5) ($.7) $1.4.% Hedged Copper -7.2% -13.9% -15.5% $. $.1 $1.2 ($.1) ($.2) $.9 $1..% Hedged Copper -7.4% -18.2% -18.5% $. ($.1) $.2 ($.) ($.1) $.1 $.2.% Hedged Industrial Metals DJ-UBS PDSM -4.2% -16.8% -18.% $. $.1 $.1 ($.) $.1 $.1 $.2.% Hedged Industrial Metals DJ-UBS EDSM -3.9% -12.4% ($1.4) $1.6 $1.9 ($1.5) $1.5 $1.9 $1.9.% Swiss Franc Daily Hedged Industrial Metals DJ-UBS FDSM -3. $. $.6 $.6 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Aluminium.5% $. $.5 $.5 $. $.5 $.5 $.5.% Swiss Franc Daily Hedged Copper -6.9% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Lead -3.5% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Nickel -4.5% $. $.6 $.6 ($.) $.6 $.6 $.6.% Swiss Franc Daily Hedged Tin -1.% $. $.6 $.6 ($.1) $.5 $.5 $.5.% Swiss Franc Daily Hedged Zinc -1.4% $. $.6 $.6 ($.) $.6 $.6 $.6.% Hedged Aluminium.2% -11.% $. ($.) $.3 $. ($.) $.3 $.3.% Hedged Nickel -4.8% -1.5% $. $.1 $.2 ($.) $. $.2 $.2.% Hedged Zinc -1.7% -11.9% $. $. $.1 ($.) ($.) $.1 $.1.% Total $3.2 $21.7 $315.5 ($7.7) $94.2 $184.5 $1, % 12 AUM since listing in m$ ETF Securities Commodity ETP ly 22 April 213 Tel:

8 Performance, Flows and Assets by Sector (continued) PRECIOUS METALS Price Performance Net Creations (in m$) AUM Growth (in $m) AUM since listing ETFS Precious Metals DJ-UBSCI SM -12.3% -19.% -19.5% ($.3) $14.6 ($24.6) ($15.1) ($1.1) ($5.8) $15..4% PM Basket -11.% -15.3% -16.2% ($2.7) ($31.8) ($54.) ($25.5) ($65.3) ($91.1) $ % PM Basket (ASX) -11.% -15.3% -16.2% $. $. $.7 ($.7) ($1.) ($.4) $5.5.% ETFS Precious Metals Trust -1.9% -16.3% -15. $3.8 $31.3 $37.3 ($8.5) ($13.5) ($4.5) $ % ETFS White Metal Basket Trust -11.8% -17.% -18.4% $. $5. $2.7 ($21.6) ($7.8) ($1.9) $36.2.2% ETFS -11.% -17.3% -16.5% ($63.9) ($25.9) $16.2 ($9.8) ($69.6) ($24.5) $ % -16.3% -15. ($147.5) ($78.2) $495.3 ($951.5) ($2,15.5) ($736.1) $6, % (ASX) -1.9% -16.3% -15. $. $. $33.9 ($66.9) ($16.2) ($7.5) $ % ETFS Trust -1.9% -16.3% -15. ($35.8) ($36.5) $87.6 ($232.9) ($349.7) ($226.) $1, ETFS Asian Trust -11.3% -15.1% -18.5% $. $. $8.5 ($4.6) ($1.4) ($5.6) $69.1.3% Bullion Securities -1.9% -16.3% -15. ($39.4) ($192.6) $1,61.2 ($788.6) ($1,376.5) ($78.6) $6, % Swiss -1.9% -16.3% -15. ($17.2) $38. $128.7 ($68.2) ($43.4) $52.5 $ % ETFS -16.1% -23.5% -27.7% ($.6) $.4 ($1.2) ($9.8) ($14.7) ($21.) $47.3.2% -14.7% % $5.1 $2.3 $4.3 ($14.) ($155.5) ($179.4) $ % (ASX) -14.7% % $. $4.7 $3.5 ($9.5) ($12.2) ($17.6) $55.1.2% ETFS Trust -14.7% % $. $12.4 $11.7 ($76.3) ($19.6) ($147.7) $ % ETFS -7.% -7.8% -11.3% ($.2) $.6 $.8 ($.4) $.1 $.3 $2.1.% -6.5% -6.1% -9.7% $2.6 ($32.7) $74.3 ($4.7) ($65.3) $12.2 $ (ASX) -6.5% -6.1% -9.7% $. ($.3) ($2.8) ($.4) ($.6) ($3.4) $6.5.% ETFS Trust -6.5% -6.1% -9.8% ($14.2) $74. $12.4 ($69.7) $15.9 $31.4 $ % Palladium -7.3% -4.3% 1.5% ($.7) $24.4 $52.9 ($29.8) $5.6 $53. $ % Palladium (ASX) -7.3% -4.3% 1.5% $. $. $. ($.2) ($.1) $. $1.9.% ETFS Palladium Trust -7.3% -4.3% 1.4% ($6.6) $39.3 $2. ($47.2) $8.1 ($9.4) $ % ETF -1.9% -16.3% $. $. $. ($.3) ($3.9) $2.8 $2.8.% ETF -14.7% -21. $. $. $. $1.5 $1.1 $7. $7..% ETF -6.5% -6.1% $. $. $. ($.2) ($.2) $2.9 $2.9.% Precious Metals DJ-UBSCI SM 12.7% 2.4% 16.2% $. ($.1) ($.2) $. ($.) ($.1) $.1.% 11.1% 18.2% 13.% $5.5 $7. ($12.4) $9.4 $13.2 ($7.4) $45.5.2% 17.3% 26.% 24.1% ($1.) ($12.4) ($21.1) $1.9 ($7.8) ($15.6) $18.3.1% 7.1% 6.3% 5.5% $. $. ($2.4) $.1 $.1 ($2.2) $1.1.% Precious Metals DJ-UBSCI SM -24.3% -35.8% -38.% ($.9) ($2.5) ($4.3) ($1.8) ($4.) ($6.3) $1.6.% -21.9% -32.9% -32.9% $8.3 ($1.7) $1.6 ($15.3) ($53.2) ($32.) $91.8.4% -31.% -43.4% -52.2% $2.2 $43.6 $76. ($24.4) ($27.4) ($12.4) $ % -13.8% -16.2% -24. $.3 ($1.2) ($3.) ($.6) ($2.) ($5.) $6..% Hedged -11.4% -18.1% -17.5% ($3.6) ($16.8) $6.4 ($5.) ($18.8) $7.2 $7.3.% Hedged -16.4% -24.3% -28.8% $. ($.2) $1.3 ($.2) ($.5) $.8 $.9.% Hedged Precious Metals DJ-UBS ED SM -12.7% -19.8% -2.5% $. ($.1) ($.1) ($.) ($.1) ($.1) $..% Hedged Physical -11.3% $. $4.2 $4.2 ($.5) $3.6 $3.6 $3.6.% Hedged -11.7% -22.3% -2.7% $.1 $.3 $.6 $.1 $.2 $.5 $.6.% Hedged -16.7% -28.1% -31.4% $. ($.2) $. ($.) ($.2) $.1 $.1.% Hedged Precious Metals DJ-UBS PD SM -13.% -23.9% -23.5% $. ($.) $.3 ($.) ($.1) $.2 $.3.% Hedged Physical -11.7% $. $1. $1. ($.1) $.9 $.9 $.9.% Swiss Franc Daily Hedged -11.1% $.1 $.6 $.6 $. $.6 $.6 $.6.% Swiss Franc Daily Hedged -16.2% $.1 $.7 $.7 $.1 $.6 $.6 $.6.% Swiss Franc Daily Hedged -7.% $. $.5 $.5 ($.) $.5 $.5 $.5.% Swiss Franc Daily Hedged Precious Metals DJ-UBS FD SM -12.4% $.1 $.6 $.6 $. $.5 $.5 $.5.% Total ($288.4) ($748.6) $2,154.8 ($2,698.3) ($4,485.4) ($1,572.2) $19, % FX Hedged 2x -1x 12 (1) (2) 12 (2) 12 in m$ (1) Net creations/redemptions during the period, valued using official NAVs on creation/redemption day. (2) Change in flows for and the past 12 months. ETF Securities Commodity ETP ly 22 April 213 Tel:

9 Important Information General This communication has been provided by ETF Securities (UK) Limited ( ETFS UK ) which is authorised and regulated by the United Kingdom Financial Services Authority. The products discussed in this document are issued by ETFS Commodity Securities Limited ( CSL ), ETFS Hedged Commodity Securities Limited ( HCSL ), ETFS Industrial Metal Securities Limited ( IML ), ETFS Metal Securities Australia Limited ( MSAL ), ETFS Metal Securities Limited ( MSL ), ETFS Oil Securities Limited ( OSL ) and Bullion Securities Limited ( GBS and together with CSL, HCSL,IML, MSAL, MSL and OSL the Issuers ). Each Issuer (other than MSAL) is regulated by the Jersey Financial Services Commission. When being made within Italy, this communication is for the exclusive use of the qualified investors and its circulation among the public is prohibited. When being made within Switzerland, this communication is for the exclusive use by Qualified Investors (within the meaning of Article 1 of Section 3 of the Swiss Collective Investment Schemes Act ( CISA ) and its circulation among the public is prohibited. In Australia, this communication is only directed to wholesale clients (as defined in section 761A and 761G of the Corporations Act 21 (Cth) and may not be acted on or relied upon by retail clients (as defined in sections 761A and 761G of the Corporations Act 21 (Cth) and as the securities referenced in this document are issued pursuant to an arrangement between the Issuers and Authorised Participants (who are holders of an AFS licence), the Issuer is exempt from the requirement to hold an AFS licence under section 911A(2)(b) of the Corporations Act 21 (Cth). This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares in the United States or any province or territory thereof, where none of the Issuers, or any securities issued by them are authorised or registered for distribution and where no prospectus for any of the Issuers has been filed with any securities commission or regulatory authority. Neither this document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States. Neither the Issuers nor any securities issued by them have been or will be registered under the United States Securities Act of 1933 or the Investment Company Act of 194 or qualified under any applicable state securities statutes. Neither the Issuers nor the securities issued by them are registered in Brazil for the purpose of any offer to the public in Brazil. This document is not and is not intended to be construed as a step in furtherance of public offering of the securities in Brazil. This document may contain independent market commentary prepared by ETFS UK based on publicly available information. ETFS UK does not warrant or guarantee the accuracy or correctness of any information contained herein and any opinions related to product or market activity may change. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Any historical performance included in this document may be based on back testing. Back tested performance is purely hypothetical and is provided in this document solely for informational purposes. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Historical performance is not an indication of or a guide to future performance. The information contained in this communication is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment decision. ETFS UK is required by the United Kingdom Financial Services Authority ("FSA") to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not, therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. Risk Warnings Securities issued by CSL, HCSL, FXL and OSL are complex, structured products involving a significant degree of risk and are not suitable for all types of investor. Securities offered by the Issuers are aimed at sophisticated, professional and institutional investors. Any decision to invest should be based on the information contained in the prospectus (and any supplements thereto) of the relevant Issuer which includes, inter alia, information on certain risks associated with an investment. The price of any securities may go up or down and an investor may not get back the amount invested. Securities may be priced in US Dollars, Euros, or Sterling, and the value of the investment in other currencies will be affected by exchange rate movements. Investments in the securities of the Issuers which provide a short and/or leveraged exposure are only suitable for sophisticated, professional and institutional investors who understand leveraged and compounded daily returns and are willing to magnify potential losses by comparison to investments which do not incorporate these strategies. Over periods of greater than one day, investments with a short and/or leveraged exposure do not necessarily provide investors with a return equivalent to a return from the unleveraged long or unleveraged short investments multiplied by the relevant leverage factor. Investors should refer to the section entitled Risk Factors in the relevant prospectus for further details of these and other risks associated with an investment in the securities offered by the Issuers. The relevant prospectus for each Issuer may be obtained from Please contact ETFS UK at or info@etfsecurities.com for more information. Passporting and Restricted Investors General: The FSA has delivered to the regulators listed below certificates of approval attesting that the prospectuses of the Issuers indicated have been drawn up in accordance with Directive 23/71/EC. For Dutch, French, German and Italian Investors: The prospectuses (and any supplements thereto) for each of the Issuers have been passported from the United Kingdom into France, Germany, Italy and the Netherlands and have been filed with the l Autorité des Marchés Financiers (AMF) in France, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany, CONSOB and the Bank of Italy in Italy and the Authority Financial Markets (Autoriteit Financiële Markten) in the Netherlands. Copies of prospectuses (and any supplements thereto) and related regulatory documentation, including annual reports, can be obtained in France from HSBC France, 13, Avenue des Champs Elysées, 758 Paris., in Germany from HSBC Trinkhaus & Burkhardt, AG, Konsortialgeschäft, Königsalle 21/23, 4212 Dusseldorf and in the Netherlands from ABN AMRO Bank (Nederland) N.V. (t) or faxed request to The prospectuses (and any supplements thereto) for each of the Issuers may be distributed to investors in France, Germany, Italy and the Netherlands. This document is not a financial analysis pursuant to Section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz WpHG) and consequently does not meet all legal requirements to warrant the objectivity of a financial analysis and is also not subject to the ban on trading prior to the publication of a financial analysis. This document is not addressed to or intended directly or indirectly, to (a) any persons who do not qualify as qualified investors (gekwalificeerde beleggers) within the meaning of section 1:1 of the Dutch Financial Supervision Act as amended from time to time; and/or (b) in circumstances where other exemptions or dispensations from the prohibition the Dutch Financial Supervision Act or the Exemption Regulation of the Act on Financial Supervision apply. None of the Issuers is required to have a license pursuant to the Dutch Financial Supervision Act as it is exempt from any licensing requirements and is not regulated by the Netherlands Authority for the Financial Markets and consequently no prudential and conduct of business supervision will be exercised. For Austrian, Danish, Finnish, Portuguese, Spanish and Swedish investors: The prospectuses (and any supplements thereto) for each of CSL, HCSL, IML, MSL and FXL have been passported from the United Kingdom into Austria, Denmark, Finland, Portugal, Spain, Sweden and have been filed with Österreichische Finanzmarktaufsicht (Austrian Financial Market Authority) in Austria Finanstilsynet (Financial Supervisory Authority) in Denmark, Finanssivalvonta (Finnish Financial Supervisory Authority) in Finland, Comissão do Mercado de Valores Mobiliários (Portuguese Securities Market Commission) in Portugal, Comisión Nacional del Mercado de Valores (Securities Market Commission) in Spain and the Finansinspektionen (Financial Supervisory Authority) in Sweden. The prospectuses (and any supplements thereto) for these entities may be distributed to investors in Austria, Finland, Portugal, Spain, Denmark and Sweden. For Belgian Investors: The prospectus (and any supplements thereto) for GBS has been passported from the United Kingdom into Belgium and has been filed with the Commission Bancair, Financiére et des Assurances in Belgium. The prospectus (and any supplements thereto) for GBS may be distributed to investors in Belgium. Other than as set out above, investors may contact ETFS UK at +44 () or at info@etfsecurities.com to obtain copies of prospectuses and related regulatory documentation, including annual reports. Other than as separately indicated, this communication is being made on a private placement basis and is intended solely for the professional / institutional recipient to which it is delivered. Third Parties Securities issued by each of the Issuers are direct, limited recourse obligations of the relevant Issuer alone and are not obligations of or guaranteed by any of UBS AG, Merrill Lynch Commodities Inc. ( MLCI ), Bank of America Corporation ( BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A., Deutsche Bank AG any of their affiliates or anyone else or any of their affiliates. Each of UBS AG, Merrill Lynch Commodities Inc. ( MLCI ), Bank of America Corporation ( BAC) or any of their affiliates. UBS AG, MLCI and BAC, Shell Trading Switzerland, Shell Treasury, HSBC Bank USA N.A., JP Morgan Chase Bank, N.A. and Deutsche Bank AG disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might have in respect of this document or its contents otherwise arising in connection herewith. Dow Jones, UBS, DJ-UBS CI SM,, DJ-UBS CI-F3 SM, and any related indices or sub-indices are service marks of Dow Jones Trademark Holdings LLC ( Dow Jones ), CME Group Index Services LLC ( CME Indexes ), UBS AG ( UBS ) or UBS Securities LLC ( UBS Securities ), as the case may be, and have been licensed for use by the Issuer. The securities issued by CSL although based on components of the Dow Jones UBS Commodity Index 3 month Forward SM are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes, UBS, UBS Securities or any of their respective subsidiaries or affiliates, and none of Dow Jones, CME Indexes, UBS, UBS Securities, or any of their respective subsidiaries or affiliates, makes any representation regarding the advisability of investing in such product. ETF Securities Commodity ETP ly 22 April 213 Tel: