Williams Analytics LLC. Fair Value Report. Bronze Edition. April 27, May 1, 2015

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1 Fair Value Report Bronze Edition April 27, May 1, 2015 Disclaimer Notice: This Report must be read in conjunction with the below Disclaimer, which is hereby incorporated therein.

2 Table of Contents Indexes WA Broad Asset Index IN-1 Equities S&P 500 E-Mini EQ-1 Treasuries 10yr. Treasury Note TR-3 Exchange Rates Euro / USD FX-1 Energies Crude Oil EN-1 Metals Gold MT-1 Fair Value Report: 4/27/2015-5/1/2015

3 WA Broad Asset Index Last Mon Tue Wed Thu Fri Fair Value Forecast (Red) Day Moving Average Day Moving Average (Grey Solid) Day Moving Average (Grey Dot) Day Moving Average % Change % 0.485% % 0.056% 0.493% % % 1.20% * Base Period: April 1995 (Value of 100); Excludes Currency and Treasury IN-1 Fair Value Report: 4/27/2015-5/1/

4 S&P 500 E-Mini Last Mon Tue Wed Thu Fri Fair Value Forecast (Red) 2, , , , , , Day Moving Average 2, , , , , , Day Moving Average (Grey Solid) 2, , , , , , Day Moving Average (Grey Dot) 2, , , , , , Day Moving Average 2, , , , , , % Change 0.225% 0.278% % 0.173% % % 2,125 2,115 2,105 2,095 2,085 2,075 2, % 0.50% 0.30% 0.10% * Exchange: CBOT; CME Symbol: ES EQ-1 Fair Value Report: 4/27/2015-5/1/2015 2,130 2,110 2,090 2,070 2,050 2,030 2,010 1,990 1,970 1, % 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5% -2.0% -2.5% -3.0% % Diverg. from Index 30-Day Beta

5 10 Year Treasury Last Mon Tue Wed Thu Fri Fair Value Forecast (Red) Day Moving Average Day Moving Average (Grey Solid) Day Moving Average (Grey Dot) Day Moving Average % Change 0.194% % 0.125% % 0.071% 0.695% % 0.50% 0.30% 0.10% * US Treasury Note; 6.5 years Maturity 10 years; Exchange: CBOT; CME Symbol: TY/ZN 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% TR-3 Fair Value Report: 4/27/2015-5/1/ % Diverg. from Index 30-Day Beta

6 Euro / US Dollar Last Mon Tue Wed Thu Fri Fair Value Forecast (Red) Day Moving Average Day Moving Average (Grey Solid) Day Moving Average (Grey Dot) Day Moving Average % Change 0.397% % 0.236% 2.852% 2.143% % % 3.00% 2.00% % -3.00% 3.50% 3.00% 2.50% 2.00% 1.50% 0.50% * CME Symbol: EC/6E FX-1 Fair Value Report: 4/27/2015-5/1/ % 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% -8.0% -9.0% -10.0% % Diverg. from Index 30-Day Beta

7 Crude Oil Last Mon Tue Wed Thu Fri Fair Value Forecast (Red) Day Moving Average Day Moving Average (Grey Solid) Day Moving Average (Grey Dot) Day Moving Average % Change % 4.013% % % % 9.676% % % % -5.00% % % % % % * Light Sweet Crude Oil; Exchange: NYMEX; CME Symbol: CL EN-1 Fair Value Report: 4/27/2015-5/1/ % 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% % Diverg. from Index 30-Day Beta

8 Gold Last Mon Tue Wed Thu Fri Fair Value Forecast (Red) 1, , , , , , Day Moving Average 1, , , , , , Day Moving Average (Grey Solid) 1, , , , , , Day Moving Average (Grey Dot) 1, , , , , , Day Moving Average 1, , , , , , % Change % 2.278% % 0.223% 0.768% % 1,210 1,205 1,200 1,195 1,190 1,185 1,180 1,175 1,170 1,165 1, % 2.00% 1.50% 0.50% -0.50% % -2.00% -2.50% 2.50% 2.00% 1.50% 0.50% * Exchange: COMEX; CME Symbol: GC MT-1 Fair Value Report: 4/27/2015-5/1/2015 1,320 1,300 1,280 1,260 1,240 1,220 1,200 1,180 1,160 1, % 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% % Diverg. from Index 30-Day Beta

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