The Commodities Asset Class

October 2016

The Opportunity in Commodities

Exposure to the Rogers International Commodity Index ® is typically gained by investing in “alternative” investment products that are linked to the performance of the RICI® . Alternative investment products may entail leveraging, commodity trading and other speculative investment practices which involve substantial risk of loss. Alternative investment performance can be volatile. Not all products are suitable for all investors and some products may only be available to certain qualified and sophisticated investors. RICI®-based alternative investment products may include structured notes and/or pooled funds and/or mutual funds. Each product has risk considerations which may include, but are not limited to, the following: . Structured Notes  Credit Risk – Structured notes are guaranteed by the issuer. As a result, investors assume the credit risk of the issuer.  Principal Risk – Structured notes are not ordinary debt securities and may not offer any protection of principal.  Liquidity Risk – Structured notes are not typically listed on any securities exchange. Accordingly, there may be little or no secondary market for the notes and information regarding independent market pricing of the notes may be limited. . Pooled Funds  Risk of Loss – The Managing Member or General Partner of a fund cannot guarantee that investors may not lose all or substantially all of their investment.  Past Performance Is Not Necessarily Indicative of Future Results of a Fund – For a fund to be profitable, the average value of the futures contract in a fund’s portfolio (including interest income) must increase at a rate that exceeds a fund’s expenses.  Substantial Expenses – A fund may be obligated to pay brokerage commissions, monthly management fees, and operating expenses regardless of whether the fund is profitable. . Mutual Funds  Most commodity index-linked mutual funds gain their exposure by investing in derivative investment vehicles such as commodity index-linked structured notes and futures contracts. Therefore, these mutual funds indirectly share the same risks as their underlying derivative investments. Such risks may include highly leverage trading, loss of principal, and liquidity risk.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 2 Risk Disclaimer

An investment in commodities, managed futures or other alternative investments including any fund or separate account advised or managed by Price Asset Management, Inc. (“PAM”), is speculative, involves a high degree of risk and is suitable only for persons who are able to assume the risk of losing their entire investment. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in such a product. Prospective investors are expected to be aware of the substantial risks of investing in the highly speculative field of commodities and futures trading. Those who are not generally familiar with such risks are not suitable investors and should not consider investing in commodities, managed futures or other alternative investments. No one should consider or recommend an investment in any investment vehicle prior to a complete and thorough review of the applicable documentation required, including the sections on risk and expenses associated with such an investment. PAM cannot provide any assurance that investors will not lose all or substantially all of their investment. The past performance of any product managed by PAM is not necessarily indicative of future results. No representation is made that any returns indicated herein will actually be achieved. PAM is registered with the Commodity Futures Trading Commission (CFTC) as a commodity pool operator and commodity trading advisor and is a member of the National Futures Association (“NFA”). PAM is registered as an investment adviser with the U.S. Securities And Exchange Commission (SEC). Neither the CFTC nor the SEC have passed upon the merits of participating in any trading programs or funds promoted by PAM. Consequently, neither the CFTC nor the SEC have reviewed or approved this report.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. This report, including the information and opinions contained herein, was prepared by PAM. The information in this document does not constitute investment, accounting, tax, regulatory or legal advice. Potential investors are urged to consult a personal tax advisor with respect to the taxation questions. It is solely for information purposes and is subject to change without notice or prior notification, and PAM makes no express or implied warranties concerning these materials. This document and all of the information contained in it are the proprietary information of PAM and under no circumstances may it be reproduced or disseminated, in whole or in part, without the prior written permission of PAM.

The Index returns shown in this presentation do not represent the results of actual trading of investible products, assets or securities. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index and there can be no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. All the indices referred to in this presentation above are not investable products and their returns do not reflect the fees and charges inherent in investing in a vehicle designed to replicate a particular index. No fund nor any separate account managed by Price Asset Management, Inc. that tracks the RICI® is sponsored, endorsed, sold or promoted by Beeland Interests, Inc. (“Beeland Interests”) or James Beeland Rogers, Jr. Neither Beeland Interests nor James Beeland Rogers, Jr. makes any representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this presentation, or the advisability of investing in securities or commodities generally, or in any private fund. or in futures particularly.

BEELAND INTERESTS DOES NOT, NOR DOES ANY OF ITS AFFILIATES OR AGENTS, GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE ROGERS INTERNATIONAL COMMODITY INDEX® (“RICI®”), ANY SUB-INDEX THEREOF OR ANY DATA INCLUDED THEREIN. SUCH PERSON SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF AN INTEREST IN ANY PRIVATE FUND OR ANY SEPARATE ACCOUNT MANAGED BY PRICE ASSET MANAGEMENT, INC., OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RICI®, ANY SUB-INDEX THEREOF, ANY DATA INCLUDED THEREIN OR ANY PRIVATE FUND OR ANY SEPARATE ACCOUNT MANAGED BY PRICE ASSET MANAGEMENT, INC. BEELAND INTERESTS DOES NOT, NOR DOES ANY OF ITS AFFILIATES OR AGENTS, MAKE ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH EXPRESSLY DISCLAIMS ALL WARRANTIES 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 OR ANY OF ITS 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.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 3 Why Invest in Commodities?

• History of Excellent Returns

• Performance statistics on par with equities

• Volatility comparable to equities

• Portfolio Construction Benefits

• Low correlation to other asset classes

• Counter-cyclicality

• Diversification

• Favorable return distribution

• Improvement to portfolio risk-adjusted returns

• Inflation Protection

• High correlation to CPI

• Commodities are positively correlated with unexpected inflation and changes in expected inflation.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 4 Stocks vs Commodities January 1970 through September 2016

Distribution of Monthly Returns Distribution of Monthly Returns January 1970 through September 2016 Shown in 5% Increments Shown in 5% Increments 300 S&P 500 TR Commodities* ▪ Commodities* CAGR = 7.62% 250 <25% 0 0 ▪ S&P 500 TR -25% to -20% 1 1 CAGR =10.25% 200 -20% to -15% 1 1 -15% to -10% 5 7 150

-10% to -5% 42 52 Frequency -5% to 0% 100 163 183 0% to 5% 263 225 50 5% to 10% 76 76 10% to 15% 9 11 0 15% to 20% 1 2 20% to 25% 0 2 >25% 0 1

Monthly Returns (5% increments)

*Commodities are represented by the S&P GSCI TR from January 1970 to July 1998 and the Bloomberg Commodity Index TR (“BCOM”) from August 1998 to present. Source: Bloomberg LP & Barclay Hedge Ltd.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 5 Bear Markets Cause Investors to Challenge Asset Classes

. Commodities experience one of their longest and deepest bear markets on record . Becomes one of the only major asset classes in the world where prices are deeply depressed . Are one of few asset classes that has not benefited from the massive quantitative easing: in fact the drive to ultra low interest rates has been a negative. . Extreme negative sentiment and precipitous decline in asset flows . The decline accelerates to the end as investors capitulate

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 6 Annual Return Comparison January 1970 through September 2016

Stocks^ Commodities* Stocks^ Commodities* 1970 4.03% 15.10% 1995 37.43% 20.35% 1971 14.32% 21.08% 1996 23.07% 33.91% 1972 18.98% 42.43% 1997 33.37% -14.06% 1973 -14.67% 74.96% 1998 28.58% -33.91% 1974 -26.45% 39.51% 1999 21.03% 24.34% 1975 37.21% -17.22% 2000 -9.10% 31.84% 1976 23.85% -11.92% 2001 -11.88% -19.52% 1977 -7.18% 10.37% 2002 -22.11% 25.92% 1978 6.57% 31.61% 2003 28.69% 23.96% 1979 18.44% 33.81% 2004 10.87% 9.16% 1980 32.42% 11.08% 2005 4.89% 21.35% 1981 -4.91% -23.01% 2006 15.79% 2.08% 1982 21.41% 11.56% 1983 22.51% 16.26% 2007 5.50% 16.24% 1984 6.27% 1.06% 2008 -37.00% -35.65% 1985 32.16% 10.02% 2009 25.41% 18.90% 1986 18.47% 2.06% 2010 15.07% 16.82% 1987 5.23% 23.77% 2011 2.12% -13.32% 1988 16.81% 27.93% 2012 16.00% -1.05% 1989 31.49% 38.29% 2013 32.40% -9.53% 1990 -3.17% 29.07% 2014 13.70% -17.01% 1991 30.55% -6.14% 2015 1.38% -24.66% 1992 7.67% 4.44% 2016 YTD 7.83% 8.87% 1993 9.99% -12.33% 1994 1.31% 5.31% CAGR 10.25% 7.62% *Commodities are represented by the S&P GSCI TR from January 1970 to July 1998 and the Bloomberg Commodity Index TR from August 1998 through December 2015. ^Stocks are represented by the S&P 500 Total Return Index. The indices above are not investable products and their returns do not reflect the fees and charges inherent in investing in a vehicle designed to replicate a particular commodity index. Source: Bloomberg LP 141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 7 What to Look For: Indications that a New Bull Market has Begun

. Most bear markets bottom with extreme negative sentiment and investors being underweight which is the case in commodities today . Fundamentals inputs clearly begin to improve. Inflection points are usually generated by changes in supply which is clearly contracting. . Price action confirming fundamentals and indicative of meaningful recovery . Potential for Global Macro forces to turn positive but they are not needed for prices to continue mean reverting

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 8 World Wide Oil Industry Responds to Lower Prices

. Saudi Arabia issues bonds amidst decline in foreign reserves and estimated $87 billion budget deficit in

2016 (Bloomberg12/15)

. Deloitte reports that 35 percent of the 500 pure-play E&P publicly listed companies worldwide, or about 175 companies, are at high risk; 50 of these are in a precarious position with negative equity or leverage

ratios (Deloitte 2/16)

. NON-OPEC oil supply likely to see largest drop in over 25 years (International Energy Agency “IEA” 4/16)

. The oil and gas industry will cut $1 trillion from planned spending on exploration and development from

2015 – 2020 according to consultant Wood Mackenzie LTD (Bloomberg 6/16)

. US oil production projected to decrease from 9.4 million b/d in 2015, and to 8.2 million in 2017 (US EIA 6/16)

. Oil consumption in India is expected to increase by 350,000 barrels per day this year, the country’s

largest annual volume growth based on data that goes back to 1980 (US EIA, 6/16)

. China, the world’s fourth largest producer, experienced a 5% decline in oil production in the first half of

2016 and in August fell to lowest level since late 2009 ( WSJ 8/16)

. EIA reports 5th straight weekly surprise fall in US Crude supplies (Market Watch 10/16)

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 9 Mining Industry Supply Response Accelerates

Metals

. Major mining cutbacks and closings

 The world’s largest mining companies by market value have accumulated nearly $US 200 billion in net debt, six times higher than a decade ago, according to consultancy Ernst and Young (WSJ 7/12/15)

 BHP, Glencore, Freeport McMoRan, Anglo American, Barrack Gold and others are closing mines and decreasing production in Copper, Nickel, Zinc, Gold, Silver and Aluminum (WSJ and Corporate releases 2015)

 Anglo American, world’s 5th largest miner, to cut 85,000 employees down to 50,000 and to reduce their mining assets by 60% through closures, maintenance or outright sales. (Corporate Press Release, 12/15)

 Demand for gold from central banks grew by 25% in the fourth quarter of 2015 to 167 metric tons, compared with 134 metric tons the same time last year led by China and Russia and both remain net purchases for 2016 YTD (May 2016, Capital Economics)

 With $53 billion of impairments in 2015, miners have now collectively wiped out the equivalent of 32% of all their actual capex since 2010 (6/16 Price Waters Coopers)

 Two of the world’s larger Zinc mines, MMG Ltd.’s Century and Vedanta Resources Plc’s Lisheen close over the past year and cut backs by Glencore lead to 43 percent increase in price (Bloomberg 9/28/16)

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 10 GDP and Commodities

Source: Capital Economics Commodities track GDP, and commodities markets may have overshot on the downside. China is the world’s 2nd largest economy, and 1st in purchasing power (IMF). China and India GDP are both above 7%, and forecast no lower than mid-6% in 2016. Collectively, Asia has a larger GDP than either the U.S.A. or EU, and is still considered a developing economy.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 11 El Niño: Positive for Agriculture Prices

. El Niño events typically lead to higher growth and faster inflation in the following year (IMF Working Paper: Fair Weather or Foul? The Macroeconomic Effects of El Niño–Paul Cashin, Kamiar Mohaddes and Mehdi Raissi)

. El Niño is a strong potential catalyst for commodities in general and particularly for agriculture as historically prices rise significantly over following 12 months. (Study by Global Head of Commodities for S&P Dow Jones Indices)

. El Nino ended in May 2016 and there is 75% chance of a La Nina developing (NOAA – National Oceanic and Atmospheric Administration)

Commodity Sector Returns 12 Months Following El Niño Periods Year S&P GSCI Agriculture 1983 -15.17% 1988 22.12% 1992 4.67% 1995 29.93% 1998 -16.61% 2003 30.42% 2005 14.90% 2007 70.88% 2010 78.25% Average 24.38%

Source: S&P Dow Jones Indices and http://ggweather.com/enso/oni.htm 141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 12 Shape of Futures Curve May be Bullish

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 13 Current Volatility May Be Signaling the Bottom in Prices

The S&P GSCI (WTI) Crude Oil posted a 3-day gain of 14.4% ending Feb. 17, 2016. This is the biggest 3-day gain in about 6 months for the index, and gains of this magnitude have only happened near oil bottoms – (Jodie Gunzberg, Global Head of Commodities for S&P Dow Jones Indices)

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 14 RICI®: Strong Recoveries from Previous Bear Market Lows (03/1999 & 03/2009)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

1998 ------5.63% 9.60% -3.73% -10.07% -0.76% -11.14% 1999 0.89% -4.01% 16.77% 5.43% -5.36% 7.30% 1.98% 5.49% 5.31% -4.31% 4.65% 3.23% 41.79% 2000 6.74% 4.54% -0.89% -2.13% 7.60% 4.88% -5.48% 10.45% -1.42% 0.68% 5.13% -5.21% 26.12%

2001 2.02% -1.30% -4.46% 4.37% -2.00% -5.37% 1.48% 0.63% -8.77% -4.67% -1.11% -0.68% -18.78% 2002 -1.20% 4.40% 10.95% -0.12% -0.16% 3.96% 0.49% 5.15% 2.88% -2.05% 0.45% 5.66% 34.08% 2003 7.22% 5.81% -6.92% -3.99% 8.29% 1.13% 2.66% 4.44% -1.72% 4.06% 2.57% 5.70% 31.99%

2004 2.65% 8.38% 2.13% 0.30% 2.85% -5.05% 5.01% 0.65% 7.30% 1.67% -1.00% -4.87% 20.85%

2005 3.15% 7.35% 3.32% -6.48% 0.06% 2.40% 3.68% 5.33% 1.01% -5.16% -0.97% 5.26% 19.55%

2006 7.06% -5.51% 3.18% 6.12% -0.33% -0.31% 1.39% -3.97% -6.45% 1.25% 5.45% -3.73% 3.04%

2007 -2.97% 4.13% 1.77% 0.55% 0.54% 2.97% 4.80% -2.78% 9.41% 6.29% -2.41% 5.02% 29.98%

2008 2.69% 12.54% -5.39% 4.74% 3.92% 8.66% -9.32% -6.88% -13.47% -24.89% -11.07% -7.07% -41.35% 2009 -5.10% -3.88% 4.98% 1.75% 16.70% -1.37% 2.33% -1.40% 0.41% 5.81% 4.36% 0.62% 26.24% 2010 -7.90% 5.42% 0.67% 2.78% -10.33% 0.04% 7.94% -2.79% 8.58% 4.73% -0.29% 11.02% 19.03%

2011 3.17% 3.88% 2.38% 3.04% -5.20% -5.63% 2.34% -0.24% -13.95% 7.94% -1.20% -1.79% -6.93%

2012 3.43% 4.39% -2.58% -0.69% -11.45% 2.54% 5.77% 4.83% 0.38% -4.24% 1.83% -0.88% 2.02%

2013 3.97% -4.03% 0.41% -3.62% -1.66% -2.26% 3.34% 3.40% -2.38% -1.80% -1.13% 1.62% -4.48%

2014 -1.25% 5.41% 0.80% 1.18% -1.69% 1.17% -5.05% -0.98% -6.61% -1.68% -6.53% -8.66 -22.21%

2015 -5.40% 3.80% -5.49% 7.60% -2.41% 1.71% -11.55% -0.60% -4.51% 0.80% -7.59% -4.64% -26.08% 2016 -3.88% -1.85% 5.04% 9.47% -0.11% 2.31% -4.81%- -0.47% 4.02% - - - 9.25%

*The RICI® was officially released on August 1, 1998. The above performance does not include or account for commissions, regulatory charges, management fees or any other expenses inherent in investing in vehicles designed to track the RICI®. The Index returns shown above are hypothetical and do not represent the results of actual trading of investible products, assets or securities

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 15 Annual Return Comparison January 1970 through September 2016

Stocks^ Commodities* Stocks^ Commodities* 1970 4.03% 15.10% 1995 37.43% 20.35% 1971 14.32% 21.08% 1996 23.07% 33.91% 1972 18.98% 42.43% 1997 33.37% -14.06% 1973 -14.67% 74.96% 1998 28.58% -33.91% 1974 -26.45% 39.51% 1999 21.03% 24.34% 1975 37.21% -17.22% 2000 -9.10% 31.84% 1976 23.85% -11.92% 2001 -11.88% -19.52% 1977 -7.18% 10.37% 2002 -22.11% 25.92% 1978 6.57% 31.61% 2003 28.69% 23.96% 1979 18.44% 33.81% 2004 10.87% 9.16% 1980 32.42% 11.08% 2005 4.89% 21.35% 1981 -4.91% -23.01% 2006 15.79% 2.08% 1982 21.41% 11.56% 1983 22.51% 16.26% 2007 5.50% 16.24% 1984 6.27% 1.06% 2008 -37.00% -35.65% 1985 32.16% 10.02% 2009 25.41% 18.90% 1986 18.47% 2.06% 2010 15.07% 16.82% 1987 5.23% 23.77% 2011 2.12% -13.32% 1988 16.81% 27.93% 2012 16.00% -1.05% 1989 31.49% 38.29% 2013 32.40% -9.53% 1990 -3.17% 29.07% 2014 13.70% -17.01% 1991 30.55% -6.14% 2015 1.38% -24.66% 1992 7.67% 4.44% 2016 YTD 7.83% 8.87% 1993 9.99% -12.33% 1994 1.31% 5.31% CAGR 10.25% 7.62% *Commodities are represented by the S&P GSCI TR from January 1970 to July 1998 and the Bloomberg Commodity Index TR from August 1998 through December 2015. ^Stocks are represented by the S&P 500 Total Return Index. The indices above are not investable products and their returns do not reflect the fees and charges inherent in investing in a vehicle designed to replicate a particular commodity index. Source: Bloomberg LP 141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 16 The 1997-98 Commodity Bear Market Ends and Recovers 1999-2002

VALUE ADDED MONTHLY INDEX (12/31/1998 - 12/31/2002)

250

200 RICI® 94.81% BCOM 66.14% 150

SPGSSINR 8.20% 100

S&P 500 -24.48% 50

0 1998 1999 2000 2001 2002

Source: Bloomberg

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 17 Demand and Supply Imbalance Ultimately Drives Prices

. 1997-1998 commodity bear market ends in February 1999 and a new bull market begins as supplies are inadequate . 12/31/98 – 12/31/02 S&P 500 declines 24% as it enters a bear market beginning in 2000 . 12/31/98 – 12/31/02 RICI® appreciates 94% . US GDP declines from over 4% in 1999 to under 2% in 2002 . CPI declines slightly over the 4 years . US dollar rallies close to 8% in each of the first 2 years (1999 and 2000) of the commodity recovery

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 18 RICI® 2016 Weightings & Changes (More components on more exchanges)

Metals (Precious & Industrial) 25.1% Agriculture 34.9% Palladium 0.30% Nickel 1.00% Corn 4.75% Tin 1.00% Wheat (CME) 4.75% Platinum 1.80% Silver 4.00% Cotton 4.20% Lead 2.00% Soybeans 3.50% Zinc 2.00% Gold 5.00% Coffee 2.00% Aluminum 4.00% Live Cattle 2.00% Copper 4.00% Soybean Oil 2.00% Cocoa 1.00% Lean Hogs 1.00% Energy 40% Lumber 1.00% Rapeseed 1.00% Gas Oil 1.20% Heating Oil 1.80% Rubber 1.00% RBOB Gasoline 3.00% Sugar 1.00% Natural Gas 5.00% Wheat (KCBT) 1.00% Brent Oil 13.00% Milling Wheat 1.00% WTI Crude Oil 16.00% White Sugar 1.00% Rice 0.75% 2016 No Changes Soybean Meal 0.75% 2015 No Changes Orange Juice 0.60% 2014 Changes Natural Gas increased by 2.0% to a 5.0% RICI® weighting Oats 0.50% WTI Crude reduced by 5.0% to a 16.0% RICI® weighting. Milk 0.10% Brent reduced by 1.0% to 13% RICI® weighting Gold increased by 2.0% to a 5.0% RICI® weighting Silver increased by 2.0% to a 4.0% RICI® weighting

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 19 RICI® Methodology Outperforms August 1998 through June 2016

Compound Annualized Index Annual Total Return Standard Sharpe Ratio Return Deviation

RICI® 4.64% 125.24% 18.95% 0.14

BCOM 1.88% 39.54% 16.88% 0.00

S&P 500 5.53% 162.34% 15.43% 0.23

Barclays US Agg 5.29% 151.74% 3.43% 0.98 Bond Index

The RICI®, S&P GSCITM & BCOM (formerly DJ-UBS) are long only, passively managed commodity indices. It is not possible to invest in them and their returns do not reflect the fees and expenses inherent in investing a vehicle designed to replicate a particular commodity index. Detailed information on all of the indices is available upon request. Source: Barclay’s Trading Group Ltd.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 20 Annual RICI® Outperformance August 1998 through December 2015

20%

15%

10%

Outperformance ® 0%

-5% Annual Annual RICI

-10% 8/98 - 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12/98 RICI - BCOM 1.08%17.48%-5.71% 0.73% 8.19% 8.06%11.69%-1.82% 0.98%13.78%-5.70% 7.33% 2.18% 6.40% 3.08% 5.03% -5.20%-1.42%

Source: Barclay’s Trading Group Ltd.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 21 RICI® Components On Sale BUY LOW / SELL HIGH

Rogers International Commodity Index® RICI® - Component Historical Price History Since Inception (August 1, 1998) Rogers International Commodity Index® SPOT Nominal Price (USD) RICI® 7000 Commodity Tickers High As of 6/30/2016 Weighting Price Date Last Price % from High* 6000 Aluminum LMAHDY 4.00% $3,271.25 7/11/2008 $1,643.00 -49.77% Brent Oil CO1 13.00% $145.65 7/4/2008 $50.16 -65.56% 5000 Cocoa CC1 1.00% $3,774.00 3/3/2011 $2,963.00 -21.49% Copper LMCADY 4.00% $10,179.50 2/14/2011 $4,840.00 -52.45% Corn C 1 4.75% $8.31 8/21/2012 $3.66 -56.03% 4000 Cotton CT1 4.20% $2.15 3/4/2011 $0.65 -69.97% WTI Crude Oil CL1 16.00% $145.29 7/3/2008 $48.33 -66.74% 3000 Gas Oil QS1 1.20% $1,325.25 7/11/2008 $450.25 -66.03% Gold XAU 5.00% $1,900.20 9/5/2011 $1,321.90 -30.43% 2000 Heating Oil HO1 1.80% $410.60 7/3/2008 $150.83 -63.27% Kansas Wheat KW1 1.00% $1,337.00 2/27/2008 $422.50 -68.40% Lead LMPBDY 2.00% $3,989.00 10/10/2007 $1,785.25 -55.25% 1000 Lean Hogs LH1 1.00% $133.88 7/15/2014 $85.03 -36.49% Live Cattle LC1 2.00% $171.00 11/17/2014 $114.83 -32.85% 0 Lumber LB1 1.00% $455.60 5/13/2004 $307.70 -32.46% Milk Class III DA1 0.10% $24.58 9/15/2014 $13.22 -46.22% Milling Wheat CA1 1.00% $292.75 3/3/2008 $155.75 -46.80% Natural Gas NG1 5.00% $15.38 12/13/2005 $2.90 -81.15% Nickel LMNIDY 1.00% $54,050.00 5/15/2007 $9,401.00 -82.61% Oats O 1 0.50% $5.58 3/12/2014 $2.03 -63.69% Orange Juice JO1 0.60% $2.20 1/23/2012 $1.77 -19.44% Palladium XPD 0.30% $1,110.50 1/26/2001 $599.72 -46.00% AVERAGE = -53.25% Platinum XPT 1.80% $2,250.50 3/5/2008 $1,024.40 -54.48% Rapeseed IJ1 1.00% $782.03 3/3/2008 $366.00 -53.20% RBOB Gasolineᶧ XB1 3.00% $3.57 7/3/2008 $1.51 -57.79% *The high since inception of the RICI® on August 1st, 1998. Rice RR1 0.75% $24.46 4/23/2008 $10.65 -56.48% Robusta Coffeeᶧ DF1 2.00% $2,751.00 3/5/2008 $145.65 -94.71% Source: Bloomberg LP (Historical Price Data in USD) Rubber JN1 1.00% $6.54 2/18/2011 $1.59 -75.69% † RBOB Gasoline (Begins 10/03/2005) Silver XAG 4.00% $48.44 4/25/2011 $18.71 -61.37% † Robusta Coffee (Begins 01/14/2008) Soybean Meal SM1 0.75% $548.10 8/30/2012 $403.70 -26.35% Soybean Oil BO1 2.00% $0.70 3/3/2008 $0.32 -55.03% For all commodities, excluding metals, the 1st Generic Future was used. Otherwise, cash Soybeans S 1 3.50% $17.71 9/4/2012 $11.62 -34.37% prices were used for all metals (Aluminum, Copper, Gold, Lead, Nickel, Palladium, Sugar SB1 1.00% $0.35 2/2/2011 $0.20 -42.42% Platinum, Silver, Tin, Zinc). The 1st Generic Future represents the nearest front month Tin LMSNDY 1.00% $33,265.00 4/11/2011 $17,075.00 -48.67% of the corresponding commodity as set by Bloomberg LP. Wheat (CME) W 1 4.75% $12.80 2/27/2008 $4.46 -65.20% White Sugar QW1 1.00% $876.30 7/13/2011 $551.10 -37.11% Zinc LMZSDY 2.00% $4,603.00 11/24/2006 $2,102.00 -54.33% 141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 22 Reasons to Own Commodities Now

. Commodities fundamentals are improving as supply continues to contract . Prices have begun to rise and rally consistent with other recoveries . Quantitative easing might give way to fiscal stimulus which would increase demand . Weak dollar, inflation surprises, or rising interest rates are potential positive global macro inputs but not required for continued reversion to the mean . Return expectations for fixed income and equity?

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 23 Counter-Cyclicality Leads to Opportunity

Sources: Yale ICF Working Paper No. 04-20, Feb. 2005 – Facts & Fantasies About Commodity Futures (data from July 1959 - December 2004) and Bloomberg Commodity Index Total Return data (January 2005 – June 2016) for “Commodity Futures”; Bloomberg (SPXT) S&P 500 Total Return Index data (July 1959 – June 2016) for “Stocks”; Ibbotson’s (SBBI) Int-Term Govt. Bond data (July 1959 – December 2012) and Vanguard (VFITX) Govt. Int-Term Bond Fund (January 2013 – June 2016) for “Bonds”; Federal Reserve Bank of St. Louis CPI Data (July 1959 – March 2016) used for inflation adjustment.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 24 Conclusion Continued

. Commodities: An Essential Asset Class

 Rich history of diversification and attractive total returns on par with Equities

 Non-correlation and Diversification benefits versus equities, bonds and real estate

 Mitigate Inflation risk and Event risk

. RICI® is a proven methodology

 Over 17 year performance record for the Index

 More global and diversified – 37 commodities; 5 exchanges worldwide

 Captures “Alpha” through consumption-based component selection/weighting, more frequent rebalancing and improved roll schedule versus benchmark indices

 Transparent with Short term governments as collateral management

. Investment vehicles:

 Separately Managed Accounts

 Private Fund for Accredited Investors only

 40 Act Mutual Fund - PCScommodityfunds.com

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 25 Institutional Client Contact Information

Uhlmann Price Securities, LLC Member FINRA/SIPC Chicago Board of Trade 141 West Jackson Boulevard, Suite 1340A Chicago, Illinois 60604 Uhlmann Price Institutional Group: 888.430.0043

Alan Konn Denise Poling Managing Director Assistant to Managing Director 312.264.4340 312.264.4341 [email protected] [email protected]

Jerry McEntee Ruth Mignerey Senior Director, Institutional Sales Director, Institutional Sales 312.264.4403 704.969.0974 [email protected] [email protected]

David Fenn Lydia Brown Consultant, Institutional Sales VP - Institutional Sales 1-877-261-4460 312.264.4406 [email protected] [email protected]

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 26 Conclusion: Catalysts in Place

. Fundamentals:

 Significant production destruction across the oil and mining industries  Major capital expenditure cuts forecast to continue  Geopolitical event risk a returning consideration  El Niño a catalyst for higher agriculture prices and the entire commodity complex  Expected policy shift toward higher rates is bullish for commodities  Increase in CPI or dollar weakness or fiscal stimulus are all potential positives but not required for commodity recovery

. Technicals:

 Reversion to the mean is normal, and can happen quickly and be multi-year  Prices are at near-term lows across most sectors but beginning to increase  Rally of the February 2016 lows was broad based  Commodities now exhibiting divergence from equity market stress  Value of portfolio diversification returning

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 27 Price Asset Management Philosophy of Commodities Investing

As an “insurance policy”, commodities investments are probably the most practical inflation hedge available, with among the highest correlations to CPI, and a positive relationship to event risk. Commodities should be considered a core, long-term asset class within broad portfolio allocations. At a minimum, commodity investments should incorporate the following features: “Smart beta” construction (demand-weighted commodity selection) Embedded enhancements (rules-based application of more frequent rebalancing and roll methodology) Inflation protection (highest correlation to CPI) Portfolio benefits (diversification, risk adjusted return, no non-commodity systematic risks, counter-cyclicality, positive skewness) Repeatable and explainable investment strategy not subject to market trends or skill dependency Significant history of outperformance vs. commodities benchmarks, without returns attributable to portable alpha strategies Low management fees (and no performance fees) Liquidity (as quickly as daily, with no gating or lock ups) Transparency (exchange traded exposures without additional counterparty risks) Commodities are a relatively new, frequently misunderstood, and as a result, under-utilized asset class. Research into new investment methods is still nascent and many previously widely adopted strategies are lately being revealed as sub-optimal. The specialist commodity investment manager peer group is small, with few statistically significant performance histories. Commodities are properly viewed as a beta strategy, with a very low likelihood of success of alpha generation from a universe of only 50 opportunities. There is almost no evidence of persistent alpha among the strategies we have observed, and thus, questionable rationale for active management or performance fees. We believe the smart beta approach of the RICI® methodology, with its 16 year history of outperformance through employment of proven, rules- based enhancement strategies, is the ideal nexus of implementation cost, skill dependency, and performance on the passive-to-active investment process curve.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 28 Don’t Wait for a Weak Dollar!

Year DXY* Commodities** 1980 5.33% 11.10% 1982 12.10% 11.55% 1983 12.30% 16.26% 1984 14.93% 1.06% 1988 8.35% 27.93% 1989 0.68% 38.29% 1992 10.57% 4.44% 1996 3.96% 33.91% 1999 8.18% 24.34% 2000 7.55% 31.84% 2005 12.76% 21.35% 2010 1.5% 16.82%

*DXY is a weighted geometric mean of the dollar's value compared only with a "basket" of 6 other major currencies which are: Euro (EUR) 57.6%, Japanese Yen (JPY) 13.6%, Pound Sterling (GBP) 11.9%, Canadian Dollar (CAD) 9.1%, Swedish Krona (SEK) 4.2%, Swiss Franc (CHF) 3.6%

**Commodities are represented by the S&P GSCI TR from January 1970 to July 1998 and the Bloomberg Commodity Index TR from August 1998 to present.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 29 The Value in Commodities

Source: SEI, MorningStar. This represents the differential, in number of standard deviations, between actual commodity performance (as measured by the S&P GSCI Light Energy Total Return Index) and expected commodity performance. Expectation for commodity performance is based on historical relationships with other major asset classes as measured by representative Indexes. Historical relationships estimated by regression analysis of monthly data back to 1/31/1970 and as of 1/31/2016. Please see page 37, Regression Analysis Disclosure for more details.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 30 RICI® Estimated Monthly Cost of Carry

RICI Estimated Monthly Cost of Carry (August 1998 - March 2016)

-2%

-4%

-6%

-8%

Source: Uhlmann Price Securities, Bloomberg LP

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 31 China’s Oil Consumption Continues to Rise

China's oil demand will grow 4.3 percent in 2016 to surpass 11 million barrels per day, compared to 4.8 percent growth last year (China National Petroleum Corporation research institute)

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 32 Demand Responds to Low Prices: US Miles Driven Sets Record

Source: US. Federal Highway Administration fred.stlouisfed.org 12/01/70 – 7/01/16

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 33 Superior Inflation Protection: Quarterly Correlations to CPI, June 2016

Index CPI

S&P 500 (1/70-6/16) 0.103

Bonds (USGATR) (1/92-6/16) -0.325

Commodities-RICI® (8/98-6/16) 0.625

TIPS (DJCSTP10) (1/97-6/16) 0.078

Source: Bloomberg LP. Commodities and the CPI:

. Commodities have a much higher correlation to the CPI than equities, fixed income or tips.

. Commodities historically benefit during inflationary times and tend to react particularly well to unanticipated inflation.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 34 Higher Inflation Could Help Prices

Consumer Price Index - All Urban Consumers less Food and Energy

Source: FactSet, U.S. Dept. of Labor. As of Oct. 01, 2016

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 35 Improved Portfolio Risk Adjusted Returns Commodities De-risk Stock and Bond Portfolios

100% 50% Constrained Efficient 100% Bonds 100% Equities Commodities Equities/ 45% E/ 45% 22% E/ 49% (Barclays) (S&P 500) (GSCI/RICI) 50% Bonds B/ 10% C B/ 29% C

Avg Annual Return 7.5% 11.0% 10.0% 9.2% 9.3% 9.1%

Standard Deviation 5.6% 15.3% 18.1% 8.4% 7.9% 7.1%

Worst LCD* -28.4% -75.7% -84.4% -44.0% -35.7% -39.7%

Best LCD* -5.0% -19.1% -21.9% -7.9% -6.1% -4.8%

Average LCD* -9.9% -41.6% -54.1% -18.6% -18.2% -17.2%

Excess Return** / SD 0.71 0.49 0.36 0.68 0.73 0.79

*Largest cumulative decline **Excess return over the risk-free rate (3.5%) Fixed income represented by the Barclays Intermediate US Govt. Bond Index, equities represented by the S&P 500 Index, commodities represented by the Rogers International Commodity Index (1998-2015) and the S&P Goldman Sachs Commodity Index (1970-1998) 46 Year Analysis –1970 through 2015. The indices above are not investable products and their returns do not reflect the fees and charges inherent in investing in a vehicle designed to replicate a particular index. Mean variance optimization and Monte Carlo simulations (50 year periods) Source: C. Chin; Price Asset Management, Inc.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 36 Roll Yield: Backwardation vs. Contango

• Both backwardation (positive roll yield) and contango (negative roll yield) are common conditions of futures markets and observable in approximate equivalence over long measurement periods • Disequilibrium theory of roll returns: product of hedging pressure in opposite directions between insurance (risk) premium and convenience yield vs. cost of carry

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 37 Price Asset Management Overview

. Price Asset Management (“PAM”) was founded in 1998 by Tom Price, Co-Chairman of Price Holdings, Inc. and original member of the Rogers International Commodity Index® committee

. The Firm’s affiliated FINRA broker dealer, Uhlmann Price, was founded by Fred Uhlmann, former Chairman of the Chicago Board of Trade

. Price Asset Management is an SEC Registered Investment Advisor, CFTC Registered Commodity Trading Advisor, and a NFA member

. Price Asset Management is a management owned company (December 2015)

. Headquartered in the Chicago Board of Trade building

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 38 Raising Rate Environment Improves Attractiveness of Commodities

. Commodities tend to respond positively after Fed rate hikes

 Implies that Fed is anticipating increases in CPI, bullish for commodities

 Most commodity strategies have floating rate portfolios (beware those that don’t)

 Add most value to equity exposure as rates rise (multi-university research paper)

. Commodities have the highest correlation to CPI, and respond particularly well to unanticipated inflation

. Interest rate hikes may begin to re-price equity and real estate markets; they will definitely re- price fixed income markets

. Higher rates and tighter credit will increase costs to commodity producers and processors, resulting in more pressure on supply and pricing

. TIPS have a low interim correlation to CPI, and a high correlation to USTs. They are a bet that increases in CPI will outpace rate hikes, the opposite of the current Fed posture

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 39 Definitions

.RICI® (Rogers International Commodity Index®): Comprised of 37 commodities representing the energy, metals, and agriculture sectors. The components of the RICI® have been specifically chosen to give a balanced representation of consumption patterns throughout the world. It was developed by world renowned investor Jim Rogers to be an passive, international, diversified, investable raw materials index. The RICI® is a calculated Index and thus does not include any fund expenses that would exist with an investment vehicle designed to track the Index. The RICI® was officially released on August 1, 1998.

.S&P 500 Total Return Index: The S&P 500 is an index consisting of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe.

.MSCI EAFE Index: Reflects performance of the Morgan Stanley EAFE (Europe, Australasia, Far East) index in US dollars.

.The Barclay CTA Index is an unweighted index which attempts to measure the performance of the CTA industry. The Index measures the combined performance of all CTAs who have more than 4 years past performance. For purposes of calculating the Index, the first 4 years of a CTA's performance history is ignored.

.Dow Jones Industrial Average (DJIA): Reflects the performance of the Dow Jones Industrial Average, a price weighted average of 30 blue-chip U.S. stocks that are generally the leaders in their industry and are listed on the NYSE.

.Bloomberg Commodity Index (BCOM): The Index is comprised of 22 commodities representing the energy, metals, and agricultural sectors.

.Barclays Capital LT Treasury Index: Includes public obligations of the U.S. Treasury. Treasury bills are excluded by the maturity constraint but are part of a separate Short Treasury Index. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as U.S. Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting. Securities in the index roll up to the U.S. Aggregate, U.S. Universal, and Global Aggregate Indices. The U.S. Treasury Index was launched on January 1, 1973.

..LBUSTRUU: The Barclays U.S. Aggregate Index provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investor Service, Inc., Standard & Poor's, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States.

.S&P GSCI: The Index is comprised of 24 commodities representing the energy, metals, and agricultural sectors.

.All data provided direct from Barclay Trading Group LTD Data Base or from the Index provider website (CISDM and RICI®). Although we believe the sources to be reliable, Uhlmann Price and Price Asset Management cannot take responsibility for the accuracy of the data.

.Regression Analysis Disclosure - Regression analysis is a statistical process that can be used to estimate the relationship between variables; in this case the relationship between commodity prices and major asset classes that represent capital markets. Regression analysis can help investors understand how the typical value of a variable (in this case commodity prices) changes when other variables (various capital markets) are varied.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 40 Creating of the Rogers International Commodity Index®

• Jim Rogers believed that the industrialization of China and other emerging nations would create unprecedented demand for commodities

• Lack of major investment in commodity production in last 25 years would compound shortages

• Direct participation in commodity futures avoids unrewarded risks inherent with investing in commodity related companies

• Dissatisfaction with existing commodity indices as investment benchmarks

• In 1998, created a new more internationally oriented, diversified, balanced index, the Rogers International Commodity Index®, incorporating a more fundamentals-based commodity selection and comprehensive enhancement methodology lacking in existing benchmarks

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 41 Rogers International Commodity Index® Who is Jim Rogers?

. Co-founded the Quantum Fund. After 10 years and a return in excess of 4000%(1) he retired . Noted commodities authority; author of Hot Commodities, Adventure Capitalist, Investment Biker, A Bull In China, A Gift to My Children and Street Smarts . Frequent contributor and guest on numerous media programs including CNBC, Fox News, Bloomberg, Barron’s, and Worth Magazine . Created the RICI® methodology in 1998 for his own use

1. Stock Futures & Options Magazine, 12-03

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 42 RICI® Methodology Versus Benchmark Indices

RICI® S&P GSCI BCOM

World Demand & World Production & Past Trading Activity & Construction Consumption Supply Production Data Components 37 Commodities 24 Commodities 22 Commodities Rebalancing Monthly Annually Annually Roll calendar End of month 5th through 9th 5th through 9th Contract tenor Next non-delivery month Nearest, incl. delivery Nearest, incl. delivery Avg. expiration 2.64 months 1.46 months 1.75 months Collateral return 90% of T-Bill rate 100% of T-Bill rate 100% of T-Bill rate assumption Rogers International Adjustments Rules Based Rules Based Index® Committee

Continuity High - Few Changes Low - Many Changes Low - Many Changes

Source: Goldman Sachs & Bloomberg Commodity Index

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 43 2016 Commodity Indices Components & Target Weightings

RICI® BCOM S&P GSCI RICI® BCOM S&P GSCI Agriculture Metals Corn 4.75% 7.36% 4.23% Aluminum 4.00% 4.60% 2.88% Wheat Soft Red 4.75% 3.33% 3.53% Copper 4.00% 7.63% 3.85% Cotton 4.20% 1.49% 1.18% Gold 5.00% 11.38% 3.25% Soybeans 3.50% 5.70% 2.95% Lead 2.00% - 0.60% Coffee 2.00% 2.29% 0.94% Silver 4.00% 4.21% 0.41% Live Cattle 2.00% 3.57% 4.79% Zinc 2.00% 2.53% 0.88% Soybean Oil 2.00% 2.84% - Platinum 1.80% - - Cocoa 1.00% - 0.45% Nickel 1.00% 2.36% 0.70% Lean Hogs 1.00% 2.06% 2.30% Tin 1.00% - - Lumber 1.00% - - Palladium 0.30% - - Milling Wheat 1.00% - - Subtotal 25.10% 32.71% 12.57% Rapeseed 1.00% - - Rubber 1.00% - - Energy Sugar 1.00% 3.63% 1.59% Crude Oil 16.00% 7.47% 23.04% Wheat Hard Red 1.00% 1.15% 0.88% Brent Oil 13.00% 7.53% 20.43% White Sugar 1.00% - - Natural Gas 5.00% 8.45% 3.24% Rice 0.75% - - RBOB Gasoline 3.00% 3.75% 5.31% Soybean Meal 0.75% 2.84% - Heating Oil 1.80% - 5.20% Orange Juice 0.60% - - Gas Oil 1.20% 3.83% 5.82% Oats 0.50% - - Subtotal 40.00% 31.03% 63.04% Milk 0.10% - - Feeder Cattle - - 1.55% Subtotal 34.90% 36.26% 24.39% Total 100.00% 100.00% 100.00%

Source: Bloomberg Commodity Index; Price Asset Management; Standard & Poor’s (S&P GSCI component percentages are reported three decimal places, for purposes of the above chart, component percentages are rounded to two decimal places)

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 44 History of Non-Correlation January 1980 to September 2016

Barclays L.T. Barclay CTA MSCI EAFE Commodities* Treasury S&P TR Index Index Index Index

Commodities* 1.00 0.06 -0.10 0.29 0.20

Barclay CTA Index 0.06 1.00 0.06 0.00 0.01

Barclays L.T. Treasury Index -0.10 0.06 1.00 0.00 0.05

MSCI EAFE Index 0.29 0.00 0.00 1.00 0.66

S&P TR Index 0.20 0.01 0.05 0.66 1.00

*Commodities are represented by the S&P GSCI TR from January 1970 to July 1998 and Bloomberg Commodity Index TR from August 1998 to present. The indices above are not investable products and their returns do not reflect the fees and charges inherent 10 in investing in a vehicle designed to replicate a particular index. Starting date January 1980 due to inception of CTA Index Data Source: Bloomberg LP, BarclayHedge Ltd.

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 45 RICI® Methodology Outperforms August 1998 through September 2016

Compound Annualized Index Annual Total Return Standard Sharpe Ratio Return Deviation

RICI® 4.49% 121.99% 18.88% 0.14

BCOM 1.63% 34.15% 16.83% -0.02

S&P 500 5.67% 172.45% 15.34% 0.25

Barclays Capital LT 7.38% 264.80% 10.41% 0.53 Treasury Index

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 47 Sources of Commodity Index Returns

Commodity Futures Prices Rebalancing Interest Income

141 West Jackson Blvd. | Suite 1320A | Chicago IL 60604 | +1 888.430.0043 Past performance is not a guarantee of future results. 48