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S&P INDICES | Market Attributes®

Commodities

S&P GSCI® Index


November 2010

November Total Return: +1.08% (-0.34% YTD)


(All returns are total returns unless otherwise noted)

A Modest Gain as Volatility Increases


The S&P GSCI increased 1.08% in November despite a sharp 5.24% gain in the U.S. Dollar Index, as the
S&P 500® ended the month unchanged. Improved economic conditions and heightened geopolitical risks,
including European debt concerns, kept an underlying bid in the Energy and Precious Metal sectors, while
monetary constraint in China and increased margin measures to reduce speculative excesses in the futures
markets pressured the Agriculture and Industrial Metals sectors. For the third consecutive month, most
enhanced and forward versions of the S&P GSCI underperformed the base index as contango-shaped curves
continued to flatten. The S&P GSCI Precious Metals Index ended the month with a year-to-date (YTD)
increase of 29.86% on the back of a 3.52% gain in November, making it the best performing major sector
index YTD. Industrial Metals continued to show weakness relative to the Precious Metals, as evidenced by
the 1.69% November decline in the S&P GSCI Industrial Metals Index, which has gained 3.82% YTD. Led
lower by the grains, the S&P GSCI Agriculture Index reflected November’s weakest sector, with a 5.54%
decline. Lower feed grain prices, however, helped the S&P GSCI Livestock Index recover 4.07% on the
month. Year-to-date, the S&P GSCI ended November with a slight decline of 0.34% as 20-day historical
volatility picked up to the highest level since June and the rolling 12-month correlation between the S&P GSCI
and S&P 500 reached its highest level since November 1980.

Exhibit 1: S&P GSCI Index: Sector % Total Returns – October 2010 and YTD

30%
November Total Returns
2010 YTD Total Returns
20%

10%
S&P INDICES | Market Attributes

0%
Precious Metals Softs Agriculture Livestock Industrial Metals Energy

-10%
Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their
returns do not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not
possible to invest directly in an index. Past performance is not an indication of future results.

Exhibit 2: Relevant Markets: Total Returns Table


Total Return
Index November 2010 YTD 12-Months 3-Years 5-Years Since 1999
S&P GSCI 1.08% -0.34% 0.52% -35.99% -29.87% 63.12%
S&P GSCI Enhanced 0.85% 2.19% 2.12% -22.27% 7.01% 280.67%
S&P GSCI 3-Month Forward 0.73% 2.15% 2.41% -20.02% 6.12% 295.69%
S&P GSCI Equal W eight Select -1.98% 5.68% 9.05% -11.13% 18.87% 108.48%
S&P GSCI Covered Call Select -1.55% 7.64% 10.23% 5.92% 28.54% na
S&P WC I 1.84% 7.41% 7.07% -23.79% 8.84% 228.75%
S&P DFI -2.36% -5.98% -8.70% 1.88% 17.07% na
S&P 500 0.01% 7.86% 9.94% -14.66% 5.01% -1.96%
U.S. Dollar Index 5.24% 4.44% 8.72% 6.79% -11.20% -20.18%
S&P/ BG Cantor 7-10yr Bond -0.91% 13.5 4% 8.84% 26.32% 44.72% 118.04%
Baltic Dry Index -21.62% -30.15% -46.00% -79.44% -24.22% 59.14%
U.S. 2yr N ote Yield & Change 0.46 -0.36 -0.21 -2.54 -3.96 -5.75

Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. It is not possible to invest directly in an index. Past
performance is not an indication of future results. Not all indices were in existence for the entire time period referenced in the above table and some data presented prior to relevant
launch dates represents hypothetical historical performance. Please see the Performance Disclosure at the end of this document for more information on indices and the inherent
Market Attributes | Commodities November 2010

S&P GSCI Energy Index


November Total Return: +2.86% (-5.82% YTD, 67.13% Weight)

Declining Supply + Increasing Demand = Narrowing Contango


The S&P GSCI Energy Index increased 2.86% in November, lessening the YTD decline to 5.82%. Unleaded gas
led the index, as measured by the 6.39% November gain in the S&P GSCI Unleaded Gas Index, as inventories
declined to the lowest levels since August of 2009 and total consumption increased. According to a U.S. Energy
Department report, total consumption of petroleum products in November increased over 3% from the same
period a year ago. Increasing demand from China, notably for diesel fuel to be used for electricity generation, and
seasonal factors contributed to strength in S&P GSCI distillates, heating oil and gasoil. The S&P GSCI Gasoil
Index ended the month with a YTD gain of 6.97% on the back of a 3.83% increase in November, making it the
best performing S&P GSCI Energy sector component YTD. Generally contango-shaped futures curves have
been narrowing, which has reflected tightening supply/demand conditions. Contango is the condition when
further-out futures trade at higher prices. At the end of November, the front crude oil future closed at a 3.5%
discount relative to the one-year-out future, compared to a year ago in November 2009, when the same futures
time spread was about 11%. The narrowing of the generally contango-shaped futures curves explains the recent
superior performance of the base S&P GSCI relative to the Forward Indices. The S&P GSCI Forward Indices are
simple enhanced indices that move forward on the futures curve, containing the relevant futures contract months
– for example, that the base index would contain three months from now, in the case of the S&P GSCI 3-Month
Forward Index. The table below shows the quarter-to-date (QTD) superior performance of the S&P GSCI base
index compared to its Forward counterparts.
INDEX MTD QTD YTD
S&P GSCI Change Change Change
S&P GSCI Total Return 1.08% 3.67% -0.34%
S&P GSCI 1 Month Forward 0.94% 3.50% 0.74%
S&P GSCI 2 Month Forward 0.80% 3.32% 1.36%
S&P GSCI 3 Month Forward 0.73% 3.16% 2.15%
S&P GSCI 4 Month Forward 0.65% 3.07% 2.47%
S&P GSCI 5 Month Forward 0.59% 2.99% 2.79%

Since the beginning of the global recession in 2008, the S&P GSCI Energy Index has underperformed the spot
index due to steep contango conditions. At the end of November, Energy was the only S&P GSCI sector with a
negative total return despite a positive spot price increase (chart below), but this spread has narrowed recently as
global demand and supply conditions have tightened. Contango conditions often detract from total returns in
times of excess supplies, while backwardation conditions tend to enhance total returns in times of tighter supply
and demand.

Exhibit 3: Sector Spot and Total Returns: 2010 YTD through November

2010 YTD S&P GSCI Spot Change


30%
2010 YTD S&P GSCI Total Return

20%

10%

0%
Precious Metals Softs Agriculture Livestock Industrial Metals Energy

-10%
Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their returns do
not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not possible to invest
directly in an index. Past performance is not an indication of future results.

S&P INDICES | See what others don’t, so you can do what others can’t.® 2
Market Attributes | Commodities November 2010

Correlations Remain High


The rolling 12-month monthly correlation between the S&P GSCI and the S&P 500 has remained stubbornly high
since 2008. At the end of November, this correlation measure was .86, the highest since October 1980. At the
end of October 1980, the U.S. 2yr Note yield was 13%, the price of the S&P 500 was 127.47, and nominal U.S.
GDP was approximately US$ 2.8 trillion. For comparison, at the end of November 2010, the U.S. 2yr Note Yield
was 0.46%, the S&P 500 was priced at 1180.55 (an increase of 926%) and nominal U.S. GDP was approximately
US$ 14.8 trillion (an increase of 529%). The S&P GSCI and the S&P 500 represent fundamentally different asset
classes that historically have had a low correlation, and this relationship is likely to return. The average since
1970 of the 12-month rolling correlation has been 0.03. October 2007 was the last time this correlation measure
was negative (-.15).

Exhibit 4: S&P GSCI & S&P 500 Rolling 12-Month Correlation: Through November 2010
1.0

S&P 500 & S&P GSCI TR Correlation - Rolling 12-month*


S&P 500 12-month Return
0.5

0.0

-0.5

-1.0
Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan-
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their returns do
not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not possible to invest
directly in an index. Past performance is not an indication of future results.

Daily Index Volatility Has Picked Up


The daily volatility of the S&P GSCI increased, ending November at the highest level since June, as measured by
20-day historical volatility. In September, daily volatility reached its lowest levels since September 2007.

Exhibit 5: S&P GSCI & 20-day Historical Volatility: Dec. 2005 – November 2010
11000 80%

10000 S&P GSCI 70%


20-day Historical Volatility
9000 60%

8000 50%

7000 40%

6000 30%

5000 20%

4000 10%

3000 0%
Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10
Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their returns do
not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not possible to invest
directly in an index. Past performance is not an indication of future results.

S&P INDICES | See what others don’t, so you can do what others can’t.® 3
Market Attributes | Commodities November 2010

S&P GSCI Industrial Metals Index


November Total Return: -1.69% (+3.82% YTD, 8.14% Weight)

Component Return Disparity


The S&P GSCI Industrial Metals Index declined 1.69% in November, led by weakness in zinc and lead. Despite a
relatively tame YTD increase of 3.82%, the disparity of returns among the S&P GSCI Industrial Metals
components has been quite wide in 2010. On the bottom end, the S&P GSCI Zinc Index posted a YTD decline of
21.36% at the end of November. However, “king copper,” as measured by the S&P GSCI Copper Index, posted a
YTD increase of 12.57%. Reflecting generally tight supply/demand conditions, copper, nickel, and lead
maintained backwarded futures term structures at the end of November, which has helped to boost returns.
Providing an additional boost to Industrial Metals returns the past few months has been the introduction of
physically-backed ETFs. The most significant factor affecting Industrial Metals prices remains China. Key
economic releases have generally been positive, but overheating concerns have surfaced and recent Chinese
actions to restrict monetary stimulus helped to put a damper on Industrial Metals prices in November.

S&P GSCI Precious Metals Index


November Total Return: +3.52% (+29.86% YTD, 3.63% Weight)

Silver is the Star


The S&P GSCI Silver Index ended November with a YTD gain of 65.79% on the back of a 28.96% increase in
November, making it the best performing S&P GSCI single commodity index YTD (chart below). The substantial
silver rally has made gold’s performance, as measured by the S&P GSCI Gold Index’s YTD 25.51% gain, seem
rather tame in comparison. Factors which contributed to these gains included the lack of opportunity cost
competition from base interest rates, the continued progression of the quasi-currency status of the Precious
Metals due to global currency woes (notably with regard to the Euro), and recent news out of China allowing
investors to invest in Precious Metals-based ETFs. The largest silver-based ETF, SLV, was reported to have
reached a new record high AUM during the month. In a bid to reduce speculative excesses and volatility, margin
requirements were increased in silver futures during November, but the market recovered after a short-term
correction.

Exhibit 6: S&P GSCI Constituent Commodity Spot Futures and Index TR: YTD through November
70%
Front Futures Spot Change - 2010 YTD Thru Nov.
S&P GSCI Total Return - 2010 YTD Thru Nov.
50%

30%

10%
Silver

Cotton

Coffee

Gold

Kansas Wheat

Nickel

Soybeans

Feeder Cattle

Corn

Live Cattle

LME Copper

Chicago Wheat

Gasoil

Sugar

Unleaded Gas

Brent Crude

Heating Oil

Aluminum

Lean Hogs

Crude Oil

Lead

Cocoa

Zinc

Natural Gas

-10%

-30%

-50%

Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their returns do
not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not possible to invest
directly in an index. Past performance is not an indication of future results.

S&P INDICES | See what others don’t, so you can do what others can’t.® 4
Market Attributes | Commodities November 2010

S&P GSCI Agriculture Index


November Total Return: -5.54% (+15.81% YTD, 16.49% Weight)

Mean Reversion and Margin Increases


The S&P GSCI Agriculture Index declined 5.54% in November, led by weakness in the grains. The S&P GSCI
Wheat and Corn Indices declined 8.78% and 8.74% respectively on the month, as both markets backed away
from good price resistance levels and retraced recent gains. Speculative positions were reported to be net long
early in November, but US$ 7.50/bu wheat and US$ 6.00/bu corn proved to be solid resistance levels. March
2011 wheat futures ended the month at US$ 6.90 and March 2011 corn futures, at US$ 5.44. Fundamentally, the
respective corn and wheat supply and demand situations have not changed much since the spirited summer
rallies sparked mainly by strong global demand and adverse weather conditions, but prices have adjusted and
volatility has increased. The chart below depicts S&P GSCI Agriculture Index’s 20-day historical volatility at the
end of November, which reached the highest level since February 2009. Exchanges adjust futures margins
based on volatility and margin increases in the Agriculture commodities in November, contributing to liquidation-
related price declines. At the end of November, total Chicago Wheat futures open interest was approximately
459K, compared to 528K at the end of October, representing a decline of approximately 13%. Corn futures open
interest also declined approximately 6% from 162K to 152K from the end October to end of November. Reflecting
generally tight supply/demand conditions, corn and soybeans remained in backwardation at the end of November
when measured by comparing the front contracts to the year-out futures. Due to rolling into a generally
backwarded-shaped futures term structure in 2010, the S&P GSCI Soybean Index total return exceeded that of
the spot return at the end of November (+20.34% Vs +18.55%, see Exhibit 6 on previous page).

Exhibit 7: S&P GSCI Agriculture Index & 20-day Historical Volatility: Dec. 2005 – November 2010
1100 70%

S&P GSCI Agriculture Index


1000 60%
20-day Historical Volatility

900 50%

800 40%

700 30%

600 20%

500 10%

400 0%
Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10
Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their returns do not
include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not possible to invest directly
in an index. Past performance is not an indication of future results.

S&P INDICES | See what others don’t, so you can do what others can’t.® 5
Market Attributes | Commodities November 2010

S&P GSCI Softs Index


November Total Return: -3.84% (+21.91% YTD, 5.44% Weight)

Some Mean Reversion


The S&P GSCI Softs Index declined 3.84% in November, diminishing its YTD increase to 21.91%. All of the Softs
declined in November, representing a mean reversion situation similar to that of the grains. Overall
supply/demand conditions have not changed much, but margin levels were increased as prices and volatility
increased and the market price rationing mechanism acted accordingly by retreating a bit in November.
Reflecting generally tight supply/demand conditions, all of the S&P GSCI Soft commodities, except cocoa, had
backwarded futures structure at the end of November, which has helped to boost total returns. At the end of
November, the YTD spot return for the S&P GSCI Softs index was 19.28% compared to 21.91% for the TR.
Exhibit 8 below depicts the performance of the S&P GSCI Softs Index relative to the S&P GSCI since December
2004.

Exhibit 8: S&P GSCI and S&P GSCI Softs Index: From a base of 100 Dec. 2004 – November 2010

200

S&P GSCI
S&P GSCI Softs Index

150

100

50
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10
Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical composites and their returns do
not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such costs would lower performance. It is not possible to invest
directly in an index. Past performance is not an indication of future results.

S&P GSCI Livestock Index


November Total Return: 4.07% (+7.19% YTD, 4.61% weight)

Feed Declines
The S&P GSCI Livestock Index increased 4.07% in November, recovering most of the October 4.33% decline.
The corresponding decline in grain prices in November contributed to a recovery in Livestock. Year-to-date, lean
hogs have been the dud and cattle the studs in the Livestock sector. Still under pressure from higher than
average hog carcasses weights and lessening demand, the S&P GSCI Lean Hogs Index ended the month with a
decline of 4.68% despite a 4.11% gain in November. Live cattle represents the majority of the Livestock sector
with a month-end S&P GSCI weight of 2.73% and ended the month with a YTD gain of 12.85%, as measured by
the S&P GSCI Live Cattle Index. A significant factor affecting the Livestock sector is storage cost, which is
generally reflected by the roll yield in the futures market. At the end of November, the S&P GSCI Livestock spot
increase was 20.90% compared to 7.19% for the TR (see exhibit 3).

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Market Attributes | Commodities November 2010

S&P Total Returns Analysis Table: S&P GSCI Total Returns for November 30, 2010
W eig ht Va lue MTD QT D YT D Y TD YT D 3-M O. 1 2-M O
S&P GS CI (% ) 11/30/2010 C han ge C ha nge C han ge H igh Low C han ge C han ge
S& P GSC I T ota l R etu rn 100.00% 4518.55 1.08% 3.67% -0.34% 4745.95 100.00 12.47% 0.52%
S&P GS CI E nergy 67.13% 957.11 2.86% 3.16% -5.82% 1072.41 836.19 12.36% -5.15%
S&P GS CI P etro leum 63.77% 2117.78 3.06% 3.67% -3.02% 2362.27 1816.10 13.72% -3.18%
S&P GS CI N on -Energ y 32.87% 2621.22 -2.37% 4.73% 12.93% 2826.62 1970.68 12.69% 14.27%
S&P GS CI R ed uce d E nerg y Ind ex (C PW 2 ) T otal Re turn 66.43% 3847.32 0.21% 3.93% 2.65% 4062.39 3200.86 12.52% 3.62%
S&P GS CI L ight En ergy Inde x (C PW 4) T otal R eturn 49.65% 3332.67 -0.66% 4.19% 5.85% 3543.73 2689.15 12.57% 6.94%
S&P GS CI Indu strial Me tals 8.14% 1772.11 -1.69% 0.08% 3.82% 1926.26 1365.33 10.12% 11.45%
S&P GS CI P rec ious M etals 3.63% 1849.23 3.52% 8.40% 29.86% 1886.32 1353.78 14.45% 20.16%
S&P GS CI A gric ultu re 16.49% 712.83 -5.54% 7.85% 15.81% 798.06 474.44 17.60% 16.14%
S&P GS CI L ives tock 4.61% 2195.45 4.07% -0.43% 7.19% 2264.66 1996.51 -0.14% 7.14%
S&P GS CI S ofts 5.44% 108.55 -3.84% 15.22% 21.91% 128.71 64.85 34.13% 33.46%

S& P GSC I En er gy
S&P GS CI C rud e O il 34.96% 1371.94 2.63% 3.58% -7.52% 1598.53 1190.37 13.37% -7.54%
S&P GS CI B rent C rud e 14.27% 833.35 2.88% 3.43% 1.57% 912.16 704.97 13.32% -0.43%
S&P GS CI U nle aded Ga so line 4.23% 2822.95 6.39% 8.48% 3.70% 3010.80 2306.93 19.20% 4.35%
S&P GS CI H ea ting O il 4.55% 1170.57 3.06% 0.85% 0.19% 1267.04 1008.90 13.81% 2.11%
S&P GS CI G asO il 5.76% 765.43 3.83% 3.65% 6.97% 807.83 634.74 12.87% 8.12%
S&P GS CI N atural Ga s 3.36% 1.34 -1.23% -6.69% -43.05% 2.54 1.23 -10.81% -35.38%

S& P GSC I In d u str ial M eta ls


S&P GS CI A lum inum 2.43% 92.03 -3.40% -4.10% -2.53% 102.90 76.90 9.07% 5.01%
S&P GS CI C op per 3.82% 5062.70 2.18% 4.49% 12.57% 5358.27 3691.71 12.54% 19.57%
S&P GS CI L ead 0.46% 402.12 -9.22% -2.70% -11.94% 503.61 285.27 6.74% -9.13%
S&P GS CI N ic ke l 0.83% 636.78 0.23% -1.66% 23.35% 757.65 474.17 11.27% 39.16%
S&P GS CI Z inc 0.61% 121.13 -13.05% -4.32% -21.36% 163.48 95.26 1.38% -13.72%

S& P GSC I Pr eciou s M etals


S&P GS CI G old 3.13% 767.85 1.95% 5.70% 25.51% 782.35 586.89 10.72% 16.38%
S&P GS CI S ilve r 0.50% 1042.25 14.55% 28.96% 65.79% 1070.83 553.48 44.83% 50.77%

S& P GSC I A gr icu ltu re


S&P GS CI W he at 3.59% 243.16 -8.78% -2.91% 5.32% 304.78 172.39 -4.57% -3.12%
S&P GS CI K ans as W hea t 0.76% 81.02 -5.21% 3.27% 24.48% 88.27 53.17 4.05% 16.10%
S&P GS CI C orn 4.10% 134.27 -8.74% 7.14% 13.00% 149.16 87.42 20.94% 12.20%
S&P GS CI S oyb eans 2.60% 3775.32 0.58% 11.31% 20.34% 4066.60 2716.95 21.99% 18.01%
S&P GS CI C otto n 1.60% 347.98 -3.04% 19.18% 60.55% 433.47 191.01 40.93% 62.53%
S&P GS CI S ugar 2.60% 254.79 -5.38% 17.36% 6.31% 306.19 122.99 45.14% 26.56%
S&P GS CI C offe e 0.94% 150.82 -2.34% 8.56% 39.69% 164.76 101.20 11.37% 33.74%
S&P GS CI C oc oa 0.30% 38.39 -0.78% -1.37% -18.14% 49.36 36.10 1.46% -17.39%

S& P GSC I L ive sto ck


S&P GS CI F ee der Ca ttle 0.45% 133.20 7.57% 5.70% 17.47% 133.81 113.48 2.16% 20.39%
S&P GS CI L ive C attle 2.73% 3810.26 3.53% 2.74% 12.85% 3817.03 3321.83 2.36% 13.45%
S&P GS CI L ean H ogs 1.43% 211.85 4.11% -7.94% -4.68% 248.67 200.40 -5.54% -6.49%

S& P GSC I F or war d s


S&P GS CI 1 M onth F orw ard 462.88 0.94% 3.50% 0.74% 485.93 393.53 11.59% 1.34%
S&P GS CI 2 M onth F orw ard 617.06 0.80% 3.32% 1.36% 647.79 526.66 10.94% 1.68%
S&P GS CI 3 M onth F orw ard 608.00 0.73% 3.16% 2.15% 638.79 519.45 10.65% 2.41%
S&P GS CI 4 M onth F orw ard 638.05 0.65% 3.07% 2.47% 670.84 545.90 10.43% 2.49%
S&P GS CI 5 M onth F orw ard 657.07 0.59% 2.99% 2.79% 690.85 562.80 10.30% 2.73%

S& P GSC I C ur ren cy


S&P GS CI Euro 80.70 7.93% 8.72% 9.84% 81.96 69.38 9.81% 15.93%
S&P GS CI Euro H ed ged 69.51 1.19% 3.76% -2.58% 74.50 59.01 11.96% -1.69%
S&P GS CI Yen 56.77 5.12% 3.95% -10.33% 65.83 50.13 12.20% -2.25%
S&P GS CI Yen H edg ed 77.61 1.10% 3.57% 0.08% 81.62 66.09 12.28% 1.00%
S&P GS CI Sw is s Fra nc 66.14 2.44% 5.76% -3.92% 74.16 59.83 10.55% -0.24%
S&P GS CI Sw is s Fra nc H edg ed 72.79 1.07% 3.65% -2.12% 77.63 61.54 12.09% -1.27%
S&P GS CI Agri culture Yen 72.61 -1.78% 8.12% 4.08% 79.04 52.27 17.28% 12.79%

Ad d itio n al
S&P GS CI E nhan ced 648.85 0.85% 3.32% 2.19% 680.95 554.71 10.69% 2.11%
S&P GS CI C ap ped C om mo dity 35/20 212.71 1.09% 3.66% -0.22% 223.40 180.03 12.44% 0.70%
S&P GS CI C ap ped C om pone nt 35/20 175.15 -0.51% 3.68% 2.44% 185.89 146.48 11.44% 4.25%
S&P GS CI E nhan ced C app ed C om pone nt 549.68 -0.50% 3.89% 4.12% 583.27 461.74 10.59% 4.71%
S&P GS CI E qual W eigh t Selec t 231.20 -1.98% 3.49% 5.68% 248.56 186.33 11.99% 9.05%
S&P GS CI C ov ere d C all Sele ct 155.66 -1.55% 3.38% 7.64% 164.35 130.76 8.68% 10.23%
S&P GS CI C rud e O il E nhan ced 1716.66 2.03% 1.97% -1.71% 1931.68 1507.49 9.21% -2.50%
S&P GS CI C rud e O il C ov ered C all 190.03 3.43% 4.23% 0.08% 208.42 161.77 13.24% 1.73%
Source: Standard & Poor’s. Data as of November 30, 2010. Charts and graphs are provided for illustrative purposes only. Indices are unmanaged statistical
composites and their returns do not include payment of any sales charges or fees an investor would pay to purchase the securities the index represents. Such
costs would lower performance. It is not possible to invest directly in an index. Past performance is not an indication of future results.
®
S&P INDICES | See what others don’t, so you can do what others can’t. 7
Market Attributes | Commodities November 2010

Performance Disclosures
Indices are not collective investment funds and are unmanaged. It is not possible to invest directly in an S&P index. Past performance of an index is not an
indication of future results.

The inception date for the S&P GSCI is May 1, 1991 at the market close. The index has not been in existence prior to that date and all data presented prior to that
date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. Complete index
methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P GSCI Enhanced Index is March 31, 2007 at the market close. The index has not been in existence prior to that date and all data
presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was officially
launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P GSCI 3-Month Forward Index is January 3, 2008 at the market close. The index has not been in existence prior to that date and all
data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was officially
launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P GSCI Equal Weight Select Index is September 9, 2010 at the market close. The index has not been in existence prior to that date
and all data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was
officially launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P GSCI Covered Call Select Index is October 7, 2010 at the market close. The index has not been in existence prior to that date and
all data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was officially
launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P Dynamic Futures Index (DFI) is February 19, 2010 at the market close. The index has not been in existence prior to that date and
all data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was officially
launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P Commodity Trading Strategy Index (CTSI) is May 17, 2010 at the market close. The index has not been in existence prior to that
date and all data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was
officially launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P/BGCantor 7-10 Years U.S. Treasury Bond Index is December 7, 2009 at the market close. The index has not been in existence
prior to that date and all data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when
the index was officially launched. Complete index methodology details are available at www.indices.standardandpoors.com.

The inception date for the S&P World Commodity Index (WCI) is May 5, 2010 at the market close. The index has not been in existence prior to that date and all
data presented prior to that date is back-tested. The back-test calculations are based on the same methodology that was in effect when the index was officially
launched. Complete index methodology details are available at www.indices.standardandpoors.com.

Prospective application of the methodology used to construct the S&P GSCI, S&P GSCI Enhanced Index, S&P GSCI 3-Month Forward Index, S&P Dynamic
Futures Index (DFI), S&P Commodity Trading Strategy Index (CTSI), S&P/BGCantor 7-10 Years U.S. Treasury Bond Index, and S&P World Commodity Index
(WCI) may not result in performance commensurate with the back-test returns shown. The back-test period does not necessarily correspond to the entire
available history of the indices. Please refer to the methodology paper for the indices, available at www.standardandpoors.com for more details about the indices,
including the manner in which they are rebalanced, and the timing of such rebalancing, criteria for additions and deletions and index calculation. The indices are
rules based, although the Index Committee reserves the right to exercise discretion, when necessary.

The index performance has inherent limitations. The index returns shown do not represent the results of actual trading of investor assets. Standard & Poor’s
maintains the indices and calculates the index levels and performance shown or discussed, but does not manage actual assets. Indices are statistical composites
and their returns do not reflect payment of any sales charges or fees an investor would pay to purchase the securities they represent. The imposition of these fees
and charges would cause actual and back-tested performance to be lower than the performance shown. For example, if an index returned 10% on a US$ 100,000
investment for a 12-month period (or US$ 10,000) and an annual asset-based fee of 1.5% were imposed at the end of the period (or US$ 1,650), the net return
would be 8.35% (or US$ 8,350) for the year. Over 3 years, an annual 1.5% fee taken at year end with an assumed 10% return per year would result in a
cumulative gross return of 33.1%, a total fee of US$ 5,375, and a cumulative net return of 27.2% (or US$ 27,200).

S&P INDICES | See what others don’t, so you can do what others can’t.® 8
Market Attributes | Commodities November 2010

Disclaimer
This document does not constitute an offer of services in jurisdictions where Standard & Poor’s or its affiliates do not have the necessary licenses. Standard &
Poor’s receives compensation in connection with licensing its indices to third parties.

All information provided by Standard & Poor’s is impersonal and not tailored to the needs of any person, entity or group of persons. Standard & Poor’s and its
affiliates do not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that is offered by third parties and that seeks to provide an
investment return based on the returns of any Standard & Poor’s index. Standard & Poor’s is not an investment advisor, and Standard & Poor’s and its affiliates
make no representation regarding the advisability of investing in any such investment fund or other vehicle. A decision to invest in any such investment fund or
other vehicle should not be made in reliance on any of the statements set forth in this document. Prospective investors are advised to make an investment in any
such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar
document that is prepared by or on behalf of the issuer of the investment fund or other vehicle. Inclusion of a security within an index is not a recommendation by
Standard & Poor’s to buy, sell, or hold such security, nor is it considered to be investment advice.

Exposure to an asset class is available through investable instruments based on an index. It is not possible to invest directly in an index. There is no assurance
that investment products based on the index will accurately track index performance or provide positive investment returns. Standard & Poor's is not a tax advisor.
A tax advisor should be consulted to evaluate the impact of tax-exempt securities on portfolios and the tax consequences of making any particular investment
decision.

Standard & Poor’s does not guarantee the accuracy and/or completeness of any Standard & Poor’s index, any data included therein, or any data from which it is
based, and Standard & Poor’s shall have no liability for any errors, omissions, or interruptions therein. Standard & Poor’s makes no warranties, express or implied,
as to results to be obtained from use of information provided by Standard & Poor’s and used in this service, and Standard & Poor’s expressly disclaims all
warranties of suitability with respect thereto. While Standard & Poor’s has obtained information believed to be reliable, Standard & Poor’s shall not be liable for
any claims or losses of any nature in connection with information contained in this document, including but not limited to, lost profits or punitive or consequential
damages, even if it is advised of the possibility of same. These materials have been prepared solely for informational purposes based upon information generally
available to the public from sources believed to be reliable. Standard & Poor’s makes no representation with respect to the accuracy or completeness of these
materials, the content of which may change without notice. The methodology involves rebalancings and maintenance of the indices that are made periodically
during each year and may not, therefore, reflect real-time information.

Analytic services and products provided by Standard & Poor’s are the result of separate activities designed to preserve the independence and objectivity of each
analytic process. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic
process. Standard & Poor's and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment
advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits
from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise
address.

The S&P/BGCantor 7-10 Year U.S. Treasury Bond Index is based upon information obtained from sources believed to be reliable. However, due to the possibility
of error or omission (human, mechanical or otherwise), S&P and BGCantor MarketData, L.P. do not guarantee the accuracy, adequacy or completeness of the
Index or such information, are not responsible for any errors or omissions therein and make no representations or warranties as to the results to be obtained from
their use.

Copyright © 2010 by Standard & Poor’s Financial Services LLC. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part is
prohibited without written permission. S&P Indices Market Attributes, S&P, S&P 500, S&P GSCI, S&P WCI, See what others don’t, so you can do what others
can’t, and STANDARD & POOR’S are registered trademarks of Standard & Poor’s Financial Services LLC.

BGCantor and BGCantor Market Data are trademarks of BGCantor Market Data L.P. or its affiliates and have been licensed for use by Standard & Poor’s. None
of the financial products based on the S&P/BGCantor U.S. Treasury Indices are sponsored, endorsed, sold or promoted by BGCantor Market Data, L.P. and
BGCantor Market Data, L.P. makes no representation regarding the advisability of investing in such products.

Additional Resources
More about S&P Commodities Indices: www.seemore-indices.com/commodities

S&P Indices Market Attributes: www.marketattributes.standardandpoors.com


S&P Indices Thought Leadership: www.indexresearch.standardandpoors.com

Michael McGlone
Senior Director - Commodities
212.438.4127
mike_mcglone@ sandp.com
www.marketattributes.standardandpoors.com