INDEX INSIGHTS Thomson Reuters CRB Commodity Producers Index COMPOSITE Index Performance. The Thomson Reuters CRB Commodity Producers Index (TICKER: CRBQX) decreased -9.30% from 3437.20 to 3117.60 in the quarter ended September 2014. This compares to a decrease in the Thomson Reuters CRB Commodity Producers Total Return Index (TICKER: CRYTR) of -9.62% and an increase in the S&P 500 Equity Index (TICKER: SPX) of +0.62%. The Agriculture sector had the least negative impact on the index, decreasing -6.88% with a -2.80% contribution to the overall performance of CRBQX in the third quarter of 2014. The Precious Metals sector had the least positive impact on the index, decreasing -17.89% with a performance contribution of approximately -1.88%. Contact Information Joseph LaCorte, CFA S-Network Global Indexes Inc. (646) 467-7927 [email protected] Information about the index, including rule book, company descriptions and historic data, can be found at: www.crbequityindexes.com The best performing stocks were United States Steel Corp (TICKER: X US), which rose +50.42%; Severstal OJSC (TICKER: SVST LI), which rose +22.83%; and Andersons Inc (TICKER: ANDE US), which rose +21.91%. The worst performing stocks were Detour Gold Corp (TICKER: DGC CN), which declined -43.20%; Iamgold Corp (TICKER: IMG CN), which declined -32.80%; and Cliffs Natural Resources Inc (TICKER: CLF US), which declined -31.03%. The Thomson Reuters CRB Commodity Producers Index rose +0.43% in the past 12 months. This compares to a -2.41% decrease in the Thomson Reuters CRB Commodity Producers Total Return Index and a +17.29% rise in the S&P 500 Equity Index. Index Description. Thomson Reuters CRB Commodity Producers Index (TICKER: CRBQX) is an equity index designed to serve as a benchmark for globally traded stocks that are principally engaged in the production and distribution of commodities, including energy, metals and agricultural products. The CRBQX employs a modified capitalization weighting methodology designed to assure accurate investment exposure across the various business segments that together comprise the global commodity producers industry. Inclusion Criteria. All constituents in the CRBQX are “principally” engaged in the production of commodities. For the purposes of the CRBQX, a principally engaged company must derive 50% or more of its annual revenues from its participation in its applicable industry. The CRBQX contains stocks selected from a universe of approximately 1500 companies worldwide that pass the applicable revenue tests. Stocks eligible for inclusion in the CRBQX must trade on an approved stock exchange, either as an ordinary, ADR or GDR, and have no material restrictions on foreign investment. Stocks must have a minimum market capitalization of USD 750 million (USD 1 billion for energy stocks) and have average daily turnover in excess of USD 1 million per day. Weighting Methodology. The CRBQX is divided into four sectors and the aggregate weight of each sector is fixed based on estimates of 3-year average global production and/or consumption of the relevant commodity. Adjustments are made for precious metals to account for its role as a financial asset. Sector weights are revised annually. Individual companies are weighted within their sectors based on a capitalization weighting methodology, adjusted for free float, and then modified by the applicable sector weight. Rebalancings. The CRBQX is rebalanced quarterly on the third Friday of the last month of each calendar quarter. Sector weights are adjusted to reflect the annually revised sector weight at each rebalancing. Sector weights are revised annually on the third Friday of June. Index Data. The CRBQX contains a fixed number of 150 constituents and is calculated in real time by the New York Stock Exchange. Deletions between rebalancings are not replaced. Index values are distributed throughout the day at fifteen second intervals in U.S. Dollars. The CRBQX is calculated on both a price only and total return basis. Daily values are available from December 31, 1999. TICKER: Thomson Reuters CRB Commodity Producers Index: CRBQX September 2014 Leading Movers Ticker Opening Closing Change UNITED STATES STEEL CORP X US 26.04 39.17 50.42% SEVERSTAL OJSC SVST LI 8.13 9.98 22.83% ANDERSONS INC ANDE US 51.58 62.88 21.91% CF INDUSTRIES HOLDINGS INC CF US 240.53 279.22 16.09% ARCHER DANIELS MIDLAND CO ADM US 44.11 51.10 15.85% Ticker Opening Closing Change DETOUR GOLD CORP DGC CN 13.79 7.83 -43.20% IAMGOLD CORP IMG CN 4.12 2.77 -32.80% CLIFFS NATURAL RESOURCES INC CLF US 15.05 10.38 -31.03% ANGLOGOLD ASHANTI LTD AU US 17.21 12.00 -30.27% BTO CN 2.92 2.03 -30.23% Lagging Movers Company Name Inquire about our custom institutional benchmarking services Q3 2014 Performance Company Name B2GOLD CORP CRBQX Index 1040 1000 960 920 880 6/30/14 7/31/14 8/31/14 9/30/14 Thomson Reuters CRB Commodity Producers Index vs. Benchmarks (09/30/09 – 09/30/14) CRBQX Index MXWO Index SPX Index DJUBSTR Index 2000 1500 1000 500 09/30/09 09/30/10 *Note: This chart is a normalized historical graph Data Source: S-Network Data as of September 30, 2014 09/30/11 09/30/12 09/30/13 0 09/30/14 This chart is for illustrative purposes only. All data for the CRBQX index before its official launch date are simulated. Current data may differ from data quoted. Investors cannot invest directly in index. Index returns do not reflect any management fees or brokerage expenses. This material has been prepared and/or issued by S-Network Global Indexes Inc. and/or one of its consultants or affiliates. This document is for information purposes only and it should not be regarded as an offer to sell or as a solicitation of an offer to buy the securities or other instruments mentioned in it. The information, including any third party information, may not be accurate or complete in its entirety, and it should not be relied upon as such. S-Network Global Indexes Inc. and/or its affiliates are not acting in a fiduciary capacity. The products mentioned herein may not be eligible for sale in some states or countries and may not be suitable for all investors. The potential yield created by these products may be adversely affected by exchange rates, interest rates, or other economic and political factors. An investor’s return may be less than the principle invested. S-Network Global Indexes Inc. and/or its affiliates may now, in the past, or in the future make markets, or deal as principle in the securities or derivatives thereof, mentioned in the document. In addition, S-Network Global Indexes Inc., its shareholders, directors, officers, and/or employees and consultants, may from time to time hold a long or short position in these securities. This document may not be reproduced in any manner without the prior written authorization of S-Network Global Indexes Inc. Opinions expressed within reflect the opinions of S-Network Global Indexes Inc. and the author/analyst and are subject to change without notice. ©2014 S-Network Global Indexes Inc., 267 Fifth Avenue, New York, NY 10016. INDEX INSIGHTS Top Ten Constituents Capitalization Profile Number of Constituents Company 150 TOTAL MARKET CAPITALIZATION 4.63 Trillion USD LARGEST MARKET CAPITALIZATION 401.09 Billion USD SMALLEST MARKET CAPITALIZATION 325.71 Million USD AVERAGE MARKET CAPITALIZATION 30.85 Billion USD MEDIAN MARKET CAPITALIZATION 12.32 Billion USD Ticker Country Weight MONSANTO CO MON US UNITED STATES 7.90% EXXON MOBIL CORP XOM US UNITED STATES 5.06% ARCHER DANIELS MIDLAND CO ADM US UNITED STATES 4.33% SYNGENTA AG SYNN VX ZURICH 3.97% DE US UNITED STATES 3.94% DEERE & CO Simple Price Appreciation CRBQX MSCI WORLD S&P 500 DJ/UBS Comdt TR S&P/GS Comdt TR S&P Global NR 5 Year 10.41% 50.70% 86.58% -6.68% 6.86% -2.28% 3 Year 7.00% 53.83% 74.32% -15.19% -0.32% 5.80% 1 Year 0.43% 10.02% 17.29% -6.58% -7.76% 0.01% Compound Annual Growth Rate (CAGR) POTASH CORP OF SASKATCHEWAN INC POT CN CANADA 3.83% CHEVRON CORP CVX US UNITED STATES 2.87% ROYAL DUTCH SHELL PLC RDSA NA NETHERLANDS 1.91% MOSAIC CO MOS US UNITED STATES 1.90% CF US UNITED STATES 1.85% CF INDUSTRIES HOLDINGS INC Beta Matrix** (5 Year/Monthly) CRBQX MSCI WORLD S&P 500 DJ/UBS Comdt TR S&P/GS Comdt TR S&P Global NR CRBQX 1.0000 0.6783 0.5898 0.6676 0.7052 1.0144 CRBQX MSCI WORLD S&P 500 DJ/UBS Comdt TR S&P/GS Comdt TR S&P Global NR MSCI WORLD 1.1602 1.0000 0.8833 0.7409 0.8772 1.2279 5 Year 2.00% 8.55% 13.29% -1.37% 1.34% -0.46% S&P 500 1.2064 1.0562 1.0000 0.7534 0.9214 1.2655 3 Year 2.28% 15.44% 20.35% -5.34% -0.11% 1.90% DJ/UBS Comdt TR 1.0066 0.6531 0.5554 1.0000 1.0035 1.0275 1 Year 0.43% 10.02% 17.29% -6.58% -7.76% 0.01% S&P/GS Comdt TR 0.8414 0.6118 0.5375 0.7940 1.0000 0.8835 S&P Global NR 0.9558 0.6764 0.5830 0.6421 0.6977 1.0000 S&P/GS Comdt TR S&P Global NR Annualized Standard Deviation (Monthly) CRBQX MSCI WORLD S&P 500 DJ/UBS Comdt TR S&P/GS Comdt TR S&P Global NR 5 Year 18.90% 14.45% 13.21% 15.39% 17.30% 19.47% 3 Year 16.29% 11.82% 10.58% 12.70% 14.73% 16.96% 1 Year 12.84% 8.83% 8.73% 11.42% 10.28% 12.70% Sharpe Ratio 5 Year CRBQX MSCI WORLD 0.1816 0.6184 Correlation Matrix (5 Year/Monthly) MSCI WORLD CRBQX S&P 500 CRBQX 1.0000 MSCI WORLD 0.8871 1.0000 S&P 500 0.8435 0.9659 1.0000 DJ/UBS Comdt TR S&P 500 DJ/UBS Comdt TR S&P/GS Comdt TR S&P Global NR 0.9889 -0.0342 0.1449 0.0566 DJ/UBS Comdt TR 0.8197 0.6956 0.6469 1.0000 0.7703 0.7326 0.7037 0.8926 1.0000 0.9847 0.9113 0.8589 0.8122 0.7851 3 Year 0.2014 1.2580 1.7909 -0.3890 0.0484 0.1783 S&P/GS Comdt TR 1 Year 0.0807 1.1072 1.8579 -0.5570 -0.7525 0.0472 S&P Global NR 1.0000 *All data as of September 30, 2014 **Dependent variable shown in Column Headers, Independent shown in Row Headers Index Composition Industrial Metals 14.62% Agriculture 42.11% Energy 33.98% Country Distribution Sector Distribution Precious Metals 9.29% Others Japan Norway 7.81% 1.33% 1.30% Hong Kong 1.44% Australia 1.65% France 1.70% Netherlands 2.65% Zurich 3.97% United States 50.54% Canada 13.69% United Kingdom 13.92% This information, including the Thomson Reuters CRB Commodity Producers Index (CRBQX) and related indices and sub-indices (collectively the “CRB-EQ Indices”) and materials relating thereto, is the property of S-Network Global Indexes Inc (“SNGI”). 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