COMMODITY UPDATE. Key Metrics. April 1, Global FactSet Market Index ENERGY MINERALS

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1 COMMODITY UPDATE Global FactSet Market Index Michael Amenta, CFA, Research Analyst Media Questions/Requests April 1, 2014 Key Metrics ENERGY MINERALS + Projected Growth in Production of Oil Revised Lower: Analysts of publicly traded oil and gas companies are predicting that oil production will rise 4.7% for Q and 7.9% in Q2. These projections are down from 7.2% and 9.8% at the beginning of March. Analysts expect oil prices to fall for both the WTI and Brent benchmarks over the next two years before stabilizing. + Gas Prices Reverse Some Gains from Early Winter: Though the Henry Hub benchmark price has dipped 5.1% over the past month, analysts are projecting double-digit, year-over-year gains to producers realized prices in Q1 and Q Year-over-year growth in natural gas production is expected to be less than 2% through Q Stagnant CapEx, Reduced Operating Expenses Expected: Analysts are predicting capital expenditures of public energy companies to grow at 2% or less year-over-year through at least Q In addition, operating expenses per barrel of oil equivalent ( BOE ) are predicted to continue falling over the next two quarters (the metric fell in the prior six quarters) before rising an estimated 2.5% in Q NON-ENERGY MINERALS + Metals ex-gold, Silver & Copper Expected to Rise: Analysts of publicly traded metals and mining companies are predicting sharp price increases for platinum and palladium over the next four years, which contrasts with stagnant medium-term price projections for copper, gold and silver. Zinc, nickel, lead and aluminum are also predicted to gain value in each of the forward four years. AGRICULTURE/SOFTS PRICES + Lean Hog Prices Hot, Lumber Falling: Coffee and lean hogs have made significant gains over three months (60% and 49%, respectively), but the two commodities diverged in March. Most of coffee s gain was in February (+44%, with the commodity is down 2% in March), while the price gains for lean hogs have accelerated over the year (11% in January, 13% in February and 19% in March). On the other end of the spectrum, lumber prices have fallen 7% over a three month period. Thomson Reuters/Jefferies CRB and Sub-Indices with FDSAGG World Stock Index Index 1Wk 1Mo 3Mo 6Mo 52Wk 2Yr 3Yr 5Yr Reuters/Jefferies-CRB Index (1967=100) RJ/CRB Grains Futures Sub-Index RJ/CRB Softs Futures Sub-Index RJ/CRB Industrials Futures Sub-Index RJ/CRB Precious Metals Futures Sub-Index RJ/CRB Livestock Futures Sub-Index RJ/CRB Energy Futures Sub-Index FDSAGG World

2 COMMODITY UPDATE April 1, 2014 Energy Minerals Spot, Estimates & Futures CYn Est refers to analysts estimates of the commodity price at the end of the noted calendar year. Energy Commodities Spot Prices & Analyst Estimates 3-mo 3-mo Ticker Last chg %chg CY1 Est CY2 Est CY3 Est CY4 Est WTI Crude Oil (NYM $/bbl) OIL-FDS % Brent Crude Oil (ICE $/bbl) OILB-FDS (2.7%) Henry Hub Natural Gas (NYM $/btu) NGAS-FDS % Energy Commodities Continuous Futures Prices & Data 3-mo 3-mo Open Cum Contract Ticker Last chg %chg Interest Volume Size Term WTI Crude Oil (NYM $/bbl) CL % 338,810 18,119 1,000 May Brent Crude Oil (ICE $/bbl) BRN (2.9%) 221,552 30,462 1,000 May Natural Gas (NYM $/btu) NG % 292,520 3,761 10,000 May Gasoil (ICE $/mt) GAS (5.0%) 62,038 9, Apr Heating Oil (ICE $/gal) UHO (4.6%) 2, ,000 May NY Harb RBOB (NYM $/gal) RB % 112,186 3,359 42,000 May WTI Crude Oil (NYM $/bbl) Futures curve Settlement Price CLK14-USA CLU15-USA CLF17-USA CLK18-USA CLU19-USA Selected Energy Futures and FDSAGG Stock Indices Returns Index 1Wk 1Mo 3Mo 6Mo 52Wk 2Yr 3Yr 5Yr Coal API 2 cif ARA (NYM $/t) Continuous #N/A Brent Crude (ICE $/bbl) Continuous Crude Oil (NYM $/bbl) Continuous Natural Gas (NYM $/btu) Continuous Gasoil (ICE $/mt) Continuous NY Harb RBOB (NYM $/gal) Continuous RJ/CRB Energy Futures Sub-Index (1967=100)

3 Change in Blended Growth COMMODITY UPDATE April 1, 2014 Energy Minerals CapEx, Expenses & Rig Counts Operating expenses is in terms of expenses incurred for production of one BOE of oil and natural gas output. Capital expenditures are for the entire firm for fixed property, plant and equipment ( PPE ). Operating Expense per Unit, CapEx & Exploration Expense Quarterly Filings 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% (5.0%) (10.0%) (15.0%) 09/ / / / / / / / /2014 Operating Expense (7.5%) (0.7%) (2.4%) (3.0%) (3.6%) (6.5%) (2.7%) (3.3%) 2.5% Exploration Expense 18.7% 13.3% 0.1% (12.6%) 8.7% 15.5% 3.7% 4.7% (12.1%) CapEx 16.6% 13.0% 10.9% 10.9% 8.2% 4.0% 1.4% 0.6% 2.0% Baker-Hughes Rotary Rig Count Global (Monthly) Region Total Chg% Oil Chg% Gas Chg% Misc. Chg% Land Chg% Offshore Chg% Total World % % % % % 318 (1.5%) U.S % % 341 (19.8%) 4 0.0% % % Latin America 400 (6.3%) 352 (2.5%) 43 (29.5%) 5 0.0% 327 (3.5%) 73 (17.0%) Canada 626 (2.6%) 417 (14.7%) % 0 #N/A 625 (2.5%) 1 (50.0%) Europe 132 (2.2%) 82 (2.4%) 30 (9.1%) % % 41 (22.6%) Africa % % % % % % Middle East % % % 2 (33.3%) % % Asia Pacific % % % 3 (70.0%) 140 (4.1%) % OPEC Non-OPEC *Rig counts only count those rigs that are actively working. Baker-Hughes Rotary Rig Count U.S. (Weekly) State/Type Most Most Most State State Recent Growth Recent Growth Recent Growth United States % New Mexico % West Virginia % Horizontal % Colorado % Alaska % Vertical 384 (14.9%) Pennsylvania 51 (19.0%) Mississippi % Directional % Wyoming % Arkansas 12 (20.0%) Texas % California % Montana 7 (30.0%) Oklahoma % Ohio % Alabama 4 (33.3%) North Dakota % Kansas % Illinois % Louisiana 105 (0.9%) Utah 27 (3.6%) Kentucky % 3

4 Change in Blended Growth Change in Blended Growth Energy Minerals Revenues COMMODITY UPDATE April 1, 2014 Oil production per day is based on a 90 day quarter. The standard metric for production per day is in thousands of barrel of oil equivalents ( BOE ). Realized price is in U.S. dollars. 15.0% Oil Production per Day & Realized Price Quarterly Filings 10.0% 5.0% 0.0% (5.0%) (10.0%) (15.0%) 09/ / / / / / / / /2014 Production per Day 2.4% 5.9% (6.3%) 2.5% 6.9% 0.0% 4.7% 7.9% 7.4% Realized Price 2.7% (5.0%) (6.1%) 0.4% 10.1% (0.9%) (2.1%) (3.1%) (10.9%) Natural gas production per day is measured in millions of cubic feet equivalent ( mmcfe ). One thousand barrels of oil equivalent is equivalent to 6 million cubic feet of natural gas. Realized price is in U.S. dollars. 40.0% Gas Production per Day & Realized Price Quarterly Filings 30.0% 20.0% 10.0% 0.0% (10.0%) (20.0%) (30.0%) (40.0%) 09/ / / / / / / / /2014 Production per Day 1.1% (1.4%) 3.4% (0.0%) (0.5%) (2.5%) (0.2%) 0.8% 1.9% Realized Price (28.4%) (10.2%) 10.3% 36.5% 10.4% 3.0% 15.3% 2.0% 10.9% 4

5 COMMODITY UPDATE April 1, 2014 Non-Energy Minerals Spot, Estimates & Futures Non-Energy Commodities Spot Prices & Analyst Estimates 3-mo 3-mo Ticker Last chg %chg CY1 Est CY2 Est CY3 Est CY4 Est NY Gold (NYM $/ozt) NYGOLD-FDS 1, % 1, London Silver (Fixing $/ozt) SLVR-FDS % Platinum (NYM $ozt) PLAT-FDS 1, % 1, Palladium (NYM $ozt) PAL-FDS % Copper (LME Cash $/t) CA-FDS 6, (10.3%) 7, Aluminum (LME Cash $/t) AH-FDS 1, (1.9%) 1, Zinc (LME Cash $/t) ZS-FDS 1, (5.0%) 2, Nickel (LME Cash $/t) NI-FDS 15, , % 15, Lead (LME Cash $/t) PB-FDS 2, (7.5%) 2, Non-Energy Commodities Continuous Futures Prices & Data 3-mo 3-mo Open Cum Contract Ticker Last chg %chg Interest Volume Size Term Gold (NYM $/ozt) GC00 1, % 240,849 47, Jun High Grade Copper (LME $/t) HG (11.0%) 97,540 14,527 25,000 May Silver (NYM $/ozt) SI % 94,780 11,210 5,000 May Platinum (NYM $/ozt) PL00-USA 1, % 65,555 4, Jul Palladium (NYM $/ozt) PA00-USA % 38,554 1, Jun Gold (NYM $/oz) Futures curve Settlement Price 1,440 1,420 1,400 1,380 1,360 1,340 1,320 GCJ14-USA GCV14-USA GCM15-USA GCG16-USA GCZ17-USA GCZ19-USA 1,300 1,280 Selected Metals Continuous Futures Returns with FDSAGG Stock Indices Index 1Wk 1Mo 3Mo 6Mo 52Wk 2Yr 3Yr 5Yr Gold (NYM $/ozt) High Grade Copper (LME Cash $/t) Silver (NYM $/ozt) Platinum (NYM $/ozt) Palladium (NYM $/ozt)

6 COMMODITY UPDATE April 1, 2014 Grains, Softs & Livestock Estimates & Futures Agriculture & Softs Continuous Futures Prices & Data 3-mo 3-mo Open Cum Contract Ticker Last chg %chg Interest Volume Size Term Corn (CBT $/bu) C % 508,887 17,823 5,000 May Soybeans (CBT $/bu) S % 264,183 13,554 5,000 May Soybean Oil (CBT $/bu) BO00-USA % 134,001 8,811 60,000 May Wheat (CBT $/bu) W % 165,502 9,226 5,000 May Cocoa (NYF $/mt) CC00 2, % 92,673 2, May Coffee (NYF $/lbs) KC % 76,594 1,697 37,500 May Cotton #2 (NYF $/lbs) CT % 96,594 2,881 50,000 May Orange Juice (NYF $/lbs) OJ % 12, ,000 May Rapeseed (LIF /t) ECO00-LIF % 23, May Lumber (CME $/bft) LB (6.8%) 3, ,000 May Sugar #11 (NYF $/lbs) SB % 317,156 9, ,000 May Feeder Catter (CME/$lbs) FC % 20, ,000 May Lean Hogs (CME/$lbs) LH % 101, ,000 Jun Live Catter (CME/$lbs) LC % 181,762 1,533 40,000 Jun Corn (CBT $/bu) Futures curve Settlement Price CK14-USA CU14-USA CH15-USA CN15-USA CZ15-USA CK16-USA CU16-USA CN17-USA 4.5 Selected Agriculture & Softs Continuous Futures Returns Index 1Wk 1Mo 3Mo 6Mo 52Wk 2Yr 3Yr 5Yr Lumber (CME $/bft) Continuous Corn (CBT $/bu) Continuous Soybeans (CBT $/bu) Continuous Soybean Oil (CBT $/lbs) Continuous Wheat (Chicago) - Continuous Contract Coffee (NYF $/lbs) Continuous Lean Hogs (CME $/lbs) Continuous Sugar #11 (NYF $/lbs) Continuous RJ/CRB Softs Futures Sub-Index (1967=100) RJ/CRB Grains Futures Sub-Index (1967=100)

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