Drury, Michael Sept 29 11

McVEAN Trading & Investments, LLC

GLOBAL INTERDEPENDENCE CENTER

Stockholm, Sweden September 29, 2011

WORLD SHARES OF GDP 2010

40%

30%

20%

10%

EU

US

CHINA, BRAZIL, CANADA, RUSSIA, AUSTRALIA, INDONESIA

JAPAN, S.KOREA, TAIWAN

0%

Source: World Bank Past Performance Is Not Necessarily Indicative Of Future Results.

1

China’s Share of World Commodity Consumption Commodity

China % of World

Cement

53.2%

Iron Ore

47.7%

Coal

46.9%

Pigs

46.4%

Steel

45.4%

Lead

44.6%

Zinc

41.3%

Aluminum

40.6%

Copper

38.9%

Eggs

37.2%

Nickel

36.3%

Rice

28.1%

Soybeans

24.6%

Wheat

16.6%

Chickens

15.6%

PPP GDP

13.6%

Oil

10.3%

Cattle

9.5%

GDP

9.4%

Source: Barclays 2010

Past Performance Is Not Necessarily Indicative Of Future Results.

2

GDP LEVELS FOR CHINA AND US Trillions of US Dollars

25.00

???

20.00

102.1%

Lehman

Now

15.00

2001 Recession

SARS

Asian Crisis

10.00 50% yuan devaluation

46.7% 32.4%

5.00

5.8%

11.1%

12.3%

14.8%

0.00 1994

1997

2001

2003 China

2008

2011

2016

US

Past Performance Is Not Necessarily Indicative Of Future Results.

3

WTI vs Brent Crude Oil 150

130

110

90

70

50

30 Feb-06

Feb-07

Feb-08

Feb-09 WTI

Feb-10

Brent

Past Performance Is Not Necessarily Indicative Of Future Results.

Feb-11

Sep-11 4

Gasoline

350

300

250

200

150

100

50

0 Jan-89

Jan-91

Jan-93

Jan-95

Jan-97

Jan-99

Jan-01

Jan-03

Jan-05

Gasoline Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-07

Jan-09

Jan-11

Sep-11 5

Corn

800

700

600

500

400

300

200

100 Jan-89

Jan-93

Jan-97

Jan-01

Jan-05

Jan-09

Sep-11 Past Performance Is Not Necessarily Indicative Of Future Results.

6

COPPER 11000

10000

9000

8000

7000

6000

5000

4000

3000

2000

1000 Jan-89

Jan-93

Jan-97

Jan-01

Jan-05

Jan-09

Aug-10 Past Performance Is Not Necessarily Indicative Of Future Results.

7

Cotton 210

190

170

150

130

110

90

70

50

30 Jan-89

Jan-93

Jan-97

Jan-01

Jan-05

Jan-09

Sep-11 Past Performance Is Not Necessarily Indicative Of Future Results.

8

CONSUMER SERVICES VS GDP NOMINAL DOLLARS – 4 QTR % CH 15%

10%

5%

0%

-5% Jan-80

Jan-83

Jan-86

Jan-89

Jan-92

Jan-95

PCE-SERVICES

Jan-98

Jan-01

GDP

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-04

Jan-07

Jan-10

Q2 2011 9

MANUFACTURING AND NON-MANUFACTURING ISM INDEXES 0.65

0.60

0.55

0.50

0.45

0.40

0.35

0.30 Jan-98

Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

MANUFACTURING ISM

Jan-05

Jan-06

Jan-07

Jan-08

NON-MANUFACTURING ISM

Jan-09

Jan-10

Jan-11

July 2011 10

Past Performance Is Not Necessarily Indicative Of Future Results.

CORE CPI MEASURES

3 MONTH AVERAGE % CHANGE FROM 3 MONTHS AGO SAAR

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0% Jan-91 Feb-92 Mar-93 Apr-94 May-95 Jun-96

Jul-97 Aug-98 Sep-99 Oct-00 Nov-01 Dec-02 Jan-04 Feb-05 Mar-06 Apr-07 May-08 Jun-09

CORE SERVICES CPI

CORE CPI COMMODITIES

Past Performance Is Not Necessarily Indicative Of Future Results.

Jul-10

Jun 2011 11

NONDEFENSE CAPITAL GOODS EX AIRCRAFT THREE MONTH AVERAGE

65%

60%

55%

50%

45%

40%

35%

30% Jan-92

Jan-95

Jan-98

Jan-01

IMPORTS / CONSUMPTION

Jan-04 EXPORTS / PRODUCTION

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-07

Jan-10

May 2011 12

CPI MEASURES

3 MONTH AVERAGE % CHANGE FROM 3 MONTH AVERAGE YEAR AGO

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0% Jan-91

Jan-93

Jan-95

Jan-97

CORE SERVICES CPI

Jan-99

Jan-01

Jan-03

Jan-05

Jan-07

HOMEOWNERS' EQUIVALENT RENT

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-09

Jan-11

June 2011 13

HOUSING STARTS 3 MONTH AVERAGE IN MILLIONS OF UNITS 0.600

2.0

0.500 1.6

0.400 1.2

0.300

0.8

0.200

0.4

0.100

0.0 Jan-87

0.000 Jan-89

Jan-91

Jan-93

Jan-95

Jan-97

SINGLE FAMILY

Jan-99

Jan-01

Jan-03

Jan-05

MULTI FAMILY

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-07

Jan-09

Jan-11

July 2011 14

APPRECIATION ON NEW & APPRECIATION HOMES 3 MONTH AVERAGE %CH FROM 3 MONTH AVERAGE YEAR AGO

12.0%

8.0%

4.0%

0.0%

-4.0%

-8.0%

-12.0%

-16.0% Jan-85

Jan-87

Jan-89

Jan-91

Jan-93

Jan-95

Jan-97

Jan-99

Jan-01

Jan-03

CHANGE IN WEIGHTED AVERAGE OF AVERAGE PRICES OF NEW & EXISTING HOMES

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-05

Jan-07

Jan-09

Jan-11

June 2011 15

US 10 YR NOTE YIELD VS FED FUNDS TARGET RATE 7

7

6.5 6 6 5

5.5

5 4 4.5 3 4

3.5

2

3 1 2.5

2 Jan-00

0 Jan-01

Jan-02

Jan-03

Jan-04

Jan-05 US 10YR YIELD

Jan-06

Jan-07

Jan-08

FED FUNDS

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-09

Jan-10

Jan-11

Aug-11 16

CHINESE GDP GROWTH QTR / QTR YR AGO

12.0

15.0

10.0

8.0

12.5

6.0

4.0

10.0

2.0

0.0

7.5

-2.0

5.0 Mar-02

-4.0 Mar-03

Mar-04

Mar-05

Mar-06

REAL GDP

Mar-07

Mar-08

GDP DEFLATOR

Past Performance Is Not Necessarily Indicative Of Future Results.

Mar-09

Mar-10

Mar-11

Q2 2011 17

US CORN ENDING STOCKS 5,000 4,500 4,000

3,500

MIL BU

3,000 2,500 2,000 1,500 1,000 500 0

Source: McVean Trading Calculation

PIPELINE

USDA ESTIMATE

Past Performance Is Not Necessarily Indicative Of Future Results.

18

COPPER 11000

10000

9000

8000

7000

6000

5000

4000

3000

2000

1000 Jan-89

Jan-93

Jan-97

Jan-01

Jan-05

Jan-09

Aug-10 19 Past Performance Is Not Necessarily Indicative Of Future Results.

BRENT CRUDE OIL 160

140

120

100

80

60

40

20

0 Jan-89

Jan-93

Jan-97

Jan-01

Jan-05

Jan-09

Sep-11 Past Performance Is Not Necessarily Indicative Of Future Results.

20