Drury

McVEAN Trading & Investments, LLC

Michael Drury Chief Economist McVean Trading and Investments, LLC

Vice-Chairman and Program Chair The Global Interdependence Center

ROCKY MOUNTAIN SUMMIT Jackson Hole, WY July 12, 2013 Past Performance Is Not Necessarily Indicative Of Future Results.

0

GLOBAL GDP $70 TRILLION

EUROPE $19T

NAFTA $18T

Brazil+Russia+ Argentina+Opec $9T

China $7.5T

Japan+South Korea +Taiwan $7.5T

Other $10T

Past Performance Is Not Necessarily Indicative Of Future Results.

1

CHINA, EUROZONE AND US PMI 65

60

55

50

45

40

35

30 1/1/2006

1/1/2007

1/1/2008

1/1/2009 CHINA

1/1/2010 Eurozone

1/1/2011 US

Past Performance Is Not Necessarily Indicative Of Future Results.

1/1/2012

1/1/2013

June 2013 2

PER CAPITA GDP 2010 DOLLARS

$24,000

$21,000

$18,000

$15,000

$12,000

$9,000

$6,000

$3,000

$0 Jan-69

Jan-73

Jan-77

Jan-81

Jan-85

SOUTH KOREA

Jan-89 TAIWAN

Jan-93

Jan-97

Jan-01

Jan-05

Jan-09

CHINA (STARTS 2002)

Past Performance Is Not Necessarily Indicative Of Future Results.

3

CHINESE RR FREIGHT VS ELECTRICITY PRODUCTION 3 MONTH AVERAGE %CH FROM YEAR AGO

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0% Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05 RAIL

Jan-06

Jan-07

Jan-08

Jan-09

ELECTRICITY PRODUCTION

Past Performance Is Not Necessarily Indicative Of Future Results.

Jan-10

Jan-11

Jan-12

Jan-13

May 2013 4

CHINESE REAL GDP

CURRENT QTR %CH FROM YEAR AGO 13

12

11

10

9

8

7

6 Mar-00

Mar-01

Mar-02

Mar-03

Mar-04

Mar-05

Mar-06

Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13

Q1 2013 Past Performance Is Not Necessarily Indicative Of Future Results.

5

CHINA PORK VS US CORN PRICE CHART 900

32

800 27 700

600

22

500

17

400

300 12 200

100 Jan-00

7 Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06 US CORN

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

CHINA PORK

June-12 Past Performance Is Not Necessarily Indicative Of Future Results.

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