by the largest international oil and gas companies Most commodity subcomponents saw positive returns in 2016, reversing several years of declines. S&P GSCI Energy Agriculture Industrial Metals Precious Metals Livestock Spot Price Average, 2016 vs. 2015 -10% -14% 0% 6% 8% 17% Spot Price Return 28% 48% 3% 19% 9% 10% Excess Return* 11% 18% 5%