volatility adjusted skew amongst commodity currencies, current USDBRL levels provide a compelling entry point into premium neutral risk reversals. Commodity Currencies and Oil • 6 month Normalized Performance 110. 100k 100. 7//2014 —SPLI$D sea --• AVM* — NOMAD ---,4•LADUSD 700 — (amity 30% 11/2/2014 9/21 /014 10•21.t014

Commodity Currencies and Oil • 6 month Normalized Performance /10% 10011 70% 60% ~ 1 SO% Se% 7/7.7011 RA 7014 0,7.'1011 10'7/7014 11:7;l011 117:7011 1:7:101% Deft 100% —111

volatility adjusted skew amongst commodity currencies, current USDBRL levels provide a compelling entry point into premium neutral risk reversals. Commodity Currencies and Oil • 6 month Normalized Performance nos $ tatl par• — MOW -MSNUSD 80k, — WOOD — NQKUSD CADUSD 70% -OA C emdtv -• SO% 11:1101-1 I/17., 1014 1011015