World Bank Commodities Price Data (The Pink Sheet) 9-Jan-2017 Annual Averages Quarterly Averages Monthly Averages Jan-Dec Jan-Dec Jan-Dec Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Oct Nov Dec Commodity Unit 2014 2015 2016 2015 2016 2016 2016 2016 2016 2016 2016 Energy Coal, Australia $/mt a/ 70.1 57.5 65.9 52.3 50.9 51.9 67.5 93.2 93.2 100.0 86.6 Coal, Colombia $/mt 65.9 52.5 57.6 48.0 42.7 44.8 57.7 85.1 78.9 86.7 89.8 Coal, South Africa $/mt 72.3 57.0 64.1 51.1 51.5 54.8 65.3 85.0 83.5 89.4 82.1 Crude oil, average $/bbl 96.2 50.8 42.8 42.2 32.7 44.8 44.7 49.1 49.3 45.3 52.6 Crude oil, Brent $/bbl a/ 98.9 52.4 44.0 43.4 34.4 46.0 45.8 50.1 49.7 46.4 54.1 Crude oil, Dubai $/bbl a/ 96.7 51.2 41.2 41.2 30.6 42.9 43.4 47.9 48.3 43.8 51.8 Crude oil, WTI $/bbl a/ 93.1 48.7 43.2 42.0 33.2 45.5 44.9 49.2 49.9 45.6 52.0 Natural gas, Index 2010=100 111.7 73.3 56.6 61.4 52.2 49.5 60.0 64.7 61.1 58.5 74.5 Natural gas, Europe $/mmbtu a/ 10.05 7.26 4.56 6.26 4.84 4.10 4.40 4.90 4.29 4.91 5.50 Natural gas, US $/mmbtu a/ 4.37 2.61 2.49 2.11 1.98 2.13 2.85 3.01 2.95 2.50 3.58 Natural gas, LNG Japan $/mmbtu a/ 16.04 10.40 6.90 8.94 7.70 6.08 6.68 7.15 7.15 7.15 7.15 Non Energy Commodities Agriculture Beverages Cocoa $/kg b/ 3.06 3.14 2.89 3.30 2.98 3.10 2.99 2.50 2.71 2.48 2.30 Coffee, arabica $/kg b/ 4.42 3.53 3.61 3.31 3.31 3.49 3.79 3.86 3.95 4.06 3.57 Coffee, robusta $/kg b/ 2.22 1.94 1.95 1.79 1.65 1.84 2.05 2.27 2.29 2.29 2.25 Tea, average $/kg 2.72 2.71 2.64 2.76 2.36 2.57 2.72 2.91 2.81 2.97 2.93 Tea, Colombo auctions $/kg b/ 3.54 2.96 3.24 2.85 2.82 2.98 3.29 3.86 3.76 3.94 3.88 Tea, Kolkata auctions $/kg b/ 2.58 2.42 2.39 2.52 1.89 2.59 2.64 2.43 2.43 2.45 2.41 Tea, Mombasa auctions $/kg b/ 2.05 2.74 2.30 2.91 2.38 2.14 2.24 2.43 2.26 2.52 2.51 Food Oils and Meals Coconut oil $/mt b/ 1,280 1,110 1,473 1,109 1,273 1,531 1,528 1,562 1,463 1,538 1,684 Copra $/mt 854 735 981 737 855 1,019 1,017 1,035 964 1,021 1,120 Fishmeal $/mt 1,709 1,558 1,501 1,524 1,465 1,526 1,553 1,462 1,497 1,463 1,425 Groundnuts $/mt 1,296 1,248 1,362 1,175 1,158 1,208 1,500 1,583 1,550 1,600 1,600 Groundnut oil $/mt b/ 1,313 1,337 1,503 1,298 1,277 1,550 1,648 1,536 1,575 1,525 1,508 Palm oil $/mt b/ 821 623 700 570 631 704 715 750 716 751 783 Palmkernel oil $/mt 1,121 909 1,290 831 1,032 1,283 1,358 1,486 1,331 1,476 1,650 Soybean meal $/mt b/ 528 395 380 358 328 419 405 367 367 369 365 Soybean oil $/mt b/ 909 757 809 743 749 795 810 883 858 880 911 Soybeans $/mt b/ 492 390 406 372 370 424 417 412 403 412 421 Grains Barley $/mt b/ 138.2 194.3 158.5 186.8 183.1 172.0 142.8 136.2 132.5 134.1 142.0 Maize $/mt b/ 192.9 169.8 159.2 167.2 159.9 171.1 153.4 152.2 152.3 151.8 152.4 Rice, Thailand 5% $/mt b/ 422.8 386.0 396.2 368.0 379.0 423.0 413.7 369.0 369.0 365.0 373.0 Rice, Thailand 25% $/mt 382.2 372.6 385.3 359.0 370.0 407.7 401.7 362.0 365.0 357.0 364.0 Rice, Thailand A1 $/mt 425.1 386.0 380.3 365.3 372.8 408.2 392.3 348.0 349.9 339.6 354.4 Rice, Vietnam 5% $/mt 407.2 351.8 356.1 355.7 361.7 373.6 350.6 338.5 336.4 338.0 341.0 Sorghum $/mt 207.2 204.7 159.6 176.3 173.9 173.9 151.9 138.6 138.6 138.6 138.6 Wheat, US HRW $/mt b/ 284.9 204.5 166.6 179.6 190.5 177.4 150.5 148.1 151.8 150.5 142.0 Wheat, US SRW $/mt 245.2 206.4 176.3 200.6 190.0 189.9 161.1 164.3 164.4 167.3 161.2 Other Food Bananas, EU $/kg 1.04 0.90 0.91 0.88 0.91 0.94 0.91 0.86 0.90 0.86 0.83 Bananas, US $/kg b/ 0.93 0.96 1.00 0.93 1.03 0.99 1.02 0.96 0.97 0.96 0.96 Meat, beef $/kg b/ 4.95 4.42 3.93 3.91 3.72 3.95 4.09 3.96 3.94 4.06 3.87 Meat, chicken $/kg b/ 2.43 2.53 2.46 2.50 2.47 2.46 2.45 2.45 2.43 2.42 2.51 Meat, sheep $/kg 6.39 5.22 4.69 4.82 4.51 4.64 4.64 4.99 4.82 5.03 5.12 Oranges $/kg b/ 0.78 0.68 0.89 0.73 0.69 0.78 0.99 1.09 1.06 1.14 1.08 Shrimp, Mexico $/kg 17.25 14.36 11.20 10.50 10.83 10.80 10.69 12.49 12.79 12.35 12.35 Sugar, EU domestic $/kg b/ 0.43 0.36 0.36 0.36 0.36 0.37 0.36 0.35 0.36 0.35 0.34 Sugar, US domestic $/kg b/ 0.53 0.55 0.61 0.56 0.57 0.61 0.62 0.64 0.63 0.63 0.64 Sugar, World $/kg b/ 0.37 0.30 0.40 0.32 0.31 0.38 0.45 0.45 0.49 0.45 0.41 continued on next page -1- World Bank Commodities Price Data (The Pink Sheet) 9-Jan-2017 Annual Averages Quarterly Averages Monthly Averages Jan-Dec Jan-Dec Jan-Dec Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Oct Nov Dec Commodity Unit 2014 2015 2016 2015 2016 2016 2016 2016 2016 2016 2016 Raw Materials Timber Logs, Cameroon $/cum 465.2 388.6 387.4 383.2 385.8 395.2 390.7 377.9 386.0 378.3 369.3 Logs, Malaysia $/cum b/ 282.0 246.0 274.4 245.2 258.2 275.7 290.7 272.8 286.9 275.1 256.4 Plywood ¢/sheets 517.3 451.2 503.3 449.8 473.7 505.8 533.2 500.4 526.2 504.7 470.3 Sawnwood, Cameroon $/cum 789.5 732.6 649.6 727.2 686.0 687.7 629.6 595.1 591.6 595.5 598.1 Sawnwood, Malaysia $/cum b/ 897.9 833.3 738.9 827.1 780.3 782.3 716.2 676.8 672.9 677.3 680.3 Woodpulp $/mt 876.9 875.0 875.0 875.0 875.0 875.0 875.0 875.0 875.0 875.0 875.0 Other Raw Materials Cotton, A Index $/kg b/ 1.83 1.55 1.64 1.53 1.48 1.57 1.76 1.74 1.73 1.74 1.75 Rubber, RSS3 $/kg b/ 1.95 1.57 1.61 1.28 1.32 1.61 1.57 1.92 1.66 1.87 2.23 Rubber, TSR20 $/kg 1.71 1.37 1.38 1.19 1.15 1.37 1.31 1.69 1.48 1.66 1.93 Fertilizers DAP $/mt b/ 472.5 458.9 345.3 419.3 366.7 351.0 340.0 323.7 333.0 323.0 315.0 Phosphate rock $/mt b/ 110.2 117.5 112.2 122.8 116.0 115.0 112.0 105.7 110.0 104.0 103.0 Potassium chloride $/mt b/ 297.2 302.9 245.6 297.0 283.0 263.0 221.0 215.3 216.0 215.0 215.0 TSP $/mt b/ 388.3 385.0 290.5 380.0 328.0 282.3 281.7 270.0 273.0 270.0 267.0 Urea, E. Europe $/mt b/ 316.2 272.9 199.3 250.6 208.7 198.3 183.3 206.7 193.0 211.0 216.0 Metals and Minerals Aluminum $/mt b/ 1,867 1,665 1,604 1,494 1,514 1,572 1,620 1,710 1,666 1,737 1,728 Copper $/mt b/ 6,863 5,510 4,868 4,885 4,675 4,736 4,780 5,281 4,731 5,451 5,660 Iron ore $/dmt b/ 96.9 55.8 58.4 47.0 48.3 56.0 58.7 70.7 59.0 73.0 80.0 Lead $/mt b/ 2,095 1,788 1,867 1,682 1,738 1,718 1,873 2,138 2,024 2,181 2,210 Nickel $/mt b/ 16,893 11,863 9,595 9,423 8,508 8,823 10,264 10,787 10,260 11,129 10,972 Tin $/mt b/ 21,899 16,067 17,934 15,077 15,439 16,902 18,584 20,810 20,100 21,126 21,204 Zinc $/mt b/ 2,161 1,932 2,090 1,612 1,677 1,917 2,252 2,514 2,312 2,566 2,665 Precious Metals Gold $/toz c/ 1,266 1,161 1,249 1,107 1,181 1,260 1,334 1,221 1,267 1,238 1,157 Platinum $/toz c/ 1,384 1,053 987 907 914 1,005 1,085 944 959 955 918 Silver $/toz c/ 19.1 15.7 17.1 14.8 14.9 16.9 19.6 17.2 17.7 17.4 16.4 World Bank commodity price indices for low and middle income countries (2010=100) Energy 118.3 64.9 55.0 54.2 43.0 55.7 57.5 63.8 63.7 59.4 68.4 Non Energy Commodities 97.0 82.4 80.3 77.6 76.0 81.0 81.6 82.7 80.8 83.5 83.8 Agriculture 102.7 89.3 89.1 85.9 84.5 91.1 91.1 89.6 89.5 90.0 89.4 Beverages 101.8 93.5 91.0 93.1 86.2 91.4 94.7 91.8 94.6 93.8 87.1 Food 107.4 90.9 92.3 86.6 86.7 94.9 94.7 93.0 92.8 93.2 93.0 Fats and Oils 109.0 85.2 89.6 79.6 79.9 93.5 92.9 92.0 89.8 92.0 94.1 Grains 103.9 88.8 82.0 84.1 84.4 87.8 79.6 76.1 76.5 76.0 75.9 Other Food 108.4 100.3 105.3 98.0 97.6 103.2 110.6 109.7 111.6 110.4 107.2 Raw Materials 91.9 83.3 80.3 80.8 78.5 81.8 80.6 80.2 78.8 80.0 81.7 Timber 104.9 96.1 89.6 95.4 92.2 93.7 88.9 83.8 84.6 84.1 82.8 Other Raw Materials 77.7 69.3 70.0 64.8 63.6 68.7 71.6 76.2 72.6 75.6 80.4 Fertilizers 100.5 95.4 75.3 92.3 81.6 76.1 71.0 72.5 71.3 72.8 73.2 Metals and Minerals 84.8 66.9 63.0 58.8 58.0 60.7 63.4 69.7 64.1 71.5 73.5 Base Metals d/ 89.0 73.6 68.3 65.0 63.8 65.9 68.8 74.7 69.6 76.5 77.9 Precious Metals 101.1 90.6 97.5 86.1 90.9 97.9 105.4 95.6 99.0 97.0 90.8 Notes: a/ Included in the energy index, b/ Included in the non-energy index, c/ Included in the precious metals index, d/ Metals and Minerals exluding iron ore. Abbreviations: $ = US dollar bbl = barrel cum = cubic meter dmt = dry metric ton kg = kilogram mmbtu = million British thermal units mt = metric ton toz = troy oz .. = not available Sources: Bloomberg, Cotton Outlook, Datastream, Fertilizer Week, INFOFISH, INTERFEL Fel Actualités hebdo, International Cocoa Organiza tion, International Coffee Organization, International Rubber Study Group, International Tea Committee, International Tropical Timber Organization, Inte rnatonal Sugar Organization, ISTA Mielke GmbH Oil World, Japan Lumber Journal, MLA Meat & Livestock Weekly, Platts International Coal Report, Singapore Commodity Exch ange, Sopisco News, Sri Lanka Tea Board, US Department of Agriculture, US NOAA Fisheries Service, World Gas Intelligence. continued on next page -2- Description of Price Series Coal (Australia), thermal, f.o.b. piers, Newcastle/Port Kembla, 6,700 kcal/kg, 90 days forward delivery. Coal (Colombia), thermal, f.o.b. Bolivar, 6,450 kcal/kg, (11,200 btu/lb), less than .8% sulfur, 9% ash, 90 days forward delivery. Coal (South Africa), thermal, f.o.b. Richards Bay, 6,000 kcal/kg, 90 days forward delivery. Crude oil, average price of Brent, Dubai and West Texas Intermediate, equally weighed. Crude oil, U.K. Brent 38° API. Crude oil, Dubai Fateh 32° API. Crude oil, West Texas Intermediate (WTI) 40° API. Natural Gas Index (Laspeyres), weights based on 5-year consumption volumes for Europe, US and Japan (LNG), updated every 5 years. Natural Gas (Europe), average import border price with a component of spot price, including UK. Natural Gas (U.S.), spot price at Henry Hub, Louisiana. Natural gas LNG (Japan), LNG, import price, cif; recent two months' averages are estimates. Cocoa (ICCO), International Cocoa Organization daily price, average of the first three positions on the terminal markets of New York and London, nearest three future trading months. Coffee (ICO), International Coffee Organization indicator price, other mild Arabicas, average New York and Bremen/Hamburg markets, ex-dock. Coffee (ICO), International Coffee Organization indicator price, Robustas, average New York and Le Havre/Marseilles markets, ex-dock. Tea, average three auctions, arithmetic average of quotations at Kolkata, Colombo and Mombasa/Nairobi. Tea (Colombo), Sri Lankan origin, all tea, arithmetic average of weekly quotes. Tea (Kolkata), leaf, include excise duty, arithmetic average of weekly quotes. Tea (Mombasa/Nairobi), African origin, all tea, arithmetic average of weekly quotes. Coconut oil (Philippines/Indonesia), bulk, c.i.f. Rotterdam. Copra (Philippines/Indonesia), bulk, c.i.f. N.W. Europe. Groundnuts (US), Runners 40/50, shelled basis, c.i.f. Rotterdam. Groundnut oil (any origin), c.i.f. Rotterdam. Fishmeal (any origin), 64-65%, c&f Bremen, estimates based on wholesale pric. Palm oil (Malaysia), 5% bulk, c.i.f. N. W. Europe. Palmkernel Oil (Malaysia), c.i.f. Rotterdam. Soybean meal (any origin), Argentine 45/46% extraction, c.i.f. Rotterdam. Soybean oil (Any origin), crude, f.o.b. ex-mill Netherlands. Soybeans (US), c.i.f. Rotterdam. Barley (US) feed, No. 2, spot, 20 days To-Arrive, delivered Minneapolis. Maize (US), no. 2, yellow, f.o.b. US Gulf ports. Rice (Thailand), 5% broken, white rice (WR), milled, indicative price based on weekly surveys of export transactions, government standard, f.o.b. Bangkok. Rice (Thailand), 25% broken, WR, milled indicative survey price, government standard, f.o.b. Bangkok. Rice (Thailand), 100% broken, A.1 Super from 2006 onwards, government standard, f.o.b. Bangkok. Rice (Vietnam), 5% broken, WR, milled, weekly indicative survey price, Minimum Export Price, f.o.b. Hanoi. Sorghum (US), no. 2 milo yellow, f.o.b. Gulf ports. Wheat (US), no. 1, hard red winter, ordinary protein, export price delivered at the US Gulf port for prompt or 30 days shipment. Wheat (US), no. 2, soft red winter, export price delivered at the US Gulf port for prompt or 30 days shipment. Bananas (Central & South America), major brands, free on truck (f.o.t.) Southern Europe, including duties. Bananas (Central & South America), major brands, US import price, f.o.t. US Gulf ports. Meat, beef (Australia/New Zealand), chucks and cow forequarters, frozen boneless, 85% chemical lean, c.i.f. U.S. port (East Coast), ex-dock. Meat, chicken (US), broiler/fryer, whole birds, 2-1/2 to 3 pounds, USDA grade "A", ice-packed, Georgia Dock preliminary weighted average, wholesale. Meat, sheep (New Zealand), frozen whole carcasses Prime Medium (PM) wholesale, Smithfield, London. Oranges (Mediterranean exporters) navel, EEC indicative import price, c.i.f. Paris. Shrimp , (Mexico), west coast, frozen, white, No. 1, shell-on, headless, 26 to 30 count per pound, wholesale price at New York. Sugar (EU), European Union negotiated import price for raw unpackaged sugar from African, Caribbean and Pacific (ACP), c.i.f. European ports. Sugar (US), nearby futures contract, c.i.f. Sugar (world), International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports. Logs (West Africa), sapele, high quality (loyal and marchand), 80 centimeter or more, f.o.b. Douala, Cameroon. Logs (Southeast Asia), meranti, Sarawak, Malaysia, sale price charged by importers, Tokyo. Plywood (Africa and Southeast Asia), Lauan, 3-ply, extra, 91 cm x 182 cm x 4 mm, wholesale price, spot Tokyo. Sawnwood (Cameroon), sapele, width 6 inches or more, length 6 feet or more, f.a.s. Cameroonian ports. Sawnwood (Southeast Asia), Malaysian dark red seraya/meranti, select and better quality, average 7 to 8 inches; length average 12 to 14 inches; thickness 1 to 2 inches; kiln dry, c. & f. UK ports, with 5% agents commission including premium for products of certified sustainable forest. Woodpulp (Sweden), softwood, sulphate, bleached, air-dry weight, c.i.f. North Sea ports. Cotton (Cotton Outlook "CotlookA index"), middling 1-3/32 inch, traded in Far East, C/F. Rubber (Asia), RSS3 grade, Singapore Commodity Exchange Ltd (SICOM) nearby contract. Rubber (Asia), TSR 20, Technically Specified Rubber, SICOM nearby contract. DAP (diammonium phosphate), standard size, bulk, spot, f.o.b. US Gulf. Phosphate rock (Morocco), 70% BPL, contract, f.a.s. Casablanca. Potassium chloride (muriate of potash), standard grade, spot, f.o.b. Vancouver. TSP (triple superphosphate), bulk, spot, granular, fob Tunisia. Urea, (Black Sea), bulk, spot, f.o.b. Black Sea (primarily Yuzhnyy). Aluminum (LME) London Metal Exchange, unalloyed primary ingots, standard high grade, physical settlement. Copper (LME), standard grade A, cathodes and wire bar shapes, physical settlement. Iron ore (any origin) fines, spot price, c.f.r. China, 62% Fe. Lead (LME), refined, standard high grade, physical settlement. Nickel (LME), cathodes, standard high grade, physical settlement. Tin (LME), refined, standard high grade, physical settlement. Zinc (LME), refined, standard special high grade, physical settlement. Gold (UK), 99.5% fine, London afternoon fixing, average of daily rates. Platinum (UK), 99.9% refined, London afternoon fixing. Silver (UK), 99.9% refined, London afternoon fixing. -3-