S&P GSCI BRENT VS. CRUDE OIL (WTI)SUB-INDICES 3-YEAR PERFORMANCE

UK & NORWAYBRENT • FORTIES • OSEBERG • EKOFISK • FLOTTA • GULLFAKS

NIGERIA, ANGOLA AND CONGOBONNY LIGHT • BRASS RIVER • EA

ESCRAVOS • FORCADOS • QUA IBOE • CABINDA • HUNGO

MED CRUDESSUEZ BLEND •

ALGERIAN LIGHT • ES-SIDER • BREGA

RUSSIAURALS • SIBERIAN LIGHT

• AZERI LIGHT

WTI/ASCI

THE GROWTH OFBRENT CRUDE OIL

WHAT DOES ICE BRENT, A WATERBORNE OIL CONTRACT, HAVE TO OFFER?

• Deep liquidity for passive and active strategies

• A global benchmark and longevity, less volatile pricing inter-relationships

• An expanding physical base that underscores longevity

• Geographical reach, global footprints

• Diversification benefit with traditional asset classes

• Liquid Brent Options market with 300% annual volume growth

ROLL YIELD CONTRIBUTION* ICE BRENT VS. ICE DOLLARINDEX PERFORMANCE

ICE BRENT AND WTI FORWARD CURVE

theice.com »theice.com/contact »ICE Brent: The World’s Most Liquid Crude Futures Contract »

COPYRIGHT © 2014 ICE FUTURES EUROPE. ICE FUTURES EUROPE IS A RECOGNISED INVESTMENT EXCHANGE IN THE UK SUPERVISED BY THE FINANCIAL CONDUCT AUTHORITY IN ACCORDANCE WITH THE FINANCIAL SERVICES AND MARKETS ACT 2000. THE INFORMATION AND MATERIALS CONTAINED IN THIS BRENT FUTURES DOCUMENT, GRAPHICS, LINKS OR OTHER ITEMS-ARE PROVIDED “AS IS” AND “AS AVAILABLE”. ICE FUTURES EUROPE, AND ITS SUBSIDIARIES, DOES NOT WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS OF THIS INFORMATION AND MATERIALS AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THIS INFORMATION AND MATERIALS. NO WARRANTY OF ANY KIND, IMPLIED, EXPRESS OR STATUTORY, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF NON-INFRINGEMENT OF THIRD-PARTY RIGHTS, TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND FREEDOM FROM COMPUTER VIRUS, IS GIVEN IN CONJUNCTION WITH THE INFORMATION AND MATERIALS. THE INFORMATION IN THIS BRENT FUTURES DOCUMENT IS LIABLE TO CHANGE AT SHORT NOTICE. YOU SHOULD NOT RELY ON ANY INFORMATION CONTAINED IN THIS BRENT FUTURES DOCUMENT WITHOUT FIRST CHECKING WITH ICE FUTURES EUROPE THAT IT IS CORRECT AND UP TO DATE.

ARAB GULF (WEST BOUND SALES)ARAB LIGHT • BURGAN (KUWAIT) •

IRANIAN HEAVY

VIETNAM & AUSTRALIA

COSSACK • BACH HO • MINAS

BRENT

DUBAI

LONG TERM SUCCESS OFICE BRENT FUTURES 1,

6m

80

0k

1990

2010

-15% 95 8079

-10%

-5%

0%

110 95

81

83

5%

10% 125 11085

2011 2012 2013 2014 YTD JAN ‘13 OCT ‘14 OCT ‘18OCT ‘16OCT ‘15 OCT ‘17 OCT ‘19 OCT ‘20

$/bbl $/bbl$

MAY ‘13 SEP ‘13 JAN ‘14 MAY ‘14 SEP ‘14 OCT ‘21

1995 2000 2005 2010 2014 2009

60

100

140

180

2010 20142011 2012 2013

Since March 2012, ICE Brent has been

the world’s largest crude oil futures

contract with annual volume reaching a

record 159 million contracts in 2013 and

market share doubling since 2008.

Supporting the importance of Brent

in the global pricing of crude oil,

commodity indices have increased

their allocation to Brent. Historical

price trends show that Brent is closely

correlated to other international grades

such as LLS, Dubai and Mars.

• Open Interest record of 1,656,691 lots in June 2014

• July 2014 Average Daily Volume in futures and options 827,000 lots, up by 26% year-on-year

v2.2

Data normalized at 100 since 08 September 2009

* Use Bloomberg Generic Rolls Calculation

Brent roll yields contributed over 5% to returns during 2011 and 2013

Feb’s tapering could lead to a stronger U.S. dollar and weaker oil prices

BRENT ROLL YIELD (%) WTI ROLL YIELD (%)ICE BRENT FUTURES (LEFT) DOLLAR INDEX (RIGHT)

S&P GSCI BRENT CRUDE TR S&P GSCI CRUDE OIL (WTI) TRAVERAGE DAILY VOLUME AVERAGE OPEN INTEREST

ICE BRENT ICE WTI

Enhanced Roll minimizes the negative roll yield when the front-end contangoed