Bache Global Series
Bache Global Series A UCITS III Commodity Fund
April 2011
Fact Sheet Key Facts
Investment Overview Bache Global Series (“BGS”) is an open ended fund established as a société d’investissement à capital variable (“SICAV”) under Part I of the Luxembourg law of December 20, 2002 on undertakings for collective investments, qualifying as an UCITS for the purpose of Directive 85/611/EEC as subsequently amended (“UCITS III regulation”). The Fund is designed to replicate the Bache Commodity Index® Total Return (“BCI”). In compliance with UCITS III regulation the Fund holds the majority of its assets in transferable securities. The Fund offers various classes of institutional and retail shares denominated in USD, EUR and JPY each provided with daily liquidity.
Fund Administrator & Investment Manager Oppenheim Asset Management Services S.à.r.l.
Sub-Investment Manager Bache Commodities Limited
Custodian Bank
Sal. Oppenheim jr. & Cie. S.C.A.
Regulator
BCI Investment Strategy
Commission de Surveillance du Secteur Financier (“CSSF”), Luxembourg.
The BCI is currently comprised of 19 individual commodity components and utilises a methodology that provides a broad based, long term diversified exposure to the major commodity sectors: energy, metals and agriculture. The strategy is a transparent, long only, value weighted, investable index methodology that provides a defined maximum allocation to each commodity. The BCI utilises a systematic, non discretionary model that generates additional sources of return without increasing overall risk by uniquely combining daily roll and momentum factors. The methodology employs dynamic asset allocation based on the price momentum of individual commodity markets, which allows the strategy to reduce exposure to commodities in falling markets. This approach to index construction reduces transactions costs and turnover, and may increase risk adjusted returns. By holding varying amounts of individual commodities, the methodology has historically resulted in reduced losses during broad based commodity market declines.
Accreditation
UCITS III , Sicav Part 1
Fund Domicile Luxembourg
Fund Reference Currency USD
Key Fund Dates Legal Foundation: Fund Launch Date: First Issue Date: Financial Year End:
02 January 2008 29 February 2008 02 June 2008 31 December
Commodity Index Performance Comparision: 1991 - April 2011
Total Fund Size (Million) US$ 86.3m (29-Apr-2011)
BCI
Benchmark Index
DJ UBS
SP GSCI 900
®
Bache Commodity Index Total Return
800
USD / EUR / JPY
700
Rebased to 31-Dec-90 (100)
Share Class Currencies Share Launch Price (Launch Date) 100,00 100,00 100,00 10.000,00
(02-Jun-08) (10-Jun-09) (12-Oct-10) (02-Jun-08)
Share Price End of Month (29-Apr-11) Cat. A USD Inst. Accumulation Cat. A USD Inst. Ann. Dist. Cat. B EUR Inst. Accumulation Cat. C JPY Inst. Qtrly Dist.
Fee Structure Management Fee:
US$ 95.64 US$ 118.49 € 112.16 ¥ 7,415.28
Identification Codes Cat. A USD Inst. Accumulation Cat. A USD Inst. Ann. Dist. Cat. B EUR Inst. Accumulation Cat. C JPY Inst. Qtrly Dist.
ISIN LU0294914022 LU0294914378 LU0294914964 LU0294916316
Bloomberg BAGLCIA LX BGLCAID LX BGLCAIB LX BAGLCIC LX
BGS - Asset Allocation Actual Allocation
500 400 300 200 100
Institutional Share Class: 95 bp p.a. (effective) Retail Share Class: up to 200 bp Up to 5.00% 0.07% p.a. (effective) 1.50% (31-Dec-09)
Subscription Fee: Custodian Fee: Total Expense Ratio:
600
Max. Allocation
Silver Gold Nickel Copper Aluminium Natural Gas
0
Dec-90 Jun-91 Dec-91 Jun-92 Dec-92 Jun-93 Dec-93 Jun-94 Dec-94 Jun-95 Dec-95 Jun-96 Dec-96 Jun-97 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10
Cat. A USD Inst. Accumulation Cat. A USD Inst. Ann. Dist. Cat. B EUR Inst. Accumulation Cat. C JPY Inst. Qtrly Dist.
BGS Risk & Return Analysis Annualised Returns YTD BGS 12.30% BCI 13.19% DJ UBS 8.06% S&P GSCI 16.49% S&P 500 8.43% MSCI World 9.25%
1 Year 22.88% 25.80% 30.41% 24.68% 14.91% 18.25%
Risk Measures (since BGS inception)
2 Year 16.51% 19.38% 26.12% 27.59% 24.99% 27.29%
Inception to Date
Annualised Std. Dev.
Sharpe Ratio
-1.52% 0.72% -6.51% -16.48% -0.55% -0.88%
16.18% 16.20% 23.54% 30.97% 21.98% 23.95%
0.025 0.025 (0.290) (0.542) (0.039) (0.050)
Max. Length of Correlation Drawdown Drawdown to BGS -35.07% -34.29% -54.26% -67.65% -46.95% -49.72%
8 mths 8 mths 8 mths 8 mths 3 mths 6 mths
1.000 1.000 0.951 0.940 0.597 0.645
10-Year Rolling Performance Comparison BGS
BCI
DJ UBS
SP GSCI
300 280
Gas Oil Gasoline Heating Oil WTI Crude Brent Crude Sugar
260 Rebased to 29-Apr-01 (100)
240
Cotton Coffee Live Cattle Lean Hogs
220 200 180 160 140 120 100 80
Wheat Soybeans Corn
Source: Bache Commoditites Limited Please refer to disclosures on page 2.
Apr-11
Dec-10
Apr-10
Aug-10
Dec-09
Apr-09
Aug-09
Dec-08
Apr-08
Aug-08
Dec-07
Apr-07
Aug-07
Dec-06
Apr-06
Aug-06
Dec-05
Apr-05
Aug-05
Dec-04
Apr-04
Aug-04
Dec-03
Apr-03
Aug-03
Dec-02
20%
Apr-02
15%
Aug-02
10%
Dec-01
5%
Aug-01
0%
Apr-01
60
*Date of first issue: 02-Jun-08
Page 1 of 2
Version: May 2011 All data as at 29-Apr-11
BGS Annualised Return Analysis (since inception) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual StDev 2008 6.76% -9.35% -4.30% -5.14% -10.97% -4.35% -3.16% -27.54% 19.10% 2009 -2.33% -2.15% 1.85% -0.10% 11.45% -2.03% -0.60% -1.61% 0.38% 2.39% 2.73% -0.49% 9.09% 18.68% 2010 -6.04% 2.02% 0.35% 2.37% -7.04% -0.07% 2.86% -2.75% 5.94% 3.41% 0.06% 7.33% 7.73% 12.81% 2011 2.52% 3.31% 2.03% 3.92% 12.32% 13.03% Full Period -1.52% 16.18% Average in Mth -1.95% 1.06% 1.41% 2.06% 2.20% 1.55% -2.36% -2.89% 0.39% -1.72% -0.52% 1.23% Notes: Annual StDev Average in Mth Full period
Compounded annual return for all years Annualised standard deviation of daily returns Average return during the calendar month. Not compounded. Includes returns through April 2011 Compounded annualised return, annualised standard deviation of all daily returns
BCI Allocation by Commodity
Cumulative Factor Returns for BCI Period: Jan-91 - Apr-11
Commodity
Minimum Allocation
Maximum Allocation
Agriculture
10.8%
27.0%
5.4%
13.5%
Corn
2.0%
5.1%
Soybeans
2.0%
5.0%
Wheat
1.4%
3.4%
2.3%
5.7%
Lean Hogs
1.0%
2.5%
300
Live Cattle
1.3%
3.2%
200
3.1%
7.8%
Coffee
1.0%
2.5%
Cotton
1.0%
2.5%
500
100
25.0%
3.4%
8.6%
WTI Crude
6.6%
16.4%
Distillates
6.3%
15.7%
1.0%
2.5%
RBOB Gasoline
1.0%
2.5%
Gas Oil
4.3%
10.7%
2.6%
6.6%
2.6%
6.6%
10.3%
25.7%
4.2%
10.6%
Aluminium
1.1%
2.8%
Copper
2.1%
5.3%
10 YEAR (May 2001 - Apr 2011)
Nickel
1.0%
2.5%
6.0%
15.1%
5.0%
12.6%
BCI S&P GSCI DJUBS Annualised Return 10.85% 3.92% 7.06% Annualised Risk 14.56% 25.02% 17.59% Sharpe Ratio 0.593 0.073 0.279 Correl. to S&P 500 0.266 0.293 0.388 Correl. to MSCI World 0.362 0.382 0.485
Natural Gas Metals Industrial
Precious Gold Silver Total
1.0%
2.5%
40.0%
100.0%
11
10
09
08
07
06
05
Systematic Asset Allocation Factor: Utilises a momentum-based trading rule to hold more or less of a given commodity depending on recent price movement
Heating Oil
Natural Gas
20
Daily Roll Factor: Return from the forward delivery curve for commodities
10.0%
Brent Crude
20
Crude Oil
20
Beta Factor: Return from holding the active contract until the contract roll date
20
47.3%
20
2.8%
18.9%
20
04
03
1.1%
Energy
20
20
01
00
99
98
97
96
02
20
20
20
20
19
19
19
19
94
93
95 19
19
92
0 19
Sugar
600
400
91
Softs
700
Collateral Factor Momentum Factor Daily Roll Factor Beta Factor
19
Livestock
800
19
Grains
900
Index Comparison
Return Comparison 1991 - Apr 2011 Annualised Returns
3 YEAR (May 2008 - Apr 2011) BCI S&P GSCI DJUBS Annualised Return 2.96% -13.38% -5.23% Annualised Risk 16.44% 31.17% 23.39% Sharpe Ratio 0.157 -0.440 -0.239 Correl. to S&P 500 0.573 0.660 0.675 Correl. to MSCI World 0.626 0.691 0.728
12% 10% 8% 6% 4% 2% 0% BCI
S&P GSCI
DJUBSCI
BCI: Bache Commodity Idex S&P GSCI: S&P Goldman Sachs Commodity Index DJUBSCI: Dow Jones UBS Commodity Index Source: Bache Commodities Limited
Contact Details
Oppenheim Asset Management Services S.à.r.l 4, rue Jean Monnet L-2180 Luxembourg
Bache Commodities Limited 9 Devonshire Square London EC2M 4HP United Kingdom Telephone: Email: www.bache.com
+44 (0)2075485110 [email protected]
Telephone: Email:
Authorised and regulated by the Financial Services Authority (UK)
+352 221522 486 [email protected]
Copyright 2011 - Bache Commodities Limited. All rights reserved. This document is prepared for information purposes only and shall not be construed as an offer or constitute a solicitation of an offer to buy or sell or otherwise deal with Bache Commodities Limited (“BCL”) which is authorised and regulated by the Financial Services Authority (“FSA”). The data supplied has been compiled using information obtained from recognised sources believed to be reliable and accurate. Whilst all reasonable care has been taken to ensure that this information is accurate, we accept no liability if this is not the case and we make no representation as to its accuracy or completeness. The distribution of this material is not for use within certain countries or with respect of any person(s) where such use would be restricted or prohibited by local laws. The information is solely for your internal use and may not be issued as the basis of any product or reproduced, redistributed or transmitted in whole or in part in any form or by means, electronic or mechanical, including photocopying or by any information storage or retrieval system without the prior express written consent of BCL. This document sets out a high level view on the Fund, it does not constitute an analysis of all the relevant risks and any information provided in relation to the Fund are for background purposes only and do not purport to be full or complete. Potential investors in the Fund should not treat the contents of this document as advice relating to legal, taxation, investment or any other matters and are recommended to consult their own professional advisers concerning the acquisition, holding or disposal of shares of the Fund. Any investment decision should be made solely upon the information contained in the Full and Simplified Prospectus relating to the Fund available upon request at the following address: Oppenheim Asset Management Services S.à.r.l., 4, rue Jean Monnet, L-2180, Luxembourg. Potential investors are therefore invited to refer to such documents prior to making any investment in the Fund. Past performance is not a reliable indicator of future results. BCI performance data prior to Feb-2007 is pro-forma. BGS performance date prior to 02-Jun-2008 is pro-forma using the BCI performance. No assurance is or can be given that the Fund’s investment objective will be achieved. Nothing contained herein should be construed as a solicitation of any transaction or as a representation regarding the potential success of any transaction. Neither BCL nor any subsidiary or affiliate (together “Bache Commodities Group”) acts as a fiduciary or financial or commodity trading advisor to its counterparties, each of whom is responsible for its own investment and trading decisions. The methodology of, and intellectual property rights in, the Bache Commodity Index® and its related indices are proprietary to, and owned by, PFDS Holdings, LLC and may be covered by one or more pending patent applications. The Rock logo, BCI®, Bache Commodity Index® are service marks of PDFS Holdings, LLC and its affiliates including Prudential Financial, Inc. (“PFI”)*. This information is issued and approved for distribution on behalf of PFDS Holdings, LLC by BCL. PFDS Holdings, LLC and Bache Commodities Limited are affiliates of PFI. *Prudential Financial, Inc. is not affiliated with Prudential Plc which is headquartered in the United Kingdom.
Page 2 of 2
April 2011
Fact Sheet Key Facts
Investment Overview Bache Global Series (“BGS”) is an open ended fund established as a société d’investissement à capital variable (“SICAV”) under Part I of the Luxembourg law of December 20, 2002 on undertakings for collective investments, qualifying as an UCITS for the purpose of Directive 85/611/EEC as subsequently amended (“UCITS III regulation”). The Fund is designed to replicate the Bache Commodity Index® Total Return (“BCI”). In compliance with UCITS III regulation the Fund holds the majority of its assets in transferable securities. The Fund offers various classes of institutional and retail shares denominated in USD, EUR and JPY each provided with daily liquidity.
Fund Administrator & Investment Manager Oppenheim Asset Management Services S.à.r.l.
Sub-Investment Manager Bache Commodities Limited
Custodian Bank
Sal. Oppenheim jr. & Cie. S.C.A.
Regulator
BCI Investment Strategy
Commission de Surveillance du Secteur Financier (“CSSF”), Luxembourg.
The BCI is currently comprised of 19 individual commodity components and utilises a methodology that provides a broad based, long term diversified exposure to the major commodity sectors: energy, metals and agriculture. The strategy is a transparent, long only, value weighted, investable index methodology that provides a defined maximum allocation to each commodity. The BCI utilises a systematic, non discretionary model that generates additional sources of return without increasing overall risk by uniquely combining daily roll and momentum factors. The methodology employs dynamic asset allocation based on the price momentum of individual commodity markets, which allows the strategy to reduce exposure to commodities in falling markets. This approach to index construction reduces transactions costs and turnover, and may increase risk adjusted returns. By holding varying amounts of individual commodities, the methodology has historically resulted in reduced losses during broad based commodity market declines.
Accreditation
UCITS III , Sicav Part 1
Fund Domicile Luxembourg
Fund Reference Currency USD
Key Fund Dates Legal Foundation: Fund Launch Date: First Issue Date: Financial Year End:
02 January 2008 29 February 2008 02 June 2008 31 December
Commodity Index Performance Comparision: 1991 - April 2011
Total Fund Size (Million) US$ 86.3m (29-Apr-2011)
BCI
Benchmark Index
DJ UBS
SP GSCI 900
®
Bache Commodity Index Total Return
800
USD / EUR / JPY
700
Rebased to 31-Dec-90 (100)
Share Class Currencies Share Launch Price (Launch Date) 100,00 100,00 100,00 10.000,00
(02-Jun-08) (10-Jun-09) (12-Oct-10) (02-Jun-08)
Share Price End of Month (29-Apr-11) Cat. A USD Inst. Accumulation Cat. A USD Inst. Ann. Dist. Cat. B EUR Inst. Accumulation Cat. C JPY Inst. Qtrly Dist.
Fee Structure Management Fee:
US$ 95.64 US$ 118.49 € 112.16 ¥ 7,415.28
Identification Codes Cat. A USD Inst. Accumulation Cat. A USD Inst. Ann. Dist. Cat. B EUR Inst. Accumulation Cat. C JPY Inst. Qtrly Dist.
ISIN LU0294914022 LU0294914378 LU0294914964 LU0294916316
Bloomberg BAGLCIA LX BGLCAID LX BGLCAIB LX BAGLCIC LX
BGS - Asset Allocation Actual Allocation
500 400 300 200 100
Institutional Share Class: 95 bp p.a. (effective) Retail Share Class: up to 200 bp Up to 5.00% 0.07% p.a. (effective) 1.50% (31-Dec-09)
Subscription Fee: Custodian Fee: Total Expense Ratio:
600
Max. Allocation
Silver Gold Nickel Copper Aluminium Natural Gas
0
Dec-90 Jun-91 Dec-91 Jun-92 Dec-92 Jun-93 Dec-93 Jun-94 Dec-94 Jun-95 Dec-95 Jun-96 Dec-96 Jun-97 Dec-97 Jun-98 Dec-98 Jun-99 Dec-99 Jun-00 Dec-00 Jun-01 Dec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10
Cat. A USD Inst. Accumulation Cat. A USD Inst. Ann. Dist. Cat. B EUR Inst. Accumulation Cat. C JPY Inst. Qtrly Dist.
BGS Risk & Return Analysis Annualised Returns YTD BGS 12.30% BCI 13.19% DJ UBS 8.06% S&P GSCI 16.49% S&P 500 8.43% MSCI World 9.25%
1 Year 22.88% 25.80% 30.41% 24.68% 14.91% 18.25%
Risk Measures (since BGS inception)
2 Year 16.51% 19.38% 26.12% 27.59% 24.99% 27.29%
Inception to Date
Annualised Std. Dev.
Sharpe Ratio
-1.52% 0.72% -6.51% -16.48% -0.55% -0.88%
16.18% 16.20% 23.54% 30.97% 21.98% 23.95%
0.025 0.025 (0.290) (0.542) (0.039) (0.050)
Max. Length of Correlation Drawdown Drawdown to BGS -35.07% -34.29% -54.26% -67.65% -46.95% -49.72%
8 mths 8 mths 8 mths 8 mths 3 mths 6 mths
1.000 1.000 0.951 0.940 0.597 0.645
10-Year Rolling Performance Comparison BGS
BCI
DJ UBS
SP GSCI
300 280
Gas Oil Gasoline Heating Oil WTI Crude Brent Crude Sugar
260 Rebased to 29-Apr-01 (100)
240
Cotton Coffee Live Cattle Lean Hogs
220 200 180 160 140 120 100 80
Wheat Soybeans Corn
Source: Bache Commoditites Limited Please refer to disclosures on page 2.
Apr-11
Dec-10
Apr-10
Aug-10
Dec-09
Apr-09
Aug-09
Dec-08
Apr-08
Aug-08
Dec-07
Apr-07
Aug-07
Dec-06
Apr-06
Aug-06
Dec-05
Apr-05
Aug-05
Dec-04
Apr-04
Aug-04
Dec-03
Apr-03
Aug-03
Dec-02
20%
Apr-02
15%
Aug-02
10%
Dec-01
5%
Aug-01
0%
Apr-01
60
*Date of first issue: 02-Jun-08
Page 1 of 2
Version: May 2011 All data as at 29-Apr-11
BGS Annualised Return Analysis (since inception) Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual StDev 2008 6.76% -9.35% -4.30% -5.14% -10.97% -4.35% -3.16% -27.54% 19.10% 2009 -2.33% -2.15% 1.85% -0.10% 11.45% -2.03% -0.60% -1.61% 0.38% 2.39% 2.73% -0.49% 9.09% 18.68% 2010 -6.04% 2.02% 0.35% 2.37% -7.04% -0.07% 2.86% -2.75% 5.94% 3.41% 0.06% 7.33% 7.73% 12.81% 2011 2.52% 3.31% 2.03% 3.92% 12.32% 13.03% Full Period -1.52% 16.18% Average in Mth -1.95% 1.06% 1.41% 2.06% 2.20% 1.55% -2.36% -2.89% 0.39% -1.72% -0.52% 1.23% Notes: Annual StDev Average in Mth Full period
Compounded annual return for all years Annualised standard deviation of daily returns Average return during the calendar month. Not compounded. Includes returns through April 2011 Compounded annualised return, annualised standard deviation of all daily returns
BCI Allocation by Commodity
Cumulative Factor Returns for BCI Period: Jan-91 - Apr-11
Commodity
Minimum Allocation
Maximum Allocation
Agriculture
10.8%
27.0%
5.4%
13.5%
Corn
2.0%
5.1%
Soybeans
2.0%
5.0%
Wheat
1.4%
3.4%
2.3%
5.7%
Lean Hogs
1.0%
2.5%
300
Live Cattle
1.3%
3.2%
200
3.1%
7.8%
Coffee
1.0%
2.5%
Cotton
1.0%
2.5%
500
100
25.0%
3.4%
8.6%
WTI Crude
6.6%
16.4%
Distillates
6.3%
15.7%
1.0%
2.5%
RBOB Gasoline
1.0%
2.5%
Gas Oil
4.3%
10.7%
2.6%
6.6%
2.6%
6.6%
10.3%
25.7%
4.2%
10.6%
Aluminium
1.1%
2.8%
Copper
2.1%
5.3%
10 YEAR (May 2001 - Apr 2011)
Nickel
1.0%
2.5%
6.0%
15.1%
5.0%
12.6%
BCI S&P GSCI DJUBS Annualised Return 10.85% 3.92% 7.06% Annualised Risk 14.56% 25.02% 17.59% Sharpe Ratio 0.593 0.073 0.279 Correl. to S&P 500 0.266 0.293 0.388 Correl. to MSCI World 0.362 0.382 0.485
Natural Gas Metals Industrial
Precious Gold Silver Total
1.0%
2.5%
40.0%
100.0%
11
10
09
08
07
06
05
Systematic Asset Allocation Factor: Utilises a momentum-based trading rule to hold more or less of a given commodity depending on recent price movement
Heating Oil
Natural Gas
20
Daily Roll Factor: Return from the forward delivery curve for commodities
10.0%
Brent Crude
20
Crude Oil
20
Beta Factor: Return from holding the active contract until the contract roll date
20
47.3%
20
2.8%
18.9%
20
04
03
1.1%
Energy
20
20
01
00
99
98
97
96
02
20
20
20
20
19
19
19
19
94
93
95 19
19
92
0 19
Sugar
600
400
91
Softs
700
Collateral Factor Momentum Factor Daily Roll Factor Beta Factor
19
Livestock
800
19
Grains
900
Index Comparison
Return Comparison 1991 - Apr 2011 Annualised Returns
3 YEAR (May 2008 - Apr 2011) BCI S&P GSCI DJUBS Annualised Return 2.96% -13.38% -5.23% Annualised Risk 16.44% 31.17% 23.39% Sharpe Ratio 0.157 -0.440 -0.239 Correl. to S&P 500 0.573 0.660 0.675 Correl. to MSCI World 0.626 0.691 0.728
12% 10% 8% 6% 4% 2% 0% BCI
S&P GSCI
DJUBSCI
BCI: Bache Commodity Idex S&P GSCI: S&P Goldman Sachs Commodity Index DJUBSCI: Dow Jones UBS Commodity Index Source: Bache Commodities Limited
Contact Details
Oppenheim Asset Management Services S.à.r.l 4, rue Jean Monnet L-2180 Luxembourg
Bache Commodities Limited 9 Devonshire Square London EC2M 4HP United Kingdom Telephone: Email: www.bache.com
+44 (0)2075485110 [email protected]
Telephone: Email:
Authorised and regulated by the Financial Services Authority (UK)
+352 221522 486 [email protected]
Copyright 2011 - Bache Commodities Limited. All rights reserved. This document is prepared for information purposes only and shall not be construed as an offer or constitute a solicitation of an offer to buy or sell or otherwise deal with Bache Commodities Limited (“BCL”) which is authorised and regulated by the Financial Services Authority (“FSA”). The data supplied has been compiled using information obtained from recognised sources believed to be reliable and accurate. Whilst all reasonable care has been taken to ensure that this information is accurate, we accept no liability if this is not the case and we make no representation as to its accuracy or completeness. The distribution of this material is not for use within certain countries or with respect of any person(s) where such use would be restricted or prohibited by local laws. The information is solely for your internal use and may not be issued as the basis of any product or reproduced, redistributed or transmitted in whole or in part in any form or by means, electronic or mechanical, including photocopying or by any information storage or retrieval system without the prior express written consent of BCL. This document sets out a high level view on the Fund, it does not constitute an analysis of all the relevant risks and any information provided in relation to the Fund are for background purposes only and do not purport to be full or complete. Potential investors in the Fund should not treat the contents of this document as advice relating to legal, taxation, investment or any other matters and are recommended to consult their own professional advisers concerning the acquisition, holding or disposal of shares of the Fund. Any investment decision should be made solely upon the information contained in the Full and Simplified Prospectus relating to the Fund available upon request at the following address: Oppenheim Asset Management Services S.à.r.l., 4, rue Jean Monnet, L-2180, Luxembourg. Potential investors are therefore invited to refer to such documents prior to making any investment in the Fund. Past performance is not a reliable indicator of future results. BCI performance data prior to Feb-2007 is pro-forma. BGS performance date prior to 02-Jun-2008 is pro-forma using the BCI performance. No assurance is or can be given that the Fund’s investment objective will be achieved. Nothing contained herein should be construed as a solicitation of any transaction or as a representation regarding the potential success of any transaction. Neither BCL nor any subsidiary or affiliate (together “Bache Commodities Group”) acts as a fiduciary or financial or commodity trading advisor to its counterparties, each of whom is responsible for its own investment and trading decisions. The methodology of, and intellectual property rights in, the Bache Commodity Index® and its related indices are proprietary to, and owned by, PFDS Holdings, LLC and may be covered by one or more pending patent applications. The Rock logo, BCI®, Bache Commodity Index® are service marks of PDFS Holdings, LLC and its affiliates including Prudential Financial, Inc. (“PFI”)*. This information is issued and approved for distribution on behalf of PFDS Holdings, LLC by BCL. PFDS Holdings, LLC and Bache Commodities Limited are affiliates of PFI. *Prudential Financial, Inc. is not affiliated with Prudential Plc which is headquartered in the United Kingdom.
Page 2 of 2
