Exhibit 94: US Crude Oil Production Exhibit 95: OPEC Crude Oil Production Supply has stabilized after declining by 1 million barrels/day © OPEC producers have exceeded their quota 90% of the time from its peak. since 2000. Million Barrels/Day Million Barrels/Day Million Barrels/Day 2.0 10 36 ——— OPEC Production Subject to Quota 3.6 - — — == Historical OPEC Quota Levels 34 15 ger 9 32 1.0 8.6 30 = =e 05 8 28 va ; | 26 e, er | } 0.0 “TH mo y F] “t ll | ‘ " : ‘ ‘ 8 MME YY US Crude Production Change 22 i) ——— US Crude Production Levels (Right) ae -1.0 6 20 Jan-13 Jul-13.— Jan-14,— Jul-14.— Jan-15 = Jul-15— Jan-16— Jul-16 2000 2002 2004 2006 2008 2010 2012 2014 2016 Data through November 30, 2016. Data through November 30, 2016. Source: Investment Strategy Group, US Department of Energy. Source: Investment Strategy Group, Bloomberg. 2017 Global Commodity Outlook providing a more balanced risk/reward profile. Meanwhile, we believe the key elements of After losing more than half its value in the span our macroeconomic forecast—Federal Reserve of two years, the S&P GSCI broke its downward tightening, rising interest rates, modest US dollar trend with an 11% gain in 2016, its first double- gains and average inflation—represent continued digit return since 2009 (see Exhibit 92). The headwinds to gold prices. Comparable headwinds rebound in oil prices was a key contributor, as oil exist for industrial metals and agricultural goods, finished the year with a staggering 52% spot price — given the continued slowdown we expect in gain—an outcome made all the more remarkable Chinese growth. by the fact that oil was down 25% at its worst We discuss the specifics of our outlook for oil point early last year. This strength was not limited — and gold in the sections that follow. to the oil patch, as industrial metals rallied 17% on average and precious metals advanced 8% (see Oil: Regaining Its Balance Exhibit 93). Oil is finding its footing again after having Despite last year’s broad-