Finance

Commodities Research

Deutsche Bank@

September 2008

Global Markets Research

A User Guide To Commodities

Table of Contents

Introduction .................. 3 Energy .......................... 4 Precious Metals.......... 36 Industrial Metals......... 47 Minor Metals .............. 67 Mineral Sands............. 83 Rare Earth Metals....... 85 Agriculture .................. 87 Livestock .................. 110 Exchanges ................ 115 Conversion Factors... 118

London Michael Lewis 44 20 7545 2166 Hong Kong Amanda Lee, CFA 852 2203 8376 New York Joel Crane 1 212 250 5353 Washington Adam Sieminski, CFA 1 202 662 1624 Paris Mark Lewis 33 1 4495 6761 Isabelle Curien 33 1 4495 6616

Deutsche Bank AG/London

All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1

David Folkerts-Landau

Managing Director Global Head of Research

September 2008

A User Guide To Commodities

Table of Contents

Introduction........................................................................................................................................... 3 Energy .................................................................................................................................................... 4 Crude Oil ................................................................................................................................................. 5 Oil Products...