Opportunities Continued strength in oil, NG and NGLs but not fully priced in equities Increased NG demand Replacing coal for power gen, LNG exports, chem plants, exports to Mexico NGL Price Increasing off very low base S/D balance, but chem plant expansions will increase demand Especially interested in Permian Basis and Scoop/Stack companies with substantial production growth within cash flow Permian: REI, PE, CPE Scoop/Stack: NFX, CLR Gassy plays: AR –Marcellus and Utica Shale GPOR – Numerous gas properties in Utica and Louisiana, recent SCOOP acquisition with market overreaction provides low-price entry Frac Sand Companies: HCLP, FMSA

Metals (Longer term play) Metals (Primarily Gold, Silver, Copper) Discovery, Exploration, Mining Companies Fundamental supply/demand will drive prices especially for junior companies Royalty Companies: SAND, OR, FNV, SLW Prospect Generators: Millrock Resources, Midland Exploration, Evrim Resources, Riverside Resources Many other small, speculative companies in the metals space Uranium – prices have recently started to bounce after long bear market

Agricultural Looking for recovery in prices of corn, wheat, etc. as they have been in a long bear market Favorable weather cycle for production likely to end Growing demand for food Look for opportunities in fertilizer, seed, and equipment companies: Examples: Agco, Potash, Monsanto, etc. Biotech Still bullish on Biotech longer term, especially with aging and growing population Defense Stocks Still bullish on defense stocks, particularly if US is going to push allies to spend more

Single-Country ETFs Russia – RSX India – IFN Mexico – EWW