<SEC-DOCUMENT>0000891092-13-003695.txt : 20130426
<SEC-HEADER>0000891092-13-003695.hdr.sgml : 20130426
<ACCEPTANCE-DATETIME>20130426161720
ACCESSION NUMBER:		0000891092-13-003695
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20130426
DATE AS OF CHANGE:		20130426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Teucrium Commodity Trust
		CENTRAL INDEX KEY:			0001471824
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-187435
		FILM NUMBER:		13787595

	BUSINESS ADDRESS:	
		STREET 1:		232 HIDDEN LAKE ROAD
		CITY:			BRATTLEBORO
		STATE:			VT
		ZIP:			05301
		BUSINESS PHONE:		802-257-1617

	MAIL ADDRESS:	
		STREET 1:		232 HIDDEN LAKE ROAD
		CITY:			BRATTLEBORO
		STATE:			VT
		ZIP:			05301
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>e53321s1a.htm
<DESCRIPTION>PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> As filed with the Securities and Exchange
Commission on April 26, 2013 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B> Registration No. 333-187435 </B></P>

<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B> Pre-Effective Amendment No. 1<BR>
to </B><BR>
<B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B>&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 20%; color: black">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teucrium Commodity Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Delaware</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction of incorporation
or organization)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>6799</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Primary Standard Industrial Classification
Code Number)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>27-6715879</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer Identification No.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o Teucrium Trading, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>232 Hidden Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Building A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brattleboro, Vermont 05301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phone: (802)&nbsp;257-1617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of Registrant&#8217;s principal executive offices)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 20%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dale Riker</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teucrium Trading, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>232 Hidden Lake Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Building A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brattleboro, Vermont 05301</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Phone: (802)&nbsp;257-1617</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Copy to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W. Thomas Conner, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mary T. Payne, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reed Smith LLP</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1301 K Street, N.W.<BR>
Suite 1100, East Tower<BR>
Washington, DC 20005-3317</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 20%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Approximate date of commencement of proposed
sale to the public:&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, check the following box.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the
same offering.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company under Rule 12b-2 of
the Securities Exchange Act of 1934.&nbsp;&nbsp;(Check one):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 24%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">x</FONT></TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6 0 6pt; text-indent: 0.5in"> Pursuant to Rule 429 under the Securities Act of 1933, as amended, the prospectus included herein is a combined prospectus and also relates to Registration Statement No. 333-167594. &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>


<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Title of Each Class of Securities</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to be Registered</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to be</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registered</B></P></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering Price</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Per Share</B></P></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering Price</B></P></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fee</B></P></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common units of Teucrium WTI Crude Oil Fund, a series of the Registrant</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 97%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant to Rule 416(a)(6) under the Securities Act of 1933, the Registrant is carrying forward unsold securities previously registered in connection with File No. 333-167594.&nbsp;&nbsp;The Registrant previously registered 15,000,000 units in connection with File No. 333-167594, for which it paid $53,478 in registration fees.&nbsp;&nbsp;The amount of unsold units remaining that is being applied to this registration statement is 14,875,000.</FONT></TD></TR>
</TABLE>


<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 17%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B>The registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.</B></P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Teucrium WTI Crude Oil Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>15,000,000 Shares</B><BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Teucrium WTI Crude Oil Fund (the &#8220;Fund&#8221;
or &#8220;Us&#8221; or &#8220;We&#8221;) is a commodity pool that is a series of Teucrium Commodity Trust (&#8220;Trust&#8221;),
a Delaware statutory trust.&nbsp; The Fund issues common units representing fractional undivided beneficial interests in such Fund,
called &#8220;Shares.&#8221;&nbsp;&nbsp;The Fund offers creation baskets consisting of 25,000 Shares (&#8220;Creation Baskets&#8221;)
at their net asset value (&#8220;NAV&#8221;) to &#8220;Authorized Purchasers&#8221; (as defined below).&nbsp; Authorized Purchasers,
in turn, may offer to the public Shares of any baskets they create.&nbsp; Authorized Purchasers sell such Shares, which are listed
on the NYSE Arca exchange (&#8220;NYSE Arca&#8221;), to the public at per-Share offering prices that are expected to reflect, among
other factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased
the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the
time of sale, and the liquidity of the markets for oil interests.&nbsp; The prices of Shares offered by Authorized Purchasers are
expected to fall between the Fund&#8217;s NAV and the trading price of the Shares on the NYSE Arca at the time of sale.&nbsp; The
Fund&#8217;s Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher than their NAV per Share.&nbsp;
Fund Shares are listed on the NYSE Arca&nbsp;under the symbol &#8220;CRUD.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s sponsor is Teucrium Trading,
LLC (the &#8220;Sponsor&#8221;). The investment objective of the Fund is to have daily changes in percentage terms of the Fund&#8217;s
NAV per Share reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three West
Texas Intermediate (&#8220;WTI&#8221;) crude oil futures contracts.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This is a best efforts offering; the Distributor,
Foreside Fund Services, LLC (the &#8220;Distributor&#8221;) is not required to sell any specific number or dollar amount of Shares,
but will use its best efforts to sell Shares.&nbsp; An Authorized Purchaser is under no obligation to purchase Shares.&nbsp; This
is intended to be a continuous offering that will terminate on May 1, 2016, unless suspended or terminated at any earlier time
for certain reasons specified in this prospectus or unless extended as permitted under the rules under the Securities Act of 1933.&nbsp;
&nbsp;See &#8220;Prospectus Summary &#8211; The Shares&#8221; and &#8220;Creation and Redemption of Shares &#8211; Rejection of
Purchase Orders&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Investing in the Fund involves significant
risks.&nbsp; See &#8220;What Are the Risk Factors Involved with an Investment in the Fund?&#8221; beginning on page 13.&nbsp; The
Fund is not a mutual fund registered under the Investment Company Act of 1940 and is not subject to regulation under such Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
(&#8220;SEC&#8221;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS,
OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE.&nbsp; ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS
DISCLOSURE DOCUMENT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>This prospectus is in two parts: a disclosure
document and a statement of additional information. These parts are bound together, and both contain important information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt; text-align: center"><B>Per&nbsp;share</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt; text-align: center"><B>Per&nbsp;Basket</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt">Price of the Shares <FONT STYLE="font-size: 7pt">*</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; vertical-align: bottom">$37.57</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; vertical-align: bottom">$939,250</TD>
    </TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0"><FONT STYLE="font-size: 7pt"> *
</FONT> Based on closing net asset value on April 15, 2013. The price may vary based on net asset value in effect on a particular
day. No commissions or discounts are paid to Authorized Purchasers in connection with the sale of Creation Baskets. The Sponsor
pays certain fees to the Distributor. See &ldquo;The Offering &ndash; Plan of Distribution&rdquo; on page 55. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> The date of this prospectus is April 30,
2013. </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>COMMODITY FUTURES TRADING
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RISK DISCLOSURE STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR
FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL.&nbsp; IN SO DOING, YOU SHOULD BE AWARE THAT&nbsp;COMMODITY
INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.&nbsp; SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET
VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.&nbsp; IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT
YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B> FURTHER, COMMODITY POOLS MAY BE SUBJECT
TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES.&nbsp;&nbsp;IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE
SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS.&nbsp;&nbsp;THIS
DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 53 AND A STATEMENT OF THE
PERCENTAGE RETURN NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 8. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>THIS BRIEF STATEMENT CANNOT DISCLOSE ALL
THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL.&nbsp;&nbsp;THEREFORE, BEFORE YOU DECIDE
TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL
RISK FACTORS OF THIS INVESTMENT, AT PAGE 13.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY&nbsp;POOL
MAY&nbsp;TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS.&nbsp; TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING
MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION
TO THE POOL AND ITS PARTICIPANTS.&nbsp; FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF
THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>SWAPS TRANSACTIONS, LIKE OTHER FINANCIAL
TRANSACTIONS, INVOLVE A VARIETY OF<FONT STYLE="text-underline-style: double; color: blue"><U> </U></FONT>SIGNIFICANT RISKS. THE
SPECIFIC RISKS PRESENTED BY A PARTICULAR SWAP TRANSACTION NECESSARILY DEPEND UPON THE TERMS OF THE TRANSACTION AND YOUR CIRCUMSTANCES.
IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE SOME COMBINATION OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING
RISK, LIQUIDITY RISK, AND OPERATIONAL RISK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>HIGHLY CUSTOMIZED SWAPS TRANSACTIONS IN PARTICULAR
MAY INCREASE LIQUIDITY RISK, WHICH MAY RESULT IN A SUSPENSION OF REDEMPTIONS. HIGHLY LEVERAGED TRANSACTIONS MAY EXPERIENCE SUBSTANTIAL
GAINS OR LOSSES IN VALUE AS A RESULT OF RELATIVELY SMALL CHANGES IN THE VALUE OR LEVEL OF AN UNDERLYING OR RELATED MARKET FACTOR.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>IN EVALUATING THE RISKS AND CONTRACTUAL OBLIGATIONS
ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT A SWAP TRANSACTION MAY BE MODIFIED OR TERMINATED
ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY NEGOTIATED TERMS. THEREFORE, IT MAY NOT
BE POSSIBLE FOR THE COMMODITY POOL OPERA TOR TO MODIFY, TERMINATE, OR OFFSET THE POOL'S OBLIGATIONS OR THE POOL'S EXPOSURE TO THE
RISKS ASSOCIATED WITH A TRANSACTION PRIOR TO ITS SCHEDULED TERMINATION DATE. </B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TEUCRIUM WTI CRUDE OIL
FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_001">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">iii</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_002">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_003">Principal Offices of the Fund and the Sponsor</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_004">Breakeven Point</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_005">Overview of the Fund</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_006">The Shares</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_007">The Fund&rsquo;s Investments in Oil Interests</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_008">Principal Investment Risks of an Investment in the Fund</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_009">Financial Condition of the Fund</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_010">Defined Terms</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_011">Breakeven Analysis</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_012">The Offering</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_013">WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_014">Risks Associated With Investing Directly or Indirectly in Crude Oil</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_015">The Fund&rsquo;s Operating Risks</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_016">Risk of Leverage and Volatility</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_017">Over-the-Counter Contract Risk</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_018">Risk of Trading in International Markets</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_019">Tax Risk</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_020">THE OFFERING</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_021">The Fund in General</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_022">The Sponsor</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_023">Operation of the Fund</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_024">Futures Contracts</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_025">Cleared Oil Swaps</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_026">Over-the-Counter Derivatives</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_027">Benchmark Performance</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_028">WTI Light, Sweet Crude Oil and the Oil Industry</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_029">The Fund&rsquo;s Investments in Treasury Securities, Cash and Cash Equivalents</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_030">Other Trading Policies of the Fund</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_031">The Service Providers</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_032">Fees to be Paid by the Fund</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_033">Form of Shares</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_065">Transfer of Shares</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_034">Inter-Series Limitation on Liability</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_035">Plan of Distribution</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_036">The Flow of Shares</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_037">Calculating NAV</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_038">Creation and Redemption of Shares</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_039">Secondary Market Transactions</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_040">Use of Proceeds</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_066">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_042">The Trust Agreement</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_043">The Sponsor Has Conflicts of Interest</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_045">Provisions of Federal and State Securities Laws</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_046">Books and Records</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_047">Analysis of Critical Accounting Policies</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_048">Statements, Filings, and Reports to Shareholders</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_049">Fiscal Year</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_050">Governing Law; Consent to Delaware Jurisdiction</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_053">Legal Matters</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_054">Privacy Policy</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"><A HREF="#a_055">U.S. Federal Income Tax Considerations</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 40.4pt; width: 94%"><A HREF="#a_056">Investment By ERISA Accounts</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 6%">85</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_057">INFORMATION YOU SHOULD KNOW</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_058">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="#a_060">APPENDIX A - Glossary of Defined Terms</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">90</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus includes &#8220;forward-looking
statements&#8221; which generally relate to future events or future performance. In some cases, you can identify forward-looking
statements by terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221;
&#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the
negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in
this prospectus that address activities, events or developments that will or may occur in the future, including such matters as
movements in the commodities markets and indexes that track such movements, the Fund&#8217;s operations, the Sponsor&#8217;s plans
and references to the Fund&#8217;s future success and other similar matters, are forward-looking statements. These statements are
only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses
the Sponsor has made based on its perception of historical trends, current conditions and expected future developments, as well
as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor&#8217;s
expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations
discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those
concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. See
&#8220;What Are the Risk Factors Involved with an Investment in the Fund?&#8221; Consequently, all the forward-looking statements
made in this prospectus are qualified by these cautionary statements, and there can be no assurance that actual results or developments
the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences
to, or have the expected effects on, the Fund&#8217;s operations or the value of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>This is only a summary of the prospectus
and, while it contains material information about the Fund and its Shares, it does not contain or summarize all of the information
about the Fund and the Shares contained in this prospectus that is material and/or which may be important to you. You should read
this entire prospectus, including &#8220;What Are the Risk Factors Involved with an Investment in the Fund?&#8221; beginning on
page 13, before making an investment decision about the Shares. In addition, this prospectus includes a statement of additional
information that follows and is bound together with the primary disclosure document. Both the primary disclosure document and the
statement of additional information contain important information.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_003"></A><B>Principal Offices of the Fund and the Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The principal office of the Trust and the Fund
is located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301. The telephone number is (802) 257-1617. The Sponsor&#8217;s
principal office is also located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, and its telephone number is also
(802) 257-1617.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_004"></A><B>Breakeven Point</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The amount of trading income required for the
redemption value of a Share at the end of one year to equal the selling price of the Share, assuming a selling price of $41.24
(the NAV per Share as of January 31, 2013), is $0.62 or 1.50% of the selling price.&nbsp; For more information, see &#8220;Breakeven
Analysis&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_005"></A><B>Overview of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Teucrium WTI Crude Oil Fund (the &#8220;Fund&#8221;
or &#8220;Us&#8221; or &#8220;We&#8221;) is a commodity pool that issues Shares that may be purchased and sold on the NYSE Arca.
The Fund is a series of the Teucrium Commodity Trust (&#8220;Trust&#8221;), a Delaware statutory trust organized on September 11,
2009. The Fund is one of&nbsp; seven series of the Trust; each series operates as a separate commodity pool. Additional series
of the Trust may be created in the future. The Trust and the Fund operate pursuant to the Trust&#8217;s Second Amended and Restated
Declaration of Trust and Trust Agreement (the &#8220;Trust Agreement&#8221;). The Fund was formed and is managed and controlled
by the Sponsor, Teucrium Trading, LLC. The Sponsor is a limited liability company formed in Delaware on July 28, 2009 that is registered
as a commodity pool operator (&#8220;CPO&#8221;) with the Commodity Futures Trading Commission (&#8220;CFTC&#8221;) and is a member
of the National Futures Association (&#8220;NFA&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of the Fund is to have
the daily changes in percentage terms of the Shares&#8217; NAV reflect the daily changes in percentage terms of a weighted average
of the closing settlement prices for futures contracts for WTI crude oil, also known as Texas Light Sweet Crude Oil (&#8220; WTI
Oil Futures Contracts&#8221;) traded on the NYMEX, specifically (1) the nearest to spot June or December WTI Oil Futures Contract,
weighted 35%; (2) the June or December WTI Oil Futures Contract following the aforementioned (1), weighted 30%; and (3) the December
WTI Oil Futures Contract following the aforementioned (2), weighted 35%. (This weighted average of the three referenced WTI Oil
Futures Contracts is referred to herein as the &#8220;Benchmark,&#8221; and the three WTI Oil Futures Contracts that at any given
time make up the Benchmark are referred to herein as the &#8220;Benchmark Component Futures Contracts.&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective&nbsp;by
investing under normal market conditions&nbsp;in Benchmark Component Futures Contracts or,&nbsp; in&nbsp; certain circumstances,
in other WTI Oil Futures Contracts&nbsp;traded on the NYMEX and to a lesser extent the IntercontinentalExchange (&#8220;ICE&#8221;).
The Fund may also invest in other kinds of crude oil futures contracts traded on the NYMEX or ICE or on other domestic or foreign
exchanges (together with WTI Oil Futures Contracts,&nbsp; &#8220;Oil Futures Contracts&#8221;). In addition, and to a limited extent,
the Fund also may invest in crude oil-based swap agreements that are cleared through the NYMEX or ICE or their affiliated providers
of clearing services (&#8220;Cleared Oil Swaps&#8221;) in furtherance of the Fund&#8217;s investment objective, and to the extent
permitted and appropriate in light of the liquidity in the Cleared Oil Swap market.&nbsp;&nbsp;Once position limits or accountability
levels in WTI&nbsp;Oil Futures Contracts are applicable, the Fund&#8217;s intention is to invest first in Cleared Oil Swaps to
the extent permitted by the position limits or accountability levels applicable to Cleared Oil Swaps and appropriate in light of
the liquidity in the Cleared Oil Swap market, and then in contracts or instruments such as Oil Futures Contracts other than WTI
Oil Futures Contracts and/or cash-settled&nbsp; options on Oil Futures Contracts and forward contracts, swaps other than Cleared
Oil Swaps, and other over-the-counter&nbsp; transactions that are&nbsp; based on the price of crude oil and Oil Futures Contracts
(collectively, &#8220;Other Oil Interests,&#8221; and together with Oil Futures Contracts and Cleared Oil Swaps, &#8220;Oil Interests&#8221;).
See &#8220;The Offering &#8211; Futures Contracts&#8221; below. By utilizing certain or all of these investments, the Sponsor will
endeavor to cause the Fund's performance to closely track that of the Benchmark. The Sponsor expects to manage the Fund&#8217;s
investments directly, although it has been authorized by the Trust to retain, establish the terms of retention for, and terminate
third-party commodity trading advisors to provide such management. The Sponsor is also authorized to select futures commission
merchants (&#8220;FCMs&#8221;) to execute the Fund&#8217;s transactions in Oil Futures Contracts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">WTI Oil Futures Contracts traded on the NYMEX
are listed for each month for the current year and the next 8 years. However, the nature of the Benchmark is such that the Fund
will not hold futures contracts beyond approximately the first&nbsp;two years of listed WTI Oil Futures Contracts. &nbsp; For example,
in terms of the Benchmark, in April of a given year, the Benchmark Component Futures Contracts will be the contracts expiring in
June (the first-to-expire Benchmark Component), December (the second-to-expire Benchmark Component), and&nbsp;December of the following
year (the third-to-expire Benchmark Component).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
primarily by investing in Oil Interests such that daily changes in the Fund&#8217;s NAV are expected to closely track the changes
in the Benchmark. The Fund&#8217;s positions in Oil Interests are changed or &#8220;rolled&#8221; on a regular basis in order to
track the changing nature of the Benchmark. For example, two times a year, on the date on which a Benchmark Component&nbsp;Futures
Contract becomes the first-to-expire or &#8220;spot&#8221; WTI Oil Futures contract listed on NYMEX, such contract will no longer
be a Benchmark Component Futures Contract, and the Fund&#8217;s investments will have to be changed accordingly. In order that
the Fund&#8217;s trading does not cause unwanted market movements and to make it more difficult for third parties to profit by
trading based on such expected market movements, the Fund&#8217;s investments may not be rolled entirely on that day, but rather
may be rolled over a period of several days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Consistent
with the Fund&#8217;s investment objective of closely tracking the Benchmark, the Sponsor may for certain reasons cause the Fund
to enter into or hold Oil Futures Contracts other than the Benchmark Component Futures Contracts, Cleared Oil Swaps and Other Oil
Interests. For example, certain Cleared Oil Swaps have standardized terms similar to, and are priced by reference to, a corresponding
Benchmark Component Futures Contracts. Additionally, Other Oil Interests that do not have standardized terms and are not exchange-traded,
referred to as &#8220;over-the-counter&#8221; Oil Interests, can generally be structured as the parties to the Oil Interest contract
desire. Therefore, the Fund might enter into multiple Cleared Oil Swaps and/or over-the-counter Oil Interests intended to exactly
replicate the performance of each of the three Benchmark Component Futures Contracts, or a single over-the-counter Oil Interest
designed to replicate the performance of the Benchmark as a whole. Assuming that there is no default by a counterparty to an over-the-counter
Oil Interest, the performance of the Oil Interest will necessarily correlate exactly with the performance of the Benchmark or the
applicable Benchmark Component Futures Contract. The Fund might also enter into or hold Oil Interests other than the Benchmark
Component Futures Contracts to facilitate effective trading, consistent with the discussion of the Fund&#8217;s &#8220;roll&#8221;
strategy discussed in the preceding paragraph. In addition, the Fund might enter into or hold Oil Interests that would be expected
to alleviate overall deviation between the Fund&#8217;s performance and that of the Benchmark that may result from certain market
and trading inefficiencies or other reasons. By utilizing certain or all of the investments described above, the Sponsor endeavors
to cause the Fund&#8217;s performance to closely track that of the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund invests in Oil Interests to the fullest
extent possible without being leveraged or unable to satisfy its expected current or potential margin or collateral obligations
with respect to its investments in Oil Interests. After fulfilling such margin and collateral requirements, the Fund invests the
remainder of its proceeds from the sale of baskets in&nbsp;&nbsp;obligations of the United States government (&#8220;Treasury Securities&#8221;)
or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts). Therefore, the focus of the
Sponsor in managing the Fund is investing in Oil Interests and in Treasury Securities, cash and/or cash equivalents. The Fund earns
interest income from the Treasury Securities and/or cash equivalents that it purchases and on the cash it holds through the Fund&#8217;s
custodian, the Bank of New York Mellon (the &#8220;Custodian&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to place the Fund&#8217;s
trades in Oil Interests and otherwise manage the Fund&#8217;s investments so that the Fund&#8217;s average daily tracking error
against the Benchmark will be less than 10 percent over any period of 30 trading days. More specifically, the Sponsor endeavors
to manage the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">A is the average daily change in the Fund&#8217;s NAV for any period of 30 successive valuation days, i.e., any trading day as of which the Fund calculates its NAV, and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">B is the average daily change in the Benchmark over the same period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that market arbitrage opportunities
will cause the Fund&#8217;s Share price on the NYSE Arca to closely track the Fund&#8217;s NAV per share. The Sponsor believes
that the net effect of this expected relationship and the expected relationship described above between the Fund&#8217;s NAV and
the Benchmark will be that the changes in the price of the Fund&#8217;s Shares on the NYSE Arca will closely track, in percentage
terms, changes in the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>The
Sponsor employs a &#8220;neutral&#8221; investment strategy intended to track the changes in the Benchmark regardless of whether
the Benchmark goes up or goes down. The Fund&#8217;s &#8220;neutral&#8221; investment strategy is designed to permit investors
generally to purchase and sell the Fund&#8217;s Shares for the purpose of investing indirectly in crude oil in a cost-effective
manner. Such investors may include participants in the crude oil market and other industries seeking to hedge the risk of losses
in their</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">crude oil-related transactions, as well as investors seeking exposure
to the crude oil market. Accordingly, depending on the investment objective of an individual investor, the risks generally associated
with investing in the crude oil market and/or the risks involved in hedging may exist. In addition, an investment in the Fund involves
the risks that the changes in the price of the Fund&#8217;s Shares will not accurately track the changes in the Benchmark, and
that changes in the Benchmark will not closely correlate with changes in the price of WTI light, sweet crude oil on the spot market.
Furthermore, as noted above, the Fund also invests in Treasury Securities, cash and/or cash equivalents to meet its current or
potential margin or collateral requirements with respect to its investments in Oil Interests and to invest cash not required to
be used as margin or collateral. The Fund does not expect there to be any meaningful correlation between the performance of the
Fund&#8217;s investments in Treasury Securities/cash/cash equivalents and the changes in the price of WTI light, sweet crude oil
or Oil Interests. While the level of interest earned on or the market price of these investments may in some respects correlate
to changes in the price of WTI light, sweet crude oil, this correlation is not anticipated as part of the Fund&#8217;s efforts
to meet its objective. This and certain risk factors discussed in this prospectus may cause a lack of correlation between changes
in the Fund&#8217;s NAV and changes in the price of WTI&nbsp;crude oil. The Sponsor does not intend to operate the Fund in a fashion
such that its per share NAV equals, in dollar terms, the spot price of a barrel of WTI&nbsp;crude oil or the price of any particular
Oil Futures Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund creates and redeems Shares only in
blocks called Creation Baskets and Redemption Baskets, respectively. Only Authorized Purchasers may purchase or redeem Creation
Baskets or Redemption Baskets. An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized Purchaser
is under no obligation to offer to the public Shares of any baskets it does create. Baskets are generally created when there is
a demand for Shares, including, but not limited to, when the market price per share is at (or perceived to be at) a premium to
the NAV per share. Similarly, baskets are generally redeemed when the market price per share is at (or perceived to be at) a discount
to the NAV per share. Retail investors seeking to purchase or sell Shares on any day are expected to effect such transactions in
the secondary market, on the NYSE Arca, at the market price per share, rather than in connection with the creation or redemption
of baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All proceeds from the sale of Creation Baskets
will be invested as quickly as practicable in the investments described in this prospectus. The Fund&#8217;s cash and investments
are held through the Fund&#8217;s Custodian, in accounts with the Fund&#8217;s commodity futures brokers or in collateral accounts
with respect to over-the-counter Oil Interests. There is no stated maximum time period for the Fund&#8217;s operations and the
Fund will continue until all Shares are redeemed or the Fund is liquidated pursuant to the terms of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt"></FONT>There
is no specified limit on the maximum number of Creation Baskets that can be sold. At some point, however, position limits and
accountability levels on Oil Futures Contracts, Cleared Oil Swaps or Other Oil Interests may practically limit the number of Creation
Baskets that will be sold if the Sponsor determines that the other investment alternatives available to the Fund at that time
will not enable it to meet its stated investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares may also be purchased and sold by individuals
and entities that are not Authorized Purchasers in smaller increments than Creation Baskets on the NYSE Arca. However, these transactions
are effected at bid and ask prices established by specialist firm(s). Like any listed security, Shares of the Fund can be purchased
and sold at any time a secondary market is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing the Fund&#8217;s assets, the Sponsor
does not use a technical trading system that automatically issues buy and sell orders. Instead, each time one or more baskets are
purchased or redeemed, the Sponsor will purchase or sell Oil Interests with an aggregate market value that approximates the amount
of Treasury Securities and/or cash received or paid upon the purchase or redemption of the basket(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Note to Secondary Market Investors:</B> Shares
can be directly purchased from the Fund only in Creation Baskets and only by Authorized Purchasers. Each Creation Basket consists
of 25,000 Shares and therefore requires a significant financial commitment to purchase. Accordingly, investors who do not have
such resources or who are not Authorized Purchasers should be aware that some of the information contained in this prospectus,
including information about purchases and redemptions of Shares directly with the Fund, is only relevant to Authorized Purchasers.
Shares are listed and traded on the NYSE Arca under the ticker symbol &#8220;CRUD&#8221; and may be purchased and sold as individual
Shares. Individuals interested in purchasing Shares in the secondary market should contact their broker. Shares purchased or sold
through a broker may be subject to commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Except when aggregated in Redemption Baskets,
Shares are not redeemable securities. There is no guarantee that Shares will trade at prices that are at or near the per-Share
NAV.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_006"></A>The Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares are registered as securities under
the Securities Act of 1933 (the &#8220;1933 Act&#8221;) and the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;)
and do not provide dividend rights or conversion rights and there are no sinking funds. The Shares may only be redeemed when aggregated
in Redemption Baskets as discussed under &#8220;Creation and Redemption of Shares&#8221; and holders of Fund Shares (&#8220;Shareholders&#8221;)
generally do not have voting rights as discussed under &#8220;The Trust Agreement &#8211; Voting Rights&#8221; below. Cumulative
voting is neither permitted nor required and there are no preemptive rights. The Trust Agreement provides that, upon liquidation
of the Fund, its assets will be distributed pro rata to the Shareholders based upon the number of Shares held. Each Shareholder
will receive its share of the assets in cash or in kind, and the proportion of such share that is received in cash may vary from
Shareholder to Shareholder, as the Sponsor in its sole discretion may decide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of Shares under this prospectus
is a continuous offering under Rule 415 of the 1933 Act and will terminate on May 1, 2016 unless it is extended beyond such date
as permitted by applicable rules under the 1933 Act. The offering will terminate before such date or before the end of any extension
period if all of the registered Shares have been sold. However, the Sponsor expects to cause the Trust to file one or more additional
registration statements as necessary to permit additional Shares to be registered and offered on an uninterrupted basis. This offering
may also be suspended or terminated at any time for certain specified reasons, including if and when suitable investments for the
Fund are not available or practicable. See &#8220;Creation and Redemption of Shares &#8211; Rejection of Purchase Orders&#8221;
below. As discussed above, the minimum purchase requirement for Authorized Purchasers is a Creation Basket, which consists of 25,000
Shares. Under the plan of distribution, the Fund does not require a minimum purchase amount for investors who purchase Shares from
Authorized Purchasers. There are no arrangements to place funds in an escrow, trust, or similar account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_007"></A>The Fund&#8217;s Investments in Oil Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund intends to invest primarily in Oil
Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">A futures contract is a standardized contract traded on a futures exchange that calls for the future delivery of a specified quantity of a commodity at a specified price, on a specified date and at a specified location.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">A swap agreement is a bilateral contract to exchange a periodic stream of payments determined by reference to a notional amount, with payment typically made between the parties on a net basis.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">A forward contract is an over-the-counter bilateral contract for the purchase of sale of a specified quantity of a commodity at a specified price, on a specified date and at a specified location.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">An option on a futures contract, forward contract or a commodity on the spot market gives the buyer of the option the right, but not the obligation, to buy or sell a futures contract, forward contract or commodity, as applicable, at a specified price on or before a specified date. The seller, or writer, of the option is obligated to take a position in the underlying interest at a specified price opposite to the option buyer if the option is exercised. Options on futures contracts, like the future contracts to which they relate, are standardized contracts traded on an exchange, while options on forward contracts and commodities generally are individually negotiated, over-the-counter, bilateral contracts.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Over-the-counter contracts (such as swap contracts) generally involve an exchange of a stream of payments between the contracting parties. Over-the counter contracts generally are not uniform and are not exchange-traded.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike exchange-traded contracts, over-the-counter
contracts expose the Fund to the credit risk of the other party to the contract. (As discussed below, exchange-traded contracts
may expose the Fund to the risk of the clearing broker&#8217;s and/or the exchange clearing house(s)&#8217; bankruptcy.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt"></FONT>The
Sponsor does not currently intend to purchase and sell WTI light, sweet crude oil in the &#8220;spot market&#8221; for the Fund.
Spot market transactions are cash transactions in which the buyer and seller agree to the immediate purchase and sale of a commodity,
usually with a two-day settlement period. In addition, the Sponsor does not currently intend that the Fund will enter into or
hold spot month Oil Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Although the Fund has the ability to trade
over-the-counter contracts and swaps, the Sponsor anticipates that 100% of the Fund&rsquo;s assets will be used to trade futures. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A more detailed description of Oil Interests
and other aspects of the crude oil and Oil Interests markets can be found later in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>As noted, the Fund invests in Oil Futures
Contracts, including those traded on the NYMEX and the ICE, as well as Cleared Oil Swaps cleared through the NYMEX. The Fund expressly
disclaims any association with the NYMEX or ICE or endorsement of the Fund by such exchange and acknowledges that &#8220;NYMEX&#8221;
and &#8220;New York Mercantile Exchange,&#8221; as well as &#8220;ICE&#8221; and &#8220;IntercontinentalExchange&#8221; are registered
trademarks of each respective exchange.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_008"></A>Principal Investment Risks of an Investment in the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An investment in the Fund involves a degree
of risk. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page
13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">Unlike mutual funds, commodity pools and other investment pools that manage their investments so as to realize income and gains for distribution to their investors, the Fund generally does not distribute dividends to Shareholders. You should not invest in the Fund if you will need cash distributions from the Fund to pay taxes on your share of income and gains of the Fund, if any, or for other purposes.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">There is a risk that the changes in the price of the Fund&#8217;s Shares on the NYSE Arca in percentage terms will not closely track the changes in the price of WTI light, sweet crude oil in percentage terms. This could happen if: the price of Shares traded on the NYSE Arca does not correlate closely with the Fund&#8217;s NAV; the changes in the Fund&#8217;s NAV do not correlate closely with the changes in the price of the Benchmark Component Futures Contracts; or the changes in the Benchmark Component Futures Contracts do not correlate closely with changes in the cash or spot price of WTI light, sweet crude oil. This is a risk because if these correlations are not sufficiently close, then investors may not be able to use the Fund as a cost-effective way to invest indirectly in crude oil or as a hedge against the risk of loss in crude oil-related transactions.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">Investors may choose to use the Fund as a means of investing indirectly in crude oil, and there are risks involved in such investments. The risks and hazards that are inherent in oil production may cause the price of crude oil to fluctuate widely. Price movements for crude oil are influenced by, among other things, many operating risks. Such operating risks include, but are not limited to, risk of fire, explosions, blow-outs, pipe failure, abnormally pressured formations and environmental hazards. Environmental hazards include oil spills, natural gas leaks, ruptures and discharges of toxic gases. Crude oil operations are also subject to various U.S. federal, state and local regulations that materially affect operations.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The Sponsor has limited experience operating commodity pools.&nbsp;&nbsp;The Sponsor currently sponsors seven commodity pools (the &#8220;Teucrium Funds&#8221;), all of which have commenced operations.&nbsp;&nbsp;Prior to June 9, 2010, the Sponsor had never operated a commodity pool.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The price relationship between the near month WTI Oil Futures Contract to expire and the Benchmark Component Futures Contracts will vary and may impact both the Fund&#8217;s total return over time and the degree to which such total return tracks the total return of crude oil price indices. In cases in which the near month contract&#8217;s price is lower than later-expiring contracts&#8217; prices (a situation known as &#8220;contango&#8221; in the futures markets), then absent the impact of the overall movement in crude oil prices, the value of the Benchmark Component Futures Contracts would tend to decline as they approach expiration which could cause the Benchmark Component Futures Contracts, and therefore the Fund&#8217;s total return, to track lower. In cases in which the near month contract&#8217;s price is higher than later-expiring contracts&#8217; prices (a situation known as &#8220;backwardation&#8221; in the futures markets), then absent the impact of the overall movement in crude oil prices the value of the Benchmark Component Futures Contracts would tend to rise as they approach expiration.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">Investors, including those who directly participate in the crude oil market, may choose to use the Fund as a vehicle to hedge against the risk of loss and there are risks involved in hedging activities. While hedging can provide protection against an adverse movement in market prices, it can also preclude a hedger&#8217;s opportunity to benefit from a favorable market movement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The Fund seeks to have the changes in its Shares&#8217; NAV in percentage terms track changes in the Benchmark in percentage terms, rather than profit from speculative trading of Oil Interests. The Sponsor therefore endeavors to manage the Fund so that the Fund&#8217;s assets are, unlike those of many other commodity pools, not leveraged ( i.e., so that the aggregate value of the Fund&#8217;s exposure to losses from its investments in Oil Interests at any time will not exceed the value of the Fund&#8217;s assets). There is no assurance that the Sponsor will successfully implement this investment strategy. If the Sponsor permits the Fund to become leveraged, you could lose all or substantially all of your investment if the Fund&#8217;s trading positions suddenly turn unprofitable. These movements in price may be the result of factors outside of the Sponsor&#8217;s control and may not be anticipated by the Sponsor.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The Fund may invest in Other Oil Interests. To the extent that these Other Oil Interests are contracts individually negotiated between their parties, they may not be as liquid as Oil Futures Contracts and will expose the Fund to credit risk that its counterparty may not be able to satisfy its obligations to the Fund.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The Fund invests primarily in Oil Interests that are traded or sold in the United States. However, a portion of the Fund&#8217;s trades may take place in markets and on exchanges outside the United States. Some non-U.S. markets present risks because they are not subject to the same degree of regulation as their U.S. counterparts. In some of these non-U.S. markets, the performance on a contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation and therefore exposes the Fund to credit risk. Trading in non-U.S. markets also leaves the Fund susceptible to fluctuations in the value of the local currency against the U.S. dollar.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">Global political risks, including geopolitical conflicts and war could cause the price of WTI sweet, crude oil to fluctuate greatly impacting the Fund&#8217;s ability to meet its investment strategy.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The Fund invests primarily in Oil Futures Contracts traded on the NYMEX and ICE.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The structure and operation of the Fund may involve conflicts of interest. For example, a conflict may arise because the Sponsor and its principals and affiliates may trade for themselves. In addition, the Sponsor has sole current authority to manage the investments and operations, and the interests of the Sponsor may conflict with the Shareholders&#8217; best interests.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">You will have no rights to participate in the management of the Fund and will have to rely on the duties and judgment of the Sponsor to manage the Fund.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 446pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The Fund pays fees and expenses that are incurred regardless of whether it is profitable.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The futures markets are subject to comprehensive statutes, regulations and requirements. In addition, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Fund, or the ability of the Fund to continue to implement its investment strategy. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible to predict but could be substantial and adverse.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">The Dodd-Frank Wall Street Reform and Consumer Protection Act (the
        &#8220;Dodd-Frank Act&#8221;), which was enacted in response to the economic crisis of 2008 and 2009, significantly alters the
        regulatory regime to </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol"></FONT></TD>
    <TD STYLE="width: 86%">
        which the securities and commodities markets are subject. In particular, the Dodd-Frank Act alters the regulation
        of commodity interests. Provisions of the new law include the requirement that position limits be established on a wide range of
        commodity interests, including energy-based, metal and agricultural commodity futures contracts, options on such futures contracts
        and cleared and uncleared swaps that are economically equivalent to such futures contracts and options (&#8220;Reference Contracts&#8221;);
        new registration and recordkeeping requirements for swap market participants; capital and margin requirements for &#8220;swap dealers&#8221;
        and &#8220;major swap participants,&#8221; as determined by the new law and applicable regulations; and the mandatory use of clearinghouse
        mechanisms for sufficiently standardized swap transactions that are currently entered into in the over-the-counter market. On November
        28, 2012 the CFTC issued its final clearing determination requiring that certain credit default swaps and interest rate swaps be
        cleared by registered derivatives clearing organizations (DCOs). This is the CFTC&#8217;s first clearing determination under the
        Dodd-Frank Act and became effective February 11, 2013. On March 11, 2013, &#8220;swap dealers,&#8221; &#8220;major swap participants,&#8221;
        and certain active funds will be required to clear certain credit default swaps and interest rate swaps. Determinations on other
        types of swaps are expected in the future and, when finalized, could require the Fund to centrally clear certain over-the-counter
        instruments presently entered into and settled on a bi-lateral basis.
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In late 2011, the CFTC adopted rules that impose new position limits
        on Reference Contracts involving 28 energy, metals and agricultural commodities (the &#8220;Position Limit Rules&#8221;). The Position
        Limit Rules were scheduled to become effective on October 12, 2012. However, on September 28, 2012, the United States District
        Court for the District of Columbia vacated these regulations on the basis of ambiguities in the provisions of the Commodity Exchange
        Act (&#8220;CEA&#8221;) (as modified by the Dodd-Frank Act) upon which the regulations were based. In its September 28th decision,
        the court remanded the Position Limit Rules to the CFTC with instructions to use its expertise and experience to resolve the ambiguities
        in the statute. On November 15, 2012, the CFTC indicated that it will move forward with an appeal of the District Court&#8217;s
        decision to vacate the Position Limit Rules. At this time, it is not possible to predict how the CFTC&#8217;s appeal could affect
        the Fund, but it may be substantial and adverse. Furthermore, until such time as the appeal is resolved or, if applicable revisions
        to the Position Limit Rules are proposed and adopted, the regulatory architecture in effect prior to the enactment of the Position
        Limit Rules will govern transactions in commodities and related derivatives. Under that system, the CFTC enforces federal limits
        on speculation in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce position limits and accountability
        levels for agricultural and certain energy products (e.g., oil and gas). As a result, the Fund may be limited with respect to the
        size of its investments in any commodities subject to these limits. Finally, subject to certain narrow exceptions, the vacated
        Position Limit Rules would have required the aggregation, for purposes of the position limits, of all positions in the 28 Reference
        Contracts held by a single entity and its affiliates, regardless of whether such positions existed on U.S. futures exchanges, non-U.S.
        futures exchanges, in cleared swaps or in over-the-counter swaps. The CFTC is presently considering new aggregation rules, under
        a rulemaking proposal that is distinct from the Position Limit Rules. At this time, it is unclear how any modified aggregation
        rules may affect the Fund, but it may be substantial and adverse. By way of example, the aggregation rules in combination with
        any potential revised Position Limit Rules may negatively impact the ability of the Fund to meet its investment objectives through
        limits that may inhibit the Sponsor&#8217;s ability to sell additional Creation Baskets of the Fund.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The CFTC, along with the SEC and other federal regulators, has been
        tasked with developing the rules and regulations enacting the provisions noted above. To date, the CFTC has issued proposed versions
        of all of the rules it is required to promulgate under the Dodd-Frank Act, but it continues to issue proposed versions of additional
        rules that it has authority to promulgate. In addition, the CFTC has begun to issue final rules under the Dodd-Frank Act, including
        rules relating to recordkeeping and reporting of swap transactions, mandatory clearing of certain classes of credit default swaps
        and interest rate swaps, as well as the definition of key terms such as &#8220;swap&#8221; and &#8220;swap dealer.&#8221; Final
        rules are likely to continue to be adopted throughout 2013.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The CFTC published final rules on February 17, 2012 and April
        3, 2012 that require &#8220;swap dealers&#8221; and &quot;major swap participants&#8221; to: 1) adhere to business conduct standards,
        2) implement policies and procedures to ensure compliance with the Commodity Exchange Act and 3) maintain records of such compliance.
        These new requirements may impact the documentation requirements for both cleared and non-cleared swaps and cause swap dealers
        and major swap participants to face increased compliance costs that, in turn, may be passed along to counterparties, such as the
        Funds, in the form of higher fees and expenses that relate to trading swaps.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">On December 18, 2012, the CFTC deferred the compliance date
        for many of the Dodd-Frank's external</P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; width: 6%">&nbsp;</TD>
    <TD STYLE="width: 86%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">business conduct standards from December 31, 2012 to May 1, 2013, and for some requirements
        to July 1, 2013, providing swap dealers an additional 4 to 6 months from the original compliance date.</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On December 5, 2012, the CFTC's Division of Market Oversight issued
        a letter providing swap dealers with time-limited no-action relief from swap data reporting obligations with respect to equity
        swaps, foreign exchange swaps and other commodity swaps. For these asset classes, the letter provides swap dealers with reporting
        relief (i) with respect to real-time price reporting and regular swap reporting (under Part 43 and Part 45 of the CFTC's regulations,
        respectively), until February 28, 2013, and (ii) historical swap reporting requirements (under Part 46 of the CFTC's regulations)
        until March 30, 2013.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On December 21, 2012 the CFTC's Division of Market Oversight issued
        two letters providing certain swap dealers with time-limited no-action relief from some swap data reporting obligations. One letter
        provides relief from reporting requirements for branches of swap dealers located in emerging markets who encounter technical difficulties
        in complying with the reporting rules. The letter also provides that swap dealers may delay reporting compliance for certain complex
        and exotic swaps until April 30, 2013.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Under a second letter, all swap dealers have until April 10,
        2013 to report certain information about their counterparties, including: status as a major swap participant, a financial entity,
        a U.S. Person or a commercial end-user.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The effect of future regulatory change on the Funds, and the exact
        timing of such changes, is impossible to predict but it may be substantial and adverse. Specifically, the new law, the rules that
        have been promulgated thereunder, and the rules that are expected to be promulgated may negatively impact the ability of the Funds
        to meet their investment objectives, either through position limits or requirements imposed on them and/or on their counterparties.
        In particular, new position limits imposed on the Funds or any counterparties may impact the ability of the Funds to invest in
        a manner that most efficiently meets its investment objective. New requirements, including capital imposed on the counterparties
        of the Funds and the mandatory clearing and margining of swaps, may increase the cost of the Fund&#8217;s investments and doing
        business.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For additional risks, see &#8220;What Are the
Risk Factors Involved with an Investment in the Fund?&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_009"></A>Financial Condition of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s NAV is determined as of the
earlier of the close of the New York Stock Exchange or 4:00 p.m. New York time on each day that the NYSE Arca is open for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_010"></A><B>Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For a glossary of defined terms, see Appendix
A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_011"></A><B>Breakeven Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The breakeven analysis below indicates the approximate
dollar returns and percentage returns required for the redemption value of the selling price per Share, assuming a selling price
of $41.24 (the NAV per Share as of January 31, 2013), to equal the amount invested twelve months after the investment was made.
This breakeven analysis refers to the redemption of baskets by Authorized Purchasers and is not related to any gains an individual
investor would have to achieve in order to break even. The breakeven analysis is an approximation only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 85%; padding-right: 0.8pt">Assumed selling price per Share</TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">$</TD>
    <TD STYLE="width: 11%; padding-right: 0.8pt; text-align: right">41.24</TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">Sponsor&#8217;s Fee (1.00%) <FONT STYLE="font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.41</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt">Creation Basket Fee <FONT STYLE="font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.01</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">Estimated Brokerage Fees (0.00%) <FONT STYLE="font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.00</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt">Other Fund Fees and Expenses <FONT STYLE="font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.21</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">Interest Income (0.07%) <FONT STYLE="font-size: 7pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(0.01)</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt">Amount of trading income (loss) required for the redemption value at the end of one year to equal the selling price of the Share</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.62</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">Percentage of selling price per share</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">1.50</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.5pt 215.9pt 0; text-align: center; border-top: Black 1pt solid">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(1) The Fund is obligated to pay the Sponsor
a management fee at the annual rate of 1.00% of the Fund&#8217;s average daily net assets, payable monthly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2) Authorized Purchasers are required to pay a Creation Basket
fee of $250.00 for one basket with a maximum of $500 per order. A creation order must be at least one basket, which is 25,000 Shares.
This breakeven analysis assumes a hypothetical investment in a single Share so the Creation Basket fee is $0.01 (250/25,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3) This amount is based on the actual brokerage fees for the Fund
calculated on an annualized basis. The Fund currently pays $2.97 per Crude Oil Futures Contract purchase or sale (rounded to $0.00
in this table based on fees accrue to the Fund for the year ended December 31, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(4) Other Fund Fees and Expenses include legal, printing, accounting,
custodial, administration, bookkeeping, transfer agency and Distributor costs. The per-share cost of these fixed or estimated fees
has been calculated assuming that the Fund has $2.1 million in assets, which was the approximate amount of assets as of January
31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(5) The Fund earns interest on funds it deposits with the futures
commission merchant and the Custodian and it estimates that the interest rate will be 0.07% based on the interest rate on three-month
Treasury Bills as of January 31, 2013.&nbsp;&nbsp;The actual rate may vary and not all assets of the Fund will earn interest.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_012"></A><B>The Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt">Offering&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">The Fund offers Creation Baskets consisting of 25,000 Shares through the Distributor to Authorized Purchasers. Authorized Purchasers may purchase Creation Baskets consisting of 25,000 Shares at the Fund&#8217;s NAV.&nbsp;&nbsp;The Shares trade on the NYSE Arca.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">Use of Proceeds&#9;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">The Sponsor applies substantially all of the Fund&#8217;s assets toward investing in Oil Interests, Treasury Securities, cash and/or cash equivalents. The Sponsor deposits a portion of the Fund&#8217;s net assets with the FCM, Newedge USA, LLC, or other custodians to be used to meet its current or potential margin or collateral requirements in connection with its investment in Oil Interests. The Fund uses only Treasury Securities, cash and/or cash equivalents to satisfy these requirements. The Sponsor expects that all entities that will hold or trade the Fund&#8217;s assets will be based in the United States and will be subject to United States regulations. The Sponsor believes that approximately 5% to 10% of the Fund&#8217;s assets will normally be committed as margin for Oil Futures Contracts and collateral for Cleared Oil Swaps and Other Oil Interests. However, from time to time, the percentage of assets committed as margin/collateral may be substantially more, or less, than such range. The remaining portion of the Fund&#8217;s assets is held in Treasury Securities, cash and/or cash equivalents by the Custodian. All interest income earned on these investments is retained for the Fund&#8217;s benefit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt">NYSE Arca Symbol&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">&#8220;CRUD&#8221;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">Creation and Redemption&#9;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">Authorized Purchasers pay a fee of $250.00 for each Creation Basket created or Redemption Basket redeemed, with, in the case of creation orders, a maximum fee of $500.00 per order.&nbsp; Authorized Purchasers are not required to sell any specific number or dollar amount of Shares. The per share price of Shares offered in Creation Baskets on any day is the total NAV of the Fund calculated as of the close of the NYSE Arca on that day divided by the number of issued and outstanding Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt">Inter-Series Limitation on Liability&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">While the Fund is currently one of seven series of the Trust, additional series may be created in the future. The Trust has been formed and will be operated with the goal that the Fund and any other </TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt"></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">series of the Trust will be liable only for obligations of such series, and a series will not be responsible for or affected by any liabilities or losses of or claims against any other series. If any creditor or shareholder in any particular series (such as the Fund) were to successfully assert against a series a claim with respect to its indebtedness or Shares, the creditor or shareholder could recover only from that particular series and its assets. Accordingly, the debts and other obligations incurred, contracted for or otherwise existing solely with respect to a particular series will be enforceable only against the assets of that series, and not against any other series or the Trust generally or any of their respective assets. The assets of the Fund and any other series will include only those funds and other assets that are paid to, held by or distributed to the series on account of and for the benefit of that series, including, without limitation, amounts delivered to the Trust for the purchase of Shares in a series.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>Registration Clearance and Settlement&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">Individual certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which will be deposited by the Custodian with the Depository Trust Company (&#8220;DTC&#8221;) and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Beneficial interests in Shares are held through DTC&#8217;s book-entry system, which means that Shareholders are limited to: (1) participants in DTC such as banks, brokers, dealers and trust companies (&#8220;DTC Participants&#8221;), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (&#8220;Indirect Participants&#8221;), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of investors holding Shares through such DTC Participants&#8217; accounts in DTC will follow the delivery practice applicable to securities eligible for DTC&#8217;s Same-Day Funds Settlement System. Shares are credited to DTC Participants&#8217; securities accounts following confirmation of receipt of payment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">Net Asset Value&#9;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">The NAV is calculated by taking the current market value of the Fund&#8217;s total assets and subtracting any liabilities and dividing the balance by the number of shares. Under the Fund&#8217;s current operational procedures, the Fund&#8217;s administrator, The Bank of New York Mellon (the &#8220;Administrator&#8221;), calculates the NAV of the Fund&#8217;s Shares as of the earlier of 4:00 p.m. New York time or the close of the New York Stock Exchange each day. NYSE Arca calculates an approximate net asset value every 15 seconds throughout each day that the Fund&#8217;s Shares are traded on the NYSE Arca for as long as NYMEX&#8217;s main pricing mechanism is open.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 41%; padding-right: 0.8pt">Fund Expenses&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">The Fund pays the Sponsor a management fee at an annual rate of 1.00% of the
Fund&#8217;s average daily net assets. The Fund is also responsible for other ongoing fees, costs and expenses of its operations,
including (i) brokerage and other fees and commissions incurred in connection with the trading activities of the Fund; (ii) expenses
incurred in connection with registering additional Shares of the Fund or offering Shares of the Fund; (iii) the routine expenses
associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports required
by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements
to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services of the
Trustee,</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt"></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, custody and transfer agency services, whether performed by an outside service provider or by Affiliates of the Sponsor; (vii) postage and insurance; (viii) costs and expenses associated with investor relations and services; (ix) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (x) extraordinary expenses (including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).&nbsp;&nbsp;The Sponsor bore the costs and expenses related to the initial offer and sale of Shares, including registration fees paid or to be paid to the SEC, the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) or any other regulatory body or self-regulatory body.&nbsp;&nbsp;None of the costs and expenses related to the initial offer and sale of Shares, which totaled approximately $499,304, were or are chargeable to the Fund, and the Sponsor did not and may not recover any of these costs and expenses from the Fund. <B>&nbsp;</B>&nbsp;Total fees to be paid by the Fund are currently estimated to be approximately 1.50% of the daily net assets for the twelve-month period ending&nbsp;April 30, 2014, though this amount may change in future years. The Sponsor may, in its discretion, pay or reimburse the Fund for, or waive a portion of its management fee to offset, expenses that would otherwise be borne by the Fund.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">General expenses of the Trust will be allocated among the existing Teucrium Funds and any future series of the Trust as determined by the Sponsor in its discretion. The Trust may be required to indemnify the Sponsor, and the Trust and/or the Sponsor may be required to indemnify the Trustee, Distributor or Administrator, under certain circumstances.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 41%; padding-right: 0.8pt">Termination Events&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">The Trust and the Fund shall continue in existence from the date of their formation in perpetuity, unless the Trust or the Fund, as the case may be, is sooner terminated upon the occurrence of certain events specified in the Trust Agreement, including the following: (1) the filing of a certificate of dissolution or cancellation of the Sponsor or revocation of the Sponsor&#8217;s charter or the withdrawal of the Sponsor, unless shareholders holding a majority of the outstanding shares of the Trust, voting together as a single class elect within ninety (90) days after such event to continue the business of the Trust and appoint a successor Sponsor; (2) the occurrence of any event which would make the existence of the Trust or the Fund unlawful; (3) the suspension, revocation, or termination of the Sponsor&#8217;s registration as a CPO with the CFTC or membership with the NFA; (4) the insolvency or bankruptcy of the Trust or the Fund; (5) a vote by the Shareholders holding at least seventy-five percent (75%) of the outstanding Shares of the Trust to dissolve the Trust, subject to certain conditions; and (6) the determination by the Sponsor to dissolve the Trust or the Fund, subject to certain conditions; (7) the Trust is required to be registered as an investment company under the Investment Company Act of 1940, and (8) DTC is unable or unwilling to continue to perform its functions and a comparable replacement is unavailable.&nbsp;&nbsp;Upon termination of the Fund, the affairs of the Fund shall be wound up and all of its debts and liabilities discharged or otherwise provided for in the order of priority as provided by law.&nbsp;&nbsp;The fair market value of the remaining assets of the Fund shall then be determined by the Sponsor.&nbsp;&nbsp;Thereupon, the assets of the Fund shall be distributed pro rata to the Shareholders in accordance with their Shares. Upon termination of the Fund, the</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0.8pt">&#9;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-right: 0.8pt">affairs of the Fund shall be wound up and all of its debts and liabilities discharged or otherwise provided for in the order of priority as provided by law. The fair market value of the remaining assets of the Fund shall then be determined by the Sponsor. Thereupon, the assets of the Fund shall be distributed pro rata to the Shareholders in accordance with their Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">Authorized Purchasers&#9;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">A list of Authorized Purchasers is available from the Distributor. Authorized Purchasers must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions, and (2) DTC Participants. To become an Authorized Purchaser, a person must enter into an Authorized Purchaser Agreement with the Sponsor.</TD></TR>
</TABLE>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.in"><A NAME="a_013"></A><B>WHAT ARE THE RISK FACTORS INVOLVED
WITH AN INVESTMENT IN THE FUND? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I> You should consider carefully the risks
described below before making an investment decision. You should also refer to the other information included in this prospectus,
and the Fund&#8217;s, the Trust&#8217;s and the Sponsor&#8217;s financial statements and the related notes as reported in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2012, and our current report on Form 8-K dated April 3, 2013,
which are incorporated by reference herein. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_014"></A><B>Risks Associated With Investing Directly or Indirectly in Crude
Oil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Investing in Oil Interests subjects the Fund to the risks
of the crude oil market, and this could result in substantial fluctuations in the price of the Fund&#8217;s Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is subject to the risks and hazards
of the crude oil market because it invests in Oil Interests. The risks and hazards that are inherent in the oil market may cause
the price of oil to fluctuate widely. If the changes in percentage terms of the Fund&#8217;s Shares accurately track the percentage
changes in the Benchmark or the spot price of WTI light, sweet crude oil, then the price of its Shares will fluctuate accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">The price and availability of light, sweet crude oil is influenced by economic and industry conditions, including but not limited to:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">the economic activity of users - as certain economies expand, oil consumption and prices increase, and as economies contract (in a recession or depression), oil demand and prices fall;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">the increases in oil production due to price increases making it more economical to extract oil from additional sources which may later stabilize further price increases;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">decisions of the cartel of oil producing countries (e.g., OPEC, the Organization of the Petroleum Exporting Countries) to produce more or less oil;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">mechanical difficulties or shortages or delays in the delivery of drilling rigs and other equipment;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">refinery capacity;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">compliance with government regulations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">adverse weather conditions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">political conflicts - including war;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">title issues;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">the cancellation, shortening or delaying of crude oil drilling and production activities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">not finding commercially productive crude oil reservoirs;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">operating risks including risk of fire, explosions, blow-outs, pipe failure, abnormally pressured formations and environmental hazards; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt">environmental hazards including oil spills, natural gas leaks, ruptures and the discharge of toxic gases.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Crude oil operations are also subject to various
U.S. federal, state and local regulations that materially affect operations. Matters regulated include discharge permits for drilling
operations, drilling and abandonment bonds, reports concerning operations the spacing of wells and pooling of properties and taxation.
At various times, regulatory agencies have imposed price controls and limitations on production. In order to conserve supplies
of crude oil, these agencies have restricted the rates of flow of crude oil wells below actual production capacity. Federal, state
and local laws regulate production, handling, storage, transportation and disposal of crude oil, by-products from
crude oil&nbsp;and other substances and materials produced or used in connection with crude oil operations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The impact of environmental and other laws and regulations
may affect the price of crude oil.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Environmental and other governmental laws and
regulations have increased the costs to plan, design, drill, install, operate and abandon oil wells. Other laws have prevented
exploration and drilling of oil in certain environmentally sensitive federal lands and waters. Several environmental laws that
have a direct or an indirect impact on the price of crude oil include, but are not limited to, the Clean Air Act, Clean Water Act,
Resource Conservation and Recovery Act, and the Comprehensive Environmental Response, Compensation and Liability Act of 1980.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Benchmark is not designed to correlate exactly with the
spot price of WTI light, sweet crude oil and this could cause the changes in the price of the Shares to substantially vary from
the changes in the spot price of WTI light, sweet crude oil. Therefore, you may not be able to effectively use the Fund to hedge
against oil-related losses or to indirectly invest in crude oil.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Benchmark Component Futures Contracts reflect
the price of WTI light, sweet crude oil for future delivery, not the current spot price of WTI light, sweet crude oil, so at best
the correlation between changes in such WTI Oil Futures Contracts and the spot price of WTI light, sweet crude oil will be only
approximate. Weak correlation between the Benchmark and the spot price of WTI light, sweet crude oil may result from the typical
seasonal fluctuations in WTI light, sweet crude oil prices discussed above. Imperfect correlation may also result from speculation
in Oil Interests, technical factors in the trading of Oil Futures Contracts, and expected inflation in the economy as a whole.
If there is a weak correlation between the Benchmark and the spot price of WTI light, sweet crude oil, then the price of Shares
may not accurately track the spot price of WTI light, sweet crude oil and you may not be able to effectively use the Fund as a
way to hedge the risk of losses in your oil-related transactions or as a way to indirectly invest in crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the Fund&#8217;s NAV may not correlate well with
changes in the price of the Benchmark. If this were to occur, you may not be able to effectively use the Fund as a way to hedge
against crude oil-related losses or as a way to indirectly invest in crude oil.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to invest the Fund&#8217;s
assets as fully as possible in Oil Interests so that the changes in percentage terms in the NAV closely correlate with the changes
in percentage terms in the Benchmark. However, changes in the Fund&#8217;s NAV may not correlate with the changes in the Benchmark
for various reasons, including those set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">The Fund does not intend to invest only in the Benchmark Component Futures Contracts. While its investments in Oil Futures Contracts other than the Benchmark Component Futures Contracts, Cleared Oil Swaps and&nbsp;Other Oil Interests would be for the purpose of causing the Fund&#8217;s performance to track that of the Benchmark most effectively and efficiently, the performance of these Oil Interests may not correlate well with the performance of the Benchmark Component Futures Contracts, resulting in a greater potential for error in tracking price changes in those futures contracts. Additionally, if the trading market for Oil Futures Contracts is suspended or closed, the Fund may not be able to purchase these investments at the last reported price for such investments.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">The Fund incurs certain expenses in connection with its operations, and holds most of its assets in income-producing, short-term securities for margin and other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. These expenses and income cause imperfect correlation between changes in the Fund&#8217;s NAV and changes in the Benchmark.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">The Sponsor may not be able to invest the Fund&#8217;s assets in Oil Interests having an aggregate notional amount exactly equal to the Fund&#8217;s NAV. As a standardized contract, a single Oil Futures Contract or Cleared Oil Swap is for a specified amount of&nbsp;crude oil, and the Fund&#8217;s NAV and the proceeds from the sale of a Creation Basket are unlikely to be an exact multiple of that amount. In such case, the Fund could not invest the entire proceeds from the purchase of the Creation Basket in such futures contracts. (For example, assuming the Fund receives $1,250,000 for the sale of a Creation Basket and that the value (i.e., the notional amount) of an Oil Futures Contract is $80,000, the Fund could only enter into 15 Oil Futures Contracts with an aggregate value of $1,200,000). While the Fund may be better able to achieve the exact amount of exposure to the crude oil market through the use of over-the-counter Other Oil Interests, there is no assurance that the Sponsor will be able to continually adjust the Fund&#8217;s exposure to such Other Oil Interests to maintain such exact exposure. Furthermore, as noted above, the use of Other Oil Interests may itself result in imperfect correlation with the Benchmark. Any amounts not invested in Oil Interests are held in Treasury Securities, cash and/or cash equivalents.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">As Fund assets increase, there may be more or less correlation. On the one hand, as the Fund grows it should be able to invest in Oil Futures Contracts with a notional amount that is closer on a percentage basis to the Fund&#8217;s NAV. For example, if the Fund&#8217;s NAV is equal to 4.9 times the value of a single futures contract, it can purchase only four futures contracts, which would cause only 81.6% of the Fund&#8217;s assets to be exposed to the crude oil market. On the other hand, if the Fund&#8217;s NAV is equal to 100.9 times the value of a single Oil Futures Contract, it can purchase 100 such contracts, resulting in 99.1% exposure. However, at certain asset levels the Fund may be limited in its ability to purchase Oil Futures Contracts due to applicable accountability levels. In these instances, the Fund would likely invest to a greater extent in Oil Interests not subject to these accountability levels. To the extent that the Fund invests in Cleared Oil Swaps and Other Oil Interests, the correlation between the Fund&#8217;s NAV and the Benchmark may be lower. In certain circumstances, accountability levels could limit the number of Creation Baskets that will be sold.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If changes in the Fund&#8217;s NAV do not correlate
with changes in the Benchmark, then investing in the Fund may not be an effective way to hedge against crude oil-related losses
or indirectly invest in crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the price of the Fund&#8217;s Shares on the NYSE
Arca may not correlate perfectly with changes in the NAV of the Fund&#8217;s Shares. If this variation occurs, then you may not
be able to effectively use the Fund to hedge against crude oil-related losses or to indirectly invest in crude oil.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While it is expected that the trading prices
of the Shares will fluctuate in accordance with the changes in the Fund&#8217;s NAV, the prices of Shares may also be influenced
by other factors, including the supply of and demand for the Shares, whether for the short term or the longer term. There is no
guarantee that the Shares will not trade at appreciable discounts from, and/or premiums to, the Fund&#8217;s NAV. This could cause
the changes in the price of the Shares to substantially vary from the changes in the spot price of WTI light, sweet crude oil,
even if the Fund&#8217;s NAV was closely tracking movements in the spot price of WTI light, sweet crude oil. If this occurs, you
may not be able to effectively use the Fund to hedge the risk of losses in your crude oil-related transactions or to indirectly
invest in crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may experience a loss if it is required to sell Treasury
Securities or cash equivalents at a price lower than the price at which they were acquired.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund is required to sell Treasury Securities
or cash equivalents at a price lower than the price at which they were acquired, the Fund will experience a loss. This loss may
adversely impact the price of the Shares and may decrease the correlation between the price of the Shares, the Benchmark, and the
spot price of WTI light, sweet crude oil. The value of Treasury Securities and other debt securities generally moves inversely
with movements in interest rates. The prices of longer maturity securities are subject to greater market fluctuations as a result
of changes in interest rates. While the short-term nature of the Fund&#8217;s investments in Treasury Securities and cash equivalents
should minimize the interest rate risk to which the Fund is subject, it is possible that the Treasury Securities and cash equivalents
held by the Fund will decline in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Certain of the Fund&#8217;s investments could be illiquid,
which could cause large losses to investors at any time or from time to time.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may not always be able to liquidate
its positions in its investments at the desired price for reasons including, among others, insufficient trading volume, limits
imposed by exchanges or other regulatory organizations, or lack of liquidity. As to futures contracts, it may be difficult to execute
a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. Limits imposed by futures
exchanges or other regulatory organizations, such as accountability levels, position limits and price fluctuation limits, may contribute
to a lack of liquidity with respect to some exchange-traded Oil Interests. In addition, over-the-counter contracts and cleared
swaps may be illiquid because they are contracts between two parties and generally may not be transferred by one party to a third
party without the counterparty&#8217;s consent. Conversely, a counterparty may give its consent, but the Fund still may not be
able to transfer an over-the-counter Oil Interest to a third party due to concerns regarding the counterparty&#8217;s credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A market disruption, such as a foreign
government taking political actions that disrupt the market in its currency, its crude oil production or exports, or in
another major export, can also make it difficult to liquidate a position. Unexpected market illiquidity may cause major
losses to investors at any time or from time to time. In addition, the Fund does not intend at this time to establish a
credit facility, which would provide an additional source of liquidity, but instead will rely only on the Treasury
Securities, cash and/or cash equivalents that it holds to meet its liquidity needs. The anticipated large value of the
positions in Oil Interests that the Sponsor will acquire or enter into for the Fund increases the risk of illiquidity. Oil
Interests in which the Fund invests, such as over-the counter contracts, may have a greater likelihood of being illiquid
since they are contracts between two parties that take into account not only market risk, but also the relative credit, tax
and settlement risks under such contracts.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Such contracts also have limited transferability that
results from such risks and the express limitations in the contracts. Because Oil Interests may be illiquid, the Fund&#8217;s holdings
may be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred during the period
in which positions are being liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the nature of the participants in the futures market shifts
such that crude oil purchasers are the predominant hedgers in the market, the Fund might have to reinvest at higher futures prices
or choose Other Oil Interests.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The changing nature of the participants in the
crude oil market will influence whether futures prices are above or below the expected future spot price. WTI crude oil producers
and distributors will typically seek to hedge against falling WTI crude oil prices by selling Oil Futures Contracts. Therefore,
if WTI crude oil producers and distributors become the predominant hedgers in the futures market, prices of Oil Futures Contracts
will typically be below expected future spot prices. Conversely, if the predominant hedgers in the futures market are the purchasers
of WTI crude oil who purchase Oil Futures Contracts to hedge against a rise in prices, prices of Oil Futures Contracts will likely
be higher than expected future spot prices. This can have significant implications for the Fund when it is time to sell a WTI Oil
Futures Contract that is no longer a Benchmark Component Futures Contract and purchase a new Oil Futures Contract or sell an Oil
Futures Contract to meet redemption requests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>While the Fund does not intend to take physical delivery of
crude oil under its Oil Interests, the possibility of physical delivery impacts the value of the contracts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While it is not the current intention of the
Fund to take physical delivery of crude oil under its Oil Interests, Oil Futures Contracts are traditionally not cash-settled contracts,
and it is possible to take delivery under these and some Other Oil Interests. Storage costs associated with purchasing crude oil
could result in costs and other liabilities that could impact the value of Oil Futures Contracts or certain Other Oil Interests.
Storage costs include the time value of money invested in crude oil as a physical commodity plus the actual costs of storing the
crude oil less any benefits from ownership of crude oil that are not obtained by the holder of a futures contract. In general,
Oil Futures Contracts have a one-month delay for contract delivery and the pricing of back month contracts (the back month is any
future delivery month other than the spot month) includes storage costs. To the extent that these storage costs change for crude
oil while the Fund holds Oil Interests, the value of the Oil Interests, and therefore the Fund&#8217;s NAV, may change as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The price relationship between the Benchmark Component Futures
Contracts at any point in time and the Oil Futures Contracts that will become Benchmark Component Futures Contracts on the next
roll date will vary and may impact both the Fund&#8217;s total return and the degree to which its total return tracks that of crude
oil price indices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The design of the Fund&#8217;s Benchmark is
such that the Benchmark Component Futures Contracts change two times per year, and the Fund&#8217;s investments must be rolled
periodically to reflect the changing composition of the Benchmark. For example, when the second near month WTI Oil Futures Contract
to expire becomes the next near month contract to expire, such contract will no longer be a Benchmark Component Futures Contract
and the Fund&#8217;s position in it will no longer be consistent with tracking the Benchmark. In the event of a crude oil futures
market where near-to-expire contracts trade at a higher price than longer-to-expire contracts, a situation referred to as &#8220;backwardation,&#8221;
then absent the impact of the overall movement in crude oil prices the value of the Benchmark Component Futures Contracts would
tend to rise as they approach expiration. As a result the Fund may benefit because it would be selling more expensive contracts
and buying less expensive ones on an ongoing basis. Conversely, in the event of a crude oil futures market where near-to-expire
contracts trade at a lower price than longer-to-expire contracts, a situation referred to as &#8220;contango,&#8221; then absent
the impact of the overall movement in crude oil prices the value of the Benchmark Component Futures Contracts would tend to decline
as they approach expiration. As a result the Fund&#8217;s total return may be lower than might otherwise be the case because it
would be selling less expensive contracts and buying more expensive ones. The impact of backwardation and contango may lead the
total return of the Fund to vary significantly from the total return of other price references, such as the spot price of crude
oil. In the event of a prolonged period of contango, and absent the impact of rising or falling light, sweet crude oil prices,
this could have a significant negative impact on the Fund&#8217;s NAV and total return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Regulation of the commodity interests and commodity markets
is extensive and constantly changing; future regulatory developments are impossible to predict but may significantly and adversely
affect the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The regulation of futures contracts and futures
exchanges has historically been comprehensive. The CFTC and the exchanges are authorized to take extraordinary actions in the
event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin
requirements, the establishment of daily price limits and the suspension of trading.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The futures markets are
subject to comprehensive statutes, regulations and requirements. In addition, the CFTC and the exchanges are authorized to take
extraordinary actions in the event of a market emergency including, for example, the retroactive implementation of speculative
position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The regulation of commodity
interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental
and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed
in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material
extent, the nature of an investment in the Funds, or the ability of a Fund to continue to implement its investment strategy. In
addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of
speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future
regulatory change on the Funds is impossible to predict but could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0">The Dodd-Frank Act, which was enacted
in response to the economic crisis of 2008 and 2009, significantly alters the regulatory regime to which the securities and commodities
markets are subject. In particular, the Dodd-Frank Act alters the regulation of commodity interests. Provisions of the new law
include the requirement that position limits be established on a wide range of commodity interests, including energy-based, metal
and agricultural commodity futures contracts, options on such futures contracts and cleared and uncleared swaps that are economically
equivalent to such futures contracts and options (&#8220;Reference Contracts&#8221;); new registration and recordkeeping requirements
for swap market participants; capital and margin requirements for &#8220;swap dealers&#8221; and &#8220;major swap participants,&#8221;
as determined by the new law and applicable regulations; and the mandatory use of clearinghouse mechanisms for sufficiently standardized
swap transactions that are currently entered into in the over-the-counter market. On November 28, 2012 the CFTC issued its final
clearing determination requiring that certain credit default swaps and interest rate swaps be cleared by registered derivatives
clearing organizations (DCOs). This is the CFTC&#8217;s first clearing determination under the Dodd-Frank Act and became effective
February 11, 2013. On March 11, 2013, &#8220;swap dealers,&#8221; &#8220;major swap participants,&#8221; and certain active funds
will be required to clear certain credit default swaps and interest rate swaps. Determinations on other types of swaps are expected
in the future, and, when finalized, could require the Fund to centrally clear over-the-counter instruments presently entered into
and settled on a bi-lateral basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0">The Fund may engage in off exchange transactions broadly called
an &#8220;exchange for risk&#8221; transaction, also referred to as an &#8220;exchange for swap.&#8221; For purposes of the Dodd-Frank
Act and related CFTC rules, an &#8220;exchange for risk&#8221; transaction is treated as a &#8220;swap.&#8221; As more fully described
in the section entitled &#8220;Other Trading Policies of the Fund,&#8221; the Fund may engage in &#8220;exchange for risk&#8221;
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0">In late 2011, the CFTC adopted rules that impose new position
limits on Reference Contracts involving 28 energy, metals and agricultural commodities (the &#8220;Position Limit Rules&#8221;).
The Position Limit Rules were scheduled to become effective on October 12, 2012. However, on September 28, 2012, the United States
District Court for the District of Columbia vacated these regulations on the basis of ambiguities in the provisions of the CEA
(as modified by the Dodd-Frank Act) upon which the regulations were based. In its September 28th decision, the court remanded the
Position Limit Rules to the CFTC with instructions to use its expertise and experience to resolve the ambiguities in the statute.
On November 15, 2012, the CFTC indicated that it will move forward with an appeal of the District Court&#8217;s decision to vacate
the Position Limit Rules. At this time, it is not possible to predict how the CFTC&#8217;s appeal could affect the Fund, but it
may be substantial and adverse. Furthermore, until such time as the appeal is resolved or, if applicable revisions to the Position
Limit Rules are proposed and adopted, the regulatory architecture in effect prior to the enactment of the Position Limit Rules
will govern transactions in commodities and related derivatives. Under that system, the CFTC enforces federal limits on speculation
in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce accountability levels for agricultural and
certain energy products (e.g., oil and gas). As a result, the Fund may be limited with respect to the size of its investments in
any commodities subject to these limits. Finally, subject to certain narrow exceptions, the vacated Position Limit Rules would
have required the aggregation, for purposes of the position limits, of all positions in the 28 Reference Contracts held by a single
entity and its affiliates, regardless of whether such positions existed on U.S. futures exchanges, non-U.S. futures exchanges,
in cleared swaps or in over-the-counter swaps. The CFTC is presently considering new aggregation rules, under a rulemaking proposal
that is distinct from the Position Limit Rules. At this time, it is unclear how any modified aggregation rules may affect the Fund,
but it may be substantial and adverse. By way of example, the aggregation rules in combination with any potential revised Position
Limit Rules may negatively impact the ability of the Fund to meet its investment objectives through limits that may inhibit the
Sponsor&#8217;s ability to sell additional Creation Baskets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0">The CFTC, along with the SEC and other
federal regulators, has been tasked with developing the rules and regulations enacting the provisions noted above. To date, the
CFTC has issued proposed versions of all of the rules it is required to</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.in; margin-right: 0">promulgate under the Dodd-Frank Act, but it continues to
issue proposed versions of additional rules that it has authority to promulgate. In addition, the CFTC has begun to issue final
rules under the Dodd-Frank Act, including rules relating to recordkeeping and reporting of swap transactions, mandatory clearing
of certain classes of credit default swaps and interest rate swaps, as well as the definition of key terms such as &#8220;swap&#8221;
and &#8220;swap dealer.&#8221; Final rules are likely to continue to be adopted throughout 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0">The CFTC published final rules on February
17, 2012 and April 3, 2012 that require &#8220;swap dealers&#8221; and &quot;major swap participants&#8221; to: 1) adhere to business
conduct standards, 2) implement policies and procedures to ensure compliance with the Commodity Exchange Act and 3) maintain records
of such compliance. These new requirements may impact the documentation requirements for both cleared and non-cleared swaps and
cause swap dealers and major swap participants to face increased compliance costs that, in turn, may be passed along to counterparties,
such as the Funds, in the form of higher fees and expenses that relate to trading swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0">On December 18, 2012, the CFTC deferred
the compliance date for many of the Dodd-Frank's external business conduct standards from December 31, 2012 to May 1, 2013, and
for some requirements to July 1, 2013, providing swap dealers an additional 4 to 6 months from the original compliance date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0">On December 5, 2012, the CFTC's Division
of Market Oversight issued a letter providing swap dealers with time-limited no-action relief from swap data reporting obligations
with respect to equity swaps, foreign exchange swaps and other commodity swaps. For these asset classes, the letter provides swap
dealers with reporting relief (i) with respect to real-time price reporting and regular swap reporting (under Part 43 and Part
45 of the CFTC's regulations, respectively), until February 28, 2013, and (ii) historical swap reporting requirements (under Part
46 of the CFTC's regulations) until March 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-bottom: 6pt; margin-left: 0">On
December 21, 2012 the CFTC's Division of Market Oversight issued two letters providing certain swap dealers with time-limited no-action
relief from some swap data reporting obligations. One letter provides relief from reporting requirements for branches of swap dealers
located in emerging markets who encounter technical difficulties in complying with the reporting rules. The letter also provides
that swap dealers may delay reporting compliance for certain complex and exotic swaps until April 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Under a second letter, all swap dealers
have until April 10, 2013 to report certain information about their counterparties, including: status as a major swap participant,
a financial entity, a U.S. Person or a commercial end-user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The effect of future regulatory change on the
Fund, and the exact timing of such changes, is impossible to predict but it may be substantial and adverse. Specifically, the new
law, the rules that have been promulgated thereunder, and the rules that are expected to be promulgated may negatively impact the
ability of the Fund to meet its investment objectives, either through position limits or requirements imposed on it and/or on their
counterparties. In particular, new position limits imposed on the Fund or any counterparties may impact the ability of the Fund
to invest in a manner that most efficiently meets its investment objective. New requirements, including capital imposed on the
counterparties of the Fund and the mandatory clearing and margining of swaps, may increase the cost of the Fund&#8217;s investments
and doing business.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, considerable regulatory attention
has recently been focused on non-traditional publicly distributed investment pools such as the Fund. Furthermore, various national
governments have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets and the
need to regulate the derivatives markets in general. The effect of any future regulatory change on the Fund is impossible to predict,
but could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If you are investing in the Fund for purposes of hedging,
you might be subject to several risks, including the possibility of losing the benefit of favorable market movements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Participants in the crude oil industry may use
the Fund as a vehicle to hedge the risk of losses in their crude oil-related transactions. There are several risks in connection
with using the Fund as a hedging device. While hedging can provide protection against an adverse movement in market prices, it
can also preclude a hedger&#8217;s opportunity to benefit from a favorable market movement. For instance, in a hedging transaction
the hedger may be a user of a commodity concerned that the hedged commodity will increase in price, but must recognize the risk
that the price may instead decline. If this happens, the hedger will have lost the benefit of being able to purchase the commodity
at the lower price because the hedging transaction will result in a loss that would offset (at least in part) this benefit. Thus,
the hedger forgoes the opportunity to profit from favorable price movements. In addition, if the hedge is not a perfect one, the
hedger can lose on the hedging transaction and not realize an offsetting gain in the value of the underlying item being hedged.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When using Oil Interests as a hedging technique,
at best, the correlation between changes in prices of futures contracts and of the items being hedged can be only approximate.
The degree of imperfection of correlation depends upon circumstances such as: variations in speculative markets, demand for futures
and for crude oil products, technical influences in futures trading, and differences between anticipated costs being hedged and
the instruments underlying the standard futures contracts available for trading. Even a well-conceived hedge may be unsuccessful
to some degree because of unexpected market behavior as well as the expenses associated with creating the hedge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, using an investment in the Fund
as a hedge for changes in energy costs, such as investing in crude oil, heating oil, gasoline, natural gas or other fuels and electricity,
generally may not be successful because changes in the price of crude oil may vary substantially from changes in the prices of
other energy products. In addition, the price of crude oil and the Fund&#8217;s NAV would not reflect the refining, transportation,
and other costs that are specific to the hedger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>An investment in the Fund may provide you little or no diversification
benefits. Thus, in a declining market, the Fund may have no gains to offset your losses from other investments, and you may suffer
losses on your investment in the Fund at the same time you incur losses with respect to other asset classes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We cannot predict to what extent the performance
of Oil Interests will or will not correlate to the performance of other broader asset classes such as stocks and bonds. If the
Fund&#8217;s performance were to move more directly with the financial markets, you will obtain little or no diversification benefits
from an investment in the Shares. In such a case, the Fund may have no gains to offset your losses from other investments, and
you may suffer losses on your investment in the Fund at the same time you incur losses with respect to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Variables such as floods, weather, embargoes,
tariffs and other political events may have a larger impact on prices for crude oil and crude-oil linked instruments, including
Oil Interests, than on prices for traditional securities and broader financial markets. These additional variables may create additional
investment risks that subject the Fund&#8217;s investments to greater volatility than investments in traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Less than exact correlation should not be confused
with negative correlation, where the performance of two asset classes would be opposite of each other. There is no historic evidence
that the spot price of crude oil and prices of other financial assets, such as stocks and bonds, are negatively correlated. In
the absence of negative correlation, the Fund cannot be expected to be automatically profitable during unfavorable periods for
the stock market, or vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Changes in the political climate could have negative consequences
for crude oil prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Global political tensions could put oil exports
in jeopardy. These tensions include concerns over military actions, civil unrest and sabotage affecting the flow of oil. Additionally,
production cuts by members of OPEC and refusals to increase oil production may have the impact of tightening world oil markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_015"></A>The Fund&#8217;s Operating Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund is not a registered investment company, so you do
not have the protections of the Investment Company Act of 1940.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is not an investment company subject
to the Investment Company Act of 1940. Accordingly, you do not have the protections afforded by that statute, which, for example,
requires investment companies to have a board of directors with a majority of disinterested directors and regulates the relationship
between the investment company and its investment manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor has limited experience operating commodity pools.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While certain of the Sponsor&#8217;s principals
and employees have experience with investing in Oil Interests and other commodity interests, the Sponsor was formed for the purpose
of sponsoring the Trust and serving as the Teucrium Funds&#8217; commodity pool operator and has limited experience operating commodity
pools.&nbsp;&nbsp;The Sponsor currently sponsors seven Teucrium Funds, all of which have commenced operations as of the date hereof,
but none of the Teucrium Funds had commenced operations prior to June 9, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In light of this limited experience, each of
the Teucrium Funds has limited past performance available for your review.&nbsp;&nbsp;Furthermore, the past performance of the
other Teucrium Funds will not necessarily reflect their future performance or the future performance of this Fund. If the experience
of the Sponsor and its management is not adequate or suitable, the operation and performance of the Fund may be adversely affected.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><B><I>The
Sponsor is leanly staffed and relies heavily on key personnel to manage trading activities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing and directing the day-to-day activities
and affairs of the Fund, the Sponsor relies almost entirely on a small number of individuals, including Mr. Sal Gilbertie, Mr.
Dale Riker, , Mr. Steve Kahler and Ms. Barbara Riker. If Mr. Gilbertie, Mr. Riker, Mr. Kahler or Ms. Riker were to leave or be
unable to carry out their present responsibilities, it may have an adverse effect on the management of the Fund. To the extent
that the Sponsor establishes additional commodity pools, even greater demands will be placed on these individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor has limited capital and may be unable to continue
to manage the Fund if it sustains continued losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor was formed for the purpose of managing
the Trust, including the Fund and the other Teucrium Funds, and any other series of the Trust that may be formed in the future,
and has been provided with capital primarily by its principals and a small number of outside investors. If the Sponsor operates
at a loss for an extended period, its capital will be depleted and it may be unable to obtain additional financing necessary to
continue its operations. If the Sponsor were unable to continue to provide services to the Fund, the Fund would be terminated if
a replacement sponsor could not be found.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Accountability levels, position limits and price fluctuation
limits set by the CFTC and the exchanges have the potential to cause tracking error, which could cause the price of Shares to substantially
vary from the Benchmark and prevent you from being able to effectively use the Fund as a way to hedge against crude oil-related
losses or as a way to indirectly invest in crude oil.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The CFTC and U.S. designated contract markets
such as the NYMEX may establish accountability levels and position limits on the maximum net long or net short futures contracts
in commodity interests that any person or group of persons under common trading control may hold, own or control (other than as
a hedge, which an investment by the Fund is not).&nbsp;&nbsp;For example, the current accountability level for investments at any
one time in WTI Oil Futures Contracts is 20,000.&nbsp;&nbsp;While this is not a fixed ceiling, it is a threshold above which the
NYMEX may exercise greater scrutiny and control over an investor, including limiting an investor to holding no more than 20,000
Oil Future Contracts. The Cleared Oil Swaps that are most comparable to the Benchmark Component Futures Contracts are subject to
accountability levels that are substantially identical to, but measured separately from, the accountability levels for Oil Futures
Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With regard to position limits, the NYMEX limits
an investor from holding more than 3,000 net futures in the last 3 days of trading in the near month contract to expire. The Fund,
however, does not believe the current position limits imposed by the NYMEX will have any impact on the Fund. On November 18, 2011,
the CFTC adopted regulations that will impose position limits on energy futures contracts, including Oil Futures Contracts. The
initial spot month position limit of a combined 3,000 Oil Futures Contracts and economically equivalent swaps will not be effective
until 60 days after the CFTC further defines the term &#8220;swap.&#8221; Non spot month position limits will be determined based
on a survey of at least 12 months of the deliverable supply of WTI crude oil. It is not possible at this time to predict when the
CFTC will make these regulations effective. The Sponsor does not believe that the proposed rules, if adopted, will have any material
impact on the Fund&#8217;s investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In late 2011, the CFTC adopted rules that impose
new position limits on Reference Contracts involving 28 energy, metals and agricultural commodities (the &#8220;Position Limit
Rules&#8221;). The Position Limit Rules were scheduled to become effective on October 12, 2012. However, on September 28, 2012,
the United States District Court for the District of Columbia vacated these regulations on the basis of ambiguities in the provisions
of the CEA (as modified by the Dodd-Frank Act) upon which the regulations were based. In its September 28th decision, the court
remanded the Position Limit Rules to the CFTC with instructions to use its expertise and experience to resolve the ambiguities
in the statute. On November 15, 2012, the CFTC indicated that it will move forward with an appeal of the District Court&#8217;s
decision to vacate the Position Limit Rules. At this time, it is not possible to predict how the CFTC&#8217;s appeal could affect
the Fund, but it may be substantial and adverse. Furthermore, until such time as the appeal is resolved or, if applicable revisions
to the Position Limit Rules are proposed and adopted, the regulatory architecture in effect prior to the enactment of the Position
Limit Rules will govern transactions in commodities and related derivatives. Under that system, the CFTC enforces federal limits
on speculation in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce accountability levels for
agricultural and certain energy products (e.g., oil and gas). As a result, the Fund may be limited with respect to the size of
its investments in any commodities subject to these limits. Finally, subject to certain narrow exceptions, the vacated Position
Limit Rules would have required the aggregation, for purposes of the position limits, of all positions in the 28 Reference Contracts
held by a single entity and its affiliates, regardless of whether such positions existed on U.S. futures exchanges, non-U.S. futures
exchanges, in cleared swaps or in over-the-counter swaps. The CFTC is presently considering new aggregation
rules, under a rulemaking proposal that is distinct from the Position Limit Rules. At this time, it is unclear how any modified
aggregation rules may affect the Fund, but it may be </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">substantial and adverse. By way of example, the aggregation rules in combination
with any potential revised Position Limit Rules may negatively impact the ability of the Fund to meet its investment objectives
through limits that may inhibit the Sponsor&#8217;s ability to sell additional Creation Baskets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to accountability levels and position
limits, the exchanges may also set price fluctuation limits on futures contracts. The price fluctuation limit establishes the maximum
amount that the price of futures contracts may vary either up or down from the previous day&#8217;s settlement price or from the
price at which the limit was last imposed.&nbsp; When a price fluctuation limit is in effect for a particular futures contract,
no trades may be made at a price beyond that limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">More specifically, the NYMEX imposes a $10.00
per barrel ($10,000 per contract) price fluctuation limit for WTI Oil Futures Contracts. This limit is initially based off of the
previous trading day&#8217;s settlement price. If any of the first three contract months for a WTI Oil Futures Contract is traded,
bid or offered at the limit, trading is halted for five minutes. When trading resumes it begins at the point where the limit was
imposed and the limit is reset to be $10.00 per barrel in either direction of that point. If another halt were triggered, the market
would continue to be expanded by $10.00 per barrel in either direction after each successive five-minute trading halt. There is
no maximum price fluctuation limit during any one trading session.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of these limits may potentially cause a
tracking error between the price of the Shares and the Benchmark. This may in turn prevent you from being able to effectively use
the Fund as a way to hedge against crude oil-related losses or as a way to indirectly invest in crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund does not intend to limit the size of
the offering and will attempt to expose substantially all of its proceeds to the oil market utilizing Oil Interests. If the Fund
encounters position limits, accountability levels, or price fluctuation limits for Oil Futures Contracts and/or Cleared Oil Swaps
on the NYMEX or ICE, it may, if permitted under applicable regulatory requirements, purchase Other Oil Interests and/or Oil Futures
Contracts listed on foreign exchanges. However, the Oil Futures Contracts available on such foreign exchanges may have different
underlying sizes, deliveries, and prices. In addition, the Oil Futures Contracts available on these exchanges may be subject to
their own position limits and accountability levels. In any case, notwithstanding the potential availability of these instruments
in certain circumstances, accountability levels and position limits could force the Fund to limit the number of Creation Baskets
that it sells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There are no independent advisers representing Fund investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has consulted with legal counsel,
accountants and other advisers regarding the formation and operation of the Trust and Fund. No counsel has been appointed to represent
you in connection with the offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers regarding
the desirability of an investment in the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There are technical and fundamental risks inherent in the
trading system the Sponsor intends to employ.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor&#8217;s trading system is quantitative
in nature and it is possible that the Sponsor may make errors. In addition, it is possible that a computer or software program
may malfunction and cause an error in computation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor may use spreads and straddles as part of its trading
strategy which may cause the Fund&#8217;s NAV to not closely track the change in the Benchmark.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may use spreads and straddles as
part of its overall trading strategy to&nbsp;closely follow the Benchmark.&nbsp;There is risk that the Fund&#8217;s NAV may not
closely track the change in the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Spreads combine simultaneous long and short
positions in related futures contracts that differ by commodity, by market or by delivery month (long June, short December). Spreads
gain or lose value as a result of relative changes in price between the long and short positions. Spreads often reduce risk to
investors, because the contracts tend to move up or down together. However, both legs of the spread could move against an investor
simultaneously, in which case the spread would lose value. Certain types of spreads may face unlimited risk, e.g., because the
price of a futures contract underlying a short position can increase by an unlimited amount and the investor would have to take
delivery or offset at that price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A commodity straddle takes both long and short
option positions in the same commodity in the same market and delivery month simultaneously. The buyer of a straddle profits if
either the long or the short leg of the straddle moves further than the combined cost of both options. The seller of the straddle
profits if both the long and short positions do not trade beyond a range equal to the combined premium for selling both options.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Sponsor were to utilize a spread or straddle
position and the position performed differently than expected, the results could impact the Fund&#8217;s tracking error. This could
affect the Fund&#8217;s investment objective of having its NAV closely track the Benchmark. Additionally, a loss on the position
would negatively impact the Fund&#8217;s absolute return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund and the Sponsor may have conflicts of interest, which
may cause them to favor their own interests to your detriment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund and the Sponsor may have inherent conflicts
to the extent the Sponsor attempts to maintain the Fund&#8217;s asset size in order to preserve its fee income and this may not
always be consistent with the Fund&#8217;s objective of having the value of its Shares&#8217; NAV track changes in the Benchmark.
The Sponsor&#8217;s officers and employees do not necessarily devote their time exclusively to the Fund. These persons may be directors,
officers or employees of other entities. They could have a conflict between their responsibilities to the Fund and to those other
entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Sponsor&#8217;s principals,
officers or employees may trade futures and related contracts for their own accounts. A conflict of interest may exist if their
trades are in the same markets and at the same time as the Fund trades using the clearing broker to be used by the Fund. A potential
conflict also may occur if the Sponsor&#8217;s principals, officers or employees trade their accounts more aggressively or take
positions in their accounts that are opposite, or ahead of, the positions taken by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>The
Sponsor has sole current authority to manage the investments and operations of the Fund, and this may allow it to act in a way
that furthers its own interests and in conflict with your best interests. Shareholders have very limited voting rights, which will
limit the ability to influence matters such as amendment of the Trust Agreement, changes in the Fund&#8217;s basic investment policies,
dissolution of the Fund, or the sale or distribution of the Fund&#8217;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Shareholders have only very limited voting rights and generally
will not have the power to replace the Sponsor. Shareholders will not participate in the management of the Fund and do not control
the Sponsor so they will not have influence over basic matters that affect the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders will have very limited voting rights
with respect to the Fund&#8217;s affairs. Shareholders may elect a replacement Sponsor only if the current Sponsor resigns voluntarily
or loses its corporate charter. Shareholders will not be permitted to participate in the management or control of the Fund or the
conduct of its business. Shareholders must therefore rely upon the duties and judgment of the Sponsor to manage the Fund&#8217;s
affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor may manage a large amount of assets and this could
affect the Fund&#8217;s ability to trade profitably.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Increases in assets under management may affect
trading decisions. While the Fund&#8217;s assets currently are at manageable levels, the Sponsor does not intend to limit the amount
of Fund assets. The more assets the Sponsor manages, the more difficult it may be for it to trade profitably because of the difficulty
of trading larger positions without adversely affecting prices and performance and of managing risk associated with larger positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The liability of the Sponsor and the Trustee are limited,
and the value of the Shares will be adversely affected if the Fund is required to indemnify the Trustee or the Sponsor.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Trust Agreement, the Trustee and the
Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or
willful misconduct on the part of the Trustee or Sponsor, as the case may be. That means the Sponsor may require the assets of
the Fund to be sold in order to cover losses or liability suffered by the Sponsor or by the Trustee. Any sale of that kind would
reduce the NAV of the Fund and the value of its Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Although the Shares of the Fund are limited liability investments,
certain circumstances such as bankruptcy could increase a Shareholder&#8217;s liability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares of the Fund are limited liability
investments; Shareholders may not lose more than the amount that they invest plus any profits recognized on their investment. &nbsp;However,
Shareholders could be required, as a matter of bankruptcy law, to return to the estate of the Fund any distribution they received
at a time when the Fund was in fact insolvent or in violation of its Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><B><I>You
cannot be assured of the Sponsor&#8217;s continued services, and discontinuance may be detrimental to the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You cannot be assured that the Sponsor will
be willing or able to continue to service the Fund for any length of time.&nbsp; The Sponsor was formed for the purpose of sponsoring
the series of the Trust and other commodity pools, and has limited financial resources and no significant source of income apart
from its management fees from such commodity pools to support its continued service for the Fund.&nbsp; If the Sponsor discontinues
its activities on behalf of the Fund or another series of the Trust, the Fund may be adversely affected.&nbsp; If the Sponsor&#8217;s
registrations with the CFTC or memberships in the NFA were revoked or suspended, the Sponsor would no longer be able to provide
services to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund could terminate at any time and cause the liquidation
and potential loss of your investment and could upset the overall maturity and timing of your investment portfolio.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may terminate at any time, regardless
of whether the Fund has incurred losses, subject to the terms of the Trust Agreement.&nbsp; For example, the dissolution or resignation
of the Sponsor would cause the Trust to terminate unless shareholders holding a majority of the outstanding shares of the Trust,
voting together as a single class, elect within 90 days of the event to continue the Trust and appoint a successor Sponsor.&nbsp;
In addition, the Sponsor may terminate the Fund if it determines that the Fund&#8217;s aggregate net assets in relation to its
operating expenses make the continued operation of the Fund unreasonable or imprudent.&nbsp; However, no level of losses will require
the Sponsor to terminate the Fund.&nbsp; The Fund&#8217;s termination would result in the liquidation of its investments and the
distribution of its remaining assets to the Shareholders on a pro rata basis in accordance with their Shares, and the Fund could
incur losses in liquidating its investments in connection with a termination.&nbsp; Termination could also negatively affect the
overall maturity and timing of your investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>As a Shareholder, you will not have the rights enjoyed by
investors in certain other types of entities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As interests in separate series of a Delaware
statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including,
for example, the right to bring shareholder oppression and derivative actions).&nbsp; In addition, the Shares have limited voting
and distribution rights (for example, Shareholders do not have the right to elect directors, as the Trust does not have a board
of directors, and generally will not receive regular distributions of the net income and capital gains earned by the Fund).&nbsp;
The Fund is also not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and the NYSE Arca governance
rules (for example, audit committee requirements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><B><I>A
court could potentially conclude that the assets and liabilities of the Fund are not segregated from those of another series of
the Trust, thereby potentially exposing assets in the Fund to the liabilities of another series.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is a series of a Delaware statutory
trust and not itself a legal entity separate from the other Teucrium Funds.&nbsp; The Delaware Statutory Trust Act provides that
if certain provisions are included in the formation and governing documents of a statutory trust organized in series and if separate
and distinct records are maintained for any series and the assets associated with that series are held in separate and distinct
records and are accounted for in such separate and distinct records separately from the other assets of the statutory trust, or
any series thereof, then the debts, liabilities, obligations and expenses incurred by a particular series are enforceable against
the assets of such series only, and not against the assets of the statutory trust generally or any other series thereof.&nbsp;
Conversely, none of the debts, liabilities, obligations and expenses incurred with respect to any other series thereof is enforceable
against the assets of such series.&nbsp; The Sponsor is not aware of any court case that has interpreted this inter-series limitation
on liability or provided any guidance as to what is required for compliance.&nbsp; The Sponsor intends to maintain separate and
distinct records for the Fund and account for the Fund separately from any other Trust series, but it is possible a court could
conclude that the methods used do not satisfy the Delaware Statutory Trust Act, which would potentially expose assets in the Fund
to the liabilities of one or more of the Teucrium Funds and/or any other Trust series created in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Sponsor and the Trustee are not obligated to prosecute
any action, suit or other proceeding in respect of any Fund property.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Neither the Sponsor nor the Trustee is obligated
to, although each may in its respective discretion, prosecute any action, suit or other proceeding in respect of any Fund property.&nbsp;
The Trust Agreement does not confer upon Shareholders the right to prosecute any such action, suit or other proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund does not expect to make cash distributions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor intends to re-invest any income
and realized gains of the Fund in additional Oil Interests rather than distributing cash to Shareholders.&nbsp; Therefore, unlike
mutual funds, commodity pools or other investment pools that generally distribute income and gains to their investors, the Fund
generally will not distribute cash to Shareholders.&nbsp; You should not invest in the Fund if you will need cash distributions
from the Fund to pay taxes on your share of income and gains of the Fund, if any,</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">or for any other reason.&nbsp; Although the Fund does not intend
to make cash distributions, it reserves the right to do so in the Sponsor&#8217;s sole discretion, in certain situations, including
for example, if the income earned from its investments held directly or posted as margin reaches levels that merit distribution,
e.g., at levels where such income is not necessary to support its underlying investments in Oil Interests and investors adversely
react to being taxed on such income without receiving distributions that could be used to pay such tax.&nbsp; Cash distributions
may be made in these and similar instances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>There is a risk that the Fund will not earn gains sufficient
to compensate for the fees and expenses that it must pay and as such the Fund may not earn any profit.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund pays management fees at an annual rate
of 1.00% of its average net assets, brokerage charges, and various other expenses of its ongoing operations (e.g., fees of the
Administrator, Trustee and Distributor), resulting in a total estimated expense ratio of approximately 1.50% of net assets (not
including any transaction fees paid by an Authorized Purchaser when purchasing or redeeming baskets and spreads on over-the-counter
transactions that are built into the price of the instrument being purchased or sold).&nbsp; These fees and expenses must be paid
in all events, regardless of whether the Fund&#8217;s activities are profitable.&nbsp; Accordingly, the Fund must realize interest
income and/or gains on Oil Interests sufficient to cover these fees and expenses before it can earn any profit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If this offering of Shares does not raise sufficient funds
to make the Fund&#8217;s future operations viable, the Fund may be forced to terminate and investors may lose all or part of their
investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All of the expenses relating to the Fund incurred
prior to the commencement of operations (February 23, 2011) were paid by the Sponsor.&nbsp; These payments by the Sponsor were
designed to allow the Fund the ability to commence the public offering of its Shares.&nbsp; As of the date of this prospectus,
the Fund pays the fees, costs and expenses of its operations.&nbsp; If the Sponsor and the Fund are unable to raise sufficient
funds so that the Fund&#8217;s expenses are reasonable in relation to its NAV, the Fund may be forced to terminate and investors
may lose all or part of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may incur higher fees and expenses upon renewing
existing or entering into new contractual relationships.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The arrangements between clearing brokers and
counterparties on the one hand and the Fund on the other generally are terminable by the clearing brokers or counterparty upon
notice to the Fund.&nbsp; In addition, the agreements between the Fund and its third-party service providers, such as the Distributor
and the Custodian, are generally terminable at specified intervals.&nbsp; Upon termination, the Sponsor may be required to renegotiate
or make other arrangements for obtaining similar services if the Fund intends to continue to operate.&nbsp; Comparable services
from another party may not be available, or even if available, these services may not be available on the terms as favorable as
those of the expired or terminated arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may miss certain trading opportunities because it
will not receive the benefit of the expertise of independent trading advisors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor does not employ trading advisors
for the Fund; however, it reserves the right to employ them in the future.&nbsp; The only advisor to the Fund is the Sponsor.&nbsp;
A lack of independent trading advisors may be disadvantageous to the Fund because it will not receive the benefit of their expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Net Asset Value calculation of the Fund may be overstated
or understated due to the valuation method employed when a settlement price is not available on the date of net asset value calculation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s NAV includes, in part, any
unrealized profits or losses on open swap agreements, futures or forward contracts. Under normal circumstances, the NAV reflects
the quoted NYMEX settlement price of open futures contracts on the date when the NAV is being calculated. In instances when the
quoted settlement price of futures contract traded on an exchange may not be reflective of fair value based on market condition,
generally due to the operation of daily limits or other rules of the exchange or otherwise, the NAV may not reflect the fair value
of open future contracts on such date. For purposes of financial statements and reports, the Sponsor will recalculate the NAV where
necessary to reflect the &#8220;fair value&#8221; of a Futures Contract when the Futures Contract closes at its price fluctuation
limit for the day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>An unanticipated number of redemption requests during a short
period of time could have an adverse effect on the NAV of the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a substantial number of requests for redemption
of Redemption Baskets are received by the Fund during a relatively short period of time, the Fund may not be able to satisfy the
requests from the Fund&#8217;s assets not committed to trading. As a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">consequence, it could be necessary to liquidate the Fund&#8217;s
trading positions before the time that its trading strategies would otherwise call for liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The financial markets have recently been in a period of disruption
and recession and these conditions may not improve in the near future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A period of recession for the economy as a whole
began in 2008, and, the financial markets experienced very difficult conditions and volatility during that period.&nbsp; The conditions
in these markets resulted in a decrease in availability of corporate credit and liquidity and led indirectly to the insolvency,
closure or acquisition of a number of major financial institutions and contributed to further consolidation within the financial
services industry.&nbsp; A continued recession or a slow recovery could adversely affect the financial condition and results of
operations of the Fund&#8217;s service providers and Authorized Purchasers, which would impact the ability of the Sponsor to achieve
the Fund&#8217;s investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The liquidity of the Shares may be affected by the withdrawal
from participation of Authorized Purchasers or market makers, which could adversely affect the market price of the Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that one or more Authorized Purchasers
that are actively involved in purchasing and selling Shares cease to be so involved, the liquidity of the Shares will likely decrease,
which could adversely affect the market price of the Shares and result in your incurring a loss on your investment. In addition,
a decision by a market maker or lead market maker to cease activities for the Fund could adversely affect liquidity, the spread
between the bid and ask quotes, and, potentially, the price of the Shares. The Sponsor can make no guarantees that participation
by Authorized Purchasers or market makers will continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>You may be adversely affected by redemption orders that are
subject to postponement, suspension or rejection under certain circumstances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust may, in its discretion, suspend the
right to redeem Shares of the Fund or postpone the redemption settlement date:&nbsp;&nbsp;(1) for any period during which an applicable
exchange is closed other than customary weekend or holiday closing, or trading is suspended or restricted; (2) for any period during
which an emergency exists as a result of which delivery, disposal or evaluation of the Fund&#8217;s assets is not reasonably practicable;
(3) for such other period as the Sponsor determines to be necessary for the protection of Shareholders; (4) if there is a possibility
that any or all of the Benchmark Component Futures Contracts of the Fund on the NYMEX from which the NAV of the Fund is calculated
will be priced at a daily price limit restriction; or (5) if, in the sole discretion of the Sponsor, the execution of such an order
would not be in the best interest of the Fund or its Shareholders.&nbsp; In addition, the Trust will reject a redemption order
if the order is not in proper form as described in the agreement with the Authorized Purchaser or if the fulfillment of the order,
in the opinion of its counsel, might be unlawful.&nbsp; Any such postponement, suspension or rejection could adversely affect a
redeeming Shareholder.&nbsp; For example, the resulting delay may adversely affect the value of the Shareholder&#8217;s redemption
proceeds if the NAV of the Fund declines during the period of delay.&nbsp; The Trust Agreement provides that the Sponsor and its
designees will not be liable for any loss or damage that may result from any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Any postponement, suspension or rejection
of a redemption order could adversely affect a redeeming Shareholder. For example, the resulting delay may adversely affect the
value of a Shareholder&#8217;s redemption proceeds if the NAV of the Fund declines during the period of delay. The Trust Agreement
provides that the Sponsor and its designees will not be liable for any loss or damage that may result from any such suspension
or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The failure or bankruptcy of a clearing broker could result
in substantial losses for the Fund; the clearing broker could be subject to proceedings that impair its ability to execute the
Fund&#8217;s trades.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under CFTC regulations, a clearing broker with
respect to the Fund&#8217;s exchange-traded Oil Interests must maintain customers&#8217; assets in a bulk segregated account.&nbsp;
If a clearing broker fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may
be subject to risk of a substantial loss of their funds in the event of that clearing broker&#8217;s bankruptcy.&nbsp; In that
event, the clearing broker&#8217;s customers, such as the Fund, are entitled to recover, even in respect of property specifically
traceable to them, only a proportional share of all property available for distribution to all of that clearing broker&#8217;s
customers.&nbsp; The Fund also may be subject to the risk of the failure of, or delay in performance by, any exchanges and markets
and their clearing organizations, if any, on which Oil Interests are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From time to time, the clearing brokers may
be subject to legal or regulatory proceedings in the ordinary course of their business.&nbsp; A clearing broker&#8217;s involvement
in costly or time-consuming legal proceedings may divert financial resources or personnel away from the clearing broker&#8217;s
trading operations, which could impair the clearing broker&#8217;s ability to successfully execute and clear the Fund&#8217;s trades.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 14, 2012, the CFTC proposed new
regulations that would require enhanced customer protections, risk management programs, internal monitoring and controls, capital
and liquidity standards, customer disclosures, and auditing and examination programs for FCMs. The proposed rules are intended
to afford greater assurances to market participants that: customer segregated funds and secured amounts are protected; customers
are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business;
FCMs are monitoring and managing risks in a robust manner; the capital and liquidity of FCMs are strengthened to safeguard their
continued operations; and the auditing and examination programs of the CFTC and the self-regulatory organizations (&#8216;&#8216;SROs&#8217;&#8217;)
are monitoring the activities of FCMs in a thorough manner. The final regulations have not yet been adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The failure or insolvency of the Fund&#8217;s Custodian could
result in a substantial loss of the Fund&#8217;s assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the vast majority of the Fund&#8217;s
assets are held in Treasury Securities, cash and/or cash equivalents with the Custodian.&nbsp; The insolvency of the Custodian
could result in a complete loss of the Fund&#8217;s assets held by the Custodian, which, at any given time, would likely comprise
a substantial portion of the Fund&#8217;s total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Third parties may infringe upon or otherwise violate intellectual
property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result
in significant costs and diverted attention.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Third parties may assert that the Sponsor has
infringed or otherwise violated their intellectual property rights.&nbsp; Third parties may independently develop business methods,
trademarks or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated
their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights.&nbsp;
As a result, the Sponsor may have to litigate in the future to determine the validity and scope of other parties&#8217; proprietary
rights, or defend itself against claims that it has infringed or otherwise violated other parties&#8217; rights.&nbsp; Any litigation
of this type, even if the Sponsor is successful and regardless of the merits, may result in significant costs, divert resources
from the Fund, or require the Sponsor to change its proprietary software and other technology or enter into royalty or licensing
agreements.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has a patent pending on certain
business methods and procedures used with respect to the Fund. The Sponsor utilizes certain proprietary software. Any unauthorized
use of such proprietary software, business methods and/or procedures could adversely affect the competitive advantage of the Sponsor
or the Fund and/or cause the Sponsor to take legal action to protect its rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The success of the Fund depends on the ability of the Sponsor
to accurately implement its trading strategies, and any failure to do so could subject the Fund to losses on such transactions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor&#8217;s trading strategy is quantitative
in nature and it is possible that the Sponsor will make errors in its implementation.&nbsp; The execution of the quantitative strategy
is subject to human error, such as incorrect inputs into the Sponsor&#8217;s computer systems and incorrect information provided
to the Fund&#8217;s clearing brokers.&nbsp; In addition, it is possible that a computer or software program may malfunction and
cause an error in computation.&nbsp; Any failure, inaccuracy or delay in executing the Fund&#8217;s transactions could affect its
ability to achieve its investment objective.&nbsp; It could also result in decisions to undertake transactions based on inaccurate
or incomplete information.&nbsp; This could cause substantial losses on transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may experience substantial losses on transactions
if the computer or communications system fails.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s trading activities depend on
the integrity and performance of the computer and communications systems supporting them.&nbsp; Extraordinary transaction volume,
hardware or software failure, power or telecommunications failure, a natural disaster or other catastrophe could cause the computer
systems to operate at an unacceptably slow speed or even fail.&nbsp; Any significant degradation or failure of the systems that
the Sponsor uses to gather and analyze information, enter orders, process data, monitor risk levels and otherwise engage in trading
activities may result in substantial losses on transactions, liability to other parties, lost profit opportunities, damages to
the Sponsor&#8217;s and Fund&#8217;s reputations, increased operational expenses and diversion of technical resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the computer and communications systems are not upgraded
when necessary, the Fund&#8217;s financial condition could be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The development of complex computer and communications
systems and new technologies may render the existing computer and communications systems supporting the Fund&#8217;s trading activities
obsolete.&nbsp; In addition, these computer and communications systems must be compatible with those of third parties, such as
the systems of exchanges, clearing brokers and</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">the executing brokers.&nbsp; As a result, if these third parties
upgrade their systems, the Sponsor will need to make corresponding upgrades to effectively continue its trading activities. The
Fund&#8217;s future success may depend on the Fund&#8217;s ability to respond to changing technologies on a timely and cost-effective
basis.<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund depends on the reliable performance of the computer
and communications systems of third parties, such as brokers and futures exchanges, and may experience substantial losses on transactions
if they fail.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund depends on the proper and timely function
of complex computer and communications systems maintained and operated by the futures exchanges, brokers and other data providers
that the Sponsor uses to conduct trading activities.&nbsp; Failure or inadequate performance of any of these systems could adversely
affect the Sponsor&#8217;s ability to complete transactions, including its ability to close out positions, and result in lost profit
opportunities and significant losses on commodity interest transactions.&nbsp; This could have a material adverse effect on revenues
and materially reduce the Fund&#8217;s available capital.&nbsp; For example, unavailability of price quotations from third parties
may make it difficult or impossible for the Sponsor to conduct trading activities so that the Fund will closely track the Benchmark.&nbsp;
Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately determine which
transactions have been executed or the details, including price and time, of any transaction executed.&nbsp; This unavailability
of information also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of
another party or to accomplish settlement of executed transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The occurrence of a natural disaster terrorist attack, or
the outbreak, continuation or expansion of war or other hostilities could disrupt the Fund&#8217;s trading activity and materially
affect the Fund&#8217;s profitability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The operations of the Fund, the exchanges, brokers
and counterparties with which Fund does business, and the markets in which the Fund does business could be severely disrupted in
the event of a natural disaster, major terrorist attack or the outbreak, continuation or expansion of war or other hostilities.
Global terrorist attacks, anti-terrorism initiatives and political unrest continue to fuel this concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The NYSE Arca may halt trading in the Shares which would adversely
impact your ability to sell Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trading in Shares of the Fund may be halted
due to market conditions or, in light of NYSE Arca rules and procedures, for reasons that, in view of the NYSE Arca, make trading
in Shares inadvisable.&nbsp; In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant
to &#8220;circuit breaker&#8221; rules that require trading to be halted for a specified period based on a specified market decline.&nbsp;
There can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will
remain unchanged.&nbsp; The Fund will be terminated if its Shares are delisted.<B><I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The lack of active trading markets for the Shares of the Fund
may result in losses on your investment in the Fund at the time of disposition of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the Shares of the Fund will be listed
and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares of the Fund will be maintained.
If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming
that you are able to sell them, likely will be lower than what you would receive if an active market did exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_016"></A>Risk of Leverage and Volatility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>If the Sponsor causes or permits the Fund to become leveraged,
you could lose all or substantially all of your investment if the Fund&#8217;s trading positions suddenly turn unprofitable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Commodity pools&#8217; trading positions in
futures contracts or other commodity interests are typically required to be secured by the deposit of margin funds that represent
only a small percentage of a futures contract&#8217;s (or other commodity interest&#8217;s) entire market value.&nbsp; This feature
permits commodity pools to &#8220;leverage&#8221; their assets by purchasing or selling futures contracts (or other commodity interests)
with an aggregate notional amount in excess of the commodity pool&#8217;s assets.&nbsp; While this leverage can increase a pool&#8217;s
profits, relatively small adverse movements in the price of the pool&#8217;s commodity interests can cause significant losses to
the pool.&nbsp; While the Sponsor does not intend to leverage the Fund&#8217;s assets, it is not prohibited from doing so under
the Trust Agreement.&nbsp; If the Sponsor were to cause or permit the Fund to become leveraged, you could lose all or substantially
all of your investment if the Fund&#8217;s trading positions suddenly turn unprofitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B><I>The price of crude oil can be volatile
which could cause large fluctuations in the price of Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed in more detail above, price movements
for barrels of crude oil are influenced by, among other things:&nbsp;&nbsp;(1) operational hazards, such as risk of fire, explosions,
blow outs, pipe failure and abnormally pressured formations; (2) environmental hazards, such as oil spills, natural gas leaks,
ruptures and the discharge of toxic gases; (3) weather and climate changes; (4) economic variances, such as changes in interest
rates, actions by oil producing countries, such as OPEC, changes in supply and demand, shifts in demand domestically or other countries
such as India and China, currency deviations, inflation rates and changes in balances of payment and trade, as well as changes
in philosophies and emotions of market participants; and (5) political influences, such as war, counter-terrorism and government
regulation and oversight.&nbsp; More generally, commodity prices may be influenced by economic and monetary events such as changes
in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations,
U.S. and international economic events, and changes in the philosophies and emotions of market participants.&nbsp; Because the
Fund invests primarily in interests in a single commodity, it is not a diversified investment vehicle, and therefore may be subject
to greater volatility than a diversified portfolio of stocks or bonds or a more diversified commodity pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_017"></A>Over-the-Counter Contract Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Over-the-counter transactions are subject to changing regulation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> A portion of the Fund&#8217;s assets may
be used to trade over-the-counter Oil Interests, such as forward contracts or swaps. Currently, over-the-counter contracts are
typically traded on a principal-to-principal non-cleared basis through dealer markets that are dominated by major money center
and investment banks and other institutions and that prior to the passage of the Dodd-Frank Act had been essentially unregulated
by the CFTC, although this is an area of pending, substantial regulatory change. See page 16 and page 46. The markets for over-the-counter
contracts will continue to rely upon the integrity of market participants in lieu of the additional regulation imposed by the
CFTC on participants in the futures markets. To date, the forward markets have been largely unregulated, forward contracts have
been executed bi-laterally and, in general historically, forward contracts have not been cleared or guaranteed by a third party.
On November 16, 2012, the Secretary of the Treasury issued a final determination that exempts both foreign exchange swaps and
foreign exchange forwards from the definition of &#8220;swap&#8221; and, by extension, additional regulatory requirements (such
as clearing and margin). The final determination does not extend to other FX derivatives, such as FX options, certain currency
swaps, and non-deliverable forwards. While the Dodd-Frank Act and certain regulations adopted thereunder are intended to provide
additional protections to participants in the over-the-counter market, the lack of regulation in these markets could expose the
Fund in certain circumstances to significant losses in the event of trading abuses or financial failure by participants. While
increased regulation of over-the-counter Commodity Interests is likely to result from changes that are required to be effectuated
by the Dodd-Frank Act, there is no guarantee that such increased regulation will be effective to reduce these risks. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><B><I>The
Fund will be subject to credit risk with respect to counterparties to over-the-counter contracts entered into by the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund faces the risk of non-performance by
the counterparties to the over-the-counter contracts. Unlike in futures contracts, the counterparty to these contracts is generally
a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions.&nbsp;
As a result, there will be greater counterparty credit risk in these transactions.&nbsp; A counterparty may not be able to meet
its obligations to the Fund, in which case the Fund could suffer significant losses on these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a counterparty becomes bankrupt or otherwise
fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery
in a bankruptcy or other reorganization proceeding.&nbsp; During any such period, the Fund may have difficulty in determining the
value of its contracts with the counterparty, which in turn could result in the overstatement or understatement of the Fund&#8217;s
NAV.&nbsp; The Fund may eventually obtain only limited recovery or no recovery in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund may be subject to liquidity risk with respect to
its over-the-counter contracts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Over-the-counter contracts may have terms that
make them less marketable than Futures Contracts or cleared swaps.&nbsp; Over-the-counter contracts are less marketable because
they are not traded on an exchange, do not have uniform terms and conditions, and are entered into based upon the creditworthiness
of the parties and the availability of credit support, such as collateral, and in general, they are not transferable without the
consent of the counterparty.&nbsp; These conditions make such contracts less liquid than standardized futures contracts traded
on a commodities exchange and diminish the ability to realize the full value of such contracts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, even if collateral is used to reduce
counterparty credit risk, sudden changes in the value of over-the-counter transactions may leave a party open to financial risk
due to a counterparty default since the collateral held may not cover a party&#8217;s exposure on the transaction in such situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, valuing OTC derivatives is less
certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or cleared
swaps because the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated,
and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers
and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually
obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent
value for an outstanding OTC derivatives transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing liquidity risks could impact adversely
affect the Fund&#8217;s ability to meet its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Dodd-Frank Act requires the CFTC, the
SEC and the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, the Farm Credit System and the Federal Housing Finance Agency (collectively, the &#8220;Prudential Regulators&#8221;)
to establish &#8220;both initial and variation margin requirements on all swaps that are not cleared by a registered clearing
organization&#8221; (including many over-the-counter swaps). The proposed rules would require swap dealers and major swap participants
to collect both variation and initial margin from their financial entity counterparties such as the Fund but would not require
these swap dealers or major swap participants to post variation margin or initial margin to the Fund. In addition, the Dodd-Frank
Act provides parties who post initial margin to a swap dealer or major swap participant with a statutory right to insist that
such margin be held in a segregated account with an independent custodian. At this time, the CFTC has proposed a rule addressing
this statutory right of certain market participants but has not yet implemented any final rules. On November 16, 2012, the Secretary
of the Treasury issued a final determination that exempts both foreign exchange swaps and foreign exchange forwards from the definition
of &#8220;swap&#8221; and, by extension, additional regulatory requirements (such as clearing and margin). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_018"></A><B>Risk of Trading in International Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Trading in international markets would expose the Fund to
credit and regulatory risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A significant portion of the Oil Futures Contracts
entered into by the Fund are traded on United States exchanges, including the NYMEX.&nbsp; However, a portion of the Fund&#8217;s
trades may take place on markets and exchanges outside the United States.&nbsp; Some non-U.S. markets present risks because they
are not subject to the same degree of regulation as their U.S. counterparts.&nbsp; None of the CFTC, NFA, or any domestic exchange
regulates activities of any foreign boards of trade or exchanges, including the execution, delivery and clearing of transactions,
nor has the power to compel enforcement of the rules of a foreign board of trade or exchange or of any applicable non-U.S. laws.&nbsp;
Similarly, the rights of market participants, such as the Fund, in the event of the insolvency or bankruptcy of a non-U.S. market
or broker are also likely to be more limited than in the case of U.S. markets or brokers.&nbsp; As a result, in these markets,
the Fund has less legal and regulatory protection than it does when it trades domestically.<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In some of these non-U.S. markets, the performance
on a futures contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation and therefore
exposes the Fund to credit risk.&nbsp; Additionally, trading on non-U.S. exchanges is subject to the risks presented by exchange
controls, expropriation, increased tax burdens and exposure to local economic declines and political instability.&nbsp; An adverse
development with respect to any of these variables could reduce the profit or increase the loss earned on trades in the affected
international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>International trading activities subject the Fund to foreign
exchange risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The price of any non-U.S. Oil Interest and,
therefore, the potential profit and loss on such investment, may be affected by any variance in the foreign exchange rate between
the time the order is placed and the time it is liquidated, offset or exercised.&nbsp; As a result, changes in the value of the
local currency relative to the U.S. dollar may cause losses to the Fund even if the contract is profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund&#8217;s international trading could expose it to
losses resulting from non-U.S. exchanges that are less developed or less reliable than United States exchanges.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some non-U.S. exchanges also may be in a more
developmental stage so that prior price histories may not be indicative of current price dynamics.&nbsp; In addition, the Fund
may not have the same access to certain positions on foreign trading exchanges as do local traders, and the historical market data
on which the Sponsor bases its strategies may not be as reliable or accessible</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">as it is for U.S. exchanges. &nbsp;&nbsp;Not more than 10% of the
weight of the Fund&#8217;s aggregate Oil Futures Contracts will consist of Oil Futures Contracts whose principal trading market
is not a member of the International Surveillance Group or does not have a comprehensive surveillance sharing agreement with the
NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_019"></A>Tax Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Please refer to &#8220;U.S. Federal Income Tax
Considerations&#8221; for information regarding the U.S. federal income tax consequences of the purchase, ownership and disposition
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Your tax liability from holding Shares may exceed the amount
of distributions, if any, on your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cash or property will be distributed at the
sole discretion of the Sponsor, and the Sponsor currently does not intend to make cash or other distributions with respect to Shares.&nbsp;
You will be required to pay U.S. federal income tax and, in some cases, state, local, or foreign income tax, on your allocable
share of the Fund&#8217;s taxable income, without regard to whether you receive distributions or the amount of any distributions.&nbsp;
Therefore, the tax liability resulting from your ownership of Shares may exceed the amount of cash or value of property (if any)
distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Your allocable share of income or loss for U.S. federal income
tax purposes may differ from your economic income or loss on your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Due to the application of the assumptions and
conventions applied by the Fund in making allocations for U.S. federal income tax purposes and other factors, your allocable share
of the Fund&#8217;s income, gain, deduction or loss may be different than your economic profit or loss from your Shares for a taxable
year.&nbsp; This difference could be temporary or permanent and, if permanent, could result in your being taxed on amounts in excess
of your economic income.<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Items of income, gain, deduction, loss and credit with respect
to Shares could be reallocated if the IRS does not accept the assumptions and conventions applied by the Fund in allocating those
items, with potential adverse tax consequences for you.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is treated as a partnership for United
States federal income tax purposes.&nbsp; The U.S. tax rules pertaining to entities taxed as partnerships are complex and their
application to publicly traded partnerships such as the Fund is in many respects uncertain.&nbsp; The Fund applies certain assumptions
and conventions in an attempt to comply with the intent of the applicable rules and to report taxable income, gains, deductions,
losses and credits in a manner that properly reflects Shareholders&#8217; economic gains and losses.&nbsp; These assumptions and
conventions may not fully comply with all aspects of the Internal Revenue Code (the &#8220;Code&#8221;) and applicable Treasury
Regulations, however, and it is possible that the U.S. Internal Revenue Service (the &#8220;IRS&#8221;) will successfully challenge
our allocation methods and require us to reallocate items of income, gain, deduction, loss or credit in a manner that adversely
affects you.&nbsp; If this occurs, you may be required to file an amended tax return and to pay additional taxes plus deficiency
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>The Fund could be treated as a corporation for federal income
tax purposes, which may substantially reduce the value of your Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust has received an opinion of counsel
that, under current U.S. federal income tax laws, the Fund will be treated as a partnership that is not taxable as a corporation
for U.S. federal income tax purposes, provided that (i) at least 90 percent of the Fund&#8217;s annual gross income consists of
&#8220;qualifying income&#8221; as defined in the Code, (ii) the Fund is organized and operated in accordance with its governing
agreements and applicable law, and (iii) the Fund does not elect to be taxed as a corporation for federal income tax purposes.&nbsp;
Although the Sponsor anticipates that the Fund has satisfied and will continue to satisfy the &#8220;qualifying income&#8221; requirement
for all of its taxable years, that result cannot be assured.&nbsp; The Fund has not requested and will not request any ruling from
the IRS with respect to its classification as a partnership not taxable as a corporation for federal income tax purposes.&nbsp;
If the IRS were to successfully assert that the Fund is taxable as a corporation for federal income tax purposes in any taxable
year, rather than passing through its income, gains, losses and deductions proportionately to Shareholders, the Fund would be subject
to tax on its net income for the year at corporate tax rates.&nbsp; In addition, although the Sponsor does not currently intend
to make distributions with respect to Shares, any distributions would be taxable to Shareholders as dividend income.&nbsp; Taxation
of the Fund as a corporation could materially reduce the after-tax return on an investment in Shares and could substantially reduce
the value of your Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR
OWN TAX ADVISORS WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN SHARES; SUCH TAX CONSEQUENCES MAY DIFFER
IN RESPECT OF DIFFERENT INVESTORS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_020"></A><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_021"></A><B>The Fund in General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is a series of the Trust, a statutory
trust organized under the laws of the State of Delaware on September 11, 2009.&nbsp; Currently, the Trust has seven series that
are separate operating commodity pools: the Teucrium WTI Crude Oil Fund, the Teucrium Corn Fund, the Teucrium Wheat Fund, the Teucrium
Soybean Fund, the Teucrium Sugar Fund, the Teucrium Agricultural Fund, and the Teucrium Natural Gas Fund.&nbsp;&nbsp;Additional
series of the Trust may be created in the future at the Sponsor&#8217;s discretion.&nbsp; The Fund maintains its main business
office at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301.&nbsp; The Fund is a commodity pool.&nbsp; It operates pursuant
to the terms of the Trust Agreement, which is dated as of October 21, 2010, and grants full management control to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is publicly traded, and seeks to have
the daily changes in percentage terms of the Shares&#8217; NAV reflect the daily changes in percentage terms of the price of WTI
light, sweet crude oil delivered to Cushing, Oklahoma for future delivery, as measured by the Benchmark.&nbsp; The Fund invests
in a mixture of listed Oil Futures Contracts, Cleared Oil Swaps, Other Oil Interests, Treasury Securities, cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_022"></A><B>The Sponsor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor of the Trust is Teucrium Trading,
LLC, a Delaware limited liability company.&nbsp; The principal office of the Sponsor and the Trust are located at 232 Hidden Lake
Road, Building A, Brattleboro, Vermont 05301.&nbsp; The Sponsor registered as a CPO with the CFTC and became a member of the NFA
on November 10, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund is a series of the Trust, a statutory
trust organized under the laws of the State of Delaware on September 11, 2009. Currently, the Trust has seven series that are separate
operating commodity pools: the Teucrium WTI Crude Oil Fund, the Teucrium Wheat Fund, the Teucrium Soybean Fund, the Teucrium Sugar
Fund, the Teucrium Agricultural Fund, the Teucrium Natural Gas Fund, and the Teucrium Corn Fund. See &#8220;Prior Performance of
the Sponsor and Affiliates&#8221; on page 34 for more information about the performance of the Teucrium Funds. Aside from establishing
these series, operating those series that have commenced offering their shares, and obtaining capital from a small number of outside
investors in order to engage in&nbsp;&nbsp;these activities, the Sponsor has not engaged in any business activity prior to the
date of this prospectus.&nbsp; Under the Trust Agreement, the Sponsor is solely responsible for the management and conducts or
directs the conduct of the business of the Trust, the Fund, and any other series of the Trust that may from time to time be established
and designated by the Sponsor.&nbsp; The Sponsor is required to oversee the purchase and sale of Shares by Authorized Purchasers
and to manage the Fund&#8217;s investments, including to evaluate the credit risk of FCMs and swap counterparties and to review
daily positions and margin/collateral requirements.&nbsp; The Sponsor has the power to enter into agreements as may be necessary
or appropriate for the offer and sale of the Fund&#8217;s Shares and the conduct of the Trust&#8217;s activities.&nbsp; Accordingly,
the Sponsor is responsible for selecting the Trustee, Administrator, Distributor, the independent registered public accounting
firm of the Trust, and any legal counsel employed by the Trust.&nbsp; The Sponsor is also responsible for preparing and filing
periodic reports on behalf of the Trust with the SEC and will provide any required certification for such reports.&nbsp; No person
other than the Sponsor and its principals was involved in the organization of the Trust or the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may determine to engage marketing
agents who will assist the Sponsor in the marketing the Shares. See &#8220;Plan of Distribution&#8221; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor maintains a public website on behalf
of the Fund, www.teucriumcrudfund.com which contains information about the Trust, the Fund, and the Shares, and oversees certain
services for the benefit of Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has discretion to appoint one or
more of its affiliates as additional Sponsors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor receives a fee as compensation for
services performed under the Trust Agreement.&nbsp; The Sponsor&#8217;s fee accrues daily and is paid monthly at an annual rate
of 1.00% of the average daily net assets of the Fund.&nbsp; The Sponsor receives no compensation from the Fund other than such
fee.&nbsp; For the period from January 1, 2012 through December 31, 2012, the Fund paid $26,649 in management fees to the Sponsor.
The Fund is also responsible for other ongoing fees, costs and expenses of its operations, including brokerage fees, and legal,
printing, accounting, custodial, administration and transfer agency costs, although the Sponsor bore the costs and expenses related
to the registration of the Shares. None of the costs and expenses related to the initial registration, offer and sale of Shares,
which totaled approximately $499,304, were or are chargeable to the Fund, and the Sponsor did not and may not recover any of these
costs and expenses from the Fund. <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders have no right to elect the Sponsor
on an annual or any other continuing basis or to remove the Sponsor.&nbsp; If the Sponsor voluntarily withdraws, the holders of
a majority of the Trust&#8217;s outstanding Shares (excluding for purposes of such determination Shares owned by the withdrawing
Sponsor and its affiliates) may elect its successor.&nbsp; Prior to withdrawing, the Sponsor must give ninety days&#8217; written
notice to the Shareholders and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Ownership or &#8220;membership&#8221; interests
in the Sponsor are owned by persons referred to as &#8220;members.&#8221;&nbsp;&nbsp;The Sponsor currently has three voting or
&#8220;Class A&#8221; members &#8211; Mr. Sal Gilbertie, Mr. Dale Riker and Mr. Carl N. Miller III &#8211; and a small number of
non-voting or &#8220;Class B&#8221; members who have provided working capital to the Sponsor.&nbsp; Messrs. Gilbertie and Riker
each currently own 45% of the Sponsor&#8217;s Class A membership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Management of the Sponsor </I></B>In
general, under the Sponsor&#8217;s Amended and Restated Limited Liability Company Operating Agreement, as amended from time to
time, the Sponsor (and as a result the Trust and the Fund) is managed by the officers of the Sponsor. The Chief Executive Officer
of the Sponsor is responsible for the overall strategic direction of the Sponsor and will have general control of its business.
The Chief Investment Officer and President of the Sponsor is primarily responsible for new investment product development with
respect to the Fund and each of the Teucrium Funds. The Chief Operating Officer has assumed primary responsibility for trade operations,
trade execution, and portfolio activities with respect to the Fund. The Chief Financial Officer, Chief Accounting Officer and Chief
Compliance Officer acts as the Sponsor&#8217;s principal financial and accounting officer, which position includes the functions
previously performed by the Treasurer of the Sponsor, and administers the Sponsor&#8217;s regulatory compliance programs. Furthermore,
certain fundamental actions regarding the Sponsor, such as the removal of officers, the addition or substitution of members, or
the incurrence of liabilities other than those incurred in the ordinary course of business and <I>de minimis</I> liabilities, may
not be taken without the affirmative vote of a majority of the Class A members (which is generally defined as the affirmative vote
of Mr. Gilbertie and one of the other two Class A members). The Sponsor has no board of directors, and the Trust has no board of
directors or officers. The three Class A members of the Sponsor are Sal Gilbertie, Dale Riker and Carl N. Miller III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">The Officers of the Sponsor, two of whom are also Class A members
of the Sponsor, are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Sal Gilbertie</I></B> has been the
President of the Sponsor since its inception and its Chief Investment Officer since September 2011, was approved by the NFA as
a principal of the Sponsor on September 23, 2009, and was registered as an associated person of the Sponsor on November 10, 2009.
He maintains his main business office at 653A Garcia, Santa Fe, New Mexico 87505. Effective July 16, 2012, Mr. Gilbertie was registered
with the NFA as the Branch Manager for this location. From October 2005 until December 2009, Mr. Gilbertie was employed by Newedge
USA, LLC, a futures commission merchant and broker-dealer registered with the CFTC and the SEC (whose business is described in
greater detail below under &#8220;The Service Providers&#8221;), where he headed the Renewable Fuels/Energy Derivatives OTC Execution
Desk and was an active futures contract and over-the-counter derivatives trader and market maker in multiple classes of commodities.
(Between January 2008 and October 2008, he also held a comparable position with Newedge Financial, Inc., a futures commission merchant
and an affiliate of Newedge USA, LLC.) From October 1998 until October 2005, <B> </B> Mr. Gilbertie was principal and co-founder
of Cambial Asset Management, LLC, an adviser to two private funds that focused on equity options, and Cambial Financing Dynamics,
a private boutique investment bank. While at Cambial Asset Management, LLC and Cambial Financing Dynamics, Mr. Gilbertie served
as principal and managed the day-to-day activities of the business and the portfolio of both companies. Mr. Gilbertie is 52 years
old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in"><B><I>Dale Riker</I></B> has been the
Secretary of the Sponsor since January 2010, and its Chief Executive Officer since September 2011, was approved by the NFA as a
principal of the Sponsor on October 29, 2009, and was registered as an associated person of the Sponsor on February 17, 2010. He
maintains his main business office at 232 Hidden Lake Road, Brattleboro, Vermont 05301 and is responsible for the overall strategic
direction of the Sponsor and has general control of its business. Mr. Riker was Treasurer of the Sponsor from its inception until
September 2011. From February 2005 to the present, Mr. Riker has been President of Cambial Emerging Markets LLC, a consulting company
specializing in emerging market equity investment. As President of Cambial Emerging Markets LLC, Mr. Riker had responsibility for
business strategy, planning and operations. From July 1996 to February 2005, Mr. Riker was a private investor. Mr. Riker is married
to the Chief Financial Officer, Chief Accounting Officer and Chief Compliance Officer of the Sponsor, Barbara Riker. Mr. Riker
is 55 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Barbara Riker</I></B> began working
for the Sponsor in July 2010 providing accounting and compliance support. She has been the Chief Financial Officer, Chief Accounting
Officer and Chief Compliance Officer for Teucrium since September 2011, was approved by the NFA as a principal of the Sponsor on
October 19, 2011, and has a background in finance, accounting, investor relations, corporate communications and operations. She
maintains her main business office at 232 Hidden Lake Road, Brattleboro, Vermont 05301. From September 1980 to February 1993, Ms.
Riker worked in various financial capacities for Pacific Telesis Group, the California-based Regional Bell Operating Company, and
its predecessors. In February 1993, with the spin-off of AirTouch Communications from Pacific Telesis Group, Ms. Riker was selected
to lead the Investor Relations team for the global mobile phone operator. In her capacity as Executive Director &#8211; Investor
Relations and Corporate</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Communications from February 1993 to June 1995, AirTouch completed
its initial public offering and was launched as an independent publicly-traded company. In June 1995, she was named Chief Financial
Officer of AirTouch International and, in addition to her other duties, served on the board of several of the firm&#8217;s joint
ventures, both private and public, across Europe. In June 1997, Ms. Riker moved into an operations capacity as the District General
Manager for AirTouch Paging&#8217;s San Francisco operations. In February 1998 she was named Vice President and General Manager
of AirTouch Cellular for Arizona and New Mexico. Ms. Riker retired in July 1999, coincident with the purchase of AirTouch by Vodafone
PLC and remained retired until she began working for the Sponsor. Ms. Riker graduated with a Bachelor of Science in Business Administration
from Cal State &#8211; East Bay in 1980. Ms. Riker is married to the Chief Executive Officer of the Sponsor, Dale Riker. Ms. Riker
is 54 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I> Steve Kahler </I></B> , Chief
Operating Officer, began working for the Sponsor in November 2011 as Managing Director in the trading division. He became the
Chief Operating Officer on May 24, 2012 and has primary responsibility for the Trade Operations for the Funds. He maintains his
main business office at 13520 Excelsior Blvd., Minnetonka, MN 55345. Mr. Kahler was registered as an Associated Person of the
Sponsor on November 25, 2011, approved as a Branch Manager of the Sponsor on March 16, 2012 and approved by the NFA as a Principal
of the Sponsor on May 16, 2012. Prior to his employment with the Sponsor, Mr. Kahler worked for Cargill Inc., an international
producer and marketer of food, agricultural, financial and industrial products and services, from April 2006 until November 2011
in the Energy Division as Senior Petroleum Trader. In October 2006 and while employed at Cargill Inc., Mr. Kahler was approved
as an Associated Person of Cargill Commodity Services Inc., a commodity trading affiliate of Cargill Inc. from September 13, 2006
to November 9, 2011. Mr. Kahler graduated from the University of Minnesota with a Bachelors of Agricultural Business Administration
in 1992 and is 45 years old. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">The third Class-A member of the Sponsor
is the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"><B><I>Carl N. (Chuck) Miller III</I></B>
was approved by the NFA as a principal of the Sponsor on November 10, 2009 and was registered as an associated person of the Sponsor
on April 19, 2010. He maintains his main business office at 653A Garcia, Santa Fe, New Mexico 87505. Mr. Miller has certain voting
authority as a Class A member of the Sponsor as described above, but is not involved with the Sponsor&#8217;s day-to-day trading
or operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">Mr. Kahler is primarily responsible for
making trading and investment decisions for the Fund and other Teucrium Funds, and for directing Fund and other Teucrium Fund trades
for execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Messrs. Gilbertie, Riker, Kahler and Miller
and Ms. Riker are individual &#8220;principals,&#8221; as that term is defined in CFTC Rule 3.1, of the Sponsor. These individuals
are principals due to their positions and/or due to their ownership interests in the Sponsor. Beneficial ownership interests of
the principals, if any, are shown under the section entitled &#8220;Security Ownership of Principal Shareholders and Management&#8221;
below and any of the principals may acquire beneficial interests in the Fund in the future. In addition, each of the three Class
A members of the Sponsor are registered with the CFTC as associated persons of the Sponsor and are NFA associate members. GFI Group
LLC is a principal for the Sponsor under CFTC Rules due to its ownership of certain non-voting securities of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Market Price of Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s Shares have traded on the NYSE
Arca under the symbol &#8220;CRUD&#8221; since February 23, 2011. The following table sets forth the range of reported high and
low sales prices of the Shares as reported on NYSE Arca for the periods indicated below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.8pt"><B>Fiscal&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,&nbsp;2012</B>:</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt"><B>High</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt"><B>Low</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt"><B>Quarter Ended</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 62%; padding-right: 0.8pt">March 31, 2012</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">$</TD>
    <TD STYLE="width: 13%; padding-right: 0.8pt; text-align: right">48.81</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">$</TD>
    <TD STYLE="width: 13%; padding-right: 0.8pt; text-align: right">44.00</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">June 30, 2012</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">47.24</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">35.77</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt">September 30, 2012</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">42.72</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">37.83</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">December 31, 2012</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">40.50</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">37.50</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.8pt"><B>Fiscal&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,&nbsp;2011</B>:</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt"><B>High</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding-right: 1.8pt"><B>Low</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt"><B>Quarter Ended</B></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">March 31, 2011</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">53.37</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">49.83</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">June 30, 2011</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">56.05</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">46.10</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt">September 30, 2011</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">50.10</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">38.08</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 0.8pt">December 31, 2011</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">45.54</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">$</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">37.48</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of December 31, 2012, the Fund had approximately 230 Shareholders.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Prior Performance of the Sponsor and Affiliates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>THIS POOL OPERATOR AND ITS TRADING PRINCIPALS HAVE LIMITED EXPERIENCE
OPERATING ANY OTHER POOLS OR TRADING ANY OTHER ACCOUNTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor and its trading principals have
limited experience operating commodity pools.&nbsp;&nbsp;Although the Sponsor currently operates seven commodity pools (the Teucrium
Funds), none of the Teucrium Funds began operating prior to 2010.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PERFORMANCE DATA FOR
THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium WTI Crude Oil Fund commenced trading
and investment operations on February 23, 2011. The Teucrium WTI Crude Oil Fund is listed on NYSE Arca and is neither: (i) a privately
offered pool pursuant to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 81%; padding-left: 9pt; text-indent: -9pt">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: right">125,002</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Aggregate gross sale price for units issued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,077,199</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41.25</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,062,412</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top">Worst monthly percentage draw-down*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(16.00)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">May 2012</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;%</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Worst peak-to-valley draw-down**</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(31.97)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">April 2011<BR>
        &#8211; October 2012</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">*&nbsp;&nbsp;A draw-down is a loss experienced
by the fund over a specified period.&nbsp;&nbsp;Draw-downs are measured on the basis of monthly returns only and do not reflect
intra-month figures.&nbsp;&nbsp;The worst monthly percentage draw-down reflects the largest single month loss sustained since inception
of investment operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp;&nbsp;This need not be a continuous decline,
but can be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline
from any month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;&nbsp;For
example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2
in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: windowtext 1pt solid; padding-right: 6.8pt; text-align: center"><B>Rates of Return*</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.8pt"><B>Month</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 0.8pt; text-align: center"><B>&nbsp;2011</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.8pt; text-align: center"><B>2012</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.8pt; text-align: center"><B>2013</B></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; background-color: white; padding-left: 10pt; text-indent: -10pt">January</TD>
    <TD STYLE="vertical-align: top; width: 4%; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: white; text-align: right">1.19</TD>
    <TD STYLE="vertical-align: top; width: 6%; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; width: 2%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; background-color: white; text-align: right">3.44</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white">%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">February</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">1.00</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%**&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">6.51</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">March</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">5.68</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(3.09)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">April</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">5.25</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(0.00)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">May</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(8.33)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(16.00)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">June</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(5.90)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(1.10)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">July</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(1.05)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">1.37&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">August</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(9.20)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">7.60&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">September</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(11.85)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(4.14)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">October</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">11.86</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(5.26)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">November</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">4.66</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">2.64&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">December</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(1.05)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">1.66&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">Annual Rate of Return</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(11.10)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%***&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(10.30)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">3.44***</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">*&nbsp;The monthly rate of return is calculated by dividing
the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number by 100 to
arrive at a percentage increase or decrease.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">**&nbsp;Partial from February 23, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">***&nbsp;Not annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PERFORMANCE DATA FOR
TEUCRIUM CORN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Teucrium Corn Fund commenced trading and investment operations
on June 9, 2010.&nbsp;&nbsp;The Teucrium Corn Fund is listed on NYSE Arca and is neither: (i) a privately offered pool pursuant
to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation 4.10(d)(2);
or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="width: 78%">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: right">4,800,004</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Aggregate gross sale price for units issued</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">196,285,105</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD>NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">45.44</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">44,306,538</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD>Worst monthly percentage draw-down*</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(19.91)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 2011</P></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>Worst peak-to-valley draw-down**</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(27.42)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">August 2011 &#8211;<BR>
        May 2012</P></TD>
    <TD>%&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">*&nbsp;A draw-down is a loss experienced by
the fund over a specified period.&nbsp; Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month
figures.&nbsp; The worst monthly percentage draw-down reflects the largest single month loss sustained since inception of investment
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp; This need not be a continuous decline, but can
be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline from any
month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;
For example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by
$2 in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="10" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center"><B>Rates&nbsp;of&nbsp;Return*</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid"><B>Month</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center"><B>2010</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center"><B>2011</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center"><B>2012</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: windowtext 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013</B></TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 26%; padding-left: 10pt; text-indent: -10pt">January</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; text-align: right">5.07</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 12%; text-align: right">(2.48)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; border-top: windowtext 1pt solid">&nbsp;%</TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: windowtext 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48</TD>
    <TD STYLE="vertical-align: top; width: 1%; border-top: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: windowtext 1pt solid">%</TD>
    <TD STYLE="vertical-align: top; width: 10%; border-top: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">February</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">6.51</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">0.76</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">March</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">1.26</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(4.90)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">April</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">4.36</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(0.84)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">May</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(1.97)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;(6.41)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">June</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">3.56</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%***</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(10.80)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">15.60</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">July</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">7.38</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">11.31</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">21.06&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">August</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">5.54</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">11.39</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">0.14&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">September</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">10.74</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(19.91)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(4.99)&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">October</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">15.14</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">7.90</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(0.43)&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">November</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(8.23)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(8.46)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(0.83)&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">December</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">13.78</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">5.81</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">(7.22)&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">Annual Rate of Return</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">56.24</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%**</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">7.32</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">%</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">5.77</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;%</TD>
    <TD STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">%**</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">* The monthly rate of return is calculated by dividing
the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number by 100 to
arrive at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">*** Partial from June 9, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">** Not annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt">There are significant differences between the Fund and
the Teucrium Corn Fund. Most significantly, the Fund and the Teucrium Corn Fund invest primarily in interests in different commodities,
the prices of which will not move exactly in tandem. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PERFORMANCE DATA FOR
TEUCRIUM NATURAL GAS FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Natural Gas Fund commenced trading
and investment operations on February 1, 2011. The Teucrium Natural Gas Fund is listed on NYSE Arca and is neither: (i) a privately
offered pool pursuant to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 81%; padding-left: 9pt; text-indent: -9pt">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; text-align: right">500,004</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Aggregate gross sale price for units issued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,737,593</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11.50</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,024,675</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top">Worst monthly percentage draw-down*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(14.69)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">November 2011</P></TD>
    <TD STYLE="vertical-align: top; text-align: right">%&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Worst peak-to-valley draw-down**</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(55.92)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">February 1,<BR>
        2011 (Inception)<BR>
        &#8211; March 2012</P></TD>
    <TD STYLE="vertical-align: top">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">*&nbsp;A draw-down is a loss experienced by
the fund over a specified period.&nbsp;&nbsp;Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month
figures.&nbsp;&nbsp;The worst monthly percentage draw-down reflects the largest single month loss sustained since inception of
investment operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp;&nbsp;This need not be a continuous decline,
but can be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline
from any month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;&nbsp;For
example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2
in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: windowtext 1pt solid; padding-right: 6.8pt; text-align: center"><B>Rates of Return*</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.8pt"><B>Month</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 0.8pt; text-align: center"><B>&nbsp;2011</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.8pt; text-align: center"><B>2012</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.8pt; text-align: center"><B>2013</B></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%; background-color: white; padding-left: 10pt; text-indent: -10pt">January</TD>
    <TD STYLE="vertical-align: top; width: 4%; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: white; text-align: right">(12.53)</TD>
    <TD STYLE="vertical-align: top; width: 6%; background-color: white">%&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: white; text-align: right">(0.52)</TD>
    <TD STYLE="vertical-align: top; width: 7%; background-color: white">%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">February</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(7.08)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(0.08)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">March</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">3.49</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(8.70)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">April</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">1.91</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">0.45</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">May</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(3.22)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(0.18)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">June</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(7.68)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">7.06</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">July</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(7.22)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">7.61</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">August</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(2.17)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(10.68)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">September</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(8.35)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">10.73</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">October</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">3.51</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">1.27</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">November</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(14.69)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(5.25)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">December</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(14.12)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(4.30)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">Annual Rate of Return</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(44.76)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%&nbsp;&nbsp;**&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(16.29)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(0.52)</TD>
    <TD STYLE="vertical-align: top; background-color: white">%**</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">*&nbsp;The monthly rate of return is calculated by dividing
the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number by 100 to
arrive at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">**&nbsp;Not annualized.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">There are significant differences between the Fund and the
Teucrium Natural Gas Fund. Most significantly, the Fund and the Teucrium Natural Gas Fund invest primarily in interests in different
commodities, the prices of which will not move exactly in tandem. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PERFORMANCE DATA FOR
THE TEUCRIUM SUGAR FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Sugar Fund commenced trading and
investment operations on September 19, 2011. The Teucrium Sugar Fund is listed on NYSE Arca and is neither: (i) a privately offered
pool pursuant to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 77%; padding-left: 9pt; text-indent: -9pt">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; text-align: right">350,004</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Aggregate gross sale price for units issued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,824,567</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17.31</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,164,075</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top">Worst monthly percentage draw-down*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(11.06)<BR>
April 2012 </TD>
    <TD STYLE="vertical-align: top">%&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Worst peak-to-valley draw-down**</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(30.76)<BR>
September 19,<BR>
2011 (Inception)<BR>
- January 2013&nbsp;</TD>
    <TD STYLE="vertical-align: top">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">* A draw-down is a loss experienced by the fund
over a specified period. Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month figures. The
worst monthly percentage draw-down reflects the largest single month loss sustained since inception of investment operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund. This need not be a continuous decline, but can be
a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline from any month-end
NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end. For example,
if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April,
a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221; to
be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended as
of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B>Rates of Return*</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><B>Month</B></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 0.8pt; text-align: center"><B>&nbsp;2011</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; text-align: center"><B>2012</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; text-align: center"><B>2013</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 36%; padding-left: 10pt; text-indent: -10pt">January</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 0.8pt; text-align: right">0.00</TD>
    <TD STYLE="width: 6%; padding-right: 0.8pt">%</TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 0.8pt; text-align: right">(2.81)</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt">%</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">February</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="text-align: right">6.07</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">March</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="text-align: right">(2.82)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">April</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(11.06)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">May</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(8.70)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">June</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.00</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">July</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">5.39</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">August</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(8.51)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">September</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(3.32)</TD>
    <TD STYLE="padding-right: 0.8pt">%**</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(0.27)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">October</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">3.19</TD>
    <TD>%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(5.66)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">November</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(5.89)</TD>
    <TD>%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.29</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">December</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(1.75)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">1.42</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Annual Rate of Return</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(7.76)</TD>
    <TD STYLE="padding-right: 0.8pt">%***</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(22.77)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(2.81)</TD>
    <TD STYLE="padding-right: 0.8pt">%***</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -9pt">* The monthly rate of return is calculated
by dividing the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number
by 100 to arrive at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">**Partial month from September 19, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">***Not annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are significant differences between the Fund and the Teucrium
Sugar Fund. Most significantly, the Fund and the Teucrium Sugar Fund invest primarily in interests in different commodities, the
prices of which will not move exactly in tandem. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PERFORMANCE DATA FOR
TEUCRIUM SOYBEAN FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Soybean Fund commenced trading
and investment operations on September 19, 2011. The Teucrium Soybean Fund is listed on NYSE Arca and is neither: (i) a privately
offered pool pursuant to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 81%; padding-left: 9pt; text-indent: -9pt">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: right">800,004</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Aggregate gross sale price for units issued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20,431,340</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24.85</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,454,798</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top">Worst monthly percentage draw-down*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(12.36)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 2011</P></TD>
    <TD STYLE="vertical-align: top">%&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Worst peak-to-valley draw-down**</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(16.64)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 19,<BR>
        2011 (Inception) &#8211; November 2011</P></TD>
    <TD STYLE="vertical-align: top">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">*&nbsp;A draw-down is a loss experienced by
the fund over a specified period.&nbsp;&nbsp;Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month
figures.&nbsp;&nbsp;The worst monthly percentage draw-down reflects the largest single month loss sustained since inception of
investment operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp;&nbsp;This need not be a continuous decline,
but can be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline
from any month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;&nbsp;For
example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2
in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD COLSPAN="9" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 6.8pt; text-align: center"><B> Rates
    of Return* </B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><B> Month </B></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 0.8pt; text-align: center"><B> &nbsp;2011 </B></TD>
    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B> 2012 </B></TD>
    <TD COLSPAN="4" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B> 2013 </B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> January </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 0.8pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="text-align: right"> (1.51) </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> 2.98 </TD>
    <TD COLSPAN="2"> % </TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> February </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="text-align: right"> 7.48 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> March </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="text-align: right"> 3.98 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> April </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 2.08 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> May </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (9.08) </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> June </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 9.27 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> July </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 9.71 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> August </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 6.28 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> September </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (12.36) </TD>
    <TD STYLE="padding-right: 0.8pt"> %** </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (6.57) </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> October </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 2.42 </TD>
    <TD> % </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (2.33) </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> November </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (7.13) </TD>
    <TD> % </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (5.62) </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> December </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 4.89 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (1.51) </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"> Annual Rate of Return </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> (12.56) </TD>
    <TD STYLE="padding-right: 0.8pt"> %*** </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right"> 10.38 </TD>
    <TD STYLE="padding-right: 0.8pt"> % </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> 2.98 </TD>
    <TD COLSPAN="2"> %*** </TD></TR>
<TR>
    <TD STYLE="width: 36%"> &nbsp; </TD>
    <TD STYLE="width: 5%"> &nbsp; </TD>
    <TD STYLE="width: 3%"> &nbsp; </TD>
    <TD STYLE="width: 11%"> &nbsp; </TD>
    <TD STYLE="width: 8%"> &nbsp; </TD>
    <TD STYLE="width: 3%"> &nbsp; </TD>
    <TD STYLE="width: 11%"> &nbsp; </TD>
    <TD STYLE="width: 6%"> &nbsp; </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 8%"> &nbsp; </TD>
    <TD STYLE="width: 6%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">*The monthly rate of return is calculated by dividing the
ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number by 100 to arrive
at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 9.35pt">**Partial month from September 19, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 9pt">***Not annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are significant differences between the Fund and the Teucrium
Soybean Fund. Most significantly, the Fund and the Teucrium Soybean Fund invest primarily in interests in different commodities,
the prices of which will not move exactly in tandem. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PERFORMANCE DATA FOR
TEUCRIUM WHEAT FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Wheat Fund commenced trading and
investment operations on September 19, 2011. The Teucrium Wheat Fund is listed on NYSE Arca and is neither: (i) a privately offered
pool pursuant to Section 4(2) of the Securities Act of</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 81%; padding-left: 9pt; text-indent: -9pt">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right">475,004</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Aggregate gross sale price for units issued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,686,386</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21.10</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,802,612</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">Worst monthly percentage draw-down*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(10.20</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 2011</P></TD>
    <TD STYLE="vertical-align: top; text-align: right">)%&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Worst peak-to-valley draw-down**</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(20.36</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">September 19,<BR>
        2011 (Inception) -&#8211; May 2012</P></TD>
    <TD STYLE="vertical-align: top">)%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">*&nbsp;A draw-down is a loss experienced by
the fund over a specified period.&nbsp;&nbsp;Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month
figures.&nbsp;&nbsp;The worst monthly percentage draw-down reflects the largest single month loss sustained since inception of
investment operations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp;&nbsp;This need not be a continuous decline,
but can be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline
from any month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;&nbsp;For
example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2
in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: windowtext 1pt solid; padding-right: 6.8pt; text-align: center"><B>Rates of Return*</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 0.8pt"><B>Month</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 0.8pt; text-align: center"><B>&nbsp;2011</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B>2012</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B>2013</B></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; background-color: white; padding-left: 10pt; text-indent: -10pt">January</TD>
    <TD STYLE="vertical-align: top; width: 5%; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: windowtext 1pt solid; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; border-top: windowtext 1pt solid; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; background-color: white; text-align: right">(0.31)</TD>
    <TD STYLE="vertical-align: top; width: 6%; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; width: 2%; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 9%; background-color: white; padding-right: 0.8pt; text-align: right">(0.71)</TD>
    <TD STYLE="vertical-align: top; width: 7%; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">February</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; text-align: right">(2.38)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">March</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; text-align: right">(1.56)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">April</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(4.11)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">May</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(3.07)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">June</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">10.90</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">July</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">10.78</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">August</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(0.12)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">September</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(10.20)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%**</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">0.49</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">October</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">3.30</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(2.20)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">November</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(8.50)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(1.92)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-left: 10pt; text-indent: -10pt">December</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">5.37</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">(9.77)</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCFFCC; padding-right: 0.8pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: white; padding-left: 10pt; text-indent: -10pt">Annual Rate of Return</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(10.56)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%***</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(4.96)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt; text-align: right">(0.71)</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 0.8pt">%***</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -4.5pt">*The monthly rate of return is calculated
by dividing the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number
by 100 to arrive at a percentage increase or decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">**Partial month from September 19, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">***Not annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are significant differences between the Fund and the Teucrium
Wheat Fund. Most significantly, the Fund and the Teucrium Wheat Fund invest primarily in interests in different commodities, the
prices of which will not move exactly in tandem. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PERFORMANCE DATA FOR TEUCRIUM AGRICULTURAL
FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE
OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Teucrium Agricultural Fund commenced trading
and investment operations on March 28, 2012. The Teucrium Agricultural Fund is listed on NYSE Arca and is neither: (i) a privately
offered pool pursuant to Section 4(2) of the Securities Act of 1933, as amended; (ii) a multi-advisor pool as defined in CFTC Regulation
4.10(d)(2); or (iii) a principal-protected pool as defined in CFTC Regulation 4.10(d)(3).</P>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom; width: 82%; padding-left: 9pt; text-indent: -9pt">Units of beneficial interest issued (from inception until January 31, 2013)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right">350,002</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Aggregate gross sale price for units issued</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,706,678</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: bottom">NAV per share as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48.97</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Pool NAV as of&nbsp;&nbsp;January 31, 2013</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,448,552</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCFFCC">
    <TD STYLE="vertical-align: top">Worst monthly percentage draw-down*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">(6.75)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">May 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top">%</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">Worst peak-to-valley draw-down**</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(11.91)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">July 2012 - December&nbsp;2012</P></TD>
    <TD STYLE="vertical-align: top">%&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">*&nbsp;A draw-down is a loss experienced by
the fund over a specified period.&nbsp;&nbsp;Draw-downs are measured on the basis of monthly returns only and do not reflect intra-month
figures.&nbsp;&nbsp;The worst monthly percentage draw-down reflects the largest single month loss sustained since inception of
investment operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">** The worst peak-to-valley draw-down is the
largest percentage decline in the NAV per unit over the history of the fund.&nbsp;&nbsp;This need not be a continuous decline,
but can be a series of positive and negative returns. Worst peak-to-valley draw-down represents the greatest percentage decline
from any month-end NAV per unit that occurs without such month-end NAV per unit being equaled or exceeded as of a subsequent month-end.&nbsp;&nbsp;For
example, if the NAV per unit declined by $1 in each of January and February, increased by $1 in March and declined again by $2
in April, a &#8220;peak-to-valley drawdown&#8221; analysis conducted as of the end of April would consider that &#8220;drawdown&#8221;
to be continuing and to be $3 in amount, whereas if the NAV per unit had increased by $2 in March, the drawdown would have ended
as of the end of February at the $2 level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B>Rates of Return*</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><B>Month</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B>2012</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.8pt; text-align: center"><B>2013</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 43%; padding-left: 10pt; text-indent: -10pt">January</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 0.8pt; text-align: right">0.49</TD>
    <TD STYLE="width: 10%; padding-right: 0.8pt">%</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">February</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">March</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="text-align: right">1.36</TD>
    <TD STYLE="padding-right: 0.8pt">%**</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">April</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(3.59)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">May</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(6.75)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">June</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">8.85</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">July</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">11.55</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">August</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(0.70)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">September</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(2.80)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">October</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(2.66)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">November</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(2.00)</TD>
    <TD STYLE="padding-right: 0.8pt">%</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">December</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(4.32)</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Annual Rate of Return</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">(2.54)</TD>
    <TD STYLE="padding-right: 0.8pt">%***</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">0.49</TD>
    <TD STYLE="padding-right: 0.8pt">%***</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-indent: -4.5pt">*The monthly rate of return is calculated
by dividing the ending NAV for a given month by the ending NAV for the previous month, subtracting 1 and multiplying this number
by 100 to arrive at a percentage increase or decrease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 9pt">**Partial month from March 28, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 9pt">***Not annualized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">There are significant differences between the Fund and the Teucrium
Agricultural Fund. Most significantly, the Teucrium Agricultural Fund primarily invests in shares of the Teucrium Corn Fund, the
Teucrium Sugar Fund, the Teucrium Soybean Fund and the Teucrium Wheat Fund, whereas the Teucrium WTI Crude Oil Fund directly invests
in commodity interests. Past performance is not necessarily indicative of future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The sole Trustee of the Trust is Wilmington
Trust Company, a Delaware banking corporation.&nbsp; The Trustee&#8217;s principal offices are located at 1100 North Market Street,
Wilmington, Delaware 19890-0001.&nbsp; The Trustee is unaffiliated with the Sponsor.&nbsp; The Trustee&#8217;s duties and liabilities
with respect to the offering of Shares and the management of the Trust and the Fund are limited to its express obligations under
the Trust Agreement.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee will accept service of legal process
on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act.&nbsp; The Trustee does
not owe any other duties to the Trust, the Sponsor or the Shareholders.&nbsp; The Trustee is permitted to resign upon at least
sixty (60) days&#8217; notice to the Sponsor.&nbsp; If no successor trustee has been appointed by the Sponsor within such sixty-day
period, the Trustee may, at the expense of the Trust, petition a court to appoint a successor.&nbsp; The Trust Agreement provides
that the Trustee is entitled to reasonable compensation for its services from the Sponsor or an affiliate of the Sponsor (including
the Trust), and is indemnified by the Sponsor against any expenses it incurs relating to or arising out of the formation, operation
or termination of the Trust, or any action or inaction of the Trustee under the Trust Agreement, except to the extent that such
expenses result from the gross negligence or willful misconduct of the Trustee.&nbsp; The Sponsor has the discretion to replace
the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustee has not signed the registration
statement of which this prospectus is a part, and is not subject to issuer liability under the federal securities laws for the
information contained in this prospectus and under federal securities laws with respect to the issuance and sale of the Shares.&nbsp;
Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer
or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the
issuer of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Trust Agreement, the Trustee has delegated
to the Sponsor the exclusive management and control of all aspects of the business of the Trust and the Fund.&nbsp; The Trustee
has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the
acts or omissions of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because the Trustee has delegated substantially
all of its authority over the operation of the Trust to the Sponsor, the Trustee itself is not registered in any capacity with
the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_023"></A>Operation of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investment objective of the Fund is to have
the daily changes in percentage terms of the Shares&#8217; NAV reflect the daily changes in percentage terms of a weighted average
of the closing settlement prices for three&nbsp;WTI&nbsp;Oil Futures Contracts that are traded on the NYMEX, specifically (1) the
nearest to spot June or December WTI Oil Futures Contract, weighted 35%; (2) the June or December WTI Oil Futures Contract following
the aforementioned (1), weighted 30%; and (3) the&nbsp;December WTI Oil Futures Contract following the aforementioned (2), weighted
35%. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
by investing under normal market conditions in Benchmark Component Futures Contracts or, in certain circumstances, in other WTI
Oil Futures Contracts traded on the NYMEX and to a lesser extent the ICE. &nbsp;The Fund may also invest in other Oil Futures Contracts
traded on the NYMEX or ICE or on other domestic of foreign exchanges.&nbsp;&nbsp; In addition, and to a limited extent, the Fund
may invest in Cleared Oil Swaps in furtherance of the Fund&#8217;s investment objective, and to the extent permitted and appropriate
in light of the liquidity in the Cleared Oil Swap market.&nbsp;&nbsp;Once position limits or accountability levels in WTI Oil Future
Contracts are applicable, the Fund&#8217;s intention is to invest first in Cleared Oil Swaps to the extent permitted by the position
limits or accountability levels applicable to Cleared Oil Swaps and appropriate in light of the liquidity in the Cleared Oil Swap
market, and then in Oil Futures Contracts other than WTI Oil Futures Contracts and/or in Other Oil Interests.&nbsp; See &#8220;The
Offering &#8211; Futures Contracts&#8221; below.&nbsp; By utilizing certain or all of these investments, the Sponsor endeavors
to cause the Fund&#8217;s performance to closely track that of the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund invests in Oil Interests, to the fullest
extent possible, an aggregate notional amount equal to the Fund&#8217;s NAV without being leveraged or unable to satisfy its current
or potential margin or collateral obligations with respect to its investments in Oil Interests.&nbsp; After fulfilling such margin
and collateral requirements, the Fund invests the remainder of its proceeds from the sale of baskets in Treasury Securities or
cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts).&nbsp; Therefore, the focus of
the Sponsor in managing the Fund is investing in Oil Interests and in Treasury Securities, cash and/or cash equivalents.&nbsp;
The Sponsor expects to manage the Fund&#8217;s investments directly, although it has been authorized by the Trust to retain, establish
the terms of retention for, and terminate third-party commodity trading advisors to provide such management.&nbsp; The Sponsor
has substantial discretion in managing the Fund&#8217;s investments consistent with meeting its investment objective of closely
tracking the Benchmark, including the discretion: (1) to choose whether to invest in the Benchmark Component Futures Contracts
or other Oil Futures Contracts, Cleared Oil Swaps or Other Oil Interests with similar investment characteristics; (2) to choose
when to &#8220;roll&#8221; the Fund&#8217;s positions in Oil Interests as described above, and (3) to manage the Fund&#8217;s investments
in Treasury Securities, cash and cash equivalents. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to achieve its investment objective
primarily by investing in Oil Interests such that daily changes in the Fund&#8217;s NAV are expected to closely track the changes
in the Benchmark. The Fund&#8217;s positions in Crude Oil Interests are changed or &#8220;rolled&#8221; on a regular basis in order
to track the changing nature of the Benchmark. For example, in terms of the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Benchmark, in April of a given year, the Benchmark Component Futures
Contracts will be the contracts expiring in June (the first-to-expire Benchmark Component), December (the second-to-expire Benchmark
Component), and&nbsp;December of the following year (the third-to-expire Benchmark Component). Two times a year, on the date on
which a Benchmark Component Futures Contract becomes the first-to-expire or &#8220;spot&#8221; WTI Oil Futures Contract listed
on NYMEX, such contract will no longer be a Benchmark Component Futures Contract, and the Fund&#8217;s investments will have to
be changed accordingly. In order that the Fund&#8217;s trading does not cause unwanted market movements and to make it more difficult
for third parties to profit by trading based on such expected market movements, the Fund&#8217;s investments may not be rolled
entirely on that day, but rather may be rolled over a period of several days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Consistent
with achieving the Fund&#8217;s investment objective of closely tracking the Benchmark, the Sponsor may for certain reasons cause
the Fund to enter into or hold Oil Futures Contracts other than the Benchmark Component Futures Contracts, Cleared Oil Swaps and/or
Other Oil Interests.&nbsp; For example, certain Cleared Oil Swaps have standardized terms similar to, and are priced by reference
to, a corresponding Benchmark Component Futures Contract.&nbsp;&nbsp;Additionally, over-the-counter Oil Interests can generally
be structured as the parties to the contract desire.&nbsp; Therefore, the Fund might enter into multiple Cleared Oil Swaps and/or
over-the-counter Oil Interests intended to exactly replicate the performance of each of the three Benchmark Component Futures Contracts,
or a single over-the-counter Oil Interest designed to replicate the performance of the Benchmark as a whole.&nbsp; Assuming that
there is no default by a counterparty to an over-the-counter Oil Interest, the performance of the Oil Interest will necessarily
correlate exactly with the performance of the Benchmark or the applicable Benchmark Component Futures Contract.&nbsp; The Fund
might also enter into or hold Oil Interests other than the Benchmark Component Futures Contracts to facilitate effective trading,
consistent with the discussion of the Fund&#8217;s &#8220;roll&#8221; strategy discussed in the preceding paragraph.&nbsp;&nbsp;In
addition, the Fund might enter into or hold Oil Interests that would be expected to alleviate overall deviation between the Fund&#8217;s
performance and that of the Benchmark that may result from certain market and trading inefficiencies or other reasons.&nbsp; By
utilizing certain or all of the investments described above, the Sponsor endeavors to cause the Fund&#8217;s performance to closely
track that of the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to place the Fund&#8217;s
trades in Oil Interests and otherwise manage the Fund&#8217;s investments so that the Fund&#8217;s average daily tracking error
against the Benchmark is less than 10 percent over any period of 30 trading days.&nbsp; More specifically, the Sponsor endeavors
to manage the Fund so that A will be within plus/minus 10 percent of B, where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">A is the average daily change in the Fund&#8217;s NAV for any period of 30 successive valuation days; i.e., any trading day as of which the Fund calculates its NAV; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">B is the average daily change in the price of the Benchmark over the same period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that market arbitrage opportunities
cause daily changes in the Fund&#8217;s Share price on the NYSE Arca to closely track daily changes in the Fund&#8217;s NAV per
share.&nbsp; The Sponsor believes that the net effect of this expected relationship and the expected relationship described above
between the Fund&#8217;s NAV and the Benchmark will be that daily changes in the price of the Fund&#8217;s Shares on the NYSE Arca
will closely track daily changes in the Benchmark.&nbsp; While the Benchmark is composed of WTI Oil Futures Contracts and is therefore
a measure of the price of WTI light, sweet crude oil for future delivery, there is nonetheless expected to be a reasonable degree
of correlation between the Benchmark and the cash or spot price of WTI light, sweet crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>These
relationships are illustrated in the following diagram:</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 0 9pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Daily Changes in the price of the Fund&#8217;s
        Shares on the NYSE Arca Are Expected to Correlate Closely With Daily Changes in the Fund&#8217;s NAV Per Share</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Market arbitrage opportunities should cause daily
        changes in the price of the Fund&#8217;s Shares on the NYSE Arca to closely correlate with changes in the Fund&#8217;s NAV.</P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_009.gif" ALT=""></P>







<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Daily Changes in the Fund&rsquo;s NAV Are
Expected<BR>
to Correlate Closely With Daily Changes in the Benchmark</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">The Sponsor endeavors to invest the Fund&rsquo;s assets as fully
as possible in Oil Interests so that the changes in the NAV closely correlate with changes in the the Benchmark.</P></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_009.gif" ALT=""></P>







<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Daily Changes in the Benchmark Are Expected
to Correlate to a Reasonable Degree With Daily Changes in the Spot Price of Oil</B></P>

<P STYLE="margin: 0">The Sponsor believes that changes in the Benchmark will correlate to a reasonable degree with changes in
the cash or spot price of Oil.</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An investment in the Shares provides
a means for diversifying an investor&#8217;s portfolio or hedging exposure to changes in crude oil prices.&nbsp; An investment
in the Shares allows both retail and institutional investors to easily gain this exposure to the crude oil market in a transparent,
cost-effective manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor employs a &#8220;neutral&#8221;
investment strategy intended to track changes in the Benchmark regardless of whether the Benchmark goes up or goes down.&nbsp;
The Fund&#8217;s &#8220;neutral&#8221; investment strategy is designed to permit investors generally to purchase and sell the Fund&#8217;s
Shares for the purpose of investing indirectly in the crude oil market in a cost-effective manner.&nbsp; Such investors may include
participants in the crude oil market and other industries seeking to hedge the risk of losses in their crude oil-related transactions,
as well as investors seeking exposure to the crude oil market.&nbsp; Accordingly, depending on the investment objective of an individual
investor, the risks generally associated with investing in the crude oil market and/or the risks involved in hedging may exist.&nbsp;
In addition, an investment in the Fund involves the risk that the changes in the price of the Fund&#8217;s Shares will not accurately
track the changes in the Benchmark, and that changes in the Benchmark will not closely correlate with changes in the price of WTI
light, sweet crude oil on the spot market.&nbsp; Furthermore, as noted above, the Fund also holds Treasury Securities, cash and/or
cash equivalents to meet its current or potential margin or collateral requirements with respect to its investments in Oil Interests
and to invest cash not required to be used as margin or collateral.&nbsp; The Fund does not expect there to be any meaningful correlation
between the performance of the Fund&#8217;s investments in Treasury Securities/cash/cash equivalents and the changes in the price
of WTI light, sweet crude oil or Oil Interests.&nbsp; While the level of interest earned on or the market price of these investments
may in some respects correlate to changes in the price of WTI light, sweet crude oil, this correlation is not anticipated as part
of the Fund&#8217;s efforts to meet its objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>The
Fund&#8217;s total portfolio composition is disclosed each business day that the NYSE Arca is open for trading on the Fund&#8217;s
website at www.teucriumcrudfund.com. The website disclosure of portfolio holdings is made daily and includes, as applicable, the
name and value of each commodity futures contract held and those that are pending, the name and value of each Treasury security
and cash equivalent held in the Fund, and the amount of cash held in the Fund&#8217;s portfolio. The Fund&#8217;s website also
includes the NAV, the 4 p.m. Bid/Ask Midpoint as reported by the NYSE Arca, the last trade price as reported by the NYSE Arca,
the shares outstanding, the shares available for issuance, and the shares created or redeemed on that day. The prospectus, Monthly
Statements of Account, Quarterly Performance of the Midpoint versus the NAV (as required by the CFTC), and the Roll Dates, as well
as Forms 10-Q, Forms 10-K, and other SEC filings for the that Fund, are also posted on the website. The Fund&#8217;s website is
publicly accessible at no charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares issued by the Fund may only be purchased
by Authorized Purchasers and only in blocks of 25,000 Shares called Creation Baskets.&nbsp; The amount of the purchase payment
for a Creation Basket is equal to the aggregate NAV of Shares in the Creation Basket.&nbsp; Similarly, only Authorized Purchasers
may redeem Shares and only in blocks of 25,000 Shares called Redemption Baskets.&nbsp; The amount of the redemption proceeds for
a Redemption Basket is equal to the aggregate NAV of Shares in the Redemption Basket.&nbsp; The purchase price for Creation Baskets
and the redemption price for Redemption Baskets are the actual NAV calculated at the end of the business day when a request for
a purchase or redemption is received by the Fund.&nbsp; The NYSE Arca publishes an approximate NAV intra-day based on the prior
day&#8217;s NAV and the current price of the Benchmark Component Futures Contracts, but the price of Creation Baskets and Redemption
Baskets is determined based on the actual NAV calculated at the end of each trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Fund issues Shares only in Creation
Baskets, Shares may also be purchased and sold in much smaller increments on the NYSE Arca.&nbsp; These transactions, however,
are effected at the bid and ask prices established by the specialist firm(s).&nbsp; Like any listed security, Shares can be purchased
and sold at any time a secondary market is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Fund&#8217;s Investment Strategy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In managing the Fund&#8217;s assets, the Sponsor
does not use a technical trading system that automatically issues buy and sell orders.&nbsp; Instead, each time one or more baskets
are purchased or redeemed, the Sponsor purchases or sells Oil Interests with an aggregate market value that approximates the amount
of cash received or paid upon the purchase or redemption of the basket(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As an example, assume that a Creation Basket
is sold by the Fund, and that the Fund&#8217;s closing NAV per share is $50.00.&nbsp; In that case, the Fund would receive $1,250,000
in proceeds from the sale of the Creation Basket ($50.00 NAV per share multiplied by 25,000 Shares).&nbsp; If one were to assume
further that the Sponsor wants to expose the entire proceeds from the Creation Basket to the Benchmark Component Futures Contracts
and that the market value of each such Benchmark Component Futures Contracts is $80,000, the Fund would be unable to buy an exact
number of Oil Futures Contracts with an aggregate market value equal to $1,250,000.&nbsp; Instead, the Fund would be able to purchase
15 Benchmark Component Futures Contracts with an aggregate market value of $1,200,000.&nbsp; Assuming a margin requirement equal
to 10% of the value of the Oil Futures Contracts, the Fund would be required to deposit $120,000 in Treasury Securities and cash
with the futures commission merchant through which the Oil Futures Contracts were purchased.&nbsp; The remainder of the proceeds
from the sale of the Creation Basket, $1,130,000, would remain invested in cash, cash equivalents, and Treasury Securities as determined
by the Sponsor from time to time based on factors such as potential calls for margin or anticipated redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>The
specific Oil Interests purchased depend on various factors, including a judgment by the Sponsor as to the appropriate diversification
of the Fund&#8217;s investments in Oil Interests.&nbsp; While the Sponsor anticipates that a substantial majority of the Fund&#8217;s
assets will be invested in Oil Futures Contracts and Cleared Oil Swaps, for various reasons, including the ability to enter into
the precise amount of exposure to the crude oil market and&nbsp;accountability levels on Oil Futures Contracts and Cleared Oil
Swaps, it may also hold Other Oil Interests, including swaps other than Cleared Oil Swaps, in the over-the-counter market to a
potentially significant degree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor does not anticipate letting its
Oil Futures Contracts expire and taking delivery of crude oil.&nbsp; Instead, the Sponsor closes out existing positions, e.g.,
in response to ongoing changes in the Benchmark or if it otherwise determines it would be appropriate to do so and reinvest the
proceeds in new Oil Interests.&nbsp; Positions may also be closed out to meet orders for Redemption Baskets, in which case the
proceeds from closing the positions will not be reallocated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_024"></A>Futures Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures contracts are agreements between two
parties.&nbsp; One party agrees to buy a commodity such as crude oil from the other party at a later date at a price and quantity
agreed-upon when the contract is made.&nbsp; In market terminology, a party who purchases a futures contract is long in the market
and a party who sells a futures contract is short in the market.&nbsp; The contractual obligations of a buyer or seller may generally
be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an
identical futures contract on the same or linked exchange before the designated date of delivery.&nbsp; The difference between
the price at which the futures contract is purchased or sold and the price paid for the offsetting sale or purchase, after allowance
for brokerage commissions, constitutes the profit or loss to the trader.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the price of the commodity increases after
the original futures contract is entered into, the buyer of the futures contract will generally be able to sell a futures contract
to close out its original long position at a price higher than that at which the original contract was purchased, generally resulting
in a profit to the buyer.&nbsp; Conversely, the seller of a futures contract will generally profit if the price of the underlying
commodity decreases, as it will generally be able to buy a futures contract to close out its original short position at a price
lower than that at which the original contract was sold.&nbsp; Because the Fund seeks to track the Benchmark directly and profit
when the price of WTI light, sweet crude oil increases and, as a likely result of an increase in the price of WTI light, sweet
crude oil, the price of WTI Oil Futures Contracts increase, the Fund will generally be long in the market for WTI light, sweet
crude oil, and will generally sell Oil Futures Contracts only to close out existing long positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures contracts are typically traded on futures
exchanges such as NYMEX and ICE, which provide centralized market facilities in which multiple persons may trade contracts.&nbsp;&nbsp;Members
of a particular futures exchange and the trades executed on such exchange are subject to the rules of that exchange.&nbsp;&nbsp;Futures
exchanges and their related clearing organizations are given reasonable latitude in promulgating rules and regulations to control
and regulate their members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trades on a futures exchange are generally cleared
by the exchange or an affiliated clearing organization, which provides services designed to mutualize or transfer the credit risk
arising from the trading of contracts on an exchange.&nbsp;&nbsp;The clearing organization effectively becomes the other party
to the trade, and each clearing member party to the trade looks only to the clearing organization for performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Certain
typical and significant characteristics of Oil Futures Contracts are discussed below.&nbsp; The Fund anticipates that to the extent
that it invests in Oil Futures Contracts other than WTI light, sweet crude oil contracts and Other Oil Interests, it will enter
into various non-exchange traded derivative contracts to hedge the short-term price movements of such Oil Futures Contracts and
Other Oil Interests against the current Benchmark Component Futures Contracts. Additional risks of investing in Oil Futures Contracts
are included in &#8220;What are the Risk Factors Involved with an Investment in the Fund?&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Impact of Position Limits, Accountability
Levels, and Price Fluctuation Limits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under current regulations, subject to any relevant
exemptions, traders, such as the Sponsor of the Fund, may not exceed speculative position limits, either individually, or in the
aggregate with other persons with whom they are under common control or ownership. In late 2011, the CFTC adopted rules that impose
new position limits on Reference Contracts involving 28 energy, metals and agricultural commodities (the &#8220;Position Limit
Rules&#8221;). The Position Limit Rules were scheduled to become effective on October 12, 2012. However, on September 28, 2012,
the United States District Court for the District of Columbia vacated these regulations on the basis of ambiguities in the provisions
of the CEA (as modified by the Dodd-Frank Act) upon which the regulations were based. In its September 28th decision, the court
remanded the Position Limit Rules to the CFTC with instructions to use its expertise and experience to resolve the ambiguities
in the statute. On November 15, 2012, the CFTC indicated that it will move forward with an appeal of the District Court&#8217;s
decision to vacate the Position Limit Rules. At this time, it is not possible to predict how the CFTC&#8217;s appeal could affect
the Fund, but it may be substantial and adverse. Furthermore, until such time as the appeal is resolved or, if applicable revisions
to the Position Limit Rules are proposed and adopted, the regulatory architecture in effect prior to the enactment of the Position
Limit Rules will govern transactions in commodities and related derivatives. Under that system, the CFTC enforces federal limits
on speculation in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce accountability levels for
agricultural and certain energy products (e.g., oil and gas). As a result, the Fund may be limited with respect to the size of
its investments in any commodities subject to these limits. Finally, subject to certain narrow exceptions, the vacated Position
Limit Rules would have required the aggregation, for purposes of the position limits, of all positions in the 28Reference Contracts
held by a single entity and its affiliates, regardless of whether such positions existed on U.S. futures exchanges , non-U.S. futures
exchanges, in cleared swaps or in over-the-counter swaps. The CFTC is presently considering new aggregation rules, under a rulemaking
proposal that is distinct from the Position Limit Rules. At this time, it is unclear how any modified aggregation rules may affect
the Fund, but it may be substantial and adverse. By way of example, the aggregation rules in combination with any potential revised
Position Limit Rules may negatively impact the ability of the fund to meet its investment objectives through limits that may inhibit
the Sponsor&#8217;s ability to sell additional Creation Baskets of the fund. The initial spot month position limit of a combined
3,000 Oil Futures Contracts and economically equivalent swaps will not be effective until 60 days after the CFTC further defines
the term &#8220;swap.&#8221; Non spot month position limits will be determined based on a survey of at least 12 months of the deliverable
supply of WTI crude oil. As described above, it is not possible at this time to predict when the CFTC will make these regulations
effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The CFTC and U.S. designated contract markets
such as the NYMEX may establish position limits and accountability levels on the maximum net long or net short positions in futures
contracts in commodities that any person or group of persons under common trading control (other than as a hedge, which an investment
by the Fund would not be) may hold, own or control.&nbsp; The net position is the difference between an individual or firm&#8217;s
open long contracts and open short contracts in any one commodity.&nbsp; In addition, most U.S. futures exchanges, such as the
NYMEX, limit the daily price fluctuation for futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accountability levels for WTI Oil Futures Contracts
traded on the NYMEX are not a fixed ceiling, but rather a threshold above which the NYMEX may exercise greater scrutiny and control
over an investor&#8217;s positions.&nbsp;&nbsp;The current accountability level for any one month in the Benchmark Component Futures
Contracts is 10,000 contracts.&nbsp; In addition, the NYMEX imposes an accountability level for all months of 20,000 net futures
contracts for investments in future contracts for light, sweet crude oil.&nbsp; If the Fund exceeds these accountability levels
for investments in light, sweet crude oil, the NYMEX will monitor the Fund&#8217;s exposure and ask for further information on
its activities, including the total size of all positions, investment and trading strategy, and the extent of liquidity resources
of the Fund. &nbsp;&nbsp;If deemed necessary by the NYMEX, it could also order the Fund to reduce its position back to the accountability
level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the NYMEX orders the Fund to reduce it position
back to the accountability level, or to an accountability level that the NYMEX deems appropriate for the Fund, such an accountability
level may impact the mix of investments in Oil Interests.&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To illustrate, assume that the price of each Benchmark Component
Futures Contract is $100 per barrel, and that the NYMEX has determined that the Fund may not own more than 20,000 contracts in
Benchmark Component Futures Contracts.&nbsp; In such case, the Fund could invest up to $2 billion&nbsp;in the Benchmark Component
Futures Contract ( <I>i.e.,</I> $100 per barrel multiplied by 1,000&nbsp;barrels per contract multiplied by 20,000 contracts) before
reaching the accountability level imposed by the NYMEX.&nbsp; Once the daily net assets of the Fund exceed $2 billion in the Benchmark
Component Futures Contracts, the Fund may not be able to make any further investments in the Benchmark Component Futures Contract,
depending on whether the NYMEX imposes limits.&nbsp; If the NYMEX does impose limits at the $2 billion level (or another level),
the Fund anticipates that it will invest the majority of its assets above that level in a mix of Oil Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to accountability levels, the NYMEX
may impose position limits on contracts held in the last few days of trading in the near month contract to expire.&nbsp; It is
unlikely that the Fund will be subject to such position limits because the Fund&#8217;s investment strategy is to &#8220;roll&#8221;
from the near month contract to expire to the next month contract during the period beginning two weeks from the expiration of
the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is a limit on the amount of price fluctuation
for Benchmark Component Futures Contracts imposed by the NYMEX of $10 per barrel ($10,000 per contract). This limit is initially
based off the previous trading day&#8217;s settlement price. If any of the first three contract months for the Benchmark Component
Futures Contract is traded, bid, or offered at the limit, trading is halted for five minutes. When trading resumes it begins at
the point where the limit was imposed and the limit is reset to be $10 per barrel in either direction after successive five-minute
trading halt. There is no maximum price fluctuation limit during any one trading session.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, futures contracts traded on the NYMEX
are priced by floor brokers and other exchange members through an &#8220;open outcry&#8221; to offers to purchase or sell the contracts
and through an electronic, screen-based system that determines the price by matching electronically offers to purchase and sell.&nbsp;
Futures contracts may also be based on commodities indices, in that they call for a cash payment based on the change in the value
of the specified index during a specified period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund anticipates that to the extent that
it invests in Other Oil Interests, it will enter into various non-exchange-traded derivative contracts to achieve its investment
objective of tracking the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Price Volatility</I></B><BR>
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Despite daily price limits, the price volatility
of futures contracts generally has been historically greater than that for traditional securities such as stocks and bonds.&nbsp;
Price volatility often is greater day-to-day as opposed to intra-day.&nbsp; Economic factors that may cause volatility in Oil Futures
Contracts include changes in interest rates; governmental, trade, fiscal, monetary and exchange control programs and policies;
weather and climate conditions; changing supply and demand relationships; changes in balances of payments and trade; U.S. and international
rates of inflation; currency devaluations and revaluations; U.S. and international political and economic events; and changes in
philosophies and emotions of market participants.&nbsp; Because the Fund invests a significant portion of its assets in futures
contracts, the assets of the Fund, and therefore the price of the Fund&#8217;s Shares, may be subject to greater volatility than
traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Term Structure of Futures Contracts and
the Impact on Total Return</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Several factors determine the total return from
investing in futures contracts.&nbsp; Because the Fund must periodically &#8220;roll&#8221; futures contract positions, closing
out soon-to-expire contracts that are no longer part of the Benchmark and entering into subsequent-to-expire contracts, one such
factor is the price relationship between soon-to-expire contracts and later-to-expire contracts.&nbsp; For example, if market conditions
are such that the prices of soon-to-expire contracts are higher than later-to-expire contracts (a situation referred to as &#8220;backwardation&#8221;
in the futures market), then absent a change in the market, the price of contracts will rise as they approach expiration.&nbsp;
Conversely, if the price of soon-to-expire contracts is lower than later-to-expire contracts (a situation referred to as &#8220;contango&#8221;
in the futures market), then absent a change in the market the price of contracts will decline as they approach expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Over
time, the price of the crude oil fluctuates based on a number of market factors, including demand for crude oil relative to its
supply.&nbsp; The value of Oil Futures Contracts likewise fluctuates in reaction to a number of market factors.&nbsp; If investors
seek to maintain their holdings in Oil Futures Contracts with a roughly constant expiration profile and not take delivery of the
crude oil, they must on an ongoing basis sell their current positions as they approach expiration and invest in later-to-expire
contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the futures market is in a state of backwardation
(i.e., when the price of crude oil in the future is expected to be less than the current price), the Fund will buy later-to-expire
contracts for a lower price than the sooner-to-expire contracts that it</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">sells.&nbsp; Hypothetically, and assuming no changes to either prevailing
crude oil prices or the price relationship between immediate delivery, soon-to-expire contracts and later-to-expire contracts,
the value of a contract will rise as it approaches expiration, increasing the Fund&#8217;s total return (ignoring the impact of
commission costs and the interest earned on Treasury Securities, cash and/or cash equivalents).&nbsp; For example, assume the price
of crude oil for immediate delivery (&#8220;spot price&#8221;) is $80 per barrel and that the value of a position in the near month
futures contract was also $80.&nbsp; In backwardation, the value of the futures position would tend to rise slower than the spot
price of crude oil, or fall faster.&nbsp; As a result, it would be possible for the spot price of crude oil to have risen to $100
after some period of time, while the value of the investment in the futures contract would have only risen to $90, assuming the
backwardation is&nbsp;severe enough or enough time has elapsed.&nbsp; Similarly, the spot price of crude oil could have fallen
to $70 while the value of an investment in the futures contract could have remained at $80.&nbsp; Over time, if backwardation remained
constant, the differences would continue to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the futures market is in contango, the Fund
will buy later-to-expire contracts for a higher price than the sooner-to-expire contracts that it sells.&nbsp; Hypothetically,
and assuming no other changes to either prevailing crude oil prices or the price relationship between the spot price, soon-to-expire
contracts and later-to-expire contracts, the value of a contract will fall as it approaches expiration, decreasing the Fund&#8217;s
total return (ignoring the impact of commission costs and the interest earned on Treasury Securities, cash and/or cash equivalents).&nbsp;
For example, in contango, the value of the $80 investment would rise faster than the spot price of crude oil, or fall slower.&nbsp;
As a result, it is possible for the spot price to have risen to $100 per barrel after some period time, while the value of the
investment in the futures contract has risen to $110, assuming contango is large enough or enough time has elapsed.&nbsp; Similarly,
the spot price of crude could have fallen to $60 while the value of an investment in the futures contract has fallen to $70.&nbsp;
Over time, if contango remained constant, the difference would continue to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Historically, the crude oil futures markets
have experienced periods of both contango and backwardation. During 2006 and the first half of 2007, the crude oil futures markets
experienced contango. However, starting early in the third quarter 2007, the crude oil futures markets moved into backwardation
and remained in backwardation until late in the second quarter 2008 when the crude oil futures markets moved into contango. The
crude oil markets remained in contango until late third quarter 2008, when they moved into backwardation. The crude oil markets
moved back into contango for the balance of 2008, reaching supercontango in December 2008. Crude oil since early 2009 has fluctuated
between mild contango, spiking into deep contango for several weeks at a time during third and fourth quarters of 2009, second
and third quarters 2010 and finally the last major contango during first quarter 2011. Since this point the crude oil markets continue
to see moderate contango structure in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>Margin
Requirements and Marking-to-Market Futures Positions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#8220;Initial margin&#8221; is an amount of
funds that must be deposited by a commodity interest trader with the trader&#8217;s broker to initiate an open position in futures
contracts.&nbsp;&nbsp;A margin deposit is like a cash performance bond.&nbsp;&nbsp;It helps assure the trader&#8217;s performance
of the futures contracts that he or she purchases or sells.&nbsp;&nbsp;Futures contracts are customarily bought and sold on initial
margin that represents a small percentage (ranging upward from less than 2%) of the aggregate purchase or sales price of the contract.&nbsp;&nbsp;The
amount of margin required in connection with a particular futures contract is set by the exchange on which the contract is traded.&nbsp;&nbsp;Brokerage
firms, such as the Fund&#8217;s clearing broker, carrying accounts for traders in commodity interest contracts may require higher
amounts of margin as a matter of policy to further protect themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Futures contracts are marked to market at the
end of each trading day and the margin required with respect to such contracts is adjusted accordingly.&nbsp; This process of marking-to-market
is designed to prevent losses from accumulating in any futures account.&nbsp; Therefore, if the Fund&#8217;s futures positions
have declined in value, the Fund may be required to post &#8220;variation margin&#8221; to cover this decline.&nbsp; Alternatively,
if the Fund&#8217;s futures positions have increased in value, this increase will be credited to the Fund&#8217;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_025"></A><B>Cleared Oil Swaps</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A swap agreement is a bilateral contract to
exchange a periodic stream of payments determined by reference to a notional amount, with payment typically made between the parties
on a net basis.&nbsp; For instance, in the case of an oil swap, the Fund may be obligated to pay a fixed price per barrel of oil
and be entitled to receive an amount per barrel equal to the current value of an index of oil prices, the price of a specified
Oil Futures Contract, or the average price of a group of Oil Futures Contracts such as the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Various privately-negotiated swap contracts,
including certain types of oil swaps, are cleared by the NYMEX&#8217;s and the ICE&#8217;s providers of clearing services. The
Fund expects to focus on investments in these Cleared Oil Swaps, as well as Oil Futures Contracts, rather than over-the-counter
swaps. The NYMEX Cleared Oil Swaps that are most comparable to the Benchmark Component Futures Contracts are subject to accountability
levels that are substantially identical to, but currently</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">measured separately from, the accountability levels applicable to
WTI Oil Futures Contracts. The accountability levels imposed by NYMEX on those Cleared Oil Swaps are 20,000 contracts for all months
and 10,000 contracts for any one month. The ICE Cleared Oil Swaps (i.e. Crude &#8211; WTI 1<SUP>st</SUP> Line Swaps) do not have
such accountability limits. Additionally, the Fund&#8217;s ability to rely on these Cleared Oil Swaps may be further limited when
the position limit rules discussed above become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Like Oil Futures Contracts, Cleared Oil Swaps
are standardized as to certain material economic terms, including that each swap be for a specific quantity of barrels, which permits
less flexibility in their structuring than with over-the counter Oil Interests.&nbsp; The two parties to a Cleared Oil Swap agree
on the specific fixed price component and the calendar month of the expiration, and agree to submit the Cleared Oil Swap to the
clearing organization.&nbsp; The clearing organization assumes the credit risk relating to the transaction, which effectively eliminates
the creditworthiness of the counterparty as a risk.&nbsp; Unlike Oil Futures Contracts, Cleared Oil Swaps call for settlement in
cash, and do not permit settlement by delivery or receipt of physical oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_026"></A>Over-the-Counter Derivatives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to futures contracts options on
futures contracts and cleared swaps, derivative contracts that are tied to various commodities, including crude oil, are entered
into outside of public exchanges.&nbsp; These &#8220;over-the-counter&#8221; contracts are entered into between two parties in
private contracts.&nbsp; Unlike Oil Futures Contracts and Cleared Oil Swaps, which are guaranteed by a clearing organization, each
party to an over-the-counter derivative contract bears the credit risk of the other party, i.e., the risk that the other party
will not be able to perform its obligations under its contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some crude oil-based over-the-counter derivatives
contracts contain relatively standardized terms and conditions and are available from a wide range of participants.&nbsp; Others
have highly customized terms and conditions and are not as widely available.&nbsp; While the Fund may enter into these more customized
contracts, the Fund will only enter into over-the-counter contracts containing certain terms and conditions, as discussed further
below, that are designed to minimize the credit risk to which the Fund will be subject and only if the terms and conditions of
the contract are consistent with achieving the Fund&#8217;s investment objective of closely tracking the Benchmark.&nbsp; The over-the-counter
contracts that the Fund may enter into will take the form of either forward contracts or swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A forward contract is a contractual obligation
to purchase or sell a specified quantity of a commodity at or before a specified date in the future at a specified price and, therefore,
is economically similar to a futures contract.&nbsp; Unlike futures contracts, however, forward contracts are typically traded
in the over-the-counter markets.&nbsp; In some instances such contracts may provide for cash settlement instead of making or taking
delivery of the underlying commodity.&nbsp; Forward contracts for a given commodity are generally available for various amounts
and maturities and are subject to individual negotiation between the parties involved.&nbsp; Moreover, generally there is no direct
means of offsetting or closing out a forward contract by taking an offsetting position as one would a futures contract on a U.S.
exchange.&nbsp; If a trader desires to close out a forward contract position, he generally will establish an opposite position
in the contract but will settle and recognize the profit or loss on both positions simultaneously on the delivery date.&nbsp; Thus,
unlike in the futures contract market where a trader who has offset positions will recognize profit or loss immediately, in the
forward market a trader with a position that has been offset at a profit will generally not receive such profit until the delivery
date, and likewise a trader with a position that has been offset at a loss will generally not have to pay money until the delivery
date.&nbsp; However, in some instances such contracts may provide a right of offset that will allow for the receipt of profit and
payment for losses prior to the delivery date.<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Like a Cleared Oil Swap, an over-the-counter
swap agreement is a bilateral contract to exchange a periodic stream of payments determined by reference to a notional amount,
with payment typically made between the parties on a net basis.&nbsp; For instance, in the case of an oil swap, the Fund may be
obligated to pay a fixed price per barrel of crude oil and be entitled to receive an amount per barrel equal to the current value
of an index of crude oil prices, the price of a specified Oil Futures Contract, or the average price of a group of Oil Futures
Contracts such as the Benchmark.&nbsp; Unlike Cleared Oil Swaps, however, each party to the swap is subject to the credit risk
of the other party.&nbsp; The Fund only enters into over-the-counter swaps on a net basis, where the two payment streams are netted
out on a daily basis, with the parties receiving or paying, as the case may be, only the net amount of the two payments.&nbsp;
Swaps do not generally involve the delivery of underlying assets or principal.&nbsp; Accordingly, the Fund&#8217;s risk of loss
with respect to an over-the-counter swap generally is limited to the net amount of payments that the counterparty is contractually
obligated to make less any collateral deposits the Fund is holding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To reduce the credit risk that arises in connection
with over-the-counter contracts, the Fund generally enters into an agreement with each counterparty based on the Master Agreement
published by the International Swaps and Derivatives Association, Inc. that provides for the netting of the Fund&#8217;s overall
exposure to its counterparty and for daily payments based on the marked to market value of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The creditworthiness of each potential counterparty
will be assessed by the Sponsor.&nbsp; The Sponsor assesses or reviews, as appropriate, the creditworthiness of each potential
or existing counterparty to an over-the-counter contract pursuant to guidelines approved by the Sponsor.&nbsp; &nbsp;&nbsp;The
creditworthiness of existing counterparties will be reviewed periodically by the Sponsor. The Sponsor&#8217;s President and Chief
Investment Officer has over 25 years of experience in over-the-counter derivatives trading, including the counterparty creditworthiness
analysis inherent therein, and the Sponsor&#8217;s Chief Executive Officer, through his prior experience as a Chief Financial Officer
and Treasurer, has extensive experience evaluating the creditworthiness of business partners and counterparties to commercial and
derivative contracts.&nbsp; Notwithstanding this experience, there is no guarantee that the Sponsor&#8217;s creditworthiness analysis
will be successful and that counterparties selected for Fund transactions will not default on their contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund also may require that a counterparty
be highly rated and/or provide collateral or other credit support.&nbsp; The Sponsor on behalf of the Fund may enter into over-the-counter
contracts with various types of counterparties, including: (a) banks regulated by a United States federal bank regulator, (b) broker-dealers
regulated by the SEC, (c) insurance companies domiciled in the United States, (d) producers of crude oil and crude oil-related
products, (e) users of crude oil such as refiners, (f) any other person (including affiliates of any of the above) who are engaged
to a substantial degree in the business of trading commodities.&nbsp; Certain of these types of counterparties will not be subject
to regulation by the CFTC or any other significant federal or state regulatory structure; While it is the Sponsor&#8217;s preference
to use regulated entities as counterparties, the Sponsor primarily considers creditworthiness in selecting counterparties rather
than the primary business of the prospective counterparty or the regulatory structure to which it is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may also employ spreads or straddles
to mitigate the differences in its investment portfolio and in order to achieve its goal of tracking the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_027"></A><B>Benchmark Performance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See the graph below under &#8220;Benchmark Performance&#8221;
in the Statement of Additional Information at the end of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_028"></A><B>WTI Light, Sweet Crude Oil and the Oil Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WTI light, sweet crude
oil comprises a blend of several U.S. domestic streams of crude oil delivered to Cushing, Oklahoma, where there are many intersecting
pipelines and storage facilities, along with easy access to refiners and suppliers.&nbsp; WTI light, sweet crude oil flows both
inbound and outbound from Cushing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Light sweet crudes are
preferred by refiners because of the low sulfur content and relatively high yields of high-value products such as gasoline, diesel
fuel, heating oil, and jet fuel.&nbsp; The price of light sweet crude oil has historically exhibited periods of significant volatility.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Demand for petroleum products
by consumers, as well as agricultural, manufacturing and transportation industries, determines demand for crude oil by refiners.&nbsp;
Since product demand is linked to economic activity, crude oil demand will tend to reflect economic conditions.&nbsp; According
to the September 2012 Annual Energy Review published by the U.S. Energy Information Administration, for 2011, about 70% of petroleum
was used for transportation, 24% by industry, 5% for residential and 1% for electricity production.&nbsp; Changes in consumer behavior,
such as mass transportation initiatives, alternative fuels, and change in economic standards in China and India may change petroleum
consumption.&nbsp; In addition, other factors such as weather also influence product and crude oil demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">WTI Crude Oil Futures
contracts are most widely traded on the NYMEX and the ICE exchanges in 1,000 barrel contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Crude oil supply is determined
by economic, political and environmental factors.&nbsp; Oil prices (along with drilling costs, availability of attractive prospects
for drilling, taxes and technology, among other factors) determine exploration and development spending, which influence output
capacity with a lag.&nbsp; In the short run, production decisions by OPEC also affect supply and prices.&nbsp; Oil export embargoes
represent other routes through which political developments move the market.&nbsp; Oil extraction may also have a significant impact
on the environment, from accidents and routine activities such as seismic exploration and drilling.&nbsp; It is not possible to
predict the aggregate effect of all or any combination of these factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the futures market is
in a state of backwardation (i.e., when the price of crude oil in the future is expected to be less than the current price), the
Fund will buy later-to-expire contracts for a lower price than the sooner-to-expire contracts that it sells. Hypothetically, and
assuming no changes to either prevailing crude oil prices or the price relationship between immediate</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">delivery, soon-to-expire contracts and later-to-expire
contracts, the value of a contract will rise as it approaches expiration. Over time, if backwardation remained constant, the differences
would continue to increase. If the futures market is in contango, the Fund will buy later-to-expire contracts for a higher price
than the sooner-to-expire contracts that it sells. Hypothetically, and assuming no other changes to either prevailing crude oil
prices or the price relationship between the spot price, soon-to-expire contracts and later-to-expire contracts, the value of a
contract will fall as it approaches expiration. Over time, if contango remained constant, the difference would continue to increase.
<FONT STYLE="color: black">Historically, the crude oil futures markets have experienced periods of both contango and backwardation.
During 2006 and the first half of 2007, the crude oil futures markets experienced contango. However, starting early in the third
quarter 2007, the crude oil futures markets moved into backwardation and remained in backwardation until late in the second quarter
2008 when the crude oil futures markets moved into contango. The crude oil markets remained in contango until late third quarter
2008, when they moved into backwardation. The crude oil markets moved back into contango for the balance of 2008, reaching supercontango
in December 2008. Crude oil since early 2009 has fluctuated between mild contango, spiking into deep contango for several weeks
at a time during third and fourth quarters of 2009, second and third quarters 2010 and finally the last major contango during first
quarter 2011. Since this point the crude oil markets continue to see moderate contango structure in the market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The United States Energy
Information Administration (&#8220;EIA&#8221;) publishes daily, weekly, monthly and annual information regarding the crude oil
industry, usage and supply estimates. The information is available on the EIA&#8217;s website, <U>www.eia.gov</U>, at no charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_029"></A><B>The Fund&#8217;s Investments in Treasury Securities, Cash and
Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund seeks to have the aggregate &#8220;notional&#8221;
amount of the Oil Interests it holds approximate at all times the Fund&#8217;s aggregate NAV.&nbsp; At any given time, however,
most of the Fund&#8217;s investments are in Treasury Securities, cash and/or cash equivalents that support the Fund&#8217;s positions
in Oil Interests.&nbsp; For example, the purchase of an Oil Futures Contract with a stated or notional amount of $10 million would
not require the Fund to pay $10 million upon entering into the contract; rather, only a margin deposit, generally of 5%-10% of
the notional amount, would be required.&nbsp; To secure its Oil Futures Contract obligations, the Fund would deposit the required
margin with the FCM and would separately hold its remaining assets through its Custodian in Treasury Securities, cash and/or cash
equivalents.&nbsp; Such remaining assets may be used to meet future margin payments that the Fund is required to make on its Oil
Futures Contracts.&nbsp; Cleared Oil Swaps and Other Oil Interests typically also involve collateral requirements that represent
a small fraction of their notional amounts, so most of the Fund&#8217;s assets dedicated to these Oil Interests are also held in
Treasury Securities, cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund earns interest income from the Treasury
Securities and/or cash equivalents that it purchases and on the cash it holds through the Custodian.&nbsp; The earned interest
income increases the Fund&#8217;s NAV.&nbsp; The Fund applies the earned interest income to the acquisition of additional investments
or uses it to pay its expenses.&nbsp; When the Fund reinvests the earned interest income, it makes investments that are consistent
with its investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any Treasury Security and cash equivalent invested
in by the Fund will have a remaining maturity of less than two years at the time of investment, or will be subject to a demand
feature that enables that Fund to sell the security within two years at approximately the security&#8217;s face value (plus accrued
interest).&nbsp; Any cash equivalents invested in by the Fund will be rated in the highest short-term rating category by a nationally
recognized statistical rating organization or will be deemed by the Sponsor to be of comparable quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_030"></A>Other Trading Policies of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B><I>Exchange For Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An &#8220;exchange for risk&#8221; transaction,
sometimes referred to as an &#8220;exchange for swap&#8221; or &#8220;exchange of futures for risk,&#8221; is a privately negotiated
and simultaneous exchange of a futures contract position for a swap or other over-the-counter instrument on the corresponding commodity.&nbsp;
An exchange for risk transaction can be used by the Fund as a technique to avoid taking physical delivery of light, sweet crude
oil, in that a counterparty will take the Fund&#8217;s position in an Oil Futures Contract into its own account in exchange for
a swap that does not by its terms call for physical delivery.&nbsp; The Fund will become subject to the credit risk of a counterparty
when it acquires an over-the-counter position in an exchange for risk transaction. The Fund may use an &#8220;exchange for risk&#8221;
transaction in connection with the creation and redemption of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Options on Futures Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An option on a futures contract gives the buyer
of the option the right, but not the obligation, to buy or sell a futures contract at a specified price on or before a specified
date.&nbsp;&nbsp;The option buyer deposits the purchase price or &#8220;premium&#8221; for the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">option with his broker, and the
money goes to the option seller.&nbsp;&nbsp;Regardless of how much the market swings, the most an option buyer can lose is the
option premium.&nbsp;&nbsp;However, the buyer will typically lose the premium if the exercise price of the option is above (in
the case of an option to buy or &#8220;call&#8221; option) or below (in the case of an option to sell or &#8220;put&#8221; option)
the market value at the time of exercise.&nbsp;&nbsp;Option sellers, on the other hand, face risks similar to participants in the
futures markets.&nbsp;&nbsp;For example, since the seller of a call option is assigned a short futures position if the option is
exercised, his risk is the same as someone who initially sold a futures contract.&nbsp;&nbsp;Because no one can predict exactly
how the market will move, the option seller posts margin to demonstrate his ability to meet any potential contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to Oil Futures Contracts, there
are also a number of options on Oil Futures Contracts listed on the NYMEX.&nbsp; These contracts offer investors and hedgers another
set of financial vehicles to use in managing exposure to the commodities market.&nbsp; The Fund may purchase and sell (write) options
on Oil Futures Contracts in pursuing its investment objective, except that it will not sell call options when it does not own the
underlying Oil Futures Contract.&nbsp; The Fund would make use of options on Oil Futures Contracts if, in the opinion of the Sponsor,
such an approach would cause the Fund to more closely track its Benchmark or if it would lead to an overall lower cost of trading
to achieve a given level of economic exposure to movements in WTI light, sweet crude oil prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liquidity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund invests only in Oil Futures Contracts
that, in the opinion of the Sponsor, are traded in sufficient volume to permit the ready taking and liquidation of positions in
these financial interests and in over-the-counter Oil Interests that, in the opinion of the Sponsor, may be readily liquidated
with the original counterparty or through a third party assuming the Fund&#8217;s position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Spot Commodities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While most futures contracts can be physically
settled, the Fund does not intend to take or make physical delivery.&nbsp; However, the Fund may from time to time trade in Other
Oil Interests based on the spot price of WTI light, sweet crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Leverage</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor endeavors to have the value of the
Fund&#8217;s Treasury Securities, cash and cash equivalents, whether held by the Fund or posted as margin or collateral, at all
times approximate the aggregate market value of its obligations under the Fund&#8217;s Oil Interests.&nbsp; Commodity pools&#8217;
trading positions in futures contracts are typically required to be secured by the deposit of margin funds that represent only
a small percentage of a futures contract&#8217;s (or other commodity interest&#8217;s) entire market value.&nbsp; While the Sponsor
does not intend to leverage the Fund&#8217;s assets, it is not prohibited from doing so under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Borrowings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund does not intend to, nor foresee the
need to borrow money or establish credit lines.&nbsp; The Fund maintains Treasury Securities, cash and cash equivalents, either
held by the Fund or posted as margin or collateral, with a value that at all times approximates the aggregate market value of its
obligations under Oil Interests.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Pyramiding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund does not and will not employ the technique,
commonly known as pyramiding, in which the speculator uses unrealized profits on existing positions as variation margin for the
purchase or sale of additional positions in the same or another commodity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_031"></A>The Service Providers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In its
capacity as the Fund&#8217;s custodian, the Custodian, currently the Bank of New York Mellon, holds the Fund&#8217;s Treasury Securities,
cash and/or cash equivalents pursuant to a custodial agreement. The Custodian is also the registrar and transfer agent for the
Fund&#8217;s Shares. In addition, the Custodian also serves as Administrator for the Fund, performing certain administrative and
accounting services and preparing certain SEC and CFTC reports on behalf of the Fund. For these services, the Fund pays fees to
the Custodian as set forth in the table entitled</FONT> <FONT STYLE="font-size: 10pt">&#8220;Fees to be Paid by the Fund.&#8221;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Custodian&#8217;s principal business
address is One Wall Street, New York, New York 10286. The Custodian is a New York state chartered bank subject to regulation by
the Board of Governors of the Federal Reserve System and the New York State Banking Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund employs Foreside
Fund Services, LLC as the Distributor for the Fund. The Distributor receives, for its services as distributor for the Fund, a fee
which is set forth in the table entitled &#8220;Fees to be Paid by the Fund.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Distribution Services
Agreement among the Distributor, the Sponsor and the Trust calls for the Distributor to work with the Custodian in connection with
the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales
literature and advertising materials. The Distributor and the Sponsor have also entered into a Securities Activities and Service
Agreement (the &#8220;SASA&#8221;) under which certain employees and officers of the Sponsor are licensed as registered representatives
or registered principals of the Distributor, under FINRA rules (&#8220;Registered Representatives&#8221;).&nbsp;&nbsp;As Registered
Representatives of the Distributor, these persons are permitted to engage in certain marketing activities for the Fund that they
would otherwise not be permitted to engage in.&nbsp;&nbsp;Under the SASA, the Sponsor is obligated to ensure that such marketing
activities comply with applicable law and are permitted by the SASA and the Distributor&#8217;s internal procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Distributor&#8217;s
principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.&nbsp;&nbsp;The Distributor is a broker-dealer
registered with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and a member of the Financial Industry Regulatory
Authority.<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Currently, Newedge USA,
LLC (&#8220;Newedge&#8221;) serves as the clearing broker for the Teucrium Funds to execute and clear the Funds&#8217; futures
transactions and provide other brokerage-related services. For the Teucrium Agricultural Fund, Newedge will serve as that Fund&#8217;s
clearing broker to execute and clear futures transactions and provide other brokerage-related services should the Sponsor deem
it necessary for that Fund to engage in such transactions. Newedge&#8217;s affiliate, Newedge Alternative Strategies, Inc. (&#8220;NAST&#8221;),
may execute foreign exchange or other over-the-counter transactions with the Funds. Newedge and NAST are subsidiaries of Newedge
Group.&nbsp;&nbsp;Newedge is an FCM and broker-dealer registered with the CFTC and the SEC.&nbsp;&nbsp;In its capacity as a broker-dealer,
Newedge may act as an Authorized Purchaser for each of the Funds and, accordingly, may engage in the marketing and distribution
of shares of the Funds.&nbsp;&nbsp;Newedge is a clearing member of all principal futures exchanges located in the United States
as well as a member of the Chicago Board Options Exchange, International Securities Exchange, New York Stock Exchange, Options
Clearing Corporation, and Government Securities Clearing Corporation.&nbsp;&nbsp;NAST is an eligible swap participant that is not
registered or required to be registered with the CFTC or the SEC, and is not a member of any exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Newedge and NAST are headquartered
at 550 W. Jackson, Suite 500, Chicago, IL 60661 with branch offices in San Francisco, California; New York, New York; Kansas City,
Missouri; Cypress, Texas; and Montreal, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Prior to January 2, 2008,
Newedge was known as Fimat USA, LLC, while NAST was known as Fimat Alternative Strategies Inc. On September 1, 2008, Newedge merged
with future commission merchant and broker dealer Newedge Financial Inc. (&#8220;NFI&#8221;) &#8211; formerly known as Calyon Financial
Inc. Newedge was the surviving entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In March 2008, NFI settled,
without admitting or denying the allegations, a disciplinary action brought by the New York Mercantile Exchange (&#8220;NYMEX&#8221;)
alleging that NFI violated NYMEX rules related to: numbering and time stamping orders by failing properly to record a floor order
ticket; wash trading; failure to adequately supervise employees; and violation of a prior NYMEX cease and desist order, effective
as of December 5, 2006, related to numbering and time stamping orders and block trades. NFI paid a $100,000 fine to NYMEX in connection
with this settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2011, Newedge
settled, without admitting or denying the allegations, a disciplinary action brought by the CFTC alleging that Newedge exceeded
speculative limits in the October 2009 live cattle futures contract on the Chicago Mercantile Exchange and failed to provide accurate
and timely reports to the CFTC regarding their larger trader positions. Newedge paid a $140,000 civil penalty and disgorgement
value of $80,910 to settle this matter. In addition, the CFTC Order required Newedge to implement and maintain a program designed
to prevent and detect reporting violations of the CEA and CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In January 2012, Newedge
settled, without admitting or denying the allegations, a disciplinary action brought by the CFTC alleging that Newedge failed to
file accurate and timely reports to the CFTC and failed to report certain large trader information to the CFTC. Newedge paid a
$700,000 civil penalty to settle this matter. In addition, the CFTC Order required Newedge to timely submit accurate position reports
and notices, and to implement and maintain procedures to prevent and detect reporting violations of the CEA and CFTC regulations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Other than the foregoing
proceedings, which did not have a material adverse effect upon the financial condition of Newedge, there have been no material
administrative, civil or criminal actions brought, pending or concluded against Newedge, NAST or their principals in the past five
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">None of Newedge, NAST or any affiliate,
officer, director or employee thereof has passed on the merits of this prospectus or the offering of Shares, or given any guarantee
as to the performance or any other aspect of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Newedge is not affiliated with the Fund
or the Sponsor. Therefore, the Sponsor and the Fund do not believe that the Fund has any conflicts of interest with Newedge or
its trading principals arising from their acting as the Fund&#8217;s FCM. While Sal Gilbertie, the President of the Sponsor, was
previously employed by Newedge, he no longer receives any compensation from Newedge and will not receive any share of the commissions
paid to Newedge by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Currently, the Sponsor does not employ commodity
trading advisors. If, in the future, the Sponsor does employ commodity trading advisors, it will choose each advisor based on arm&#8217;s-length
negotiations and will consider the advisor&#8217;s experience, fees, and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_032"></A><B>Fees to be Paid by the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Fees and Compensation Arrangements with the Sponsor and Non-Affiliated
Service Providers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border-bottom: black 1.5pt solid; padding-right: 0.8pt"><B> Service Provider </B></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="width: 51%; border-bottom: black 1.5pt solid; padding-right: 0.8pt"><B> Compensation Paid by the Fund </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"> Teucrium Trading, LLC, Sponsor </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> 1.00% of average net assets annually </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"> The Bank of New York Mellon, Custodian, Transfer Agent and Administrator </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"> For custody services:&nbsp;&nbsp;0.0075% of
        average gross assets up to $1 billion, and 0.0050% of average gross assets over $1 billion, annually, plus certain per-transaction
        charges </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"> For transfer agency services:&nbsp;&nbsp;0.0075%
        of average gross assets annually </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"> For administrative services:&nbsp;&nbsp;0.05%
        of average gross assets up to $1 billion, 0.04% of average gross assets between $1 billion and $3 billion, and 0.03% of
        average gross assets over $3 billion, annually </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"> A combined minimum annual fee of up to $125,000
        for custody, transfer agency and administrative services is assessed. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-indent: 0.5in"> &nbsp; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"> Foreside Fund Services, LLC, Distributor </TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The Distributor receives a fee of 0.01% of the
Fund&rsquo;s average daily net assets and an aggregate annual fee of $100,000 for all Teucrium Funds, along with certain
expense reimbursements. Expense reimbursements consist of issuer costs for sales and advertising review fees and will not
exceed $6,000 for the two year period of this offering. The fees which will be paid to the Distributor by the Fund for
distribution services will not exceed $130,000  for the two year period of this offering. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"> Under the Securities Activities and Service
        Agreement (the &ldquo;SASA&rdquo;), the Distributor receives compensation from the fund for its activities on behalf of
        all the Teucrium Funds. The fees paid to the Distributor pursuant to the SASA for this offering will not exceed $2,400
         for the two year period of this offering. In addition, the Distributor receives certain expense reimbursements relating to the registration, continuing
        education and other administrative expenses of the Registered Representatives in relation to the Teucrium Funds. The expense
        reimbursements for this offering will not exceed $1,700  for the two year period of this offering. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> In
                                                                      sum, the total fees the Distributor will receive over the
                                                                      two year period of this offering for all its services will not exceed $132,400.
                                                                      The total expenses that will be reimbursed to the Distributor
                                                                      over the two year period of this offering for all its services will not exceed
                                                                      $7,700, $6,000 of which are issuer costs for sales and advertising
                                                                      materials. </P>

</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding-right: 0.8pt"> Newedge USA, LLC, Futures Commission Merchant and Clearing Broker </TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt"> &nbsp; </TD>
    <TD STYLE="width: 51%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"> $2.97 per Oil Futures Contract purchase or
        sale </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-indent: 0.5in"> &nbsp; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><P STYLE="margin: 0pt 0"> Employees of the Sponsor Registered with the Distributor (the
                                     &ldquo;Registered Representatives&rdquo;) </P>


</TD>
    <TD STYLE="padding-right: 0.8pt"> &nbsp; </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> For non-marketing services to the Fund, $38,560 and for marketing and wholesaling purposes, $15,894. These amounts include expenses that will be reimbursed to the
Registered Representatives for travel and other expenses related to their activities for the Fund. Of the total amount,
$6,000 will be paid by the Sponsor, the rest by the Fund. Registered Representatives will also receive continuing education
valued at a maximum of $150 for this offering. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Asset-based fees are calculated on a daily basis (accrued at
1/365 of the applicable percentage of NAV on that day) and paid on a monthly basis.&nbsp; NAV is calculated by taking the current
market value of the Fund&#8217;s total assets and subtracting any liabilities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_033"></A>Form of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Registered Form</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shares are issued in registered form in accordance
with the Trust Agreement.&nbsp; The Custodian has been appointed registrar and transfer agent for the purpose of transferring Shares
in certificated form.&nbsp; The Custodian keeps a record of all Shareholders and holders of the Shares in certificated form in
the registry (&#8220;Register&#8221;).&nbsp; The Sponsor recognizes transfers of Shares in certificated form only if done in accordance
with the Trust Agreement.&nbsp; The beneficial interests in such Shares are held in book-entry form through participants and/or
accountholders in DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Book Entry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Individual certificates are not issued for the
Shares.&nbsp; Instead, Shares are represented by one or more global certificates, which are deposited by the Administrator with
DTC and registered in the name of Cede &amp; Co., as nominee for DTC.&nbsp; The global certificates evidence all of the Shares
outstanding at any time.&nbsp; Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies
(&#8220;DTC Participants&#8221;), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant
(&#8220;Indirect Participants&#8221;), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants,
in each case who satisfy the requirements for transfers of Shares.&nbsp; DTC Participants acting on behalf of investors holding
Shares through such participants&#8217; accounts in DTC will follow the delivery practice applicable to securities eligible for
DTC&#8217;s Same-Day Funds Settlement System.&nbsp; Shares are credited to DTC Participants&#8217; securities accounts following
confirmation of receipt of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>DTC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">DTC has advised us as follows:&nbsp;&nbsp;It
is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System,
a &#8220;clearing corporation&#8221; within the meaning of the New York Uniform Commercial Code and a &#8220;clearing agency&#8221;
registered pursuant to the provisions of Section 17A of the Exchange Act.&nbsp; DTC holds securities for DTC Participants and facilitates
the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC
Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_065"></A>Transfer of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Shares are only transferable through the
book-entry system of DTC.&nbsp; Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing
the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares
are held) to transfer the Shares.&nbsp; Transfers are made in accordance with standard securities industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Transfers of interests in Shares with DTC are
made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer.&nbsp; DTC has established
procedures to facilitate transfers among the participants and/or accountholders of DTC.&nbsp; Because DTC can only act on behalf
of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in
a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in
respect of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">DTC has advised us that it will take any action
permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only
at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only
in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants
has or have given such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_034"></A><B>Inter-Series Limitation on Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because the Trust was established as a Delaware
statutory trust, each Teucrium Fund and each other series that may be established under the Trust in the future will be operated
so that it will be liable only for obligations attributable to such series and will not be liable for obligations of any other
series or affected by losses of any other series.&nbsp; If any creditor or shareholder of any particular series (such as the Fund)
asserts against the series a valid claim with respect to its indebtedness or shares, the creditor or shareholder will only be able
to obtain recovery from the assets of that series and not from the assets of any other series or the Trust generally.&nbsp; The
assets of the Fund and any other series will include only those funds and other assets that are paid to, held by or distributed
to the series on account of and for the benefit of that series, including, without limitation, amounts delivered to the Trust for
the purchase of shares in a series.&nbsp; This limitation on liability is referred to as the Inter-Series Limitation on Liability.&nbsp;
The Inter-Series Limitation on Liability is expressly provided for under the Delaware Statutory Trust Act, which provides that
if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only
against the assets of such series and not against the assets of any other series or the Trust generally.&nbsp; In furtherance of
the Inter-Series Limitation on Liability, every party providing services to the Trust, the Fund or the Sponsor on behalf of the
Trust or the Fund, will acknowledge and consent in writing to the Inter-Series Limitation on Liability with respect to such party&#8217;s
claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The existence of a Trustee should not be taken
as an indication of any additional level of management or supervision over the Fund.&nbsp; Consistent with Delaware law, the Trustee
acts in an entirely passive role, delegating all authority for the management and operation of the Fund and the Trust to the Sponsor.&nbsp;
The Trustee does not provide custodial services with respect to the assets of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_035"></A>Plan of Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Buying and Selling Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Most investors buy and sell Shares of the Fund
in secondary market transactions through brokers.&nbsp; Shares trade on the NYSE Arca under the ticker symbol &#8220;CRUD.&#8221;&nbsp;&nbsp;Shares
are bought and sold throughout the trading day like other publicly traded securities.&nbsp; When buying or selling Shares through
a broker, most investors incur customary brokerage commissions and charges.&nbsp; Investors are encouraged to review the terms
of their brokerage account for details on applicable charges and, as discussed below under &#8220;U.S. Federal Income Tax Considerations,&#8221;
any provisions authorizing the broker to borrow Shares held on your behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Distributor and Authorized Purchasers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of the Fund&#8217;s Shares is a
best efforts offering.&nbsp; The Fund continuously offers Creation Baskets consisting of 25,000 Shares at their NAV through the
Distributor, to Authorized Purchasers.&nbsp; Merrill Lynch Professional Clearing Corp. was the initial Authorized Purchaser.&nbsp;
The initial Authorized Purchaser purchased two Creation Baskets of 25,000 units each at a per unit price of $50.00 on February
22, 2011.&nbsp;&nbsp;&nbsp;All Authorized Purchasers pay a $250 fee for each order to create or one or more Creation Baskets, with
a maximum fee of $500 per creation order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor and the Trust are parties to an
Amended and Restated Distribution Services Agreement dated as of November 17, 2010 (the &#8220;Distribution Agreement&#8221;),
which amended and restated in its entirety a Distribution Services Agreement between the Sponsor, the Trust, and Foreside Fund
Services, LLC (the &#8220;Distributor&#8221;) dated as of October 15, 2010. Pursuant to the Distribution Agreement the Distributor,
together with the Custodian, is required to provide services in connection with the receipt and processing of orders for Creation
Baskets and Redemption baskets of units of the funds that are series of the Trust, including the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Distribution Agreement, as
amended, remains in full force and effect between the parties. The Distribution Agreement was most recently amended on April
22, 2013 and was previously amended on October 1, 2011 and May 25, 2011. The first amendment to the Distribution Agreement,
dated May 25, 2011, provided for it to apply to additional series of the Trust and revised the fee schedule, including the
specific fees and expenses allocable to the Fund and each of the funds that are series of the Trust. The second amendment
revised the fee schedule between the parties, including the specific fees and expenses allocable to the Fund and each
Teucrium Fund. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Distributor receives a fee at an annual
rate of 0.01% of each Teucrium Fund&rsquo;s average daily net assets calculated and billed monthly, and an annual aggregate fee
of $100,000 for all Teucrium Funds for which the Distributor serves as such. The fee to be paid to the Distributor will not exceed
$130,000 for the two year period of this offering. The Distributor also receives certain expense reimbursements
for its filing of sales and advertising material on behalf of the Fund. These expense reimbursements are issuer costs and will
not exceed $6,000 for the two year period of this offering </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Also as of October 1, 2011, the Sponsor, the
Trust, and the Distributor entered into a letter agreement to terminate the Distribution Consulting and Marketing Services Agreement
dated as of September 17, 2010 (the &#8220;Marketing Agreement&#8221;) between the parties. Pursuant to the Marketing Agreement,
the Distributor was responsible for (1) marketing the Fund and other funds that are series of the Trust to financial intermediaries
and increasing financial intermediaries&#8217; awareness of the Fund and the Teucrium Funds; (2) assisting with the market positioning
of the Fund and the Teucrium Funds; (3) attending relevant industry conferences as appropriate; and (4) deploying sales team resources,
as needed, to target markets. The parties decided to terminate the Marketing Agreement to allow for the Sponsor to have increased
flexibility in the marketing of the Fund and the Teucrium Funds. As of October 1, 2011, the tasks previously performed by the Distributor
under the Marketing Agreement will be performed by the Sponsor and/or its designee, as may be determined by the Sponsor from time
to time, on behalf of the Fund and the Teucrium Funds.&nbsp;&nbsp;Neither the Sponsor nor the Trust incurred any material early
termination penalties in connection with the termination of the Marketing Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> The Sponsor, the Trust, and the
Distributor are also parties to a Securities Activities and Services Agreement, as amended from time to time (the
&ldquo;SASA&rdquo;), pursuant to which certain employees and officers of the Sponsor are licensed as Registered
Representatives or registered principals of the Distributor under FINRA rules. As Registered Representatives of the
Distributor, these persons are permitted to engage in certain marketing activities for the Fund that they would otherwise not
be permitted to engage in. Under the SASA, the Distributor receives compensation for its activities on behalf of the Teucrium
Funds which will not exceed $2,400 for the two year period of this offering, as well as certain expense reimbursements
relating to the registration, continuing education and other administrative expenses of the Registered Representatives in
relation to the Teucrium Funds, which will not exceed $1,700 for the two year period of this offering. The Registered
Representatives will also be paid non-transaction based compensation for certain non-marketing related services provided to
the Fund. This amount will not exceed $38,560 over the two year period of this offering. Registered Representatives will also
be paid for marketing and wholesaling services to the Fund. This amount will not exceed $15,895 over the two year period of
this offering. Of these amounts, the Sponsor will pay $6,000. The remainder will be paid by the Fund. Registered
Representatives will also receive continuing education valued at a maximum of $150 for this offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> In no event may the aggregate compensation
from any source payable to underwriters, broker-dealers, or affiliates thereof for distribution-related services in connection
with this offering exceed ten percent (10%) of the gross proceeds of this offering. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering of baskets is being made in compliance
with Conduct Rule 2310 of FINRA.&nbsp; Accordingly, Authorized Purchasers will not make any sales to any account over which they
have discretionary authority without the prior written approval of a purchaser of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The per share price of Shares offered in Creation
Baskets on any day is the total NAV of the Fund calculated shortly after the close of the NYSE Arca on that day divided by the
number of issued and outstanding Shares.&nbsp; An Authorized Purchaser is not required to sell any specific number or dollar amount
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>By
executing an Authorized Purchaser Agreement, an Authorized Purchaser becomes part of the group of parties eligible to purchase
baskets from, and put baskets for redemption to, the Fund.&nbsp; An Authorized Purchaser is under no obligation to create or redeem
baskets or to offer to the public Shares of any baskets it does create.&nbsp; If an Authorized Purchaser sells Shares that it has
created to the public, it will be expected to sell them at per-Share offering prices that are expected to reflect, among other
factors, the trading price of the Shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser purchased the
Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time
of sale, and the liquidity of the Oil Interest markets.&nbsp; The prices of Shares offered by Authorized Purchasers are expected
to fall between the Fund&#8217;s NAV and the trading price of the Shares on the NYSE Arca at the time of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following entities have entered into Authorized
Purchaser Agreements with respect to the Fund: Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities,
LLC, Merrill Lynch Professional Clearing Corp., Newedge, Goldman Sachs &amp; Co., Goldman Sachs Execution &amp; Clearing, L.P.,
UBS Securities, LLC, and Virtu Financial BD LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because new Shares can be created and issued
on an ongoing basis, at any point during the life of the Fund, a &#8220;distribution,&#8221; as such term is used in the 1933 Act,
will be occurring.&nbsp; Authorized Purchasers, other broker-dealers and other persons are cautioned that some of their activities
may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject
them to the prospectus-delivery and liability provisions of the 1933 Act.&nbsp; For example, an Authorized Purchaser, other broker-dealer
firm or its client will be deemed a statutory underwriter if it purchases a basket from the Fund, breaks the basket down into the
constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with
an active selling effort involving solicitation of secondary market demand for the Shares.&nbsp; In contrast, Authorized Purchasers
may engage in secondary market or other transactions in Shares that would not be deemed &#8220;underwriting.&#8221;&nbsp;&nbsp;For
example, an Authorized Purchaser may act in the capacity of a broker or dealer with respect to Shares that were previously distributed
by other Authorized Purchasers.&nbsp; A determination of whether a</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">particular market participant is an underwriter must take into account
all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the
examples mentioned above should not be considered a complete description of all the activities that would lead to designation as
an underwriter and subject them to the prospectus-delivery and liability provisions of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dealers who are neither Authorized Purchasers
nor &#8220;underwriters&#8221; but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an &#8220;unsold allotment&#8221; within the meaning of Section 4(3)(C)
of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor expects that any broker-dealers
selling Shares will be members of FINRA.&nbsp; Investors intending to create or redeem baskets through Authorized Purchasers in
transactions not involving a broker-dealer registered in such investor&#8217;s state of domicile or residence should consult their
legal advisor regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation
or redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Authorized Purchasers may be indemnified
by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their purchases
of Creation Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_036"></A>The Flow of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><IMG SRC="primarymkt.gif" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_037"></A><B>Calculating NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s NAV per share is calculated
by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">taking the current market value of its total assets, and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">subtracting any liabilities and dividing the balance by the number of Shares.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Administrator calculates the NAV of the
Fund once each trading day.&nbsp; It calculates NAV as of&nbsp;&nbsp;the earlier of the close of the New York Stock Exchange or
4:00 p.m. New York time.&nbsp; The NAV for a particular trading day is released after 4:15 p.m. New York time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In determining the value of Oil Futures Contracts,
the Administrator uses the NYMEX closing price (which as of December 31, 2012 was 2:30 p.m. New York time).&nbsp; The Administrator
determines the value of all other Fund investments as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. New
York time, in accordance with the current Services Agreement between the Administrator and the Trust.&nbsp; The value of Cleared
Oil Swaps and over-the-counter Oil Interests is determined based on the value of the commodity or Futures Contract underlying such
Oil Interest, except that a fair value may be determined if the Sponsor believes that the Fund is subject to significant credit
risk relating to the counterparty to such Oil</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Interest.&nbsp; Treasury Securities held by the Fund are valued
by the Administrator using values received from recognized third-party vendors (such as Reuters) and dealer quotes.&nbsp; NAV includes
any unrealized profit or loss on open Oil Interests and any other credit or debit accruing to the Fund but unpaid or not received
by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, in order to provide updated information
relating to the Fund for use by investors and market professionals, NYSE Arca calculates and disseminates throughout the trading
day an updated &#8220;indicative fund value.&#8221; The indicative fund value is calculated by using the prior day&#8217;s closing
NAV per share of the Fund as a base and updating that value throughout the trading day to reflect changes in the value of the Fund&#8217;s
Oil Interests during the trading day. Changes in the value of Treasury Securities and cash equivalents are not included in the
calculation of indicative value. For this and other reasons, the indicative fund value disseminated during NYSE Arca trading hours
should not be viewed as an actual real time update of the NAV. NAV is calculated only once at the end of each trading day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The indicative fund value will be disseminated
on a per Share basis every 15 seconds during regular NYSE Arca trading hours of 9:30 a.m. New York time to 4:00 p.m. New York time.
<B>&nbsp;</B> The normal trading hours for Oil Futures Contracts on the NYMEX are 9:00 a.m. New York time to 2:30 p.m. New York
time, as of December 31, 2012.&nbsp; This means that there is a gap in time at the beginning and the end of each day during which
the Fund&#8217;s Shares are traded on the NYSE Arca, but real-time NYMEX trading prices for Oil Futures Contracts traded on such
exchange are not available.&nbsp; As a result, during those gaps there is no update to the indicative fund value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The NYSE Arca disseminates the indicative fund
value through the facilities of CTA/CQ High Speed Lines.&nbsp; In addition, the indicative fund value is published on the NYSE
Arca&#8217;s website and is available through on-line information services such as Bloomberg and Reuters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Dissemination
of the indicative fund value provides additional information that is not otherwise available to the public and is useful to investors
and market professionals in connection with the trading of Fund Shares on the NYSE Arca.&nbsp; Investors and market professionals
are able throughout the trading day to compare the market price of the Fund and the indicative fund value.&nbsp; If the market
price of Fund Shares diverges significantly from the indicative fund value, market professionals will have an incentive to execute
arbitrage trades.&nbsp; For example, if the Fund appears to be trading at a discount compared to the indicative fund value, a market
professional could buy Fund Shares on the NYSE Arca, aggregate them into Redemption Baskets, and receive the NAV of such Shares
by redeeming them to the Trust.&nbsp; Such arbitrage trades can tighten the tracking between the market price of the Fund and the
indicative fund value and thus can be beneficial to all market participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_038"></A>Creation and Redemption of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund creates and redeems Shares from time
to time, but only in one or more Creation Baskets or Redemption Baskets.&nbsp; The creation and redemption of baskets are only
made in exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasury Securities, cash and/or commodity
futures equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined as of 4:00
p.m. New York time on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Authorized Purchasers are the only persons that
may place orders to create and redeem baskets.&nbsp; Authorized Purchasers must be (1) either registered broker-dealers or other
securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers
to engage in securities transactions as described below, and (2) DTC Participants.&nbsp; To become an Authorized Purchaser, a person
must enter into an Authorized Purchaser Agreement with the Sponsor.&nbsp; The Authorized Purchaser Agreement provides the procedures
for the creation and redemption of baskets and for the delivery of the Treasury Securities, cash and/or commodity futures required
for such creations and redemptions.&nbsp; The Authorized Purchaser Agreement and the related procedures attached thereto may be
amended by the Sponsor, without the consent of any Shareholder or Authorized Purchaser.&nbsp; Authorized Purchasers pay a fee of
$250.00 for each Creation Basket created or Redemption Basket redeemed, with, in the case of creation orders, a maximum fee of
$500.00 per order.&nbsp; Authorized Purchasers who make deposits with the Fund in exchange for baskets receive no fees, commissions
or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any
obligation or responsibility to the Trust or the Sponsor to effect any sale or resale of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain Authorized Purchasers are expected to
be capable of participating directly in the physical crude oil and the Oil Interest markets.&nbsp; Some Authorized Purchasers or
their affiliates may from time to time buy or sell crude oil or Oil Interests and may profit in these instances.&nbsp; The Sponsor
believes that the size and operation of the oil market make it unlikely that Authorized Purchasers&#8217; direct activities in
the crude oil or securities markets will significantly affect the price of crude oil, Oil Interests, or the Fund&#8217;s Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each Authorized Purchaser will be required to
be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or be exempt from being or otherwise
not required to be registered as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the
states or other jurisdictions where the nature of its business so requires.&nbsp; Certain Authorized Purchasers may also be regulated
under federal and state banking laws and regulations.&nbsp; Each Authorized Purchaser has its own set of rules and procedures,
internal controls and information barriers it deems appropriate in light of its own regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Authorized Purchaser Agreement, the
Sponsor has agreed to indemnify the Authorized Purchasers against certain liabilities, including liabilities under the 1933 Act,
and to contribute to the payments the Authorized Purchasers may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the Trust
Agreement and the form of Authorized Purchaser Agreement for more detail, each of which has been incorporated by reference as an
exhibit to the registration statement of which this prospectus is a part.&nbsp; See &#8220;Where You Can Find More Information&#8221;
for information about where you can obtain the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Creation Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On any business day, an Authorized Purchaser
may place an order with the transfer agent to create one or more baskets.&nbsp; For purposes of processing purchase and redemption
orders, a &#8220;business day&#8221; means any day other than a day when any of the NYSE Arca, the NYMEX or the New York Stock
Exchange is closed for regular trading.&nbsp; Purchase orders must be placed by 12:00 p.m. New York time or the close of regular
trading on the New York Stock Exchange, whichever is earlier.&nbsp; The day on which the Custodian receives a valid purchase order
is referred to as the purchase order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By placing a purchase order, an Authorized Purchaser
agrees to deposit Treasury Securities, cash, commodity futures and/or a combination thereof with the Fund, as described below.&nbsp;
Authorized Purchasers may not withdraw a purchase order without the prior consent of the Sponsor in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Determination of Required Deposits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The total deposit required to create each basket
(&#8220;Creation Basket Deposit&#8221;) is the amount of Treasury Securities, cash and/or commodity futures that is in the same
proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase
order date as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding
on the purchase order date.&nbsp; The Sponsor determines, directly in its sole discretion or in consultation with the Custodian,
the requirements for Treasury Securities, cash and/or commodity futures, including the remaining maturities of the Treasury Securities
and proportions of Treasury Securities, that may be included in deposits to create baskets.&nbsp; If Treasury Securities are to
be included in a Creation Basket Deposit for orders placed on a given business day, the Distributor will publish an estimate of
the Creation Basket Deposit requirements at the beginning of such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Delivery of Required Deposits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An Authorized Purchaser who places a purchase
order is responsible for transferring to the Fund&#8217;s account with the Custodian the required amount of Treasury Securities,
cash and/or commodity futures by the end of the next business day following the purchase order date or by the end of such later
business day, not to exceed three business days after the purchase order date, as agreed to between the Authorized Purchaser and
the Custodian when the purchase order is placed (the &#8220;Purchase Settlement Date&#8221;).&nbsp; Upon receipt of the deposit
amount, the Custodian directs DTC to credit the number of baskets ordered to the Authorized Purchaser&#8217;s DTC account on the
Purchase Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Because orders to purchase baskets must be placed
by 12:00 p.m., New York time, but the total payment required to create a basket during the continuous offering period will not
be determined until 4:00 p.m., New York time, on the date the purchase order is received, Authorized Purchasers will not know the
total amount of the payment required to create a basket at the time they submit an irrevocable purchase order for the basket.&nbsp;
The Fund&#8217;s NAV and the total amount of the payment required to create a basket could rise or fall substantially between the
time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Rejection of Purchase Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor acting by itself or through the
Distributor or Custodian may reject a purchase order or a Creation Basket Deposit if:</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">it determines that, due to position limits or otherwise, investment alternatives that will enable the Fund to meet its investment objective are not available or practicable at that time;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">it determines that the purchase order or the Creation Basket Deposit is not in proper form;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">it believes that acceptance of the purchase order or the Creation Basket Deposit would have adverse tax consequences to the Fund or its Shareholders;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">circumstances outside the control of the Sponsor, Distributor or Custodian make it, for all practical purposes, not feasible to process creations of baskets.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">there is a possibility that any or all of the Benchmark Component Futures Contracts of the Fund on the NYMEX from which the NAV of the Fund is calculated will be priced at a daily price limit restriction; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">if, in the sole discretion of the Sponsor,
        the execution of such an order would not be in the best interest of the Fund or its Shareholders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">None of the Sponsor, Distributor or Custodian
will be liable for the rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Redemption Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The procedures by which an Authorized Purchaser
can redeem one or more baskets mirror the procedures for the creation of baskets.&nbsp; On any business day, an Authorized Purchaser
may place an order with the transfer agent to redeem one or more baskets.&nbsp; Redemption orders must be placed by 12:00&nbsp;p.m.
New York time or the close of regular trading on the New York Stock Exchange, whichever is earlier.&nbsp; A redemption order so
received will be effective on the date it is received in satisfactory form by the Distributor.&nbsp; The redemption procedures
allow Authorized Purchasers to redeem baskets and do not entitle an individual Shareholder to redeem any Shares in an amount less
than a Redemption Basket, or to redeem baskets other than through an Authorized Purchaser.&nbsp; By placing a redemption order,
an Authorized Purchaser agrees to deliver the baskets to be redeemed through DTC&#8217;s book-entry system to the Fund by the end
of the next business day following the effective date of the redemption order or by the end of such later business day, not to
exceed three business days after the effective date of the redemption order, as agreed to between the Authorized Purchaser and
the transfer agent when the redemption order is placed (the &#8220;Redemption Settlement Date&#8221;).&nbsp; Prior to the delivery
of the redemption distribution for a redemption order, the Authorized Purchaser must also have wired to the Sponsor&#8217;s account
at the Custodian the non-refundable transaction fee due for the redemption order.&nbsp; An Authorized Purchaser may not withdraw
a redemption order without the prior consent of the Sponsor in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Determination of Redemption Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The redemption distribution from the Fund consists
of a transfer to the redeeming Authorized Purchaser of an amount of Treasury Securities, cash and/or commodity futures that is
in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the date the order to redeem is properly received as the number of Shares to be redeemed under the redemption order is in proportion
to the total number of Shares outstanding on the date the order is received.&nbsp; The Sponsor, directly or in consultation with
the Custodian, determines the requirements for Treasury Securities, cash and/or commodity futures, including the remaining maturities
of the Treasury Securities and proportions of Treasury Securities, that may be included in distributions to redeem baskets.&nbsp;
If Treasury Securities are to be included in a redemption distribution for orders placed on a given business day, the Custodian
will publish an estimate of the redemption distribution per basket as of the beginning of such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Delivery of Redemption Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The redemption distribution due from the Fund
will be delivered to the Authorized Purchaser on the Redemption Settlement Date if the Fund&#8217;s DTC account has been credited
with the baskets to be redeemed.&nbsp; If the Fund&#8217;s DTC account has not been credited with all of the baskets to be redeemed
by the end of such date, the redemption distribution will be delivered to the extent of whole baskets received.&nbsp; Any remainder
of the redemption distribution will be delivered on the next business day after the Redemption Settlement Date to the extent of
remaining whole baskets received if the Sponsor receives the fee applicable to the extension of the Redemption Settlement Date
which the Sponsor may, from time to time, determine and the remaining baskets to be redeemed are credited to the Fund&#8217;s DTC
account on such next business day.&nbsp; Any further outstanding amount of the redemption order shall be cancelled.&nbsp; Pursuant
to information from the Sponsor, the Custodian will also be authorized to deliver the redemption distribution notwithstanding that
the baskets to be redeemed are not credited to the Fund&#8217;s DTC account by the Redemption Settlement Date if the Authorized
Purchaser has collateralized its obligation to deliver the baskets through DTC&#8217;s book entry-system on such terms as the Sponsor
may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Suspension or Rejection of Redemption
Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may, in its discretion, suspend
the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca or the NYMEX
is closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the NYMEX is suspended or restricted,
(2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasury Securities
is not reasonably practicable; (3) for such other period as the Sponsor determines to be necessary for the protection of the Shareholders;
(4) if there is a possibility that any or all of the Benchmark Component Futures Contracts of the Fund on the NYMEX from which
the NAV of the Fund is calculated will be priced at a daily price limit restriction, or (5) if, in the sole discretion of the Sponsor,
the execution of such an order would not be in the best interest of the Fund or its Shareholders. For example, the Sponsor may
determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Fund&#8217;s assets at an appropriate
value to fund a redemption.&nbsp; If the Sponsor has difficulty liquidating the Fund&#8217;s positions, e.g., because of a market
disruption event in the futures markets or an unanticipated delay in the liquidation of a position in an over the counter contract,
it may be appropriate to suspend redemptions until such time as such circumstances are rectified.&nbsp; None of the Sponsor, the
Distributor, or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such
suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Redemption orders must be made in whole baskets.
The Sponsor will reject a redemption order if the order is not in proper form as described in the Authorized Purchaser Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.&nbsp; The Sponsor may also reject a redemption
order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 50,000 Shares ( <I>i.e.</I> two baskets)
or less, unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding
Shares and can deliver them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Creation and Redemption Transaction Fees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To compensate the Sponsor for its expenses in
connection with the creation and redemption of baskets, an Authorized Purchaser is required to pay a fee of $250.00 for each Creation
Basket created or Redemption Basket redeemed, with, in the case of creation orders, a maximum fee of $500.00 per order.&nbsp; The
transaction fees may be reduced, increased or otherwise changed by the Sponsor.&nbsp; The Sponsor shall notify DTC of any change
in a transaction fee and will not implement any increase in the fee for the redemption of baskets until 30 days after the date
of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Responsibility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Authorized Purchasers are responsible for any
transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the
creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Purchaser,
and agree to indemnify the Sponsor and the Fund if they are required by law to pay any such tax, together with any applicable penalties,
additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_039"></A>Secondary Market Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted, the Fund will create and redeem Shares
from time to time, but only in one or more Creation Baskets or Redemption Baskets.&nbsp; The creation and redemption of baskets
are only made in exchange for delivery to the Fund or the distribution by the Fund of the amount of Treasury Securities and/or
cash equal to the aggregate NAV of the number of Shares included in the baskets being created or redeemed determined on the day
the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, Authorized Purchasers are
the only persons that may place orders to create and redeem baskets. Authorized Purchasers must be registered broker-dealers or
other securities market participants, such as banks and other</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">financial institutions that are not required to register as broker-dealers
to engage in securities transactions. An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized
Purchaser is under no obligation to offer to the public Shares of any baskets it does create. Authorized Purchasers that do offer
to the public Shares from the baskets they create will do so at per-Share offering prices that are expected to reflect, among other
factors, the trading price of the Shares on the NYSE Arca, the NAV of the Shares at the time the Authorized Purchaser purchased
the Creation Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for
Shares at the time of sale, and the liquidity of the Oil Interest markets. The prices of Shares offered by Authorized Purchasers
are expected to fall between the Fund&#8217;s NAV and the trading price of the Shares on the NYSE Arca at the time of sale. Shares
initially comprising the same basket but offered by Authorized Purchasers to the public at different times may have different offering
prices. An order for one or more baskets may be placed by an Authorized Purchaser on behalf of multiple clients. Shares are expected
to trade in the secondary market on the NYSE Arca. Shares may trade in the secondary market at prices that are lower or higher
relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be
influenced by various factors, including the number of investors who seek to purchase or sell Shares in the secondary market and
the liquidity of the Oil Interest markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in
the markets for Oil Interests may be reduced after the close of the NYMEX at 2:30 p.m. New York time as of December 31, 2012. As
a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_040"></A><B>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor causes the Fund to transfer the
proceeds of the sale of Creation Baskets to the Custodian or another custodian for use in trading activities.&nbsp; The Sponsor
invests the Fund&#8217;s assets in Oil Futures Contracts, Cleared Oil Swaps and Other Oil Interests, Treasury Securities, cash
and cash equivalents.&nbsp; When the Fund purchases Oil Futures Contracts and certain Other Oil Interests that are exchange-traded,
the Fund is required to deposit with the FCMs on behalf of the exchange a portion of the value of the contract or other interest
as security to ensure payment for the obligation under the Oil Interests at maturity.&nbsp; This deposit is known as initial margin.&nbsp;
Counterparties in transactions in Cleared Oil Swaps and over-the-counter Oil Interests will generally impose similar collateral
requirements on the Fund.&nbsp; The Sponsor invests the Fund&#8217;s assets that remain after margin and collateral is posted in
Treasury Securities, cash and/or cash equivalents.&nbsp; Subject to these margin and collateral requirements, the Sponsor has sole
authority to determine the percentage of assets that will be:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">held as margin or collateral with FCMs or other custodians;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">used for other investments; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">held in bank accounts to pay current obligations and as reserves.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, the Fund expects that it will be
required to post between 5% and 10% of the notional amount of an Oil Interest as initial margin when entering into such Oil Interest.
Ongoing margin and collateral payments will generally be required for both exchange-traded and over-the-counter Oil Interests based
on changes in the value of the Oil Interests. Furthermore, ongoing collateral requirements with respect to over-the-counter Oil
Interests are negotiated by the parties, and may be affected by overall market volatility, volatility of the underlying commodity
or index, the ability of the counterparty to hedge its exposure under the Oil Interest, and each party&#8217;s creditworthiness.
In light of the differing requirements for initial payments under exchange-traded and over-the-counter Oil Interests and the fluctuating
nature of ongoing margin and collateral payments, it is not possible to estimate what portion of the Fund&#8217;s assets will be
posted as margin or collateral at any given time. The Treasury Securities, cash and cash equivalents held by the Fund constitute
reserves that are available to meet ongoing margin and collateral requirements. All interest income is used for the Fund&#8217;s
benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A FCM, counterparty, government agency or commodity
exchange could increase margin or collateral requirements applicable to the Fund to hold trading positions at any time.&nbsp; Moreover,
margin is merely a security deposit and has no bearing on the profit or loss potential for any positions held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s assets are held in segregation
pursuant to the CEA and CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_066"></A>Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Critical Accounting Policies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Preparation of the financial statements
and related disclosures in compliance with United States generally accepted accounting principles (&#8220;GAAP&#8221;) requires
the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, revenue, and expense and related disclosure
of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. The Trust&#8217;s
application of these policies involves judgments, and actual results may differ from the estimates used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Sponsor has determined that the valuation
of Commodity Interests that are not traded on a U.S. or internationally recognized futures exchange (such as swaps and other over-the-counter
contracts) involves a critical accounting policy. The values which are used by the Funds for futures contracts will be provided
by the commodity broker who will use market prices when available, while over-the-counter contracts will be valued based on the
present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative
contracts prior to their delivery date. Values will be determined on a daily basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Commodity futures contracts held by the
Fund are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily.
Unrealized appreciation or depreciation on commodity futures contracts are reflected in the statement of operations as the difference
between the original contract amount and the fair market value as of the last business day of the year or as of the last date of
the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statement of operations.
Interest on cash equivalents and deposits with the Futures Commission Merchant are recognized on the accrual basis. The Fund earns
interest on its assets denominated in U.S. dollars on deposit with the Futures Commission Merchant at a rate equal to 85% of the
overnight of Federal Funds Rate. In addition, the Fund earns interest on funds held at the custodian at prevailing market rates
for such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Cash equivalents are highly-liquid investments
with original maturity dates of three months or less at inception. The Fund reports cash equivalents in the statements of assets
and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly-liquid nature and
short-term maturities. The Fund has a substantial portion of its assets on deposit with banks. Assets deposited with the bank may,
at times, exceed federally insured limits .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The use of fair value to measure financial
instruments, with related unrealized gains or losses recognized in earnings in each period is fundamental to the Trust&#8217;s
financial statements. In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid
to transfer a liability (i.e., the &#8220;exit price&#8221;) in an orderly transaction between market participants at the measurement
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In determining fair value, the Trust
uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that
maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs
be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based
on market data obtained from sources independent of the Trust. Unobservable inputs reflect the Trust&#8217;s assumptions about
the inputs market participants would use in pricing the asset or liability developed based on the best information available in
the circumstances. The fair value hierarchy is categorized into three levels: a) Level 1 - Valuations based on unadjusted quoted
prices in active markets for identical assets or liabilities that the Trust has the ability to access. Valuation adjustments and
block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that are readily and regularly
available in an active market, valuation of these securities does not entail a significant degree of judgment, b) Level 2 - Valuations
based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly,
and c) Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See the
notes within the financial statements for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Fund and the Trust record their derivative
activities at fair value. Gains and losses from derivative contracts are included in the statement of operations. Derivative contracts
include futures contracts related to commodity prices. Futures, which are listed on a national securities exchange, such as the
CBOT or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives
contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant
inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Brokerage commissions on all open commodity
futures contracts are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Margin is the minimum amount of funds
that must be deposited by a commodity interest trader with the trader&#8217;s broker to initiate and maintain an open position
in futures contracts. A margin deposit acts to assure the trader&#8217;s performance of the futures contracts purchased or sold.
Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase
or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may
create profits and losses that, in relation to the amount invested, are greater than are customary in other forms of investment
or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly
exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from
time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term
of the contract. Brokerage firms, such as the Funds&#8217; clearing brokers, carrying accounts for traders in commodity interest
contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over-the-counter trading
generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral
by one or both parties to address credit exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">When a trader purchases an option, there
is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he
or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest
and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling
of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher
than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions,
which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Ongoing or &#8220;maintenance&#8221;
margin requirements are computed each day by a trader&#8217;s clearing broker. When the market value of a particular open futures
contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made
by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader&#8217;s position. With
respect to the Funds&#8217; trading, the Funds (and not its shareholders personally) are subject to margin calls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Finally, many major U.S. exchanges have
passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an
account would, in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring
the total risk of the combined positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For tax purposes, the Funds will be treated
as partnerships. Therefore, the Funds do not record a provision for income taxes because the partners report their share of a Fund&#8217;s
income or loss on their income tax returns. The financial statements reflect the Funds&#8217; transactions without adjustment,
if any, required for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>Results
of Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Teucrium WTI Crude
Oil Fund commenced investment operations on February 23, 2011. The investment objective of CRUD is to have the daily changes in
percentage terms of the Shares&#8217; Net Asset Value (&#8220;NAV&#8221;) reflect the daily changes in percentage terms of a weighted
average of the closing settlement prices for futures contracts for WTI crude oil, also known as Texas Light Sweet Crude Oil (&#8220;Oil
Futures Contracts&#8221;) traded on the NYMEX, specifically (1) the nearest to spot June or December Oil Futures Contract, weighted
35%; (2) the June or December Oil Futures Contract following the aforementioned (1), weighted 30%; and (3) the next December Oil
Future Contract that immediately follows the aforementioned (2), weighted 35%. On December 31, 2012, the Fund held a total of 30
NYMEX WTI crude oil futures contracts with a notional value of $2,041,180. Of these contracts, 14 had an asset fair value of $44,872
and 8 had a liability fair value of $58,090. The weighting of the notional value of the contracts was weighted as follows: (1)
37% to the contracts settling on May 21, 2013, (2) 27% to contracts settling on November 20, 2013, and (3) 36% to the contracts
settling on November 20, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the Year Ended December
31, 2012 Compared to the Year Ended December 31, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 31, 2011, the
Fund had 100,002 shares outstanding and net assets of $4,445,013. On December 31, 2012, the Fund had 50,002 shares outstanding
with net assets of $1,993,747. The decrease in shares outstanding was 50,000 shares and 50% from 2011 to 2012. In 2012 the Fund
redeemed 50,000 shares and issued no shares as part of creation and redemption baskets. There are now a minimum number of
shares outstanding and there can be no further redemptions until additional shares are created.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total net assets for the
Fund were $1,993,747 on December 31, 2012 and $4,445,013 on December 31, 2011. The Net Asset Values (&#8220;NAV&#8221;) per share
related to these balances were $39.87 and $44.45 respectively. This represents a decrease in total net assets for the year ending
December 31, 2012 versus 2011 of 55.1% driven by a combination of a decrease in the number of shares as well as a decrease in the
price of the underlying commodity. The NAV per share decreased by $4.58 or 10.3%. On December 30, 2011, the closing price on the
NYSE Arca was $44.58; and on December 31, 2012, the closing price on the NYSE Arca was $39.53. The change from December 31, 2012
over 2011 was an 11.3% decrease from 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total loss for the year
ended December 31, 2012 was ($135,367) resulting primarily from the net change in unrealized depreciation on commodity futures
contracts totaling ($129,192) with a small loss generated by the realized loss on commodity futures contracts of ($8,348). Total
loss was ($44,125) in 2011. Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in
the price of the particular contracts sold as part of a &#8220;roll&#8221; in contracts as the nearest to expire contracts are
exchanged for the appropriate contact given the investment objective of the fund, 2) the change in the price of particular contracts
sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance
to the benchmark and 4) the number of contracts held and then sold for either circumstance aforementioned. Unrealized gain or loss
on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period
versus the purchase price for each contract and the number of contracts held in each contract month. The Sponsor has a static benchmark
as described above and trades futures contracts to adhere to that benchmark and to adjust for the creation or redemption of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Total expenses for the
year ended December 31, 2012 were $167,430. Of this, $26,649 was attributable to payment of the management fee to the Sponsor,
representing 15.9% of expenses. The management fee is calculated at an annual rate of 1% of the Fund&#8217;s daily average net
assets. In 2012, the Sponsor paid approximately $35,500 of expenses that normally would have been borne by the Fund. In 2011, total
expenses were $474,622 with the management fee to the Sponsor of $44,127 representing 9.3% of total expense. In 2011, the Sponsor
paid none of the expenses that normally would have been borne by the Fund. The decrease from 2012 to 2011 in total expenses of
($307,192) and 64.7% was a combination of lower assets under management relative to the other Funds managed by the Sponsor, which
resulted in fewer expenses allocated to the Fund, renegotiated contracts on behalf of the Fund and the payment of some of the Fund&#8217;s
expenses by the Sponsor. The most significant year over year changes in expenses were seen in distribution and marketing fees which
decreased by ($198,206) or 76.4% for the reasons discussed above. Custodian fees and expenses decrease by ($46,862) or 42.4% due
to re-negotiated contracts. Other than the management fee payable to the Sponsor and the brokerage commissions, most of the expenses
incurred by the Fund are associated with the day-to-day operation of the Fund and the necessary functions related to regulatory
compliance. These are generally based on contracts, which extend for some period of time and up to one-year, or commitments regardless
of the level of assets under management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Effective August 1, 2012
the Sponsor reduced the daily expense accruals for the Fund from $252 per day to $50 per day. Effective January 1, 2013, the Sponsor
initiated daily expense accruals, excluding the management fee, equal to .5% of total net assets for the Fund on an annual basis.
The structure of the Fund and the nature of the expenses are such that as total net assets grow, there is a scalability of expenses
that may allow the total expense ratio to be reduced. As the Sponsor has initialed a percentage based daily expense accrual for
the Fund, even if total net assets for the Fund fall, the total expense ratio of the Fund will not increase . The Sponsor can elect
to adjust the daily expense accruals at its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in the Fund&#8217;s operating
activities during the period was ($145,531) in 2012 and $ (823,850) in 2011. In 2012, payments for the redemption of shares were
$2,148,469 with no proceeds from the sale of shares. For 2011, proceeds from the sale of Shares of the Fund were $6,077,099, which
were offset by $1,113,439 in payments for the redemption of Shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Benchmark Performance</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the period from January 1, 2012 through
December 31, 2012, the average daily change in the Fund&#8217;s NAV was within plus/minus 10 percent of the average daily change
in the Fund&#8217;s Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liquidity and Capital Resources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund does not make use of borrowings or
other lines of credit to meet its obligations.&nbsp; The Fund meets its liquidity needs in the normal course of business from the
proceeds of the sale of its investments or from the cash, cash equivalents and/or the Treasury Securities that it intends to hold
at all times.&nbsp; The Fund&#8217;s liquidity needs include: redeeming Shares, providing margin deposits for existing futures contracts or the purchase of
additional futures contracts, posting collateral for over-the-counter Oil Interests, and payment of expenses, summarized below
under &#8220;Contractual Obligations.&#8221;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund generates cash primarily from (i) the
sale of Creation Baskets and (ii) interest earned on cash, cash equivalents and its investments in Treasury Securities.&nbsp; It
is anticipated that the Fund will invest in Oil Interests that have a notional value approximate to the net asset value of the
Fund.&nbsp; Most of the assets of the Fund will be held in Treasury Securities, cash and/or cash equivalents that could be used
as margin or collateral for trading in Oil Interests.&nbsp; The percentage that such assets will bear to the total net assets will
vary from period to period as the market values of the Oil Interests change.&nbsp; Interest earned on interest-bearing assets of
the Fund are paid to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The investments of the Fund in Oil Interests
will be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Market Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Trading in Oil Interests such as WTI Oil Futures
Contracts involves the Fund entering into contractual commitments to purchase or sell specific amounts of WTI light, sweet crude
oil at a specified date in the future.&nbsp; The gross or face amount of the contracts significantly exceeds the future cash requirements
of the Fund since the Fund typically closes out any open positions prior to the contractual expiration date.&nbsp; As a result,
the Fund&#8217;s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make
delivery under the contracts.&nbsp; The Fund considers the &#8220;fair value&#8221; of derivative instruments to be the unrealized
gain or loss on the contracts.&nbsp; The market risk associated with the commitment by the Fund to purchase a specific commodity
is limited to the aggregate face amount of the contracts held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>The
exposure of the Fund to market risk depends on a number of factors including the markets for WTI light, sweet crude oil, the volatility
of interest rates and foreign exchange rates, the liquidity of the Oil Interest markets and the relationships among the contracts
held by the Fund.&nbsp; The limited experience of the Sponsor in trading Oil Interests in a manner that tracks changes in the Benchmark,
as well as drastic market events, could ultimately lead to the loss of all or substantially all of a Shareholder&#8217;s investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">When the Fund enters into Oil Interests, it
is exposed to the credit risk that the counterparty will not be able to meet its obligations.&nbsp; For purposes of credit risk,
the counterparty for the Oil Futures Contracts traded on the NYMEX and for Cleared Oil Swaps is the clearinghouse associated with
the NYMEX.&nbsp; In general, clearinghouses are backed by their members who may be required to share in the financial burden resulting
from the nonperformance of one of their members, which should significantly reduce credit risk.&nbsp; Some foreign exchanges are
not backed by their clearinghouse members but may be backed by a consortium of banks or other financial institutions.&nbsp; Unlike
in the case of exchange-traded futures contracts, the counterparty to an over-the-counter Oil Interest contract is generally a
single bank or other financial institution.&nbsp; As a result, there is greater counterparty credit risk in over-the-counter transactions.&nbsp;
There can be no assurance that any counterparty, clearing house, or their financial backers will satisfy their obligations to the
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor attempts to manage the credit risk
of the Fund by following certain trading limitations and policies. In particular, the Fund intends to post margin and collateral
and/or hold liquid assets that will be equal to approximately the face amount of the Oil Interests it holds. The Sponsor has implemented
procedures that include, but are not limited to, executing and clearing trades and entering into over-the-counter transactions
only with parties it deems creditworthy and/or requiring the posting of collateral by such parties for the benefit of the Fund
to limit its credit exposure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any commodity broker for the Fund, when acting
as the FCM in accepting orders to purchase or sell futures contracts on United States exchanges, will be required by CFTC regulations
to separately account for and treat as belonging to the Fund all of the Fund&#8217;s assets that relate to domestic futures contract
trading.&nbsp; These commodity brokers are not allowed to commingle the assets of the Fund with the commodity broker&#8217;s other
assets although commodity brokers are allowed to commingle the assets of multiple customers in a bulk segregated account.&nbsp;
In addition, the CFTC requires commodity brokers to hold in a secure account the assets of the Fund related to foreign futures
contract trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On November 14, 2012, the CFTC proposed
new regulations that would require enhanced customer protections, risk management programs, internal monitoring and controls, capital
and liquidity standards, customer disclosures, and auditing and examination programs for FCMs. The proposed rules are intended
to afford greater assurances to market participants that: customer segregated funds and secured amounts are protected; customers
are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business;
FCMs are monitoring and managing risks in a robust manner; the capital and liquidity of FCMs are strengthened
to safeguard their continued operations; and the auditing and examination programs of the CFTC and the SROs are monitoring the
activities of FCMs in a thorough manner. The final regulations have not yet been adopted.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>Off
Balance Sheet Financing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of the date of this prospectus, neither the
Trust nor the Fund has any loan guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements
entered into in the normal course of business, which may include indemnification provisions relating to certain risks service providers
undertake in performing services which are in the best interests of the Fund.&nbsp; While the Fund&#8217;s exposure under these
indemnification provisions cannot be estimated, they are not expected to have a material impact on the Fund&#8217;s financial positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Redemption Basket Obligation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other than as necessary to meet the investment
objective of the Fund and pay its contractual obligations described below, the Fund requires liquidity to redeem Redemption Baskets.&nbsp;
The Fund intends to satisfy this obligation through the transfer of cash of the Fund (generated, if necessary, through the sale
of Treasury Securities) in an amount proportionate to the number of Shares being redeemed, as described above under &#8220;Redemption
Procedures.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Contractual Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s primary contractual obligations
are with the Sponsor and certain other service providers.&nbsp; The Sponsor, in return for its services, is entitled to a management
fee calculated as a fixed percentage of the Fund&#8217;s NAV, currently 1.00% of its average net assets.&nbsp; The Fund also is
responsible for all ongoing fees, costs and expenses of its operation, including: ( i) brokerage and other fees and commissions
incurred in connection with the trading activities of the Fund; (ii) expenses incurred in connection with registering additional
Shares of the Fund or offering Shares of the Fund after the time any Shares have begun trading on NYSE Arca; (iii) the routine
expenses associated with the preparation and, if required, the printing and mailing of monthly, quarterly, annual and other reports
required by applicable U.S. federal and state regulatory authorities, Trust meetings and preparing, printing and mailing proxy
statements to Shareholders; (iv) the payment of any distributions related to redemption of Shares; (v) payment for routine services
of the Trustee, legal counsel and independent accountants; (vi) payment for routine accounting, bookkeeping, custody and transfer
agency services, whether performed by an outside service provider or by Affiliates of the Sponsor; (vii) postage and insurance;
(viii) costs and expenses associated with client relations and services; (ix) costs of preparation of all federal, state, local
and foreign tax returns and any taxes payable on the income, assets or operations of the Fund; and (x) extraordinary expenses (including,
but not limited to, legal claims and liabilities and litigation costs and any indemnification related thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Sponsor has agreed to pay registration
fees to the SEC, FINRA and any other regulatory agency in connection with the offer and sale of the Shares offered through this
prospectus, the legal, printing, accounting and other expenses associated with such registrations, and the initial fee of $5,000
for listing the Shares on the NYSE Arca, the Fund will be responsible for all future registration fees and related expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund pays its own brokerage and other transaction
costs.&nbsp;&nbsp;The Fund pays fees to FCMs in connection with its transactions in futures contracts.&nbsp;&nbsp;FCM fees are
estimated to be minimal annually for the Fund.&nbsp;&nbsp;In general, transaction costs on over-the-counter Oil Interests and on
Treasury Securities and other short-term securities are embedded in the purchase or sale price of the instrument being purchased
or sold, and may not readily be estimated.&nbsp;&nbsp;Other expenses to be paid by the Fund, including but not limited to the fees
paid to the Custodian and Distributor with respect to the Fund, are estimated to be 0.51% for the twelve-month period ending April
30, 2013, though this amount may change in future years.&nbsp;&nbsp;The Sponsor may, in its discretion, pay or reimburse the Fund
for, or waive a portion of its management fee to offset, expenses that would otherwise be borne by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Any
general expenses of the Trust will be allocated among the Teucrium Funds and each other series that may be established under the
Trust in the future as determined by the Sponsor in its sole and absolute discretion.&nbsp;&nbsp;The Trust is also responsible
for extraordinary expenses, including, but not limited to, legal claims and liabilities and litigation costs and any indemnification
related thereto.&nbsp;&nbsp;The Trust and/or the Sponsor may be required to indemnify the Trustee, Distributor or Custodian/Administrator
under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The parties cannot anticipate the amount of
payments that will be required under these arrangements for future periods as the Fund&#8217;s NAV and trading levels to meet their
investment objectives will not be known until a future date. These agreements are effective for a specific term agreed upon by the
parties with an option to renew, or, in some cases, are in effect for the duration of the Fund&#8217;s existence. The parties may
terminate these agreements earlier for certain reasons listed in the agreements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_042"></A>The Trust Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following paragraphs are a summary of certain
provisions of the Trust Agreement. The following discussion is qualified in its entirety by reference to the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Authority of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor is generally authorized to perform
all acts deemed necessary to carry out the purposes of the Trust and to conduct the business of the Trust.&nbsp;&nbsp;The Trust
and the Fund will continue to exist until terminated in accordance with the Trust Agreement.&nbsp;&nbsp;The Sponsor&#8217;s authority
includes, without limitation, the right to take the following actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To enter into, execute, deliver and maintain contracts, agreements and any other documents as may be in furtherance of the Trust&#8217;s purpose or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust activities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To establish, maintain, deposit into, sign checks and otherwise draw upon accounts on behalf of the Trust with appropriate banking and savings institutions, and execute and accept any instrument or agreement incidental to the Trust&#8217;s business and in furtherance of its purposes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To supervise the preparation and filing of any registration statement (and supplements and amendments thereto) for the Fund;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To adopt, implement or amend, from time to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To make any necessary determination or decision in connection with the preparation of the Trust&#8217;s financial statements and amendments thereto;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To prepare, file and distribute, if applicable, any periodic reports or updates that may be required under the 1934 Act, the Commodity Exchange Act or rules and regulations promulgated thereunder;</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To pay or authorize the payment of distributions to the Shareholders and expenses of the Fund;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">To make any elections on behalf of the Trust under the Code, or any other applicable U.S. federal or state tax law as the Sponsor shall determine to be in the best interests of the Trust; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">In its sole discretion, to determine to admit an affiliate
        or affiliates of the Sponsor as additional Sponsors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Sponsor&#8217;s Obligations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to the duties imposed by the Delaware
Trust Statute, under the Trust Agreement the Sponsor has the following obligations as a sponsor of the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Devote to the business and affairs of the Trust such of its time as it determines in its discretion (exercised in good faith) to be necessary for the benefit of the Trust and the Shareholders;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Appoint and remove independent public accountants to audit the accounts of the Trust and employ attorneys to represent the Trust;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Use its best efforts to maintain the status of the Trust as a statutory trust for state law purposes and as a partnership for U.S. federal income tax purposes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Invest, reinvest, hold univested, sell, exchange, write options on, lease, lend and subject to certain limitations set </TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">forth in the Trust Agreement, pledge, mortgage, and hypothecate the estate of the Fund in accordance with the purposes of the Trust and any registration statement filed on behalf of the Fund;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Have fiduciary responsibility for the safekeeping and use of the Trust&#8217;s assets, whether or not in the Sponsor&#8217;s immediate possession or control;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Enter into and perform agreements with each Authorized Purchaser, receive from Authorized Purchasers and process properly submitted purchase orders, receive Creation Basket Deposits, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a purchase order;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Receive from Authorized Purchasers and process, or cause the Distributor or other Fund service provider to process, properly submitted redemption orders, receive from the redeeming Authorized Purchasers through the Depository, and thereupon cancel or cause to be cancelled, Shares corresponding to the Redemption Baskets to be redeemed;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Interact with the Depository; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 88%; padding-right: 0.8pt">Delegate duties to one or more administrators, as the Sponsor determines.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>To
the extent that, at law (common or statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities
relating thereto to the Trust, the Fund, the Shareholders or to any other person, the Sponsor will not be liable to the Trust,
the Fund, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or this
prospectus unless such reliance constitutes gross negligence or willful misconduct on the part of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Liability and Indemnification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Trust Agreement, the Sponsor, the
Trustee and their respective Affiliates (collectively, &#8220;Covered Persons&#8221;) shall have no liability to the Trust, the
Fund, or to any Shareholder for any loss suffered by the Trust or the Fund which arises out of any action or inaction of such Covered
Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust or the
Fund and such course of conduct did not constitute gross negligence or willful misconduct of such Covered Person.&nbsp;&nbsp;Subject
to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment of all
or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return
of capital or profits made pursuant to the Trust Agreement shall be made solely from the assets of the applicable Teucrium Fund
without any rights of contribution from the Sponsor or any other Covered Person. A Covered Person shall not be liable for the conduct
or willful misconduct of any administrator or other delegatee selected by the Sponsor with reasonable care, provided, however,
that the Trustee and its Affiliates shall not, under any circumstances be liable for the conduct or willful misconduct of any administrator
or other delegatee or any other person selected by the Sponsor to provide services to the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-indent: 0.5in">To the extent that, at law (common
or statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating to the Trust, the Teucrium
Funds, the shareholders of the Teucrium Funds, or to any other person, the Sponsor, acting under the Trust Agreement, shall not
be liable to the Trust, the Teucrium Funds, the shareholders of the Teucrium Funds or to any other person for its good faith reliance
on the provisions of the Trust Agreement. The provisions of the Trust Agreement, to the extent they restrict or eliminate the duties
and liabilities of the Sponsor otherwise existing at law or in equity, replace such other duties and liabilities of the Sponsor.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Agreement also provides that the Sponsor
shall be indemnified by the Trust (or by a series separately to the extent the matter in question relates to a single series or
disproportionately affects a specific series in relation to other series) against any losses, judgments, liabilities, expenses
and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i)
the Sponsor was acting on behalf of or performing services for the Trust and has determined, in good faith, that such course of
conduct was in the best interests of the Trust and such liability or loss was not the result of gross negligence, willful misconduct,
or a breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the
assets of the applicable series.&nbsp;&nbsp;The Sponsor&#8217;s rights to indemnification permitted under the Trust Agreement shall
not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor,
or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the above, the Sponsor shall
not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state
securities laws unless (i) there has been a successful adjudication on the merits</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">of each count involving alleged securities law
violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation
costs), or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds
that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The payment of any indemnification shall be
allocated, as appropriate, among the Trust&#8217;s series.&nbsp;&nbsp;The Trust and its series shall not incur the cost of that
portion of any insurance which insures any party against any liability, the indemnification of which is prohibited under the Trust
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Expenses incurred in defending a threatened
or pending action, suit or proceeding against the Sponsor shall be paid by the Trust in advance of the final disposition of such
action, suit or proceeding, if (i) the legal action relates to the performance of duties or services by the Sponsor on behalf of
the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor undertakes to repay the advanced
funds with interest to the Trust in cases in which it is not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust Agreement provides that the Sponsor
and the Trust shall indemnify the Trustee and its successors, assigns, legal representatives, officers, directors, shareholders.
employees, agents and servants (the &#8220;Trustee Indemnified Parties&#8221;) against any liabilities, obligations, losses, damages,
penalties, taxes, claims, actions, suits, costs, expenses or disbursements which may be imposed on a Trustee Indemnified Party
relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery and performance of
any other agreements to which the Trust is a party, or the action or inaction of the Trustee under the Trust Agreement or any other
agreement, except for expenses resulting from the gross <B>&nbsp;</B> negligence or willful misconduct of a Trustee Indemnified
Party. Further, certain officers of the Sponsor are insured against liability for certain errors or omissions which an officer
may incur or that may arise out of his or her capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event the Trust is made a party to any
claim, dispute, demand or litigation or otherwise incurs any liability or expense as a result of or in connection with any Shareholder&#8217;s
(or assignee&#8217;s) obligations or liabilities unrelated to the Trust business, such Shareholder (or assignees cumulatively)
is required under the Trust Agreement to indemnify the Trust for all such liability and expense incurred, including attorneys&#8217;
and accountants&#8217; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Withdrawal of the Sponsor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may withdraw voluntarily as the
Sponsor of the Trust only upon ninety (90) days&#8217; prior written notice to the holders of the Trust&#8217;s outstanding shares
and the Trustee.&nbsp;&nbsp;If the withdrawing Sponsor is the last remaining Sponsor, shareholders holding a majority (over 50%)
of the outstanding shares of the Trust, voting together as a single class (not including shares acquired by the Sponsor through
its initial capital contribution) may vote to elect a successor Sponsor.&nbsp;&nbsp;The successor Sponsor will continue the business
of the Trust.&nbsp;&nbsp;Shareholders have no right to remove the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event of withdrawal, the Sponsor is entitled
to a redemption of the shares it acquired through its initial capital contribution to any of the series of the Trust at their NAV
per share.&nbsp;&nbsp;If the Sponsor withdraws and a successor Sponsor is named, the withdrawing Sponsor shall pay all expenses
as a result of its withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Meetings of the Trust&#8217;s shareholders may
be called by the Sponsor and will be called by it upon the written request of Shareholders holding at least 25% of the outstanding
Shares of the Trust or the Fund, as applicable (not including Shares acquired by the Sponsor through its initial capital contribution).&nbsp;&nbsp;The
Sponsor shall deposit in the United States mail or electronically transmit written notice to all Shareholders of the Fund of the
meeting and the purpose of the meeting, which shall be held on a date not less than 30 nor more than 60 days after the date of
mailing of such notice, at a reasonable time and place.&nbsp;&nbsp; Where the meeting is called upon the written request of the
shareholders of the Teucrium Funds, or any Teucrium fund, as applicable, such written notice shall be mailed or transmitted not
more than 45 days after such written request for a meeting was received by the Sponsor.&nbsp;&nbsp;Any notice of meeting shall
be accompanied by a description of the action to be taken at the meeting and, if applicable, an opinion of independent counsel
as to the effect of such proposed action on the liability of shareholders of the Teucrium Funds, or any Teucrium fund, as applicable, for the
debts of the applicable Teucrium Fund..&nbsp;&nbsp;Shareholders may vote in person or by proxy at any such meeting.&nbsp;&nbsp;The
Sponsor shall be entitled to establish voting and quorum requirements and other reasonable procedures for shareholder voting. Any
action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth
the actions so taken.&nbsp;&nbsp;Such written consents shall be treated for all purposes as votes at a meeting.&nbsp;&nbsp;If the
vote or consent of any Shareholder to any action of the Trust, the Fund or any </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shareholder, as contemplated by the Trust Agreement,
is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder given in the manner provided in accordance
with the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>Voting
Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders have very limited voting rights.&nbsp;&nbsp;Specifically,
the Trust Agreement provides that shareholders of the Trust&#8217;s series holding shares representing at least a majority (50%)
of the outstanding shares of the Trust&#8217;s Series voting together as a single class (excluding shares acquired by the Sponsor
in connection with its initial capital contribution to any Trust series) may vote to (i) continue the Trust by electing a successor
Sponsor as described above, and (ii) approve amendments to the Trust Agreement that impair the right to surrender Redemption Baskets
for redemption.&nbsp;&nbsp;(Trustee consent to any amendment to the Trust Agreement is required if the Trustee reasonably believes
that such amendment adversely affects any of its rights, duties or liabilities.)&nbsp;&nbsp;In addition, shareholders of the Teucrium
Funds holding shares representing seventy-five percent (75%) of the outstanding shares of the Teucrium Funds, voting together as
a single class (excluding shares acquired by the Sponsor in connection with its initial capital contribution to any Trust series)
may vote to dissolve the Trust upon not less than ninety (90) days&#8217; notice to the Sponsor.&nbsp;&nbsp;Shareholders have no
voting rights with respect to the Trust or the Fund except as expressly provided in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Limited Liability of Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of
Delaware, and no Shareholder shall be liable for claims against, or debts of the Trust or the Fund in excess of his share of the
Fund&#8217;s assets.&nbsp;&nbsp;The Trust or the Fund shall not make a claim against a Shareholder with respect to amounts distributed
to such Shareholder or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable
to repay such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust or the Fund shall indemnify to the
full extent permitted by law and the Trust Agreement each Shareholder (excluding the Sponsor to the extent of its ownership of
any Shares acquired through its initial capital contribution) against any claims of liability asserted against such Shareholder
solely because of its ownership of Shares (other than for taxes on income from Shares for which such Shareholder is liable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Every written note, bond, contract, instrument,
certificate or undertaking made or issued by the Sponsor on behalf of the Trust or the Fund shall give notice to the effect that
the same was executed or made by or on behalf of the Trust or the Fund and that the obligations of such instrument are not binding
upon the Shareholders individually but are binding only upon the assets and property of the Fund and no recourse may be had with
respect to the personal property of a Shareholder for satisfaction of any obligation or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_043"></A>The Sponsor Has Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There are present and potential future conflicts
of interest in the Trust&#8217;s structure and operation you should consider before you purchase Shares. The Sponsor may use this
notice of conflicts as a defense against any claim or other proceeding made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor&#8217;s principals, officers and
employees, do not devote their time exclusively to the Fund.&nbsp;&nbsp;Under the organizational documents of the Sponsor, Mr.
Sal Gilbertie and Mr. Dale Riker are obligated to use commercially reasonable efforts to manage the Sponsor, devote such amount
of time to the Sponsor as would be consistent with their roles in similarly placed commodity pool operators, and remain active
in managing the Sponsor until they are no longer managing members of the Sponsor or the Sponsor dissolves.&nbsp;&nbsp; In addition,
the Sponsor expects that operating the Teucrium Funds will generally constitute the principal and a full-time business activity
of its principals, officers and employees. Notwithstanding these obligations and expectations, the Sponsor&#8217;s principals may
be directors, officers or employees of other entities, and may manage assets of other entities, including the other Teucrium Funds,
through the Sponsor or otherwise.&nbsp;&nbsp;In particular, the principals could have a conflict between their responsibilities
to the Fund on the one hand and to those other entities on the other.&nbsp;&nbsp;The Sponsor believes that it currently has sufficient
personnel, time, and working capital to discharge its responsibilities to the Fund in a fair manner and that these persons&#8217;
conflicts should not impair their ability to provide services to the Fund.&nbsp;&nbsp;However, it is not possible to quantify the
proportion of their time that the Sponsor&#8217;s personnel will devote to the Fund and its management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor and its principals, officers and
employees may trade futures and related contracts for their own accounts.&nbsp;&nbsp;Shareholders will not be permitted to inspect
the trading records of such persons or any written policies of the Sponsor related to such trading.&nbsp;&nbsp;A conflict of interest
may exist if their trades are in the same markets and at approximately the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">same times as the trades for the Fund.&nbsp;&nbsp;A
potential conflict also may occur when the Sponsor&#8217;s principals trade their accounts more aggressively or take positions
in their accounts which are opposite, or ahead of, the positions taken by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has sole current authority to manage
the investments and operations of the Fund, and this may allow it to act in a way that furthers its own interests rather than your
best interests.&nbsp;&nbsp;Shareholders have very limited voting rights, which will limit the ability to influence matters such
as amendment of the Trust Agreement, change in the Fund&#8217;s basic investment policies, or dissolution of the Fund or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor serves as the Sponsor to the Teucrium
Funds, and may in the future serve as the Sponsor or investment adviser to commodity pools other than the Teucrium Funds.&nbsp;&nbsp;The
Sponsor may have a conflict to the extent that its trading decisions for the Fund may be influenced by the effect they would have
on the other pools it manages.&nbsp;&nbsp;In addition, the Sponsor may be required to indemnify the officers and directors of the
other pools, if the need for indemnification arises.&nbsp;&nbsp;This potential indemnification will cause the Sponsor&#8217;s assets
to decrease.&nbsp;&nbsp;If the Sponsor&#8217;s other sources of income are not sufficient to compensate for the indemnification,
it could cease operations, which could in turn result in Fund losses and/or termination of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Sponsor acquires knowledge of a potential
transaction or arrangement that may be an opportunity for the Fund, it shall have no duty to offer such opportunity to the Fund.&nbsp;&nbsp;The
Sponsor will not be liable to the Fund or the Shareholders for breach of any fiduciary or other duty if Sponsor pursues such opportunity
or directs it to another person or does not communicate such opportunity to the Fund.&nbsp;&nbsp;Neither the Fund nor any Shareholder
has any rights or obligations by virtue of the Trust Agreement, the trust relationship created thereby, or this prospectus in such
business ventures or the income or profits derived from such business ventures.&nbsp;&nbsp;The pursuit of such business ventures,
even if competitive with the activities of the Fund, will not be deemed wrongful or improper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Resolution of Conflicts Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trust Agreement provides
that whenever a conflict of interest exists between the Sponsor or any of its Affiliates, on the one hand, and the Trust, any shareholder
of a Trust series, or any other person, on the other hand, the Sponsor shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry
practices, and any applicable generally accepted accounting practices or principles.&nbsp;&nbsp;In the absence of bad faith by
the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of the Trust
Agreement or any other agreement contemplated therein or of any duty or obligation of the Sponsor at law or in equity or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Sponsor or any affiliate
thereof may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently
or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to the Sponsor.&nbsp;&nbsp;If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement
or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the
Trust, and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason
of the fact that the Sponsor pursues or acquires for, or directs such opportunity to, another person or does not communicate such
opportunity or information to the Trust.&nbsp;&nbsp;Neither the Trust nor any Shareholder shall have any rights or obligations
by virtue of the Trust Agreement or the trust relationship created thereby in or to such independent ventures or the income or
profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall
not be deemed wrongful or improper.&nbsp;&nbsp;Except to the extent expressly provided in the Trust Agreement, the Sponsor may
engage or be interested in any financial or other transaction with the Trust, the Shareholders or any affiliate of the Trust or
the Shareholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><A NAME="a_044"></A>Interests of Named Experts and Counsel</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has employed Reed Smith LLP to prepare
this prospectus. Neither the law firm nor any other expert hired by the Fund to give advice on the preparation of this offering
document have been hired on a contingent fee basis. Nor do any of them have any present or future expectation of interest in the
Sponsor, Distributor, Authorized Purchasers, Custodian/Administrator or other service providers to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_045"></A><B>Provisions of Federal and State Securities Laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This offering is made pursuant to federal and
state securities laws.&nbsp;&nbsp;The SEC and state securities agencies take the position that indemnification of the Sponsor that
arises out of an alleged violation of such laws is prohibited unless certain conditions are met.&nbsp;&nbsp;Those conditions require
that no indemnification of the Sponsor or any underwriter for the Fund may be made in respect of any losses, liabilities or expenses
arising from or out of an alleged violation of federal or state securities laws unless:&nbsp;&nbsp;(i) there has been a successful
adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and
the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims
against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided
that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies
against such indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_046"></A>Books and Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust keeps its books of record and account
at its office located at 232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, or at the offices of the Administrator,
the Bank of New York Mellon, located at One Wall Street, New York, New York 10286, or such office, including of an administrative
agent, as it may subsequently designate upon notice. The books of account of the Fund are open to inspection by any Shareholder
(or any duly constituted designee of a Shareholder) at all times during the usual business hours of the Fund upon reasonable advance
notice to the extent such access is required under CFTC rules and regulations. In addition, the Trust keeps a copy of the Trust
Agreement on file in its office which will be available for inspection by any Shareholder at all times during its usual business
hours upon reasonable advance notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_047"></A>Analysis of Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s critical accounting policies
are set forth in the financial statements that are incorporated by reference in this prospectus prepared in accordance with accounting
principles generally accepted in the United States of America, which require the use of certain accounting policies that affect
the amounts reported in these financial statements, including the following:&nbsp;&nbsp;(i) Fund trades are accounted for on a
trade-date basis and marked to market on a daily basis; (ii) the difference between the cost and market value of Oil Interests
is recorded as &#8220;change in unrealized profit/loss&#8221; for open (unrealized) contracts, and recorded as &#8220;realized
profit/loss&#8221; when open positions are closed out; and (iii) earned interest income, as well as the fees and expenses of the
Fund, are recorded on an accrual basis.&nbsp;&nbsp;The Sponsor believes that all relevant accounting assumptions and policies have
been considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_048"></A>Statements, Filings, and Reports to Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust will furnish to DTC Participants for
distribution to Shareholders annual reports (as of the end of each fiscal year) for the Fund as are required to be provided to
Shareholders by the CFTC and the NFA. These annual reports will contain financial statements prepared by the Sponsor and audited
by an independent registered public accounting firm designated by the Sponsor. The Trust will also post monthly reports to the
Fund&#8217;s website (www.teucriumcrudfund.com). These monthly reports will contain certain unaudited financial information regarding
the Fund, including the Fund&#8217;s NAV. The Sponsor will furnish to the Shareholders other reports or information which the Sponsor,
in its discretion, determines to be necessary or appropriate. In addition, under SEC rules the Trust will be required to file quarterly
and annual reports for the Fund with the SEC, which need not be sent to Shareholders but will be publicly available through the
SEC. The Trust will post the Fund&#8217; s CFTC, NFA and SEC reports on the Fund&#8217;s website www.teucriumcrudfund.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor is responsible for the registration
and qualification of the Shares under the federal securities laws, federal commodities laws, and laws of any other jurisdiction
as the Sponsor may select. The Sponsor is responsible for preparing all required reports, but has entered into an agreement with
the Administrator to prepare these reports on the Trust&#8217;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The accountants&#8217; report on its audit of
the Fund&#8217;s financial statements will be furnished by the Trust to Shareholders upon request. The Trust will make such elections,
file such tax returns, and prepare, disseminate and file such tax reports for the Fund, as it is advised by its counsel or accountants
are from time to time required by any applicable statute, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">PricewaterhouseCoopers (&#8220;PwC&#8221;),
2001 Ross Avenue, Suite 1800, Dallas, Texas 75201-2997, will provide tax information in accordance with applicable U.S. Treasury
Regulations. Persons treated as middlemen for purposes of these regulations may obtain tax information regarding the Fund from
PwC or from the Fund&#8217;s website, www.teucriumcrudfund.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_049"></A>Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The fiscal year of the Fund is the calendar
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_050"></A><B>Governing Law; Consent to Delaware Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The rights of the Sponsor, the Trust, the Fund,
DTC (as registered owner of the Fund&#8217;s global certificate for Shares) and the Shareholders are governed by the laws of the
State of Delaware. The Sponsor, the Trust, the Fund and DTC and, by accepting Shares, each DTC Participant and each Shareholder,
consent to the jurisdiction of the courts of the State of Delaware and any federal courts located in Delaware.&nbsp;&nbsp;Such
consent is not required for any person to assert a claim of Delaware jurisdiction over the Sponsor, the Trust or the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_051"></A>Security Ownership of Principal Shareholders and Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth shares as of
December 31, 2012, information with respect to the beneficial ownership of the Fund by the Class A members and officers of the
Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border-bottom: black 1.5pt solid; padding-right: 0.5in; padding-left: 0.35pt; text-align: center">Name&nbsp;of Owner</TD>
    <TD STYLE="width: 1%; padding-right: 0.5in; padding-left: 0.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: black 1.5pt solid; padding-right: 0.5in; padding-left: 0.4pt; text-align: center">Amount and Nature of <BR>
Beneficial Ownership</TD>
    <TD STYLE="width: 1%; padding-right: 0.5in; padding-left: 0.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 42%; border-bottom: black 1.5pt solid; padding-right: 0.5in; padding-left: 0.4pt; text-align: center">Percent of Fund&#8217;s Outstanding <BR>
Shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.35pt; text-align: center">Sal Gilbertie</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">1,100 Shares &#8211; Direct Ownership</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">2.20%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.35pt; text-align: center">Dale Riker</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">250 Shares &#8211; Indirect Ownership</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; padding-left: 0.4pt; text-align: center">0.50%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0"><B><A NAME="a_052"></A>Security Ownership of Certain Beneficial Owners </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-indent: 0.5in">The following table sets forth shares
as of December 31, 2012, information with respect to each person known to own beneficially more than 5% of the outstanding shares
of the Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 0.8pt; text-align: center">Name&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">Address</P></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">Amount&nbsp;and&nbsp;Nature&nbsp;of&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">Beneficial&nbsp;Ownership</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 0.8pt; text-align: center">Percent&nbsp;of&nbsp;Class</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">Jane Street Options</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">New York, NY 10004</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">5,100 common units</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">10.2%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center">Credit Andorra</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">La Valla An, Andora</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">5,142 common units</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">10.28%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_053"></A>Legal Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Litigation and Claims</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Within the past five years of the date of this
prospectus, there have been no material administrative, civil or criminal actions against the Sponsor, the Trust or the Fund, or
any principal or affiliate of any of them.&nbsp;&nbsp;This includes any actions pending, on appeal, concluded, threatened, or otherwise
known to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Legal Opinion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp; Reed Smith LLP has been retained to advise
the Trust and the Sponsor with respect to the Shares being offered hereby and has passed upon the validity of the Shares being
issued hereunder.&nbsp;&nbsp;Reed Smith LLP has also provided the Sponsor with its opinion with respect to federal income tax matters
addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Experts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> Rothstein Kass, an independent registered
public accounting firm, has audited the financial statements, incorporated herein by reference, of the Trust, the Fund and the
Sponsor as of December 31, 2012 and 2011. </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_054"></A>Privacy Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Privacy Policy explains the policies of
the Sponsor, a commodity pool operator registered with the CFTC, and (i) the Trust, and (ii) each commodity pool for which the
Sponsor serves as Sponsor currently or in the future, including Teucrium Corn Fund, Teucrium WTI Crude Oil Fund, Teucrium Natural
Gas Fund, Teucrium Wheat Fund, Teucrium Sugar Fund, and Teucrium Soybean Fund, and Teucrium Agricultural Fund (each of which is
a series of the Trust), relating to the collection, maintenance, and use of nonpublic personal information about the Funds&#8217;
investors, as required under federal law. <B>Federal law gives investors the right to limit some but not all sharing of their nonpublic
personal information. Federal law also requires the Sponsor to tell investors how it collects, shares, and protects such nonpublic
personal information. Please read this policy carefully to understand what the Sponsor does. </B>This Privacy Policy applies to
the nonpublic personal information of investors who are individuals and who obtain financial products or services from the Sponsor,
the Trust, and the Funds primarily for personal, family, or household purposes. This Privacy Policy applies to both current and
former Fund investors; the Sponsor will only disclose nonpublic personal information about former investors to the same extent
as for current investors, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Collection of Nonpublic Personal Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor may collect or have access to nonpublic
personal information about current and former Fund investors for certain purposes relating to the operation of the Funds. This
information may include information received from investors, such as their name, social security number, telephone number, and
address, and information about investors&#8217; holdings and transactions in shares of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Use and Disclosure of Nonpublic Personal
Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor recognizes and respects the privacy
expectation of each of the Funds&#8217; investors. The Sponsor believes that the confidentiality and protection of investors&#8217;
nonpublic personal information is one of its fundamental responsibilities. This means, most importantly, that the Sponsor does
not sell nonpublic personal information to any third parties. The Sponsor primarily uses investors&#8217; nonpublic personal information
to complete financial transactions that may be requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Below are the circumstances in which the Sponsor may disclose investors&#8217;
nonpublic personal information to third parties; investors may not opt out of these disclosures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-indent: 1in">The Sponsor may provide an investor&#8217;s nonpublic personal information to non-affiliated service providers involved in
servicing and administering products and services for, or on behalf of the Sponsor (<I>e.g.</I>, accountants, compliance consultants,
legal advisors, broker-dealers, introducing brokers, futures commissions merchants, investment companies, investment advisers,
commodity trading advisors, commodity pool operators, administrators, and custodians). In all such cases, the Sponsor will provide
the third party with only the nonpublic personal information necessary to carry out its assigned responsibilities and only for
that purpose.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-indent: 1in">The Sponsor will release nonpublic personal information if directed by an investor to do so. The Sponsor may also release nonpublic
personal information to persons acting in a fiduciary or representative capacity on behalf of an investor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-indent: 1in">The Sponsor may release an investor&#8217;s nonpublic personal information to courts and other parties related to a subpoena
or other court, government, or self-regulatory organization order or process, as authorized by law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-indent: 1in">The Sponsor may release an investor&#8217;s nonpublic personal information to regulators (including self-regulatory organizations)
or governmental entities that have made a reasonable request for such information, as authorized by law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-indent: 1in">The Sponsor may release an investor&#8217;s nonpublic personal information to certain governmental entities and others to prevent
money laundering, as authorized by law.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Investors&#8217; nonpublic personal information,
particularly information about investors&#8217; holdings and transactions in shares of the Funds, may be shared between and amongst
The Sponsor and the Funds. <B>An investor cannot opt-out of the sharing of nonpublic personal information between and amongst the
Sponsor and the Funds. </B> However, the Sponsor and the Funds will not use this information for any cross-marketing purposes.
<B>In other words, all investors will be treated as having &#8220;opted out&#8221; of receiving marketing solicitations from Funds
other than the Fund(s) in which it invests. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Protection of Nonpublic Personal Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Sponsor restricts access to investors&#8217; nonpublic personal information only to those employees, agents, and representatives
who require that information to provide financial products and services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Sponsor requires all employees, financial professionals, and companies providing services on its behalf to keep investors&#8217;
nonpublic personal information confidential.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Third parties with whom the Sponsor shares investor nonpublic personal information must agree to follow appropriate standards
of security and confidentiality, which includes safeguarding such information physically, electronically, and procedurally.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Sponsor maintains physical, technical, administrative, and procedural safeguards that comply with federal standards to
protect the confidentiality and security of investors&#8217; nonpublic personal information including, where applicable, its disposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Employees, agents, and representatives who have
access to shareholder reports or other correspondence containing investors&#8217; nonpublic personal information are required to
utilize passwords on all electronic devices used to carry out their professional responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_055"></A>U.S. Federal Income Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following discussion summarizes the material
U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of the Fund and the U.S. federal income
tax treatment of the Fund. Except where noted otherwise, it deals only with the tax consequences relating to Shares held as capital
assets by persons not subject to special tax treatment. For example, in general it does not address the tax consequences to dealers
in securities or currencies or commodities, traders in securities or dealers or traders in commodities that elect to use a mark-to-market
method of accounting, financial institutions, tax-exempt entities, insurance companies, persons holding Shares as a part of a position
in a &#8220;straddle&#8221; or as part of a &#8220;hedging,&#8221; &#8220;conversion&#8221; or other integrated transaction for
federal income tax purposes, or holders of Shares whose &#8220;functional currency&#8221; is not the U.S. dollar. Furthermore,
the discussion below is based upon the provisions of the Code, and regulations (&#8220;Treasury Regulations&#8221;), rulings and
judicial decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified (possibly with retroactive
effect) so as to result in U.S. federal income tax consequences different from those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor has received the opinion of Reed
Smith LLP (&#8220;Reed Smith&#8221;), counsel to the Trust, that the material U.S. federal income tax consequences to the Fund
and to U.S. Shareholders and Non-U.S. Shareholders (as defined below) will be as described in the following paragraphs. In rendering
its opinion, Reed Smith has relied on the facts and assumptions described in this prospectus as well as certain factual representations
made by the Trust and the Sponsor. This opinion is not binding on the IRS. No ruling has been requested from the IRS with respect
to any matter affecting the Fund or prospective investors, and the IRS may disagree with the tax positions taken by the Trust.
If the IRS were to challenge the Trust&#8217;s tax positions in litigation, they might not be sustained by the courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As used herein, the term &#8220;U.S. Shareholder&#8221;
means a Shareholder that is, for United States federal income tax purposes, (i) a citizen or resident of the United States, (ii)
a corporation or partnership created or organized in or under the laws of the United States or any political subdivision thereof,
(iii) an estate the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust
that (X) is subject to the supervision of a court within the United States and the control of one or more United States persons
as described in section 7701(a)(30) of the Code or (Y) has a valid election in effect under applicable Treasury Regulations to
be treated as a United States person. A &#8220;Non-U.S. Shareholder&#8221; is a holder that is not a U.S. Shareholder. If a partnership
holds our Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the
partnership. If you are a partner of a partnership holding our Shares, you should consult your own tax advisor regarding the tax
consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT
ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE STATE,
LOCAL OR FOREIGN TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>Tax
Classification of the Trust and the Fund</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust is organized and will be operated
as a statutory trust in accordance with the provisions of the Trust Agreement and applicable Delaware law.&nbsp;&nbsp;Notwithstanding
the Trust&#8217;s status as a statutory trust and the Fund&#8217;s status as a series of that Trust, due to the nature of its activities
the Fund will be treated as a partnership rather than a trust for U.S. federal income tax purposes.&nbsp;&nbsp;In addition, the
trading of Shares on the NYSE Arca will cause the Fund to be classified as a &#8220;publicly traded partnership&#8221; for federal
income tax purposes.&nbsp;&nbsp;Under the Code, a publicly traded partnership is generally taxable as a corporation.&nbsp;&nbsp;In
the case of an entity (such as the Fund) not registered under the Investment Company Act of 1940, however, an exception to this
general rule applies if at least 90% of the entity&#8217;s gross income is &#8220;qualifying income&#8221; for each taxable year
of its existence (the &#8220;qualifying income exception&#8221;).&nbsp;&nbsp;For this purpose, qualifying income is defined as
including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition
of capital assets held for the production of interest or dividends.&nbsp;&nbsp;In the case of a partnership of which a principal
activity is the buying and selling of commodities other than as inventory or of futures, forwards and options with respect to commodities,
&#8220;qualifying income&#8221; also includes income and gains from commodities and from futures, forwards, options, and swaps
and other notional principal contracts with respect to commodities.&nbsp;&nbsp;The Trust and the Sponsor have represented the following
to Reed Smith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#8226;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">at least 90% of the Fund&#8217;s gross income for each taxable year will constitute &#8220;qualifying income&#8221; within the meaning of Code section 7704 (as described above);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#8226;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">the Fund is organized and will be operated in accordance with its governing documents and applicable law; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#8226;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">the Fund has not elected, and will not elect, to be classified as a corporation for U.S. federal income tax purposes.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based in part on these representations, Reed
Smith is of the opinion that the Fund will be treated as a partnership that it is not taxable as a corporation for U.S. federal
income tax purposes. The Fund&#8217;s taxation as a partnership rather than a corporation will require the Sponsor to conduct the
Fund&#8217;s business activities in such a manner that it satisfies the requirements of the qualifying income exception on a continuing
basis. No assurances can be given that the Fund&#8217;s operations for any given year will produce income that satisfies these
requirements. Reed Smith will not review the Fund&#8217;s ongoing compliance with these requirements and will have no obligation
to advise the Trust, the Fund or the Fund&#8217;s Shareholders in the event of any subsequent change in the facts, representations
or applicable law relied upon in reaching its opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund failed to satisfy the qualifying
income exception in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable
time after discovery (in which case, as a condition of relief, the Fund could be required to pay the government amounts determined
by the IRS), the Fund would be taxable as a corporation for U.S. federal income tax purposes and would pay federal income tax on
its income at regular corporate rates. In that event, Shareholders would not report their share of the Fund&#8217;s income or loss
on their tax returns. Distributions by the Fund (if any) would be treated as ordinary dividend income to the Shareholders to the
extent of the Fund&#8217;s current and accumulated earnings and profits. Accordingly, if the Fund were to be taxable as a corporation,
it would likely have a material adverse effect on the economic return from an investment in the Fund and on the value of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The remainder of this summary assumes that
the Fund is classified for federal income tax purposes as a partnership that it is not taxable as a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>U.S. Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: 0.5in"><B><I>Tax Consequences of Ownership
of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Taxation of the Fund&#8217;s Income</I>.
No U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual partnership returns, and each U.S.
Shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss, deductions
and credits reflected on such returns. If the Fund recognizes income in the form of interest on Treasury Securities and net capital
gains from cash settlement of Oil Interests for a taxable year, Shareholders must report their share of these items even though
the Fund makes no distributions of cash or property during the taxable year. Consequently, a Shareholder may be taxable on income
or gain recognized by the Fund but receive no cash distribution with which to pay the resulting tax liability, or may receive a
distribution that is insufficient to pay such liability. Because the Sponsor currently does not intend to make distributions, it
is likely that that a U.S. Shareholder that realizes net income or gain with respect to Shares for a taxable year will be required to pay
any resulting tax from sources other than Fund distributions. Additionally, for taxable years beginning after December 31, 2012,
individuals with income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates
and trusts are subject to an additional 3.8% tax on their &#8220;net investment income,&#8221; which generally includes net income
from interest, dividends, annuities, royalties, and rents, and net capital </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">gains (other than certain amounts earned from trades
or businesses). Also included as income subject to the additional 3.8% tax is income from businesses involved in the trading of
financial instruments or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><I>Monthly
Conventions for Allocations of the Fund&#8217;s Profit and Loss and Capital Account Restatements</I>.&nbsp;Under Code section 704,
the determination of a partner&#8217;s distributive share of any item of income, gain, loss, deduction or credit is governed by
the applicable organizational document unless the allocation provided by such document lacks &#8220;substantial economic effect.&#8221;
An allocation that lacks substantial economic effect nonetheless will be respected if it is in accordance with the partners&#8217;
interests in the partnership, determined by taking into account all facts and circumstances relating to the economic arrangements
among the partners. Subject to the discussion below concerning certain conventions to be used by the Fund, allocations pursuant
to the Trust Agreement should be considered as having substantial economic effect or being in accordance with Shareholders&#8217;
interests in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In situations where a partner&#8217;s interest
in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for the year
be allocated to the partner using either an interim closing of the books or a daily proration method. The Fund intends to allocate
tax items using an interim closing of the books method under which income, gains, losses and deductions will be determined on a
monthly basis, taking into account the Fund&#8217;s accrued income and deductions and gains and losses (both realized and unrealized)
for the month. The tax items for each month during a taxable year will then be allocated among the holders of Shares in proportion
to the number of Shares owned by them as of the close of trading on the last trading day of the preceding month (the &#8220;monthly
allocation convention&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the monthly allocation convention, an
investor who disposes of a Share during the current month will be treated as disposing of the Share as of the beginning of the
first day of the immediately succeeding month. For example, an investor who buys a Share on April 10 of a year and sells it on
May 20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share through
the last day of May) but none of those attributable to April. The tax items attributable to that Share for April will be allocated
to the person who is the actual or deemed holder of the Share as of the close of trading on the last trading day of March. Under
the monthly allocation convention, an investor who purchases and sells a Share during the same month, and therefore does not hold
(and is not deemed to hold) the Share at the close of the last trading day of either that month or the previous month, will receive
no allocations with respect to that Share for any period. Accordingly, investors may receive no allocations with respect to Shares
that they actually held, or may receive allocations with respect to Shares attributable to periods that they did not actually hold
the Shares. Investors who hold a Share on the last trading day of the first month of the Fund&#8217;s operation will be allocated
the tax items for that month, as well as the tax items for the following month, attributable to the Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By investing in Shares, a U.S. Shareholder agrees
that, in the absence of new legislation, regulatory or administrative guidance, or judicial rulings to the contrary, it will file
its U.S. income tax returns in a manner that is consistent with the monthly allocation convention as described above and with the
IRS Schedule K-1 or any successor form provided to Shareholders by the Fund or the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>For
any month in which a Creation Basket is issued or a Redemption Basket is redeemed, the Fund will credit or debit the &#8220;book&#8221;
capital accounts of existing Shareholders with the amount of any unrealized gain or loss, respectively, on Fund assets. For this
purpose, unrealized gain or loss will be computed based on the lowest NAV of the Fund&#8217;s assets during the month in which
Shares are issued or redeemed, which may be different than the value of the assets on the date of an issuance or redemption. The
capital accounts as adjusted in this manner will be used in making tax allocations intended to account for differences between
the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or outstanding Shares are redeemed
(so-called &#8220;reverse Code section 704(c) allocations&#8221;). The intended effect of these adjustments is to equitably allocate
among Shareholders any unrealized appreciation or depreciation in the Fund&#8217;s assets existing at the time of a contribution
or redemption for book and tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that application of the
conventions and methods described above is consistent with the intent of the partnership provisions of the Code and that the resulting
allocations should have substantial economic effect or otherwise should be respected as being in accordance with Shareholders&#8217;
interests in the Fund for U.S. federal income tax purposes. The Code and existing Treasury Regulations do not expressly permit
adoption of these conventions, although the monthly allocation convention described above is consistent with a semi-monthly method
permitted under proposed Treasury Regulations, as well as the legislative history for the provisions that requires allocations
to appropriately reflect changes in ownership interests. It is possible that the IRS could successfully challenge the Fund&#8217;s
allocation methods on the ground that they do not satisfy the technical requirements of the Code or Treasury Regulations, requiring
a Shareholder to report a greater or lesser share of items of income, gain, loss, or deduction than if the conventions were respected.
The Sponsor is authorized to revise the Fund&#8217;s methods to conform to the requirements of any future Treasury Regulations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As noted above, the conventions used by the
Fund in making tax allocations may cause a Shareholder to be allocated more or less income or loss for U.S. federal income tax
purposes than its proportionate share of the economic income or loss realized by the Fund during the period it held its Shares.
This mismatch between taxable and economic income or loss in some cases may be temporary, reversing itself in a later year when
the Shares are sold, but could be permanent. For example, a Shareholder could be allocated income accruing after it sold its Shares,
resulting in an increase in the basis of the Shares (see &#8220; <I>Tax Basis of Shares</I> &#8221;, below). In connection with
the disposition of the Shares, the additional basis might produce a capital loss the deduction of which may be limited (see &#8220;
<I>Limitations on Deductibility of Losses and Certain Expenses</I> &#8221;, below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 754 election.</I> The Fund intends
to make the election permitted by section 754 of the Code, which election is irrevocable without the consent of the IRS. The effect
of this election is that when a secondary market sale of Shares occurs, the Fund adjusts the purchaser&#8217;s proportionate share
of the tax basis of the Fund&#8217;s assets to fair market value, as reflected in the price paid for the Shares, as if the purchaser
had directly acquired an interest in the Fund&#8217;s assets. The section 754 election is intended to eliminate disparities between
a partner&#8217;s basis in its partnership interest and its share of the tax basis of the partnership&#8217;s assets, so that the
partner&#8217;s allocable share of taxable gain or loss on a disposition of an asset will correspond to its share of the appreciation
or depreciation in the value of the asset since it acquired its interest. Depending on the price paid for Shares and the tax basis
of the Fund&#8217;s assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be
favorable or unfavorable. In order to make the appropriate basis adjustments in a cost effective manner, the Fund will use certain
simplifying conventions and assumptions. In particular, the Fund will obtain information regarding secondary market transactions
in its Shares and use this information to make adjustments to the Shareholders&#8217; indirect basis in Fund assets. It is possible
the IRS could successfully assert that the conventions and assumptions applied are improper and require different basis adjustments
to be made, which could adversely affect some Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Section 1256 Contracts</I>.&nbsp;Under the
Code, special rules apply to instruments constituting &#8220;section 1256 contracts.&#8221; A section 1256 contract is defined
as including, in relevant part: (1) a futures contract that is traded on or subject to the rules of a national securities exchange
which is registered with the SEC, a domestic board of trade designated as a contract market by the CFTC, or any other board of
trade or exchange designated by the Secretary of the Treasury, and with respect to which the amount required to be deposited and
the amount that may be withdrawn depends on a system of &#8220;marking to market&#8221;; and (2) a non-equity option traded on
or subject to the rules of a qualified board or exchange. Section 1256 contracts held at the end of each taxable year are treated
as if they were sold for their fair market value on the last business day of the taxable year ( <I>i.e.</I>, are &#8220;marked
to market&#8221;). In addition, any gain or loss realized from a disposition, termination or marking-to-market of a section 1256
contract is treated as long-term capital gain or loss to the extent of 60% thereof, and as short-term capital gain or loss to the
extent of 40% thereof, without regard to the actual holding period (&#8220;60-40 treatment&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Many of the Fund&#8217;s Oil Futures Contracts
will qualify as &#8220;section 1256 contracts&#8221; under the Code.&nbsp;&nbsp;&nbsp;Some Other Oil Interests that are cleared
through a qualified board or exchange will constitute section 1256 contracts. Gain or loss recognized as a result of the disposition,
termination or marking-to-market of the Fund&#8217;s section 1256 contracts during a calendar month will be subject to 60-40 treatment
and allocated to Shareholders in accordance with the monthly allocation convention.&nbsp;&nbsp;Under recently enacted legislation,&nbsp;
Cleared Oil Swaps and other commodity swaps will most likely not qualify as 1256 contracts.&nbsp;&nbsp;If a commodity swap is not
taxable as a section 1256 contract, any gain or loss on the swap will be recognized at the time of disposition or termination as
long-term or short-term capital gain or loss depending on the holding period of the swap in the Fund&#8217;s hands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Limitations on Deductibility of Losses and
Certain Expenses</I>.&nbsp;A number of different provisions of the Code may defer or disallow the deduction of losses or expenses
allocated to Shareholders by the Fund, including but not limited to those described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&#8217;s deduction of its allocable
share of any loss of the Fund is limited to the lesser of (1) the tax basis in its Shares or (2) in the case of a Shareholder that
is an individual or a closely held corporation, the amount which the Shareholder is considered to have &#8220;at risk&#8221; with
respect to the Fund&#8217;s activities. In general, the amount at risk will be a Shareholder&#8217;s invested capital. Losses in
excess of the amount at risk must be deferred until years in which the Fund generates additional taxable income against which to
offset such carryover losses or until additional capital is placed at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Individuals and other non-corporate taxpayers
are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of other income.
Unused capital losses can be carried forward and used to offset capital gains in future years. In addition, a non-corporate taxpayer
may elect to carry back net losses on section 1256 contracts to each of the three preceding years and use them to offset section 1256
contract gains in those years, subject to certain limitations. Corporate taxpayers generally may deduct capital losses only to
the extent of capital gains, subject to special carryback and carryforward rules.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Otherwise deductible expenses incurred by non-corporate
taxpayers constituting &#8220;miscellaneous itemized deductions,&#8221; generally including investment-related expenses (other
than interest and certain other specified expenses), are deductible only to the extent they exceed 2% of the taxpayer&#8217;s adjusted
gross income for the year. Although the matter is not free from doubt, we believe management fees the Fund pays to the Sponsor
and other expenses of the Fund constitute investment-related expenses subject to this miscellaneous itemized deduction limitation,
rather than expenses incurred in connection with a trade or business, and will report these expenses consistent with that interpretation.
The Code imposes additional limitations on the amount of certain itemized deductions allowable to individuals with adjusted gross
income in excess of certain amounts by reducing the otherwise allowable portion of such deductions by an amount equal to the lesser
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#8226; 3% of the individual&#8217;s adjusted
gross income in excess of certain threshold amounts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#8226; 80% of the amount of certain itemized
deductions otherwise allowable for the taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Non-corporate Shareholders generally may deduct
&#8220;investment interest expense&#8221; only to the extent of their &#8220;net investment income.&#8221; Investment interest
expense of a Shareholder will generally include any interest accrued by the Fund and any interest paid or accrued on direct borrowings
by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account. Net investment income generally
includes gross income from property held for investment (including &#8220;portfolio income&#8221; under the passive loss rules
but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible expenses other than
interest directly connected with the production of investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To the extent that the Fund allocates losses
or expenses to you that must be deferred or are disallowed as a result of these or other limitations in the Code, you may be taxed
on income in excess of your economic income or distributions (if any) on your Shares. As one example, you could be allocated and
required to pay tax on your share of interest income accrued by the Fund for a particular taxable year, and in the same year allocated
a share of a capital loss that you cannot deduct currently because you have insufficient capital gains against which to offset
the loss. As another example, you could be allocated and required to pay tax on your share of interest income and capital gain
for a year, but be unable to deduct some or all of your share of management fees and/or margin account interest incurred by you
with respect to your Shares. Shareholders are urged to consult their own professional tax advisor regarding the effect of limitations
under the Code on their ability to deduct your allocable share of the Fund&#8217;s losses and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: 0.5in"><B><I>Tax Basis of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&#8217;s tax basis in its Shares
is important in determining (1) the amount of taxable gain or loss it will realize on the sale or other disposition of its Shares,
(2) the amount of non-taxable distributions that it may receive from the Fund, and (3) its ability to utilize its distributive
share of any losses of the Fund on its tax return. A Shareholder&#8217;s initial tax basis of its Shares will equal its cost for
the Shares plus its share of the Fund&#8217;s liabilities (if any) at the time of purchase. In general, a Shareholder&#8217;s &#8220;share&#8221;
of those liabilities will equal the sum of (i) the entire amount of any otherwise nonrecourse liability of the Fund as to which
the Shareholder or an affiliate of the Shareholder is the creditor (a &#8220;partner nonrecourse liability&#8221;) and (ii) a pro
rata share of any nonrecourse liabilities of the Fund that are not partner nonrecourse liabilities as to any Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&#8217;s tax basis in its Shares
generally will be (1) increased by (a) its allocable share of the Fund&#8217;s taxable income and gain and (b) any additional contributions
by the Shareholder to the Fund and (2) decreased (but not below zero) by (a) its allocable share of the Fund&#8217;s tax deductions
and losses and (b) any distributions by the Fund to the Shareholder. For this purpose, an increase in a Shareholder&#8217;s share
of the Fund&#8217;s liabilities will be treated as a contribution of cash by the Shareholder to the Fund and a decrease in that
share will be treated as a distribution of cash by the Fund to the Shareholder. Pursuant to certain IRS rulings, a Shareholder
will be required to maintain a single, &#8220;unified&#8221; basis in all Shares that it owns. As a result, when a Shareholder
that acquired its Shares at different prices sells less than all of its Shares, such Shareholder will not be entitled to specify
particular Shares ( <I>e.g.</I>, those with a higher basis) as having been sold. Rather, it must determine its gain or loss on
the sale by using an &#8220;equitable apportionment&#8221; method to allocate a portion of its unified basis in its Shares to the
Shares sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Treatment of Fund Distributions</I>.&nbsp;&nbsp;If
the Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable to the Shareholders
for federal income tax purposes except to the extent that the sum of (i) the amount of cash and (ii) the fair market value of marketable
securities distributed exceeds the Shareholder&#8217;s adjusted basis of its interest in the Fund immediately before the distribution.
Any cash distributions in excess of a Shareholder&#8217;s tax basis generally will be treated as gain from the sale or exchange
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Constructive Termination of the Partnership</I>.&nbsp;The
Fund will be considered to have been terminated for tax purposes if there is a sale or exchange of 50% or more of the total interests
in its Shares within a 12-month period. A termination would result in the closing of the Fund&#8217;s taxable year for all Shareholders.
In the case of a Shareholder reporting on a taxable year other</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">than a fiscal year ending December 31, the closing of the Fund&#8217;s
taxable year may result in more than 12 months of our taxable income or loss being includable in its taxable income for the year
of termination. We would be required to make new tax elections after a termination. A termination could result in tax penalties
if we were unable to determine that the termination had occurred. Moreover, a termination might either accelerate the application
of, or subject us to, any tax legislation enacted before the termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt"><B><I>Tax Consequences of Disposition of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If a Shareholder sells its Shares, it will recognize
gain or loss equal to the difference between the amount realized and its adjusted tax basis for the Shares sold. A Shareholder&#8217;s
amount realized will be the sum of the cash or the fair market value of other property received plus its share of any Fund debt
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>Gain
or loss recognized by a Shareholder on the sale or exchange of Shares held for more than one year will generally be taxable as
long-term capital gain or loss; otherwise, such gain or loss will generally be taxable as short-term capital gain or loss. A special
election is available under the Treasury Regulations that allows Shareholders to identify and use the actual holding periods for
the Shares sold for purposes of determining whether the gain or loss recognized on a sale of Shares will give rise to long-term
or short-term capital gain or loss. It is expected that most Shareholders will be eligible to elect, and generally will elect,
to identify and use the actual holding period for Shares sold. If a Shareholder fails to make the election or is not able to identify
the holding periods of the Shares sold, the Shareholder will have a split holding period in the Shares sold. Under such circumstances,
a Shareholder will be required to determine its holding period in the Shares sold by first determining the portion of its entire
interest in the Fund that would give rise to long-term capital gain or loss if its entire interest were sold and the portion that
would give rise to short-term capital gain or loss if the entire interest were sold. The Shareholder would then treat each Share
sold as giving rise to long-term capital gain or loss and short-term capital gain or loss in the same proportions as if it had
sold its entire interest in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Section 751 of the Code, a portion of
a Shareholder&#8217;s gain or loss from the sale of Shares (regardless of the holding period for such Shares), will be separately
computed and taxed as ordinary income or loss to the extent attributable to &#8220;unrealized receivables&#8221; or &#8220;inventory&#8221;
owned by the Fund. The term &#8220;unrealized receivables&#8221; includes, among other things, market discount bonds and short-term
debt instruments to the extent such items would give rise to ordinary income if sold by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If some or all of a Shareholder&#8217;s Shares
are lent by its broker or other agent to a third party&nbsp;&#8212;&nbsp;for example, for use by the third party in covering a
short sale&nbsp;&#8212;&nbsp;the Shareholder may be considered as having made a taxable disposition of the loaned Shares, in which
case&nbsp;&#8212;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#8226;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">the Shareholder may recognize taxable gain or loss to the same extent as if it had sold the Shares for cash;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#8226;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">any of the income, gain, loss or deduction allocable to those Shares during the period of the loan is not reportable by the Shareholder for tax purposes; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt">&#8226;</TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">any distributions the Shareholder receives with respect to the Shares under the loan agreement will be fully taxable to the Shareholder, most likely as ordinary income.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shareholders desiring to avoid these and other possible consequences
of a deemed disposition of their Shares should consider modifying any applicable brokerage account agreements to prohibit the lending
of their Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt"><B><I>Other Tax Matters</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Information Reporting</I>.&nbsp;The Fund
provides tax information to the Shareholders and to the IRS. Shareholders of the Fund are treated as partners for federal income
tax purposes. Accordingly, the Fund will furnish Shareholders each year with tax information on IRS Schedule K-1 (Form 1065), which
will be used by the Shareholders in completing their tax returns. The IRS has ruled that assignees of partnership interests who
have not been admitted to a partnership as partners but who have the capacity to exercise substantial dominion and control over
the assigned partnership interests will be considered partners for federal income tax purposes. On the basis of this ruling, except
as otherwise provided herein, we will treat as a Shareholder any person whose shares are held on their behalf by a broker or other
nominee if that person has the right to direct the nominee in the exercise of all substantive rights attendant to the ownership
of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Persons who hold an interest in the Fund as
a nominee for another person are required to furnish to us the following information: (1) the name, address and taxpayer identification
number of the beneficial owner and the nominee; (2) whether the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">beneficial owner is (a) a person that is not a U.S. person, (b)
a foreign government, an international organization or any wholly-owned agency or instrumentality of either of the foregoing, or
(c) a tax-exempt entity; (3) the number and a description of Shares acquired or transferred for the beneficial owner; and (4) certain
information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases,
as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information,
including whether they are U.S. persons and certain information on Shares they acquire, hold or transfer for their own account.
A penalty of $100 per failure, up to a maximum of $1,500,000 per calendar year, is imposed by the Code for failure to report such
information to the Fund. The nominee is required to supply the beneficial owner of the Shares with the information furnished to
the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Partnership Audit Procedures</I>.&nbsp;The
IRS may audit the federal income tax returns filed by the Fund. Adjustments resulting from any such audit may require a Shareholder
to adjust a prior year&#8217;s tax liability and could result in an audit of the Shareholder&#8217;s own return. Any audit of a
Shareholder&#8217;s return could result in adjustments of non-partnership items as well as Fund items. Partnerships are generally
treated as separate entities for purposes of federal tax audits, judicial review of administrative adjustments by the IRS, and
tax settlement proceedings. The tax treatment of partnership items of income, gain, loss and deduction are determined at the partnership
level in a unified partnership proceeding rather than in separate proceedings with the partners. The Code provides for one partner
to be designated as the &#8220;tax matters partner&#8221; and to represent the partnership purposes of these proceedings. The Trust
Agreement appoints the Sponsor as the tax matters partner of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Reportable Transaction Rules</I>.&nbsp;In
certain circumstances the Code and Treasury Regulations require that the IRS be notified of transactions through a disclosure statement
attached to a taxpayer&#8217;s United States federal income tax return. These disclosure rules may apply to transactions irrespective
of whether they are structured to achieve particular tax benefits. They could require disclosure by the Trust or Shareholders if
a Shareholder incurs a loss in excess of a specified threshold from a sale or redemption of its Shares and possibly in other circumstances.
While these rules generally do not require disclosure of a loss recognized on the disposition of an asset in which the taxpayer
has a &#8220;qualifying basis&#8221; (generally a basis equal to the amount of cash paid by the taxpayer for such asset), they
apply to a loss recognized with respect to interests in a pass-through entity, such as the Shares, even if the taxpayer&#8217;s
basis in such interests is equal to the amount of cash it paid. In addition, significant monetary penalties may be imposed in connection
with a failure to comply with these reporting requirements. Investors should consult their own tax advisor concerning the application
of these reporting requirements to their specific situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Tax-Exempt Organizations.</I> &nbsp;&nbsp;Subject
to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations and certain other
organizations that otherwise are exempt from U.S. federal income tax (collectively &#8220;exempt organizations&#8221;) nonetheless
are subject to the tax on unrelated business taxable income (&#8220;UBTI&#8221;). Generally, UBTI means the gross income derived
by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially related
to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that trade
or business. If the Fund were to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect
to an exempt organization Shareholder, then in computing its UBTI, the Shareholder must include its share of (1) the Fund&#8217;s
gross income from the unrelated trade or business, whether or not distributed, and (2) the Fund&#8217;s allowable deductions directly
connected with that gross income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">UBTI generally does not include dividends, interest,
or payments with respect to securities loans and gains from the sale of property (other than property held for sale to customers
in the ordinary course of a trade or business). Nonetheless, income on, and gain from the disposition of, &#8220;debt-financed
property&#8221; is UBTI. Debt-financed property generally is income-producing property (including securities), the use of which
is not substantially related to the exempt organization&#8217;s tax-exempt purposes, and with respect to which there is &#8220;acquisition
indebtedness&#8221; at any time during the taxable year (or, if the property was disposed of during the taxable year, the 12-month
period ending with the disposition). Acquisition indebtedness includes debt incurred to acquire property, debt incurred before
the acquisition of property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the
acquisition of property if the debt would not have been incurred but for the acquisition and at the time of acquisition the incurrence
of debt was foreseeable. The portion of the income from debt-financed property attributable to acquisition indebtedness is equal
to the ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property
for the year. The Fund currently does not anticipate that it will borrow money to acquire investments; however, the Fund cannot
be certain that it will not borrow for such purpose in the future. In addition, an exempt organization Shareholder that incurs
acquisition indebtedness to purchase its Shares in the Fund may have UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The federal tax rate applicable to an exempt
organization Shareholder on its UBTI generally will be either the corporate or trust tax rate, depending upon the Shareholder&#8217;s
form of organization. The Fund may report to each such Shareholder information as to the portion, if any, of the Shareholder&#8217;s
income and gains from the Fund for any year that will be treated as UBTI; the calculation of that amount is complex, and there
can be no assurance that the Fund&#8217;s calculation of UBTI will be</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">accepted by the IRS. An exempt organization Shareholder will
be required to make payments of estimated federal income tax with respect to its UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Regulated Investment Companies.</I> &nbsp;&nbsp;Interests
in and income from &#8220;qualified publicly traded partnerships&#8221; satisfying certain gross income tests are treated as qualifying
assets and income, respectively, for purposes of determining eligibility for regulated investment company (&#8220;RIC&#8221;) status.
A RIC may invest up to 25% of its assets in interests in a qualified publicly traded partnership. The determination of whether
a publicly traded partnership such as the Fund is a qualified publicly traded partnership is made on an annual basis. The Fund
expects to be a qualified publicly traded partnership in each of its taxable years. However, such qualification is not assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>Non-U.S.
Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, non-U.S. persons who derive U.S.
source income or gain from investing or engaging in a U.S. business are taxable on two categories of income. The first category
consists of amounts that are fixed or determinable, annual or periodic income, such as interest, dividends and rent that are not
connected with the operation of a U.S. trade or business (&#8220;FDAP&#8221;). The second category is income that is effectively
connected with the conduct of a U.S. trade or business (&#8220;ECI&#8221;). FDAP income (other than interest that is considered
&#8220;portfolio interest;&#8221; as discussed below) is generally subject to a 30% withholding tax, which may be reduced for certain
categories of income by a treaty between the U.S. and the recipient&#8217;s country of residence. In contrast, ECI is generally
subject to U.S. tax on a net basis at graduated rates upon the filing of a U.S. tax return. Where a non-U.S. person has ECI as
a result of an investment in a partnership, the ECI is currently subject to a withholding tax at a rate of 39.6% for individual
Shareholders and a rate of 35% for corporate Shareholders.&nbsp;&nbsp;The tax withholding on ECI, which is the highest tax rate
under Code section 1 for non-corporate Non-U.S. Shareholders and Code section 11(b) for corporate Non-U.S. Shareholders, may increase
in future tax years if tax rates increase from their current levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Withholding on Allocations and Distributions</I>.&nbsp;&nbsp;The
Code provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during a taxable
year will also be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a partnership
as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment fund
whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered
to be engaged in a U.S. trade or business unless it is a dealer is such stocks, securities, or commodities. This safe harbor applies
to investments in commodities only if the commodities are of a kind customarily dealt in on an organized commodity exchange and
if the transaction is of a kind customarily consummated at such place. Although the matter is not free from doubt, the Fund believes
that the activities directly conducted by the Fund do not result in the Fund being engaged in a trade or business within in the
United States. However, there can be no assurance that the IRS would not successfully assert that the Fund&#8217;s activities constitute
a U.S. trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event that the Fund&#8217;s activities
were considered to constitute a U.S. trade or business, the Fund would be required to withhold at the highest rate specified in
Code section 1 (currently 39.6%) on allocations of our income to non-corporate Non-U.S. Shareholders and the highest rate specified
in Code section 11(b) (currently 35%) on allocations of our income to corporate Non-U.S. Shareholders, when such income is distributed.&nbsp;&nbsp;A
Non-U.S. Shareholder with ECI will generally be required to file a U.S. federal income tax return, and the return will provide
the Non-U.S. Shareholder with the mechanism to seek a refund of any withholding in excess of such Shareholder&#8217;s actual U.S.
federal income tax liability. Any amount withheld by the Fund will be treated as a distribution to the Non-U.S. Shareholder to
the extent possible.&nbsp;&nbsp;In some cases, the Fund may not be able to match the economic cost of satisfying its withholding
obligations to a particular Non-U.S. Shareholder, which may result in said cost being borne by the Fund, generally, and accordingly,
by all Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Fund is not treated as engaged in a U.S.
trade or business, a Non-U.S. Shareholder may nevertheless be treated as having FDAP income, which would be subject to a 30% withholding
tax (possibly subject to reduction by treaty), with respect to some or all of its distributions from the Fund or its allocable
share of Fund income. Amounts withheld on behalf of a Non-U.S. Shareholder will be treated as being distributed to such Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT>To
the extent any interest income allocated to a Non-U.S. Shareholder that otherwise constitutes FDAP is considered
&#8220;portfolio interest,&#8221; neither the allocation of such interest income to the non-U.S. Shareholder nor a subsequent
distribution of such interest income to the non-U.S. Shareholder will be subject to withholding, provided that the Non-U.S.
Shareholder is not otherwise engaged in a trade or business in the U.S. and provides the Fund with a timely and properly
completed and executed IRS Form W-8BEN or other applicable form. In general, portfolio interest is interest paid on debt
obligations issued in registered form, unless the recipient owns 10% or more of the voting power of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust expects that most of the Fund&#8217;s
interest income will qualify as portfolio interest. In order for the Fund to avoid withholding on any interest income allocable
to Non-U.S. Shareholders that would qualify as portfolio interest, it will be</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">necessary for all Non-U.S. Shareholders to provide
the Fund with a timely and properly completed and executed Form W-8BEN (or other applicable form).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Gain from Sale of Shares</I>.&nbsp;Gain from
the sale or exchange of Shares may be taxable to a Non-U.S. Shareholder if the Non-U.S. Shareholder is a nonresident alien individual
who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual will be
subject to a 30% withholding tax on the amount of such individual&#8217;s gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Prospective Non-U.S. Shareholders should
consult their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund may be required to withhold U.S. federal
income tax (&#8220;backup withholding&#8221;) from payments to: (1) any Shareholder who fails to furnish the Fund with his, her
or its correct taxpayer identification number or a certificate that the Shareholder is exempt from backup withholding, and (2)
any Shareholder with respect to whom the IRS notifies the Fund that the Shareholder is subject to backup withholding. Backup withholding
is not an additional tax and may be returned or credited against a taxpayer&#8217;s regular federal income tax liability if appropriate
information is provided to the IRS.&nbsp;&nbsp;The backup withholding rate is the fourth lowest rate applicable to individuals
under Code section 1(c), and may increase in future tax years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.25in"><B><I>Other Tax Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to federal income taxes, Shareholders
may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes, and
estate, inheritance or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns
property or where the Shareholders reside. Although an analysis of those various taxes is not presented here, each prospective
Shareholder should consider their potential impact on its investment in the Fund. It is each Shareholder&#8217;s responsibility
to file the appropriate U.S. federal, state, local, and foreign tax returns. Reed Smith has not provided an opinion concerning
any aspects of state, local or foreign tax or U.S. federal tax other than those U.S. federal income tax issues discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Recently enacted legislation that becomes effective
after December 31, 2012, generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions
that fail to enter into an agreement with the United States Treasury to report certain required information with respect to accounts
held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners).&nbsp;&nbsp;The IRS and the Treasury
Department have announced that the full implementation of these rules will be phased in over the next several years, including
the obligation to withhold. The types of income subject to the tax include U.S.-source interest and dividends and the gross proceeds
from the sale of any property that could produce U.S.-source interest or dividends.&nbsp;&nbsp;The information required to be reported
includes the identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity
within the holder&#8217;s account.&nbsp;&nbsp;In addition, subject to certain exceptions, this legislation also imposes a 30% withholding
tax on payments to foreign entities that are not financial institutions unless the foreign entity certifies that it does not have
a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner.&nbsp;&nbsp;When
these provisions become effective, depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through
which it holds Shares, a Non-U.S. Shareholder could be subject to this 30% withholding tax with respect to distributions on its
Shares and proceeds from the sale of its Shares.&nbsp;&nbsp;Under certain circumstances, a Non-U.S. Shareholder might be eligible
for refund or credit of such taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_056"></A><B>Investment By ERISA Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Most employee benefit plans and individual retirement
accounts (&#8220;IRAs&#8221;) are subject to the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;),
or the Code, or both.&nbsp; This section discusses certain considerations that arise under ERISA and the Code that a fiduciary
of an employee benefit plan as defined in ERISA or a plan as defined in Section 4975 of the Code who has investment discretion
should take into account before deciding to invest the plan&#8217;s assets in the Fund.&nbsp; Employee benefit plans under ERISA
and plans under the Code are collectively referred to below as &#8220;plans,&#8221; and fiduciaries with investment discretion
are referred to below as &#8220;plan fiduciaries.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This summary is based on the provisions of ERISA
and the Code as of the date hereof.&nbsp; This summary is not intended to be complete, but only to address certain questions under
ERISA and the Code likely to be raised by your advisors.&nbsp; The summary does not include state or local law.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Potential plan investors are urged to consult with their own
professional advisors concerning the appropriateness of an investment in the Fund and the manner in which Shares should be purchased.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Special Investment Considerations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each plan fiduciary must consider the facts
and circumstances that are relevant to an investment in the Fund, including the role that an investment in the Fund would play
in the plan&#8217;s overall investment portfolio.&nbsp; Each plan fiduciary, before deciding to invest in the Fund, must be satisfied
that the investment is prudent for the plan, that the investments of the plan are diversified so as to minimize the risk of large
losses, and that an investment in the Fund complies with the terms of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;&#9;</FONT><B><I>The
Fund and Plan Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A regulation issued under ERISA contains rules
for determining when an investment by a plan in an equity interest of a statutory trust will result in the underlying assets of
the statutory trust being deemed plan assets for purposes of ERISA and Section 4975 of the Code.&nbsp; Those rules provide that
assets of a statutory trust will not be plan assets of a plan that purchases an equity interest in the statutory trust if the equity
interest purchased is a publicly-offered security.&nbsp; If the underlying assets of a statutory trust are considered to be assets
of any plan for purposes of ERISA or Section 4975 of the Code, the operations of that trust would be subject to and, in some cases,
limited by the provisions of ERISA and Section 4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The publicly-offered security exception described
above applies if the equity interest is a security that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt">(1)</TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">freely transferable (determined based on the relevant facts and circumstances);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt">(2)</TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">part of a class of securities that is widely held (meaning that the class of securities is owned by 100 or more investors independent of the issuer and of each other); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 0.8pt">(3)</TD>
    <TD STYLE="width: 86%; padding-right: 0.8pt">either (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act or (b) sold to the plan as part of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The plan asset regulations under ERISA state
that the determination of whether a security is freely transferable is to be made based on all the relevant facts and circumstances.&nbsp;
In the case of a security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements,
alone or in combination, ordinarily will not affect a finding that the security is freely transferable: (1) a requirement that
no transfer or assignment of the security or rights relating to the security be made that would violate any federal or state law;
and (2) a requirement that no transfer or assignment be made without advance written notice given to the entity that issued the
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Sponsor believes that the conditions described
above are satisfied with respect to the Shares.&nbsp; The Sponsor believes that the Shares therefore constitute publicly-offered
securities, and the underlying assets of the Fund should not be considered to constitute plan assets of any plan that purchases
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Prohibited Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;ERISA and the Code
generally prohibit certain transactions involving a plan and persons who have certain specified relationships to the plan.&nbsp;
In general, Shares may not be purchased with the assets of a plan if the Sponsor, the clearing brokers, the trading advisors (if
any), or any of their affiliates, agents or employees either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">exercise any discretionary authority or discretionary control with respect to management of the plan;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">exercise any authority or control with respect to management or disposition of the assets of the plan;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">render investment advice for a fee or other compensation, direct or indirect, with respect to any moneys or other property of the plan;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">have any authority or responsibility to render investment advice with respect to any monies or other property of the plan; or</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 89%; padding-right: 0.8pt">have any discretionary authority or discretionary responsibility in the administration of the plan.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Also, a prohibited transaction may occur under
ERISA or the Code when circumstances indicate that (1) the investment in Shares is made or retained for the purpose of avoiding
application of the fiduciary standards of ERISA, (2) the investment in Shares constitutes an arrangement under which the Fund is
expected to engage in transactions that would otherwise be prohibited if entered into directly by the plan purchasing the Shares,
(3) the investing plan, by itself, has the authority or influence to cause the Fund to engage in such transactions, or (4) a person
who is prohibited from transacting with the investing plan may, but only with the aid of certain of its affiliates and the investing
plan, cause the Fund to engage in such transactions with such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Special IRA Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">IRAs are not subject to ERISA&#8217;s fiduciary
standards, but are subject to their own rules, including the prohibited transaction rules of Section 4975 of the Code, which generally
mirror ERISA&#8217;s prohibited transaction rules.&nbsp; For example, IRAs are subject to special custody rules and must maintain
a qualifying IRA custodial arrangement separate and distinct from the Fund and its custodial arrangement.&nbsp; If a separate qualifying
custodial arrangement is not maintained, an investment in the Shares will be treated as a distribution from the IRA.&nbsp; Second,
IRAs are prohibited from investing in certain commingled investments, and the Sponsor makes no representation regarding whether
an investment in Shares is an inappropriate commingled investment for an IRA.&nbsp; Third, in applying the prohibited transaction
provisions of Section 4975 of the Code, in addition to the rules summarized above, the individual for whose benefit the IRA is
maintained is also treated as the creator of the IRA.&nbsp; For example, if the owner or beneficiary of an IRA enters into any
transaction, arrangement, or agreement involving the assets of his or her IRA to benefit the IRA owner or beneficiary (or his or
her relatives or business affiliates) personally, or with the understanding that such benefit will occur, directly or indirectly,
such transaction could give rise to a prohibited transaction that is not exempted by any available exemption.&nbsp; Moreover, in
the case of an IRA, the consequences of a non-exempt prohibited transaction are that the IRA&#8217;s assets will be treated as
if they were distributed, causing immediate taxation of the assets (including any early distribution penalty tax applicable under
Section 72 of the Code), in addition to any other fines or penalties that may apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT><B><I>Exempt
Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain employee benefit plans may be governmental
plans or church plans.&nbsp; Governmental plans and church plans are generally not subject to ERISA, nor do the prohibited transaction
provisions described above apply to them.&nbsp; These plans are, however, subject to prohibitions against certain related-party
transactions under Section 503 of the Code, which are similar to the prohibited transaction rules described above.&nbsp; In addition,
the fiduciary of any governmental or church plan must consider any applicable state or local laws and any restrictions and duties
of common law imposed upon the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No view is expressed as to whether an investment
in the Fund (and any continued investment in the Fund), or the operation and administration of the fund, is appropriate or permissible
for any governmental plan or church plan under Code Section 503, or under any state, county, local or other law relating to that
type of plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>Allowing an investment in the Fund is not
to be construed as a representation by the Trust, the Fund, the Sponsor, any trading advisor, any clearing broker, the Distributor
or legal counsel or other advisors to such parties or any other party that this investment meets some or all of the relevant legal
requirements with respect to investments by any particular plan or that this investment is appropriate for any such particular
plan.&nbsp; The person with investment discretion should consult with the plan&#8217;s attorney and financial advisors as to the
propriety of an investment in the Fund in light of the circumstances of the particular plan, current tax law and ERISA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INCORPORATION BY REFERENCE OF CERTAIN
INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are a reporting company and file annual,
quarterly and current reports and other information with the SEC. The rules of the SEC allow us to &#8220;incorporate by reference&#8221;
information that we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus. This prospectus incorporates by reference the
documents set forth below that have been previously filed with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, filed with the SEC on March 18, 2013; and<BR>
<BR>
</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> our Current
                                                                                                              Report on Form 8-K
                                                                                                              filed with the SEC
                                                                                                              on April 3, 2013.<BR>
                                                                                                              <BR> </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any statement contained in a document incorporated
by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that
a statement contained in this prospectus or in any other subsequently filed document that also is or is deemed to be incorporated
by reference in this prospectus modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this prospectus.<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We will provide to each person to whom a prospectus
is delivered, including any beneficial owner, a copy of these filings at no cost, upon written or oral request at the following
address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Teucrium WTI Crude Oil Fund<BR>
Attention: Barbara Riker<BR>
232 Hidden Lake Road, Building A<BR>
Brattleboro, Vermont 05301<BR>
(802) 257-1617</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Internet website is www.teucriumcrudfund.com.
We make our electronic filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and amendments to these reports available on our website free of charge as soon as practicable after we file
or furnish them with the SEC. The information contained on our website is not incorporated by reference in this prospectus and
should not be considered a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_057"></A>INFORMATION YOU SHOULD KNOW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This prospectus contains information you should
consider when making an investment decision about the Shares.&nbsp; You should rely only on the information contained in this prospectus
or any applicable prospectus supplement.&nbsp; None of the Trust, the Fund or the Sponsor has authorized any person to provide
you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it.&nbsp;
This prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information contained in this prospectus
was obtained from us and other sources believed by us to be reliable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should disregard anything we said in an
earlier document that is inconsistent with what is included in this prospectus or any applicable prospectus supplement.&nbsp; Where
the context requires, when we refer to this &#8220;prospectus,&#8221; we are referring to this prospectus and (if applicable) the
relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You should not assume that the information in
this prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this
prospectus or the date on the front page of any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We include cross references in this prospectus
to captions in these materials where you can find further related discussions.&nbsp; The table of contents tells you where to find
these captions.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><A NAME="a_058"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust has filed on behalf of the Fund a
registration statement on Form S-1 with the SEC under the 1933 Act.&nbsp; This prospectus does not contain all of the information
set forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted
in accordance with the rules and regulations of the SEC.&nbsp; For further information about the Trust, the Fund or the Shares,
please refer to the registration statement, which you may inspect, without charge, at the public reference facilities of the SEC
at the below address or online at www.sec.gov, or obtain at prescribed rates from the public reference facilities of the SEC at
the below address.&nbsp; Information about the Trust, the Fund and the Shares can also be obtained from the Fund&#8217;s website,
which is www.teucriumcrudfund.com.&nbsp; The Fund&#8217;s website address is only provided here as a convenience to you and the
information contained on or connected to the website is not part of this prospectus or the registration statement of which this
prospectus is part.&nbsp; The Trust is subject to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the
Exchange Act.&nbsp; The Sponsor will file an updated prospectus annually for the Fund pursuant to the 1933 Act.&nbsp; The reports
and other information can be inspected at the public reference facilities of the SEC located at 100 F Street, N.E., Washington,
DC 20549 and online at www.sec.gov. You may also obtain copies of such material from the public reference facilities of the SEC
at 100 F Street, NE, Washington, D.C. 20549, at </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">prescribed rates. You may obtain more information concerning the operation of the
public reference facilities of the SEC by calling the SEC at 1-800-SEC-0330 or visiting online at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_060"></A>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Glossary of Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In this prospectus, each of the following terms
have the meanings set forth after such term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Administrator:</B> The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Authorized Purchaser:&nbsp;&nbsp;</B> One that purchases or redeems
Creation Baskets or Redemption Baskets, respectively, from or to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Benchmark</B> :&nbsp;&nbsp; A weighted average of daily changes
in the closing settlement prices of:&nbsp;&nbsp;(1) the nearest to spot June or December WTI Oil Futures Contract, weighted 35%;
(2) the June or December WTI Oil Futures Contract following the aforementioned (1), weighted 30%; and (3) the&nbsp;next December
WTI Oil Futures Contract following the aforementioned (2), weighted 35%. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Benchmark Component Futures Contracts:</B> &nbsp;&nbsp;&nbsp;
The three WTI Oil Futures Contracts that at any given time make up the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Business Day:&nbsp;&nbsp;</B> Any day other than a day when any
of the NYSE Arca, the NYMEX or the New York Stock Exchange is closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CFTC:&nbsp;&nbsp;</B> Commodity Futures Trading Commission, an
independent agency with the mandate to regulate commodity futures and options in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Cleared Oil Swap:&nbsp;&nbsp;</B> An oil-based swap agreement
that is cleared through the NYMEX or its affiliated provider of clearing services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Code:</B> Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Commodity Pool:&nbsp;&nbsp;</B> An enterprise in which several
individuals contribute funds in order to trade futures contracts or options on futures contracts collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Commodity Pool Operator or CPO:&nbsp;&nbsp;</B> Any person engaged
in a business which is of the nature of an investment trust, syndicate, or similar enterprise, and who, in connection therewith,
solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions, the
sale of stock or other forms of securities, or otherwise, for the purpose of trading in any commodity for future delivery or commodity
option on or subject to the rules of any contract market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Creation Basket:&nbsp;&nbsp;</B> A block of 25,000 Shares used
by the Fund to issue Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Custodian:&nbsp;&nbsp;</B> The Bank of New York Mellon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DTC:&nbsp;&nbsp;</B> The Depository Trust Company. DTC will act
as the securities depository for the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DTC Participant:&nbsp;&nbsp;</B> An entity that has an account
with DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DTEF:&nbsp;&nbsp;</B> A derivatives transaction execution facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exchange Act:&nbsp;&nbsp;</B> The Securities Exchange Act of
1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exchange for Risk:&nbsp;&nbsp;</B> A privately negotiated and
simultaneous exchange of a futures contract position for a swap or other over-the-counter instrument on the corresponding commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>FINRA:&nbsp;&nbsp;</B> Financial Industry Regulatory Authority,
formerly the National Association of Securities Dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Indirect Participants:&nbsp;&nbsp;</B> Banks, brokers, dealers
and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>IntercontinentalExchange (ICE):</B> &nbsp;&nbsp;An Internet-based
exchange for the trading of over-the-counter energy contracts.&nbsp; The Fund expressly disclaims any association with the ICE
or endorsement of the Fund by the ICE and acknowledges that &#8220;ICE&#8221; and the &#8220;IntercontinentalExchange&#8221; are
registered trademarks of such exchange</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Limited Liability Company (LLC):&nbsp;&nbsp;</B> A type of business
ownership combining several features of corporation and partnership structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Margin:&nbsp;&nbsp;</B> The amount of equity required for an
investment in futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NAV:&nbsp;&nbsp;</B> Net Asset Value of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NFA:&nbsp;&nbsp;</B> National Futures Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>NSCC:&nbsp;&nbsp;</B> National Securities Clearing Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>New York Mercantile Exchange (&#8220;NYMEX&#8221;):&nbsp;&nbsp;</B>
The primary exchange on which Oil Futures Contracts are traded in the U.S.&nbsp; The Fund expressly disclaims any association with
the NYMEX or endorsement of the Fund by the NYMEX and acknowledges that &#8220;NYMEX&#8221; and &#8220;New York Mercantile Exchange&#8221;
are registered trademarks of such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>1933 Act:&nbsp;&nbsp;</B> The Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Oil Futures Contracts:&nbsp;&nbsp;</B> &nbsp; Crude oil&nbsp;future
contracts that are traded on the NYMEX or other domestic or foreign exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Oil Interests:&nbsp;&nbsp;</B> Oil Futures Contracts, Cleared
Oil Swaps and Other Oil Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Option:&nbsp;&nbsp;</B> The right, but not the obligation, to
buy or sell a futures contract or forward contract at a specified price on or before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Oil Interests:&nbsp;&nbsp;</B> Other crude oil-related
investments such as options on Oil Futures Contracts, swap agreements other than Cleared Oil Swaps&nbsp; and forward contracts
relating to crude oil, and over-the-counter transactions that are based on the price of crude oil, Oil Futures Contracts and indices
based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Over-the-Counter Derivative:&nbsp;&nbsp;</B> A financial contract,
whose value is designed to track the return on stocks, bonds, currencies, commodities, or some other benchmark, that is traded
over-the-counter or off organized exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Redemption Basket:&nbsp;&nbsp;</B> A block of 25,000 Shares used
by the Fund to redeem Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SEC:&nbsp;&nbsp;</B> Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Secondary Market:&nbsp;&nbsp;</B> The stock exchanges and the
over-the-counter market. Securities are first issued as a primary offering to the public. When the securities are traded from that
first holder to another, the issues trade in these secondary markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shareholders:</B> &nbsp;&nbsp;Holders of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shares:</B> &nbsp;&nbsp;Common units representing fractional
undivided beneficial interests in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Sponsor:&nbsp;&nbsp;</B> Teucrium Trading, LLC, a Delaware limited
liability company, which is registered as a Commodity Pool Operator, who controls the investments and other decisions of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Spot Contract:&nbsp;&nbsp;</B> A cash market transaction in which
the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Swap Agreement:&nbsp;&nbsp;</B> An over-the-counter derivative
that generally involves an exchange of a stream of payments between the contracting parties based on a notional amount and a specified
index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Tracking Error:&nbsp;&nbsp;</B> Possibility that the daily NAV
of the Fund will not track the Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Treasury Securities:&nbsp;&nbsp;</B> Obligations of the U.S.
government with remaining maturities of 2 years or less.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Trust Agreement:&nbsp;&nbsp;</B> The Second Amended and Restated
Declaration of Trust and Trust Agreement of the Trust effective as of October 21, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Valuation Day:&nbsp;&nbsp;</B> Any day as of which the Fund calculates
its NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>WTI Oil Futures Contracts:&nbsp;</B> &nbsp;Oil Futures Contracts
based on West Texas Intermediate light, sweet crude oil that are traded on the NYMEX or the ICE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>You:&nbsp;&nbsp;</B> The owner of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TEUCRIUM WTI CRUDE OIL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This statement of additional information is
the second part of a two part document.&nbsp; The first part is the Fund&#8217;s disclosure document.&nbsp; The disclosure document
and this statement of additional information are bound together, and both parts contain important information.&nbsp; This statement
of additional information should be read in conjunction with the disclosure document.&nbsp; To obtain a copy of the disclosure
document without charge, call the Fund at (802) 257-1617. Before you decide whether to invest, you should read the entire prospectus
carefully and consider the risk factors beginning on page 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> This statement of additional information
and accompanying disclosure document are both dated&nbsp;April 30, 2013. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.5pt 0 0; text-align: center; border-top: Black 2pt solid">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TEUCRIUM WTI CRUDE OIL FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 0.8pt; text-align: center"><B><U>Page</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt"><A HREF="#a_061">Commodity Market Participants</A></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">96</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt"><A HREF="#a_062">Regulation</A></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">96</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="padding-right: 0.8pt"><A HREF="#a_063">Potential Advantages of Investment</A></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 0.8pt"><A HREF="#a_064">Fund Performance</A></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">97</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_061"></A>Commodity Market Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The two broad classes of persons who trade commodities
are hedgers and speculators.&nbsp; Hedgers include financial institutions that manage or deal in interest rate-sensitive instruments,
foreign currencies or stock portfolios, and commercial market participants, such as oil producers and manufacturers, that market
or process commodities.&nbsp; Hedging is a protective procedure designed to effectively lock in prices that would otherwise change
due to an adverse movement in the price of the underlying commodity, such as, the adverse price movement between the time a merchandiser
or processor enters into a contract to buy or sell a raw or processed commodity at a certain price and the time he must perform
the contract.&nbsp; For example, if a hedger contracts to physically sell the commodity at a future date, he may simultaneously
buy a futures or forward contract for the necessary equivalent quantity of the commodity.&nbsp; At the time for performance of
the physical contract, the hedger may accept delivery under his futures contract and sell the commodity quantity as required by
the physical contract or he may buy the actual commodity, sell it under the physical contract and close out his futures contract
position by making an offsetting sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Commodity Interest markets enable the hedger
to shift the risk of price fluctuations.&nbsp; The usual objective of the hedger is to protect the profit that he expects to earn
from drilling, merchandising, or processing operations rather than to profit from his trading.&nbsp; However, at times the impetus
for a hedge transaction may result in part from speculative objectives and hedgers can end up paying higher prices than they would
have if they did not enter into a Commodity Interest transaction if current market prices are lower than the locked-in price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike the hedger, the speculator generally
expects neither to make nor take delivery of the underlying commodity.&nbsp; Instead, the speculator risks his capital with the
hope of making profits from price fluctuations in the commodities.&nbsp; The speculator is, in effect, the risk bearer who assumes
the risks that the hedger seeks to avoid.&nbsp; Speculators rarely make or take delivery of the underlying commodity; rather they
attempt to close out their positions prior to the delivery date.&nbsp; A speculator who takes a long position generally will make
a profit if the price of the underlying commodity goes up and incur a loss if the price of the underlying commodity goes down,
while a speculator who takes a short position generally will make a profit if the price of the underlying commodity goes down and
incur a loss if the price of the underlying commodity goes up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_062"></A>Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The CFTC possesses exclusive jurisdiction to
regulate the activities of commodity pool operators and has adopted regulations with respect to the activities of those persons
and/or entities.&nbsp;&nbsp;Under the Commodity Exchange Act (&#8220;CEA&#8221;), a registered commodity pool operator, such as
the Sponsor, is required to make annual filings with the CFTC describing its organization, capital structure, management and controlling
persons.&nbsp;&nbsp;In addition, the CEA authorizes the CFTC to require and review books and records of, and documents prepared
by, registered commodity pool operators.&nbsp;&nbsp;Pursuant to this authority, the CFTC requires commodity pool operators to keep
accurate, current and orderly records for each pool that they operate.&nbsp;&nbsp;The CFTC may suspend the registration of a commodity
pool operator (1) if the CFTC finds that the operator&#8217;s trading practices tend to disrupt orderly market conditions, (2)
if any controlling person of the operator is subject to an order of the CFTC denying such person trading privileges on any exchange,
and (3) in certain other circumstances.&nbsp;&nbsp;Suspension, restriction or termination of the Sponsor&#8217;s registration as
a commodity pool operator would prevent it, until that registration were to be reinstated, from managing the Fund, and might result
in the termination of the Fund if a successor sponsor is not elected pursuant to the Trust Agreement.&nbsp;&nbsp;Neither the Trust
nor the Fund is required to be registered with the CFTC in any capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The CEA requires all futures commission merchants,
such as the Fund&#8217;s clearing broker, to meet and maintain specified fitness and financial requirements, to segregate customer
funds from proprietary funds and account separately for all customers&#8217; funds and positions, and to maintain specified books
and records open to inspection by the staff of the CFTC.&nbsp;&nbsp;The CEA also authorizes the CFTC to regulate trading by futures
commission merchants and by their officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Fund&#8217;s investors are afforded prescribed
rights for reparations under the CEA.&nbsp;&nbsp;Investors may also be able to maintain a private right of action for violations
of the CEA.&nbsp;&nbsp;The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person
may file a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or a futures commission
merchant, introducing broker, commodity trading advisor, commodity pool operator, and their respective associated persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to authority in the CEA, the NFA has
been formed and registered with the CFTC as a registered futures association.&nbsp;&nbsp;At the present time, the NFA is the only
self-regulatory organization for commodity interest professionals, other than futures exchanges.&nbsp;&nbsp;The CFTC has delegated
to the NFA responsibility for the registration of commodity pool operators and futures commission merchants and their respective
associated persons.&nbsp;&nbsp;The Sponsor and the Fund&#8217;s clearing broker are</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">members of the NFA.&nbsp;&nbsp;As such, they will be subject to
NFA standards relating to fair trade practices, financial condition and consumer protection.&nbsp;&nbsp;&nbsp;&nbsp;The NFA also
arbitrates disputes between members and their customers and conducts registration and fitness screening of applicants for membership
and audits of its existing members.&nbsp;&nbsp;Neither the Trust nor the Fund is itself required to become a member of the NFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The regulations of the CFTC and the NFA prohibit
any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC, or membership
in the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person&#8217;s trading
program or objectives.&nbsp;&nbsp;The registrations and memberships of the parties described in this summary must not be considered
as constituting any such approval or endorsement.&nbsp;&nbsp;Likewise, no futures exchange has given or will give any similar approval
or endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The regulation of commodity interest trading in the United States
and other countries is an evolving area of the law.&nbsp;&nbsp;The various statements made in this summary are subject to modification
by legislative action and changes in the rules and regulations of the CFTC, the NFA, the futures exchanges, clearing organizations
and other regulatory bodies.&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_063"></A>Potential Advantages of Investment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Interest Income</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Unlike some alternative investment funds, the
Fund does not borrow money in order to obtain leverage, so the Fund does not incur any interest expense.&nbsp; Rather, the Fund&#8217;s
margin deposits and cash reserves are maintained in Treasury Securities and cash and interest is earned on 100% of these&nbsp;assets,
which include unrealized profits credited to the Fund&#8217;s accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="a_064"></A>Fund Performance<FONT STYLE="text-underline-style: double; color: blue"><U>
</U></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following graph sets forth the historical
performance of the Fund from commencement of operations on February 1, 2011 until January 31, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE
OF FUTURE RESULTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B></B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_006.gif" ALT="" STYLE="height: 358px; width: 647px"></P>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Information Not Required in the Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;13.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Other Expenses of Issuance and Distribution</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Set forth below is an estimate (except as indicated)
of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant in connection
with the issuance and distribution of the units pursuant to the prospectus contained in this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt">SEC registration fee (actual)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">71,304</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">NYSE Arca Listing Fee (actual)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">FINRA filing fees (actual)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">75,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Blue Sky expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Auditor&rsquo;s fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">47,500</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">250,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD><FONT STYLE="font-size: 10pt">Printing expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Miscellaneous expenses</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCFFCC">
    <TD STYLE="padding-bottom: 3pt; padding-left: 9pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">499,304</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 100%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;14.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Indemnification of Directors and Officers</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust&rsquo;s Second Amended and Restated
Declaration of Trust and Trust Agreement (the &ldquo;Trust Agreement&rdquo;) provides that the Sponsor shall be indemnified by
the Trust (or, by a series of the Trust separately to the extent the matter in question relates to a single series or disproportionately
affects a series in relation to other series) against any losses, judgments, liabilities, expenses and amounts paid in settlement
of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting on behalf
of or performing services for the Trust and has determined, in good faith, that such course of conduct was in the best interests
of the Trust and such liability or loss was not the result of gross negligence, willful misconduct, or a breach of the Trust Agreement
on the part of the Sponsor and (ii) any such indemnification will only be recoverable from the applicable trust estate or trust
estates.&nbsp;&nbsp;All rights to indemnification permitted by the Trust Agreement and payment of associated expenses shall not
be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency
of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or
against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, the Sponsor shall
not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or state
securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation
costs) or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds
that indemnification of the settlement and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trust and its series shall not incur the
cost of that portion of any insurance which insures any party against any liability, the indemnification of which is prohibited
by the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Expenses incurred in defending a threatened
or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be paid by the Trust in advance
of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services
by the Sponsor on behalf of the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor
undertakes to repay the</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">advanced funds with interest to the Trust in
cases in which it is not entitled to indemnification under the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of the indemnification provisions
of the Trust Agreement, the term &ldquo;Sponsor&rdquo; includes, in addition to the Sponsor, any other covered person performing
services on behalf of the Trust and acting within the scope of the Sponsor&rsquo;s authority as set forth in the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event the Trust is made a party to any
claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection
with any Shareholder&rsquo;s (or assignee&rsquo;s) obligations or liabilities unrelated to Trust business, such Shareholder (or
assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost
and expense incurred, including attorneys&rsquo; and accountants&rsquo; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The payment of any amount pursuant to the Trust Agreement shall
take into account the allocation of liabilities and other amounts, as appropriate, among the series of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;15.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Recent Sales of Unregistered Securities</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 31, 2010, the Sponsor made a $100.00
capital contribution to the Fund. In connection with the commencement of the offering, the Sponsor will receive 4 Sponsor&rsquo;s
Shares of the Fund to be issued in exchange for the previously received capital contribution, representing a beneficial interest
in the pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The above-described transaction was exempt from
registration pursuant to Section 4(2) of the Securities Act or Regulation D promulgated thereunder as a transaction not involving
a public offering. No general solicitation was made by the Fund, the Trust or any person acting on their behalf; the securities
sold are subject to transfer restrictions and may not be offered or sold absent registration or pursuant to an exemption therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;16.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Exhibits and Financial Statement Schedules</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(a)&nbsp;<I>Exhibits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 3.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Second Amended and Restated Declaration of Trust and Trust Agreement
    of the Registrant. </FONT> <FONT STYLE="font-size: 7pt"> 3</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 3.2 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Certificate of Trust of the Registrant. </FONT> <FONT STYLE="font-size: 7pt">1</FONT> </TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 3.3 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Instrument establishing the Fund. </FONT> <FONT STYLE="font-size: 7pt">4</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 5.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Opinion of Reed Smith LLP relating to the legality of the Shares.
    </FONT> <FONT STYLE="font-size: 7pt">6</FONT> </TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 8.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Opinion of Reed Smith LLP with respect to federal income tax
    consequences. </FONT> <FONT STYLE="font-size: 7pt">7</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Form of Authorized Purchaser Agreement. </FONT> <FONT STYLE="font-size: 7pt">
    4</FONT> </TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 10.2 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Amended and Restated Distribution Services Agreement. </FONT> <FONT STYLE="font-size: 7pt">5
    </FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.3 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Amendment to Amended and Restated Distribution Services Agreement.
    </FONT> <FONT STYLE="font-size: 7pt">5</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.4 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Second Amendment to Amended and Restated Distribution Services
    Agreement. </FONT> <FONT STYLE="font-size: 7pt">5</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.5 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Third Amendment to Amended and Restated Distribution Services
    Agreement. </FONT> <FONT STYLE="font-size: 7pt">8</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.6 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Global Custody Agreement. </FONT> <FONT STYLE="font-size: 7pt">
    2</FONT> </TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 10.7 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Services Agreement. </FONT> <FONT STYLE="font-size: 7pt">
    2</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 10.8 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Transfer Agency and Service Agreement. </FONT> <FONT STYLE="font-size: 7pt">
    2</FONT> </TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 10.9 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Distribution Consulting and Marketing Services Agreement. </FONT> <FONT STYLE="font-size: 7pt">
    3</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"> 23.1 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Consent of Reed Smith LLP. </FONT> <FONT STYLE="font-size: 7pt">8</FONT> </TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px"><FONT STYLE="font-size: 10pt"> 23.2 </FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt"> Consent of Independent Registered Public Accounting Firm. </FONT> <FONT STYLE="font-size: 7pt">8</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1)&nbsp;Incorporated by reference to&nbsp;Registration Statement&nbsp;on
Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on September 21, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(2)&nbsp;&nbsp;Incorporated by reference to Pre-Effective Amendment
No. 3 on Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on March 29, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(3)&nbsp;&nbsp;Incorporated by reference to Post-Effective Amendment
No. 1 to the Registration Statement on Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on October 22, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(4) Incorporated by reference to Pre-Effective Amendment No. 1 to
the Registration Statement on Form S-1 for Teucrium Commodity Trust (File No. 333-167585) filed on March 9, 2011.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(5) Previously filed as like-numbered exhibit to Current Report
on Form 8-K for the Teucrium Corn Fund, filed on November 1, 2011 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(6) Incorporated by reference to Post-Effective Amendment No. 3
to the Registration Statement on Form S-1 for Teucrium Commodity Trust (File No. 333-162033) filed on April 18, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(7) Previously filed as like-numbered exhibit to Post-Effective
Amendment No. 2 to Registrant&rsquo;s Registration Statement (33-167594), filed April 18, 2012 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> (8) Filed herewith. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b)<I>&nbsp;Financial Statement Schedules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The financial statement schedules are either
not applicable or the required information is included in the financial statements and footnotes related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60px"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;17.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><I>Undertakings</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(a)&nbsp;Each undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(1)&nbsp;To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i)&nbsp;To include any prospectus required
by section&nbsp;10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(ii)&nbsp;To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.&nbsp;&nbsp;Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule&nbsp;424(b) if, in the aggregate,
the changes in volume and price represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iii)&nbsp;To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(2)&nbsp;That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(3)&nbsp;To remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(4)&nbsp;That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i)&nbsp;If the registrant is subject to Rule&nbsp;430C
(&sect;230.430C of this chapter), each prospectus filed pursuant to Rule&nbsp;424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A
(&sect;230.430A of this chapter), shall be deemed to be part of and included in the registration statement as of the date it is
first used after effectiveness.&nbsp;&nbsp;Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of
the registration statement or made in any such document immediately prior to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(5)&nbsp;That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:&nbsp;&nbsp;The
undersigned registrant undertakes that in a primary</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">offering of securities of the undersigned registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(i)&nbsp;Any preliminary prospectus or prospectus
of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424 (&sect;230.424 of this chapter);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(ii)&nbsp;Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iii)&nbsp;The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided
by or on behalf of the undersigned registrant;&nbsp;and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(iv)&nbsp;Any other communication that is an
offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b)&nbsp;Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.&nbsp;&nbsp;In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Pursuant to the requirements of the Securities Act of 1933,
the Registrant has duly caused this Registration Statement on Form S-1 to be signed on its behalf by the undersigned, thereunder
duly authorized, in the town of Brattleboro, state of Vermont, on April 25, 2013. </P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Teucrium Commodity Trust</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">By: Teucrium Trading, LLC, Sponsor</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-align: right; text-indent: -12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Dale Riker</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dale Riker</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Principal Executive Officer, Secretary and Member</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">Pursuant to the requirements of the
Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates
indicated. The document may be executed by signatories hereto on any number of counterparts, all of which shall constitute one
and the same instrument.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 37%"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 42%"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; width: 4%"> &nbsp; </TD>
    <TD STYLE="width: 15%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 0.75pt; text-align: center"><FONT STYLE="font-size: 7.5pt"><B> Signature </B></FONT></TD>
    <TD> &nbsp; </TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 0.75pt; text-align: center"><FONT STYLE="font-size: 7.5pt"><B> Title </B></FONT></TD>
    <TD> &nbsp; </TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 0.75pt; text-align: center"><FONT STYLE="font-size: 7.5pt"><B> Date </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"> /s/ Sal Gilbertie&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Sal Gilbertie </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> President/Chief Investment Officer/Member of
        the Sponsor </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 25, 2013 </P></TD></TR>
<TR>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"> /s/ Dale Riker </P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Dale Riker </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Secretary/Chief Executive Officer/Principal Executive
        Officer/Member of the Sponsor </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 25, 2013 </P></TD></TR>
<TR>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"> * Barbara Riker&nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Barbara Riker </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Chief Financial Officer/Chief Accounting Officer/Chief
         Compliance Officer/Principal Financial Officer </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 25, 2013 </P></TD></TR>
<TR>
    <TD STYLE="font: 6pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: 6pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font: 6pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"> * Steve Kahler&nbsp; </P>
         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Steve Kahler </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Chief Operating Officer </P></TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 25, 2013 </P></TD></TR>
<TR>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 37%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"> * Carl N. Miller&nbsp; </P>
         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"> Carl N. Miller III </P></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; width: 42%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> Member of the Sponsor </P></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; width: 15%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> April 25, 2013 </P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 0.75pt; font: 12pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif"> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"> *&#9;&nbsp;&nbsp;&nbsp;&nbsp;Signed by Sal Gilbertie and
Dale Riker pursuant to a power of attorney signed by each of the persons above and filed as part of the Registration Statement
on Form S-1 for Teucrium Commodity Trust No. 333-187435 filed on March 21, 2013. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Exhibit Index </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit 10.5</FONT></TD>
    <TD STYLE="width: 87%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Third Amendment to Amended and Restated Distribution Services Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit 23.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Reed Smith LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exhibit 23.2</FONT> </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Consent of Independent Registered Public Accounting Firm</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"></P>



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<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>2
<FILENAME>e53302ex10_5.htm
<DESCRIPTION>THIRD AMENDMENT TO AMENDED AND RESTATED DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THIRD AMENDMENT TO</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMENDED AND RESTATED<BR>
DISTRIBUTION SERVICES AGREEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Third Amendment (the &#8220;Amendment&#8221;)
to the Amended and Restated Distribution Services Agreement (the &#8220;Distribution Services Agreement&#8221;) dated as of November
17, 2010 and amended as of May 25, 2011 and October 1, 2011 by and among Teucrium Trading, LLC (the &#8220;Sponsor&#8221;), Teucrium
Commodity Trust (the &#8220;Trust&#8221;) and Foreside Fund Services, LLC (&#8220;Foreside&#8221;) is entered into as of April
22, 2013 (the &#8220;Effective Date&#8221;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS</B>, the Sponsor, the Trust and Foreside
desire to amend the Distribution Services Agreement to update Exhibit B;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>NOW THEREFORE</B>, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1.&#9;Exhibit B to the Distribution Services Agreement is hereby
deleted and replaced in its entirety as provided on Schedule 1 hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">2.&#9;Except as expressly amended hereby, all of the provisions
of the Distribution Services Agreement shall remain unamended and in full force and effect to the same extent as if fully set forth
herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">3.&#9;This Amendment shall be governed by, and the provisions of
this Amendment shall be construed and interpreted under and in accordance with, the laws of the State of Delaware.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the parties hereto
have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as
of the Effective Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>FORESIDE FUND SERVICES, LLC&#9;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TEUCRIUM TRADING, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>/s/ Mark Fairbanks</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>/s/ Dale Riker</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Mark Fairbanks, President</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Dale Riker</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">CEO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>TEUCRIUM COMMODITY TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>/s/ Dale Riker</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Dale Riker</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">CEO</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT B</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fee Schedule</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="width: 48%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>One-Time Fees</B></FONT></TD>
    <TD STYLE="width: 52%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Fixed Fee</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Base Fee</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">$100,000 per annum, calculated and billed monthly</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Asset-Based Fee</B></FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Basis point fee on all assets under management for Funds listed
        in Exhibit A</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">One basis point (0.01%) per annum on the total average net assets
        of the Funds listed in Exhibit A. Such fee to be calculated and billed monthly.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>The maximum fees to be received by Foreside per Fund over
the two years of each Offering:</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: red"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">NAGS:</TD><TD>$211,800 (Allocated base fee plus 1 basis point per annum on total gross offering proceeds). This maximum assumes that the
Fund has a constant $1 billion in average net assets over the first two years of distribution.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">CRUD:</TD><TD>$156,040 (Allocated base fee plus 1 basis point per annum on total gross offering proceeds). This maximum assumes that the
Fund has a constant $750 million in average net assets over the first two years of distribution.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">CORN:</TD><TD>$329,820 (Allocated base fee plus 1 basis point per annum on total gross offering proceeds). This maximum assumes that the
Fund has a constant $1 billion in average net assets over the first two years of distribution.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">SOYBEAN:</TD><TD>$85,270.66 (Allocated base fee plus 1 basis point per annum on total gross offering proceeds). This maximum assumes that the
Fund has a constant $250 million in average net assets over the first two years of distribution.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">SUGAR:</TD><TD>$85,270.66 (Allocated base fee plus 1 basis point per annum on total gross offering proceeds). This maximum assumes that the
Fund has a constant $250 million in average net assets over the first two years of distribution.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEAT:</TD><TD>$85,270.66 (Allocated base fee plus 1 basis point per annum on total gross offering proceeds). This maximum assumes that the
Fund has a constant $250 million in average net assets over the first two years of distribution.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Out-Of-Pocket and Related Expenses</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Adviser shall also reimburse Distributor for reasonable out-of-pocket
and ancillary expenses incurred in the provision of services pursuant to this Agreement, including but not limited to the following:
sales</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">and advertising review, communications; postage and delivery services;
record storage and retention; reproduction; reasonable travel expenses incurred in connection with the provision of the services
pursuant to the Distribution Services Agreement; and any other expenses incurred in connection with the provision of the services
pursuant to this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Maximum out-of-pocket expenses to be received by Foreside
per Fund over the two years of each offering:</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">NAGS:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">CRUD:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">CORN:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">SOYBEAN:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">SUGAR:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEAT:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in">TAGS:</TD><TD>$6,000 sales &amp; advertising FINRA filing fees</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Sales and advertising FINRA filing fees are Issuer Costs as defined
pursuant to FINRA Rule 2310(b)(4)(C) and are not considered part of the Distributor&#8217;s underwriting compensation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>e53321ex23-1.htm
<DESCRIPTION>CONSENT OF REED SMITH LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 23.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF REED SMITH LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the reference to our firm in the &ldquo;Legal
Matters&rdquo; section of the prospectus included in the Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1
for Teucrium Commodity Trust (333-187435). We do not admit by giving this consent that we are in the category of persons whose
consent is required under Section 7 of the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 260pt; text-indent: 0.5in; text-align: left"><U>/s/ Reed Smith LLP </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 260pt; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 260pt; text-indent: 0.5in; text-align: left">REED SMITH LLP&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">April 25, 2013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>e53321ex23-2.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.2 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><B><U>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM </U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">We hereby consent to the incorporation
by reference in Pre-Effective Amendment No. 1 to the Registration Statement (Number 333-187435) on Form S-1 of our reports each
dated March 15, 2013 relating to the financial statements of Teucrium Commodity Trust and Teucrium WTI Crude Oil Fund as of December
31, 2012 and 2011, appearing in the Annual Report on Form 10-K of Teucrium Commodity Trust filed on March 18, 2013, and of our
report dated April 2, 2013 relating to the consolidated financial statements of Teucrium Trading, LLC and Subsidiary as of December
31, 2012 and 2011, appearing in the Current Report on Form 8-K filed on April 3, 2013, and to the reference to our Firm under the
caption &#8220;Experts&#8221; in the Prospectus.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">/s/ Rothstein Kass</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Walnut Creek, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 26, 2013</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 9pt 0 0">&nbsp;</P>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
