INTRODUCING A BROADER FRAMEWORK FOR ZERO EQUILIBRIUM® COMMODITY WATCH: After a review of prior analyses on commodties, Zero Equilibrium Rssearch Division has decided to add to the commodtiiry watchlist for a more holistic view of commodity prices, and directional movements. Having already incorporated base metals into the ZE customized commodtiy framework, the team decided to add an extra layer - Food/Agricultural Commodties. Whilst Energy and Metals captures a lot of the industrial side of the commodity cycle. Adding Food/Agriculture gives ZE insights into other major transmission channel between commodities, inflation, trade, household purchasing power and monetary policy. The objective is to give ZE a much broader commodity universe without becoming an indiscriminate list. The decision for the Food/Agriculture addition is was made from the reality that agricultural commodities aren't just another asset class, it sits at the intersection of commodities and the real economy. This we believe is more consistent wth the ZE transmissions analyses. Energy prices have bearing on fertilizer ehoch then affects food and household real disposable income. Energy prices could also affect metals if industrial activity slows as a result of an energy-induced inflation. The commodity watchlist expansion creates a multilayered commodity transmissions framework. • Energy • Industrial Metals • Precious Metals • Grains: Corn, Wheat, Soybean, and then, • The overall ZE Custom Commodtiy Index. The obwrall Index tells you whats happening across commodities, the subsets explain 'where' it is happening, ad how it transmits into the real economy. Additions Include: Corn, US Soybeans, US Coffe, Cocoa (the average between London and US Cocoa), US Wheat, and very Cattle. With this, an upward directional moement on the overall index (the sum total of all) can be properly dissected, for a better understanding of what such prices changes mean fort the real economy and.from.that, the data can be extrapolated to find causal factors and effect variations across different economic territories. The overall index woud be analysed weekly, whilst the subset would be analysed on a monthly basis, to help us help you understand trends, and possibly opportunities. – Zero Equilibrium® Research Division