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11Jamie Farmer, Dow Jones Indexes' Executive Director of Global Business Development and Communications, wants to talk about commodities. By most measures, the trend points to increasing allocations to commodities among institutional and retail investors, which are both drawn to the diversification, inflation hedging and pure fundamental investment propositions offered by physical materials such as energy, industrial metals and agricultural products."Personally, I also think that's why our commodities indexes are so popular," Jamie says. "Because even the most sophisticated investor can use them as a benchmark to track a wide constellation of investments. For the investors savvy enough to have commodities in their 'arsenals,' so to speak, knowing that we offer such solid, innovative indexes really helps."As the discussion turns to new commodity indexes, Jamie says that he believes that the new Dow Jones-UBS Roll Select Commodity IndexSM will be a great addition to the index market: It is designed to mitigate contango by rolling into the futures contract showing the most backwardation, or the least contango, selecting from contracts with nine months or fewer until expiration. Backwardation is a term that refers the "shape" of the commodities future curve-simply put, when short-dated contracts are more expensive than longer-dated contracts, which means "rolling" involves selling high and buying lower. Contango occurs when the reverse situation is true, and rolling involves selling lower and buying higher.In commodity indexes, returns come from three sources: price return, collateral return and rolling return. The latter refers to the return that can be generated when rolling from a short-dated futures contract into a longer-dated contract. Since these contracts will have different prices, the transaction will result in a roll return. This return can be positive (during instances of backwardation) or negative (during instances of contango). "Rolling contract positions has an impact on commodity index performance. That's why we have this index: to take this factor into account. When you're dealing with the issues of forward pricing, you're always concerned about what's going to happen at the end of the contract," he explains.Offering an alternative routeJamie says that he views the Dow Jones-UBS Roll Select Commodity IndexSM as evolutionary, taking additional factors into account in determining which contract the index rolls into next. He continues by saying that the concepts behind this index are complex but not beyond the grasp of the firm's sophisticated commodities clients.And as just the latest addition to the Dow Jones-UBS Commodity IndexSM family of benchmarks, the Dow Jones-UBS Roll Select Commodity IndexSM represents one more reliable tool for gaining exposure to and measuring the performance of a broad universe of commodities."Voracious information consumers""Clients who use our Dow Jones-UBS Commodity IndexesSM are really voracious information consumers. They like our indexes because we tell the whole, unvarnished story. Like the old expression, 'We don't make the news. We just report it.'"Specialty CornerDow Jones-UBS Roll Select Commodity IndexSM Jamie FarmerExecutive Director of Global Business Development and Communications, Dow Jones Indexes

12Employee ProfileThomas Kettner, Project Manager for Index DevelopmentThomas Kettner sometimes feels as though he is starting up a new business in his role as Project Manager for Index Development for Dow Jones Indexes. His job is helping to create a robust lineup of indexes for the very important European market."We are in the process of making a whole index family for this region," he says, from his office in Frankfurt. It is early evening, but he is at his desk, having just sent a flurry of emails to colleagues in London and Princeton, New Jersey. He explains that due to time zone differences, this is often the most productive time of the day for him. "We want an index series that European money managers will look at and say, 'Yes, this is what we've been looking for. This is what we need.'"Thomas joined Dow Jones Indexes right after graduating from the University of Konstanz in 2006. He started as an Index Development Specialist before being promoted to Senior Development Specialist in 2008. He started his new position in July 2011. Previously, he explains, Dow Jones Indexes offered European indexes through the STOXX joint venture. Now that Dow Jones Indexes exited that joint venture, Thomas is playing a key role in building a whole new group of indexes for what he calls "this vital market.""I'm very busy, but that's a very good thing," he says, laughing. "Our clients need indexes and that's what we're doing: making them indexes that they can use."Part of a processWhen asked to describe what he does, Thomas asks to take a step back. To understand what he does, he wants to explain the genesis of an index.Thomas KettnerProject Manager for Index Development, Dow Jones IndexesJamie suggests that indexing offers a "less harrowing" way of following commodities. He notes that the Dow Jones-UBS Commodity IndexSM represents 19 different commodities across multiple commodity sectors, and the family includes indexes for each of the individual commodities and sectors."We offer an enormous assortment of accurate, transparent and useful commodity indexes and see the Dow Jones-UBS Roll Select Commodity IndexSM as a valuable addition to that toolkit."Learn more about the Dow Jones-UBS Roll Select Commodity