Q3 General Supply Chain Observations and Update from Expense Reduction Analysts

We are hearing and reading a mix of information from economists and suppliers in a wide range of
industries. Some state that they expect supply constraints to loosen by the end of the year and prices
to plateau. Others tell us that even though some of the commodity indices show price relief, it will still
take 6-9 months for those lower prices to work their way down to industrial consumers. The most
optimistic outlook is that things will soften a bit by the end of the year, while the pessimists indicate
that we may not have relief until late Spring / early Summer of 2022.