4th & 5th June, 2008Hotel President Wilson, Geneva

The 5th Annual

GlobalCommoditiesFinance Conference

● A comprehensive survey of the financialneeds of commodity trading houses

● American mortgages and globalcommodities

● Global trader panel: Defining the needs ofcommodity corporates

● How does SCF need to change in order tostay relevant in today's energy sector?

● Traditional and alternative energy financefor traditional and alternative energies

● Consolidation and a strong focus on BRICcountries in the metals and mining sector

● Beyond BRIC: Structuring effective dealswith an African element

● The unmissable annual Global Heads Panel

Keynote address:● Stephen Sie, Senior Associate,

Prudential Standards Department,Financial Services Authority, UK

Major producers and traders:● Hartwig Schuen, Head of Structured

Trade Finance, Sempra Energy● Colin Heritage, Managing Director,

Stemcor● Jaime Teke, Head of Structured

Trade Finance, Noble● Paolo Petronio, Managing Director,

Europe-CIS Business, GTN-GIA Group● Ramani Venkataramani, Senior Manager,

Finance, Coal & Oil Group, Dubai● Andrey Lebedev, Head of Corporate

Finance, Mechel● Christian Boerner, Finance Director,

Midland Resources

● PierPaulo di Fabio, Group FinancialDirector, KME Group

● Shashidhar Payannavar, Senior Trader,Agrocorp

● Terry Sparling, Head of Trade Finance,Tate & Lyle

● J.K. Singh, Chairman,Mideast Integrated Steels Ltd

● Pedro Brandi, Financial Director,Coimex Trading Company

Heads of commodity finance fromaround the world:● Paul Kranendonk, Global Head,

Cross Border Structured & Commodity Finance, ABN Amro

● Jacques-Olivier Thomann, Global Headof Commodity Finance, BNP Paribas

● Alain Fanaie, Global Head of StructuredCommodity Finance, Calyon

● John MacNamara, Head of StructuredCommodity Finance, Deutsche Bank

● Paul Schuilwerve, Global Head of Commodities, Fortis Bank

● Jean-Francois Lambert, Global Head of Structured Trade Finance, HSBC

● Federico Papa, Global Head Trade,Export & Commodity Finance, Santander

● Denis Childs, Global Head of CommoditiesMetals and Mining, Societe Generale

● Willem Klaassens, Global Head,Commodity Traders and Agribusiness,Standard Chartered Bank

● Thomas Oehl, Global Head ofCommodity Finance, WestLB

● Karel Valken, Global Head of Soft Commodities, Rabobank

● Kyri Evagora, Head of Energy Trade and Commodities Group,Reed Smith Richards Butler

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Registerbefore 25thApril 2008and save€200

C0-lead sponsors: Welcome Reception sponsor:

Cocktail sponsor: Lunch sponsor: Panel sponsors:

presents

and

The annual meeting of the international natural resources finance community

10:10Global trader panel: Defining the needs of commodity corporates● Is the commodity trader model being phased out?● Is there a clear trend for trading houses diversifying into

downstream and upstream activities?● If so, should these different activities be included on one balance

sheet or should companies look to operate these businesses under a number of different entities?

● How can banks respond effectively to the changing business activities of their major clients?

● Is the limited recourse pre-finance product offered by banks still competitive with the insurance market?

● Are traders looking for a lender or a business partner when dealing with their banks?

Hartwig Schuen, Head of Structured Trade Finance, Sempra EnergyColin Heritage, Managing Director, StemcorJaime Teke, Head of Structured Trade Finance, NoblePedro Brandi, Financial Director, Coimex Trading CompanyJean-Francois Lambert, Global Head of Structured Trade Finance, HSBC (moderator)Further panellists subject to final confirmation

11:10Morning refreshments and extended networking break

12:00How does SCF need to change in order to stay relevantin today’s energy sector?● Energy prices at record highs: What are the financing needs of

cash-rich clients?● Have structures become dangerously weak on some deals?

What are the possible consequences?● What effect, if any, will the credit crunch have on how these big

ticket energy deals are financed?● What opportunities still exist in the mid-tier energy sector?● Does SCF need to broaden it’s product offering to remain effective

in these markets?● What elements are required by clients within a hybrid finance

energy deal?

12:30Changing rules for a changing game: Traditional andalternative energy & traditional and alternativeenergy finance● Do such high commodity prices make SCF an irrelevance in the

traditional energy sector?● What type of financing are major energy producers now looking for?● Introducing hybrid-type structures into pre-export finance● Is reserve-based lending an innovative step forward or pre-export

finance by another name?● Alternative areas to finance: Potential in oil sands, biodiesel and

nuclear for the trade financier● Renewable vs. conventional: Complement or competitor?

Paolo Petronio, Managing Director, Europe-CIS Business, GTN-GIA GroupRamani Venkataramani, Senior Manager, Finance, Coal & Oil Group, DubaiPhilippe de Gentile, Global Head of Energy Commodities Structured Debt, BNP ParibasGilles Thieffry, Managing Partner, GTLaw (moderator)

13:15

Lunch

sponsored by

The 5th Annual Global ComTuesday, 3rd June 2008

19:00 Pre-conference welcoming receptionsponsored by

Day 1Wednesday, 4th June 2008

08:15 Registration and coffee

09:00 Chairperson’s opening remarks

09:10The future of financial commodities regulation in the EU● Reviewing the success of the local implementation of Basel 2 as it

applies to commodities● Where is the Capital Requirements Directive (CRD) applicable and

where is it not?● The problem with the maturity ladder approach in measuring risk● The impact of CRD upon commodity derivatives● The dividing line between the physical spot market and derivatives

market and how this affects the applicability of MiFID● Looking to future review and potential future fixes of some of

these issues● Questions from the floorStephen Sie, Senior Associate, Prudential Standards Department,Financial Services Authority, UK

09:40A comprehensive survey of the financial needs ofcommodity trading houses● How international commodity traders view the performance of

their provider banks● To what extent are bank services being used by commodity traders?● What do commodity traders consider important in their

relationships with banks and how well do the banks perform in these areas?

● How satisfied are commodity traders with the delivery of commodity financing products from the banks?

● Which market factors play a key role for commodity traders in deciding which banks to use?

Douglas G. Ziurys, Senior Vice President Europe,FImetrixFImetrix is an independent market research and analysis companythat has just completed a comprehensive survey with tradingcompanies in the energy, hard and soft commodity sectors. For thefirst time here, the company outlines the key findings of the surveyand details how successfully the industry is meeting the changingneeds of its major players.

© Euromoney Seminars and Trade Finance 2008

14:45Balance sheet efficient structured commodity finance ● Trends towards off-balance sheet structured commodity finance ● Off balance sheet stock financing● The difference between the applicability of these structures in the

developed and developing world● Issues to which these structures give rise● Overcoming these challenges and adapting this technique for

future usesSenior Representative, RBS

15:15Consolidation and a strong focus on BRIC countries inthe metals and mining sector ● General trends in the metals sector in 2007/08● Focus on BRIC countries: Do we expect to see a slowdown

in the BRIC countries in 2008?● The development of Russian regions as a driver for

commodity financings● The take-up of limited recourse structured pre-export finance in

China and India● Developing SCF facilities in the steel industry ● The establishment of the steel futures market: What will it mean

for producers, traders and financiers?● Acquisition finance linked to SCF● How will further consolidation in the metals and mining sector

affect future financings and distribution channels?Andrey Lebedev, Head of Corporate Finance,MechelChristian Boerner, Finance Director,Midland ResourcesSenior representative,Sempra MetalsPierPaulo di Fabio, Group Financial Director,KME Group Angela Martins, Director, International Department,ABC BrasilSenior representative,StemcorJ.K. Singh, Chairman,Mideast Integrated Steels Ltd William Husband, Director,Barclays Capital (moderator)

16:30Afternoon refreshments and networking break

17:00Beyond BRIC: Structuring effective deals with anAfrican element● Major African-sourced deals in 2007● The unique challenges to overcome across Sub-Saharan Africa● Warehouse infrastructure and inventory finance● Capitalising on South-South trade flows: The Chinese sourcing of

commodities south of the Sahara● Developing a presence on the ground and fostering a

correspondent bank network● Is microfinance a potentially profitable sector to finance across

Africa over the next decade?Maarten van Alkemade, Director Trade Finance, Corporate andInvestment Banking,Standard Bank South AfricaPierre-Olivier Bordeaux, Head of Structured Commodity Trade Finance,Societe Generale Andrew Barr-Sim, Director, Africa,DRUM Risk ManagementSimon Cook, Partner,Denton Wilde Sapte (moderator)

18:00Chairperson’s summary remarks followed byevening cocktail reception

sponsored by

Day 2Thursday, 5th June 2008

08:30Morning refreshments

09:00Chairperson’s opening remarks

09:10When a butterfly flaps its wings: American mortgages and global commodities● Commodity prices since the subprime crisis: How much is the crisis

to blame?● Which sectors have been most affected?● Expected trends for the rest of 2008● How long are these trends expected to last?● Are agricultural commodities currently undervalued in real terms?● Thoughts on the future of the pricing of major commodities

09:40The Annual Global Heads Panel: SCF and the globalcredit crunchThe key policy-makers within the commodity finance industry cometogether to debate the major issues of the market that will affect thedirection they take their departments over the next year.With the industry in a state of change and challenge, the panel will bemore topical than ever and an essential dialogue for anyone involvedin major commodity deals anywhere in the world.● An end to over-liquidity and a lack of structure? How will the credit

crunch affect pricing and spreads in commodity trade finance?● What changes do banks need to make to their commodity

business to cope with the difficult economic environment?● Has the credit crunch made larger clients more likely to opt for SCF

rather than the debt capital markets?● The changing nature of the commodity trader: Traders buying

production assets and talking directly to end buyers● Is this trend towards securing production assets the domain of the

larger traders only?● Increasing the customer base: Looking to finance the end

asset manufacturer● Do banks see the insurance industry as a major partner or a major

competitor during times of economic uncertainty?● As SCF looks to increasingly broaden its toolkit, will we see a

number of the large American banks, with their expertise in M&A and hedging, come into the space?

Paul Kranendonk, Global Head, Cross Border Structured &Commodity Finance,ABN AmroJacques-Olivier Thomann, Global Head of Commodity Finance,BNP ParibasAlain Fanaie, Global Head of Structured Commodity Finance,CalyonJohn MacNamara, Head of Structured Commodity Finance,Deutsche BankPaul Schuilwerve, Global Head of Commodities,Fortis BankJean-Francois Lambert, Global Head of Structured Trade Finance,HSBCFederico Papa, Global Head Trade, Export & Commodity Finance,SantanderDenis Childs, Global Head of Commodities Metals and Mining,Societe GeneraleWillem Klaassens, Global Head, Commodity Traders andAgribusiness,Standard Chartered BankThomas Oehl, Global Head of Commodity Finance,WestLB Kyri Evagora, Head of Energy Trade and Commodities Group,Reed Smith Richards Butler (moderator)

mmodities Finance Co

11:15Morning refreshments and networking break

11:45Is carbon a commodity?● How important an issue is environmentalism when analysing a

proposed financing?● Carbon credits in the power sector● A brief introduction to carbon financings and carbon inventory ● What are the financing requirements for a trader in such

transactions?● What value can be added by the trader in such transactions?

• Off-take• Hedging• Tolling

● Is the environmental issue overplayed or is it already a critical consideration when assessing deals and formulating business strategy?

● Can we now say that carbon is itself a commodity?Senior representative, Carbon Finance,Sempra Energy

12:15Developing financing tools that are fit for purpose inan evolving soft commodity sector● Are the traditional tools for softs’ financings still appropriate as the

softs sector develops some characteristics of the fuel sector● Dealing with the problems created by longer tenors in the

agri-space● Opportunities for cross-selling of financial products: Commodity

price management, soft commodity futures and biofuel project finance

● Alternative financing: Focusing on infrastructure finance, such as shipping terminals and storage facilities, in the soft commodity sector

Paul Schuilwerve, Managing Director, Global Head of Commodities,Fortis Bank

12:35Are there hard times ahead for soft commodities? ● Poor harvests, low inventories and a growing demand for fuel

end-use: To what extent, if at all, are agricultural commodities currently undervalued?

● How much is the soft commodity sector now a fuel sector?● Is the biofuel vs. food end-use argument an overplayed debate?● Should we expect longer tenors for the agri-commodities with a

fuel end-use?● Have environmental considerations made it increasingly difficult to

exploit soft commodity resources in some, or even all, parts of the world?Terry Sparling, Head of Trade Finance,Tate & LyleShashidhar Payannavar, Senior Trader,AgrocorpKarel Valken, Global Head of Soft Commodities,RabobankAndy Howell, Head of Soft Commodities,SMBCPaul Schuilwerve, Managing Director, Global Head of Commodities,Fortis Bank (moderator)

13:15Lunch

14:30Political risk and the race for resources● Is resource nationalism a trend likely to continue across the world?● Which countries pose the highest risk in this regard?● Export controls: Resource nationalism by the back door and

the subsequent affects for trade finance and the commodities futures markets

● Are windfall taxes a new kind of political risk in the commodity sector?

● Future sectors and territories to monitorRafael Gomes, Deputy Director of Political Risk,Exclusive Analysis

15:00The increasing risks in securing scarce resources ● What risks do we see becoming ever more pressing in

commodities financings?● What are the best ways to protect parties in a deal where resource

nationalism could become an issue?● Where resource nationalism might become an issue, is this always

obvious from the outset of the deal?● Export controls and windfall taxes: How can you mitigate effectively

against this type of “need-driven” resource nationalism?● How does Basel 2 change the risk profile of commodity

finance deals?● The question of conditionality under Basel 2Christina Westholm-Schröder, Chief Underwriter,Sovereign Risk InsuranceAnthony Palmer, Chairman,BPL GlobalDaniel Riordan, Executive Vice President and Managing Director,Zurich Emerging MarketsNick Hedley, Managing Director, Financial Risks,Jardine Lloyd ThompsonJames Cunningham, Head of Political Risks,Marsh LtdRobert Piller, Director,Aupres Consult (moderator)

16:00Chairperson’s closing remarks and end of conference

onference

Euromoney Seminars reserves the right to alter the venue and/or speakers. Euromoney Seminars and Trade Finance are divisions of Euromoney Institutional Investor PLC.

June 4th & 5th, 2008Hotel President Wilson, Geneva

The Global Commodity Finance Conference has become themust attend event for any serious professional who dealswith commodity production, logistics, trading and financing.

Last year, nearly every major trading house and bank wasrepresented. Over 250 senior delegates attended the three days of the event representing over 150 differentorganisations from across the world.

In the last quarter, the prices of most commodities have been heavily influenced by the sub-prime crisis and theworsening global economy. Given the counter-cyclical nature of commodity finance, it seems that there has been a concomitant trend towards higher credit spreads incommodity deals. With the crisis unlikely to abate any timesoon, we are likely to see a continuation of these trends.Although good news for the commodity financier, this putsextra pressure on the structuring of deals to ensure thatfinancings are secure and structured to minimise the higherrisks inherent in a more uncertain economic environment.

Against this changing backdrop, we expect this year'sconference to be the biggest and most important yet with an unprecedented line-up of expert speakers and cuttingedge presentations.

Topics to be discussed this year include:

● A comprehensive survey of the financial needs of commodity trading houses

● American mortgages and global commodities● Global trader panel: Defining the needs of

commodity corporates● How does SCF need to change in order to stay

relevant in today's energy sector?● Traditional and alternative energy panel● Consolidation and a strong focus on BRIC countries

in the metals and mining sector● Beyond BRIC: Structuring effective deals with

an African element● Political risk and the race for resources● Poor harvests, low inventories and a growing demand

for fuel end-use: To what extent, if at all, are agriculturalcommodities currently undervalued?

● Is the biofuel vs. food end-use argument an overplayed debate?

● The unmissable annual Global Heads Panel

Producers, traders, financiers and funds, collateral managers,insurers, lawyers and regulators: every profession in thecommodity supply chain will be represented at the annualmeeting of the commodity finance industry.

We look forward to welcoming you in Geneva this June.

Some comments from 2007 attendees:

“An exciting and important event for networking in the industry”Benby Chan, Asia Aluminium Holdings

“An excellent gathering of highprofile professionals and a very good open discussion”Andrey Kushnarev, Renova

“A powerful vehicle to support thestructured trade finance sector andthe best networking platform”Ramachandran Veedu, Ashapura Minechem

“It continues to be the mostimportant SCF conference in the calendar”David Willman, Shell Trading

“Excellent mixture of interesting people”Hansjorg Kessler, HSH Nordbank

“Perfect opportunity to gaininformation about markets other than yours, and obviously great for networking”Cigdem Caliskan, Stemcor

“Feel the pulse of the market and product development ofcommodity finance”Urs Fischer, UniCredit

“Great mix of major banks andcommodity players. Becoming aninstitution in the commodity market” Peter Broinger, Raiffeisen Zentralbank

“Well prepared, to the point and very useful”Hamdi Arman, Credit Europe Bank NV

The 5th Annual

Global CommoditiesFinance Conference

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5th Annual Global Commodities Finance Conference

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