Oxford Energy Markets RoundtableSaïd Business School, Oxford University | 19 November 2010

INVESTING IN ENERGY MARKETSRISK, RETURN AND STRATEGIES

The inaugural Energy Markets Roundtable at Oxford University broughttogether investment professionals, senior executives, academics andpolicy-makers with an interest in oil and natural gas investment andtrading. A dialogue between academia, industry practitioners andinvestment professionals is necessary to draw 360° insights aboutinvestment risks and opportunities in the energy sector.

Professor Colin MayerDean, Saïd Business School

Oxford University

Plenary: Investing in Energy Markets over Different Time Horizons

Keynote Speech“Power and Gas Trading:Trends and Innovations”

Speaker: Peter Abdo

Managing Director andEMEA Head of Commodities Structuring and OriginationBank of America Merrill LynchLondon

Keynote Speech“The Significance of Physical Assetsfor a Diversified Energy Merchant”

Speaker: Daniel Jaeggi

Group Vice President and Head of TradingMercuria Energy GroupGeneva

Keynote Speech“Security of Supply:Does the Future lay on Gas Pipelines?“

Speaker: Marco Alvera

Chief Executive OfficerENI Shipping and TradingRome

Panel Discussion I Drivers of Risk and Return in the Global Oil Market

• Recent developments and current issues concerning oil and gas investment• Future growth opportunities – developing new resources• The impact of the recent Gulf of Mexico oil spill

Andrew BartlettHead of Oil and Gas Project Finance, Standard CharteredLeo KootManaging Director, TAQA Bratani (Abu Dhabi National Energy Company)Meb SomaniHead of Oil & Gas Investments, Barclays Natural Resource InvestmentsPaul NewmanManaging Director, ICAP Energy

Moderator: Peter Caddy, Director, Argus

Panel Discussion II Key Trends in Natural Gas Markets and Investments

• The impact of unconventional gas development• LNG: connecting and globalising regional markets?• Economics and politics of gas pipelines – Nabucco and Europe’s Southern Corridor

Reinhard GorenflosPartner & European Head of Energy Industry Group, Kohlberg Kravis RobertsMatthew HulbertSenior Research Fellow and energy expert, ETH ZürichJames SleemanManaging Director, EMEA Energy Investment BankingBank of America Merrill Lynch

Moderator: Dr Andy Barrett, Senior Adviser, IHS CERA

Panel Discussion III Risk Management in changing Energy Markets

• Industrial portfolios vs trading portfolios• Futures and OTC markets in the energy sector• Managing volatility from industrial and trading perspectives• Hedging exposure in a carbon-constrained world

Marco ArcelliExecutive Vice President and Head of Upstream Gas, Enel SpAFrederic BarnaudPresident and Managing Director, Gazprom Global LNGKieran McKennaGlobal Head of Oil & Refined ProductTrading, Credit Suisse-Glencore

Moderator: Dr Tony West,Head of Trading, Scottish Power

Oxford Energy Markets RoundtableSaïd Business School, Oxford University | 19 November 2010

Oxford Energy Markets RoundtableSaïd Business School, Oxford University | 19 November 2010

Organisations represented at the Roundtable:

Abu Dhabi National Energy Company (TAQA) / Argus Media / Bank of America Merrill Lynch / BarclaysNatural Resource Investments / BP plc / Citigroup / Credit Suisse / Credit Suisse-Glencore / Department ofEnergy, Philippines / Ecole Nationale Supérieure des Mines de Saint-Etienne / Economics Department,Harvard University / Enel SpA, Italy / Enerjisa Group, Turkey / E.ON Ruhrgas Turkey / Essar Global Services/ ETH Zurich / Fairfield Energy plc / First Reserve Corporation / Gazprom Marketing & Trading / Hakluyt &Company / Herax Partners / IHS CERA (Cambridge Energy Research Associates) / International EnergyAgency (IEA), Paris / Kohlberg Kravis Roberts / Logic Lane Advisors LLP / Macquarie Renaissance, Russia/ Mercuria Energy Group, Geneva / Morgan Stanley / Om Ventures / Oxford Energy Associates / RWESupply & Trading / Scottish Power / Said Business School at Oxford University / Scythian Ltd / SiemensFinancial Services / Standard Chartered Bank / Total S.A. / Zauner Impianti SrL

Marcel Dietsch, PresidentMarcel Dietsch is a docoral student at Oxford University researching the political economy of natural gas markets. Before, Marcel earned a Master in Public Policy (MPP) at Harvard University with a focus on foreign, economic and energy policy. At Harvard, Marcel also worked on energy policy issues with Richard Morningstar, who is now the US Special Envoy for Eurasian Energy at the State Department. Work experience includes: German Foreign Office, Policy Planning Staff, Berlin; KfW Development Bank, Beijing Office, China; US Congress, Washington, DC and Goldman Sachs, London. Marcel has spoken on natural gas and energy issues in Berlin, Moscow, Oxford and Singapore and was a columnist at Forbes.

Hanns KoenigHanns Koenig is a student of Philosophy, Politics and Economics at Oxford and has a keen interest in energy security. He has worked at KPMG, Unicredit Group, Ernst & Young, Roland Berger Strategy Consultants, where he specialised in the telecommunications sector, and the German Foreign Office, where he worked on European energy and trade policy. Hanns was president of the Oxford University German Society and Co-Chairman of the Oxford German Conference 2010.

Kai Alexander MuellerKai Alexander Mueller is a student of Materials, Economics and Management and president-elect of the Oxford Investment & Finance Society. Kai was educated at Jerudong International School (Brunei) where he became Sixth Form Captain, representing the school at various events including the Global Young Leaders Conference in the US and THIMUN Conference in Singapore. He has worked at Bank of America Merrill Lynch, Dresdner Bank and Deka Bank.

Dr Atif AnsarAtif Ansar is a Research Fellow at Saïd Business School at the University of Oxford. His research focuses on infrastructure and integrated real estate development. Atif took his Bachelor's degree at the School of Foreign Service at Georgetown University and his Doctorate at the University of Oxford. Atif has worked on consulting assignments for the World Bank and private sector clients. At the World Bank, Atif's work has focused on infrastructure and social development; his work for the private sector has been in the area of structured and project finance in Russia, Ukraine, and Africa.

Oxford Energy Markets RoundtableSaïd Business School, Oxford University | 19 November 2010

The Team