Course leader:Guillaume Perret, Founder & Director, Perret Associates

Expert instructors:Andrew Skues, Global Manager of Coal & Iron Ore Quality Control, TrafiguraRichard Richardson, Head of Asia, globalCOALOla Strand Andersen, Chief Executive Officer - Singapore, Marex SpectronArne Petter Kolderup, Head of Coal Derivatives - Asia, Marex SpectronAlan Bannister, Executive Director, Energy Products, CME Group

15 – 17 September 2015 I Grand Copthorne Waterfront Hotel, Singapore

In association with

Accredited by

An intensive, highly-focused three-day training course

EARLY BIRD: Register by 17 July & save US$500

Coal Trading &Risk ManagementTraining Course

@CoaltransEvents |#CTRM coaltrans.com/ctrm

Trading coal or energy?

Working with coal and freight derivatives?

Under pressure from fluctuating coal prices and freight rates?

Hands-ontraining andlong-lastingbenefitsThroughout the course, ourteaching faculty willreinforce their learningprocess with practicalexamples and exercises,inspired by real tradingsituations, and giving youan insight into the tradingand risk management toolsyou need for success.

Who should attend

Save 60% of your course registration feeIf you work for a company incorporated in Singapore you may be eligible for a Productivity and Innovation Credit grant. Costs incurredto provide training to employees for the purposes of the trade and business are one of six qualifying activities under PIC. To find out more pleasecontact picredit@iras.gov.sg.

LAWYERS/LEGAL COUNSELCOMPLIANCE OFFICERS

SHIPPING MANAGERSLOGISTICS MANAGERSOPERATIONS MANAGERSMARKETING MANAGERS

COAL TRADERSENERGY TRADERS

COAL ANALYSTS RISK ANALYSTSFINANCIAL ANALYSTS COMMODITY FINANCE TEAMS

COAL PRODUCERSCOAL BUYERS

GOVERNMENT OFFICIALS

Develop a thorough understandingof PHYSICAL & FINANCIAL

COAL MARKETSDevelop effective TRADING &

HEDGING STRATEGIESExplore the fundamental mechanisms

of DERIVATIVES TRADING

Understand the methodology ofCOAL INDICES and how you can

best use them

Evaluate key risk managementindicators and optimise their

application in your business

Analyse the use of options as aTRADING TOOL

Course ObjectivesThis intensive three day training course will allow you to:

Instructor Biographies

Andrew Skues, Global Manager of Coal & Iron Ore Quality Control, TrafiguraAndrew Skues has over 35 years’ experience in the metals and minerals industry focusing on coal, coke and steel industry rawmaterials quality control. He has been based in Asia since 2004 and since 2012 he has been global manager of coal & iron orequality control at Trafigura, a leading independent coal and coke trader which is forecast to trade 50million metric tons in 2015.

Alan Bannister, Executive Director, Energy Products, CME GroupAlan Bannister serves as Executive Director, Energy Products, Asia for CME Group. He is responsible for leading the firm’s energy businessthroughout the Asia Pacific region, including strategy, marketing and distribution of futures and options on CME Globex®, the exchange'selectronic trading platform, as well as the company’s OTC energy clearing services through CME ClearPort. He also works closely with theDubai Mercantile Exchange, CME Group’s strategic partner, to cross promote products and services. Prior to joining the company, Bannisterwas Head of Energy for Newedge in Singapore, where he was responsible for clearing sales and futures execution. Before that, Bannisterworked in trading and brokerage roles across various institutions, including British Energy, El Paso, Prebon, Tradition and Citigroup.

About the Organisers Coaltrans Conferences organises around 25 large-scale international coalconferences annually, which attract delegates from all over the world. It alsoruns focused regional events, exhibitions, field trips and training courses. It has areputation for employing the highest organisational standards. For moreinformation please visit www.coaltrans.com.

Enhance yourpersonal andprofessionalcompetence!

Richard Richardson, Head of Asia, globalCOALRichie Richardson began his career as a Freight Charterer and Coal Analyst at Coal Marketing Company (CMC) in Dublin. Fromthere, he joined globalCOAL for the first time – as a Market Manager at the London HQ. On departing globalCOAL for Asia in 2011,Richie enhanced his Coal Trading expertise at HC Trading in Singapore. This was followed by his appointment as Thermal Coal TradeManager at Coeclerici Asia. He rejoined globalCOAL as Head of Asia in March 2014. Richie holds a BA in Management InformationSystems (MIS) from Dublin Business School and an MBS in MIS from University College Dublin.

Guillaume Perret, Founder & Director, Perret AssociatesPerret Associates is a consultancy established in 2006, specialised in the coal, freight, iron ore and steel sectors.

Guillaume Perret has sixteen years of extensive experience in commodities trading. Before establishing his own consulting business,Mr Perret set up and developed the coal and freight trading desk for the German utility RWE in London and traded grains for theinternational trading house Louis Dreyfus.

Perret Associates provides a comprehensive and unique portfolio of market analysis and forecast in the coal and dry freight markets.

The company also offers a wide range of consultancies in business development, risk management or strategy support for companieseager to develop their trading and risk management activities. Since its launch, Perret Associates has been working with more than100 international companies involved in commodity trading.

Mr Perret is also the course director of the “Coal Trading and Risk Management Trading Course” and the “Iron Ore Trading and RiskManagement Trading Course”.

Perret Associates are the author of: “Long Term Price Forecast Steam Coal and Freight: 2015-30”, “The International Coal TradingMarket 2013-15”, “Trading Iron Ore: An in-depth and independent analysis of the iron ore trading market and how it could evolve”(2011), “Steel futures: a turning point for the industry” (2008),“The International Dry Freight Market” (2006).

Mr Perret has earned an MBA from the London Business School and Kellogg School of Management. He has also an engineeringdegree in biology and geology.

Ola Strand Andersen, Chief Executive Officer - Singapore, Marex SpectronOla Strand Andersen is the CEO of Marex Spectron Asia Pte Ltd, the Singapore division of Marex Spectron. Marex Spectron is the world'slargest privately owned broker of financial products in the commodities sector and a leader in brokering physical energy products. MrAndersen joined the company in 2007 and he currently oversees the company's Asian freight, oil, iron ore and coal broking businesses,as well as taking a leading role in its rapid expansion in the region for both OTC Commodities and Exchange Traded Products. MrAndersen holds a Master of Applied Finance and a Double Degree Bachelor of Business Administration/Bachelor of Economics fromMacquarie University, Sydney.

Arne Petter Kolderup, Head of Coal Derivatives - Asia, Marex SpectronArne Petter Kolderup joined Marex Spectron in 2013 to head the Asia Derivatives arm of the Marex Spectron Global Coal team.Located in Singapore the focus is on both thermal and coking coal in the Asia region. After graduating from BI Norwegian BusinessSchool in 1998, with a Master of Business and Economics degree, he has been working as both trader and broker in variouscompanies involved with derivatives in underlying markets such as shipping, iron ore, steel, coking coal and thermal coal. The last tenyears of his career he has been based in Singapore.

DAY ONETUESDAY 15 SEPTEMBER 2015

08:30 Registration & coffee

09:1510.30SESSION 1: Introduction to the steam coalphysical market – Market analysis and forecast inthe short, medium and long term Instructor: Guillaume Perret, Director, Perret Associates

• Course outline and organisation• Introduction to teaching faculty and delegates• The importance of risk management in coal and commodities training• Share Perret Associates’ most recent analysis, and forecast in the

short, medium and long term

10:30 Networking refreshment break

10.50-12:00SESSION 2: Key quality parameters relevant forsteam coal pricingInstructor: Andrew Skues, Global Manager of Coal & Iron OreQuality Control, Trafigura• Which are the most important quality criteria for steam coal? • How are they determined? • How do they impact on prices?

12:0012:30SESSION 3: The steam coal derivatives marketInstructor: Guillaume Perret, Director, Perret Associates

• Main coal derivatives products: historical trading volumes, liquidity,volatility and methodology

• The permanent evolution of the market structure and new entrants –principals, brokers, exchanges

• How does a financial swap work? • New products in development• Case studies: interactive risk management examples for suppliers, end

users and traders

12:30 Networking lunch

14:00-14:30SESSION 3 CONTINUES: The steam coalderivatives market

14:30 – 17:00SESSION 4: Using derivatives for risk management(including networking break)Instructor: Guillaume Perret, Director, Perret Associates

• Case studies: interactive risk management examples for suppliers, endusers and traders

17:00-19:00

Networking drinks Relax after an intensive first day with fellow delegates over some drinks.

DAY TWOWEDNESDAY 16 SEPTEMBER 2015

08:30 Morning coffee

09:00-10:00SESSION 5: Trading the physical coal market

Instructor: Richard Richardson, Head of Asia, globalCOAL

• What is a commodity? Why is commoditization important? Is physicalcoal a commodity?

• Role of the physical SCoTA contract in thermal coal• Where can you use SCoTA and how• Physical contract pricing – options & trends• What’s next for Asia when it comes to trading SCoTA?

10:00 Networking refreshment break

10:30-11:30SESSION 6: Mark-to-market and forward curve

Instructor: Guillaume Perret, Director, Perret Associates

• What is mark-to-market and why is it so critical for trading companies?• Implications and potential pitfalls• Mark-to-market of financial and physical positions• Price forecast versus forward curve• What can we learn from contango and backwardation and why is the

switch between the two critical?• Case study: forward curve trading

11:30-12:40SESSION 7: What traders and brokers do: Over-the-counter trading mechanisms

Instructors: Ola Strand Andersen, Chief Executive Officer -Singapore, Marex Spectron and Arne Petter Kolderup, Head of Coal Derivatives – Asia, Marex Spectron

• Snapshot of trading screen. Step-by-step worked example of aderivatives deal.

• Required infrastructure to support trading activities• Recent developments in coking coal derivatives markets

12:40 Networking lunch

14:00-15:15SESSION 8: Case study

Instructor: Guillaume Perret, Director, Perret Associates

• Interactive case study emphasising pitfalls to avoid incommodity trading

• Lessons to be applied in the coal market

15:15 Networking refreshment break

15:30-17:00SESSION 9: Introduction to optionsInstructor: Guillaume Perret, Director, Perret Associates

• Definitions: call, put, strike, premium and other essential concepts• Premium calculation and the Black Scholes Model• Practical examples: How traders use options• Risks and pitfalls

DAY THREETHURSDAY 17 SEPTEMBER 2015

08:30 Morning coffee

09:00- 10:00SESSION 10: Understanding risk managementindicators Instructor: Guillaume Perret, Director, Perret Associates

• Volatility, correlation, delta, value-at-risk and other risk measures• Easy and useful ways to calculate these indicators• Avoiding the false sense of security they can provide• Introduction to more sophisticated risk management systems

10:00 Networking refreshment break

10:3011:30SESSION 11: Contracts and Pricing Formulas Instructor: Guillaume Perret, Director, Perret Associates• Best practice to decide on a price formula• Pros and cons of pricing formula• Which index to choose? • Correlation between physical and paper• Adjustments for quality

11:30-12:30SESSION 12: Clearing: Another way to addresscounterparty riskInstructor: Alan Bannister, Executive Director, Energy Products,CME Group

• What is clearing?• Clearing mechanisms – exchange, clearing house, clearing members• Implications for market participants – marked-to-market, initial

margins, daily margins, cash flows• Interactive examples

12:30 Networking lunch

13:30-14:30SESSION 13: Introduction to technical analysisInstructor: Guillaume Perret, Director, Perret Associates

• What is technical analysis? • Introduction to simple concept: support, resistance, trend, moving

average, bars• How can technical analysis be used in steam coal trading?

14:30-15:15SESSION 14: Setting up a derivatives desk and wrap-upInstructor: Guillaume Perret, Director, Perret Associates

• Typical trading floor organisation and business models• Departments’ responsibilities and inter-connections – front office, risk

management, back office, credit, legal• Risk analysis and strategy implementation• Requirements to set up and develop a trading activity• Critical issues to consider and mistakes to avoid• Course wrap-up and next steps

Supporters

*CANCELLATIONSConference fee: By completing this registration form, you are agreeing to the terms and conditions whereby you are liable for the full conference fees. All cancellations must be received in writing by 4th August 2015 for a full refund, less a 10%administration charge. We cannot accept verbal cancellations. Cancellations received after 4th August 2015 are liable for the full conference fees and field trip. However, substitutions can be sent to attend in your place at no extra charge for the entireconference only with prior notice. Registrations received after 4th August 2015 are still liable for the full conference fee in case of cancellation. If owing to a force majeure, Coaltrans Conferences is obliged to postpone or cancel the event, CoaltransConferences will not be liable for any travel or accommodation expenses incurred by delegates or their organisations. Badge swapping with other registered/non-registered delegates is against our company policy and will not be permitted. If you requirea letter of invitation, please contact Coaltrans Conferences at png@euromoneyplc.com. Invitation letters will only be issued upon receipt of full payment. Cancellations due to unsuccessful visa applications will still be subject to the cancellation policy.Use of your information: Coaltrans is part of the Euromoney Global Limited. We will use your information to process your registration and communicate with you about it. As an international group, we may transfer your data on a global basis.We may monitor use of our websites. Subject to your choices below, we may use your data for marketing. By submitting your details, you indicate your consent to the use of your data as identified here. Read our full privacy policy atwww.coaltrans.com.Marketing choices: (these will be applied to all delegate contact details supplied on this form). Please tick if you don’t want marketing from our group by telephone ■�, fax ■ , email ■�, post ■� or from companies outside our group (including sponsors).

This price does not include any applicable taxes

IT IS IMPORTANT TO FILL OUT ALL THE INFORMATION BELOWPlease photocopy this form for multiple bookings

BY COMPLETING THE DETAILS BELOW YOU ARE AGREEING TO OUR CANCELLATION TERMS AND CONDITIONS*

Delegate details

Mr/Mrs/Ms __ First name________________________________________

Surname ______________________________________________________

Job title _______________________________________________________

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Confirmation will be sent to the email provided above

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Delegates Before 17 July 2015

PAYMENTALL PAYMENT MUST BE RECEIVED BY 1st September 2014unless registering online at coaltrans.com/ctrm

Payment may be made in one of two ways:

1. To make a payment by credit card, please visitwww.coaltrans.com to book and pay online.

2. Payment by BANK TRANSFER should be made through LloydsBank plc, PO Box 72, Bailey Drive, Gillingham Business Park,Kent ME8 0LS.US$ Account Number 11127713, Sort Code: 30-12-18,Swift Code: LOYDGB2LCTY IBAN: GB67LOYD30121811127713(all charges to be paid by sender) Option only available before1st September 2015.

Please ensure the invoice number and the company and delegatenames are stated on the payment form.Tel: +44 20 7779 7222coaltrans@euromoneyplc.comwww.coaltrans.com/ctrm

After 17 July 2015 Discount

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US$3,999

US$3,399

US$2,499

US$4,499

US$3,899

US$2,999

US$600

US$1,500

Fee includes: 1. Attendance to all course sessions 2. Full course documentation, which includes printed copies of all available speakers’ papers 3. Refreshments, lunches and networking drinks event

coaltrans.com/ctrm +852 2912 8038

15 - 17 September 2015 I Singapore

PLEASE SELECT THOSE CRITERIA FROM THE BELOW LIST THAT BEST DESCRIBE YOUR COMPANY’S INTEREST AREAS:

Coal buying

Coal: Financial sector

Coal production

Coal: Government

Coal trading

Coal: Logistics and shipping

Coal: Consultancy/ Journalism/ Research / Law

Coal: Mining services provider

Courtyard rooms at the Fullerton Singapore are available at SGD380 per night, plus 10% service charge and 7% food and service tax. This rate includes breakfast and internet access, and is valid checking in on 15th September and out on 18th September only.Please note the demand for accommodation is expected to be high during this week as the Singapore F1 is taking place the following weekend so please book your accommodation as soon as possible to avoid disappointment.Please visit coaltrans.com/ctrmsingapore and click on the hotel tab where you will find detailed instructions of how to secure the preferential rates and book accommodation.

Coal Trading &Risk ManagementTraining Course

DELEGATE FEE (US$)

Course venue - Grand Copthorne Waterfront HotelOverlooking the historic Singapore River, Grand Copthorne WaterfrontHotel Singapore is a premier upscale conference hotel where luxuriouselegance and contemporary style go hand in hand. This luxury hotel inSingapore lets you experience the best of what the city has to offer. It isideally located within easy reach of the Central Business District and thewaterfront precincts of Robertson Quay, Clarke Quay and Boat Quay withtheir lively dining and entertainment venues.

For more information visit coaltrans.com/ctrm

PLEASE SELECT THOSE CRITERIA FROM THE BELOW LIST THAT BESTDESCRIBE YOUR COMPANY’S INTEREST AREAS:

Coal buying

Coal: Financial sector

Coal production

Coal: Government

Coal trading

Coal: Logistics and shipping

Coal: Consultancy/ Journalism/ Research / Law

Coal: Mining services provider

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