Miami EuroFinance 2011

Plus!Running concurrently, our

brand new two-day conference on

Treasury and Risk Strategies for High-Growth Markets

23–24 May 2011

See pages 16-19 for the full agenda

Join the most senior group of treasurers from across the Americas...EuroFinance’s 15th annual conference on

International Cash and Treasury Management23–25 May 2011, Doral Golf Resort and Spa, Miami, USA

Speaker updates inside

¡Además! Su guía de la conferencia y las sesiones sobre Latinoamérica en españolLea el contenido para obtener más detalles

Official lead sponsor Global sponsor Official sponsors

EuroFinance’s international conference will offer a fascinating look at some of the main treasury trends unfolding in 2011 and beyond, including how treasury will be impacted by new regulation and the latest solutions to maximize the efficiency of your operations.

Join the most senior group of treasurers from across the Americas. Be part of the community that decides the treasury agenda for the coming years, determines the issues and guides the profession.

The sophistication, level of expertise and networking opportunities far exceed any other event of its kind in the Americas.

This year, delegates to International Cash and Treasury Management, will have free access to our inaugural conference on Treasury and Risk Strategies for High-Growth Markets, running concurrently on days one and two. This brand new event will look at operating more efficiently in China, India and other emerging economies in order to get the best possible results for your business.

2011 program highlights A look at the world in 2011/2012 Our annual global regulatory update How to build a treasury that can cope with change New banking models that you need to watch out for Exploring treasury management in a world of volatility Special three-day stream on cash and treasury management in Latin America Hear how your competitors from emerging markets run their treasury operations

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Leading speakers include

Agility AkzoNobel Aon Bombardier ConocoPhillips Deutsche Post - DHL Enbridge Inc FMC Technologies Fosbel Inc Hollister Inc

And many more!

All new streamsMyth versus practice How to achieve treasury reality with the tools on hand.

Rewriting the treasury rulebook Where treasury can be reengineered and where to leave it alone.

Latin America Tackling obstacles and barriers.

EuroFinance’s 15th annual conference onInternational Cash and Treasury Management23–25 May 2011, Doral Golf Resort and Spa, Miami, USA

The only treasury event in the Americas with a truly international perspective

In-depth training courses...Choose from Advanced Cash Flow and Corporate Risk Management

See page 13 for more information

www.eurofinance.com/miamitraining

Free ticket for your co-worker

Worth up to US$2,545!Pay to attend the International Cash and

Treasury Management conference and receive one of the limited FREE tickets for the

Treasury and Risk Strategies for High-Growth Markets conference for your co-worker –

worth up to US$2,545!

Simply register and pay, and our marketing team will be in contact.

Please note - tickets are limited and will be given on a first come, first served basis.

Register today to avoid disappointment.

James McGregor Author: One Billion Customers: Lessons From the Front Lines of Doing Business in China, Senior Counselor APCO Worldwide

Daniel Franklin Business Affairs Editor The Economist, UK

Clifford Bennett Chief Economist Empire Economics, Australia

Also hear from

Approved for up to 17 CTP/CCM recertification credits by the Association for Financial Professionals.

8:00am REgISTRATION, REfRESHmENTS ANd ExHIBITION OpENS

9.00am Chair’s welcome to the conference9.10am The world in 2011-2012: Will the corporate mood remain uncertain?10:00am The EuroFinance business confidence report10:40am REfRESHmENT BREAK

11:20am Controllables versus uncontrollables: Where treasury can manage corporate expectations

12:10pm The uncontrollable elephant about to join the room12:40pm LUNCH

2:00pm Conference breaks into streams after lunch

Stream A Myth versus practice: Treasury realities PAGE 5

Day 2 Tuesday 24 may 2011 - page 7

Conference sessions at a glance

Day 1 monday 23 may 2011 - page 4 Day 3 Wednesday 25 may 2011 - page 10

2:00pm Global cash visibility: True or false?3:00pm Swift for bank independence: Yes or no?3:40pm REfRESHmENT BREAK

4:20pm Cash flow forecasting: Getting what you really need?5:00pm Regional treasury solutions: More difficult or less?5:40pm Adjourn to Treasury Networking Reception sponsored by HSBC

Stream B Rewriting the treasury rulebook PAGE 5

2:00pm In the balance: Finding the appropriate capital structure3:00pm Expanding treasury’s influence across the globe3:40pm REfRESHmENT BREAK

4:20pm Time to try a new approach to investing5:00pm Regional treasury centers: Building a case for the value of

treasury and getting a seat at the table5:40pm Adjourn to Treasury Networking Reception sponsored by HSBC

Stream C Latin America: Tackling obstacles and barriers PAGE 6

2:00pm What does best practice mean in Latin America?3:00pm Global transformation, local application3:40pm REfRESHmENT BREAK

4:20pm Bringing LatAm into Swift: A blueprint5:00pm More effective hedging and risk management5:40pm Adjourn to Treasury Networking Reception sponsored by HSBC

Treasury Networking Reception sponsor

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8:00am REfRESHmENTS ANd ExHIBITION OpENS

8:50am Chair’s welcome to Day 29:00am Becoming competitive in a new world9:40am Treasury evolution: Building for change?10:30am REfRESHmENT BREAK

11:10am A new approach to treasury12:30pm LUNCH


Stream A Myth versus practice: Treasury realities PAGE 8

2:00pm Global cash pools: Real or imaginary?2:40pm EBAM: Empty promise or holy grail?3:20pm REfRESHmENT BREAK

4:00pm Consistent global bank delivery: What’s standing in the way?5:00pm SEPA: Toil and too much trouble for your European operations?5:40pm Conference adjourns to Day 3

Stream B Rewriting the treasury rulebook PAGE 8

2:00pm A new look at working capital capability 2:40pm Funding considerations in the future3:20pm REfRESHmENT BREAK

4:00pm Tax update: managing overseas liquidity 5:00pm Seeking new funding challenges5:40pm Conference adjourns to Day 3


9:00am Chair’s welcome to Day 39:10am Lessons from the East9:50am Curious about your new competitors?10:30am REfRESHmENT BREAK

11:00am Brazil Workshop12:20pm LUNCH

2:00pm Conference closes

Stream C Latin America: Tackling obstacles and barriers PAGE 9

2:00pm RFPs in an environment of bank change2:40pm Borderless best practice on payments and collections in

the Andean region3:20pm REfRESHmENT BREAK

4:00pm Can any banks offer a pan-LatAm solution?5:00pm Keeping the LatAm supply chain moving5:40pm Conference adjourns to Day 3

EuroFinance launches its brand new two-day conference on

Treasury and Risk Strategies for High-Growth Markets

23-24 May 2011 (Running concurrently with the International Cash and Treasury management conference)

See pages 16–19 for the full agenda

New for 2011

8:00am ACREdITACIóN, REfRIgERIOS y ApERTURA dE LA ExpOSICIóN

9.00am Discurso de bienvenida del presidente de la conferencia Andrew Sawers, Editorial Director, EuroFinance

9.10am El mundo en 2011-2012: ¿El clima corporativo continuará siendo incierto? Si hay algo de lo que no hay dudas es que la incertidumbre continúa prevaleciendo en el mundo. ¿Hasta cuándo seguirá esto? Persiste la preocupación por la deuda soberana europea, los débiles indicadores económicos en otras economías

y recientemente, problemas en el medio Oriente que podrían desbaratar un crecimiento sostenido. Las regulaciones están impactando de manera adversa en el sentimiento general ya que preocupa que la legislación estadounidense y las regulaciones pendientes en la Unión Europea desalienten el crecimiento. Por primera vez en los 20 años de historia de EuroFinance, los problemas económicos y políticos encabezan de manera consistente la agenda de los tesoreros en nuestros numerosos programas de investigación. En esta sesión, le pedimos a varios economistas de renombre que comenten acerca de la confianza empresarial en el sector corporativo americano.

Daniel Franklin, Business Affairs Editor, The Economist, UK Stephen Boyle, Head of Group Economics, Royal Bank of Scotland, UK

10:00am La encuesta de confianza empresarial de EuroFinance Del otro lado del Atlántico, sus colegas están bastante más deprimidos que usted y las empresas esperan más malas noticias de los bancos, los mercados y países. A las corporaciones europeas les inquietan las continuas dificultades en las condiciones bancarias y el miedo a la falta de crecimiento. Mientras tanto, sus pares en Asia, alentados por índices de crecimiento más altos que lo esperado y un enfoque más laissez faire en relación a lo regulatorio, están muy ocupados

aprovechando de las oportunidades. Nadie sabe qué pasará en el Medio Oriente ¿Qué tienen para decir las compañías americanas? Nuestro sondeo sobre niveles de confianza empresarial le permitirá a la audiencia expresar sus inquietudes y comparar impresiones mediante una votación electrónica. Nuestros economistas y un panel de profesionales de tesorería estarán allí para interpretar los resultados y ayudarlo a crear un barómetro de las preocupaciones en materia de tesorería.

Moderado por Andrew Sawers, Editorial Director, EuroFinance

10:40am RECESO pARA REfRIgERIO

11:20am Factores controlables vs. incontrolables: donde la tesorería puede administrar las expectativas corporativas

Las compañías están todavía lidiando con las consecuencias de la crisis de 2007 y ponderando cuáles serán los próximos focos de riesgo. La situación en Medio Oriente.ha generado una escalda en los precios del petróleo tras de varios años de volatilidad, creando caos en las predicciones de tesorería. En el futuro, las regulaciones podrían también obstaculizar de manera significativa las estrategias corporativas de riesgo. Los accionistas presionan a las compañías para que reduzcan sus reservas de efectivo y las pongan a trabajar, pese a que las perspectivas a futuro de las inversiones y la economía siguen siendo inciertas. Riesgos inesperados pueden surgir de innumerables maneras distintas. Como tesorero, hay poco que puede hacer con respecto a lo “incontrolable” o a una tormenta perfecta de eventos altamente improbables que surge ocasionalmente a lo largo de los ciclos económicos. Esta sesión analizará a las compañías que han padecido una oleada de factores incontrolables y la manera en que lograron apuntalar a la tesorería, construyendo un entorno cómodo en relación a lo que puede y no puede controlar y cómo se puede sobrevivir en tiempos en que los eventos imprevistos se vuelven verdaderamente desagradables. El mundo siempre tendrá sorpresas, y las compañías deben estar listas para abordarlas a medida que aparecen. Así, la cuestión está en evitar las distracciones y continuar con lo que la tesorería puede y debería estar haciendo. Presentamos tres excelentes casos para ilustrar cómo lograrlo.

Robert J. Novaria, Consultant and Former Global Treasury Services Director, BP, Warrenville, IL Gerry Laderman, SVP Finance & Treasurer, United Airlines, Houston, TX\

H. Keith Jennings, Vice President & Treasurer, Cameron, Houston, TX

12:10pm Un elefante incontrolable a punto de entrar en escena El diablo está en los detalles, y eso es lo que todo el mundo está esperando, ya sea de parte de la legislación estadounidense

o de las próximas normativas de la Unión Europea o incluso otras reglas en construcción de mercados y jurisdicciones alrededor del mundo. Es probable que éstas alteren el contexto de liquidez del mundo corporativo en Estados Unidos y más allá. Algunos dicen que el impacto sobre los costos y recursos corporativos podría igualar al ocurrido con la introducción de la Ley Sarbanes-Oxley en 2002. Esta sesión servirá para comprender las principales fuerzas que podrían influenciar y remodelar su entorno comercial a medida que las ramificaciones normativas se vuelvan más claras el próximo año. Barbara Frohn Verheij, Managing Director, Advisor to the CEO, Banco Santander, Spain

12:40pm ALMUERzO

2:00pm La conferencia se divide en secciones después del almuerzo

5:40pm Receso para la Recepción de Networking para Profesionales de Tesorería auspiciado por HSBC

Votación para establecer

comparaciones

Panel corporativo

Orador principal

Orador experto


9.00am Chair’s welcome to the conference Andrew Sawers, Editorial Director, EuroFinance

9.10am The world in 2011-2012: Will the corporate mood remain uncertain? One thing is certain and that is the continued prevalence of uncertainty in the world. How long

will this persist? Worries remain over European sovereign debt, anemic economic indicators in other economies and now troubles in the Middle East which could further derail a sustained recovery. Regulation is also taking its toll on positive sentiment with companies worried that US legislation and pending EU regulations will dampen growth. For the first time in EuroFinance’s 20-year history, economic and political woes are consistently topping the treasury agenda in our numerous research programs. In this session we ask several renowned economists to discuss the key developments in the global outlook for 2011-12. The panel will later be joined by treasury professionals to discuss business confidence amongst America’s corporate sector.

Daniel Franklin, Business Affairs Editor, The Economist, UK Stephen Boyle, Head of Group Economics, Royal Bank of Scotland, UK

10:00am The EuroFinance business confidence report Across the pond, your professional peers are rather more depressed than you are, with companies

expecting further bad news from banks, markets and sovereigns. European corporations are concerned with continuing difficult bank conditions and fears of no growth. Meanwhile, your peers in Asia, buoyed by higher-than-expected growth rates and a more laissez faire approach to regulation, are busily taking advantage of opportunities. It’s anyone’s guess about the Middle East. What do American companies have to say? Our business confidence survey will allow the Miami audience to air concerns and benchmark sentiment via electronic voting. Our economists and a panel of treasury professionals will be on hand to interpret the results and help you build a barometer of treasury concerns. Moderated by Andrew Sawers, Editorial Director, EuroFinance

10:40am REfRESHmENT BREAK

11:20am Controllables versus uncontrollables: Where treasury can manage corporate expectations

Companies are still dealing with the fallout from the 2007-2008 crisis. Growth is still sluggish; funding and credit could yet turn tight again despite having bounced back. Regulation could impede corporate risk strategies significantly in the future. Shareholders are pressuring companies to reduce some of their cash piles and put them to work – even though the forward picture on investment and the economy is still unclear. Unexpected risks can occur in countless different ways. As a treasurer there is little you can do about the “uncontrollables” or a perfect storm of highly improbable events that pop up occasionally through business cycles. This session will look at companies that have experienced an onslaught of uncontrollables and how they managed to shore up treasury, building an environment at ease with what it can and can’t control, and how it can ride out the times when the unforeseen events get really nasty. The world will always bring surprises and companies need to be ready to tackle them as they arise. The issue, then, is to keep from getting sidetracked and carry on with what treasury can and should be doing. Here are some great stories to illustrate just how to achieve this.

Robert J. Novaria, Consultant and Former Global Treasury Services Director, BP, Warrenville, IL Gerry Laderman, Senior Vice President – Finance and Treasurer, United Airlines, Houston, TX

H. Keith Jennings, Vice President & Treasurer, Cameron, Houston, TX

12:10pm The uncontrollable elephant about to join the room The devil is in the detail and that’s what everyone is waiting for – whether from US legislation or

incoming EU regulation or, indeed, other rules under construction in markets and jurisdictions across the globe. These are likely to alter the liquidity landscape of corporate America and beyond. Some are saying the impact on corporate costs and resources could be as big as when Sarbanes-Oxley was introduced in 2002. This session will help you understand the key fault lines that could shift and reshape your business environment as the regulatory ramifications become clearer in the coming year Barbara Frohn Verheij, Managing Director, Advisor to the CEO, Banco Santander, Spain

12:40pm LUNCH


5:40pm Adjourn to Treasury Networking Reception sponsored by HSBC

Benchmark voting

Corporate panel

Keynote panel

Expert speaker

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Myth versus practice: Treasury realitiesMany a project was shelved or ignored because it was considered not critical when the financial crisis took precedence and changed companies’ priorities. As we start to return to “business as usual”, some of these areas are being looked at again, their popularity stemming from whether or not they can be important solutions to help you manage any future financial crisis. These solutions pledge to be a lot of things to a lot of very different companies. But can they live up to their promise? Some may simply not deliver enough without an excessively high level of investment. Others fail to fit comfortably within existing corporate structures. This stream will look at some of the headline treasury developments and the reality of what they can deliver.

2:00pm Global cash visibility: True or false? The nirvana of treasury is total cash visibility. This would give companies control of the cash, the risks and the

internal liquidity. Treasury management system providers, bank portal developers and enterprise resource planning system designers all promise global cash visibility in real time. Can it be achieved and, if so, isn’t the real question about what you do with that enhanced visibility? Can you use that new information efficiently to provide critical forecasts that let you plan your debt capacity, your commercial paper issuance and your capital expenditure? Do the data analytics within the various systems actually address your needs? Given the investing environment can it realistically forecast your liquidity so you can stretch tenor for better yield? Will it give you the means to manage counterparty risk more efficiently? Technology is one part of the equation but using the information is just as important. This panel will show how far you can go.

Ferdinand Jahnel, Vice President, Treasurer, Henry Schein Inc., Melville, NY Michael Pratt, Assistant Treasurer, Genzyme Corporation, Framingham, MA Arup Narain Sinha, Senior Manager, Treasury Operations, NBC Universal, New York

3:00pm Swift for bank independence: Yes or no? When it came to Swift, a lot of companies adopted a “wait and see” attitude, frustrated by the complexity of

potential process change and the time and costs involved in connecting up. But suddenly, because Swift has been tipped as a magic solution to lessen your dependence on banks and reduce counterparty risk, everyone is leaping on the bandwagon – or at least, investigating how to connect up for real. Joining Swift can be complex and may take many process changes and steps. But proponents say that, for those businesses now using a managed bureau service, this route can eliminate much of the complexity and allow a company to dive right in. What is the reality? Can you simultaneously “onboard” all of your accounts and get full reporting and payment messages immediately? Can it be done holistically or does it have to be done piecemeal, bank by bank? What will you really gain? Can you consolidate all of your communication channels using one set of message formats to banks anywhere? How much project management will it require? Where are the common pitfalls? Jayna Bundy, Sr. Treasury Manager, Microsoft Corporation, Redmond, WA

Sarah Pickard, Sr. Solution Manager, Microsoft Corporation, Redmond, WA

3:40pm REfRESHmENT BREAK

4:20pm Cash flow forecasting: Getting what you really need? During the crisis and after it, cash flow forecasting became in vogue again despite most treasury studies showing

that companies are unhappy with their forecasting; in fact, around 90% still use spreadsheet-based systems. Now there is more software available which promises to make the task easier and to help you set up correct processes, time horizons and variance modelling, providing you with more meaningful information. But that’s only part of the solution. The process has to start with what suits the company – how deep in your organization you need to go, for example, or how coordinated your operations need to be with tax and other business services. This case study will look at best practice and where you can fix the process.

Guy Simons, Assistant Treasurer, TRW Automotive, Livonia, MI

5:00pm Regional treasury solutions: More difficult or less? Over the years, companies that are well-established in Asia have built processes and policies based on the

recurrent question of “What can’t I do in Asia?” Rules and regulations have therefore dictated how most treasury organizations are structured in the region. But like the rest of the world, Asia is changing dramatically, driven less by the crisis and more by governments seeking foreign investment and growth opportunities. Consequently, countries have been allowing more creative liquidity solutions and changing the payments and banking landscape for the better – not to mention opening up their capital markets. This session will look at the case for revisiting Asia and how one company was able to eliminate legacy processes no longer necessary in these markets by setting up new bank structures to handle its Asian operations.

Debra Hinds, Administration & Control and Global Cash Management Director, Bombardier Inc., Canada Ali Agha, International Specialist, Trade Finance and Cash Management Corporates, Global Transaction

Banking, Deutsche Bank, New York, NY


Stream A

Corporate panel

Case study

Case study

Case study

Rewriting the treasury rulebook Treasury processes and policies have been around a long time, so changing these practices can be slow work (even though the financial crisis certainly had many treasurers fine-tuning operations, pronto). Major undertakings and restructurings often had to give way to tactical but less strategic head count reductions and streamlining of operations. Now might be the time to reassess vital areas within treasury and rethink things in an entirely different light in order to be ready to seize opportunities when growth gets going. Just because a particular structure has been used for ages, it doesn’t mean it has to look the same way going forward. Similarly with particular markets in which you operate: be ready to take those opportunities!

2:00pm In the balance: Finding the appropriate capital structure Unduly aggressive capital structures are risky; highly leveraged models are likely to be a thing of the past. But then,

cash on the balance sheet is also getting to be a dated story as pressure mounts from investors looking for return. What’s the right balance? What do you do with the cash you are now holding as a buffer? Cash can be put to work, but how much of it? That’s the million-dollar question on the minds of many companies. Shareholders are also asking how you will make the cash work. There’s a bit more M&A activity now, as well as dividend payouts and share buybacks from the big companies. Should you be reducing your cash levels? And are you prepared for the consequences if the economic picture changes again?

Moderated by Andrew Sawers, Editorial Director, EuroFinance Guillermo Gualino, Assistant Treasurer, Agilent Technologies, CA Guy Simons, Assistant Treasurer, TRW Automotive, Livonia, MI

3:00pm Expanding treasury’s influence across the globe Like computers that gain knowledge from the information you input, this company is an organization that is constantly

learning and improving treasury practices to meet the demands of the 21st century. Treasury recognized the need for strategic change in order to support the company’s current and future needs and much of that change centered on the need for standardization and centralization of processes. A shared services platform helped to improve working capital, reduce transactional risks and costs, and achieve operational excellence.The strategy, launched successfully in the US and Europe, is now under examination for other world markets. The end result delivered significant savings, but more importantly it strengthened controls and created strategic partnerships within the business and treasury.

Judy Bouchard, Banking Coordinator, Cash Management & Banking - Treasury, ConocoPhillips, Houston, TX Tammy Burks, Director of Cash & Reconciliations, Corporate Financial Shared Services, ConocoPhillips,

Bartlesville, OK


4:20pm Time to try a new approach to investing Investment experts believe that the difference in return between overnight rates and three, six and nine month tenors

will become much more dramatic and therefore issues of tenor are coming more strongly into play in corporate investment strategies. What does that mean for companies with short-term investing policies that take a different approach? Will there be supply and demand issues and will companies see much difference if they lengthen tenor? Moreover, regulatory reform is going to impact the short-term market. And whenever there are big environment shifts in the financial landscape, product innovation isn’t far behind, so what are the options being rolled out in this space? Banks and investment product providers have to rethink the product suite and how their clients value different attributes. Companies have to find new approaches to investment, while demanding more tailor-made solutions that match their “liquidity versus risk” profiles. Some companies, fed up with treasuries and lack of innovation, have been leading the way, refining and mapping policy to a real rather than theoretical environment. It is actually quite an exciting time in the investment space.

Paul Rice, Director, Head of Financial Intermediary Sales - Institutional Liquidity Management, DB Advisors, New York, NY

Nellie Lee, Assistant Treasurer, Bechtel, San Francisco, CA Ivan Troufanov, Assistant Treasurer, Salesforce, San Francisco, CA

5:00pm Regional treasury centers: Building a case for the value of treasury and getting a seat at the table

What are the obstacles a company must overcome in order to create a regional treasury solution which can create very real value for a business in terms of cash and liquidity? This case study will look at bringing down organizational barriers so that everyone is on side with a regional treasury vision. From how to build the actual plan to the integration process and execution of that, this company will share its story of how to go about setting up a regional treasury center. What structures do you include such as multi-currency notional pooling? How do you keep improvements going in the future? How can treasury gain a seat at the management table to prove you can create value?

Greg Zabikow, Director of International Treasury, Aon Corporation, Chicago, IL


Stream B

Corporate panel

Case study

Corporate panel

Chaired by Robert J. Novaria, Consultant and Former Global Treasury Services Director, BP, Warrenville, IL

Chaired by Andrew Sawers, Editorial Director, EuroFinance

Case study

América Latina: sorteandos obstáculos y barreras Nos gustaría tomar una varita mágica y decir “todo es mucho más fácil en América Latina”, pero la realidad es que el contexto aún es complejo. A pesar de que numerosos países han revisado sus regulaciones, la mayor parte tiene que ver con alentar la inversión en sus economías, más que ayudar a las operaciones de tesorería a facilitar el movimiento de capitales y modificar las estructuras impositivas (pese a que existen algunos interesantes cambios impositivos dentro de los 20 países). Pero los modelos bancarios han cambiado considerablemente; el contexto político se ha modificado en algunos países; y las economías se enfrentan a distintos niveles de crecimiento bajo distintas presiones. El panorama es mixto. Esta sección analizará más detenidamente soluciones bien pensadas que las empresas están utilizando a la vez que abordan los impedimentos y las barreras que obstaculizan su búsqueda de crecimiento en esta región.

2:00pm ¿Qué significa “mejores prácticas” en América Latina? En la década de 1990, muchas compañías buscaron centralizar lo máximo posible desde su mercado de origen. Cuando ello no fue

posible, se establecieron centros regionales de tesorería a fin de minimizar lo mejor posible los riesgos cambiarios y las exigencias de financiamiento, y optimizar las prácticas de administración del efectivo. Pero América Latina nunca funcionó como un centro regional de tesorería de la forma en que los tesoreros habían esperado. En lugar de ello, surgieron soluciones híbridas de todo tipo ya que las soluciones integrales simplemente no eran aplicables. Por diversas razones las compañías tuvieron que volverse creativas en cuanto a qué centralizan y dónde optaban por establecer sus estructuras. El concepto clave aquí es la “personalización”. Desde obtener la información correcta, combinado con gestionar las predicciones de flujo de efectivo y de datos hasta controlar el riesgo cambiario y los movimientos de fondos, ningún sistema puede manejarlo todo. Estas empresas mostrarán hasta dónde han podido llegar.

Adriana Hoskins, Assistant Treasurer, Seaboard Corporation Daniel Levy, Director - Global Finance Services LatAm, Johnson & Johnson Breno Polli, Corporate Finance Director Americas, Unilever

3:00pm Transformación global, aplicación local Una multinacional que creció por adquisiciones, con sistemas, procesos y bancos heredados, ¿cómo pasa de ser altamente

descentralizada a tener información mucho más centralizada? ¿Cómo impacta esto a las regiones donde opera? El caso es extenso y complejo: un proyecto que abarcó toda la cadena de tesorería, desde los sistemas de TI, los bancos y las políticas hasta la revisión de procesos y personal, todo ello en cuatro regiones y gran número de países. ¿Cómo reducir el número de relaciones bancarias cuando se tienen varios centenares y miles de cuentas? El proyecto de transformación sucedió en medio de la crisis financiera y una reducción de costos, y se llevó a cabo en pocos años. Todo se hizo en paralelo, en vez de en etapas, y sólo pudo haberlo hecho una compañía que estaba ya buscando un cambio. Este caso de estudio explora cómo un programa global puede desplegarse en América Latina y las complejidades y desafíos en las economías que no son abiertas para los negocios.

Hernán Rivera Galvis, Head of Financing AAN, Siemens S.A3:40pm RECESO pARA REfRIgERIO

4:20pm Hoja de ruta: Modelo global de pagos transaccionales La demanda y el impulso hacia un oportuno procesamiento de pagos y reporte de la información continúan con el avance de

la globalización del cash management. Las capacidades y la falta de ellas en cada una de las geografías son puntos clave para la tesorería central cuando evalúa el banco y las estructuras de cuentas que mantienen en grandes regiones como Latinoamérica así como en pequeños países en desarrollo. Mientras los principios de Swift han impulsado durante los últimos 35 años mayor eficiencia entre bancos y empresas, modelos estratégicos globales bancarios y de pagos son clave para un éxito en el largo plazo. Esta sesión proveerá a la audiencia con un caso práctico basado en mejores prácticas desde la perspectiva de project managers de tecnología informática combinada con el punto de vista de operaciones de tesorería sobre cómo es la mejor manera de diseñar su modelo de pagos para el largo plazo.

Diana Noteboom, Finance IS Business Analyst, Corporate Information Technology, ConocoPhillips, Bartlesville, OK Judy Bouchard, Banking Coordinator, Cash Management & Banking Treasury, ConocoPhillips, Houston, TX

5:00pm Más efectividad en la cobertura y gestión de riesgos Si usted es una compañía internacional, es posible que provea, construya, venda o facture en distintas monedas. Antes, las

empresas de América Latina a menudo pasaban por alto las prácticas relativas a la gestión de riesgos, en particular si el mercado era difícil o poco importante para el resultado neto. Los riesgos más pequeños a menudo se dejaban expuestos a las vicisitudes del mercado, y la cobertura natural era la principal herramienta. Cuando era posible, los riesgos más grandes se protegían pero a un costo considerable; otros riesgos simplemente no podían cubrirse. Pero con creciente inversión en América Latina y mayor volatilidad cambiaria, las compañías se han dado cuenta del impacto que pueden tener las pérdidas no planeadas. Cada mercado presenta complejidades específicas, y este panel analizará cómo identificar, supervisar, controlar y mitigar el riesgo en toda la región. El panel analizará las cargas administrativas, el limitado paquete de productos disponible y cómo ello puede orientar las decisiones en materia de cobertura. Coordinado por un experto en estrategia de monedas, este panel corporativo se focalizará en los desafíos y las oportunidades de cobertura de monedas y le ayudará a comprender mejor cómo los movimientos/ganancias/pérdidas pueden afectar el valor del negocio y cómo los planes cambiarios estratégicos pueden impulsar a la empresa.

Clifford Bennett, Chief Economist, Empire Economics, Australia Carlos Miquilarena, Treasury Director, DHL Rodolfo Nunes Luterman, FX Manager-LATAM, Arher Daniels Midland (ADM)

5:40pm Receso para la Recepción de Networking para Profesionales de Tesorería auspiciado por HSBC

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Latin America: Tackling obstacles and barriers We’d like to wave a magic wand and say things are much easier in Latin America but the reality is things are still difficult. Although a number of countries have made reforms to business rules, much of this has been about encouraging investment in their economies, rather than helping treasury operations via easing capital movement and changing tax structures (although there are some interesting tax changes within the 20 countries). But banking footprints have changed considerably; the political landscape has altered in some countries and the economies are facing varied levels of growth with different stresses. It’s a mixed picture. This stream will look more closely at the well-thought out solutions companies are employing while tackling the obstacles and barriers that hinder their quest for growth in this region.

2:00pm What does best practice mean in Latin America? During the 1990s many companies sought to centralize as much as possible from their home market. Where

this wasn’t possible, regional treasury centers were established in order to best minimize currency exposures, funding requirements and optimize cash management practices. But LatAm never quite worked as a regional treasury center in the way treasurers had hoped for. Instead, all kinds of hybrid solutions have grown up because package solutions simply don’t apply. Companies have had to become progressive over what they centralize and where they choose to put their structures for a variety of reasons. Personalization is the name of the game. From getting the right information in, along with managing forecasting and data flows through to controlling FX exposure and cash movement, no system can cope with it all. These companies will demonstrate how far they have been able to go.

Adriana Hoskins, Assistant Treasurer, Seaboard Corporation Daniel Levy, Director - Global Finance Services LatAm, Johnson & Johnson Breno Polli, Corporate Finance Director Americas, Unilever

3:00pm Global transformation, local application As a result of a change in Siemens’ global structure, its subsidiaries have migrated to a centralized model. This new

cluster structure led the company to reconsider its banking relationships, the necessary technology and the way to address the regulatory and FX challenges in the region. In addition, the finance department works hard to add value to the business, seeking funding sources for clients and suppliers at preferential rates, depending on the possibilities offered by each country. In this session Siemens shares how a global program can be rolled out to the Latin American region and the complexities and challenges when some economies are not open for business.

Hernán Rivera Galvis, Head of Financing AAN, Siemens S.A


4:20pm A Road Map for Global Transaction Payments Model The demand and drive for timely processing of payments and information reporting continues as globalization

of cash management advances. Geographical capabilities and gaps are key points for Treasury Headquarters as they evaluate the bank and account structures they maintain in large regions like Latin America as well as smaller developing countries. While Swift principles over the past 35 years have driven increased corporate to bank efficiencies, strategic global bank/payment models are key to long-term success. This session will provide the audience with a practical case study based upon best practices from a global IT project manager’s view along with treasury operations view on how best to design your global payment model for the long-term.

Diana Noteboom, Finance IS Business Analyst, Corporate Information Technology, ConocoPhillips, Bartlesville, OK Judy Bouchard, Banking Coordinator, Cash Management & Banking Treasury, ConocoPhillips, Houston, TX

5:00pm More effective hedging and risk management If you are an international company, chances are you source, build, sell or bill in a number of currencies. In

the past, companies in LatAm often overlooked exposure management practices particularly if the market was difficult or not significant to the bottom line. Small exposures were often left to market vagaries, natural hedging was a key tool. Larger exposures were, where possible, protected but at considerable cost; other exposures simply couldn’t be hedged. But with growing investment in LatAm and increasing currency volatility, companies have realized the impact that unplanned losses can have. Each market presents particular complexities and this panel will look at how to identify, monitor, control and mitigate exposures across the region. The panel will look at the administrative burdens, the limited product suite available and how that can guide hedging decisions. Chaired by an expert currency strategist, this corporate panel will look at challenges and opportunities in currency hedging and help you understand how movement/gain/loss can impact the business value and how strategic currency plans can drive the company forward. Clifford Bennett, Chief Economist, Herston Economics, Australia

Carlos Miquilarena, Treasury Director, DHL Rodolfo Nunes Luterman, FX Manager-LATAM, Arher Daniels Midland (ADM)


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Case study

Panel

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Dirigido por Patrick Peters Bühler, EuroFinance Tutor, Mexico City, Mexico

Chaired by Patrick Peters Bühler, EuroFinance Tutor, Mexico City, Mexico

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8:00am REfRIgERIOS y ApERTURA dE LA ExpOSICIóN

8:50am Bienvenida del presidente al Día 2 Andrew Sawers, Editorial Director, EuroFinance

9:00am Cómo volverse competitivo en un mundo nuevo Pregúntele a cualquier tesorero sobre su mundo y casi todos responderán: es volátil, y la volatilidad presenta

oscilaciones más erráticas que nunca. Bienvenido a este nuevo mundo. ¿Cómo pueden las empresas continuar siendo competitivas en este contexto? ¿Cuáles son las normas que deben considerar, los mercados en los que deberían concentrarse y las habilidades que necesitan para desarrollarse a fin de ser uno de los casos de éxito del mañana? ¿Pueden las compañías prepararse para aprovechar de potenciales oportunidades? Este panel sobre competitividad corporativa nos brindará una perspectiva única sobre el actual escenario competitivo a nivel mundial y cómo usted puede beneficiarse de este mundo que ha cambiado.

Dr. Savvas Savouri, Partner, Chief Investment Officer, Toscafund, UK Clifford Bennett, Chief Economist, Herston Economics, Australia

9:40am Evolución de la tesorería: ¿Construir para el cambio? ¿Hasta qué punto tiene su tesorería visión de futuro? ¿Apoya de manera adecuada el modelo de negocio

subyacente y la estrategia corporativa? ¿Ha analizado sus mercados de crecimiento y ha implementado estructuras y procesos correctos para entrar y salir con facilidad de los mercados en el momento oportuno? ¿Ha reestructurado recientemente áreas clave dentro de la tesorería para lidiar con un mundo cambiante? ¿Está usted al día y preparado para las nuevas normas y regulaciones? ¿En qué parte de la curva de las mejores prácticas se encuentra su tesorería? Este estudio de caso le presentará al ganador del premio anual a la excelencia en tesorería de EuroFinance.

Johan van der Westhuizen, Director Control Treasury, AkzoNobel, The Netherlands José Eduardo Boé, LatAm Regional Treasurer, AkzoNobel, Brazil


11:10am Un nuevo enfoque de tesorería Cómo estructurar la tesorería ha sido siempre un tema de gran interés. Ha habido diferentes escuelas de

pensamiento según el modelo de negocio de cada compañía. Alcanzar cierto nivel de centralización ha sido siempre el objetivo y la automatización, otro Tradicionalmente, la centralización consistía en trasladar tanto como fuera posible de la función de tesorería de modo tal que funcionara en un solo lugar, o en el empleo de un enfoque de regionalización. La regionalización, de cara al riesgo de contraparte en los últimos dos años, se ha vuelto el modelo predominante, en particular respecto a cómo las compañías manejan sus estructuras bancarias. Pero ahora que la crisis se ha apaciguado, ¿podría ser el momento para reflexionar sobre qué funciona mejor con vistas al futuro?. Algunas empresas líderes, impulsadas por la automatización, están experimentando con nuevos modos de estructurar la tesorería, desde aplicaciones remotas y móviles hasta mudar la tesorería corporativa central a lugares más cerca de los mercados donde está creciendo el negocio. Algunas están estableciendo centros de excelencia con componentes de tesorería fácilmente trasladables y escalables que pueden seguir el talento de su gente. Esta sesión presenta nuevos enfoques de tesorería.

John Gleason, VP Treasury, HP, Houston, TX Maureen Elworthy, Director Treasury, Royal Ahold, Quincy, MA

12:30pm ALmUERzO

2:00pm La conferencia se divide en secciones después del almuerzo

5:40pm Receso de la conferencia hasta el Día 3

Panel corporativo

Orador invitado

Caso práctico


8:50am Chair’s welcome to Day 2 Andrew Sawers, Editorial Director, EuroFinance

9:00am Becoming competitive in a new world Ask any treasurer about their world and almost all will answer: it’s volatile – and that volatility has ever more

erratic swings. Welcome to this new world. How can companies remain competitive in such an environment? What are the rules they must consider, the markets where they should focus and the skill sets they need to develop to be one of tomorrow’s successes? Can companies step up to the potential opportunities? This panel on corporate competitiveness will give a unique perspective on today’s competitive global landscape and how you can benefit from a changed world.

Dr. Savvas Savouri, Partner, Chief Investment Officer, Toscafund, UK Clifford Bennett, Chief Economist, Herston Economics, Australia

9:40am Treasury evolution: Building for change? How forward-thinking is your treasury? Does it adequately support the underlying business model and

corporate strategy? Do you have your growth markets mapped out and the correct structures and processes in place to easily move in and out of markets at opportune times? Have you recently restructured key areas within treasury to cope with a changing world? Are you up to speed and prepared for new rules and regulations? How far along on the best practice curve is your treasury? This case study will feature the winner of EuroFinance’s annual treasury excellence award.

Johan van der Westhuizen, Director Control Treasury, AkzoNobel, The Netherlands José Eduardo Boé, LatAm Regional Treasurer, AkzoNobel, Brazil


11:10am A new approach to treasury How to structure treasury has always been a topic of great interest. There have been various schools of

thought depending on a company’s business model. Some degree of centralization has always been the goal; automation another. Traditionally, centralization consisted of moving as much of the treasury function as possible so it operates from one location, or employing a regionalization approach. Regionalization, in the face of counterparty risk in the past two years, has become a more dominant model particularly as to how companies run their bank structures. But now that the crisis dust has settled, could it be time for reflection on what works best, going forward? Some leading companies, driven by automation, are experimenting with new ways to structure the treasury – from remote and mobile applications through to moving the treasury HQ closer to the markets where its business is growing. Some are establishing centers of excellence with easily moveable and scalable treasury components that can follow the talent of their people. This session will look at new approaches to treasury.

John Gleason, VP Treasury, HP, Houston, TX Maureen Elworthy, Director Treasury, Royal Ahold, Quincy, MA

12:30pm LUNCH


5:40pm Conference adjourns to Day 3

Corporate panel

Guest speaker

Day 2 Main conference sessions Día 2 Sesiones plenarias

Case study

Are you a corporate treasurer with an interesting story to share? Then we would like to hear from you. Join our elite group of Eurofinance speakers and raise your profile within the treasury profession. Contact georgina Wellman on +44 (0)20 7576 8529 or email [email protected].

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Myth versus practice: Treasury realitiesMany a project was shelved or ignored because it was considered not critical when the financial crisis took precedence and changed companies’ priorities. As we start to return to “business as usual”, some of these areas are being looked at again, their popularity stemming from whether or not they can be important solutions to help you manage any future financial crisis. These solutions pledge to be a lot of things to a lot of very different companies. But can they live up to their promise? Some may simply not deliver enough without an excessively high level of investment. Others fail to fit comfortably within existing corporate structures. This stream will look at some of the headline treasury developments and the reality of what they can deliver.

2:00pm Global cash pools: Real or imaginary? Notional pooling can still be a difficult concept for many companies to grasp particularly if they are used to

concentration and zero-balance account structures. US rules do not allow US registered entities to participate in a notional pool. However, it can be done, it is being done and it is bringing a number of benefits to users. But what about the promise of multi-currency? How easy is that to achieve and how pragmatic a mix can a company employ to get real global geographic coverage? The yield on pooled balances may not be a current driver for such structures, but there are efficiency gains. Moreover, as the yield picture changes, having a structure already in place may make more sense than waiting till your back is up against the wall. Can you justify the business case without the yield factor?

Amy Goldstein, Head of Network Advisory, Royal Bank of Scotland, Chicago, IL David Beamer, Assistant Treasurer, Jabil Circuit Inc, St Petersburg, FL

2:40pm EBAM: Empty promise or holy grail? If you have multiple active bank accounts or even hundreds and thousands as some companies do, you have

probably been keeping an eye on eBam and its promises of managing and maintaining those accounts with a completely automated tool. So far companies have not been impressed, primarily because many banks are not ready themselves for the process and it really remains a nascent solution. This case study will look at an early adopter, how far down the road they have been able to get and what obstacles remain for this tool to succeed and perhaps the potential further down the line to extend the concept out to other areas like supply chain to streamline workflow and eliminate manual processes.

Joan Verleih, Senior Advisor, Cash Management and Banking, Enbridge Inc., Canada Tom Durkin, Senior Vice President, eCommerce Product, Bank of America Merrill Lynch, Chicago, IL


4:00pm Consistent global bank delivery: What’s standing in the way? Because the crisis put paid to the “one global bank” model for most companies, EuroFinance research shows

that the number one frustration American corporates feel about their banks is lack of standardization. Companies that are having to use a different bank in different regions are tired of having to map their bank reporting from region to region. Why aren’t banks addressing this major complaint? With XML evolving, ISO 20022 is supposed to help banks and companies to exchange common data. But companies are complaining that banks are in some ways trying to customize this data. There are all sorts of issues at play that are outside the control of the banks – from the Fed program to modify FedWire to lack of coordination with Swift and ISO20022 and the FX components on ACH. What are your banks doing to drive this agenda? Will the banks get it together and address corporate concerns?

Fiona J. Deroo, Sales Executive, International Subsidiary Banking – Americas, Bank of America Merrill Lynch, Chicago, IL

Eric Bauer, Senior Global Channels Advisor, Royal Bank of Scotland, Chicago, IL

5:00pm SEPA: Toil and too much trouble for your European operations? SEPA is supposed to make cross-border payments as easy and inexpensive as domestic payments in Europe.

It’s an opportunity to automate payments, consolidate accounts and increase efficiencies in the payment process. But not a lot of companies are finding it all that promising, plagued by delays and lack of clarity around end dates. Well, now that the European Commission is getting serious about imposing deadlines for switching over to SEPA – it’s time to dust off the game plan and see what can be done with a bit of an overhaul. To date, companies have been put off the idea of launching the required reengineering process, but there is a business case for it; there are immediate benefits and soon you will have no choice.

Eva Mareckova, Treasury Manager, Pall International Sàrl, Switzerland Franck Lebled, Development Director, Parfip Lease Group, France Maria Papadopoulos, Director, International Cash Management, BNP Paribas, New York, NY


Stream A

Case study

Case study

Panel session

Case study

Rewriting the treasury rulebook Treasury processes and policies have been around a long time, so changing these practices can be slow work (even though the financial crisis certainly had many treasurers fine-tuning operations, pronto). Major undertakings and restructurings often had to give way to tactical but less strategic head count reductions and streamlining of operations. Now might be the time to reassess vital areas within treasury and rethink things in an entirely different light in order to be ready to seize opportunities when growth gets going. Just because a particular structure has been used for ages, it doesn’t mean it has to look the same way going forward. Similarly with particular markets in which you operate: be ready to take those opportunities!

2:00pm A new look at working capital capability Like any other forward-thinking company, working capital has become a primary focus for HP and its

treasury organization and it is looking at every possible area for improvement. From establishing a working capital council to setting up financing programs and managing payment terms, HP is optimizing its working capital to support growth for the company. This session will share some of the lessons learned, benefits and experiences from the past year.

John Gleason, Assistant Treasurer and VP, Hewlett Packard, Houston, TX

2:40pm Funding considerations in the future A lot of high yield debt issued before the crisis will mature in 2012. Although corporate funding conditions

have improved dramatically in the US (although not necessarily for lesser-rated credits or smaller companies) most treasurers of big groups are quite sanguine about capital market access and bank lines at the moment. Better-rated deals have been oversubscribed and some companies inundated with offers from banks eager to pick up peripheral fee-based business from these brand-name companies. So, if you have debt maturing in this timeframe, shouldn’t you be looking carefully at your cash and funding program? Should you be acting now? “Share of wallet” criteria will continue to drive relationships so have you looked again at your strategy recently?

Moderated by Andrew Sawers, Editorial Director, EuroFinance John Engeman, VP & Assistant Treasurer, Liz Claiborne, New York, NY Ferdinand Jahnel, Vice President, Treasurer, Henry Schein Inc., Melville, NY


4:00pm Tax update: managing overseas liquidity By the clever and legal use of structures, companies can significantly reduce overseas tax rates. But with

a repatriation tax of 35%, who wants to bring profits home? Loans to the U.S. parent are also taxable as a deemed dividend (Sec. 956), but creative financings equivalent in result are possible. This same rule was also commonly used to intentionally trigger a high rate foreign tax credit using loans, when dividends, sometimes through tiers of holding structures, were not feasible or would result in much lower rated FTCs. But recent tax legislation has ended that ability. Or has it? This session will look at how to avoid taxable loans to US parents, as well as how the prior affirmative use of such loans can be accomplished in other ways when that is the desired outcome. The session will also explore what all this now means for where to keep the liquidity within complex overseas structures, and finally, the session will look at coming tax law changes.

Steve Hoffman, Consultant, Former VP Tax Gillette, Stamford, CT

5:00pm Seeking new funding challenges Export Credit Agencies (ECAs) have been around for a long time, but they are not as well used by the

treasury community as they could be. Why? Usually, it’s simply a lack of familiarity. ECA-backed deals can help companies with their financing challenges, can fund expansion projects and can assist if companies are unrated or lesser-rated. They can also be incredibly price-effective. There is ECA money around, internationally, looking for deals. They are a good source of long-term funding and, if cleverly structured, can be used as part of an effective working capital program.


Stream B

Expert speaker

Corporate panel

Case study

Case study

Chaired by Robert J. Novaria, Consultant and Former Global Treasury Services Director, BP, Warrenville, IL

Chaired by Andrew Sawers, Editorial Director, EuroFinance

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América Latina: sorteandos obstáculos y barreras Nos gustaría tomar una varita mágica y decir “todo es mucho más fácil en América Latina”, pero la realidad es que el contexto aún es complejo. A pesar de que numerosos países han revisado sus regulaciones, la mayor parte tiene que ver con alentar la inversión en sus economías, más que ayudar a las operaciones de tesorería a facilitar el movimiento de capitales y modificar las estructuras impositivas (pese a que existen algunos interesantes cambios impositivos dentro de los 20 países). Pero los modelos bancarios han cambiado considerablemente; el contexto político se ha modificado en algunos países; y las economías se enfrentan a distintos niveles de crecimiento bajo distintas presiones. El panorama es mixto. Esta sección analizará más detenidamente soluciones bien pensadas que las empresas están utilizando a la vez que abordan los impedimentos y las barreras que obstaculizan su búsqueda de crecimiento en esta región.

2:00pm RFP (solicitudes de propuestas) en un contexto de cambios en el ámbito bancario

Debido a que los niveles de servicio y cobertura geográfica de los bancos han cambiado, ¿debe usted repensar sus RFP para servicios de cash Management en la región? Esta compañía dio el valiente y costoso paso de reformular su proceso completo de RFP y de revisar extensamente el nuevo contexto bancario para asegurarse de contar con la mejor solución posible ofrecida para América Latina. Este caso de estudio le hará recorrer el proceso y las preguntas que realmente necesita formular para evaluar a sus socios de tesorería.

Jaime Uribe, Director Treasury, Latin America, Deutsche Post - DHL, Miami, FL

2:40pm Las mejores prácticas sin fronteras para pagos y cobros en la región Andina Lograr que los pagos y los cobros funcionen en la Región Andina se está volviendo más interesante para

los tesoreros que buscan capitalizar el crecimiento en la región. Esta sesión ofrecerá algunas de las mejores prácticas, así como también analizará los desafíos para gestionar la liquidez, los pagos y los cobros con efectividad en Colombia, Perú y Venezuela. Hugo Prada, Gerente de Recursos Financieros para Latinoamérica, Terpel, Colombia Adriana Montaña, Director, BBVA Andean Region, Colombia

3:20pm RECESO pARA REfRIgERIO

4:00pm ¿Algún banco puede ofrecer una solución panlatinoamericana? En los últimos años, los bancos no han invertido demasiado en la región de América Latina, a pesar de que

algunos están incursionando ahora en ciertos países de forma intensa. Algunas instituciones se han retirado mientras que los bancos locales han ganado solidez. Pero, ¿alguno cuenta con la presencia suficiente para ofrecer la solución integral que desearían las empresas? ¿Sus alianzas pueden brindar cobertura suficiente? ¿Qué tienen previsto hacer los bancos? ¿Cuál es su estrategia y líneas de productos para esta región? A medida que las nuevas exigencias de capital comienzan a hacerse sentir, los bancos ¿tendrán interés en continuar desarrollando esta región para sus clientes?

Juan Pablo Cuevas: Managing Director, Latin America Head, Global Treasury Trade & Liquidity Sales, Bank of America Merrill Lynch, Miami, FL

Ignacio Escudero, Head of Global Sales – International Transaction Services, BBVA, Spain Antoine Arts, Managing Director Global Cash Management Sales, Santander, Spain

5:00pm Manteniendo la cadena de suministro de América Latina en movimiento En el cauteloso contexto actual de liquidez, la cadena de suministro se ha vuelto un punto de interés

fundamental para la tesorería corporativa. Los problemas varían desde cómo evaluar el riesgo de los principales proveedores hasta cómo prestarles apoyo posteriormente para mantener la fluidez del propio negocio. Cada vez más las compañías de la región esperan apoyar su gestión de capital circulante con soluciones de cadena de suministro como por ejemplo el financiamiento con facturas, financiamiento a proveedores y programas con tarjetas.

5:40pm Receso de la conferencia hasta el Día 3

Caso práctico

Panel bancario

Caso práctico

Caso práctico

Latin America: Tackling obstacles and barriers We’d like to wave a magic wand and say things are much easier in Latin America but the reality is things are still difficult. Although a number of countries have made reforms to business rules, much of this has been about encouraging investment in their economies, rather than helping treasury operations via easing capital movement and changing tax structures (although there are some interesting tax changes within the 20 countries). But banking footprints have changed considerably; the political landscape has altered in some countries and the economies are facing varied levels of growth with different stresses. It’s a mixed picture. This stream will look more closely at the well-thought out solutions companies are employing while tackling the obstacles and barriers that hinder their quest for growth in this region.

2:00pm RFPs in an environment of bank change Because service levels and bank footprints have changed, do you need to rethink your RFPs for cash

management services in the region? This company took the brave and expensive step of redoing its entire RFP process and reviewing extensively the new bank environment to ensure they had the best possible solution on offer for LatAm. This case study will take you through the process and the questions you to need to really be asking to evaluate your treasury partners.

Jaime Uribe, Director Treasury, Latin America, Deutsche Post - DHL, Miami, FL

2:40pm Borderless best practice on payments and collections in the Andean region Making payments and collections work in the Andean region is becoming more interesting for treasurers who are

looking to capitalize on growth in the region. This session will provide some best practices as well as discuss the challenges in managing liquidity, payments and collections effectively in Colombia, Peru and Venezuela.

Hugo Prada, Gerente de Recursos Financieros para Latinoamérica, Terpel, Colombia Adriana Montaña, Director, BBVA Andean Region, Colombia


4:00pm Can any banks offer a pan-LatAm solution? In past years, banks have not invested heavily in the LatAm region, although some are now stepping into

certain countries in a major way. Some institutions have pulled out while local banks have been gaining strength. But does anyone have enough of a footprint to offer a completely holistic solution that companies would like? Can their partnerships offer enough coverage? What are the banks planning on doing? What is their strategy and product pipeline for this region? As new capital requirements begin to bite will banks have the appetite to further develop this region for their clients?

Juan Pablo Cuevas: Managing Director, Latin America Head, Global Treasury Trade & Liquidity Sales, Bank of America Merrill Lynch, Miami, FL

Ignacio Escudero, Head of Global Sales – International Transaction Services, BBVA, Spain Antoine Arts, Managing Director Global Cash Management Sales, Santander, Spain

5:00pm Keeping the LatAm supply chain moving In today’s cautious liquidity environment the supply chain has become a focal point of interest for corporate

treasury. The problems range from how to assess the risk of key suppliers, to how to support them to keep your own business fluid. Now, more and more companies in the region are looking to support their working capital management with supply chain solutions such as receivables financing, supplier finance and card programs.


Stream C

Case study

Banking panel

Case study

Case study

Sección C (Día 2)

We are delighted to announce that Médecins Sans Frontières (MSF) is EuroFinance’s preferred charity.

MSF provides medical assistance to populations in distress, victims of natural or man-made disasters and victims of armed conflict. MSF relies on donations from the public for two key reasons: to ensure the freedom to provide humanitarian assistance whenever and wherever it is needed, and to remain independent from political, religious and economic interests. www.uk.msf.org

If you wish to make a donation, please go to www.justgiving.com/eurofinanceAre you a corporate treasurer with an interesting story to share? Then we would like to hear from you. Join our elite group of Eurofinance speakers and raise your profile within the treasury profession. Contact georgina Wellman on +44 (0)20 7576 8529 or email [email protected].

Dirigido por Patrick Peters Bühler, EuroFinance Tutor, Mexico City, Mexico

Chaired by Patrick Peters Bühler, EuroFinance Tutor, Mexico City, Mexico

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9:00am Chair’s welcome to Day 3 Andrew Sawers, Editorial Director, EuroFinance

9:10am Lessons from the East The global financial crisis pushed a reluctant China onto the world stage. Many say this huge nation just wasn’t

ready for such a public outing as it had many more issues to resolve before it was ready to become a global star. James McGregor, author of One Billion Customers: Lessons from the Front Line of Doing Business in China, gives a compelling tale of China’s real strategies for its businesses and fast-moving corporations, telling you the things you need to know about China’s people, its government and the toolbox of policies that could potentially play havoc with American business interests.

James McGregor, Author: One Billion Customers: Lessons From the Front Lines of Doing Business in China, Senior Counselor APCO Worldwide

9:50am Curious about your new competitors? There is a new generation of international companies headquartered a long way from Europe or America’s

venerable multinationals. These companies thrive on new and emerging markets, have high growth expectations and believe that risk is an opportunity, not a threat. Do these companies with big global ambitions approach business strategy and finance differently? Unencumbered by legacy systems and risk-averse shareholders, what are their priorities? How well managed is their supply chain, working capital and cash? Do they use different metrics and strategies? How do their treasurers interact with the board and CFOs? Are there lessons to be learned by their operations in dynamic growth markets? These well-known international treasurers from newer markets will also share their experiences of embracing new and different business cultures.

David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland Jaideep Singh, Chief Treasury Officer, Fal Oil, Sharjah, UAE


11:00am Brazil in depth This intense workshop will give a thorough understanding of the economic outlook and political, financial and

operational risks in Brazil as well as an up to date tax and legal briefing including the latest on FX and money movement regulations. The banking climate will be reviewed and several corporates will also share their experiences of managing cash and liquidity in the country.

Luis Afosonso Lima, Chief Economist, Telefonica, Brazil Gilson De Oliveira Carvalho, Ceo, Fiat Finanças, Brazil

12:20pm LUNCH


Day 3 Main conference sessions

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Corporate panel

Workshop

Guest speaker

FREE DOWNLOAD!Treasury Perspectives, the annual publication from EuroFinance, is now available for you to download.

60 pages packed with insights on treasury strategy, funding, risk, cash management, regulation, connectivity and global trends.

Download your copy today at www.treasuryperspectives.com

2010–2011

CASH MANAGEMENT The new cash fluidity

CONNECTIVITY Tentacles of connectivity

FUNDING Too much of a good thing

GLOBAL VIEW Meet the multi-dynationals

REGULATION Feel the weight

RISK MANAGEMENT Long-tailed exotics

Staying in the spotlightStaying in the spotlight

08:30am REfRIgERIOS y ApERTURA dE LA ExpOSICIóN

9:00am Bienvenida del presidente al Día 3 Andrew Sawers, Editorial Director, EuroFinance

9:10am Lecciones sobre el Oriente La crisis financiera global ha empujado a una China reticente al centro del escenario mundial. Muchos dicen

que esta enorme nación simplemente no estaba lista para semejante salida pública, dado que tenía muchos problemas por resolver antes de estar lista para convertirse en una estrella mundial. James McGregor, autor de One Billion Customers: Lessons from the Front Line of Doing Business in China, presenta un relato convincente sobre las estrategias reales de China para sus negocios y corporaciones de rápido movimiento, y cuenta lo que necesitamos saber sobre el pueblo chino, su gobierno y la batería de políticas que podrían potencialmente causar estragos a los intereses comerciales estadounidenses.


9:50am ¿Siente curiosidad sobre sus nuevos competidores? Existe una nueva generación de compañías internacionales con sedes bien lejos de las venerables

multinacionales de Europa o los Estados Unidos. Estas compañías prosperan en los mercados nuevos y emergentes, tienen expectativas de alto crecimiento y consideran que el riesgo es una oportunidad, no una amenaza. Estas compañías con grandes ambiciones globales, ¿tienen un enfoque distinto respecto de la estrategia de negocios y finanzas? Libres de sistemas heredados y accionistas renuentes al riesgo, ¿cuáles son sus prioridades? ¿Qué tan bien manejada está su cadena de suministro, su capital circulante y su caja? ¿Utilizan mediciones y estrategias distintas? ¿Cómo interactúan sus tesoreros con el directorio y los directores de finanzas? ¿Hay lecciones que aprender de sus operaciones en mercados de crecimiento dinámico? Estos reconocidos tesoreros internacionales de los mercados más nuevos también compartirán su experiencia en relacionarse con culturas empresariales nuevas y diferentes.

David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland Jaideep Singh, Chief Treasury Officer, Fal Oil, Sharjah, UAE


11:00am Brasil en profundidad Este intenso workshop le dará una comprensión cabal de las perspectivas económicas y políticas, riesgos

financieros y operacionales en Brasil así como una actualización impositiva y legal, incluyendo las últimas regulaciones cambiarias y relativas al movimiento de fondos. Se analizará el entorno bancario y varias empresas compartirán sus experiencias en la gestión de cash y liquidez en el país.

Luis Afosonso Lima, Chief Economist, Telefonica, Brazil Gilson De Oliveira Carvalho, Ceo, Fiat Finanças, Brazil

12:20pm ALmUERzO

2:00pm Fin de la conferencia

Panel corporativo

Taller

Orador invitado

Día 3 Sesiones plenarias

8:30am REgISTRATION ANd REfRESHmENTS

9:00am Objectives and uses of cash flow forecasts• Liquiditymanagement• Establishingcashmanagementpolicies• Identifyingandavoidingcashshortages• Determiningfundingrequirements• Calculatingpotentialdividends• Planningcapitalinvestmentprograms• Bankingrelationshipsandloancovenants

9:30am Accurate data collection• Capturingaccurateinternaldepartmentaldata• Capturingaccurateandtimelybankdata• Establishingandenforcingdisciplinedreporting• Linkwithbudgetingandaccountingsystems• Differentiatingcashandaccountingitemsandmeasures• Interpretingandadaptinginputdata;highlightingcertaindatavs.estimateddata• Separatingmetricsyoucancontrolandvaryfromthosethatarefixedbyothers


11:00am Constructing an effective forecast model• Receiptsanddisbursementmethod• Ownmodelvs.boughtsoftware• Timehorizons• Allowingforrealtimeadjustmentforactualoutcomes• Mechanismsforidentifyingvarianceandestablishingreportingtriggers• Varyingthebreadthanddepthofinformationanddegreeofaccuracy

12:00pm Alternative techniques• Judgmental• Exponentialsmoothing• Extrapolative• Regressionanalysis• Causal• Distribution/scheduling

1:00pm LUNCH

2:00pm Analysing the forecast• Istheforecastrealistic?Conductingarealitycheck• Understandingandconductingsensitivitytests• Scenarioanalysisandstresstesting• Modellinguncertaintyandrisk• Whathedgesareinplace,whatadditionalprotectionisneeded?• Adaptingtochangingtrendsandbusinesscircumstances

3:00pm Linking cash flow forecasting to working capital management• Thecashconversioncycle• Informationflows• Linkingsystems• Benchmarksandalerttriggers• Measuresofworkingcapitalperformance


4:20pm The end game: increasing shareholder value via cash flow management• Definingshareholdervalue;measuringshareholdervalue• Loweringthecostofcapital• Discountingcashflows• Makingcashcount–practicalandpresentationaloutcomes

5:30pm ENd Of COURSE ANd pRESENTATION Of CERTIfICATES

Advanced Cash Flow Thursday 26 May 2011Our research regularly shows that the majority of companies that use cash flow forecasting are dissatisfied with their systems and results. This course will examine the variety of approaches that can be taken depending on purpose and profile of company. The relationship between forecasting, liquidity and working capital is examined in detail so that forecasting is not considered in isolation, but at the center of the drive to maximize shareholder value. The learning objective is for you to be confident in optimizing the accuracy of your forecasts, maintaining their usefulness under differing scenarios of change and pressures, and to maximize the benefits seen from improved cash generation.

Earn up to 7 CPE credits per course Delivery method: group-live Program level: intermediate No prerequisites or advanced preparation required

Eurofinance is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CpE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CpE credit.Complaints regarding registered sponsors may be addressed to the National Registry of CpE Sponsors, 150 fourth Avenue North, Suite 700, Nashville, TN, 37219-2417; Website: http://www.nasba.orgfor more information regarding refund, complaint and cancellation policies, contact Eurofinance on +44 (0)20 7576 8555. 11

Corporate Risk Management Sunday 22 May 2011This course will examine the concepts of risk management and how they should be applied across organizations in principle. On a practical level the common risk management responsibilities of the treasury function (financial risk) will be explored in detail. Participants will then be equipped to design and implement a risk management program and understand how to put effective risk mitigation strategies into operation.

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8:30Am REgISTRATION ANd REfRESHmENTS

9:00am Welcome and introduction9:10am The foreign exchange market

• Spotexchangerates,reciprocalratesandcrossrates• Forwardoutrightsandswapsandtheiruses:therelationshipwiththemoneymarkets• Coveredinterestarbitrage• Shortdates• Timeoptions• Forward/forwardrates• Non-deliverableforwards

10:00am Management of short-term interest rate risk• Forward/forwardinterestrates• Theyieldcurve• Forwardrateagreements(FRAs)–themechanics;usesbyborrowersanddepositors• Interestratefutures–pricing;themechanicsoftrading;futurescomparedtoFRAs

10:30Am REfRESHmENT BREAK

11:00am Interest rate swaps• Conceptsandmechanicsofswaps• Swappricing–long-termswapsandcreditarbitrage;short-termswapsandFRAs/futures• Applications–assetandliabilityswaps• Calculatingtheall-incostofborrowing• Calculatingtheall-inreturnonaninvestment

12:00pm Currency swaps• Currencyswappricing• Applications–hedgingcommercialflows;assetandliabilityswaps• Comparisonwithforeignexchangeforwards

1:00pm LUNCH

2:00pm Currency and interest rate options• Optionterminologyandmarkets• Pricing–underlyingconcepts;EuropeanandAmericanoptions• Choosingbetweenoptionsandforwards• Hybrid/syntheticinstruments–rangeforwards,participationforwards,breakforwards;caps,floors,collarsandzero-coststructures• Surveyofexoticoptions–barrieroptions;averageoptions


4:00pm Exposure management• Definitionandanalysisofdifferenttypesofexposure–transaction;translation;economic/competitive• CorporateattitudesandwritingacompanyFXpolicy• Structureofresponsibilityandproceduresformakingdecisions• Reportingandperformanceevaluation• Hedgingtechniquesandstrategy• Currencydebtmanagement

5:00pm ENd Of COURSE ANd pRESENTATION Of CERTIfICATES

Course tutor: Patrick Peters Bühler, EuroFinance Tutor, Mexico City, MexicoPatrick is a Certified Cash Manager (CCM) by AFP. He has been CFO and Treasurer for different multinational companies in Latin America, Mexico and the US. He is currently Executive Director of Tesoreria Sudamericana in Uruguay, a Treasury Consultancy, and President of FinanceCouncil.org. He is tutor of Eurofinance and teaches classes of Finance and Treasury in Universities in Latin America.

Course tutor: Robert J. Novaria, Consultant, Former Global Treasury Services Director, BP, Warrenville, ILAs a treasurer, controller and global financial leader at BP and Amoco Corporation, Mr. Novaria delivered award-winning operational and project-based results by building teams and relationships, solving complex problems and facilitating transitions. He led organizations through crises, post-acquisition integrations, technology upgrades, restructurings and relocations, while consistently meeting unrelenting cost challenges.

Official lead sponsor

RBS is one of the world’s foremost financial services companies, with an extensive global network serving more than 40 million customers. As a top 5 global payments provider, our Global Transaction Services business offers expertise in international cash and liquidity management, trade finance, merchant acquiring and commercial card products and services.

Contact:Amy Goldstein, Network Advisory Sales Manager, Global Transaction Services, International Cash Management [email protected]

Julian Oldale, Regional Sales Manager, Global Transaction Services, International Cash Management [email protected]

Susie Shipley, Regional Head of Global Trade Finance, Global Transaction Services [email protected]

www.rbs.com

Is your bank or supplier exhibiting? Contact your relationship manager for significant discounts on the registration fee. 12

Sponsors, exhibitors and media partners

Global sponsor Treasury networking reception sponsor Official PR agency

Media partners

Global sponsor

Bank of America Merrill Lynch is one of the world’s largest financial institutions, providing a full range of banking, investing, asset management and other financial products and services. It is a leading global bank and wealth management franchise and a premier corporate and investment banking and capital market business, providing innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Clients and customers can expect access to a comprehensive suite of world class products, services, and expertise from an organization that serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 1,000 companies and 85 percent of the Fortune Global 500.

For additional information regarding Bank of America Merrill Lynch, please visit www.baml.com.

Contact:Juan Pablo Cuevas, DirectorLatin America Regional Treasury Sales [email protected]

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Endorsed by

Official publication

Official sponsors

Global Transaction Banking within Deutsche Bank comprises commercial banking products and services for corporations and financial institutions. Business units include Cash Management, Trade Finance, Trust & Securities Services, offering domestic and cross-border payments, risk mitigation for international trade, and the provision of trust, agency, depositary and custody services.

DB Advisors offers a broad range of investment strategies to institutional clients worldwide and specialize in fixed income and liquidity management. DB Advisors has an established global presence, with 223 investment professionals in eight countries and assets under management of $231 billion (€169 billion) as of September 30, 2010. DB Advisors is the brand name for the institutional asset management division of Deutsche Asset Management, the asset management arm of Deutsche Bank AG.

If you are interested in any of our services, please contact:

Kevin Bannerton Managing Director, Head of Americas Institutional Liquidity Management DB Advisors, 345 Park Avenue, Floor 25, New York, NY, USA Tel: +1(212)454-0454 E-mail: [email protected]

Megan Kate McNiff Marketing Manager, Global Transaction Banking Deutsche Bank, 60 Wall Street, New York, NY 10005 Tel: +1(212)250-1631 E-mail: [email protected]

BNP Paribas is a leader in global banking and financial services and one of the six strongest banks in the world (Rated AA by Standard & Poor’s). The group is present in 84 countries, with 202,500 employees, including 15,000 in North America.

BNP Paribas is one of the top Cash Management providers in Europe and enjoys a significant and growing presence in Middle East/Africa, Asia and North America. With the acquisition of Fortis Bank, BNP Paribas has further strengthened its footprint in its Cash Management offering and now has seven domestic markets in Europe: France, Belgium, Luxembourg, Italy, Ukraine, Poland and Turkey.

Cash Management is a key strategic business for the Bank. Our extensive network, strong capabilities and local expertise provide our clients with innovative solutions to optimize efficiencies and manage their cash flows wherever they operate worldwide.

Contact: Walid Shuman, Managing Director, Head of Cash Management Americas [email protected] 13

Banco Santander is a retail and commercial bank with presence in 10 main markets. At the end of June 2010, Santander was the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1,365 billion in managed funds. Santander has 92 million customers, 13,671 branches – more than any other international bank – and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the UK and Portugal.

Santander provides a unique combination of local and global cash management capabilities, becoming the provider of choice for Corporates in Latin America. Santander’s leading commercial franchise allows us to provide the widest product range locally in each country in the region besides Santander’s regional capabilities help its corporate clients with flexible connectivity platforms and service solutions to handle their cash management business with whatever degree of treasury and operational centralization they wish.

BBVA has solid fundamentals and a strong capital base and skilful risk management. The high priority the bank gives to the building of long-term relationships has made BBVA Group win the trust of 48 million customers and nearly 1 million shareholders in 33 countries. The Group has a major presence in Europe, Latin America (1st bank in Mexico), the United States (1st regional bank in the sunbelt) and Asia-Pacific (with presence in the main financial centres: Hong Kong, Singapore, Tokyo, Sydney, Mumbai and Shanghai).

BBVA’s suite of Cash Management services offers a broad range of reliable world-class solutions in America. Our extensive branch network covering 12 countries enables us to offer not only the sum of the best local services and market knowledge, but the construction of integrated solutions for our clients making BBVA the best partner for cash management in Latam.

Committing our expertise to power your ambition

Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank’s growth in recent years.

With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank’s heritage and values are expressed in its brand promise, ‘Here for good’.

For more information on Standard Chartered, please visit www.standardchartered.com

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Would you like to sponsor or exhibit at this event?There are a limited number of sponsorship and exhibition opportunities available. If you have products to offer corporate treasurers, finance directors and CFOs, then this is the ideal opportunity to demonstrate them.Please call Dale Coskery-McDonald, Head of Strategic Relationships on +44 (0)1372 841 947 / +44 (0)7788 582 352 or email [email protected] for more information.

MIAMI, USA 23–24 may 2011

doral golf Resort and Spa

Official sponsors

Inaugural two-day conference

Treasury and Risk Strategies for High-Growth MarketsManaging in China, India and other emerging economies


Program highlights Where to put your resources Unlocking trapped cash Successful supply chain solutions Anticipating risks outside the home markets The growth of shared services in China plus! Lessons from the East from James mcgregor,

author of One Billion Customers

With lower growth rates in their home markets, multinationals are increasingly looking to emerging market countries to bolster revenues and contribute to the bottom line. Typically, these high-growth markets, with complex regulations and currency restrictions, have presented the most difficulties in terms of treasury operations, as companies seek to unlock cash and working capital they have tied up there and invest it more efficiently.

This two-day event will look at operating more efficiently in these complex markets. From investment risk to trapped cash and improving information, we will use best practice case studies and expert speakers to cover all the essentials of doing business in complex markets – with a special focus on China.

Even if you have local people on the ground, you need to understand the bigger picture and the changing legislation and practices. We will show you how to get the best possible results in emerging markets.

Who should attend?If you want to derive more value from your existing operations in developing regions, especially China or India, or are considering launching businesses there and need to know the treasury, cash and risk issues involved – then this event is a must.

“You can’t afford to be underinvested, or to underestimate

or ignore the potential of these vast markets”

Register online at ww

w.eurofinance.com

/growth

Approved for up to 14 CTP/CCM recertification credits by the Association for Financial Professionals.14

2:00pm The RMB essential regulatory briefing The RMB essential regulatory briefing China has taken

numerous steps towards the RMB becoming an international currency in global trade, creating plenty of opportunities for multinationals operating there. The session will provide a briefing on China’s road to regulatory reform and its upcoming plans on capital markets, tax and internationalization of the RMB. Making RMB a more international currency is a hot topic, but what can we really expect? Here we explore the road ahead for China and deregulation and how companies can benefit.

Frank Hamer, Managing Director, GTS Country Head - China, The Royal Bank of Scotland

2:30pm The RMB update: Making sure you are taking advantage of new opportunities

This panel will look at the trade, investment and financing opportunities arising and present several case studies of how companies are using these changes to their advantage. Everyone from mid-size companies to top MNCs are looking at what’s on offer as China deregulates. Many companies are still digesting the new rules and this session will help clarify the opportunities. For many, the information available is confusing; there is still a general lack of understanding about just how powerful these changes can be for MNCs operating in China. The case studies will show how they have taken advantage of the government’s regulatory changes in this area.

Drew Bender, Manager of International Treasury, Leggett & Platt, Carthage, MO


4:20pm Understanding the banking environment in China and other growth markets

The financial crisis brought change to the banking sector across the world and therefore in turn, impacted some companies’ operations abroad. For others, it gave an opportunity to review bank relationships globally and perhaps change the mix in different regions or countries to lesson counterparty risks. In Asia, local banks gained market share from the cash management businesses of the big multinationals. In both China and India this has been driven by MNCs tapping into the commercial domestic market rather than just needing cross-border flows, and therefore requiring extensive branch capabilities. So how do you really build a bank solution that can overcome the diverse regulations but still remain centralized enough to give you cash visibility and fit into your global banking structure? This session will look at the banking environment in China and India and other growth markets. It will be followed by a discussion of how MNCs partner with both global and local banks to achieve the most efficient cash management solutions.

Kristjan Drake, Head of Corporate Treasury Sales – China & Taiwan, Bank of America Merrill Lynch

Linda McLaughlin-Moore, Head of International Cash Management, J.P. Morgan Treasury Services, New York, NY

Frank Hamer, Managing Director, GTS Country Head - China, The Royal Bank of Scotland

5:40pm Conference adjourns to the Treasury Networking Reception

11:20am Chair’s welcome to the conference David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland

11:25am Where to put your resources in the future Are emerging markets like China and India the growth engine

for the world economy for the future? Many economists believe that China will, within a few decades, become the world’s largest economy and the RMB will replace the dollar as the world’s reserve currency. What will that actually mean for world business? Should your company be looking to these markets now and for the future to drive corporate growth and profitability? What are the inherent risks? Some say China will run out of steam in 10 years with its aging population and one-child policy and that India will therefore become the more dynamic market. But what about the opportunities in LatAm and Africa? The future of the Middle East is very unclear at present. What is the real picture? All are very different markets and demand different strategies for multinationals operating there. Should one take precedence over the other in your international strategy? Whatever happens you can’t afford to underestimate or ignore the growing influence of these economies. Marcos Buscaglia, BofA Merrill Lynch Global Research

12:00pm Curious about your new competitors? The world’s new blue-chips

There is a new generation of international companies headquartered a long way from Europe or America’s venerable multinationals. These companies thrive on new and emerging markets, have high growth expectations and believe that risk is an opportunity, not a threat. Do these companies with big global ambitions approach business strategy and finance differently? Unhampered by legacy systems and risk-averse shareholders, what are their priorities? How well managed is their supply chain, working capital and cash? Do they use different metrics and strategies? How do their treasurers interact with the board and CFOs? Are there lessons to be learned by their operations in dynamic growth markets? These well-known international treasurers from newer markets will also share their experiences of embracing new and different business cultures.

David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland

Jaideep Singh, Chief Treasury Officer, Fal Oil, Sharjah, UAE

12:40pm LUNCH

Conference: Treasury and Risk Strategies for High-Growth Markets Monday 23 May 2011


9.00am Chair’s welcome to the conference Andrew Sawers, Editorial Director, EuroFinance

9.10am The world in 2011-2012: Will the corporate mood remain uncertain?

One thing is certain and that is the continued prevalence of uncertainty in the world. How long will this persist? Worries remain over European sovereign debt, anemic economic indicators in other economies and now troubles in the Middle East which could further derail a sustained recovery. Regulation is also taking its toll on positive sentiment with companies worried that US legislation and pending EU regulations will dampen growth. For the first time in EuroFinance’s 20-year history, economic and political woes are consistently topping the treasury agenda in our numerous research programs. In this session we ask several renowned economists to discuss the key developments in the global outlook for 2011-12. The panel will later be joined by treasury professionals to discuss business confidence amongst America’s corporate sector. Daniel Franklin, Business Affairs Editor, The Economist, UK

Stephen Boyle, Head of Group Economics, Royal Bank of Scotland, UK Clifford Bennett, Chief Economist, Empire Economics, Australia

10:00am The EuroFinance business confidence report Across the pond, your professional peers are rather more

depressed than you are, with companies expecting further bad news from banks, markets and sovereigns. European corporations are concerned with continuing difficult bank conditions and fears of no growth. Meanwhile, your peers in Asia, buoyed by higher-than-expected growth rates and a more laissez faire approach to regulation, are busily taking advantage of opportunities. It’s anyone’s guess about the Middle East. What do American companies have to say? Our business confidence survey will allow the Miami audience to air concerns and benchmark sentiment via electronic voting. Our economists and a panel of treasury professionals will be on hand to interpret the results and help you build a barometer of treasury concerns. Moderated by Andrew Sawers, Editorial Director, EuroFinance


Day 1

Benchmark voting

Keynote speaker

Keynote panel

Regulatory update

Corporate panel

Expert speaker and panel

Corporate panel

PLEASE NOTE:‘Treasury and Risk Strategies for High-Growth Markets’ delegates can also access Day 1 morning sessions of the International Cash and Treasury Management conference as outlined below.

How to registerSecure your place online at

www.eurofinance.com/growthor complete the registration form at the back of the main brochure 15

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11:10am Seizing deregulation opportunities: How to be at the forefront of change in China

The concept of self-correcting markets and total deregulation has always been approached cautiously by the Chinese government. It has managed its economy in its own way, on its own timescale and yet has produced astounding growth. Often criticised for slowness in opening its economy, it deregulates on its own terms. But you still need to stay abreast. How do you ensure your company can move swiftly as changes occur in order to gain advantages whether in currency, fundraising, investment or releasing working capital? We look at how major MNCs are managing operations in this complex country. What are the solutions on offer that can overcome the diverse regulations but still remain centralized enough to give you cash visibility and fit into your global banking structure? Treasurers continue to seek new and different products to get money out of the country, but are any on the horizon? More importantly, what can you do from the outset when setting up treasury structures in China that avoids the whole trapped cash issue? This panel will look at the challenges that are unique to China. For companies operating out of America, even if you have local people on the ground, this session will help you understand the market complexities and the many opportunities.

David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland

Sarah Burton, EVP & Global CFO, Fosbel Inc., Brook Park, OH Aris E. Rogers, CFO, America II Corp, St Petersburg, FL

12:30pm LUNCH

2:00pm Anticipating risks outside the home markets Building a comprehensive risk picture for a multinational

company is a complex challenge. Add to that the growing presence in far-flung markets of a whole new set of risk dynamics, and the task is Herculean. There are market risks beyond a company’s control; emerging markets in particular have risks above and beyond those encountered day-to-day at home. This session will look at risks unique to these markets and how companies are insuring, hedging or protecting against them.

Denis Tian, Assistant Treasurer, Hospira, Chicago, IL

EuroFinance Where the global treasury community meetsEuroFinance is the leading global provider of conferences, training and research on cash management, treasury and risk. Running more than 50 events worldwide every year, EuroFinance enables treasurers and CFOs to exchange innovative strategies, best practice and expert opinion.

Through its in-depth research with over 2,000 corporate treasurers every year, EuroFinance has a unique insight into the trends and developments in cash management and treasury, and an unrivalled global viewpoint. EuroFinance is an Economist Group business.

To see all of EuroFinance’s global events go to www.eurofinance.com.

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8:50am Chair’s welcome to day 2 David Blair, Independent Consultant, Former Group Treasurer

of Huawei in China and Nokia in Finland

9:00am Lessons from the East The global financial crisis pushed a reluctant China onto the

world stage. Many say the huge nation just wasn’t ready for such a public outing having many more issues to resolve before it was ready to become a global star. James McGregor, author of One Billion Customers: Lessons from the Front Line of Doing Business in China, discusses the current situation in China, its politics and the government’s tool box of policies that could potentially play havoc with American business interests.


9:40am Trapped cash: The power of unlocking it in complex markets

The financial crisis focused American companies on finding and unlocking pockets of cash worldwide that could be utilized for company funding or to invest in growth. Those efforts continue in the quest for corporate liquidity. All large corporations with operations in complex markets have similar issues in getting cash out, whether in Latin America or further afield in Asia. How do companies implement policies on trapped cash? Can it be solved regionally or even globally, or are markets such as India and China so unique that they demand tailor-made solutions? If you are investing in these markets are you not better off to leave the cash in-country? Regulatory and FX restrictions alongside tax and structural issues all come into play. What are top companies doing in these markets? This panel of corporate case studies will talk about specific obstacles and potential solutions, but also about how they approach trapped cash holistically and bring more complex markets into their global liquidity solutions.

Fiona J. Deroo, Sales Executive, International Subsidiary Banking – Americas, Bank of America Merrill Lynch, Chicago, IL

Sheila R Johnson, Vice President and Treasurer, Hollister Incorporated, Libertyville, IL

James E. Holtz, Assistant Director, Treasury Services, Occidental Petroleum Corporation, Los Angeles, CA

Jack P. Spitzer, Assistant Treasurer, Starwood Hotels and Resorts, Global Treasury Operations, Phoenix, Arizona

Patrick Peters Bühler, Director Real Garden SA de CV, Mexico City and Montevideo


Conference: Treasury and Risk Strategies for High-Growth Markets Tuesday 24 May 2011

2:40pm Out of sight, but not out of mind: Keeping the supply chain fit in far flung outposts

After a couple of years of navel-gazing following the crisis and recession, most companies have detailed the risks in their supply chain and what to do if risks interrupt it or the financing falls through. Or have they? How do you set in motion a back-up plan in countries where just getting out information can be difficult never mind the language barriers? How can all the partners in the chain work together for win-win? This session will show how one company is employing successful supply chain solutions to reduce its risks in India.

Rohit Sawhney, Managing Director and GTS Country Head - India, The Royal Bank of Scotland

G Subramaniam, President - Refinery Treasury, Reliance Industries Limited, India


4:00pm Fine tuning an investment policy for far away markets More and more companies are fine-tuning their investment

policies to be able to invest locally in markets where their cash remains trapped. What should that investment policy look like? Word reaches us of local subsidiaries having totally different risk perceptions and acting on them, from investing in IPOs, buying and selling to take advantage of what for years have been regarded as “sure bets” or investing in totally unsuitable risky products. What are the safe options in places such as China for short-term cash? Or should companies look again at risk-reward profiles to cash in on these growing markets? How much local authority should treasury hand over? What are the counterparty issues you need to take into consideration?


Double case study

Panel

Keynote speaker

Panel session

Case study

Case study

Discounts availableFor more information call the

EuroFinance team on+46 8768 495516

Official sponsors

Exhibitors Global sponsor

Media partners

Bank of America Merrill Lynch is one of the world’s largest financial institutions, providing a full range of banking, investing, asset management and other financial products and services. It is a leading global bank and wealth management franchise and a premier corporate and investment banking and capital market business, providing innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Clients and customers can expect access to a comprehensive suite of world class products, services, and expertise from an organization that serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 1,000 companies and 85 percent of the Fortune Global 500.

For additional information regarding Bank of America Merrill Lynch, please visit www.baml.com.

Contact:Fiona J. Deroo, Sales ExecutiveInternational Subsidiary Banking – [email protected]

Official publication

RBS is one of the world’s foremost financial services companies, with an extensive global network serving more than 40 million customers. As a top 5 global payments provider, our Global Transaction Services business offers expertise in international cash and liquidity management, trade finance, merchant acquiring and commercial card products and services.

Contacts:Amy Goldstein, Network Advisory Sales Manager, Global Transaction Services, International Cash Management [email protected]

Julian Oldale, Regional Sales Manager, Global Transaction Services, International Cash Management [email protected]

Susie Shipley, Regional Head of Global Trade Finance, Global Transaction Services [email protected]

www.rbs.com

As one of the world’s largest and most trusted full-service providers, J.P. Morgan’s Treasury Services delivers cash management, trade, liquidity, commercial card and escrow services that resolve the working capital and efficiency challenges treasury professionals face today. We are committed to making it as easy as possible for clients to do business with us by providing streamlined documentation, fast-track implementations, online service tools and continuing to invest in the seamless global operating model that differentiates us in the market. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries entrust their cash business to J.P. Morgan.

For more information on J.P. Morgan’s Treasury Services solutions, visit jpmorgan.com/ts.

Contacts: Greg Kerwick Managing Director, Global Advisory Solutions Executive, Treasury Services T: (212) 552-8567 E: [email protected]

Ken Hotz Executive Director, International Treasury Sales Manager, Treasury Services T: (312) 732-3834 E: [email protected]


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Would you like to sponsor or exhibit at this event?There are a limited number of sponsorship and exhibition opportunities available.If you have products to offer corporate treasurers, finance directors and CFOs, then this is the ideal opportunity to demonstrate them.Please call Dale Coskery-McDonald, Head of Strategic Relationships on +44 (0)1372 841 947 / +44 (0)7788 582 352 or email [email protected] for more information.

Official PR agency

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Conferencia inaugural de EuroFinance sobre

Tesorería, cash management, y comercio exterior en LatinoaméricaConsolidando las bases para un crecimiento sostenible

24-25 Agosto de 2011 Santiago, Chile

NUEVO!

Para mayor información visite www.eurofinance.com/latam

The most comprehensive treasury training course, from the leading global provider

EuroFinance’s

International Treasury ManagementSUMMER SCHOOL 2011

Monday 1 – Friday 12 August 2011 The Economist Offices (Holborn), 26 Red Lion Square, London,UK

For more information visit www.eurofinance.com/summerschool

NEW!

The EuroFinance Corporate Treasury Network

• Corporate treasury professionals only

• Members matched by interest and expertise

• Confidential private discussions

• Specialist benchmarking tools

[email protected]

Fees include: Refreshments, lunch, full documentation and conference materials where available (they do not include hotel accommodation). All fees are inclusive of published discounts. Bank transfer charges are the responsibility of the payer. Eurofinance Conferences Limited reserves the right to alter the program content, speakers or course at any time due to circumstances beyond their control. Hotel accommodation: for preferential rates at The doral golf Resort and Spa, please book through zibrant, our official accommodation bureau, via either www.eurofinance.com/hotelbookings or call +44 (0)1332 285 518. Eurofinance strongly advise that you reserve your hotel accommodation as soon as possible as rooms will be subject to availability at the time of booking. Cancellation terms: Receipt of this signed booking form (inclusive or exclusive of payment) constitutes formal agreement to attend this conference/course and cancellation terms apply. full refunds are available on all cancellations received in writing (letter, email or fax) 28 days before

the conference/course start date. NO REfUNdS OR CREdITS AfTER THIS dATE ANd ANy OUTSTANdINg pAymENT WILL BE REQUIREd IN fULL. The option to transfer to another conference or course is subject to availability. All confirmation details will be sent upon receipt of the booking form. Attendance fees will not be refunded (irrespective of the date of booking) in the event or threat of war, terrorism or circumstances outside of the organizers’ control. promotional discounts: Eurofinance regrets that additional discounts received after the registration form has been submitted cannot be retrospectively applied to reduce the original price charged. Dress:

Business. Venue: doral golf Resort and Spa, miami, USA Incorrect mailing: If any of the details on the mailing label are incorrect, please email [email protected]. NOTE: There will be photography and/or filming at this event and your image may be captured by us and used for our business and promotional purposes, in printed publications, videos and/or on our website. By registering for the event you are giving us your permission to use your image in this way. If you have any queries about this, however, please email [email protected]. © Eurofinance Conferences Limited

Registration form

International Cash and Treasury Management 23-25 May 2011, Miami, USA + free access to all sessions of ‘Treasury and Risk Strategies for High-Growth Markets’ conference on 23-24 May 2011 Conference code 379Members of the corporate treasury or finance functions in corporations Full registration fee 3-day conference US$2,975 3-day conference + 1-day training* US$4,245 3-day conference + 2-day training* US$5,295 1-day training* US$1,445Financial institutions, system suppliers, consultants, lawyers and accountants Full registration fee 3-day conference US$3,575 3-day conference + 1-day training* US$4,845 3-day conference + 2-day training* US$5,895 1-day training* US$1,445

Check here if you want to apply for one of the limited free tickets for your co-worker to attend ‘Treasury and Risk Strategies for High-Growth Markets’ conferencePlease register me for the following Day 1 streams S1 S2 S3 S4 High-growth markets conference Day 2 streams S1 S2 S3 S4 High-growth markets conference Day 3 stream S4

Delegate prices

*Training courses These courses are scheduled to run on Sunday 22 and Thursday 26 May 2011 Please make your selection and indicate your preferred date

Corporate Risk Management+ Sunday 22 may

Advanced Cash Flow+ Thursday 26 may

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379 / 387

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Special discounts 25% discount off the full registration fee for treasury association members (please note that these discounts may not be used in conjunction with any other offer including the early registration discount)

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Please insert delegate name and conference code in the transmission detailsInternational Cash and Treasury management Code 379Treasury and Risk Strategies for High-growth markets Code 387

Treasury and Risk Strategies for High-Growth Markets 23-24 May 2011, Miami, USA + free access to the morning plenary sessions on day 1 of ‘International Cash and Treasury Management’ conference on Monday 23 May 2011 Conference code 387Members of the corporate treasury or finance functions in corporations Full registration fee 2-day conference US$2,095 2-day conference + 1-day training* US$3,325 2-day conference + 2-day training* US$4,375 1-day training* US$1,445

Financial institutions, system suppliers, consultants, lawyers and accountants Full registration fee 2-day conference US$2,545 2-day conference + 1-day training* US$3,775 2-day conference + 2-day training* US$4,825 1-day training* US$1,445

Please note that delegates of this two-day event can ONLY access day one plenary sessions of the International Cash and Treasury Management conference. Access to any other sessions is strictly prohibited without prior payment.

+EuroFinance regrets that accounting and financial consultants are not permitted to attend these courses and will refuse admission on this basis.

Email [email protected] for discounted rates

Miami EuroFinance 2011

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