RESEARCHED AND PRODUCED BY 50% REDUCTION FOR INSTITUTIONAL INVESTORS

INVESTMENT OPPORTUNITIES FOR THE NEXT DECADE PORTFOLIO DIVERSIFICATION WITH COMMODITY ASSETS NOVEMBER 15TH & 16TH, 2004 • MILLENNIUM BROADWAY HOTEL, NEW YORK CITY

BACK BY POPULAR DEMAND! A dedicated event analyzing commodity assets for portfolio managers, asset allocation, quantitative research, economic and investment analysts, traders and professional investors with an interest in investment out-performance and strategic management.

• Evaluate the fundamental factors driving rising POST CONFERENCE WORKSHOP commodity prices MANAGING COMMODITY PRICE VOLATILITY WITH • Understand the nature of inherent commodity returns OPTIONS: product structures, pricing and • Analyse portfolio effects and quantitative risk modelling measures November 17th, 2004 • Millennium Broadway Hotel, New York City • Review commodity backed financial investment structures • Implement long term asset/liability matching SPEAKER LINE-UP INCLUDES SENIOR REPRESENTATIVES FROM: • Hear detailed pension and fund case studies Barclays Capital • Review passive index strategies versus active Ontario Teachers’ Pension Plan management PIMCO Goldman Sachs International • Hear practical lessons on market timing and opportunities State Street Global Advisors AIG Financial Products • Understand the key characteristics of energy, metals ED&F Man and soft commodity markets Morgan Stanley • Set appropriate performance measures and Winton Capital benchmark results Refco Macquarie Bank TESTIMONIALS FROM THE MAY 2004 UK COMMODITIES Premia Capital Management INVESTMENT CONFERENCE: Tudor Investment Corporation Jefferies Asset Management ‘Congratulations on a fantastic job putting [this] together. Cornell University Endowment Fund I was impressed by the relevance and turn out’ Koch Industries Oppenheimer Funds Sowood Capital Management ED&F Man ‘...Unique and valuable to the attendees’ Barclays Global Investors ‘One of the best conferences, maybe even the best one, The Wharton School I have attended’ Rand Merchant Bank University of Texas Investment Management Co.

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(1) 973-256-0211 [email protected] (1) 800-882-8684 (1) 973-256-0205 www.iqpc.com/2326a WHO SHOULD ATTEND THIS EVENT? This program is a unique offering to guide investment professionals in their long-term asset allocation decisions. Aimed at Pension, Endowment & Mutual Funds, , Asset & Investment Management, Private Banking, Commodity Professionals, Banks and Brokers.

This event will attract portfolio managers, pension managers, analysts, economists, quantitative researchers, consultants, relationship managers, traders, high net worth individuals and all those interested in new investment opportunities.

OTHER SUCCESSFUL EVENTS THAT WILL SOON BE COMING TO THE UNITED STATES Finance IQ has recently launched the following innovative titles in the European market. We are currently planning the launch of these events in the US market. Please contact [email protected] for further information.

Inflation-Linked Fixed Income Strategic and Tactical Asset Allocation Active Forex Management Analyzing issuance and future demand Identifying and incorporating sources Practical currency management as a for real return strategies for based liability critical component of the investment Exploring TIPS structures, the corporate management process and source of alpha linked market and synthetic inflation The pursuit of active risks over passive risk This Finance IQ program explores why management in the derivatives market. With methodologies suggests we have passed an currency is increasingly being considered as growing global inflationary pressures and inflection point in investment management an asset class and how to make optimal linked liabilities we present a timely techniques. Finance IQ presents a comprehensive allocations. We address active overlay models exploration of inflation management assessment of these changes that will and the design of a portable alpha strategy for strategies. fundamentally alter the investment landscape. your currency exposure.

SPONSORSHIP AND EXHIBITION OPPORTUNITIES Do you offer services or technology for financial market participants? The attendees of this conference are looking to improve their operations from transaction processing to legal and advisory solutions. If you think your company can benefit them, then you need to have a presence at this event. There is no easier way to reach them and raise your profile in their eyes. We have a variety of packages available to suit you. For Sponsorship and Exhibition opportunities call +44 (0)20 7368 9500 or email [email protected]

SUPPORTING MEDIA PARTNERS Commodities Now is the quarterly magazine for the traded commodities markets globally. The focus is on power and energy, metals and agricultural markets and trends and developments in these industries - from technology to deregulation. Commodities Now also produces WorldPower, the annual dedicated to the power and energy markets globally. www.commodities-now.com Guarantee Your Edge in the Alternative-Investment Arena Every week, Alert delivers the early intelligence you need to anticipate new risks and opportunities facing fund- management firms, their investors and service providers. Be first to identify new capital-raising tactics, investor strategies and competition among industry vendors. Sign up for a three-issue FREE trial subscription to Hedge Fund Alert by calling 201-659-1700 or visiting www.HFAlert.com. Established in 1972, Futures magazine is a monthly periodical written for traders who use financial and commodity futures, options, stocks and forex markets to make money. Differing in aggressiveness of trading styles, our readers all share the desire for increased returns and profits. Our purpose is to educate traders and advance that knowledge with detailed trading strategies and analysis of current events affecting markets. Futures magazine analyzes global markets both technically and fundamentally, and provides expert information on price movement, volatility and future trends to help traders make successful trade decisions. www.futuresmag.com

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(1) 973-256-0211 [email protected] (1) 800-882-8684 (1) 973-256-0205 www.iqpc.com/2326a COMMODITY ASSETS: INVESTMENT OPPORTUNITIES DAY ONE – NOVEMBER 15TH 3:00 Coffee & networking break

8:15 Registration & coffee 3:30 case study: Improving portfolio efficiency with commodities 8:45 Chairman’s welcome & opening address • Tactical possibilities for institutional investors Robert Greer, Real Return Product Manager, PIMCO Wayne Kozun, Vice President, Ontario Teachers’ Pension Plan Macroeconomic Case 4:00 Endowment fund case study: Implementation of a 9:00 The macroeconomic case for commodities: fundamental strategic allocation to commodities secular opportunity or market timing hazard? • How to implement commodity investing • Revenge of the old economy - inadequate investment in Don Fehrs, Chief Investment Officer, Cornell University commodity-related industries Endowment Fund • Only modest demand growth against supply constraints drives strong returns 4:30 Institutional case study: Diversifying the investment • Commodity returns are not just commodity price increases portfolio • The role of speculators and investors in commodity markets • Ongoing management strategy with commodity assets • Commodity assets versus other investments, a strategic Larry Goldsmith, Managing Director, Public Markets evaluation Investments, University of Texas Investment Management Jeffrey Currie, Managing Director, Goldman Sachs Co. International 5:00 Investor Roundtable: A closing Q&A session to explore the 9:45 Commodity assets as part of a real return portfolio institutional evaluation process of commodity investments • Commodity returns and inflation • Defining parameters of a real return portfolio 5:30 Chairman’s summary & end of day one • Selecting an inflation benchmark • Historic real return performance • Secular and structural real return outlook 6:00 – Cocktail Session Kevin Norrish, Commodities Analyst, Barclays Capital 7:30 All event participants are invited to attend.

10:30 Coffee & networking break TH Commodity Index Overview DAY TWO – NOVEMBER 16

11:00 Understanding the nature and causes of inherent 8:15 Coffee & re-registration commodity index returns • Commodity futures vs. cash commodity investment 8:45 Chairman’s opening address • Index definition • Drivers of return to long-only futures Commodity Sector Overview • Return pattern in relation to stocks and bonds • Efficient use of capital in implementation 9:00 Evaluation of long-term supply/demand characteristics Robert Greer, Real Return Product Manager, PIMCO of individual commodities • Productive output and raw materials usage in key sectors 11:45 Facts and fantasies about commodity futures indexes • Supply, demand and hedging in capital intensive • Investigating long-term commodity returns and correlations production cycles by evaluating an equally weighted index of commodity • Investment demand for precious metals as a monetary prices asset • Analysis of whether investments in commodity futures earn • Energy production and global demand increase a positive return when spot prices are falling - Development of alternative energy assets • Examining the existence of a risk premium in commodity - Sensitivity of economic activity to oil price futures Jim Steel, Senior Analyst, REFCO • Investing in commodity futures vs. investing in stocks of commodity producing companies 9:30 Valuation of soft commodities: the overlooked Gary Gorton, Professor of Finance, The Wharton School & investment asset? Dan Raab, Head of Commodity Indexing, AIG Financial • Low correlation of soft commodities with other investment Products vehicles • Management of liquidity issues 12:30 Networking lunch • Cash & carry opportunities in soft commodities • Political & country risks and opportunities in soft 1:45 Portfolio efficiency and risk measures commodities • Portfolio efficiency with commodity allocations • Development of OTC and physical stock investments in • Portfolio return and volatility measures softs • Model construction and stress testing Jim Jenkins, Head of Commodity Correlation Trading, ED&F Mark Hooker, Head of London Advanced Research Centre, Man State Street Global Advisors 10:00 Projecting metal prices - the role of fundamentals Investor Analysis • Funds vs. fundamentals - which is more important and when? 2:30 Commodity investment structures: active & passive • Financial players - have they changed the timing of the exposure management fundamental cycles? • Implementation and strategy • Role of China - does it change everything or change • CTAs & macro funds nothing? • Swaps and derivatives • Making long term bets - how have "long run" prices • Sensitivities and leverage analysis evolved? Stuart Porter, Head of Commodities, Sowood Capital Jim Lennon, Head of Metals Research, Macquarie Bank Management

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(1) 973-256-0211 [email protected] (1) 800-882-8684 (1) 973-256-0205 www.iqpc.com/2326a FOR THE NEXT DECADE DAY THREE – NOVEMBER 17TH WORKSHOP 10:30 Coffee & networking MANAGING COMMODITY PRICE VOLATILITY WITH OPTIONS: PRODUCT STRUCTURES, 11:00 Energy production and usage, and implications for PRICING AND MODELLING investors • Oil dependency and increased use of natural gas 9:00 Registration & Introduction • Long-term shift in distribution of energy prices • Global reserve estimations Energy, base and precious metals volatility Per Tingberg, Head of Commodities, Barclays Global Investors characteristics • Review of historical volatility of industrial commodities 11:30 The investment case for precious metals: analysis of an • Directly trading volatility with a core portfolio alternative currency class? • Application of volatility models • Long-term inflation and deflationary cycles • Estimating implied volatility • Growth of Asian dollar reserves • Developing a currency analysis framework Option modelling in the commodity sector • Gold as a proxy for commodity markets? • Introduction to OTC and exchange traded instruments • Purchasing power protection • Commodity options markets vs. options on traditional Steve Matthews, Commodities Strategist, Tudor Investment Corporation financial assets • Depth of options markets and standard options structures 12:00 Networking lunch for commercial and non-commercial traders • Taking relative-value exposure without underlying delivery Generating Alpha risk • Worked examples of structured transactions 1:30 Timing investment allocations and capturing long-term • Incorporating transaction costs opportunities • Analysis of forward curve for timing indicators 11:00 Coffee & refreshments • Creating alpha by adjusting weights of index components • Opportunistic investing based on temporary imbalances Applications in non-producer investment from asymmetric hedging flows Boris Shrayer & Dan Nash, Co-Heads of Investor Products portfolios in Commodities, Morgan Stanley • Hedge fund and pension fund composition • Directional trading and efficient portfolio construction 2:15 Generating alpha: seeking higher returns in a maturing • Understanding the impact of supply/demand factors asset class derived from producer activity • Quantitative assessment of diversification effects • Hedge fund strategies for out-performance Trading simulation: practical examples and Adam De Chiara, President, Jefferies Asset Management product applications 3:00 Coffee & networking • Recent product developments • Optimising entry points for strategic option hedges 3:30 Practical risk management methodologies for leveraged • Price discovery and processes of volatility trading commodity futures trading • Energy price volatility swaps • Portfolio construction with long and option profiles • Dynamic volatility and risk exposure management • Tail events in commodity price distributions • Loss tolerance and short period fluctuations in futures 1:00 Close of workshop markets • Analysis of concentration risks About the workshop leaders • Macro hedging of business shocks • Case studies; soft spreads, paired trades & liquidity Nicholas Dazzo, Head of Institutional Business, Koch premium returns Supply & Trading LP Hilary Till, Principal, Premia Capital Management Ilia Bouchouev, Global Head of Energy Derivatives, Koch 4:15 Hedge fund case study: Active commodity portfolio Supply & Trading LP management • Systematic futures trading with statistical methods • Identification and exploitation of market inefficiencies Koch Industries Inc., based in Wichita, Kansas, owns a • Omega as a risk return measure diverse group of companies engaged in trading, operations - Pension fund perspective and investments worldwide. - Hedge fund perspective • Ensuring realism in performance benchmarking operations The format of our workshops is informal. Throughout the Georgia Nakou, Senior Industry Analyst, Winton Capital classroom sessions, participants will be encouraged to raise questions. Timings are approximate to reflect the interactive 5:00 Chairman’s summary & close of conference nature of the event.

ABOUT THE ORGANIZERS IQPC excels at creating unique, vital business conferences, seminars and one to one meetings. Since 1973, hundreds of thousands of executives have trusted our events to provide them with the accurate and objective information and ideas that enable organizations to ensure competitiveness and profitability.

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(1) 973-256-0211 [email protected] (1) 800-882-8684 (1) 973-256-0205 www.iqpc.com/2326a investmentBring your team entire and ARE YOU EVALUATING THE OPPORTUNITIES IN COMMODITY save up to 20%. See back page for details. ASSET CLASSES?

DO YOU WANT ACCESS TO THE LATEST INVESTMENT RESEARCH AND RISK MANAGEMENT METHODOLOGIES?

With commodity assets having produced outsized returns over a three-year time horizon and an increasingly challenging macro- economic environment, now is the time to address the question: IS THIS A CYCLICAL OR SECULAR OPPORTUNITY? Emerging market demand, reflationary monetary policies and the search for uncorrelated returns present a persuasive case that you must evaluate. Financial asset inflation increases portfolio risk and your only fundamental hedge from these risks is to diversify.

‘PORTFOLIO DIVERSIFICATION WITH COMMODITY ASSETS’ delivers a much-demanded analysis of a major asset class that may be misunderstood, is potentially undervalued and is certainly under-owned. Risk or opportunity, your responsibility is to carefully assess the latest portfolio research to reach an informed decision on your investment stance. SHOULD YOU HEDGE FINANCIAL ASSET RISK WITH TANGIBLE ASSETS? Bill Gross, manager of the world’s largest bond fund at PIMCO, thinks so. Whatever your decision, accessing the cutting edge research presented at this forum ensures a confident understanding of the issues.

Responding to personalized research with senior contacts in the investment community, Finance IQ has developed a program that addresses the key concerns of the market place and examines the activities of current participants. With a carefully selected panel of expert speakers and a thorough agenda covering two days, this event will guarantee the efficiency and effectiveness of your portfolio strategy and risk management practice.

At this event you will hear the DEVELOPMENT OF FUNDAMENTAL MACRO ARGUMENTS, specific PORTFOLIO EFFECTS AND RISK MEASURES and a TECHNICAL REVIEW OF THE PERFORMANCE OF COMMODITY ASSETS. Case studies drawn from active pension funds, hedge funds and asset managers ensure a practical focus so that you can avoid common pitfalls and risks. We have gathered together leading participants to provide insight into this market and to deliver you with a practical framework for your long-term investment strategy.

You’ll benefit from key experts including: • PIMCO • Goldman Sachs International • Sowood Financial • Morgan Stanley • ED&F Man • Ontario Teachers’ Pension Plan • AIG Financial Products • The Wharton School • Tudor Investment Corporation • Cornell University Endowment Fund and many others

IF YOU ARE EVALUATING ALTERNATIVE INVESTMENT STRATEGIES, YOU MUST ATTEND THIS EVENT! NEW RESEARCH: Industry experts providing fresh perspectives on how you can apply efficient portfolio management with maximum return for minimum risk DECISION-MAKER INSIGHTS: An unsurpassed breadth and seniority of presenters focusing directly on the subjects that are changing businesses today UNBIASED AGENDA: A 100% industry researched program enabling us to successfully focus on the vital and timely issues you need in order to achieve your investment aims IN-DEPTH DISCUSSION: Through our post presentation Q&A sessions, panel sessions and post-conference master classes, you can get direct answers to your specific needs EFFECTIVE NETWORKING OPPORTUNITY: Bringing together high level investment decision makers and strategists under one roof for two days, so you can share experiences and challenges with peers

CONFERENCE SPONSOR Barclays Capital is the division of Barclays Bank PLC, one of the largest multi- national financial services groups in the world. With a focus on financing and risk management, Barclays Capital acts internationally as an intermediary and adviser to corporates, financial institutions, governments and supranational organisations. Barclays Capital, which has the support of an AA rated parent bank with a balance sheet of over £440 billion, has offices in 22 countries and around 6,000 people worldwide, giving it the reach and distribution power to meet clients’ needs wherever they are based.

BARCLAYS CAPITAL WAS WINNER OF THE RISK MAGAZINE ENERGY AND COMMODITY DERIVATIVES HOUSE OF THE YEAR AWARD FOR 2004. For further information, please contact: Matt Schwab Tel: +1 (212) 412 5529 Email: [email protected] Torsten de Santos Tel: +44 (0)20 7773 5335 Email: [email protected]

SOFT SECTOR SPONSOR The New York Board of Trade® (NYBOT®) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice and sugar, as well as currency and index futures and options. For further information Tel: 800-HEDGE-IT Website: www.nybot.com Fax: 212-748-4102

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(1) 973-256-0211 [email protected] (1) 800-882-8684 (1) 973-256-0205 www.iqpc.com/2326a PORTFOLIO DIVERSIFICATION WITH COMMODITY ASSETS NOVEMBER 15TH AND 16TH, 2004 • MILLENNIUM BROADWAY HOTEL, NEW YORK CITY

REGISTRATION FORM 5 WAYS TO REGISTER To speed registration, please provide the priority code located on the mailing label or in the box below. Freephone: +(1)800-882-8684 +(1)973 256 0211 My registration code is PDFS Fax: +(1)973-256-0205

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TEAM DISCOUNTS CONFERENCE PRICES TEAM DISCOUNTS: IQPC recognises the value of learning in teams. Groups of 3 or more booking at the same time from the same company PACKAGES EARLY BIRD Before August 20th Standard Price receive a 10% discount. 5 or more receive a 15% discount. 7 receive a 20% discount. Only one discount available per person Conference and Workshop Save $200 $2,198* $2,398 VENUE & ACCOMMODATION LODGING INFORMATION: Conference only Save $100 Sessions for the conference & workshops will be held at $1,799* $1,899 Millennium Broadway Hotel, 145 West 44th Street, New York, USA 10036-4012 tel: +1 212 768 4400 fax: +1 212 768 0847 Workshop only $499 $499 reservation: +1 212 768 4400 email: [email protected] * Only one discount applicable per person. To qualify for the EARLY BIRD, bookings must be received with full payment by September 3rd, 2004. A 6% sales tax will apply for anyone who is employed in the state of Connecticut. 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IQPC shall assume no liability whatsoever if this event is altered, rescheduled, postponed or cancelled due to a fortuitous event, unforeseen occurrence or any other event that renders performance of this conference inadvisable, illegal, Cardholder’s name ______Signature ______impracticable or impossible. For purposes of this clause, a fortuitous event shall include, but shall not be limited to: an Act of God; governmental restrictions and/or regulations; war or Card billing address (if different from Co. address) ______apparent act of war; terrorism or apparent act of terrorism; disaster; civil disorder, disturbance, and/or riots; curtailment, suspension, and/or restriction on transportation facilities/means of ______State ______Zip ______transportation; or any other emergency. Details for marking payment via EFT or wire transfer Please note that speakers and topics were confirmed at the time of publishing, however, Greater Community Bank, 150 Clove Road, Little Falls, NJ 07424 Phone: 973 890 5444 Conference No: AB52326F Conference circumstances beyond the control of the organizers may necessitate substitutions, alterations ABA/Routing:021206566 Acct Name: International Conference Institute Account#21104620 Fed Tax ID: 13 3839754 or cancellations of the speakers and/or topics. As such, IQPC reserves the right to alter or modify the advertised speakers and/or topics if necessary. Any substitutions or alterations will Reference: please include the name of the attendee(s) and the event number: 2326 be updated on our web page as soon as possible. Payment policy: Payment is due in full at the time of registration and includes lunches, refreshments and detailed conference materials. 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