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 hedge 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. SUPPORTING MEDIA PARTNERS CONFERENCE SPONSOR SUPPORTING ASSOCIATION Researched & Produced by (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, Insurance, 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 alpha sources Practical currency management as a for real return strategies for absolute return 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, Hedge Fund 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 Researched & Produced by (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 Pension fund 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,