Welcoming Remarks

Chairperson's Opening Address

PANEL: It's More Than Beating A Benchmark: Determining How To Measure The Success Of Your Commodities Program

	Eric Kolts VP Commodity Indices Standard and Poor’s
	Timothy P. Cahill Treasurer Massachusetts State
	Nick Koutsoftas VP, Portfolio Manager, Energy & Commodities GE Asset Management

• Evaluating the efficacy of your current benchmark
• Debating the appropriate allocation to commodities in your portfolio; how do you determine how much is enough?
• Volatility: Is there a tradeoff between volatility and the size of the portfolio?
• Developing a plan to monitor the performance of your commodity investments for long-term success and maximum returns

Is It A Bubble? Deciphering Commodity Trends Of 2008

Doug Hepworth Director of Research Gresham Investment Management

• Investigating the agricultural sector over the past year: Is it a bubble and has it burst?
• Debating the diversification argument; have correlations increased?
• Examining the investment trend to move away from indexed based investments to a more diversified portfolio; which strategies are right for you?
• Revisiting the fundamental questions behind commodities investing to ensure maximum returns to your portfolio

Uncovering Opportunities For Enhanced Returns With Nonstandard Commodity Investments

Ryan Carrier Senior Vice President Macquarie

• Exploring the growth and liquidity of newer commodity markets like carbon credits, palm oil, pulp, paper, freight, and more
• Looking back at last year's hot commodities (ethanol, uranium, coal, and carbon); how have they developed from last year?
• Determining the best commodity investments today to achieve your long-term return goals

Guest Speaker: Foundations Of Energy Finance

Dr. Ehud I. Ronn Professor of Finance and Director Center for Energy Finance Education and Research University of Texas at Austin

• The "message from the markets": Extracting info about future energy markets from the markets of today
• Critical inputs: Prices of futures contracts and options
• Understanding the volatilities implied in option contracts on energy contracts

About our guest speaker:
Dr. Ronn obtained his Ph.D. from Stanford University and has published articles on investments and energy derivatives in both academic and practitioner literature.

Prior to joining the University of Texas in July 1988, Dr. Ronn was a faculty member at the University of California, Berkeley, and the University of Chicago. While on a two-year 1991 - '93 leave of absence, Dr. Ronn served as Vice President, Trading Research Group at Merrill Lynch & Co. Since 1993, he has served as consultant on interest rates and energy-commodities. In Nov. 2004, Dr. Ronn was selected by Energy Risk to the "Energy Risk Hall of Fame.

Afternoon Keynote Address: Exploring The Role Of Active Commodity Index Management To Maximize Returns In Today's Evolving Markets

James Crimmins Managing Director Jefferies Asset Management

• Examining the changing, dynamic commodity markets of today to account for the continuing emergence of actively managed index exposure
• Outlining the benefits and risks of active commodity index exposure vs. formulaic commodity products; which strategy will best achieve your return goals?
• Analyzing case studies and recent trends of active index management to ensure maximum performance of this next-generation commodity strategy

Global Commodity Outlook 2008/2009

Francisco Blanch Head of Global Commodity Research Merrill Lynch Global Commodities

• Is the global macro environment still positive for commodities?
• Examining the outlook for global energy, base metals, and precious metals markets in the current environment
• Discussing the bull run in agricultural commodity prices: Is it sustainable?
• Enhancing expected commodity returns in your portfolio: Should you go for active fund-like or passive index-linked investments in commodities?

The Global Commodity Picture: New Industry Drivers

Rick Gilmore President and Founder GIC Group

With corn, wheat, rice, and soybean prices more than doubling in 2007 and 2008, but suddenly falling 30 percent since July, there are a host of new variables and challenges for investors in agricultural commodity markets. Dr. Gilmore will examine the drivers of price movement and volatility, including origination in cash vs. non-cash markets, biofuels policy, derivative trades, and exchange rates. Suppliers in the BRIC’S (Brazil, Russia, India, China) countries and emerging markets are changing, thus impacting traditional supply and demand relationships. Government interventions also serve to distort demand-supply relationships worldwide. Market players can look to commodity beta strategies involving currency, energy, and climate/carbon credit hedging vehicles. Gilmore will address the impact of new indicators such as the Dalian and Zhengzhou markets in China versus the CBOT and various international deal examples.

Commodity Specific Roundtable Discussions

Increase your investment returns by uncovering the most profitable opportunities in commodities today. Our expert facilitators will lead you through specific commodity market outlooks and investment strategies to ensure your fund is taking full advantage of the entire commodity spectrum today. The moderators will rotate to your table so you can participate in each important discussion.

#1 Carbon – Stephen Bruel, Analyst, Tower Group
#2 Metals – Akiba Leisman, Red Kite
#3 Agricultures

CPM 2008 Cocktail Party

Sponsored by

After a day filled with constructive debate and information sharing, unwind with your new network of colleagues and friends at the Commodities Portfolio Management Cocktail Party. Relax, have fun, and bring your business cards! Embrace this opportunity to forge new business partnerships and uncover additional commodity investing strategies in an informal atmosphere.