Energy Risk magazine presents

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Chad Lynch
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Energy Risk magazine presents 4th annual event Hotel Sofitel

Cross-border trading Developing optimal financial risk

from the expertise of an exclusive line-up of speakers

District Heating Supervision and Regulation HUNGARIAN ENERGY

Central Procurement LINDE GAZ Marco Foresti Market Advisor,

TRADING Lehel Szarapka Head of Wholesale Optimization and

Capacity Russia RWE SUPPLY & TRADING Dr.

OFFICE Michael LaBelle Assistant Professor, CENTRAL EUROPEAN

1 Energy Risk magazine presents 4th annual event Hotel Sofitel Budapest Chain Bridge Budapest, Hungary 6 November 2012 energyriskevents.com/cee Risk management Regulatory updates Market coupling Cross-border trading Developing optimal financial risk management and trading strategies in CEE energy markets Benefit from the expertise of an exclusive line-up of speakers including: Peter Tilesch Head of Department of Electricity and District Heating Supervision and Regulation HUNGARIAN ENERGY OFFICE Zoltan Nagy Energy Manager Eastern Europe & Middle East Central Procurement LINDE GAZ Marco Foresti Market Advisor, ENTSO-E Josef Bogensperger Head of Risk Management, VERBUND TRADING Lehel Szarapka Head of Wholesale Optimization and Services, ALPIQ Erik Kolstö Commercial Management Supply & Capacity Russia RWE SUPPLY & TRADING Dr. Hajnalka Kelemen Deputy Head of Department of Electricity and District Heating Supervision and Regulation HUNGARIAN ENERGY OFFICE Michael LaBelle Assistant Professor, CENTRAL EUROPEAN UNIVERSITY (CEU) To Register: t: +44 (0) w: energyriskevents.com/cee Panel sponsor: Speaker sponsor: Hosted by:

Budapest, 6 November 2012 energyriskevents.com/cee Dear Colleague, The 4th annual Energy Risk Central & Eastern Europe conference, hosted by Energy Risk is moving to Budapest on 6 November 2012.

2 Budapest, 6 November 2012 energyriskevents.com/cee Dear Colleague, The 4th annual Energy Risk Central & Eastern Europe conference, hosted by Energy Risk is moving to Budapest on 6 November It is an exciting opportunity for leading energy companies, industrial end-users, brokers, traders, investors, exchanges, vendors and regulators to come together and discuss the most relevant issues affecting trading and risk management in Central and Eastern Europe energy markets. This year s intensive one-day programme is full of panel discussions and roundtables, as well as practical case studies and keynote presentations. The event will provide industry professionals with an educational and networking platform to help them understand the marketplace better, as well as meet with peers and clients. If you want to discuss the real impact of REMIT, MifiD II and EMIR on the CEE energy region, explore the outcome of dependency on physical flows from the East, hear about the main challenges of operating in an illiquid market and find a balance between risks and opportunities, investigate market coupling in CEE and find opportunities following the trilateral Czech- Slovak-Hungarian electricity market linking, then you will benefit from attending this event. We are looking forward to welcoming you in November. Kind regards, Peter Petkov Publisher Energy Risk Register now: t: +44 (0) w: energyriskevents.com/cee

SUPPLY & TRADING, ENTSO-E, PGNIG, GDF SUEZ, TAURON and CEZ Across the region audience: Senior executives from Czech Republic, Hungary, Poland, Slovenia, Slovakia, Austria, Germany, Italy, Turkey and

providers from across Central and Eastern Europe to meet, share information, learn and build new business relationships Agenda highlights Keynote address from HUNGARIAN ENERGY OFFICE Regulatory

3 What s in it for you? Who will benefit? Benefits of attending Insightful perspectives: Hear the latest industry viewpoints and experiences from thought leaders representing HUNGARIAN ENERGY OFFICE, EUROPEAN COMMISSION, LINDE GAZ, RWE SUPPLY & TRADING, ENTSO-E, PGNIG, GDF SUEZ, TAURON and CEZ Across the region audience: Senior executives from Czech Republic, Hungary, Poland, Slovenia, Slovakia, Austria, Germany, Italy, Turkey and Bulgaria will be attending the conference that is held in English, in order to benefit from learning about other businesses Unparalleled networking: Bringing together market experts and international providers from across Central and Eastern Europe to meet, share information, learn and build new business relationships Agenda highlights Keynote address from HUNGARIAN ENERGY OFFICE Regulatory updates and their impact on energy trading in the region Latest developments in renewables markets Role of gas diversification in the future Liquidity risk in illiquid power markets Market coupling in CEE Insights into the CEE gas market Effective risk management within the energy industry Trading in a high risk environment doing business in CEE and SEE Who should attend? Job titles include: CEO CRO CFO Head of Commodity Research Head of Risk Management Head of Risk Control Head of Origination Head of Market Regulation Head of Power Markets Head of Gas Markets Company type: Energy companies Investment banks Trading companies Exchanges Regulators and industry associations Head of Commodity Desk Head of Product Development Corporate Risk Manager Enterprise Risk Manager Market Risk Manager Credit Risk Manager Head of strategy Risk Analyst Head of Compliance Industrial energy end-users Energy services providers Professional services firms Risk management consultancies Software providers Director of Quantitative Research Head of Trading Credit Analyst Financial Engineer Portfolio Manager Structurer Trader Economist Market Analyst Hedge funds Broker firms Law Firms Valuation Companies Academia To participate in a panel discussion or for your chance to present a case study please contact Nadia Bir, Conference Manager by nadia.bir@incisivemedia.com

4 programme 6 November, Registration and refreshments Chairman s opening remarks Trends in Hungary s energy market Keynote Liquidity in the Hungarian power market Market coupling issues Influence of the stock market on market liquidity and prices Cross border imports/exports Current issues in the gas market Peter Tilesch, Head of Department of Electricity and District Heating Supervision and Regulation, HUNGARIAN ENERGY OFFICE Dr. Hajnalka Kelemen, Deputy Head of Department of Electricity and District Heating Supervision and Regulation, HUNGARIAN ENERGY OFFICE Regulatory requirements and their impact on energy trading in the region The real impact of REMIT, MifiD II, EMIR and the Market Abuse Directive (MAD) on the CEE energy region Challenges that new regulations pose for energy business What is the level of compliance so far? How is it progressing? The mechanisms for disclosing inside information Data transparency and data publishing issues New reporting requirements how do people see the challenge of reporting transaction data? Dan Smith, Head of Market Development, TRAYPORT Tadhg O Briain, Policy Officer, EUROPEAN COMMISSION Zsuzsanna Sessel-Zsebik, Head of General Law, E.ON ENERGY TRADING Luděk Horn, Head Front Office, CEZ Morning break Challenges in energy trade on EU borders Effectively handling cross border capacity on the Southeast border of the EU How to minimise the risk on external borders of the EU? Trading natural gas and electricity in the Balkans and CEE Ákos Füzi, CEO, IP SYSTEMS LTD Shale gas and risks associated with it Different environmental and financial regulations in different countries Risk typology and application to the shale gas How do different risks impact investors? Who is willing to invest in the infrastructure? Research survey results Michael LaBelle, Assistant Professor, CEU (CENTRAL EUROPEAN UNIVERSITY) Achieving liquidity and transparency in the regional power trading markets Liquidity on electricity markets Assessing whether liquidity is growing The best trading strategies to overcome the lack of liquidity in CEE power markets Overcoming administrative obstacles to facilitate cross-border trading Reviewing current CEE trading where should we go from here? Lehel Szarapka, Head of Wholesale Optimization and Services, Market Central Europe, ALPIQ Lunch Towards an integrated power market - market coupling in CEE Opportunities following the trilateral Czech-Slovak-Hungarian electricity market linking How to better regulate the flow of electricity (from North to South) Issues with flow based trading - how the flow-based allocation should look How to make transmission more efficient What can we do better technically with current infrastructure? What investment is required? How well are the European power markets moving towards the EU s vision of a single market by 2014? How will we see the evolution towards the target model? How has market efficiency of cross-border capacity trading been improving? What challenges are still ahead? How to achieve a better dialogue and co-ordination between the national regulators Zoltan Nagy, Energy Manager, Eastern Europe and Middle East, Central Procurement, LINDE GAZ; President, IEF (Industrial Energy Consumers Association) Marco Foresti, Market Advisor, ENTSO-E (EUROPEAN NETWORK OF TRANSMISSION SYSTEM OPERATORS FOR ELECTRICITY) Challenges to the CEE gas market development Impact of economic uncertainty Why is it so difficult to agree on a common approach to operational issues? How to make the CEE work as one market How to make the CEE appealing for investors to invest in gas market infrastructure Liberalisation of the gas market Impact of renewables on gas markets Barriers for gas trading in different countries Key portfolio strategies for success in the new gas markets Role of gas diversification in the future When will we see more energy flows from other directions? North to South? Impact of dependency on physical flows from the East Erik Kolstö, Commercial Management Supply & Capacity Russia, RWE SUPPLY & TRADING Andras Jenei, Head of Energy Institute; Advisor, FALCON-TXM OIL & GAS Afternoon break A perspective on effective risk management within the energy industry Moving towards a consolidated approach to managing multiple risks including financial, operational and strategic risks Issues around measurement and consolidation of multiple risks at the group level Risk governance at the group level Practical steps towards implementing ERM Benefits from an effective ERM system Josef Bogensperger, Head of Risk Management, VERBUND TRADING Roman Szyszko, CFO, ENERGA Trading in a high risk environment doing business in CEE Roundtable and SEE Future development of the illiquid markets in SEE Regulatory constraints Market liberalisation in the region Making market coupling a reality Chairman s closing remarks. Cocktail reception

5 Panel sponsor: Speaker sponsor: Trayport is a leading provider of energy trading solutions to traders, brokers and exchanges worldwide. We develop, deploy and support quality, resilient software for trading in any asset class worldwide in cleared or OTC markets. Trayport s GlobalVisionSM software is used by the world s largest trading companies in high profile markets that include derivative and cash instruments. Founded in 1993, Trayport has offices in London, New York and Singapore. Trayport is a subsidiary of GFI Group Inc. (NYSE: GFIG). trayport.com For sponsorship opportunities, please contact Peter Petkov: E: peter.petkov@incisivemedia.com T: +44 (0) IP Systems Ltd. is a consultancy and IT solutions provider specialized for the liberalized energy market. Our applications support energy system operators in merchandising their gas or electricity transport and distribution infrastructure as a service. Energy traders can resort to these services, enabled by IP Systems solutions. Our applications for traders support the business with contract and portfolio management, forecasting, nomination and scheduling, allocation and accounting. Our IT Platforms, TPA (Third Party Access) systems and other applications for system operators, support the business with sales of capacities, nomination, allocation, accounting. Natural Gas Balancing Platform develoded by IP Systems for FGSZ, the Hungarian TSO has got the award of ICT Project of the Year from National Innovation Office of Hungary and ICT Association of Hungary. The product used since 2010 can be the sample for bitmapping the regulations for a new European energy market, which will determine the requirements system of maintaining the equilibrium of the natural gas market and will specify the operation of a transparent balancing platform operated on market basis. IP Systems has internationally recognized references as MOL, E.ON, GDF Suez, Alpiq, FGSZ (Hungarian TSO of Natural Gas), MVM Partner. ipsystems.hu

Booking information: Register now: t: +44 (0)870 240 8859 w: energyriskevents.

6 Booking information: Register now: t: +44 (0) w: energyriskevents.com/cee UK office registration Post: Conference Administration Incisive Financial Publishing Ltd Haymarket House, Haymarket, London, SW1Y 4RX, UK t: +44 (0) f: +44 (0) US & Canada office registration Post: Conference Administration Incisive RWG Ltd, 55 Broad Street 22nd Floor, New York, NY 10004, USA t: +1 (212) f: +1 (646) e: Venue & Accommodation: Hotel Sofitel Budapest Chain Bridge Széchenyi István tér 2, 1051 Budapest Hungary t: (+36)1/ (+36)1/ Terms In order that we process your registration with maximum efficiency, we request that a copy of this booking form accompanies your payment. Your registration fee includes morning refreshments, lunch, afternoon refreshments and your conference/ seminar materials. Please note your place is not guaranteed until your payment has been received. If you require an invoice please inform us stating whether you need an original or a fax copy. We accept company cheques, credit cards and bank transfers. Please allow a minimum of seven working days for a bank transfer to reach us and phone or fax us when it has been sent. Please state the event name and delegate name to which it relates.

7 Payment details: i enclose a cheque payable to incisive financial publishing ltd. please debit my energyriskevents.com/cee/static/home Budapest, 6 November 2012 Booking form: PRICING EARLY BIRD 1 Book before 18 September EARLY BIRD 2 Book before 9 October FULL PRICE Book after 9 October Buy-side* 1,649 1,749 1,949 Sell-side** 1,849 1,949 2,149 Plus 27% Hungarian VAT amex visa maestro issue number: mastercard valid from date: card no expiry date security number: account address if different from left * Buyside rate (energy companies, banks, hedge funds, asset managers, corporate end users) ** Sellside rate (consultancies, technology vendors, software providers, other service providers) Energy Risk magazine subscribers save 20% Just quote your subscription reference number here: signature date Registration details: Please complete your details below in block capitals title first name i have read and agree to the terms and conditions below. signature date last name job title/position department company address address post/zip code telephone approving manager training manager country fax for companies in eu member states only, please write your vat/tva/btw/iva/mcms/mwst/fpa number here: Incisive Financial Publishing Ltd. VAT No: GB /12 Warning: Energy Risk is a registered trademark, and the titles, contents and style of this brochure are the copyright of Incisive Media. We will act on any infringement of our rights anywhere in the world. Incisive Media. Cancellation: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the conference. Regrettably, no refunds will be available for cancellations received less than three weeks before the event start date. If you do not attend the event or notify us of your intention to cancel, the full fee will still be payable. A substitute delegate is welcome but the organiser MUST be notified in advance of the conference to avoid incurring a charge. Substitutions may NOT be made at the conference. Disclaimer: The programme may change due to unforeseen circumstances, and Incisive Media reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. Data Protection: By registering for Energy Risk CEE, Incisive Media* will send you further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please check the following relevant boxes: mail phone fax . Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: mail phone. Please check if you are happy to receive relevant information from carefully selected third parties by and fax Fax back to: +44 (0)

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