SIMULATED OIL TRADING

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2 Do you want hands-on oil trading experience? Now, in EMI s Simulated Oil Trading program, you ll not only learn the skills you need to successfully trade oil but you ll put your knowledge to the test using EMI s proprietary trading simulator. Don t miss this one-of-a-kind, dynamic simulated trading event! Are you ready to spend a few days trading the dynamic oil market? This exciting two-day training will give you the chance to learn by doing. We ll start by covering fundamental and technical analysis. You ll get a thorough understanding of the main oil instruments traded in the oil complex and how to trade these instruments. Armed with what you ve learned, you ll put your skills to the test using EMI s Trading Simulator. During EMI s Simulated Oil Trading program, you ll have the opportunity to: Participate in 5 different simulated trading sessions. Face various real-world trading scenarios. These scenarios will use live data and actual historical data that has been selected to you let you experience the pain and gain in trading under conditions that have actually occurred. Get insightful, constructive comments and critiques of your trading performance. Successful trading comes with not only learning and preparing but also critiquing one s performance. This will help you build a what to do and not do type of trading diary to guide you through various market environments in the future. See how you stack up against the competition. We ll rank participants based on profitability after each session and for all sessions combined. Be the most profitable overall trader and win a prize from EMI! COURSE DATES & LOCATIONS July 22-23, Jersey City, NJ 8:30am - 4:30pm both days See last page for venue addresses. All students are required to bring a Wi-Fi enabled laptop to this course. REGISTRATION FEES 1st delegate: $1,995 2nd delegate: $1,795 3rd delegate: $1,600 REGISTER

3 WHAT YOU WILL LEARN This critical two-day course will give you an integrated framework for trading oil instruments from a fundamental, technical and financial perspective. During this course you will achieve a very rigorous understanding of the what, who, and how of successfully trading oil instruments. You will have the opportunity to learn from real events that have impacted the oil markets in a variety of ways as well as trade with live data. The program will use oil examples in each session with actual historical data selected to demonstrate many of the key points of trading along with the risks. EMI s trading simulator will also incorporate up-to-date information as well as simulated examples to demonstrate all of the main points in the course. You will leave this course with a solid and immediately useful understanding of: The basics and fundamentals of oil trading The vocabulary of oil trading The what, why, how and who of oil trading The market participants WHO SHOULD ATTEND Technical and fundamental analysis and trading techniques Market behavior Combining fundamental and technical analysis Real-time trading examples for all products in the oil complex Specific trading objectives will be discussed along with various strategies using both various financial trading instruments. You will have the opportunity to develop your own specific trading strategies most suited to meet the objectives of your company and then test your model in the trading simulator. The course is applicable to all levels of the oil trading infrastructure as well as the trading community in general. Individuals in every functional area of responsibility in all trading industries whose trading or trading support decisions have significant financial impact will benefit from this program. Traders and managers will find the course highly beneficial. Some of the more specific areas follow: Traders of any oil products Traders of any equities or commodity markets Major oil and large independents: Refiners Marketers Supply and distribution personnel Exchange personnel Terminal managers Risk managers Wholesale and commercial managers Traders Energy wholesale/marketing companies Jobbers Retailer Lenders to the oil trading industry Futures and OTC brokers (especially brokers catering to the above companies) Accounting and financial personnel Back and mid office administrators of trading and hedging operations PREREQUISITES This course assumes the attendee has some basic understanding of oil trading and has been designed from the perspective of an oil trader for those wanting more understanding of trading oil and additional oil exposure in their portfolio. EMI CERTIFICATION CREDIT This course earns 6 credits towards EMI Certification. Not enrolled? Learn more about EMI s Certification CPE CREDITS This course earns 13 CPE credits. Energy Management Institute 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, Web site:

4 Syllabus - Day One Morning Sessions: Introductory Overview Session 1: Fundamentals and How We Trade Them Geopolitics, Supply/Demand; Weather; OPEC; Weekly Inventories; macroeconomics, Central Bank Policies & US Dollar. Summary of main sources of data. Session 2: Spreads vs. Outrights (aka Flat Price ) The Pros and Cons - Types of Spreads, Risk/Reward on Spreads vs. Outrights, Correlations between spreads and outrights, Liquidity risk in spreads vs. Outrights. Session 3: Technicals and How We Trade Them Classical TA, Math TA; Trend-indicators; Oscillators; Volatility Indicators. This session will use CQG or Profit X depending on instructor. Afternoon Sessions: TRADING SIMULATIONS TRADING SIMULATION 1 These simulations will focus on both WTI and refined products (RBOB & HO). We will not do a hedge simulation for this scenario. Session 1: Fundamentals and technicals explained to set the stage for the trading session. Session 2: Hedging Simulator - Hedgers principally focused on producer hedging. Session 3: Trading Simulation Speculators. Session 4: Recap of afternoon trading session commentary on trader results by both instructor and attendees. We will provide a ranking of attendee speculating results for the session. Session 4: Mechanics of Trading and Trade Execution Order Types (Market, MIT, Limit, Stop, Stop-Limit; OCAs and Brackets); Risk Limits (Stops, Position Sizing, Correlations, Volatility); Execution mechanics Regret Minimization (aka Order Staggering ) Session 5: Trading Instruments Spot/Physical; Futures; Options (Long Calls, Long Puts, Collars, and Vertical Debit Spreads & Volatility Spreads). Session 6: Introduction to the EMI Simulator How it works and how to trade it. We will have a short practice session picking and executing trades using live data.

5 TRADING SIMULATION 2 These strategies will focus on both WTI and refined products (RBOB & HO). We will not do a hedge simulation for this scenario. Session 1: Fundamentals and technicals explained to set the stage for the trading session. Session 2: Trading Simulation Speculators Session 3: Recap of trading session commentary on trader results by both instructor and attendees. We will provide a ranking of attendee speculating results for the session and combined for all spec sessions to date. TRADING SIMULATION 3 This simulation will focus on WTI and Brent crude oil and possibly Brent/WTI spread. Session 1: Fundamentals and technicals explained to set the stage for the trading session. Session 2: Trading Simulation Speculators Syllabus - Day Two TRADING SIMULATION 4 These strategies will focus on WTI, Brent and refined products (RBOB & HO, possibly Gasoil). Session 1: Fundamentals and technicals explained to set the stage for the trading session. Session 2: Trading Simulation Hedging. Hedgers principally focused on end user hedging during the recovery period. Session 3: Trading Simulation Speculators Program Recap - Top Trader Revealed! Recap of afternoon trading session as well as all of the trading and hedging simulations. Your instructor will give you a critique of what he saw and the main highlights of the trading sessions. Attendees will be asked to offer critique of their own trading and hedging activity. The most profitable overall trader will be revealed and presented with a prize! Session 3: Recap of trading session commentary on trader results by both instructor and attendees. We will provide a ranking of attendee speculating results for the session and combined for all spec sessions to date

6 Learn From the Experts that Experts Trust EMI experts are frequent editorial contributors to petroleum magazines & are trusted by today s leading news sources. Our experts have been featured in: Futures Magazine The Wall Street Journal USA Today The New York Times The Washington Post Journal of Commerce CNN NBC CBS ABC Bloomberg Reuters EMI s leading industry experts have an average of over 30 years of knowledge and experience in: Energy Commodity trading Risk management Education Consulting Financial services Plus many years of managing marketing, international trading, manufacturing, consulting, start-up operations and project finance operations of well-known companies; integrated major oil companies as well as international trading companies. EMI s industry experts have also provided risk and value management analysis, advice, information, and services to a variety of companies in the electric power industry. Clients have included power marketers, integrated utilities, retail power providers, hedge funds, and power plants. Highlights of our instructors experience include: Developing a suite of models for a variety of power markets that quantify value and risk Managing spark spread portfolios for hedge funds in the power markets Operating in futures trading pits as a market observer in the power markets Developing working papers for investigations and performing compliance audits in the power industry Helping Texaco initiate its first use of futures exchanges as an integral part of hedging/trading strategy Chief Operating Officer of Triwell Marketing and refining Director of OPIS, Oil Price Information Service, a management-consulting and educational services group that solely focused on the downstream energy industry Member of Board of Directors of Longview Refinery Member of the New York Mercantile Exchange Petroleum Advisory Board Expert witness for a hearing before the subcommittee on surface transportation for the Commerce, Science, and Transportation Committee of the US Senate Supplied expert testimony to a US Senate sub-committee hearing on diesel petroleum product pricing Supplied testimony to the Federal Highway Administration regarding fuel tax evasion Expert witness in a MTBE litigation against the major oil companies Publishers of The Daily Hedger, BTU s Daily Gas Wire and BTU s Daily Power Report, which advise thousands of petroleum professionals daily. Our instructors are frequent expert speakers for numerous petroleum industry events and trade associations including: DOE DESC World Energy Conference OPIS Fleet Fueling CME NYMEX Fuel Management University NATSO ATA AAA Dairy Distribution eyeforenergy ecommerce OPIS Supply Summit CIOMA American Society of Mechanical Engineers American Society of Lubricating Engineers Ambrust Aviation NACHA. Over the years EMI has developed a series of intensive courses covering all aspects of Energy from production all the way to managing the impact price and volatility on the margin of end-users, resellers, traders, marketers, shippers, retailers and refiners. Our instructors have had the privilege to instruct thousands of professionals representing all aspects of the energy industry, including every major oil company (i.e. Exxon Mobil, BP, Shell, Equilon, Motiva) major power utilities (i.e. Sempra, Edison Mission, Berkley, Toronto Hydro, Dominion, Conectiv) small marketers (i.e. Sprague, Getty, Southern Counties, Western Petroleum) trucking fleets from 50 to 10,000 (i.e. UPS, U.S. Postal Service, Yellow, Pepsi, Werner), gasoline-powered fleets hyper-markets (i.e. The Pantry, Wawa, BJs Wholesale) and many fortune 500 energy consumers.

7 Please make checks payable to: PMA" Registration Fees: 1st Attendee: $1,995 for full program 2nd Attendee: $1,795 3rd Attendee: $1,600 1 CHOOSE YOUR COURSE DATE/LOCATION July 22-23, 2015 Harborside Financial Center 2500 Plaza 5 25th Floor Jersey City, NJ PH: All students are required to bring a Wi-Fi enabled laptop to this course. 2 Hotel recommendations for select course locations available online at ENTER ENROLLMENT DETAILS First Name: Last Name: Company Name: Address: City: State: Zip: Phone: Fax: Address: 3 MAKE PAYMENT CHOICE o Please invoice my company (payment must be received prior to course date) o Pay by credit card (circle one): Mastercard Visa American Express Card Number: Expiration Date: / / Card Holder Name: Card Holder Signature: 4 SUMBIT REGISTRATION FORM REFUND/CANCELLATION POLICY Attendees may reschedule for a different date or course with Send form to register@pmaconference.com. no penalty. Attendees may substitute a colleague in place of themselves as long as prior notice is given to EMI. TEL: Call PMA Conference Management at FAX: POST: PMA Conference Management POB 2303 Falls Church, VA Course fees are 100% refundable up to 14 days prior to course date, 80% refundable up to 5 days prior to course date and 50% refundable up to 2 days prior to course date. Cancellations are non-refundable thereafter.