MANAGING RISK IN NORTH AMERICA S NEW ENERGY TRADING LANDSCAPE

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1 To be used in top-left placement ENERGY RISK PRESENTS THE 19TH ANNUAL ALIGN WITH LEFT SIDE OF TYPE AREA OR MASTHEAD To be used in bottom-left placement ALIGN WITH BOTTOM TRIM EDGE Hilton Houston Post Oak, May 11-14, 2015 MANAGING RISK IN NORTH AMERICA S NEW ENERGY TRADING LANDSCAPE Oil prices outlook Enforcement & changing regulations Trading & risk management Data security & management Liquidity issues LNG exports & pricing 2 SEPARATELY BOOKABLE WORKSHOPS : Pre-conference workshop, May 11: Energy industry risk management practices and standards Post-conference workshop, May 14: LNG markets, pricing and risk 2 STREAM AGENDA 150+ ATTENDEES 50+ SPEAKERS 2015 SPEAKER LINE-UP INCLUDES: Christopher Giancarlo, Commissioner, U.S. COMMODITY FUTURES TRADING COMMISSION Timothy Massad, Chairman, U.S. COMMODITY FUTURES TRADING COMMISSION John Doran, Global Director, Trade Monitoring & Surveillance, CONOCOPHILLIPS REGISTRATION ENQUIRIES: Contact Adriana Cicic E: [email protected] T: +44 (0) SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov E: [email protected] T: +44 (0) Howard Gruenspecht, Deputy Administrator, U.S. Energy Information Administration (EIA), U.S. DEPARTMENT OF ENERGY Sean Collins, Deputy Director, Division of Analytics and Surveillance, FEDERAL ENERGY REGULATORY COMMISSION Gary Taylor, Chief Risk Officer, BP ENERGY COMPANY Brett Humphreys, Global Chief Risk Officer, Commodities Division, MORGAN STANLEY Glen Mackey, Chief Risk Officer, NRG ENERGY Uzi Rosha, Chief Compliance Officer, CARGILL Robert Brandenburg, Vice President, Risk Management, PEABODY ENERGY Marc Merrill, Senior Legal Counsel and Chief Compliance Officer, E.ON GLOBAL COMMODITIES NORTH AMERICA Dwight Jacobs, Chief Risk Officer, DUKE ENERGY Presentation sponsors: Co-sponsor: Hosted by: Powered by: Supporting Associa tion: Accredited by: Follow us: #ERUSA

2 Hilton Houston Post Oak, May 11-14, 2015 REGISTRATION ENQUIRIES: Contact Adriana Cicic T: +44 (0) E: SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov E: T: +44 (0) DEAR COLLEAGUE, The commodity trading and risk management industry is in for a busy year. After a quiet few years across oil and natural gas markets, things have now decisively changed. That is increasing the need for refiners, airlines, utilities and even governments to review the way they take and manage risk. The moves have created winners and losers across the market and the experiences of both are instructive to us all. Meanwhile, the regulatory hangover from the 2008 financial crisis wears on. Banks, for one, are attempting to reshape their businesses and reposition themselves to prosper in commodities, despite the burden of higher capital requirements and fresh regulation. Under the US Dodd-Frank Act, the Commodity Futures Trading Commission (CFTC) is pushing on with plans to impose new rules, including a system of position limits for commodity derivatives. Other jurisdictions such as the European Union are also set to impose new requirements this year, which will likely have an impact on many US companies. Added to that, the US Federal Energy Regulatory Commission (FERC) is continuing to aggressively pursue instances of suspected market manipulation in power and gas markets. Energy Risk Summit USA is the perfect place to discuss these developments, make new connections with others in the market and learn from their experiences. Among this year s highlights are sessions on the effect of position limits, the direction and impact of crude oil prices, the future of banks in commodities and the impact of changes in market structure. We are delighted to welcome keynote speakers from the CFTC, EIA and FERC, plus many other sessions on industry best practice in energy trading and risk management. This conference is now in its 19th year and receives consistently positive reviews from our delegates. It is also the only Houston-based event powered by the sophisticated and intelligent insight offered by Energy Risk a 21 year-old brand regarded as a must-read by those who are in the know. Come to Energy Risk Summit USA and let us welcome you into the fold. Mark Pengelly Editor, Energy Risk

3 WHO SHOULD ATTEND? The following job titles: Chief Executive Officers Chief Compliance Officers Chief Financial Officers Chief Risk Officers Heads of Risk Management Heads of Compliance Heads of Derivatives Heads of Commodities Heads of Business Developments By company: Energy Companies Utilities Hedge Funds Investment Banks Technology Vendors Regulatory Agencies Heads of Structured Products Risk Managers Market Analysts Portfolio Managers Quantitative Analysts Pricing Analysts Financial Engineers Traders Trade Control Managers Managers of Origination Consultancies Legal Firms Trading Houses Exchanges Refineries BY ATTENDING ENERGY RISK SUMMIT USA, YOU WILL: Network with senior risk professionals, traders, quantitative analysts, commodity researchers and regulators Receive a thorough update on regulatory initiatives and latest developments in global energy markets Engage in two interchangeable streams to tailor your learning experience Sharpen your skills in the tutor- led workshops Be a part of the global Energy Risk community and one of the most established events of its kind! WHAT DELEGATES SAID ABOUT THE 2014 CONFERENCE: Energy Risk USA 2014 was a terrific gathering of the leaders in the energy risk field. Starting with a national energy policy overview was an inspired idea. Senior Adviser to the Secretary, U.S. DEPARTMENT OF ENERGY Very well planned, perfect timing and length of presentations and coffee breaks. It would not be exaggeration to say that this is the best planned conference I ve ever seen. Vice President - Markets Quantitative Analysis, CITIGROUP Insightful event that brings the top energy risk managers in North America together to progress the Energy Risk industry. Senior Supervisor, Risk Management, GIBSON ENERGY A compact, content-rich, venue for re-connecting with many of the leaders in Energy Risk in North America. Executive Director, Risk Transformation, ERNST & YOUNG

4 PRE-CONFERENCE WORKSHOP, MAY ENERGY INDUSTRY RISK MANAGEMENT PRACTICES AND STANDARDS Led by: Bob Anderson, Executive Director, COMMITTEE OF CHIEF RISK OFFICERS (CCRO) Sid Jacobson, Management Consultant, Energy Markets, Risk and Compliance Hilton Houston Post Oak, May 11-14, 2015 REGISTRATION ENQUIRIES: Contact Adriana Cicic E: T: +44 (0) SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov at: E: T: +44 (0) Registration and breakfast 9.00 Setting the foundation About the CCRO survey Demographics of survey participants Introductions of workshop participants Workshop participant objectives Structure and organization of the workshop 9.45 Organization design Reporting lines of the risk function(s) Comparison of reporting lines versus company demographics Size of risk function & comparative take-aways Duties assigned to risk management versus the front office Who monitors risk limits? Regulatory reporting Legal support Morning break Governance and practices Typical maximums for value and tenor for approving a contract without Board approval? Frequency the risk function performs analyses and reporting (e.g. stress-tests, scenario analysis, back testing, and credit reviews) How companies respond to violations of their risk policy Corporate credit exposure limits Instruments used to mitigate credit exposures Functions responsible to validate and mark to market forward price curves Methods used to validate forward curves Risk metrics and measurement Current standard metrics for market, credit and liquidity risk Frequency measures are reported Frequency of stress testing Common scenario analyses Metrics for internal limits Lunch 1.30 Internal reporting practices Metrics are most risk functions report to their corporate executives Difference in risk metrics reported based on the size or complexity of a company s business Report metrics for return on capital Other metrics 2.15 Information systems Use of spreadsheets Third-party applications vs. internally developed applications Centralization of Energy Trading and Risk Management systems Role of ETRM systems Types of systems are companies using for Market Risk analysis Types of systems are companies using for Credit Risk analysis 3.00 Afternoon break 3.30 Regulatory and organization compliance Departments responsible for reporting to various regulators Reporting swaps under Dodd-Frank rules Record keeping and phone calls and instant messages Trade surveillance 4.00 Capital allocation Risk management function s role in capital allocation process Scope of the capital allocation process Review of effectiveness of capital allocation Metrics used to measure capital allocation performance 4.30 Wrap-up Review of objectives Key conclusions Summarize actions 5.00 End of workshop For detailed information about workshops and tutors, please visit

5 POST-CONFERENCE WORKSHOP, MAY LNG MARKETS, PRICING AND RISK Led by: Tamir Druz, Director, CAPRA ENERGY GROUP Hilton Houston Post Oak, May 11-14, 2015 REGISTRATION ENQUIRIES: Contact Adriana Cicic E: T: +44 (0) Registration and breakfast 9.00 I. Introduction and setting objectives II. The global LNG market: Fundamental drivers and trends Current and emerging sources and trends for LNG supply and demand by region Fiscal and regulatory drivers of demand by sector (e.g., power gen, marine fuel, etc.) Global LNG trade flows: LNG supply and demand hubs and capacities Spot market price levels, spreads & drivers Morning break LNG forward market prices, volatilities and correlations Sources and uses for observable spot and forward LNG prices (e.g., Platts, ICAP) Methods and applications of netback-based price estimation Curve construction based on proxies (e.g., Brent Crude, Henry Hub, NBP) Volatility and correlation curve construction methods and applications Excel examples: Netback price calculations, etc. Case Study: Build a Long-Term Forward Price Curve Starting with observed long-term transactions and historical data, use proxy-based method to estimate long-term forward price curves for selected markets 1.00 Lunch 2.00 I. LNG Risk control environment: Systems, processes and organizational issues Integration of LNG business with legacy ETRM systems Incorporating LNG activity into risk policies and procedures Customization of risk metrics and risk limit structure for LNG Other organizational and process considerations for LNG II. Review of objectives and Q&A 4.00 End of workshop SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov at: E: [email protected] T: +44 (0) For detailed information about workshops and tutors, please visit

6 DAY ONE, MAY Registration and breakfast 8.50 ENERGY RISK welcome address 9.00 OPENING KEYNOTE ADDRESS FROM THE CFTC CHAIRMAN Timothy Massad, Chairman, U.S. COMMODITY FUTURES TRADING COMMISSION 9.40 PANEL DISCUSSION: Implications of position limits on the US commodity business Will energy companies have the flexibility to manage their commercial risk using the bona fide hedging exemptions in the CFTC s position limits regime? How can the industry best communicate its concerns to the CFTC as the Commission moves towards a final rule? Will the CFTC s final rule on position limits survive another court challenge? Michael Berry, Compliance Manager, PETROCHINA Zarin Imam, Chief Compliance and Regulatory Officer, IBERDROLA ENERGY HOLDINGS Further speakers to be confirmed, for further updates please visit Morning break STREAM ONE STREAM TWO Chairperson s opening remarks Chairperson s opening remarks PANEL DISCUSSION: Intended and unintended consequences of Dodd Frank Has Dodd-Frank accomplished what it was designed for? How will the industry recover from reduced market liquidity? Managing increased collateral and transactions costs Operating in the market with fewer counterparties David Louw, Director, Risk Management Group, Compliance MACQUARIE GROUP Paul Hughes, Manager, Risk Control, SOUTHERN COMPANY Marc Merrill, Senior Legal Counsel and Chief Compliance Officer, E.ON GLOBAL COMMODITIES NORTH AMERICA Further speakers to be confirmed, for further updates please visit energyriskusa. com Economic impact related to regulatory investigations tied to commodity trading Understanding financial, operational and reputational risk Reviewing approach to modelling and communicating financial impact How can trade monitoring and surveillance systems mitigate risk? John Doran, Global Director, TradeMonitoring & Surveillance, CONOCOPHILLIPS Setting up and managing a global risk management team Running an integrated team for risk, credit, anti-money laundering and contract confirmations Global operational responsibility: Managing the risk team across the globe Robert Brandenburg, Vice President, Risk Management, PEABODY ENERGY Managing risks associated with cyber attacks How real is cyber risk in energy markets? How vulnerable is your infrastructure? What are the current and emerging cyber threats in energy sector? Speaker to be confirmed, for further updates please visit

7 DAY ONE, MAY Lunch and opportunity to visit the exhibition 1.20 Managing the Mother Nature: Effective risk management strategies in extreme weather conditions Is your risk group prepared to tackle extreme weather? Managing extreme back-to-back weather events Speaker to be confirmed, for further updates please visit 2.00 Breakeven oil price: The Bakken case study The Bakken Play: Characteristics and production trends Decline curve estimation The concept of breakeven price: Uses and misuses Vincent Kaminski, Professor, RICE UNIVERSITY S JESSE H. JONES GRADUATE SCHOOL OF MANAGEMENT 2.40 Afternoon break Changing LNG market and pricing structure LNG market Global and the US markets Gas/LNG pricing strategy and price indexation in the global gas market LNG pricing and long-term contracting LNG curves Forward v/s spot HH v/s Brent - Forward curves LNG shipping Netbacks Ajay Batra, Director, Business Operations, CHENIERE ENERGY Michael Priess, Director of Quantitative Analytics, CHENIERE ENERGY Fuel hedging in times of extreme volatility Lessons learned from the drastic collapse in oil prices Choosing the hedging strategy: To hedge or not to hedge? Structuring your hedge portfolio based on market trends: How to manage extreme events? Speaker to be confirmed, for further updates please visit 3.10 AFTERNOON KEYNOTE ADDRESS: Implications of alternative crude oil price paths Review of the oil price freefall and future movements Implications of the oil price volatility on the US E&P sector Macro-political impact of oil price volatility on oil-dependent countries Howard Gruenspecht, Deputy Administrator, U.S. Energy Information Administration (EIA), U.S. DEPARTMENT OF ENERGY 3.50 Energy market structures Overview of industry structure Observations on recent changes Influence of recent regulations Infrastructure trends Market complexity Glen Mackey, Chief Risk Officer, NRG ENERGY

8 DAY ONE, MAY PANEL DISCUSSION: Concentration risk and liquidity stress-testing in the current market environment Overview of the conventional variables and data sources: What is available beyond that? Measures helping to understand the aggregate positions taken by each desk Managing concentration risk: What drivers impact seemingly dispersed assets and how can we manage them across the portfolio? ETRM function on the liquidity stress-testing Brett Bucci, Head of Risk, RWE TRADING AMERICAS Christian Ferrer, Head of Risk - Americas, VITOL INC. Peter O Neill, Chief Risk Officer, Head of Finance, E.ON GLOBAL COMMODITIES NORTH AMERICA Further speakers to be confirmed, for further updates please visit 5.10 Chairperson s closing remarks 5.20 Drinks reception The Energy Risk Awards recognise excellence across global commodities market as well as provide a unique opportunity for companies across the industry to gain valuable recognition and kudos. These awards provide a unique opportunity for your company to gain valuable recognition and kudos. Winning an Energy Risk Award sets you apart from your competitors and is a tangible accolade that demonstrates to your clients and peers that you have excelled within your sector. Please visit the website for more information on the Energy Risk Awards or contact Rachel Morrissey on [email protected] REGISTRATION ENQUIRIES: Contact Adriana Cicic at: E: [email protected] T: +44 (0) SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov at: E: [email protected] T: +44 (0)

9 DAY TWO, MAY Registration and breakfast 8.50 Chairperson s opening remarks 9.00 OPENING KEYNOTE ADDRESS: Examining the long-term impact of CFTC rule-making on the US energy sector and its dependents Christopher Giancarlo, Commissioner, U.S. COMMODITY FUTURES TRADING COMMISSION 9.40 THE CRO MORNING BRIEFING: Thinking ahead of the curve: Is your risk group prepared for extreme market events? Brett Humphreys, Global Chief Risk Officer, Commodities Division, MORGAN STANLEY Dwight Jacobs, Chief Risk Officer, DUKE ENERGY Glen Mackey, Chief Risk Officer, NRG ENERGY Gary Taylor, Chief Risk Officer, BP ENERGY COMPANY REGULATORY KEYNOTE ADDRESS: What s new in FERC enforcement and surveillance Sean Collins, Deputy Director, Division of Analytics and Surveillance, FEDERAL ENERGY REGULATORY COMMISSION Morning break STREAM ONE STREAM TWO Chairperson s opening remarks Chairperson s opening remarks Assessing FERC and CFTC enforcement initiatives and the impact on market participants Reviewing CFTC and FERC regulatory agenda Understanding your obligations and building an effective compliance program What can we learn from the recent market manipulation cases? Long-term outlook for energy trading compliance and enforcement actions Speaker to be confirmed, for further updates please visit PANEL DISCUSSION: Targeting specific issues with enhanced ETRM functions The essential tool box components that would allow efficiently create and design automated stress-testing Customized approach: Systems for individual portfolios under certain market conditions Assets based metrics and ETRM capabilities for multi commodity portfolios What needs to happen in the ETRM space? Regulatory concerns at firms and focus on openness on processes at vendors Minal Dalia, Global Head of Middle and Back Office, TRAILSTONE Zarin Imam, Chief Compliance and Regulatory Officer, IBERDROLA ENERGY HOLDINGS Akshay Singh, Director Commercial Systems, CALPINE Further speakers to be confirmed, for further updates please visit Developing fundamental information driven trading strategy Utilizing knowledge on market fundamentals on the trading floor Employing real - time information in trading Data capabilities and limitations Speaker to be confirmed, for further updates please visit Establishing the Risk Adjusted Return on Capital (RAROC) metric for transaction pricing and capital investment decision making Risk pricing in energy commodity transactions Capital investment decision with risk appetite constraints Implementation of the RAROC framework Haibin Sun, Head of Risk Analytics, EXELON CORPORATION

10 DAY TWO, MAY Assessing your front office data architecture capabilities Managing different sets of data referential data, market data and position data How do you avoid creating a junk yard of different data spreadsheets in multiple systems? How to integrate data with the overall analytics capabilities so that accessing and utilizing different data pools would be seamless? Speaker to be confirmed, for further updates please visit Heuristics and quantitative analysis of power markets Quantitative analysis in power markets with small or/and questionable quality data Incorporating expert opinions and qualitative information in the quantitative analysis by a proper use of heuristics Improving decision analysis by reducing information loops between quantitative analysis and heuristics Ismael Arciniegas Rueda, Head of Structuring and Quantitative Analysis, PSEG ENERGY RESOURCES AND TRADE 1.30 Lunch and opportunity to visit the exhibition 2.30 Maturing an Enterprise Risk Management (ERM) program Identifying the cultural and behavioral attributes of the risk intelligent company Assessing the company s current state and gaps to desired performance Developing the tools and processes to evolve the company s capabilities Setting aspirational goals and a reasonable timetable to mature in them Dwight Jacobs, Chief Risk Officer, DUKE ENERGY 3.10 PANEL DISCUSSION: Revisiting the role of Wall Street in commodity markets Fighting for liquidity: How does banks departure from the commodities business impact liquidity in the market? Who is going to step in and fill in the void in the market? Will we see traditional players returning when liquidity spreads widens? How about banks that stayed in the game? Is that historic circumstances, superior skills, plain luck or timing that allowed them to stay in the business? Managing additional regulatory pressures from the incoming Volcker and Swaps push-out rules Liquidity crises, new regulations and banks exiting the business is it the way of market correcting itself? Will commodity business swing back to where it was? Brett Humphreys, Global Chief Risk Officer, Commodities Division, MORGAN STANLEY Glade Wishart, Chief Compliance Officer, DB ENERGY TRADING Uzi Rosha, Compliance Officer, CARGILL Further speakers to be confirmed, for further updates please visit 3.50 Chairperson s closing remarks 4.00 End of the conference

11 SPONSORS Presentation sponsors: Co-sponsor Supporting Association In an increasingly regulated world, we have an exceptional ability to help clients navigate their most complex business problems, deals and disputes. Our distinctively collaborative culture allows us to be truly one team globally, drawing on the diverse experience of lawyers and advisors across the firm by seamlessly sharing insight and expertise. What sets us apart is our ability to combine the tremendous strength in our litigation, investigations, and corporate practices with deep knowledge of policy and policymakers, and one of the world s leading regulatory practices. This enables us to create novel solutions to our clients toughest problems, successfully try their toughest cases and deliver commercially practical advice of the highest quality. cov.com INTL FCStone Inc. provides customers across the globe with execution, clearing and advisory services in commodities, capital markets, currencies, asset management and more. INTL FCStone s customers include the producers, processors and end users of virtually every major traded commodity; commercial counterparties; governmental, non-governmental and charitable organizations; institutional investors; brokers; professional traders; commercial banks; and major investment banks. We offer these customers a comprehensive array of products and services. Among these services are our proprietary Integrated Risk Management Program (IRMP), as well as exchange and OTC execution and clearing services, designed to limit risk and enhance margins and bottom-line results; physical trading in precious metals and grains; a global foreign exchange and currency payment service; asset management; equities market-making; securities execution and trading; and investment banking advisory services. intlfcstone.com Sword Active Risk provides the world s first risk management software that drives business performance by enhancing visibility, accountability and confidence at project, program and enterprise levels. Active Risk Manager (ARM) is the first solution available which integrates Risk Management, Cost Management and Schedule Management to show the real impact of risk, to enable betterinformed decisions, and the ability to leverage risk to create competitive advantage. Sword Active Risk is the project risk software provider of choice for the world s leading Oil & Energy projects. Sword Active Risk has offices in the USA, UK and Australia, servicing customers worldwide directly and through a growing network of partners. sword-activerisk.com The CCRO is an independent non-profit corporation of member companies, founded in 2002 and dedicated to encouraging the use of these best practices to support the financial health and effectiveness of both energy companies and the energy industry overall. Our member companies are continuously improving themselves and the energy industry through CCRO development, publication, promotion, and training, all regarding these shared best practices. Because the CCRO is a company membership organization and the issues we address are so very diverse, many functionaries from our member companies are involved not just Chief Risk Officers. Participants in CCRO activities typically include the professions of risk, treasury, finance, audit, compliance and accounting, to name a few. Our membership is as diverse as our industry, ranging from major oil companies and the largest utilities to merchant trading companies and power system operators. Regardless, all share the same need for clear guidance on new methods and tools to establish a strong foundation for future growth in this industry. We view this as an opportunity to establish industry practices to benefit market participants, investors, and ultimately consumers. ccro.org REGISTRATION ENQUIRIES: Contact Adriana Cicic at: E: [email protected] T: +44 (0) SPONSORSHIP OPPORTUNITIES: Contact Peter Petkov at: E: [email protected] T: +44 (0)

12 BOOKING INFORMATION BACK TO: 4311/15 BUY-SIDE* Early bird 1 Book by 27th February 2 day conference + pre AND post conference workshop (4 day) Early bird 2 Book by 9th April Full Price $3999 $4199 $4799 SELL-SIDE** Early bird 1 Book by 27th February 2 day conference + pre AND post conference workshop (4 day) Early bird 2 Book by 9th April Full Price $4699 $4899 $ day conference + pre OR post conference workshop (3 day) $3199 $3599 $ day conference + pre OR post conference workshop (3 day) $3899 $4099 $ day conference only $2399 $2799 $ day conference only $3099 $3299 $3599 Conference workshop only $1099 $1199 $1299 Conference workshop only $1199 $1299 $1399 If only attending one workshop, please tick which you wish to attend: Pre-conference; Post-conference. *BUY-SIDE RATE: Includes energy companies, hedge funds, asset managers, corporate end users, insurance companies and institutional investors **SELL-SIDE RATE: Includes banks, consultancies, technology vendors, software providers and other service providers N.B. Energy Risk subscribers receive a 20% discount. To claim your subscriber rate please quote your subscription reference number here: REGISTRATION DETAILS Please complete your details below in block capitals title last name first name PAYMENT DETAILS Please complete your details below in block capitals i enclose a check payable to incisive financial publishing ltd. job title/position department company address address post/zip code telephone approving manager training manager country fax please debit my: amex visa maestro mastercard card no expiry date: / security number: issue number: valid from date: / account address if different from left signature date for companies in eu member states only, please write your vat/tva/btw/iva/mcms/mwst/fpa number here: Disclaimer: We accept bookings on the understanding that if we cannot meet our obligations because of circumstances beyond our control, we will not be held liable for loss suffered by you or a third party. This includes (without limitation) a change in the programme or an alteration to the venue and/or speakers. Venue Rules: You must comply with all rules, regulations, and other reasonable instructions of the owner of the venue at which the event is taking place. Photography: Photography and/or recording (whether visual or aural) of the proceedings of the event without our prior written consent are strictly prohibited. Personal Effects: We are not responsible otherwise liable to you for loss or damage to your personal property while you are in attendance at the venue at which the event is taking place. Liability: Except in relation to personal injury/death arising from our negligence or fraud, we shall not be liable to you for any sum greater than the amount you are liable to pay to attend the event. Cancellation/Substitution: Cancellations must be received in writing more than three weeks before the event. If a cancellation is received within three weeks of the event the delegate fee will be payable in full. Cancellations more than three weeks before the event are subject to a 10% administration fee. A substitute delegate is always welcome, but the organiser MUST be notified in advance of the event to avoid incurring a charge. Delegate substitutions may NOT be made at the event. If you do not attend the event or notify us of your intention to cancel, the full fee will still be payable. Payment: Payment must be received before the event start date. If we have not received payment in full by the event start date, you will be required to provide a credit card guarantee on the day to gain entry. Data Protection: By registering for Energy Risk summit USA, Incisive Risk Information Limited 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 Risk Information Limited via a particular medium, please tick the following relevant boxes: Mail Tel . Incisive Risk Information Limited 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 check the relevant boxes: Mail Tel