JBC Energy GmbH, Tel: +43 1 513 49 22, conference@jbcenergy.com, www.jbcenergy.com , Registered with Commercial Court of Vienna, FN 304295

Analytics. Studies. Modelling. The Oil and Gas Market’s Independent Research Centre.

JBC Energy Market Views from Singapore

Matters Mirroring the Vienna JBC Energy Matters Seminar to be held in

September, this seminar will offer 2 full days of JBC Energy’s fundamental analysis, with in-depth coverage of oil supply, demand, refining, crude and product balances

Interactive presentations with the opportunity to ask questions and consult an expert panel of JBC Energy senior analysts

Our evening reception allows participants to take advantage of networking opportunities with industry peers & the JBC team

This is a unique chance to access JBC Energy’s latest research material, featuring 400+ comprehensive JBC slides and a special Excel data compilation

Closed Doors - No Media - No Promotional Presentations

Be sure to book soon - limited places available!

3-4 October 2018

For registration & more information, please visit www.jbcenergy.com/seminar or contact us at conference@jbcenergy.com

2 conference@jbcenergy.com, www.jbcenergy.com

JBC Energy

SINGAPORE

Matters

F ollowing the success of our

inaugural JBC Energy Matters

seminar in Vienna last year,

and complementing this year’s

Vienna event, we are very pleased

to announce that we will be holding

a 2018 seminar in Singapore on 3-4

October, 2018.

■ Spend two days immersed in

stimulating presentations and

discussions, covering the most

relevant aspects of Upstream,

Downstream, and Natural Gas

markets.

■ The first day will focus on

near-term developments, while

the second day will provide our

mid- to long-term insights.

■ Content is key – no media will be

present at the conference, nor will

promotional presentations be

given.

■ To maximise the value of your

attendance, we will provide you

with a comprehensive slide package

covering all sessions which will

include our cutting-edge research.

■ By holding a seminar in

Singapore, we aim to give our

clients and interested parties in the

region the opportunity to attend one

of our seminars without having to

travel to our headquarters in

Europe.

The Conference at a Glance

For the latest seminar updates, please visit our website:

www.jbcenergy.com/seminar

JBC Energy GmbH Wollzeile 6-8 1010 Vienna, Austria Tel. +43 1 513 4922

conference@jbcenergy.com www.jbcenergy.com

2017 Vienna delegate feedback:

“The best unbiased analytics on

the market”

“Excellent for the opportunity

to meet with the people who are

behind the studies”

“Overall very high quality

content, presented in a very

good fashion.”

“...outstanding event...”

“This seminar is very useful

and impressive and I hope JBC

holds this seminar at several

locations”

■ 98% said they would come again.

■ 93% of participants rated the quality of the presentations as excellent or very good.

■ 100% of participants said they would recommend the seminar.

This event will also be mirrored

in Vienna, Austria on

6-7 September, 2018.

SINGAPORE

JBC Energy Matters

Day 1

Near-Term Outlook (Q4-2018 & 2019)

9:15 Pre-Seminar Program

McQuilling Tanker Market Outlook

10:00 Welcome & Introduction

10:10 BoOM! Benigni on Oil Markets – Market over-

view with our founder, Johannes Benigni

Gives an overview of our main findings and

messages, as well as various base-case assump-

tions for both the near and mid-to-long term

11:00 Coffee Break

11:30 Global Supply Outlook

Outlook overview on a regional/key country

basis; major new streams; major uncertainty

factors

12:00 US Shale Outlook

Modelling approach; review of recent trends in

major shale plays; drilling indicators; technolog-

ical progress; investment, financing, and hedg-

ing; revisions, outlook, and scenarios

12:30 The Role of OPEC

Organisation, meetings, decision making; pro-

duction outlook; assumed policy targets and

alternatives; effectiveness of OPEC policy; is an

exit/moderation strategy needed?; OSP pricing

13:00 Lunch Break

14:30 Crude Oil Barrel

Refinery intake expectations; direct crude use;

crude and condensate balance development

and price implications; market structure; crude

trade flows; crude differentials (quality, arbi-

trage)

15:00 Short-Term Demand Outlook

Measuring oil demand—concepts and difficul-

ties; recent trends; highlights by region and

product; China as the main uncertainty factor;

forecast changes; oil price sensitivities

15:30 Top of the Barrel

Review of recent trends and demand outlook

comparison for gasoline, naphtha, LPG, and

ethane; seasonal aspects; balances and relative

chance of shortages; crack/spread outlook; key

trade developments

16:00 Middle of the Barrel

Review of recent trends and demand outlook

comparison for jet/kero, diesel, and other gas

oils; sulphur spreads; regrade development; role

of heating fuels; balances, trade and pricing

outlook

16:30 Coffee Break

17:00 Bottom of the Barrel

Fuel oil demand developments and outlook;

supply trends and main influencing factors; fuel

oil pricing relative to secondary feedstocks and

asphalt; VGO outlook; outlook comparison for

cracked fuel oil and secondary feedstocks; focus

on Russia

17:30 Refining Fundamentals 1-Year Outlook

Trends in refining economics (by region and set-

up); spare capacity; capacity additions (CDUs and

secondary units); crude intake outlook by main

country/region; yield patterns and potential

adjustment needs; refining margin outlook

18:00 Tail End Risks for Q4-2018 & 2019

What we see as the main risks to our base case

outlook; price outlook sensitivity; possible black

swan events;

19.00 Dinner / Evening Event

SINGAPORE

JBC Energy Matters

Day 2

Mid & Long-Term Outlook (2-10 years)

9:00 Natural Gas Outlook

Global gas fundamentals; Asian LNG import mar-

kets; supply outlook by main contributors; LNG

project review; price outlook, gas market inte-

gration and liberalisation; Asian gas hub contest

9:45 Supply: The Role of Investment, Technology, &

Efficiency

Putting global investment volume estimates into

perspective; necessary additions and decline

rates; upstream player priorities; project rede-

sign; technology advances and improving

efficiency; EOR impact; cost of production

10:30 Long-Term Supply Outlook

Supply growth by main contributors and streams

(crude, NGLs, other liquids); major new projects;

regional outlooks by country; improved access to

resources; major uncertainty factors; global

crude slate changes

11:00 Coffee Break

11:30 Long-Term Demand Outlook

Outlook per region, product, and sector; GDP

assumptions; forecast revisions; main candidates

for demand substitutions and lack thereof; brief

look at minor products such as asphalt, coke,

ethane; forecast comparison; peak demand and

12:00 Supply/Demand Balances & Price Outlook

Relevant concepts; total liquids balance outlook;

regional crude balances and trade flows; price

forecast; storage assumptions; expected upper

and lower limits for equilibrium prices with the

focus on oversupply scenarios

12:30 Lunch Break

14:00 Transportation Fuels

Current status; impact of regulation and VW

scandal; e-mobility assumptions; emission regu-

lations; demand assessment and scenario analy-

sis for Europe; global picture; jet fuel demand

and main defining factors

14:45 Bunker Fuel Outlook – IMO Updates

Expected mix of future bunker fuels; update on

implementation approaches and scrubber use;

ability of the refining industry to produce on-

spec fuel oil; update on latest investments; impli-

cations for conversion economics and other

products; way forward

15:15 IMO Impact on Crude Markets

Price outlook for relevant products and crudes;

call on suitable crudes for low-sulphur bunker

and their availability; how will an imbalance in

crude market be handled?; new investment

needs; implications for regional crude trade

flows

15:45 Coffee Break

16:15 Refining Fundamentals Long-Term Outlook

Refining capacity outlook and defining factors;

likelihood of investments; implications of envi-

ronmental legislation; regional utilisation out-

look; margin outlook; yield assumptions, product

balances, and relative product price trends;

product trade flows

16:45 Key Takeaways & Longer-Term Tail End Risks

From both a regional perspective (Americas –

Europe – Russia – Middle East – Asia) and for the

different players (refiners – traders – upstream –

financial); key uncertainty factors

17:00 End of Seminar

SINGAPORE

JBC Energy Matters

City

Singapore

Selamat datang ke Singapura! We are very pleased to say

that JBC Energy will host its JBC Energy Matters

Seminar in Asia for the first time in 2018 and Singapore

has been selected as the destination. This vibrant, multi-

cultural city state is home to one of the world’s largest oil

trading hubs and should prove a perfect location for our

clients and analysts to come together for some great

discussions on the outlook of energy markets.

Seminar Location Novotel Singapore Clarke Quay

The JBC Energy Matters seminar will take place at the

Novotel Singapore Clarke Quay Hotel. The hotel is

located in the heart of Singapore in the famous Clarke

Quay area which is renowned for bringing history and

entertainment together to give visitors a very unique

experience.

Novotel Singapore Clarke Quay

177A River Valley Road,

Singapore 179031

Day 1

Evening Reception

At the end of the first day attendees will be able to take

part in a specially organised evening event and enjoy

some great food and drink while relaxing and

exchanging ideas with our analysts and their fellow

attendees.

Should you wish to attend this networking event, please

be sure to check the respective box in the Registration

& Participation Form. (see also next page)

6 conference@jbcenergy.com, www.jbcenergy.com

JBC Energy

SINGAPORE

Matters

JBC Energy Matters Seminar– Market Views from Singapore

Registration and Participation Form

T his 2-day Seminar will offer

in-depth presentations and

workshops on all major areas

of JBC Energy’s oil & gas markets

and industry research, the

opportunity for great face-to-face

interactions with our analysts, an

excellent chance for networking and

exchanging views as well as the

possibility to explore JBC Energy’s

in house Supply, Demand and

Pricing Model (SuDePTM).

3-4 October 2018

Novotel Singapore Clarke Quay

177A River Valley Road

Singapore 179031

If you want to make use of our

multiple attendee registration for

your firm, please reach out to us at

conference@jbcenergy.com.

Please note that our offer may be

subject to change.

Seminar Fees*

JBC Energy Retainer Client

1st Attendee

Early Bird Fee** (USD) 1,800

Full Fee (USD) 2,400

Additional Attendees

Early Bird Fee** (USD) 1,200

Full Fee (USD) 1,800

NON JBC Energy Retainer Client

1st Attendee

Early Bird Fee** (USD) 3,600

Full Fee (USD) 4,200

Additional Attendees

Early Bird Fee** (USD) 2,400

Full Fee (USD) 3,000

* Seminar Fees cover the content and services as

outlined in this document and also include confer-

ence material as well as lunch and refreshments for

the 2-day Seminar.

** Early Bird Fee applies to bookings received by

JBC Energy no later than 06 July, 2018.

JBC Energy GmbH (also referred to as “JBC”), Wollzeile 6-8, 1010 Vienna, Austria, info@jbcenergy.com, Tel: +43-1-513 49 22, Registered with Commercial Court of Vienna, FN 304295

For registration, please return this signed form to conference@jbcenergy.com.

Attendee Company (also referred to as “Client”):

Company name

Street

Zip Code City

Country

VAT Number (EC Only)

Tel.

Client Accounts/Billing Address

Attn

Position

E-Mail

Tel.

Mobile

Attendee Details

Same as Client Contact Person

Last Name

First Name

Position

Location

Tel.

E-Mail

I would wish to participate in the complimentary networking event

Signature

Signature of this Form constitutes acceptance of the applicable Terms and Conditions – see Terms & Conditions.

Signee Details

Name

Title

Date

7 conference@jbcenergy.com, www.jbcenergy.com

JBC Energy

SINGAPORE

Matters

JBC Energy Matters Seminar– Market Views from Singapore

Terms & Conditions - Registration & Participation

1. Parties to this Agreement:

The Client (as defined in the Registration

& Participation Form) and JBC Energy

(defined as JBC Energy GmbH and its

Subcontractors) are collectively referred to

as the "Parties" and each as a "Party" to

this Agreement.

2. Payments:

The invoice issued is payable within [14]

days of receipt but latest by 26 September

2018. Payments shall be deemed effective

when the invoiced amounts are credited to

the accounts of JBC Energy in Vienna,

Austria. The bank account details will be

provided separately. All payments made by

the Client pursuant to this SSA shall be

paid without deduction for or on account of

any present or future taxes unless the

Client is required by law to deduct such

taxes. In that event: (a) all taxes required

by law to be deducted or withheld by the

Client from payments under this SSA shall

be paid by the Client when due with a copy

of the official certificate acknowledging

payment from the appropriate authorities

being provided forthwith to JBC Energy;

and (b) the Client shall pay such additional

amount to JBC Energy so that JBC Energy,

after the deduction or withholding for or on

account of taxes, receives the full seminar

fees.

The Client shall indemnify JBC Energy

against any claims on the basis of taxes

payable in any country other than Austria

and the Client shall hold JBC Energy

harmless from any obligations arising from

the Client’s country tax regulations and any

potential costs associated with such

obligations such as, but not limited to,

employment of tax advisors or

administrative staff.

3. Cancellation Policy: No refunds will be made for Client

cancellations received by JBC Energy one

month or less prior to the event start date.

Client cancellations received by JBC

Energy up to one month before the event

start date will be subject to a 50% fee. In

case of any payments to be made by the

Client following a cancellation of

participation by the Client, the Client shall

be entitled to EITHER receive the

conference materials OR receive the

payable fees’ value in the form of other

JBC Energy services at the Client’s sole

discretion, of which the Client shall notify

JBC Energy in writing (email shall

suffice). In the unlikely event of

cancellation of the seminar by JBC Energy,

registration fees will be refunded in full,

and JBC Energy shall have no further

liability.

4. Substitution Policy: Named Attendees may only be substituted

with the prior consent of JBC Energy.

5. Disclaimer:

Seminar Attendees are responsible for their

own travel arrangements, hotel

accommodation and costs. JBC Energy will

not resume any responsibility or liability

for these arrangements. JBC Energy will

not accept liability for non-approval of

visas, individual transport delays and

transport disruptions, and in such cases, our

normal cancelation policy and penalties

apply. Where matters beyond the

reasonable control of JBC Energy impair or

prevent JBC Energy from being able to

perform their obligation pertaining to the

event, the Client/Attendee releases JBC

Energy from any liability, incidental or

consequential, to such matters. JBC

Energy, when held contractually liable by a

third party for any property damage and/or

personal injury caused by a specific

Seminar Attendee during the Seminar, shall

be fully reimbursed by this respective

Seminar Attendee for any costs which JBC

Energy may have to shoulder.

6. Intellectual Property:

The Client/Attendee agrees and

acknowledges that all proprietary rights,

including but not limited to copyrights,

patents and trade secrets in the seminar

services, other analytical advice, related

data and information and in all components

thereof (the “Intellectual Property”), are

and shall remain the property of JBC

Energy and its sources and providers and

that nothing in any part or the whole of this

framework shall be construed to transfer or

convey any Intellectual Property rights.

The Client shall not communicate,

distribute, transfer, sell, or otherwise

furnish or permit to be furnished any

seminar materials or information contained

therein or provided in connection therewith

to any non-participant without the express

written consent of JBC Energy. No

recording or other reproduction of the

seminar of any kind is permitted. The

Client/Attendee shall honour and comply

with all reasonable requests to protect the

contractual, statutory, and common law

rights of JBC Energy, its sources and

providers. The Client acknowledges that

JBC Energy is entitled to injunctive relief

to prevent a breach or future breach of the

provisions of this clause 6 without

prejudice to any other relief including a

claim for damages.

Any and all pictures or other recordings of

the seminar and any related events

arranged for by JBC Energy remain the

sole intellectual property of JBC Energy

and the Client/Attendee gives his/her

explicit consent that JBC Energy may use

pictures or other recordings for JBC

Energy’s commercial and marketing

purposes, such as but not limited to

displaying these on JBC Energy’s webpage

and featuring them in any other marketing

materials created by JBC Energy. For the

avoidance of doubt, such commercial and

marketing usage shall not include the

public distribution of the names of

participating Clients/Attendees.

7. Delivery of Service:

JBC Energy and the Client understand that

work performed under this Agreement is

wholly performed in the Republic of

Austria.

8. Warranties:

JBC Energy warrants that it will use

reasonable care and skill in providing the

seminar services and that these services

will be performed by appropriately

qualified and trained personnel with due

care skill and diligence and in a good

workmanlike manner and in accordance

with good industry practice. JBC Energy

provide no other warranty and in particular

provide no warranty that any result or

objective can or will be achieved or

attained by the provision of the seminar

services. The information provided during

the seminar shall be seen as a market

analysis service and it does not constitute a

solicitation for the purchase or sale of any

commodity or financial instrument. Any

persons acting on information provided

during the seminar do so solely at their

own risk.

9. Jurisdiction:

This Agreement shall be governed by and

construed in accordance with the laws of

England and Wales. The courts of England

have exclusive jurisdiction to settle any

dispute between the Parties arising out of

or in connection with this Agreement

(including a dispute regarding its existence,

validity or termination or the consequences

of its nullity, a “Dispute”). The Parties

agree that the courts of England are the

most appropriate and convenient courts to

settle any Dispute and accordingly no Party

will argue to the contrary.