Q1 2013 price forecast changes Powering down thermal coal ...€¦ · 31/12/2012 · Base metals – Surplus for most in 2013, nickel offers the surprise further out Page 6 Commodity

Q1 2013 price forecast changesPowering down thermal coal price expectations

Macquarie Commodities TeamMacquarie Capital (Europe) Limited

28 Ropemaker StreetLondon EC2Y 9HD, UK

November [email protected]

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Macquarie Commodities Research team

Page 2

London

Jim LennonSenior Strategist Nickel & Stainless Steel+44 20 3037 4271

Graeme TrainAssociate DirectorSteel, Bulks+86 21 2412 9035

Duncan HobbsAssociate DirectorBase Metals+44 20 3037 4497

Kona HaqueAssociate DirectorSofts+44 20 3037 4334

Chris GaddAnalystGrains+44 20 3037 4433

Bonnie LiuAssociate DirectorBase Metals, Thermal Coal+65 6601 0144

Singapore & Shanghai

Agricultural commodities - London

Colin HamiltonHead of ResearchCopper, Iron ore, Coal+44 20 3037 4061

Ryan BelshawAnalystBase Metals, Coal +44 20 3037 2732

Oil and Gas - Houston

Vikas DwivediGlobal oil and gas Economist+1 713 275 6352

Jamy KallikadenResearch Associate+1 713 275 6452

Lily Lei Research Associate Metals +86 21 2412 9086

Matthew TurnerSenior AnalystPrecious Metals+44 20 3037 4340

Aaron KildowResearch Associate+1 713 275 6386

Key Points2012 will be remembered as the year of the destock, with first China then ex-China running down metals inventories through the value chain as profitability suffered.

This provides opportunities for industrial metals upside through early 2013, as ex-China buyers return, inventory availability is limited, high Chinese infrastructure spend continues and supply suffers seasonal weakness. Sequential supply-demand looks better in many cases, and more aggressive restocking provides potential upside

However, unless Chinese construction picks up more aggressively than usual post Chinese New Year, there remains potential for a demand hole in Q3 2013 giving potential for price pullbacks.

Longer term, most commodities look to have adequate supply capacity, with price moves serving to both incentivise and pressurise flexible high-cost supply.

With lowered Chinese thermal power growth assumptions into the medium term, we have reduced our thermal coal price forecasts to <$100/t FOB through our forecast period. The 2013 Japanese fiscal year contract estimate has been lowered to $92/t FOB Australia.

We have also reduced nickel and aluminium forecasts through the forecast period, due to lessened cost push expectations as ample volumes of new, lower-cost capacity provides a deflationary impact.

We remain comfortable with our $140/t Q1 2013 iron ore forecast, and have made no changes in this area.

We have also kept our 2013 copper forecast unchanged at $8,063/t, however we now have a stronger H1 and lower H2. We have also raised copper forecasts in 2016-17 to reflect the impact of high cost supply.

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Base metals forecasts

Page 4

Source: LME, Macquarie Research, January 2013

2011 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017Unit CY CY Q1 Q2 Q3 Q4 CY CY CY CY CY LT $2012

Copper $/tonne 8,811 7,950 8,700 8,300 7,400 7,850 8,063 7,675 7,150 7,525 7,875 6,504 Aluminium $/tonne 2,395 2,018 2,100 2,100 2,000 2,100 2,075 2,100 2,200 2,400 2,500 2,200 Zinc $/tonne 2,191 1,946 2,100 2,050 2,000 2,100 2,063 2,250 2,475 2,300 2,250 1,875 Nickel $/tonne 22,831 17,527 17,000 16,500 17,000 17,500 17,000 18,500 22,500 25,000 28,660 24,251 Lead $/tonne 2,398 2,061 2,400 2,250 2,250 2,300 2,300 2,350 2,400 2,250 2,200 1,875 Tin $/tonne 26,021 21,092 22,750 24,250 23,250 23,500 23,438 22,125 22,125 23,750 25,000 20,000

Change on previous forecast2011 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017CY CY Q1 Q2 Q3 Q4 CY CY CY CY CY LT $2012

Copper - -0.9% 5.5% 2.5% -7.5% -0.6% - - -5.3% 0.3% 5.0% -Aluminium - -0.0% - -2.3% -4.8% -4.5% -2.9% -8.7% -12.0% -4.0% -3.8% -9.3%Zinc - 0.0% 3.7% -1.2% -1.2% - 0.3% 2.3% - - - -Nickel - -0.0% -5.6% -8.3% -8.1% -5.4% -6.8% -12.4% -7.2% -5.5% - -Lead - 2.8% 17.1% 7.1% 9.8% 7.0% 10.2% 4.4% 4.3% - - -Tin - 1.9% 8.3% 10.2% 10.7% 6.8% 9.0% -1.7% -11.5% 1.1% 6.4% -


Base metals – Copper and tin best short-term upside

Page 5

Commodity 3-6 month view Supply Growth Demand Prices Inventory

Copper Good Poor Stable Stable Mixed A beneficiary of an ex-China restock and lack of available inventory - still Q1 upside

Lead OK Strong Good Up Mixed Much better fundamentally than sister metal zinc. Inventories high but not available, and demand robust

Aluminium Poor Strong Good Stable HighNew capacity keeps being added, despite price trading into cost curve. Will be pulled along buy copper into Q1, but fundamentally a underperformer

Zinc Poor Strong Stable Stable High Stocks continue to build on and off-market, Chinese demand improving but should be trading into cost curve

Nickel Poor Strong Stable Stable High Nickel pig iron capacity continues to be added. Recent price rally now looking overdone.

Tin Good Poor Stable Up Low Global semiconductor shipments improving, pressure is now on Indonesian exports to react


Base metals – Surplus for most in 2013, nickel offers the surprise further out

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Commodity 12-month view 3-5 year view

CopperMarket looks in surplus H2 2013 and 2014. However, steep gradient at the top end of the cost curve is underestimated offering sustained pricing >$7,500/t

Lead Demand outlook ok if not stellar, but ex-China mine supply struggling to cope

Aluminium High stocks remain a timebomb, and new Chinese and Middle Eastern capacity brings deflation

Zinc Fundamentally, set to run a large surplus for the next 2 years. Mine supply issues offer medium-term hope

Nickel Plentiful nickel ore and NPI capacity set to see a surplus, however deficit re-emerges from middle of the decade

Tin Differentiated due the the lack of large, scaleable supply which keeps market fundamentals tight into medium term

Coal forecasts

Page 7Source: LME, Metal Bulletin, Tex Report, Macquarie Research, January 2013

2011 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017 LT $2012Unit CY CY Q1 Q2 Q3 Q4 CY CY CY CY CY Long term

Thermal coal - Australian Spot $/t fob 122 97 92 90 88 88 90 94 90 90 90 85 Thermal coal - S.African Spot $/t fob 117 92 105 105 105 105 90 91 88 88 88 80 Thermal coal - JFY contract $/t fob 130 115 115 92 92 92 92 98 96 95 95 85 Hard coking coal $/t fob 289 210 165 185 200 190 185 206 215 205 200 155 Semi-soft coking coal $/t fob 211 140 107 120 130 124 120 134 140 133 130 105 LV PCI coal $/t fob 223 153 124 130 140 140 134 149 155 148 145 120 Coke - China export spot $/t fob 491 425 260 280 300 290 283 303 313 300 300 270


Thermal coal - Australian Spot - -2.6% -12.4% -14.3% -16.2% -16.2% -10.3% -6.3% -5.3% -4.0% -1.4% -Thermal coal - S.African Spot - -2.4% 1.9% 10.5% 10.5% 10.5% -7.7% - -2.5% -1.4% 0.3% -Thermal coal - JFY contract - - - -12.0% -12.0% -12.0% -12.0% -6.7% -4.0% - -1.3% -Hard coking coal - - -15.4% -11.9% -4.8% - -8.1% - - - - -Semi-soft coking coal - - -15.4% -11.9% -4.8% - -8.1% - - - - -LV PCI coal - -0.8% -11.4% -13.3% -6.7% - -7.9% - - - - -Coke - China export spot - 2.0% -16.1% -12.5% -9.1% -6.5% -11.0% -11.0% -10.1% -11.8% -9.1% -20.6%

Steel, iron ore and alloy forecasts

Page 8

Source: LME, Metal Bulletin, CRU, Platts, Macquarie Research, January 2013

2011 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017 LT $2012Unit CY CY Q1 Q2 Q3 Q4 CY CY CY CY CY Long term

Iron ore - Australian fines c/mtu fob 249 196 214 197 197 181 197 186 170 161 144 110 Iron ore - Australian lump c/mtu fob 272 206 225 209 209 193 209 201 185 176 159 130 Spot 62% Fe iron ore China $/t cfr 169 130 140 130 130 120 130 125 115 110 100 80


Iron ore - Australian fines - 1.4% 0.8% 0.9% 0.9% 1.0% 0.9% 0.2% - - - -Iron ore - Australian lump - 0.9% 0.6% 0.9% 0.9% 0.9% 0.8% 0.2% - - - -Spot 62% Fe iron ore China - 1.4% - - - - - - - - - -

2011 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017 LT $2012Unit CY CY Q1 Q2 Q3 Q4 CY CY CY CY CY

Manganese ore c/mtu CIF 5.5 4.9 5.3 5.5 5.5 6.0 5.6 6.0 6.5 6.0 6.0 5.0 FeCr (EU contract) c/lb 125 121 113 125 125 120 121 120 130 135 135 115 Molybdenum oxide $/lb 15 13 13 14 15 15 14 16 16 17 17 15 Cobalt (99.8%) $/lb 18 14 12 12 12 12 12 13 15 15 15 13 Steel - Average HRC $/tonne 754 653 635 648 641 636 640 633 628 629 629 590 Steel Scrap - average #1HMS $/tonne 434 380 370 343 353 323 348 338 333 313 293 262


Manganese ore - - - - - - - - - - - -FeCr (EU contract) - -0.4% -6.3% - - - -1.6% - - - - -Molybdenum oxide - -2.6% -7.1% -6.7% - - -3.4% - - - - -Cobalt (99.8%) - -1.4% -13.8% -11.1% -11.1% -11.1% -11.8% -7.1% - - - -Steel - Average HRC - -0.2% - - - -0.8% -0.2% -4.2% -3.1% -0.8% -0.8% -Steel Scrap - average #1HMS - 2.7% 1.8% - - - 0.5% - - - - -


Steel and Bulks – Thermal challenged, met the catch up

Page 9


Steel OK Stable Soft Stable Low Prices should outperform iron ore in the near term, though margins will remain weak

Iron ore OK Poor Stable Up Mixed Fundamentals are improving, but the rally has overshot on the upside. $140/t is a fairer Q1 equilibrium

Coking Coal Good Poor Soft Stable Low Met coal is the catch up trade in the bulks, but needs ex-China demand to return. Chinese domestic price rising

Thermal Coal Poor Strong Stable Stable High High level of Chinese imports confirm seaborne oversupply. Demand set to improve, but difficult to see prices following


Steel Global steel market continues to suffer with chronic overcapacity, which will take years to restructure

Iron oreSupply growth is set to grow, though will underperform expectations. Has more longevity than thought, but price trajectory should be trending down

Coking Coal Despite 2012 woes, the lack of supply growth potential sets it apart in the bulks.

Thermal Coal2013 is set to see prices have to push immediate supply from the market, though capex cutbacks may improve medium-term picture

Precious metals forecasts

Page 10Source: LBMA, Metal Bulletin, Macquarie Research, January 2013

Unit 2011 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017 LT $2012CY CY Q1 Q2 Q3 Q4 CY CY CY CY CY Long term

Gold $/oz 1,572 1,669 1,850 1,900 1,880 1,875 1,876 1,713 1,394 1,300 1,275 950 Silver $/oz 35 31 35 35 35 35 35 32 20 19 19 15 Platinum $/oz 1,720 1,548 1,650 1,750 1,800 1,800 1,750 1,850 1,900 1,950 1,950 1,800 Palladium $/oz 733 647 735 795 815 815 790 830 850 875 900 800 Uranium spot $/lb 56 49 46 50 50 50 49 60 65 69 70 55

Change on previous forecast2011 2012 2012 2012 2012 2012 2013 2013 2013 2013 2013 2014 2015 2016 2017CY Q1 Q2 Q3 Q4 CY Q1 Q2 Q3 Q4 CY CY CY CY CY LT $2012

Gold - - - - -3.4% -0.8% - - - - - - - - - -Silver - - - - -7.9% -2.1% -7.9% -7.9% -5.4% -5.4% -6.7% - - - - -Platinum - - - - 0.0% 0.1% - - - - - - - - - -Palladium - - - - -3.4% -0.9% - - - - - - - - - -Uranium spot - - - - -12.0% -3.4% -11.5% -3.7% -2.6% 1.8% -2.0% - - - - -


Precious metals – PGMs the best structural story

Page 11


Gold OK Poor Weak Down HighConviction has again been lost. Expanding Fed balance sheet offers some hope, but other asset classes look more attractive again

Platinum Good Poor Weak Stable Low Low inventories at the mine level mean supply may disappoint expectations

Palladium Good Poor Good Up Low Entered 2013 with momentum which has faded slightly, ETF flows will be key

Uranium OK Poor Weak Stable HighHigh inventories ex-China continue to overhang the market, with no need to incentivise new supply. Japanese news flow may improve


GoldGold continues to trade at a strong premium to both cost support and historical norms. Unlikely to catch-up yet, but longer term risks are to the downside

Platinum South African supply expectations remain too high for 2013, while prices need to trade higher to incentivise new supply

PalladiumEmerging market auto demand offers more demand support than peer platinum, while supply problems are the same

UraniumThe market will need more primary uranium supply - just not yet. In the interim any sustained pullback in Chinese imports is a big risk

2013 forecast vs. marginal production cost

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Source: LME, LBMA, Platts, Metal Bulletin, CRU, Macquarie Research, January 2013

97%

34%

13% 12% 9% 9% 7% 4% 3% 0%

-3%-10%-20%

0%

20%

40%

60%

80%

100%

120%G

old

Cop

per

Pla

tinum

Har

d C

okin

gC

oal

Ura

nium Zinc Tin

Iron

Ore

Ste

el

Ther

mal

Coa

l

Nic

kel

Alu

min

ium

Current spot price vs. H1 2013 forecast

Page 13


17%

5% 4%3%

-3% -3%-4% -5% -6%

-8%-9%

-12%-15%

-10%

-5%

0%

5%

10%

15%

20%Iro

n O

re Tin

Nic

kel

Ther

mal

Coa

l

Ste

el

Alu

min

ium

Zinc

Cop

per

Pla

tinum

Har

d C

okin

gC

oal

Ura

nium

Gol

d

H1 upside from current

H1 downside from current

2013 average forecast prices vs. 2012

Page 14


13% 12%11%

6%

3%1%

0% 0%

-2%-3%

-7%

-12%-15%

-10%

-5%

0%

5%

10%

15%P

latin

um

Gol

d

Tin

Zinc

Alu

min

ium

Cop

per

Ura

nium

Iron

Ore

Ste

el

Nic

kel

Ther

mal

Coa

l

Har

d C

okin

gC

oal

2013 forecasts vs. long run price expectations

Page 15


97%

63%

24% 19% 17%10% 8% 6%

-3% -6%-11%

-30%-40%

-20%

0%

20%

40%

60%

80%

100%

120%G

old

Iron

Ore

Cop

per

Har

d C

okin

gC

oal Ti

n

Zinc

Ste

el

Ther

mal

Coa

l

Pla

tinum

Alu

min

ium

Ura

nium

Nic

kel

LT downside from 2013

LT upside from 2013

Thermal Coal in focus:

We have reduced our 2013 spot price forecast from $100/t FOB Aus to $90/t FOB Aus, and JFY contract from $104/t FOB Aus to $92/t FOB Aus.The high level of Chinese imports seen during 2012 reflects the large degree of oversupply in the thermal coal market, with China as the market of last resort.We expect a continuing market share battle between Chinese coastal shipments and international volumes, with a negative impact on price expectations.

Source: NBS, Macquarie Research, January 2013

Page 16

Chinese thermal coal imports

0

50

100

150

200

250

300

Jul 0

7

Jan

08

Jul 0

8

Jan

09

Jul 0

9

Jan

10

Jul 1

0

Jan

11

Jul 1

1

Jan

12

Jul 1

2

Steam coal imports Lignite imports

mt ann

220Mt

175Mt

We have reduced our Chinese thermal coal power generation forecast to <5% in 2013, impacting overall coal demandInternational supply volumes have continued to grow strongly, however we do expect to see some further pressure when the Japanese annual contract price falls.We do not expect the fundamental market balance to worsen in 2013 outside normal seasonal patterns, but starting from a position of oversupply and high stocks it is difficult to see any sustained price upside.As such, prices will continue to trade into Chinese and international cost curves.

Source: Thurlestone, Macquarie Research, January 2013

Page 17

Thermal Coal in focus:

Three-week moving average of Australian coal exports

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

Jan-

10Fe

b-10

Mar

-10

Apr

-10

May

-10

Jun-

10Ju

l-10

Aug-

10Se

p-10

Oct

-10

Nov

-10

Dec

-10

Jan-

11Fe

b-11

Mar

-11

Apr

-11

May

-11

Jun-

11Ju

l-11

Aug-

11Se

p-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12Fe

b-12

Mar

-12

Apr

-12

May

-12

Jun-

12Ju

l-12

Aug-

12Se

p-12

Oct

-12

Nov

-12

Dec

-12

Mill

ions

DW

T lo

aded

Thermal coal

We have downgraded our short and medium term nickel price forecasts to reflect the likelihood of nickel over-supply continuing into 2014. Low-cost rotary-kiln electric furnace (RKEF) supply in China providing much of the growth in the near term. We have maintained a strong upward trajectory in prices from 2014 onwards to reflect a steady rise in Chinese costs and also, from 2015 onwards, the re-emergence of a deficit market.

Source: Industry Estimates, Macquarie Research, January 2013

Page 18

Nickel in focus:

Estimated Nickel pig iron production by type

120

7189 106

159

282311

350

0

50

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 2013f

'000

t Ni

0

50

100

150

200

250

300

350

400

0.5-2% Ni blast furnace 4-8% Ni blast furnace

9-15% Ni electric arc furnace 9-15% Ni RKEF

Chinese nickel pig iron production is largely dependent on ore supplies from Indonesia, where the government has introduced a 20% export tax and a quota in 2012. Any significant disruption to this trade would be very bullish for the market. However, in our view, this remains unlikely and our forecasts assume that the flow of nickel units will continue beyond the end of 2013.

The pace of new supply growth from the main Greenfield projects remains highly uncertain with significant disruptions to certain projects.

Source: Chinese Customs, INSG , Macquarie Research, January 2013

Page 19

Nickel in focus:

China's nickel ore imports by source, Ni contained

29 54 74 71 1038382

138212

343

0

50

100

150

200

250

300

350

400

450

500

2008 2009 2010 2011 2012'0

00t r

ecov

erab

le n

icke

l Ni f

ome

ore

impr

ots

Philippines Indonesia Estimated NPI production

We have reduced our aluminium exchange price forecast profile to reflect the fact that we expect the market to remain firmly in surplus for several years yet. It is important to note that the projected surpluses are not a function of soft forecasts for aluminium demand – in fact, it is anticipated that aluminium demand growth will continue to outpace most other metals

Rather, this reflects the substantial and ongoing expansion of primary aluminium smelting capacity, mainly in China.

Source: NBS, Macquarie Research, January 2013

Page 20

Aluminium in focus:

Chinese Aluminium Production Rate

6789

10111213141516171819202122

2005

2006

2007

2008

2009

2010

2011

2012

Annu

alis

ed P

rodu

ctio

n Ra

tes

(m tp

a)

In China, however, the impact of cost inflation should be offset to some extent by the westward migration of aluminium smelting capacity to integrated coal/power sources.

Moreover, there may be scope for improved operating performance and reductions in unit power consumption, as well as for increases in labour productivity.Stock building / hoarding will continue to shape market outcome for some time, supporting premiums and surplus production.

Source: LME, CRU, Macquarie Research, January 2013

Page 21

Aluminium in focus:

Aluminium

0

1000

2000

3000

4000

5000

6000

7000

8000

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

40

60

80

100

120

140

160

180

Exchange stocks (mostly LME) Producer stocksJapanese port stocks LME price (RHS)

Important disclosures:

Recommendation definitionsMacquarie - Australia/New Zealand

Outperform – return > 3% in excess of benchmark return Neutral – return within 3% of benchmark return Underperform – return > 3% below benchmark return

Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield

Macquarie – Asia/Europe

Outperform – expected return >+10%Neutral – expected return from -10% to +10%Underperform – expected <-10%

Macquarie First South - South Africa

Outperform – return > 10% in excess of benchmark returnNeutral – return within 10% of benchmark returnUnderperform – return > 10% below benchmark return

Macquarie - Canada


Macquarie - USA


Volatility index definition*This is calculated from the volatility of historic price movements.

Very high–highest risk – Stock should be expected to move up or down 60-100% in a year – investors should be aware this stock is highly speculative.

High – stock should be expected to move up or down at least 40-60% in a year – investors should be aware this stock could be speculative.

Medium – stock should be expected to move up or down at least 30-40% in a year.

Low–medium – stock should be expected to move up or down at least 25-30% in a year.

Low – stock should be expected to move up or down at least 15-25% in a year.

* Applicable to Australian/NZ stocks only

Recommendation – 12 months

Note: Quant recommendations may differ from Fundamental Analyst recommendations

Financial definitions All "Adjusted" data items have had the following adjustments made:

Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expenseExcluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests

EPS = adjusted net profit /efpowa*ROA = adjusted ebit / average total assetsROA Banks/Insurance = adjusted net profit /average total assetsROE = adjusted net profit / average shareholders fundsGross cashflow = adjusted net profit + depreciation*equivalent fully paid ordinary weighted average number of shares

All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards).

Recommendation proportions – For quarter ending 31 Dec 2012

AU/NZ Asia RSA USA CA EUROutperform 47.87% 54.89% 54.41% 41.93% 60.86% 44.14% (for US coverage by MCUSA, 6.10% of stocks covered are investment banking clients)Neutral 37.94% 26.41% 38.24% 52.16% 33.70% 27.73% (for US coverage by MCUSA, 4.91%of stocks covered are investment banking clients)Underperform 14.19% 18.70% 7.35% 5.91% 5.44% 28.13% (for US coverage by MCUSA, 3.33% of stocks covered are investment banking clients)

Page 22

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SALESUSAustin Graham (212) 231 0902Michael Cagney (312) 660 9144Brian Cohen (212) 231 8002Wes Dalton (415) 762 5007Michael D’Arcangelo (212) 231 2573Peter Doerr (312) 660 9052Roni Gudell (617) 598 2504Jim Isentol (212) 231 2567Greg Jannetta (617) 598 2507Alex Martin (212) 231 0376Khristina McLaughlin (212) 231 8012Rob Moderelli (212) 231 2495Heidi Muccifori (212) 231 2466Bruce Murdock (212) 231 8025Tad Nacheff (212) 231 2615Brad Neill (312) 660 9051Todd Pigott (212) 231 8007Jack Rose (415) 762 5002Mark Swank (212) 231 2415Ben Taylor (415) 762 5025Liz Whiteley (617) 598 2501

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AsiaEric Roles (212) 231 2559 Darrin Blumenthal (212) 231 2562Paul Colaco (212) 231 2496Jeff Evans (617) 598 2508Mark Lawrence (212) 231 2516Mehvish Mirza (212) 231 2519Todd Narter (415) 762 5005Sheila Schroeder (415) 762 5003Peter Slater (617) 598 2502Navin Vallabhaneni (212) 231 2483Jean Zhang (212) 231 6397

EuropeMartin Pommier (212) 231 8054Chris Carr (212) 231 6398Jan Halaska (617) 598 2503Jessica London (212) 231 0977Matthew Schibanoff (212) 231 0989Doug Stone (212) 231 2606

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SALES TRADINGUSRobert DeRosa (212) 231 2594Nicholas Struk (212) 231 2487Greg Calvino (212) 231 0902Pat Caufield (212) 231 2581Mark Corcoran (212) 231 0951 John Curley (617) 598 2506Bill Durand (212) 231 2413Tom Durand (212) 231 8024Brad Hoenig (212) 231 8089Jon Jensen (617) 598 2517Allen Jordan (212) 231 0947Marty Livingston (212) 231 2523Jon Patria (212) 231 2488Ross Peet (415) 762 5069Stephen Sibilia (212) 231 8030John Strack (212) 231 8067Tarik Turner (212) 231 6365Jess Wilson (617) 598 2509Lance Wood (415) 762 5009

InternationalChris Reale (212) 231 2555Ryan Bakker (212) 231 8083Guy Devereux (212) 231 0900Kai Keller (212) 231 2555Marc Rosa (212) 231 2555

TRADINGMichael Cornette (212) 231 0882Matt Coleman (212) 231 2534Jim Guber (212) 231 8087Michael Nevitt (212) 231 2408Sam Panageas (212) 231 2459Chris Richards (212) 231 0902Peter Schwartz (212) 231 6381

EXECUTION SERVICES (PT/EE)James Henry (212) 231 0900Steve Bloom (212) 231 0934Ed Eng (212) 231 0900Matt McNamara (212) 231 0900Victor Morange (212) 231 2538Robert Redfield (415) 762 5027

CORPORATE ACCESSKatie Gray (212) 231 1318Erica Miolla (212) 231 6542Katie Nahnybida (212) 231 6364

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