1. Commodity Trading at a Turning Point ? Let’s try to wrap it up… Prof. Dr. Jean-Paul Vulliéty University of Geneva Partner, Lalive, Attorneys-at-law

2. Main features of the modern commodity trading firms Reinforced role as «bottleneck openers» Privileged position to identify and resolve problems and dysfunctions in the commodity flows Increased role as global market facilitators No longer mere buyers/sellers of goods Jean-Paul Vulliéty - Lalive Genève - March 20142

3. Main features of the modern commodity trading firms Development of new activities From the traditional «movers of goods» to multiformat/multitask, worldwide, 24/7, transversal service providers for the optimisation of the commodity flows E.g. weather forecast services, large infrastructure projects/investments Jean-Paul Vulliéty - Lalive Genève - March 20143

4. Main features of the modern commodity trading firms Increased Awareness of Concerns of the Civil Society privileged position for the introduction, elaboration and transmission of best practices Jean-Paul Vulliéty - Lalive Genève - March 20144

5. 5 The Today’s Turning Point is an Amazing Opportunity… The commodity trading actors have a key role to play in the today’s political/governmental, social and environmental debate… … and they have understood it !

6. Jean-Paul Vulliéty - Lalive Genève - March 20146 The Today’s Turning Point is an Amazing Opportunity… From transit facilitator of goods to privileged facilitator/conveyor of fundamental values Ethical values Tracing of goods – “éthique de l’origine”

7. Jean-Paul Vulliéty - Lalive Genève - March 20147 The Today’s Turning Point is an Amazing Opportunity… The way the commodity trading actors have responded to the needs/concerns of the civil society tends To reflect their positive sensitivity to the fundamental changes and signals suggested by the society… To indicate that a socially acceptable quality has now become the key parameter

8. Jean-Paul Vulliéty - Lalive Genève - March 20148 …the today’s turn is promising… The old image of the hidden speculators belongs definitely to the past… The commodity traders have proven that they are able To constantly and reliably adapt to the needs and concerns of their business and social environment To adopt/promote a critical approach

9. Jean-Paul Vulliéty - Lalive Genève - March 20149 …the today’s turn is promising… Commodity trading was always economically “un secteur qui compte” It has now additionally become “un secteur sur lequel on peut compter”…

10. Jean-Paul Vulliéty - Lalive Genève - March 201410 ACT Training workshop on 1 st April 2014 A joint project of GTSA and CCIG, Conducted by arbitration and trading professionals Role plays - Limited attendance Aiming at giving the participants an overview of possible strategies before arbitration/mediation is engaged into