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2012 ERP Examination Study Guide

The designation for risk professionals in the energy sector

2012 Energy Risk Professional (ERP) Examination Study Guide

INTRODUCTION The ERP Examination is a comprehensive, practice-oriented assessment that spans both the physical and financial energy markets. Candidates are expected to demonstrate an understanding of fundamental concepts associated with five broad areas of study: Exploration, production, distribution, storage and trading of physical hydrocarbon resources; electric power generation and renewable energy sources; current trends in the carbon market and emissions trading Trading, structuring, hedging and valuation of energy based financial instruments, including exchange traded contracts, over-the-counter derivatives and other structured products Fundamental principles for modeling, including characteristics that differentiate physical energy commodity markets from traditional financial markets, and the implications of these differences for modeling energy price behavior Techniques for evaluating, managing and reporting risk Current issues affecting the energy markets

2012 ERP Curriculum and Core Readings The 2012 ERP Study Guide sets forth primary and secondary topics covering physical energy assets, operations, and financial energy markets; as well as the techniques used to manage risk across the entire energy value chain. Recognizing the dynamic nature of the industry, we have added a number of new readings for 2012 that are designed to enhance a candidates knowledge and ensure that the ERP Examination remains both timely and relevant. A number of the new readings are from online sources. This was necessitated by the fact that energy risk management is an evolving field with specialized topics that are not always captured in traditional textbooks. All topics and readings

were selected in conjunction with the Energy Oversight Committee (EOC), and reflect the fundamental knowledge and tools necessary for professionals that manage risk in the energy industry. Exam Preparation Questions for the ERP Examination are derived from the readings associated with the topics below. To assist candidates in their preparation for the exam, we have separately published the 2012 Applying Instructional Material Statements (AIMs) and the Study Strategies Guide. It is strongly suggested that candidates review all current readings in conjunction with the 2012 AIMs and Study Strategies Guide prior to sitting for the examination.

Test Weights and Question Allocation for the 2012 ERP Examination Physical Energy Markets Hydrocarbon Resources Electricity Production and Distribution Renewable Energy Sources and Carbon Emissions Section Total Financial Energy Markets Financial Products and Valuation Modeling Energy Price Behavior Risk Evaluation and Management Section Total Current Issues in Energy Exam Total 20% 10% 15% 45% 10% 32 questions 16 questions 24 questions 72 questions 16 questions 25% 10% 10% 45% 40 questions 16 questions 16 questions 72 questions

100% 160 questions

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2012 Energy Risk Professional (ERP) Examination Study Guide

HYDROCARBON RESOURCESExam Weight | 25%


Exploration and Production Crude Oil and Refining Synthetics Natural Gas, LNG and Shale Gas Coal

Hydrocarbon Resources40 Questions


1.1 Exploration and Production 1. Institut Franais du Petrol Publications. Oil, Gas Exploration, and Production: Reserves, Costs, Contracts (Paris: Editions Technip, 2007). Chapter 3.......................Hydrocarbon Reserves

2. Charlotte Wright & Rebecca Gallun. Fundamentals of Oil & Gas Accounting, 5th Edition (Tulsa, OK: PennWell, 2008). 1.2 Chapter 1........................Upstream Oil & Gas Operations Chapter 15 .....................Accounting for International Petroleum Operations

Crude Oil and Refining 1. Norman J. Hyne. Nontechnical Guide to Petroleum Geology, Exploration, Drilling, and Production, 2nd Edition (Tulsa, OK: PennWell Books, 2001). Chapter 1........................Nature of Gas and Oil (only sections titled: Petroleum, Chemical Composition, and Crude Oil) 2. Thomas O. Miesner and William L. Leffler. Oil and Gas Pipelines in Nontechnical Language (Tulsa, OK: PennWell Books, 2006). Chapter 10 .....................Investment Decisions Chapter 12 .....................Engineering and Design

3. Purvin & Gertz, Inc. The Role of WTI as a Crude Oil Benchmark. Available online: http://www.purvingertz.com/content/articles/PurvinGertz_WTI_Benchmark_Study.pdf Section Three...............The Role of WTI

4. William L. Leffler. Petroleum Refining in Nontechnical Language, 3rd Edition (Tulsa, OK: PennWell, 2000). Chapter 20 ....................Simple and Complex Refineries

5. Bunkerworld. D2 and No.2 Diesel Fuel: An Introduction Available online: http://www.foundersllc.com/introduction-to-D2.pdf

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2012 Energy Risk Professional (ERP) Examination Study Guide

1.3

Synthetics 1. Michael Toman, Aimee E. Curtright, David S. Ortiz, Joel Darmstadter, Brian Shannon. Unconventional FossilBased Fuels: Economic and Environmental Trade-Offs. (Santa Monica, CA: Rand, 2008). Available online: http://www.rand.org/pubs/technical_reports/2008/RAND_TR580.pdf Chapter 4.......................Oil Sands and Synthetic Crude Oil

2. James T. Bartis, Frank A. Camm and David S. Ortiz. Producing Liquid Fuels from Coal: Prospects and Policy Issues (Santa Monica, CA: Rand, 2008). Available online: http://www.rand.org/pubs/monographs/MG754 1.4 Chapter 3.......................Coal-to-Liquids Technologies Chapter 6.......................Critical Policy Issues for Coal-to-Liquids Development

Natural Gas, LNG and Shale Gas 1. Davis W. Edwards. Energy Trading and Investing (New York: McGraw-Hill, 2010). Chapter 2.1.....................Natural Gas

2. Vivek Chandra. Fundamentals of Natural Gas: An International Perspective (Tulsa, OK: PennWell Books, 2006). Chapter 1........................The Basics Chapter 2.......................Transport and Storage Chapter 3.......................Gas Usage Chapter 4.......................Contracts and Project Development

3. Frank Fabozzi (ed.): The Handbook of Commodity Investing (Hoboken, NJ: John Wiley & Sons, 2008). Chapter 36 ....................The Natural Gas Market in the United Kingdom

4. Department of Energy Publication: Liquefied Natural Gas: Understanding the Basic Facts. Available online: http://fossil.energy.gov/programs/oilgas/publications/lng/LNG_primerupd.pdf 5. PriceWaterhouseCoopers: Todays LNG Market Dynamics. Available online: http://www.pwc.com.au/industry/energy-resources/assets/Todays-LNG-market-dynamics-May10.pdf 6. Kenneth Medlock. Impact of Shale Gas Development on Global Gas Markets (Wiley Periodicals, Inc., 2011). Available online: http://www.rice.edu/energy/publications/docs/EF-pub-MedlockWileyShaleGas-042011.pdf 1.5 Coal 1. James Speight. Handbook of Coal Analysis (Wiley-Interscience, 2005). Chapter 1........................Coal Analysis Chapter 2.......................Sampling and Sample Preparation

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2012 Energy Risk Professional (ERP) Examination Study Guide

ELECTRICITYExam Weight | 10%


Electricity Generation Hydroelectric and Nuclear Power Fundamentals of Electricity Distribution and Trading Load Forecasting

Electricity Generation, Distribution and Trading16 Questions


2.1 Electricity Generation 1. Davis W. Edwards. Energy Trading and Investing (New York: McGraw-Hill, 2010). Chapter 2.2 ...................Electricity

2. Chris Harris. Electricity Markets: Pricing, Structures and Economics (West Sussex, England: John Wiley & Sons, 2006). Chapter 7 .......................Location

3. Sally Hunt. Making Competition Work in Electricity (New York: John Wiley & Sons, Inc., 2002). 2.2 Chapter 2.......................The Essential Aspects of Electricity

Hydroelectric and Nuclear Power 1. Ann Chambers. Renewable Energy in Nontechnical Language (Tulsa, OK: PennWell Books, 2006). Chapter 6.......................Hydroelectric

2. Roy L. Nersesian. Energy for the 21st Century: A Comprehensive Guide to Conventional and Alternative Sources (Armonk, NY: M.E. Sharpe, Inc., 2007). Chapter 8.......................Nuclear and Hydropower

3. David Schlissel and Bruce Biewald. Nuclear Power Plant Construction Costs (Synapse Energy Economics, Inc.). Available online: http://www.synapse-energy.com/Downloads/SynapsePaper.2008-07.0.Nuclear-PlantConstruction-Costs.A0022.pdf 4. Peter Coy. The Prospect for Safe Nuclear (Bloomberg Businessweek, March 24, 2011). 2.3 Fundamentals of Electricity Distribution and Trading 1. Sally Hunt. Making Competition Work in Electricity (New York: John Wiley & Sons, Inc., 2002). Chapter 7 .......................Trading Arrangements Chapter 8.......................Details of the Integrated Trading Model

2. Davis W. Edwards. Energy Trading and Investing (New York: McGraw-Hill, 2010). Chapter 4.3 ...................Tolling Agreements Chapter 4.4...................Wheeling Power

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2012 Energy Risk Professional (ERP) Examination Study Guide

2.4

Load Forecasting 1. Davis W. Edwards. Energy Trading and Investing (New York: McGraw-Hill, 2010). Chapter 4.1 ....................Spatial Load Forecasting

RENEWABLE ENERGYExam Weight | 10%


Economics, Financing and Investment in Renewable Energy Sustainable Energy and Biofuels Current Trends in the Carbon Market Emissions Trading Models in the European Union

Renewables, Trends in the Carbon Market and Emissions Trading16 Questions


3.1 Economics and Financing of Global Investment in Renewable Energy 1. Geoffrey Heal. The Economics of Renewable Energy. 2. Chris Grobey, John Pierce, Michael Faber and Greg Broome. Project Finance Primer for Renewable Energy and Clean Tech Projects. Available online: http://www.wsgr.com/PDFSearch/ctp_guide.pdf 3. Bloomberg New Energy Finance. Global Trends in Renewable Energy Investment. Available online: http://www.bnef.com/WhitePapers/download/50 3.2 Sustainable Energy and Biofuels 1. Roy L. Nersesian. Energy for the 21st Century: A Comprehensive Guide to Conventional and Alternative Sources (Armonk, NY: M.E. Sharpe, Inc., 2007). Chapter 9.......................Sustainable Energy

2. Govinda Timilsina and Ashish Shrestha. Biofuels: Markets, Targets and Impacts (The World Bank, July 2010). Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1645735 3.3 Sections 1 through 5

Current Trends in the Carbon Market 1. State and Trends of the Carbon Market (The World Bank, 2011). Available online: http://siteresources.worldbank.org/INTCARBONFINANCE/Resources/StateAndTrend_LowRes.pdf Section 2 ........................Domestic Policy DevelopmentsA Story of Fragmentation Section 3........................How Market Participants TransactRisk and Regulation Section 4........................Carbon and Climate Finance

2012 Global Association of Risk Professionals. All rights reserved.

2012 Energy Risk Professional (ERP) Examination Study Guide

3.4

Emissions Trading Models in the European Union 1. Frank Fabozzi (ed.): The Handbook of Commodity Investing (Hoboken, NJ: John Wiley & Sons, 2008). Chapter 37.....................Emissions Trading in the European Union

FINANCIAL PRODUCTSExam Weight | 20%


Forward Contracts and Exchange Traded Futures Energy Swaps Energy Options Exotic Options Option Valuation and Risk Management Real Option Valuation Speculation and Spread Trading in Energy Commodities Hedging Energy Commodity Risks Weather Derivatives

Financial Products, Trading, Hedging and Valuation32 Questions


4.1 Forward Contracts and Exchange Traded Futures 1. Steven Errera and Stewart L. Brown. Fundamentals of Trading Energy Futures & Options, 2nd Edition (Tulsa, OK: PennWell Books, 2002). Chapter 3.......................Behavior of Commodity Futures Prices

2. Robert McDonald. Derivatives Markets, 2nd Edition (Boston: Pearson Education, Inc., 2006). 4.2 Chapter 6.......................Commodity Forwards and Futures

Energy Swaps 1. Vincent Kaminski (ed). Managing Energy Price Risk (London: Risk Books, 2004). Chapter 1........................Energy Swaps

4.3

Energy Options 1. Vincent Kaminski (ed). Managing Energy Price Risk (London: Risk Books, 2004). Chapter 2.......................Energy Options

4.4

Exotic Options 1. Vincent Kaminski (ed). Managing Energy Price Risk (London: Risk Books, 2004). Chapter 3.......................Energy Exotic Options

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2012 Energy Risk Professional (ERP) Examination Study Guide

4.5

Option Valuation and Risk Management 1. Dragana Pilipovic. Energy Risk: Valuing and Managing Energy Derivatives, 2nd Edition (New York: McGraw Hill, 2007). Chapter 9.......................Overview of Option Pricing for Energies Chapter 10 .....................Option Valuation

2. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management (London: Lacima Publications, 2000). 4.6 Chapter 9.......................Risk Management of Energy Derivatives

Real Option Valuation 1. Alexander Triantis. Handbook of Modern Finance (New York: Research Institute of America, 2003). Available online: http:/ /www.rhsmith.umd.edu/faculty/atriantis/PDF/Real%20Options_Handbook%20of%20Modern %20Finance.pdf Chapter 7...........................Real Option Valuation

2. William Bailey, Benoit Couet, Ashish Bhandari, Soussan Faiz, Sunaram Srinivasan and Helen Weeds. Unlocking the Value of Real Options (Oilfield Review Winter 2003/2004). Available online: http:/ /sundysrinivasan.com/Links/Articles/w03.pdf 4.7 Speculation and Spread Trading in Energy Commodities 1. Steven Errera and Stewart L. Brown. Fundamentals of Trading Energy Futures & Options, 2nd Edition (Tulsa, OK: PennWell Books, 2002). 4.8 Chapter 4 ..........................Speculation and Spread Trading

Hedging Energy Commodity Risks 1. Peter C. Beutel. Surviving Energy Prices (Tulsa, OK: PennWell Books, 2005). Chapter 3...........................Different Kinds of Risk

2. Tom James. Energy Markets: Price Risk Management and Trading (Singapore: John Wiley & Sons, 2008). Chapter 13.........................Energy-Market Hedging Scenarios

3. Steve Leppard. Energy Risk Management: A Non-technical Introduction to Energy Derivatives (London: Risk Books, 2005). 4.9 Chapter 4 ..........................Physical Transactions and Basic Hedging Instruments

Weather Derivatives 1. Geoffrey Considine, Ph.D. Introduction to Weather Derivatives. Available online: http://www.imf.org/external/pubs/ft/weo/2011/01/pdf/c3.pdf 2. Kevin Baumert and Mindy Selman. Data Note: Heating and Cooling Degree Days. (World Resources Institute, 2003). Available online: http://cait.wri.org/downloads/DN-HCDD.pdf

2012 Global Association of Risk Professionals. All rights reserved.

2012 Energy Risk Professional (ERP) Examination Study Guide

MODELING ENERGY PRICESExam Weight | 10%


Introduction to Energy Modeling Data Analysis and Essential Statistics Spot Price Behavior Forward Curve Modeling Estimating Price Volatility

Modeling Techniques for Energy Commodities16 Questions


5.1 Introduction to Energy Modeling 1. Dragana Pilipovic. Energy Risk: Valuing and Managing Energy Derivatives, 2nd Edition (New York: McGraw Hill, 2007). 5.2 Chapter 2.......................What Makes Energies So Different?

Data Analysis and Essential Statistics 1. Dragana Pilipovic. Energy Risk: Valuing and Managing Energy Derivatives, 2nd Edition (New York: McGraw Hill, 2007). Chapter 4.......................Essential Statistical Tools

5.3

Spot Price Behavior 1. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management (London: Lacima Publications, 2000). Chapter 2.......................Understanding and Analyzing Spot Prices

2. Dragana Pilipovic. Energy Risk: Valuing and Managing Energy Derivatives, 2nd Edition (New York: McGraw Hill, 2007). 5.4 Chapter 5.......................Spot Price Behavior

Forward Curve Modeling 1. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management (London: Lacima Publications, 2000). Chapter 4.......................Energy Forward Curves Chapter 8.......................Forward Model Curves

2. Helyette Geman (ed). Risk Management in Commodity Markets: From Shipping to Agriculturals and Energy (West Sussex, England: John Wiley & Sons, 2008). Chapter 2.......................Forward Curve Modeling in Commodity Markets

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2012 Energy Risk Professional (ERP) Examination Study Guide

5.5

Estimating Price Volatility 1. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management (London: Lacima Publications, 2000). Chapter 3.......................Volatility Estimation in Energy Markets

2. Dragana Pilipovic. Energy Risk: Valuing and Managing Energy Derivatives, 2nd Edition (New York: McGraw Hill, 2007). Chapter 8.......................Volatilities

RISK MANAGEMENT FUNDAMENTALSExam Weight | 15%


Value-at-Risk (VaR) and Stress Testing Credit and Counterparty Risk Management Enterprise Risk Management Case Studies in Risk Management Failure

Risk Management Fundamentals24 Questions


6.1 Value-at-Risk (VaR) and Stress Testing 1. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management (London: Lacima Publications, 2000). Chapter 10 .....................Value-at-Risk

2. Markus Burger, Bernhard Graeber, and Gero Schindlmayr. Managing Energy Risk: An Integrated View on Power and Other Energy Markets (West Sussex, England: John Wiley & Sons, 2007). Chapter 6.2 ...................Value-at-Risk and Further Risk Measures

3. Alessandro Mauro. Price Risk Management in the Energy Industry: The Value at Risk Approach, Proceedings of the XXII Annual International Conference of the International Association for Energy Economics (June 9-12, 1999). Available online: http://ssrn.com/abstract=1020917 4. Jose Ramon Aragones, Carlos Blanco, and Kevin Dowd. Incorporating Stress Tests Into Market Risk Modeling. Available online: http://www.gravitascapital.com/Research/Risk/Stress%20Testing%20in%20Risk%20 Modelling%20-%20a%20paper.pdf

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2012 Energy Risk Professional (ERP) Examination Study Guide

6.2

Credit and Counterparty Risk Management 1. Tom James. Energy Markets: Price Risk Management and Trading (Singapore: John Wiley & Sons, 2008). Chapter 16 .....................A Practical Guide to Credit Control and Risk-Mitigation Methods

2. Markus Burger, Bernhard Graeber, and Gero Schindlmayr. Managing Energy Risk: An Integrated View on Power and Other Energy Markets (West Sussex, England: John Wiley & Sons, 2007). Chapter 6.3 ...................Risk Management (Credit Risk)

3. Jon Gregory. Counterparty Credit Risk (West Sussex, England: John Wiley & Sons, 2010). Chapter 2.......................Defining Counterparty Credit Risk Chapter 3.......................Mitigating Counterparty Credit Risk

4. Craig Pirrong. The Economics of Central Counterparty Clearing: Theory and Practice. (ISDA Working Paper). Available online: http://www2.isda.org/functional-areas/research/discussion-papers 6.3 Enterprise Risk Management 1. Casualty Actuarial Society, Enterprise Risk Management Committee. Overview of Enterprise Risk Management. Available online: http://www.casact.org/research/erm/overview.pdf 2. Tom James. Energy Markets: Price Risk Management and Trading (Singapore: John Wiley & Sons, 2008). 6.4 Chapter 10 .....................Management Controls Chapter 15 .....................Operational Risk and its Management

Case Studies in Risk Management Failure 1. Ludwig Chincarini. The Amaranth Debacle: A Failure of Risk Measures or a Failure of Risk Management? Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1023810 2. Connecticut Law Review. Risk Management and Corporate Governance: The Case of Enron. Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=468168

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2012 Energy Risk Professional (ERP) Examination Study Guide

CURRENT ISSUES IN ENERGYExam Weight | 10%


NOTE ON THE CURRENT ISSUES IN ENERGY SECTION: GARP recognizes that energy markets are dynamic and are often affected by regulation, newly discovered reserves, technological breakthroughs and current supply and demand trends. Global energy risk managers must remain abreast of these developments to effectively manage risk in their businesses. The Current Issues section is designed to familiarize ERP candidates with new developments and issues that are likely to have a long-term impact on the global energy markets. Topics included in the Current Issues section of the 2012 ERP Examination include how Chinese coal imports impact the global market, the effect of CFTC position limit rules and new proposed European financial regulations on the commodity markets, risk management lessons learned from the BP Deepwater Horizon spill, and how oil scarcity could impact future markets. The information contained within each reading is current as of November 15, 2011 and candidates can expect to be tested on these readings throughout 2012. Subsequent developments in these topics, or any new areas of focus, will be captured on the 2013 ERP Examination.

Readings for Current Issues in Energy16 Questions


1. NERA Economic Consulting. Lessons from the BP Deepwater Horizon Oil Spill (September 2010). Available online: http://www.argonbridge.com/e_library/file_show.php?id=585&PHPSESSID=d2d06ae8cf26a16b 6764d506b0761703 2. Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. CFTC Adopts Final Position Limit Rules at October 18 Open Meeting. Available online: https://www.skadden.com/Index.cfm?contentID=51&itemID=2558 3. Mark A. Cohen, Madeline Gottlieb, Joshua Linn, and Nathan Richardson. Deepwater Drilling: Law, Policy and Economics of Firm Organization and Safety. Available online: http://www.rff.org/rff/documents/rff-dp-10-65.pdf 4. Richard Morse and Gang He. The World's Greatest Coal Arbitrage: China's Coal Import Behavior and Implications for the Global Coal Market. Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1654676 5. Ivan Diaz-Rainey, Mathias Siems and John Ashton. The Financial Regulation of European Wholesale Energy and Environmental Markets. Available online: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1778429 6. International Monetary Fund. Oil Scarcity, Growth and Global Imbalances. Available online: http://www.imf.org/external/pubs/ft/weo/2011/01/pdf/c3.pdf

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2012 Energy Risk Professional (ERP) Examination Study Guide

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2012 Energy Oversight Committee (EOC) Members Ken Abbott ..................................Managing Director, Morgan Stanley & Company Richard Apostolik .....................President and CEO, Global Association of Risk Professionals Mark Galicia .................................Commercial Manager, BP North America, Inc. Gordon E. Goodman ................Trading Control Officer, Occidental Petroleum Corporation James Brown...............................Managing Director, Morgan Stanley & Company Mark Jenner .................................Director, Credit Risk, BG Group Jeff Jewell ....................................Chief Risk Officer, DTE Energy Glenn Labhart, EOC Chair .....Partner, Labhart Risk Advisors, Inc. Spyros Maragos ............................VP, Refined Products Analytics, Louis Dreyfus Energy Services, LP Alessandro Mauro .....................Director of Risk Management, Litasco SA Mark D. May ......................................Manager, Regional Risk Supply & Trading, Americas, ConocoPhillips Jeff Parke .....................................Senior Director, Risk Management, Koch Industries, Inc. Jonathan C. Stein ......................Chief Risk Officer, Vice President, Hess Corporation Andrew D. Sunderman ............Managing Director, JP Morgan Glen Swindle ...............................Managing Director, Energy Trade & Marketing, Credit Suisse John Wengler .............................Director of Market Risk Controls, Hess Corporation

Creating a culture of risk awareness.TM

Global Association of Risk Professionals 111 Town Square Place Suite 1215 Jersey City, New Jersey 07310 USA + 1 201.719.7210 2nd Floor Bengal Wing 9A Devonshire Square London, EC2M 4YN UK + 44 (0) 20 7397 9630 www.garp.org

About GARP | The Global Association of Risk Professionals (GARP) is a not-for-profit global membership organization dedicated to preparing professionals and organizations to make better informed risk decisions. Membership represents over 150,000 risk management practitioners and researchers from banks, investment management firms, government agencies, academic institutions, and corporations from more than 195 countries and territories. GARP administers the Financial Risk Manager (FRM) and the Energy Risk Professional (ERP) Exams; certifications recognized by risk professionals worldwide. GARP also helps advance the role of risk management via comprehensive professional education and training for professionals of all levels. www.garp.org.

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