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<head< <meta http-equiv="Content-Type" content="text/html; charset=windows-1252"< <meta name="GENERATOR" content="Microsoft FrontPage 4.0"< <meta name="ProgId" content="FrontPage.Editor.Document"< <style type="text/css"< <!-- a:link { font-family: Arial, Helvetica, sans-serif; text-decoration: none } a:visited { font-family: Arial, Helvetica, sans-serif; text-decoration: none } a:hover { text-decoration: underline; font-family: Arial, Helvetica, sans-serif } --< </style< <title<Derivatives For Energy Professionals</title< </head< <body< <div align="center"< <center< <table border="0" width="80%" cellspacing="10"< <tr< <td width="25%"< <p align="center"<<font face="Arial, Helvetica, sans-serif"<<img border="0" src="http://www.kaseco.com/images/kasecologo03.gif" width="150" height="190"<</font<</td< <td width="75%"< <h1 align="center"<<b<<span style="font-weight: bold"<<font face="Arial, Helvetica, sans-serif" color="#0000FF"<Derivatives For<br< Energy Professionals<o:p< </o:p< </font<</span<</b<</h1< <p style="mso-list:skip" align="center"<<font color="#FF0000"<<font face="Arial, Helvetica, sans-serif"<<b style="mso-bidi-font-weight:normal"<Two Full Days, April 9 ? 10, 2002<br< Early Bird Special Deadline is March 11th</b<</font<</font<<font face="Arial, Helvetica, sans-serif"<<b<<span style="mso-fareast-font-family: Times New Roman; mso-bidi-font-family: Times New Roman; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA; font-weight: bold"<<font color="#FF0000"<<br< </font<Houston, TX</span<</b<</font<</p< <p align="center"< </td< </tr< </table< <img border="0" src="http://www.kaseco.com/images/flying_bird.gif" width="600" height="128"< <table border="0" width="80%" cellspacing="10" height="800"< <tr< <td width="50%"< <b<<span style="font-weight: bold"<<font face="Arial, Helvetica, sans-serif" color="#0000FF"<Energy Consumers and Producers?</font<</span<</b<<font color="black" face="Arial, Helvetica, sans-serif"<<span style="color:windowtext"<<o:p< </o:p< </span<</font< <p class="MsoNormal" style="text-align:justify;mso-list:skip"<<font face="Arial, Helvetica, sans-serif"<<strong<<b style="mso-ansi-font-weight:normal;mso-bidi-font-weight:normal"<<span style="mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; color: black; font-weight: normal"<<font color="black"<Are you a consumer that hesitated to buy forward in 2000 or bought too soon last year?<span style="mso-spacerun: yes"< </span<Are you a producer who hedged too early in 2000 and did not hedge enough in early 2001?<span style="mso-spacerun: yes"< </span<Did you take undue credit risk because you did not know how to estimate exposure?<span style="mso-spacerun: yes"< </span<Are you comforting yourself with the fact that you did not hedge to make money?<span style="mso-spacerun: yes"< </span<Let's face it - you did not hedge to lose money either.<span style="mso-spacerun: yes"< </span<Kase's Derivatives for Energy Professionals will provide you with the indispensable strategies and tactics you need to avoid costly errors and equip you to make the important hedging decisions necessary for survival in today's treacherous marketplace.</font<</span<</b<</strong<<span style="mso-bidi-font-size: 12.0pt"<<o:p< </o:p< </span<</font<</p< <p<<b style="mso-bidi-font-weight:normal"<<font face="Arial, Helvetica, sans-serif" color="#0000FF"<Content</font<</b<</p< <ul style="margin-top:0in" type="disc"< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<The Derivatives Market<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Buying and Selling Forward<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Hedging Long and Short Positions<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Trigger Deals, EFP's, Swaps<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Hedging Spreads and Basis<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Volatility and Options<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Hedging with Options<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Hedging with "Exotics"<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Market Behavior in Favorable Price Environments<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Market Behavior in Adverse Price Environments<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Developing a Strategy to Match Risk Appetite<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Selecting Appropriate Instruments<o:p< </o:p< </font<</span<</li< <li class="MsoNormal" style="mso-list:l4 level1 lfo3;tab-stops:list .5in"<<font face="Arial, Helvetica, sans-serif"<<span style="mso-bidi-font-size: 12.0pt"<Developing Policies and Procedures<o:p< </span<</font<</li< </ul< </center< <p align="left"<<font face="Arial, Helvetica, sans-serif" color="#0000FF"<<b<In This Class You Will Learn About<o:p< </o:p< </b<</font<</p< <ul< <li< <font face="Arial, Helvetica, sans-serif"<<span style="mso-bidi-font-size: 12.0pt"<How futures and OTC derivatives work</span<</font<</li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Hedging prices, basis, margins, and spreads<o:p<</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Math for volatility, VAR, Monte Carlos<o:p< </o:p<</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Options, including puts, calls, floors, caps, synthetics, and more</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Cost-reducing hedge strategies, such as three-way collars, option spreads<o:p< </o:p<</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<How the market behaves, including how long bull and bear markets typically last, how contango or backwardation effects hedging, the impact of removing hedges<o:p< </o:p<</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<What hedge maturities should be used<o:p<</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Considerations for custom strategies</font< </span< </li< <li< <span style="mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif"<Developing policies and procedures<o:p< </o:p< </font<</li< </ul< <center< <hr width="80%" size="5"< <p align="center"<<b style="mso-bidi-font-weight: normal; mso-bidi-font-size: 12.0pt"<<span style="mso-bidi-font-weight: normal; mso-bidi-font-size: 12.0pt"<<font face="Arial, Helvetica, sans-serif" color="#0000FF"<<span<Registration Fees Include a Copy of Kase?s video ?Effective Risk Management?</span<</font<</span<</b<</p< <p align="center"<<b style="COLOR: black; mso-bidi-font-weight: normal; mso-bidi-font-size: 12.0pt"<<font face="Comic Sans MS" color="#000000"<<span style="COLOR: black; mso-bidi-font-weight: normal; mso-bidi-font-family: Arial; mso-bidi-font-size: 12.0pt"<<font color="#00639c"<<O:P< <img src="http://www.kaseco.com/images/video.jpg" border="0" width="96" height="96"<</font<</span<</font<</b<</p< <h2 align="center"<<b style="mso-bidi-font-weight:normal"<<font face="Arial, Helvetica, sans-serif" color="#0000FF"<Early Bird Deadline is March 11</font<</b<</h2< <p align="center"<<font face="Arial, Helvetica, sans-serif"<<font color="#FF0000"<<b<<span style="font-weight: bold"<Early Bird Special: </span<<span style="mso-spacerun: yes; mso-bidi-font-size: 14.0pt; font-weight: bold"< </span<<span style="font-weight: bold"<$895.00</span<</b<<br< </font<Two or More Early Bird:<span style="mso-spacerun: yes"< </span<$825.00<br< Regular:<span style="mso-spacerun: yes"< </span<$995.00<br< Two or More:<span style="mso-spacerun: yes"< </span<$895.00<o:p< </o:p< <span style="mso-bidi-font-size: 12.0pt"<<o:p< </o:p< </span< </font<</p< <p class="MsoNormal" align="center" style="text-align:center;mso-list:skip"<<b<<span style="font-weight: bold"<<font face="Arial, Helvetica, sans-serif"<Marriott West Loop, Houston</font<</span<<font face="Arial, Helvetica, sans-serif"<<span style="font-weight: bold"<<o:p< </o:p< </span<</font<</b<</p< <p class="MsoNormal" align="center" style="text-align:center;mso-list:skip"<<font face="Arial, Helvetica, sans-serif"<$135 Per Night ? Kase Class Rate<br< (713) 960-0111 Reservations Phone<br< (713) 624-1517 Reservations Fax<br< 1750 West Loop South<br< Houston, TX<span style="mso-spacerun: yes"< </span<77027<o:p< </o:p< <o:p< </o:p< </font<</p< <p class="MsoNormal" align="center" style="text-align:center;mso-list:skip"<<b<<span style="font-weight: bold"<<font face="Arial, Helvetica, sans-serif"<For More Information Go To?.</font<</span<<font face="Arial, Helvetica, sans-serif"<<u<<span style="mso-bidi-font-size: 14.0pt; font-weight: bold"<<br< <a href="http://www.kaseco.com/classes/derivatives.htm"<www.kaseco.com/classes/derivatives.htm</a<</span<</u<<span style="mso-bidi-font-size:14.0pt;font-weight:bold"<<o:p< </span<</font<</b< <p class="MsoNormal" align="center" style="text-align:center;mso-list:skip"< <hr width="80%" size="5"< </span< <p align="center"< <font face="Arial, Helvetica, sans-serif"<<span style="mso-bidi-font-size: 12.0pt"<</o:p< </span<</font<</p< <table border="0" width="100%" cellspacing="1" cellpadding="0"< <tr< <td width="50%"< <p align="center"<<img border="0" src="http://www.kaseco.com/images/house_blue.gif" width="128" height="150"<</td< <td width="50%"<<font face="Arial, Helvetica, sans-serif"<Kase and Company also offers In House Training Classes. For more information about Kase In House Training Classes please email us at:<a href="mailto:kase@kaseco.com"<<br< kase@kaseco.com</a<<br< (505) 237-1600.</font<</td< </tr< </table< <p< <font face="Arial, Helvetica, sans-serif"<Kase and Company also has an upcoming <font color="#FF0000" face="Arial, Helvetica, sans-serif"<<blink< Learn Technical Analysis</blink<</font< Class on June 11-12, 2002 in Houston, TX. For more information about Learn Technical Analysis and what will be covered go to...</font<</p< <p align="center"< <b< <a href="http://www.kaseco.com/classes/tech_analysis.htm"<<font face="Arial, Helvetica, sans-serif"<www.kaseco.com/classes/tech_analysis.htm</font<</a< <br< </b< </p< </td< </tr< </table< </div< </body< </html<
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