David Hayes

• Responsible for the successful roll out of mergers, acquisitions and joint ventures with a focus on the integration of processes and commercial functions and the building of commercial capabilities within the joint venture. • Develop and take the lead on targeted company supplier relationships, including identifying, developing and maintaining relationships with key decision makers. • Lead negotiator on term agreements with strategic partners. • Increasing the efficiency and reducing the cost of our existing supply chain and logistical setup.

• Manage all functions directly related to trading physical commodities to include purchase, sale, logistics and account management. • Managing a position book of over 500,000mt of oils and fats across multiple geographies, Europe, North America, South America and South East Asia. Assigned commodities include: crude palm oil, olein, stearin, PFAD, animal fat, technical corn oil, rapeseed oil, soybean oil, UCO and fatty acids. • Manage trading positions, inventories and forward positions to minimise risk and maximise profitability. • Maintain a comprehensive understanding of all biofuel legislation, requirements and physical flows. • Prospecting and developing new markets, suppliers, customers and trading partners. • Managing and developing strong relationships with key customers and suppliers. • Responsible for constructing and implementing global sourcing strategies with a focus on market and supplier segmentation. • Analysing and modeling markets via regression and monte carlo simulation, and constructing and maintaining SnD.

• Responsibility for managing all aspects of the scheduling, nomination and transportation of biofuel and feedstock deliveries. • Managing physical assets and inventories and helping coordinate projects to facilitate access to new markets. • Maintaining a close relationship with the Sales and Supply teams, providing real-time market surveillance to help optimise commercial opportunities. • Implementing new procedures, processes and IT systems, required to ensure a high level of control and risk management. • Working closely with other members of the Operations team, Legal and many other areas including Business Controllers, Technology, Tax, Credit and Sustainability.

• Running the company’s arbitrage strategy. This consisted principally of OTC trading with brokers and counterparties both in ADR swaps and equity options with typically daily market value of trades ranging from USD25m - USD100m. • Modeling and pricing of options using a number of different approaches including the implicit and explicit finite difference method. • Using algorithmic trading software I managed and traded a statistical arbitrage strategy on the London Stock Exchange and Chi-X. • Back testing and simulation of potential strategies to estimate profitability and optimise model parameters. • Investigating potential regulatory and corporate action arbitage opportunities and how to trade them.

Implementation and comparison of univariate, bivariate and information-based approaches to modeling commodity spread options. Calibration of numerous different models. Running simulations in both Visual Basic and C++ and analysis of the results. Review and implementation of various option hedging methods.

Executive education, strategic decision making for management

Thesis - Modeling and Hedging of Commodity Spread Options Advisors - Morgan Stanley and Professor Dorje Brody Courses: Stochastic Processes, C++, Theory of Finance, Markov Chains and Levy Processes, Dynamic Portfolio Theory, Interest Rate Models, Mathematical Option Pricing, Numerical Methods, Correlation Modeling.