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Kelvin Patrick Molyneaux - Curriculum Vitae Tel: +27 (0)83 995 4967 Email: [email protected] 214 Goble Road, Morningside, Durban, 2004 Profile: I am a 31-year-old South African male with 7.5 years of experience in the banking sector, with my specialization therein being in the financing, trading and risk management of physical commodities. I have worked on global markets and investment banking style transactions in Africa, the United Kingdom and Asia. The commodity asset classes that I have dealt with include the following: agricultural and related (white maize, yellow maize, wheat, sunflower seeds, soya beans, barley and fertilizer), bulk and energy (iron ore, coal and oil), precious metals (gold, silver and platinum) and base metals (aluminum, copper, nickel, tin and zinc). Previous Employment: Company: ICBC Standard Bank Plc Date: April 2015 – January 2016. Job Description: Physical Commodities Risk Assurance (Risk Division) Senior Manager. Duties: I joined the Physical Commodities Risk Assurance team (part of ICBC Standard Bank’s Risk Division) on the 18 th of January 2015 and was based in Singapore. I was responsible for providing front to back risk assurance for ICBC Standard Bank's physical commodity businesses (delineated according to the following commodity types: precious metals, base metals and bulk and energy). This typically entailed the following: Site inspection / audits. Exit cost / haircut vetting. Process flow assurance review. Operational risk incident investigation and reporting of incidents involving a physical commodity component. Enhanced due diligence (with respect to trade processes, procedures and documentation) for clients that have recently experienced a decline in credit quality. Investigation and mitigation of any other concern around physical commodity transactions that either senior management or I had. I was responsible for the South East Asia region (India, Thailand, Malaysia, Singapore, Indonesia, Taiwan) and South Korea (I also provided commentary on deals that occurred outside of the aforementioned countries on an ad hoc basis). The two major initiatives I was involved in implementing were: Revising ICBC Standard Bank's inventory classification framework (i.e. the methodology used for grading the risk of the storage facilities the Bank makes use of) for the base metals business. Revising the reporting templates used to validate exit strategies (i.e. my template provided greater detail around the various trade flow components of the exit strategy and the attendant costs) for the base metals business. Locations visited as part of this role (along with the purpose of the visit) are detailed below: Singapore – Pacorini and Steinweg base metals bonded warehouses. Singapore – Brinks precious metals vaults. Taipei and Kaohsiung City, Taiwan – Steinweg base metals bonded / non-bonded warehouses. Mumbai, Ahmedabad, Agra and Delhi, India – G4S and Brinks precious metal vaults.

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Page 1: CV - KP Molyneaux (2016)

Kelvin Patrick Molyneaux - Curriculum Vitae

Tel: +27 (0)83 995 4967 Email: [email protected]

214 Goble Road, Morningside, Durban, 2004

Profile:

I am a 31-year-old South African male with 7.5 years of experience in the banking sector, with my specialization therein being in the financing, trading and risk management of physical commodities. I have worked on global markets and investment banking style transactions in Africa, the United Kingdom and Asia. The commodity asset classes that I have dealt with include the following: agricultural and related (white maize, yellow maize, wheat, sunflower seeds, soya beans, barley and fertilizer), bulk and energy (iron ore, coal and oil), precious metals (gold, silver and platinum) and base metals (aluminum, copper, nickel, tin and zinc).

Previous Employment:

Company: ICBC Standard Bank Plc

Date: April 2015 – January 2016.

Job Description: Physical Commodities Risk Assurance (Risk Division) Senior Manager.

Duties:

I joined the Physical Commodities Risk Assurance team (part of ICBC Standard Bank’s Risk Division) on the 18th of January 2015

and was based in Singapore. I was responsible for providing front to back risk assurance for ICBC Standard Bank's physical

commodity businesses (delineated according to the following commodity types: precious metals, base metals and bulk and

energy).

This typically entailed the following:

Site inspection / audits.

Exit cost / haircut vetting.

Process flow assurance review.

Operational risk incident investigation and reporting of incidents involving a physical commodity component.

Enhanced due diligence (with respect to trade processes, procedures and documentation) for clients that have recently

experienced a decline in credit quality.

Investigation and mitigation of any other concern around physical commodity transactions that either senior

management or I had.

I was responsible for the South East Asia region (India, Thailand, Malaysia, Singapore, Indonesia, Taiwan) and South Korea (I also

provided commentary on deals that occurred outside of the aforementioned countries on an ad hoc basis).

The two major initiatives I was involved in implementing were:

Revising ICBC Standard Bank's inventory classification framework (i.e. the methodology used for grading the risk of the

storage facilities the Bank makes use of) for the base metals business.

Revising the reporting templates used to validate exit strategies (i.e. my template provided greater detail around the

various trade flow components of the exit strategy and the attendant costs) for the base metals business.

Locations visited as part of this role (along with the purpose of the visit) are detailed below:

Singapore – Pacorini and Steinweg base metals bonded warehouses.

Singapore – Brinks precious metals vaults.

Taipei and Kaohsiung City, Taiwan – Steinweg base metals bonded / non-bonded warehouses.

Mumbai, Ahmedabad, Agra and Delhi, India – G4S and Brinks precious metal vaults.

Page 2: CV - KP Molyneaux (2016)

Company: The Standard Bank of South Africa Limited.

Date: January 2012 – March 2015.

Job Description: Physical Commodities Management Unit (Risk Division) Senior Manager.

Duties:

I joined the Physical Commodities Management Unit (which was part of Standard Bank’s Risk Division) on the 1st of January 2012.

I was primarily based in Johannesburg, South Africa however I was also seconded to Standard Bank International’s London office

twice (in 2013 and 2014, from July to October for both assignments).

I worked with Standard Bank’s Global Markets Commodities Desk and Investment Banking Structured Trade & Commodities

Finance team.

The following is a list of the duties that I performed for the Global Markets Commodities Desk:

Conducting of pre-deal and post deal trade management checks for any transactions executed that contained

physical commodity related risk components (the bulk of my exposure was to agricultural commodities and iron ore,

however I did have limited dealings with coal and precious metals).

Below is a list of some of the typical checks that I was required to perform:

Review of contractual terms and preparation of contracts.

Due diligence of warehouses/ports (storage locations) and forwarders.

Determination and arrangement of the requisite collateral management and insurance requirements for

transactions.

Assistance with articulating the credit requirements for a transaction (i.e. ensuring any credit issues have been thought through with regards to the structure of the trade).

Aid in the articulation of transaction funding/tax/VAT and customs requirements.

Trade booking (making sure trades are booked and events are captured correctly).

Position management (physical and derivatives – specifically for the iron ore funding business)

Margin call calculation (again, specifically for the iron ore funding business).

Arranging payment of invoices/3rd party payments – involved liaising with operations teams.

Day to day PnL monitoring (i.e. help if issues arise on PnL in relation to physical trades – traders are primarily responsible but PCMU were often well placed to assist if problems arose).

Assisting operations with any queries or pricing regarding physical trades that required margining.

Assisting operations, if required, with queries in relation to reconciling stock, in conjunction with external service providers.

Drawing up processes and procedures covering the “PCMU” (i.e. physical commodity risk) element for new product

lines that the Commodities Desk decided to offer its clients (specific new products I worked included: physical coal

trading, physical base metals trading and physical platinum / palladium backed exchange traded funds).

The following is a list of duties I performed for the Investment Banking Division’s Structured Trade & Commodity Finance

Team:

Pre-deal checks for transactions where the primary risk mitigant was deemed to be the physical commodity (the bulk

of my exposure was with respect to oil and gas, agricultural commodities and fertilizer) and post- payaway

monitoring reporting of live deals to the Global Head of PCMU.

Typical components that form part of the aforementioned are as follows:

Due diligence of storage locations.

Vetting and approval of inventory management service providers and the legal agreements governing their

services.

Exit strategy vetting (i.e. assessing the viability of the strategy that the deal team has proposed that will, in

the event of a default situation, allow for the marketing of the underlying collateral in such a manner as to

recoup any outstanding funds owed).

Locations visited as part of this role (along with the purpose of the visit) for both the commodities desk and structured trade

and commodity finance teams are detailed below:

Richards Bay, South Africa – Richards Bay Coal export terminal site inspection.

85 kilometres northwest of Richards Bay, South Africa – Somkhele open cast anthracite coal mine site inspection.

Page 3: CV - KP Molyneaux (2016)

Durban, South Africa – Fertilizer warehouse audits.

Durban, South Africa – Island View Storage oil storage facility site inspection (product in question was vegetable oil).

Cairo and Port Said, Egypt – Corn deal workout.

Dakar, Senegal – Iron ore storage facilities and loading berth site inspections.

Nairobi and Mombasa, Kenya – Tea auction visit and oil and gas discharge points site inspection.

Lilongwe and Blantyre, Malawi – Storage warehouses (for fertilizer and various agricultural commodities) site

inspections.

Dar es Salaam, Tanzania – Wheat mill visit and oil and gas discharge points site inspections.

Durban and Johannesburg, South Africa – Base metal warehouse audits.

Date: October 2008 – December 2011.

Job Description: Soft Commodities Desk (Global Markets Division) Manager.

Duties:

I joined the Soft Commodities Desk (which was part of Standard Bank’s Global Markets area) on the 1st of October 2008 and

was based in Johannesburg, South Africa.

Over the course of the time that I spent working on the desk my responsibilities included the following:

Management of Standard Bank’s soft commodity collateralized and Sharia’h compliant funding businesses – with

respect to the former:

The book size managed was +/- 1,000,000.00 tonnes (R1.8 Billion) at its peak (containing +/- 10-15% of the

South African Maize crop in storage).

Clients ranged from small traders to the largest South African Co-Operatives.

Products offered: Haircut Repos, Hedged Repos, Basis Options and Agency Agreements.

Commodities financed: White Maize, Yellow Maize, Wheat, Soya beans, Sunflower Seeds, Barley and

Fertilizer.

Management of the derivative hedges for Standard Bank’s retail producer input financing and derivative solutions

businesses.

Book size managed was +/- 300,000.00 tonnes at its peak.

Products offered: Long Hedges, Fixed Price Contracts, Min Max Contracts and Non-Margin Forwards.

Futures broking for local and international clients.

Products brokered: SAFEX-traded agricultural commodities.

Clients ranged from individuals to major international Investment Banks.

Ex-silo physical commodity broking/trading.

Marketing of physical stock delivered to the Desk by the Retail Division’s farmers.

Date: February 2008 – September 2008.

Job Description: Graduate Trainee.

Duties:

I joined Standard Bank as part of the Corporate and Investment Banking Division’s Graduate Programme in 2008 and was

based in Johannesburg, South Africa.

I rotated through the following areas:

Global Markets – Interest rate derivatives sales, structuring and trading desk.

Coverage and Distribution – Top-tier Black Economic Empowerment and Non-Banking Financial Institutions (NBFI)

client relationship teams.

Property Finance – Investment Banking Property Finance team.

Credit – NBFI, Rest of Africa and Specialised credit teams.

Investment Banking – Structured Trade and Commodity Finance team.

I spent my time on the graduate programme completing different projects (for the respective teams mentioned above), whilst

rotating through the different areas I was assigned to.

Page 4: CV - KP Molyneaux (2016)

Education:

Tertiary Qualifications

Professional Qualifications:

Registered Persons Exams (2009):

o Agricultural Products Market Dealers Exam.

o Introduction to Financial Markets.

o The Equity Market.

o Bond and Long-Term Debt Markets.

o The Derivatives Market.

o Regulation and Ethics of the SA Financial Market.

University of the KwaZulu-Natal (2004-2007) Bachelor of Business Science [Finance]:

I completed my Bachelor of Business Science [Finance] degree at the end of 2007.

I passed all of my courses, with an overall “B” average and was not required to write any supplementary exams.

Secondary Qualifications

St’ Henry’s Marist Brothers College (2003) - Independent Examination Board (IEB) Matriculation Certificate with Exemption:

I matriculated with a “B” average, writing all subjects on the higher grade.