'INSPIRING VIEWS' OUTLOOK 2010: SIGNS OF RECOVERY EVENTS 28 issue 22 THE WORD For the fourth year, Rabobank International held its 'Inspiring Views' seminar. Around 50 business relations, representatives of pension funds, insurance companies, asset managers and banks partici- pated in the seminar, which was organised by GFM's Financial Institutions Sales department and took place at Hotel Huis ter Duin in Noordwijk, the Netherlands. The theme of this year's seminar was 'Risk Management', and included a number of speakers. Elwin de Groot from GFM research presented the 'Macro Economie Outlook 2010' and concluded that 'The world economy will restore itself in 2010 but not excessively. Inflation will remain moderate in the short-term, while in the long term there will be risks." WhatInspiring Views seminar When? 5 November 2009 Where? Hotel Huis ter Duin in Noordwijk, the Netherlands Eddie Clarke from GFM London gave an overview of the current developments in the credit market, while Roderick Munsters, CEO of Robeco, gave a presentation about the risks of not investing. Tonko Gast from Dynamic Credit Partners gave a presentation on the credit worthiness of securitisations and made a comparison between the similarities and differences in the European and American mortgage market. Then, Arnold Gast from Delta Lloyd gave a presentation called 'Sailing through the Crisis'. The day concluded with a dinner. "This seminar was a great success due to the great turnout and because of the interesting presentations, which definitely allowed for some discussions. A seminar such as this one is a great way to increase our intimacy and involvement with clients," said Gert Jan Vliem from Sales Benelux Global Financial Markets, Rabobank International. Outlook 2010 What? Outlook 2010 Conference When? 1 December 2009 WhereUtrecht, the Netherlands Last December, more than 300 people from corporate relations departments, financial institutions and non-profit organisations attended Rabobank's annual 'Outlook' con ference, held at the Duisenberg Auditorium in Utrecht, the Netherlands. During the conference, Rabobank presented its 'Outlook 2010' and 'Globalisation at a Cross- roads' publications. Sipko Schat, Rabobank Executive Board member, presented 'Globali sation at a Crossroads', and said: "Despite the spectacular rate of growth in the past three decades, the volume of world trade dropped by almost a fifth within three months after the collapse of Lehman Brothers. The unprec- edented rundown of inventories since the fourth quarter of 2008 led toa massive slump in industrial production across the world owing to the vertical integration ofglobal supply chains.The tightness of credit conditions also acted as a drag on business investment. At this moment, however, world trade is showing signsofrecovery." Piet Moerland, Chairman of the Board of Rabobank Nederland, presented 'Outlook 2010'. He said that the full recovery of world trade might extend beyond 2010, and noted that factors that will influence this recovery are the developments in the BRIC region, in particular China and India, and the impact of geopolitical shifts, commodity prices, environmental issues, climate control and food production. Alexander Rinnooy Kan, Chairman of the Social and Economie Council of the Netherlands, presented his view on safe and sustainable globalisation. The conference ended with a forum discussion led by Sipko Schat and with contributions from Wim Boonstra, Chief Economist of Rabobank, Jan Lambregts, Global Head of Financial Markets Research and Arjo Blok, Head of Global Financial Markets.

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