European CLO & Structured
  Products Summit

October 22-24, 2008
__Fairmont Monte Carlo Hotel, Monte Carlo, Monaco

TEXT AGENDA (as of 10-17-2008)__

2008 Confirmed Participants Include:

Senior Analyst, ABU DHABI INVESTMENT CO.
Director, ADVECO
Manager, Investment Division, AFRICAN DEVELOPMENT BANK, TUNIS
Portfolio Administrator, ALEGRA CAPITAL LTD.
Partner, ALEGRA CAPITAL LTD
Partner, ALEGRA CAPITAL LTD.
Principal, ALLIANZ RISK TRANSFER (UK) LTD
Principal, ALLIANZ RISK TRANSFER (UK) LTD
Principal, ALLIANZ RISK TRANSFER (UK) LTD
Relationship Manager, ALPSTAR
Relationship Manager, ALPSTAR
Portfolio Manager, ALPSTAR SA
Chief Financial Officer & Tresurer, AMERICAN FILM INSTITUTE
Head of Fixed Income, ARUNDEL PARTNERS LTD
Senior Managing Director- International, ASSURED GUARANTY
Managing Director, ASSURED GUARANTY
Marketing Coordinator, ASSURED GUARANTY
Director- Structured Finance, ASSURED GUARANTY
Senior Managing Director, Structured Finance, ASSURED GUARANTY
Managing Director- Structured Finance, ASSURED GUARANTY
Director, International Credit, ASSURED GUARANTY
Portfolio Management, AURELIUS CAPITAL MANAGEMENT
Managing Director, AURELIUS CAPITAL MANAGEMENT
Managing Director, AVOCA CAPITAL
Managing Director, AVOCA CAPITAL
Managing Director, AVOCA CAPITAL
Managing Director, BABSON CAPITAL EUROPE
Associate Director, BABSON CAPITAL EUROPE
Partner, BAKER & MCKENZIE
Associate, BAKER & MCKENZIE
Partner, BAKER & MCKENZIE
Senior Risk Manager, BANK AUSTRIA AG
Portfolio Manager/Assistant Manager, BANKGESELLSCHAFT BERLIN AG
THE BANK OF NEW YORK MELLON
CFA, BANK OF SCOTLAND TREASURY
Structured Credit Derivatives Trading, BARCLAYS CAPITAL SERVICES
Portfolio Manager, BAWAG P.S.K
Managing Director, THE BLACKSTONE GROUP INTERNATIONAL LIMITED
Head of CLO Team, BNP PARIBAS COGENT
Managing Director, BROAD POINT DESCAP SECURITIES
Partner, CADWALADER, WICKERSHAM & TAFT LLP
Director, THE CARLYLE GROUP
Managing Director, THE CARLYLE GROUP
Direction des Marchés, CFM MONACO
C.I.O, CHANNEL CAPITAL ADVISORS
CEO, CHANNEL CAPITAL ADVISORS
Deputy Chairman, CHANNEL CAPITAL ADVISORS
Executive Director, CIBC WORLD MARKETS
Senior Manager, CIC
Director, CIC
Head of Synthetic Credit Structuring, CITIGROUP
Senior Associate, CLIFFORD CHANCE
EVP, COHEN & COMPANY
Chief Executive Officer & Managing Director, COLLINEO ASSET MANAGEMENT GMBH
Portfolio Manager, COLLINEO ASSET MANAGEMENT GMBH
Portfolio Manager, COMMERZBANK
Portfolio Manager, COMMERZBANK AG
Deputy CLO Manager, COMMERZBANK
Direction des Gestions, CREDIT FONCIER DE MONACO
CDO Equity & Mezzanine Fund, CRYSTAL FUND
Managing Partner, CVC CORDATUS LTD
Portfolio Manager - Managing Director, CVC CORDATUS LTD
Director, CVC CORDATUS LTD
Chairman, Chief Investment Officer, CVC CORDATUS LTD
Partner, DELOITTE & TOUCHE LLP
Manager, DELOITTE & TOUCHE LLP
Head of CRAC ABS Analysis, DEXIA BANK BELGIUM
Partner, DI STEFANO & SEDLO
Partner, DI STEFANO & SEDLO
Managing Director, DIMAIO AHMAD CAPITAL LLC
President, DSI BODIAM INC
CEO, DYNAMIC CREDIT PARTNERS
Co-Founding Partner & Chief Investment Officer, DYNAMIC CREDIT PARTNERS
Vice-President-Institutional Bank Loan Relationships, EATON VANCE MANAGEMENT
Investment Manager, FAMILY OFFICE NETWORK (FON)
Managing Director, FAXTOR SECURITIES
Senior Portfolio Manager, FAXTOR SECURITIES
Managing Partner, FAXTOR SECURITIES
Portfolio Manager, FAXTOR SECURITIES
Managing Director, FIELDSTONE CAPITAL GROUP
Managing Director – Europe, FINANCIAL SECURITY ASSURANCE
Senior Director, FITCH RATINGS
Associate Director, FITCH RATINGS
Senior Director Fund & Asset Management Business Development, FITCH RATINGS
Portfolio Manager, GSC PARTNERS
Head of Structured Products, GULF INTERNATIONAL BANK(UK) LTD.
Portfolio Manager, HARBOURMASTER CAPITAL MANAGEMENT LTD
Managing Director and Co-Head, HARBOURMASTER CAPITAL MANAGEMENT LTD
Assistant Director, HBOS TREASURY SERVICES PLC
Director of Investment credits, HBOS TREASURY SERVICES
CDO Portfolio Manager, HENDERSON GLOBAL INVESTORS
Structured Products Business Manager, HENDERSON GLOBAL INVESTORS
Portfolio Manager, HIGHLAND CAPITAL MANAGEMENT EUROPE LTD
Managing Director, HSH NORDBANK AG
Managing Director, IKB DEUTSCHE INDUSTRIEBANK AG
Assistant Director, IKB FUND MANAGEMENT
Assistant Director, IKB FUND MANAGEMENT
Managing Director, INCISIVE CAPITAL
Portfolio Manager, INCISIVE CAPITAL
Director, INCISIVE CAPITAL
Managing Partner, INDICUS ADVISORS LLP
Managing Partner, INDICUS ADVISORS LLP
Senior Investment Manager, ING INVESTMENT MANAGMENT
Senior Investment Manager, ING INVESTMENT MANAGMENT
Head of CDO, INTERMEDIATE CAPITAL GROUP
Executive, INTERMEDIATE CAPITAL GROUP
Ufficio Credit Portfolio Management e Operazioni Strutturate, INTESASANPAOLO
ABS Analyst, INVESTEC BANK
Partner, KAYE SCHOLER LLP
Director, LANDESBANK BERLIN AG
Analyst, LANDESBANK BERLIN AG

Portfolio Finance, LANDESBANK BERLIN AG
ABS Investment Manager, Credit Capital Markets, LANDESBANK BADEN-WÜRTTEMBERG
Senior Credit Analyst, LANDESBANK BADEN-WÜRTTEMBERG
Vice President, LANDESBANK BADEN-WÜRTTEMBERG
Assistant Director, LANDESBANK BERLIN AG
Head of CDO Middle Office, LASALLE GLOBAL TRUST SERVICES
Head of CDO Transaction Management Europe, LASALLE GLOBAL TRUST SERVICES
Credit Products Manager, LASALLE GLOBAL TRUST SERVICES
Head of CDO Europe, Senior Vice President, LASALLE GLOBAL TRUST SERVICES
Business Development Manager, LASALLE GLOBAL TRUST SERVICES
CDO Transaction Manager, LASALLE GLOBAL TRUST SERVICES
CDO Senior Transaction Manager, LASALLE GLOBAL TRUST SERVICES
Executive, LASALLE GTS DEVELOPING MAREKTS
Vice President, LBBW
Executive Vice President, LBBW
Senior Vice President, MAGNETAR CAPITAL
Director, MERRILL LYNCH
Partner, MILBANK, TWEED, HADLEY & MCCLOY LLP
Partner, MILBANK, TWEED, HADLEY & MCCLOY LLP
Partner, MILBANK, TWEED, HADLEY & MCCLOY LLP
Portfolio Manager, MITSUBISHI
General Advisor, MITSUBISHI
Head of Portfolio Management, MIZUHO INVESTMENT MANAGEMENT (UK ) Ltd
Chief Executive Officer, MJX ASSET MANAGEMENT
Managing Director, MONTANA SECURITIES
Managing Director, MONTANA SECURITIES
Team Managing Director, MOODYS
VP/SCO, MOODYS
Head of Senior Loans Europe, MORGAN STANLEY INVESTMENT MANAGEMENT
Vice President, MORGAN STANLEY
Head of Credit, NAB CAPITAL
NAB CAPITAL
Director - Securitisation, NAB CAPITAL
Head of CDO Investment, NATIXIS ASSET MANAGEMENT
Credit Analyst, NATIXIS
Partner, NEW AMSTERDAM CAPITAL
Partner, NEW AMSTERDAM CAPITAL
Partner - Senior Portfolio Manager, NEW BOND STREET ASSET MGMT LLP
Vice President, Structured Credit, NOMURA
Director, NOMURA
Director, Structured Credit, NOMURA
Director, Structured Credit, NOMURA
Vice President, Structured Credit, NOMURA
Portfolio Manager, OPPENHEIM KAG
Managing Director, P&G SGR SPA
CIO, PEMBA CREDIT ADVISORS
Leveraged Finance, PEMBA CREDIT ADVISORS
Chairman & CEO, PENTIUM GROUP PARIS
Chief Operating Officer, PERMIRA DEBT MANAGERS
Chief Executive Officer, PERMIRA DEBT MANAGERS
Head of ABS Investment, PICTET ASSET MANAGEMENT
Head of Fixed-Income Solutions, PICTET ASSET MANAGEMENT
ABS/CDO Investment Manager, PICTET ASSET MANAGEMENT
Structured Credit Analyst, POSTBANK AG
Head of Credit, POSTBANK AG
Principal, CDO, PRAMERICA FINANCIAL
Portfolio Manager, PRAMERICA FINANCIAL
Portfolio Manager, PRAMERICA FINANCIAL
Portfolio Manager, PRAMERICA FINANCIAL
Business Liaison Associate, PRAMERICA FINANCIAL
Chairman, PRIMUS GUARANTY (UK) LTD
PRIVATE INVESTOR
Director of Leveraged Finance, PRUDENTIAL M&G
Director Structured Credit Products, PRUDENTIAL M&G
Chief Investment Officer, Executive Director, Partner, PRYTANIA INVESTMENT ADVISORS
Investment Analyst, PRYTANIA INVESTMENT ADVISORS
Vice President, RESOURCE AMERICA
Managing Director, RESOURCE AMERICA
Member of the Management Committee, RMF INVESTMENT MANAGEMENT
Director, ROTHCHILD & SONS LTD.
Managing Director, ROTHCHILD & SONS LTD
CDO Trader, ROYAL BANK OF SCOTLAND
Portfolio Manager, SBAB
Head of Credit Structuring and Strategies, SCHRODERS
Head of Structured Credit, SCHRODERS INVESTMENT MANAGEMENT LTD
Portfolio Manager, SEB STOCKHOLM
Portfolio Manager, SEB
Head of CDO & Credit Management, SGAM AI
Portfolio Manager, SGAM AI
Partner, SIMMONS & SIMMONS
Partner, SIMMONS & SIMMONS
President, STRUCTURED CREDIT INTERNATIONAL CORP
Head of Structured Credit Investments, SUMITOMO MITSUI BANKING CORPORATION EUROPE (SMBC EUROPE)
Executive Director, THREADNEEDLE ASSET MANAGEMENT
Managing Director, TRIMARAN ADVISORS LLC
Chief Investment Officer, TRIMARAN ADVISORS LLC
Head CDO Trader, UBS
Managing Director, Global Head of CLOs, UBS
Executive Director, Head of CDO Research, UBS
Managing Director, Head of European CDOs, UBS
Board Member, VOLTA FINANCE LIMITED
Structured Finance Associate, UNICREDIT GROUP
Director, UNICREDIT GROUP
Managing Director, UNICREDIT MARKETS & INVESTMENT BANKING
Managing Director, UNICREDIT MARKETS & INVESTMENT BANKING
Managing Director, UNICREDIT MARKETS & INVESTMENT BANKING
Securitization Researcher, UNICREDIT MARKET AND INVESTMENT BANKING
Vice President Business Development, WELLS FARGO
Analyst Securitization, WESTDEUTSCHE IMMOBILIENBANK AG
Managing Director Head of Securitisation, WESTDEUTSCHE IMMOBILIENBANK AG
Analyst Securitization, WESTDEUTSCHE IMMOBILIENBANK AG
Head of Markets, WGZ IRELAND
Partner, WHITE & CASE
Partner, WHITE & CASE
Partner, WHITE & CASE
Lawyer, WHITE & CASE
Managing Director, ZAIS GROUP

Wednesday, October 22, 2008

12:00

Registration

12:30

Co-Chair Welcoming Remarks

Vice President, BANK OF NEW YORK MELLON
CEO, DYNAMIC CREDIT PARTNERS
Managing Director, IKB DEUTSCHE INDUSTRIEBANK AG
Team Managing Director, MOODYS INVESTORS SERVICES
President, STRUCTURED CREDIT INTERNATIONAL CORP

12:45

CDO/CLO and Their Impact on the World Financial Crisis

Moderator:
Chairman & CEO, PENTIUM GROUP PARIS

Panelists:
President, DSI BODIAM INC
Fixed Income, Morgan Stanley
Managing Director, UNICREDIT MARKETS & INVESTMENT BANKING
Vice President, THE BANK OF NEW YORK MELLON

13:45

Middle Market and SME CLOs/CDOs: Developments in New Asset Classes

Moderator:
Managing Director, IKB DEUTSCHE INDUSTRIEBANK AG

Panelists:
Senior Dealer, Monet Market Sales, SANTANDER GLOBAL BANKING & MARKETS
Team Managing Director, MOODYS

14:30

Investor Roundtable
• Lessons learned from the credit/liquidity crunch.
• What do (CLO) investors expect from issuers and banks going forward
• What are the risks still hidden in investors portfolios? How to control them?
• What tools will investors need to manage there portfolios in these difficult times?
• Is now a great time to invest in CDOs? If yes what to buy?
• What does the future hold? Are CDOs going to come back at all? If yes in what form? Who is going to buy them?

Moderator:
Board Member, VOLTA FINANCE LIMITED

Panelists:
Partner, ALEGRA CAPITAL LTD
Head of Senior Loans Europe, MORGAN STANLEY INVESTMENT MANAGEMENT
Head of CDO Investment, NATIXIS ASSET MANAGEMENT

15:30

Refreshment Break

16:00

The Role of Operating Companies in Today's Credit Market
• What are operating companies and what are their key features?
• How have they faired in these markets?
• What is the future of operating companies going forward?

Moderator:
CEO, CHANNEL CAPITAL ADVISORS

Panelists:
Partner, CADWALADER, WICKERSHAM & TAFT LLP
Executive Vice President, LBBW
Chairman, PRIMUS GUARANTY (UK) Ltd
Head of Synthetic Credit Structuring, CITIGROUP

17:00

New Legal and Accounting Considerations for Securitization of SPV’s

Moderator:
Partner, DELOITTE & TOUCHE LLP

Panelists:
Senior Associate, CLIFFORD CHANCE LM
Partner, DI STEFANO & SEDLO LM

17:30

Rating Agencies : Their Role in the Crisis and Going Forward
• The rating agencies value proposition has been questioned as a result of the crisis. What steps have been taken/are
being taken to shore up confidence?
• How deeply has the rating agencies credibility been damaged? What are investor’s attitude towards ratings today?
• What impact will changes in the rating agencies methodologies have on the management of CDO/CLO portfolios?
• Where do you see the rating agencies' "value" in the post-crisis world? Can we imagine a CDO market (assuming
this asset class survives the crisis) without ratings and rating agencies?

Moderator:
Vice President, THE BANK OF NEW YORK MELLON

Panelists:
Team Managing Director, MOODY’S INVESTORS SERVICES
Managing Director, P&G SGR SPA

18:30

Cocktail Reception

Thursday, October 23, 2008

8:00

Continental Breakfast

9:00

Co-Chair Welcoming Remarks

Vice President, BANK OF NEW YORK MELLON
CEO, DYNAMIC CREDIT PARTNERS
Managing Director, IKB DEUTSCHE INDUSTRIEBANK AG
Team Managing Director, MOODYS INVESTORS SERVICES
President, STRUCTURED CREDIT INTERNATIONAL CORP

9:15

CLOs

Moderator:
Managing Director, Global Head of CLOs, INCISIVE CAPITAL

Panelists:
Managing Director, DIMAIO AHMAD CAPITAL LLC
Partner, CADWALADER, WICKERSHAM & TAFT LLP
Director - Structured Finance, ASSURED GUARANTY

10:00

European CLOs

Moderator:
Director, SHOOTERS HILL CAPITAL LIMITED

Panelists:
Managing Director, BABSON CAPITAL EUROPE
Portfolio Manager, EATON VANCE MANAGEMENT
Partner, BAKER & MCKENZIE
VP/SCO, MOODYS
Portfolio Manager, GSC PARTNERS

11:00

Refreshment Break

Sponsored by: WILMINGTON TRUST

11:15

Synthetic CDO/CLO's

Moderator:
CEO, DYNAMIC CREDIT PARTNERS

Panelists:
Managing Partner, CHENAVARI CREDIT PARTNERS
Managing Director, HSH NORDBANK AG
Partner - Senior Portfolio Manager, NEW BOND STREET ASSET BOND MGMT LLP
Director, NOMURA
Portfolio Manager, SGAM AI

12:15

CLOs/CDOs of Private Equity and Hedge Funds
• Level of issuance in each of these two sectors for 07, 08 ytd, full year 08 and your best guess for 09.
• The impact of the subprime led financial sector meltdown on issuer and investor interest in each of these two sectors.
• The benefits of the PE and HF CDOs and how to convince investor base of these benefits in the current
market conditions.
• How long can PE and HF CDOs sustain stock and credit market declines of the kind we have had?

Moderator:
President, STRUCTURED CREDIT INTERNATIONAL CORP

Panelists:
Partner, KAYE SHOLER LLP
Member of the Management Committee, RMF INVESTMENT MANAGEMENT LM

13:00

Lunch

14:15

The Future of Structure Products “What’s Next? “
• The Secondary Market and its Future?
• SIV and SIV -Lite
• The Treasury Rescue Package

Moderator:
CEO, DYNAMIC CREDIT PARTNERS

Panelists:
Director, DEUTSCHE BANK
Vice-President-Institutional Bank Loan Relationships, EATON VANCE MANAGMENT
Managing Director, FIELDSTONE CAPITAL
Partner, MILBANK, TWEED, HADLEY & MCCLOY LLP
President, STRUCTURED CREDIT INTERNATIONAL CORP

15:15

CLO Managers Roundtable
• The risks to CLOs over the next 12 – 24 months.
• Restructuring loans in a complex world.
• Managing a CLO through a turbulent market and a deteriorating economic environment .
• Manager consolidation.
• Prospect for re-emergence of CLO issuance.

Moderator:
Head of Structured Credit Strategy, RBS CREDIT MARKETS

Panelists:
CDO Director, AIB CAPITAL MARKETS PLC
Portfolio Manager/Managing Director, CVC CORDATUS LTD
Director, FITCH RATINGS
Executive, INTERMEDIATE CAPITAL GROUP
Director of Leveraged Finance, PRUDENTIAL M&G

16:15

Refreshment Break

16:30

The Role of Trustees Collateral Administrator in Waivers and Investor Reporting.

Moderator:
Director, CODEAN

Panelists:
Managing Director, BNP PARIBAS TRUST CORPORATION UK LIMITED
Head of CDO Transaction Management Europe, LASALLE GLOBAL TRUST SERVICES
Vice President, THE BANK OF NEW YORK MELLON
Counsel, WHITE & CASE

17:30

Update on Cash Flow and Market Value CDO/CLO Markets

Moderator:
Partner, WHITE & CASE

Panelists:
Chief Executive Officer & Managing Director, COLLINEO ASSET MANAGEMENT GMBH
Managing Director, FAXTOR SECURITIES
Partner, ALEGRA CAPITAL LTD

18:15

Cocktail Reception

Friday, October 24, 2008

8:00

Breakfast

8:45

Co-Chair Welcoming Remarks

Vice President, BANK OF NEW YORK MELLON
CEO, DYNAMIC CREDIT PARTNERS
Managing Director, IKB DEUTSCHE INDUSTRIEBANK AG
Team Managing Director, MOODYS INVESTORS SERVICES
President, STRUCTURED CREDIT INTERNATIONAL CORP

9:00

Credit CPPI

Deputy Director, Structured Credit Marketing, ABN AMRO
Director, Structured Credit, NOMURA

10:00

Interactive Discussion:

State of the Market
• Is the outlook for simpler deals? Give examples of simpler deals that might survive and complex deals that will not
• Who will replace investors that are going out such as big banks that have had big losses?
• How can market transparency be increased?
• Will borrowers whose loans are stuck in problem CDO’s be able to buy back their loans?
• Will there be new rating agencies for structured products or just humbled S&P, Moody’s and Fitch? What more
will they have to do to earn market confidence?
• What investment banks are going to retain structured finance teams when there is little business to do?
• What will we be talking about in a year from now?

Director, ADVICORP
Head of Structured Credit Research, CITIGROUP
President, STRUCTURED CREDIT INTERNATIONAL CORP
CEO, DYNAMIC CREDIT PARTNERST

11:00

Conference Concludes