7:30 Registration...Continental Breakfast

8:15 CONFERENCE WELCOME AND INTRODUCTION TO THE CHAIRPERSONS

Cheryl Fallick, Senior Vice President, INFORMATION MANAGEMENT NETWORK

8:20 CO-CHAIRPERSONS' INTRODUCTORY ROUNDTABLE

Facilitator:
Christian Zugel, President, ZAIS GROUP LLC

Panelists:
John Schiavetta, Managing Director, FITCHRATINGS
Gus Harris, Managing Director, MOODY'S INVESTORS SERVICE
David Tesher, Managing Director, STANDARD & POOR'S

8:55 ...NO MATTER WHAT THE FUTURE BRINGS: GLOBAL PERSPECTIVES ON THE CDO MARKET

• Has the market finally matured?
• Investment & issuance activity
• Reviewing the impact of the economic downturn on the underlying assets
• Perception of the market vs. reality of the market
• Weathering inherent market volatility
• New asset components
• US economic issues and its affect on CDO performance
• Implications on cyclical industries and correlations
• Where are the positive market trends?
• Forecasts: Where do issuers and investors go from here?

Moderator:
Glen McDermott, Director, SALOMON SMITH BARNEY

Panelists:
Jennifer Meyer, First Vice President, AMBAC ASSURANCE CORP.
Eileen Murphy, Global Head of Agency CDOs & Structured Funds and Bonds, BARCLAYS CAPITAL
Drew Dickey, Managing Director, DAVID L. BABSON & CO.
Anthony Thompson, Managing Director, DEUTSCHE BANK GLOBAL CDO GROUP
Steven Park, Director, DEUTSCHE BANK TRUST COMPANY AMERICAS
Fred Horton, Managing Director, TRUST COMPANY OF THE WEST
Christian Zugel, President, ZAIS GROUP LLC

10:10 KEYNOTE ADDRESS: CURRENT STATE OF THE CDO MARKET

• Market overview
• CDO performance
• BMA Initiatives
• Evolution of structures
• Prospects for the future

Thomas Pascale, Managing Director, CREDIT SUISSE FIRST BOSTON

10:30 ON THAT YOU CAN RELY: RATING AGENCY METHODOLOGIES AND PERSPECTIVES

• Are CDOs over-leveraged?
• Downgrades
• Default rates and stresses
• Should we be revisiting “conventional” assumptions?
• Examining the reasons for recent downgrades
• Structural flexibility and investor expectations
• What have we learned from the recent high defaults, CCCs and downgrades?
• How are the rating agencies adapting with the market? Proactive or Reactive?

Moderator:
Carl D. Bell, Senior Vice President, PUTNAM INVESTMENTS

Panelists:
Richard Hrvatin, Managing Director, FITCHRATINGS
Mark Froeba, Vice President - Senior Credit Officer, MOODY'S INVESTORS SERVICE
Kenneth Cheng, Associate Director, STANDARD & POOR'S

11:00 Refreshments

11:15 A HILL O' BEANS IN THIS CRAZY WORLD: CLARIFYING TAX AND ACCOUNTING COMPLEXITIES

• Consolidation issues
• FAS 140
• Treatment of SPEs and partnerships
• 3rd party equity
• Reducing originator and issuer liabilities
• Differences between the European and US legal framework

Moderator:
Mike Hall, Partner, KPMG LLP

Panelists:
Phoebe Moreo, Partner, DELOITTE & TOUCHE
Terry Meyers, Tax Director/Global Securitization Group, DELOITTE & TOUCHE
David N. Thrope, Partner, ERNST & YOUNG

12:05 THAT NO ONE CAN DENY: RESEARCH PERSPECTIVES ON THE CDO MARKET

• How have CDO structures evolved to withstand current high levels of default?
• How has Enron, Railtrack and others affected IG CDOs and IG market in general?
• How useful are the rating agency CDO performance metrics?
• How does one manage around the lack of a CDO total return index?
• Is there consistency and value in the secondary market?
• Have we made any progress on transparency (analytics, valuation, surveillance, total return indices)?
• Relative value views
• Outlook on CDO market growth

Moderator:
Sheldon Sussman, Managing Director - Head Capital Markets, RABOBANK INTERNATIONAL

Panelists:
Russell Hurst, Director, CDO Research, BANK ONE CAPITAL MARKETS
Neil McPherson, Head ABS/CDO Research, CREDIT SUISSE FIRST BOSTON
Sunita Ganapati, Vice President-CDO Research, LEHMAN BROTHERS
Glen McDermott, Director, SALOMON SMITH BARNEY
Douglas Lucas, Director-CDO Strategy, UBS WARBURG

1:05 Luncheon

- A - 2:05 DIGGING BENEATH THE DEFAULT STATISTICS OF THE HIGH YIELD MARKET

• Collateral and structural issues and integrity
• Manager performance
• Improvements in credit quality and underwriting

Presentation:
Sam DeRosa-Farag, Managing Director, CREDIT SUISSE FIRST BOSTON

2:25 (Panel)

Moderator:
John Gibson, PRICEWATERHOUSECOOPERS

Panelists:
John Pluta, Senior Managing Director, JOHN HANCOCK FINANCIAL SERVICES, INC.
Yvonne Fu, Senior Vice President, MOODY'S INVESTORS SERVICE
Neal J. Reiner, Senior Vice President and Portfolio Manager, PUTNAM INVESTMENTS

- B - 2:05 DEVELOPMENTS IN PRIVATE EQUITY SECURITIZATIONS

• Examining the characteristics and uses for the products
• Risk/return profiles
• Difficulties and challenges and how do investors perceive them?
• Examining transparency, liquidity, trading and credit issues
• Market outlook and projections

Moderator:
Richard Hrvatin, Managing Director, FITCHRATINGS

Panelist:
Andrew Weber, Director, DEUTSCHE BANK AG NEW YORK
Chris Ruder, Vice President, DEUTSCHE BANK CAPITAL PARTNERS
George Sun, Director, STANDARD & POOR'S

- A - 2:55 HERE'S LOOKING AT YOU KID: EXPLORING THE INCREASING VISIBILITY OF LEVERAGED LOANS

• Leveraged loans in European CDOs
• Difficulties in quantifying recovery values
• Loan structures: Debt ranking and security, amortization profile and mezzanine terms
• Quality and liquidity of assets and collateral
• Portfolio reviews
• Market growth potential

Moderator:
Steve Miller, Managing Director, STANDARD & POOR'S

Panelists:
Jonathan Lavine, Managing Director, BAIN CAPITAL/SANKATY ADVISORS
David H. Learner, Director, CREDIT SUISSE ASSET MANAGEMENT, LLC
Daniel Toscano, Head of Syndications, DEUTSCHE BANK
Mark B. Mahoney, President, GULF STREAM ASSET MANAGEMENT, LLC

- B - 2:55 YOU MUST REMEMBER THIS...: ADVANTAGES OF INVESTING IN HEDGE FUND AND FUND-OF-FUND SECURITIZATIONS

• Unique analytical issues to hedge funds
• Popular misconceptions
• Risk/return profiles
• Portfolio reviews
• Transparency and reporting
• Market value or cashflow CDO technology in hedge fund strategies
• Market growth potential

Moderator:
Andrew Weber, Director, DEUTSCHE BANK AG NEW YORK

Panelists:
Gary Witt, Vice President, MOODY'S INVESTORS SERVICE
Chris Howley, Director, STANDARD & POOR'S
Shanker Merchant, Managing Director, WACHOVIA SECURITIES

3:35 Refreshments

- A - 3:50 IS IT STILL THE SAME OLD STORY? REPACKAGINGS - CDOs OF STRUCTURED FINANCE AND REAL ESTATE SECURITIES

• Evolution, liquidity and collateral mix
• Typical structures, synthetic structures and innovative structures
• Synthetic structures
• Introduction of esoteric assets
• Estimating loss severity in a CDO default scenario
• Evaluating collateral and other collateral considerations
• Assessing the underlying assets
• Growth outlook for Europe and Asia

Moderator:
Pete Kambeseles, Director, STANDARD & POOR'S

Panelist:
Landon Parsons, Senior Vice President, C-BASS LLC
David Kung, Vice President, CREDIT SUISSE FIRST BOSTON
Mia Koo, Director, FITCHRATINGS
Carl D. Bell, Senior Vice President, PUTNAM INVESTMENTS
Darius Grant, Director, SALOMON SMITH BARNEY
Sean Kirk, Vice President of Trading, UNITED CAPITAL MARKETS

- B - 3:50 IT'S STILL A STORY WITHOUT AN ENDING - CDO EQUITY/PERFORMANCE MEASUREMENT

• Comparing CDO Equity returns with other asset classes
• Performance drivers: Collateral, manager and structure
• Asset allocation
• Transparency
• Evaluating collateral
• Evaluating collateral and other collateral considerations
• Assessing the underlying assets
• Growth outlook for Europe and Asia
• Balancing debt and equity interests
• Performance benchmarks, performance measurement

Participants:
Michael Herzig, Managing Director, DEUTSCHE BANK GLOBAL CDO GROUP
Sten Bergman, Director, STANDARD & POOR'S

- A - 4:55 CDOs OF TRUPS (BANK TRUST PREFERRED STOCK)

Moderator:
Sajjad Hussain, Director, FITCHRATINGS

Panelists:
Daniel Cohen, Chief Executive Officer & President, COHEN BROTHERS & CO.
Plamen Mitrikov, Associate, CREDIT SUISSE FIRST BOSTON
Joshua Siegel, Vice President, SALOMON SMITH BARNEY

- B - 4:55 CDOs OF MIDDLE-MARKET COMMERCIAL LOANS

Moderator:
David Burger, Vice President, MOODY'S INVESTORS SERVICE

Panelists:
John Erickson, CFO, AMERICAN CAPITAL STRATEGIES LTD.
Beth Russotto, Senior Director, FITCHRATINGS
Iftikhar Hyder, Managing Director, XL CAPITAL ASSURANCE
William Brown, Director, WACHOVIA SECURITIES

5:45 CLOSE OF DAY ONE

7:45 Continental Breakfast

8:15 CO-CHAIRPERSONS' RECAP REMARKS

- A - 8:25 BREATHING LESSONS: OR HOW TO STOP WORRYING AND LOVE THE LEVERAGE

Participants:
Eileen Murphy, Global Head of Agency CDOs & Structured Funds and Bonds, BARCLAYS CAPITAL
Gerard O'Connor, Head of Origination and Structuring, BARCLAYS CAPITAL

- B - 8:25 CASE STUDY: HIGH GRADE STRUCTURED FINANCE CDO

• Utilizing higher quality collateral
• Short term funding options and constraints
• Issuer motivation
• Potential size of the market
• Alternative structures to achieve similar goals

Participants:
Matthias Neugebauer, Associate Director, FITCHRATINGS
Allison Senk, Associate Director, FITCHRATINGS

- A - 8:55 TECHNOLOGICAL ADVANCES ADDRESSING TRUSTEE ROLES AND RESPONSIBILITIES

• Access to electronic reports in real time
• What new technology is available for administering CDOs?
• How does the trustee interact with the deal team?
• What is the latest technology available to facilitate ease of closing transactions and standardizing investor reporting?
• Is it the trustee's role to verify information or replicate and reproduce information provided by respective managers?
• How does the manager interact with the trustee?
• Collateral quality, coverage and trade tests
• Collateral and disbursement reviews
• Audits/financial statements/books and records
• Asset manager's perspective
• Back-up systems: How have back-up systems fared in the wake of September 11, 2001?

Moderator:
Vandana Sharma, Director, STANDARD & POOR'S

Panelists:
Lora Peloquin, Vice President, ABN AMRO/LASALLE BANK
Hillel Caplan, Manager, DELOITTE & TOUCHE
Joseph Elston, Vice President, JPMORGAN
Usman Ismail, Executive Vice President, International Sales and DB, LEWTAN TECHNOLOGIES
Steven Finnk, CDO Analyst, UNITED CAPITAL MARKETS
Dan Ober, Vice President, WACHOVIA SECURITIES
Randy Reider, Vice President, WELLS FARGO CORPORATE TRUST

- B - 8:55 INDUSTRY BEST PRACTICES IN CDO SURVEILLANCE

• What does it take to provide a top quality product?
• Importance of surveillance to Issuers, Rating Agencies and Investors
• Impact on Asset Value
• Is it worth the effort invested?

Moderator:
Derek Poh, Senior Manager, ERNST & YOUNG

Panelists:
Tim Houghton, Vice President, ABN AMRO/LASALLE BANK
John Gagliardo, Vice President/Manager-Analytics Group & Structured Finance Services, BANK OF NEW YORK
John A. Carlson, Senior Vice President, DEERFIELD CAPITAL
Bill Martin, Senior Director, Product Strategy, LEWTAN TECHNOLOGIES
Eric Kolchinsky, Vice President, MOODY'S INVESTORS SERVICE
Stuart Rothenberg, Associate Director, STANDARD & POOR'S
Ralph Creasia, Vice President, US BANK CORPORATE TRUST SERVICES

10:15 Refreshments

- A - 10:30 PLAY IT AGAIN, SAM: NEW STRUCTURAL ENHANCEMENTS FOR CASH FLOW CDOs

Moderator:
Scott Gordon, Managing Director, AMBAC ASSURANCE CORP.

Panelists:
Devansh Patel, Director, CREDIT SUISSE FIRST BOSTON
Yale Baron, Director, DEUTSCHE BANK GLOBAL CDO GROUP
Jennifer Sifert, Vice President, FSA
Mark Froeba, Vice President - Senior Credit Officer, MOODY'S INVESTORS SERVICE
Eric Goodison, PAUL, WEISS, RIFKIND, WHARTON & GARRISON, LLP
James K. Damron, Managing Director, PPM AMERICA
Lina Kharnak, Director, STANDARD & POOR'S

- B - 10:30 OVERVIEW OF SYNTHETIC CDO STRUCTURES: STATIC, MANAGED AND HYBRIDS

• Exploiting current arbitrage opportunities
• Examining structural innovations and limitations
• Dissecting the risks and benefits

Moderator:
Yuri Yoshizawa, Vice President & Senior Credit Officer, MOODY'S INVESTORS SERVICE

Panelists:
Eric Rothman, Vice President, ACE GUARANTY CORP.
Tim Stevens, First Vice President, AMBAC ASSURANCE CORP.
Steve Kuppenheimer, Vice President, CREDIT SUISSE FIRST BOSTON
Michael Carter, Senior Vice President, LEHMAN BROTHERS
Terrence McCarthy, Associate Director, STANDARD & POOR'S
Evan Kestenberg, CDO Analyst, UNITED CAPITAL MARKETS

- A - 11:35 WHAT SHOULD INVESTORS LOOK FOR IN PERFORMANCE MONITORING?

Moderator:
Stephen Lioce, Vice President-Senior Credit Officer, MOODY'S INVESTORS SERVICE

Panelists:
Shaun Baddeley, Director, FITCHRATINGS
Joseph A. Rotondo, Vice President, INVESCO SENIOR SECURED MANAGEMENT, INC.
Edward F. Sullivan, Jr., Vice President-Portfolio Manager, SAGE ADVISORY SERVICES LTD. CO.
Robert G. Smith, III, President, SAGE ADVISORY SERVICES LTD. CO.

- B - 11:35 REPACKAGING OF STRESSED CORPORATE AND STRUCTURED FINANCE ASSETS

• CDOs of CDOs
• CDOs of stressed CDOs
• CDOs of stressed corporate collateral
• CDOs of non-performing assets

Moderator:
Marion Silverman, Senior Director, FITCHRATINGS

Panelist:
Robert Flowers, Executive Vice President, PPM AMERICA
Todd C. Sauer, Manager, PRICEWATERHOUSECOOPERS
Pete Kambeseles, Director, STANDARD & POOR'S
Fred Horton, Managing Director, TRUST COMPANY OF THE WEST
Denise Crowley, Senior Portfolio Manager, ZAIS GROUP LLC

12:35 Luncheon

1:35 CDO CREDIT RATING TRANSITIONS

• 2002 Recap
• Average annual transition rates
• Cumulative transition rates
• Comparison to corporate transition rates

Danielle Nazarian, Vice President-Senior Credit Officer, MOODY'S INVESTORS SERVICE

2:00 CDO SECONDARY TRADING

• What is the status of the secondary market for CDO paper?
• How has the market changed in the past year or two?
• What changes will we see in the future?
• What are the tools/approaches being used to evaluate the assets in the market?
• Will information and therefore trading become more acceptable resulting in a more efficient market?
• What will this mean to the market participants?
• Who will provide the information and analytical tools investors need to make informed decisions?

Moderator:
Daniel S. Patton, Vice President, WELLS FARGO CORPORATE TRUST

Panelist:
Kristofer Kraus, Director, CREDIT SUISSE FIRST BOSTON
Greg Lippmann, Managing Director, DEUTSCHE BANK GLOBAL CDO GROUP
Craig Bonder, Vice President, RABOBANK INTERNATIONAL
Stephen Anderberg, Associate Director, STANDARD & POOR'S
Joe Naggar, Managing Director, SWISS RE
John Devaney, CEO, President, UNITED CAPITAL MARKETS

3:00 MANAGERS' MATTERS

• What is the value added (if any)?
• Is this a function of the investor's position in the capital structure or is it important for everybody?
• What tools exist to evaluate manager/CDO performance?
• Can the two be disaggregated from each other?
• Is it luck vs. skill or is it just timing?
• Comparing manager intervention with static or fixed pool

Moderator:
Mark Gaw, Associate Director, STANDARD & POOR'S

Panelists:
Maryam Muessel, Chief Operating Officer, ACA
Christopher DiAngelo, Partner, DEWEY BALLANTINE
Said Rafat, Senior Director, FITCHRATINGS
Rudolph Bunja, VP Senior Credit Officer, MOODY'S INVESTORS SERVICE
Iris Bader, Director, TIAA-CREF

3:50 Refreshments

4:05 LOUIS, I THINK THIS IS THE BEGINNING OF A BEAUTIFUL FRIENDSHIP: CONTINUED MARKET GROWTH FOR CREDIT DERIVATIVES

• Using credit derivatives for protection
• Shortening maturity
• Various uses
• Future uses

Moderator:
Jill Zelter, Managing Director, FITCHRATINGS

Panelists:
Joseph Pimbley, Managing Director, ACA
Richard Stephenson, Vice President, JPMORGAN
Chui Ng, Director, STANDARD & POOR'S

4:45 INVESTOR PERSPECTIVES ON THE CDO MARKET "AS TIME GOES BY"

Moderator:
Sunita Ganapati, Vice President-CDO Research, LEHMAN BROTHERS

Panelists:
Mark Steinman, Vice President - Risk Management, ACE GUARANTY RE INC.
Jennifer Meyer, First Vice President, AMBAC ASSURANCE CORP.
David Oston, Managing Director, STANFIELD GLOBAL STRATEGIES
Elizabeth Thomas, Associate Director, TIAA-CREF

5:30 CONFERENCE CONCLUDES: We'll always have Paris