12:30-6:15 Registration

1:00-6:15 Pre-Summit Workshops

A - INVESTOR WORKSHOP

B - ISSUER WORKSHOP

C - TAX, ACCOUNTING & REGULATORY WORKSHOP

6:15 Workshop Ends

6:15 Cava Cavalcade Cocktail Reception Sponsored By:

8:00 Registration & Welcoming Breakfast

8:40 HOST'S OPENING REMARKS

Scott Brody, Managing Director, INFORMATION MANAGEMENT NETWORK

8:45 GLOBAL ABS: CREATION, CONVERGENCE AND COMMODITISATION

• Too much money chasing too few deals? A look at supply/demand fundamentals
• Spread tiering between and within asset classes and countries and the impact on pricing and market liquidity
• When will investor demand be satiated?
• The trend toward reverse enquiry trades and market impact
• Impact of high investor demand on lower rated tranches
• Basel II, covered bonds and market impact

Session Facilitator:
Kurt D. Sampson, Managing Director, STANDARD & POOR'S

Panelists:
Christopher Fielding, Head-Securitisation & Treasury Advisory Group, ABBEY NATIONAL TREASURY SERVICES PLC
Mike Nawas, Managing Director & Global Head-ABS, ABN AMRO BANK NV
Marcus Giancaterino, Managing Director, CITIGROUP
Michael Raynes, Managing Director & Head-European Securitisation Group, DEUTSCHE BANK
Andrew Burgess, Head-ABS, GULF INTERNATIONAL BANK (UK) LTD.
Jack B. Caouette, Vice Chairman, MBIA
Vernon Wright, Executive Vice Chairman & Chief Financial Officer, MBNA CORP.
Greg Medcraft, Global Head-Securitisation, SOCIETE GENERALE
Marcus Klug, Managing Director, UNIQA ALTERNATIVE INVESTMENTS GMBH

10:00 Morning Break in Exhibit Hall

TRACK A: Consumer ABS: RMBS, Covered Bonds, Credit Cards, Retail Auto Loans

TRACK B: Investor Relative Value Panels and Research, Trading and Syndication Roundtables and US Market Update

TRACK C: Basel II, IAS, Monitoring/Surveillance, Role and Responsibilities of Trustees and SPV Directors

TRACK D: CDO Panels

TRACK E: Corporate & Whole Business Securitisation

TRACK A 10:30 OUTLOOK FOR THE CONFORMING/PRIME RESIDENTIAL MORTGAGE MARKET IN LIGHT OF NEW REGULATORY TREATMENT, INCREASED COMPETITION AND MARGIN COMPRESSION

• Market Background: performance of the UK property market
• Market pressures: competition and margin compression
• Impact of Basel II and covered bonds
• Impact of the overheated housing market on RMBS
• European primary market liquidity
• Secondary trading and liquidity: Where are we now?
• Adequate reporting: divergence or convergence

Session Facilitator:
Robert H. Liao, Director, CITIGROUP

Panelists:
Rob Collins, Managing Director -Securitisation & Treasury Advisory Group, ABBEY
Nick Proud, Vice President, ACE FINANCIAL SERVICES
Jon Katovsky, Managing Director, BRITANNIA BUILDING SOCIETY
Ian G. Stewart, Head- Securitisation & Balance Sheet Management, HBOS
David Harrison, Vice President, MERRILL LYNCH INTERNATIONAL
John Cummins, Group Treasurer, STANDARD LIFE INVESTMENTS
Nicholas Keen, Finance Director, THE PARAGON GROUP OF COMPANIES PLC

TRACK B 10:30 FINDING RELATIVE VALUE IN EUROPEAN STRUCTURED CREDIT GIVEN TIGHT MARKET SPREADS...MOVING DOWN THE CREDIT CURVE FROM AAA TO SUBORDINATES

• Can the spectacular growth of the subordinate market continue?
• Where is all this new demand for subordinate issues coming from?
• Is the value worth the added time and cost to do the credit analysis on these deals?
• How do subordinate investors discriminate between deals?
• Which subordinate asset classes/sectors are the most attractive?

Session Facilitator:
Alexander Batchvarov, Managing Director, MERRILL LYNCH INTERNATIONAL

Panelists:
Emmanuelle Nasse-Bridier, Head-ABS Group, AXA INVESTMENT MANAGEMENT
Simon Jones, Portfolio Manager, DEUTSCH BANK/WINCHESTER PRINCIPAL FINANCE
Rafael Martinez, Senior Portfolio Manager-ABS/MBS, FORTIS BANK
Tony P. Clark, Senior Investment Manager, HBOS TREASURY SERVICES PLC
Mark Bowles, Head-Fixed Income Portfolio Group, HVB CORPORATES & MARKETS
Erik Jan Van Bergen, Senior Investment Manager, ING INVESTMENT MANAGEMENT
Nico Petris, Manager, NASPA DUBLIN
Mark Hannan, Director, RABOBANK INTERNATIONAL

TRACK C 10:30 THE BASEL II ACCORD, IAS, CONSOLIDATION & CAPITAL ADEQUACY DIRECTIVES: EXAMINING BROAD IMPLICATIONS FOR THE STRUCTURED FINANCE MARKET

• Timing for Basel II
• Timing for the IAS
• The Last Issues Under Debate
• Internal Assessment Approach
• Recalibration of the RBA
• The SFA Formula
• Synthetic Transactions
• IAS Rules
• Comparison of IAS with FASB Rules
• What Does It All Mean?

Session Facilitator:
Jason HP Kravitt, Senior Partner, MAYER, BROWN, ROWE & MAW

Panelists:
William Perraudin, Special Advisor to the BANK OF ENGLAND & Professor of Finance, Birkbeck College, UNIVERSITY OF LONDON
Georges Duponcheele, Head-Analytics, BNP PARIBAS
Kevin Ingram, Partner, CLIFFORD CHANCE LLP
David J. Barnes, Partner, DELOITTE

TRACK D 10:30 NEW DEVELOPMENTS, CHALLENGES AND OPPORTUNITIES IN THE EUROPEAN CDO/CLO/CBO MARKET: A MARKET OVERVIEW

Session Facilitator:
Selwyn Rayzor, Managing Director, ABN AMRO BANK NV

Panelists:
Simon Perry, Managing Director- Structured Credit Products Group, CDC IXIS CAPITAL MARKETS
Claude Brown, Partner, CLIFFORD CHANCE LLP
Fritz Thomas, Managing Director, DEUTSCHE BANK
Richard Gambel, Managing Director, FITCH RATINGS
Joan Musselbrook, Director, MBIA
Frederick H. Horton, Managing Director, TRUST COMPANY OF THE WEST

TRACK E 10:30 THE FUTURE FOR CORPORATE/WHOLE BUSINESS SECURITISATION ON THE CONTINENT AND IN THE UK

• The blurring distinction between the whole business, CMBS and Corporate bond markets
• Which countries and sectors will provide the growth?
• Overcoming insolvency regimes and legislative changes afoot
• Future activity in the key UK sectors of Water and Pubs
• Transport infrastructure and other utilities as a significant new asset Class?
• The investor experience of whole business deals

Session Facilitator:
Damian Thompson, Director, THE ROYAL BANK OF SCOTLAND PLC

Panelists:
Rebecca Pynt, Managing Director, AMBAC ASSURANCE UK LTD.
Ilya Goncharov, Principal, BANK OF AMERICA
Laurent Haik, Securitisation, Conduits & Transitional Debt Finance, CALYON
Steve Curtis, Partner, CLIFFORD CHANCE LLP
Raja Kawar, Director-Securitisation, CREDIT INDUSTRIEL ET COMMERCIAL (CIC)
Tim Short, Vice President, CREDIT SUISSE FIRST BOSTON
Maurice Jongmans, Associate Director, NIB CAPITAL BANK N.V.
Elena Folkerts-Landau, STANDARD & POOR'S

TRACK A 11:30 DYNAMICS OF THE NON-CONFORMING AND SUB-PRIME RESIDENTIAL MORTGAGE MARKET: RECENT EVENTS, ORIGINATION, SERVICING AND SECURITISATION

• Origination strategies and levels of issuance
• Collateral performance
• Funding strategies
• Reporting and information
• Market tiering
• Threats and opportunities
• Impact of rating volatility given the blurring definition between prime and sub-prime
• Future for "wrapped" deals?
• Prospects for growth

Session Facilitator:
Mike Slevin, Director, THE ROYAL BANK OF SCOTLAND PLC

Panelists:
Richard Downer, Managing Director, BEAR STEARNS INTERNATIONAL LTD.
Michael J. Gill, Strategy Manager-BTS, BRITANNIA BUILDING SOCIETY
Philip Feront, Senior Portfolio Manager, DEXIA BANK BELGIUM
Robert D. Carney, Director- Structured Finance Europe, FSA
Mark Gray, Head-Securitisation, GMAC-RFC
Simon Kingdon, Group Finance Director, KENSINGTON MORTGAGES
Annabel Schaafsma, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE
Trevor Pothecary, Group Chief Executive, MORTGAGES PLC
Paul Rowbotham, Head-Investor Relations, SOUTHERN PACIFIC MORTGAGE LTD.

TRACK B 11:30 FINDING RELATIVE VALUE IN THE US DOLLAR ABS/MBS MARKET

Session Facilitator:
James Crispin, Vice President, CREDIT SUISSE FIRST BOSTON

Panelists:
Giovanni Pini, ABS Analyst, EUROPEAN CREDIT MANAGEMENT
Stefaan De Doncker, Head-ABS/MBS, FORTIS BANK
Milan Patel, Investment Manager, HBOS TREASURY SERVICES PLC
Dominic Swan, Managing Director-SIVs, HSBC BANK PLC

TRACK C 11:30 HOW WILL THE DIRECTIVES AFFECT SECURITISATIONS?

• What are the Prospectus Directive and the Transparency Obligations Directive and what stage are they at?
• Benefits of the new Prospectus Directive for securitisation.
• Will securitisation documentation and procedures have to change substantially?
• Will all securitisation issuers have to have audited financial statements under the Prospectus Directive?
• What effects will TOD have on existing and new securitisation issues?
• What aspects may be problematic for securitisations?

Session Facilitator:
John Russell, Partner, SIDLEY AUSTIN BROWN & WOOD

Panelists:
Alan Stevens, Partner, CAREY OLSEN GROUP
Michael Duignan, Primary Markets Policy Manager, THE FINANCIAL SERVICES AUTHORITY
Deirdre Somers, Director of Listing, IRISH STOCK EXCHANGE
Paul Kerlogue, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE

TRACK D 11:30 MANAGED VS. STATIC CDO'S: STRUCTURES, PERFORMANCE, RATINGS, INVESTOR CONCERNS AND MANAGER EVALUATION

• What value can a manager bring?
• How does that value differ between cash and synthetic deals?
• Who is the manager managing for?
• Can managers make enough money to justify their fees?
• The case for static vs. managed deals.
• Rating agency methodology for both types of deals.
• Will the demand for managed deals increase?

Session Facilitator:
Angus Duncan, Partner, ALLEN & OVERY

Panelists:
Bill Tomljanovic, Executive Vice President, AMERICAN CAPITAL ACCESS
Pierre-Emmanuel Juillard, Head-Securitisation & Structured Credit, AXA INVESTMENT MANAGEMENT
W. William Fischer, Managing Director- Structured Finance, FSA
Jeffrey Tolk, Senior Vice President, HSBC BANK USA
Oldrich Masek, Managing Director & Head-Global Structuring, JPMORGAN
Katrien van Acoleyen, STANDARD & POOR'S
Ron D'Vari, Managing Director & Director-Research, STATE STREET RESEARCH & MGMT. CO.

TRACK E 11:30 INFRASTRUCTURE STRUCTURED BOND TRANSACTIONS: A MARKET IN THE FAST LANE

• New developments in the market
• The approach to rail
• The approach to roads/tunnels/bridges
• Other assets
• Attraction of the asset class

Session Facilitator:
Simon Dudley, Managing Director, CITIGROUP

Panelists:
Marcus Mackenzie, Partner, FRESHFIELDS BRUCKHAUS DERINGER
Mark P. Bronder, Head-Dutch Securitisation, ING
David H. Dubin, Managing Director, MBIA
Stefan Augustin, Analyst, MOODY'S INVESTORS SERVICE
Mike Jaffe, Executive Director, UBS

12:30-2:00 Delegate Luncheon at the Baja Club

TRACK A 2:00 STRUCTURAL INNOVATIONS & MARKET DEVELOPMENTS IN THE RESIDENTIAL MORTGAGE MARKET

• Funding cost comparisons
• Regulatory capital relief and Basel II proposals
• Use of credit default swaps to achieve capital relief

Session Facilitator:
Alberto Basu, Director & Head-European RMBS & Co Head-Structured Covered Bonds, ABN AMRO BANK NV

Panelists:
Debashis Dey, Partner, CLIFFORD CHANCE LLP
Suzanne Albers, FITCH RATINGS
Stephen Hynes, Managing Director-Capital Markets, GMAC-RFC
Ian Stewart, HBOS PLC
Edward A. DeVito, Director, MBIA
Simon Wood, Director, WESTLB AG

TRACK B 2:00 VALUE & RISK IN EUROPEAN ABS/MBS, CDO'S AND CMBS: THE RESEARCH ANALYSTS' ROUNDTABLE

Session Facilitator:
Jim Irvine, Managing Director-SIV Group, BANK ONE, NA

Panelists:
William Ross, Global Head-ABS Research, ABN AMRO BANK NV
Katie Hostalier, Head-Structured Finance Research, COMMERZBANK SECURITIES
James Crispin, Vice President, CREDIT SUISSE FIRST BOSTON
Ganesh Rajendra, Managing Director & Head- European Securitisation Research, DEUTSCHE BANK
Markus Herrmann, Director & Head-ABS Credit Research, HSBC BANK PLC
Edward J. Reardon, Vice President & Research Analyst-ABS, JPMORGAN
Reto Bachmann, Director, LEHMAN BROTHERS INTERNATIONAL
Ronald E. Thompson, Head-ABS Research, THE ROYAL BANK OF SCOTLAND PLC

TRACK C 2:00 MITIGATING SECURITISATION RISKS: TRANSACTION OVERSIGHT, MONITORING & SURVEILLANCE

• What are the key risk factors with sellers/servicers and the portfolio?
• Are there leading indicators that you can monitor?
• Servicer/seller motivation: Opportunity and environment to impact transaction performance
• How to mitigate situations when you identify potential problems

Session Facilitator:
Thomas H. Glanfield, Partner, ERNST & YOUNG LLP

Panelists:
Robina Barker Bennett, Executive Director & Head-European Credit Structuring, CIBC WORLD MARKETS
Thomas J. Adams, Managing Director, FGIC
Shaun Baddeley, Senior Director, FITCH RATINGS
Margaret Boswell, Partner, GIDE LOYRETTE NOUEL
Arturo Cifuentes, Managing Director, WACHOVIA SECURITIES
Dan Patton, Vice President, WELLS FARGO STRUCTURED PRODUCTS GROUP

TRACK D 2:00 ARBITRAGE CDO'S & CLASS WARFARE: STRUCTURES, PERFORMANCE, RATINGS, INVESTOR CONCERNS AND MANAGER EVALUATION

• What is the best way to motivate the manager throughout the life of the deal?
• Is an equity stake the right way to go?

Session Facilitator:
Brian Ratner, Principal, BANK OF AMERICA

Panelists:
Michael JC Smith, Partner, ASHURST
Vikto Schneider, Head-Portfolio Finance, BANKGESELLSCHAFT BERLIN
Priya Arora, Director-European Credit Structuring, CIBC WORLD MARKETS
Marlow Gereluk, Assistant Vice President-Analyst, MOODY'S INVESTORS SERVICE
Martin Avidan, Senior Vice President, NATEXIS BANQUES POPULARES
Carl D. Bell, Senior Vice President, PUTNAM INVESTMENTS
Ron D'vari, Managing Director & Director Research, STATE STREET RESEARCH & MGMT. CO.
Douglas Lucas, Director-CDO Strategy, UBS
Sohail A. Rasul, Managing Director & Chief Underwriting Officer, XL CAPITAL ASSURANCE

TRACK E 2:00 UTILITY SECTOR SECURITISATION: TAKING A METER READING

Session Facilitator:
Ilya Goncharov, Principal, BANK OF AMERICA

Panelists:
Deborah Zurkow, Managing Director, MBIA
Gregory Taylor, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE
Marc Nocart, Deputy Head-Securitisation Europe, SOCIETE GENERALE
James Dickson, Partner, LINKLATERS

TRACK A 3:00 THE COVERED BOND MARKET: THE DEATH NELL FOR RMBS OR SIMPLY A COMPLIMENTARY FUNDING TOOL?

• What are the benefits to lenders in terms of funding costs, regulatory capital relief and investor diversification?
• New Structures
• Satisfying the rating agencies and regulators
• Comparing/contrasting continental Europe and the UK market
• What is the attraction to investors?
• What will happen to the RMBS market as we know it?
• Outlook for covered bond issuance

Session Facilitator:
David Basra, Managing Director, CITIGROUP

Panelists:
Chris Fielding, Head-Securitisation & Treasury Advisory Group, ABBEY NATIONAL TREASURY SERVICES PLC
Mauricio Noe, CoHead-Covered Bonds & Head-ABS Capital, ABN AMRO BANK NV
Angela Clist, Partner- Securitisation, ALLEN & OVERY
Peter J. Green, Director-Treasury & Balance Sheet Mgmt., BRADFORD & BINGLEY
David Balai, Head-Capital Markets & Securitisation, HBOS TREASURY SERVICES
Liam Coleman, Head- Treasury Markets, NATIONWIDE BUILDING SOCIETY
Carl Flinn, Deputy Treasury Director, NORTHERN ROCK PLC
Jenifer Williams, Partner, SIDLEY AUSTIN BROWN & WOOD
Alain Carron, Managing Director, STANDARD & POOR'S

TRACK B 3:00 EXPLOITING INVESTMENT OPPORTUNITIES IN THE PRIMARY AND SECONDARY ABS, MBS AND CDO MARKET: THE TRADERS' ROUNDTABLE

• Is there still value after the spread tightening?
• Reduced tiering, are spreads compensating the risks?
• How low can spreads go? New comparables?
• The increasing impact of Basle II
• The impact of the US bid on European spreads
• CDO secondary market activity: improving?!
• ... But what about squared CDO's?

Session Facilitator:
Ralf Bauer, Managing Director & Global Head-Credit, FORTIS BANK

Panelists:
Dean Atkins, Director & Head-ABS Trading (Europe), ABN AMRO BANK NV
Rob Ford, Director & Head-European ABS Secondary Trading, BARCLAYS CAPITAL
Sheil Aggarwal, Associate Director, BEAR STEARNS INTERNATIONAL LTD.
Olivier Morand Duval, Head of European ABS trading, CALYON
Adrian Carr, Managing Director, CREDIT SUISSE FIRST BOSTON
Jon George, Associate, DEUTSCHE BANK
Ron Miao, Executive Director, LEHMAN BROTHERS INTERNATIONAL
Anna Khazen, Executive Director, MORGAN STANLEY

TRACK C 3:00 THE GROWING ROLE AND IMPORTANCE OF THE TRUSTEE IN SECURITISED DEALS

• The emergence of specialized active Trustees in Asset Securitizations
• The role of the Trustee in the dissemination of transaction information
• The Trustee as the guardian and monitor of Servicer performance
• The management of increasingly complex cash flow structures and account triggers
• Matching the duties and risks assigned to the Trustee with the appropriate fee structure

Session Facilitator:
Emmett Harmon, Vice President, WILMINGTON TRUST

Panelists:
Todd Scanlon, Director-Business Development, ABN AMRO TRUSTEES LTD.
Jonathan Potter, Vice President and Senior Analyst, THE BANK OF NEW YORK
Matt Tuck, Director, DEUTSCHE BANK, TRUST & SECURITIES SERVICES

TRACK D 3:00 CDO EQUITY AND MEZZANINE/SUBORDINATE TRANCHES: IS THE ADDITIONAL RISK COMPARED TO THE PREMIUM A WORTHWHILE INVESTMENT?

Session Facilitator:
Isabelle Mayock, Associate Director, BEAR STEARNS INTERNATIONAL LTD.

Panelists:
Pierre-Emanuelle Juillard, Head-Securitisation & Structured Credit, AXA INVESTMENT MANAGEMENT
Tina Rydberg, Regional Head of Structuring, BNP PARIBAS
David Powar, Managing Director, CDC IXIS CAPITAL MARKETS, NA
Vladimir Maly, Partner, LINKLATERS
Armand R. Pastine, Managing Director, MAXIM GROUP
Billy Radicopoulos, STANDARD & POOR’S
Marcus Klug, Managing Director, UNIQA ALTERNATIVE INVESTMENTS GMBH

4:00 Refreshment Break in Exhibit Hall Hosted by:

TRACK A 4:30 CREDIT CARD SECURITISATION: A LOOK AT MARKET FUNDAMENTALS AND ISSUANCE IN THE UK VS. CONTINENTAL EUROPE

• Performance of credit card collateral in the US, UK and continental European markets.
• Do rising interest rates or market regulation pose a threat to the Performance of credit card ABS?
• Benefits provided to issuers and investors by de-linked issuance. Platforms in contrast to traditional "vertical" issuance
• Cross currency ABS issuance: Increasing opportunities for European Investors?

Session Facilitator:
Michael Strange, Associate Director, BARCLAYS CAPITAL

Panelists:
Bonnie Seideman, Director, CAPITAL ONE FINANCIAL CORP.
Paul Wilde, Manager-Structured Finance, EGG BANKING PLC
Yoshio Shimizu, Portfolio Manager, FISCHER FRANCIS TREES & WATTS
Duncan Akin, Treasurer, MBNA EUROPE BANK LTD.
Carine Nguyen, Associate, ORRICK HERRINGTON & SUTCLIFFE LLP
Colin Weightman, Director, THE ROYAL BANK OF SCOTLAND
James Cuby, Associate, STANDARD & POOR'S

TRACK B 4:30 SYNDICATION OF ABS/CDO'S: THE ROYAL TRINITY OF ISSUERS, INVESTORS AND INVESTMENT BANKERS

Session Facilitator:
Adrian Carr, Managing Director, CREDIT SUISSE FIRST BOSTON

Panelists:
James St. Johnston, Executive Director, ABN AMRO BANK NV
Richard Mann, Managing Director-ABS, BARCLAYS CAPITAL
Alex Maddox, Executive Director, LEHMAN BROTHERS INTERNATIONAL
Ashley Kibblewhite, Director, MERRILL LYNCH INTERNATIONAL

TRACK C 4:30 EVOLVING RESPONSIBILITIES IN THE ROLE, STATUS AND AUTHORITY OF DIRECTORS AND MANAGERS OF SPV'S IN MULTI-JURISDICTIONAL STRUCTURES

Session Facilitator:
James Fairrie, Managing Director, SPV MANAGEMENT LTD

Panelists:
William Webbe, Director & Head-Marketing & Business Development, DEUTSCHE BANK, TRUST & SECURITIES SERVICES
Joe Duffy, Managing Director, Head of JPMorgan Global Debt Services, Ireland, JPMORGAN
Shaun Denton, Partner, MAPLES & CALDER

TRACK D 4:30 LEVERAGED LOAN CDO'S & MEZZANINE DEBT: UNDERSTANDING MARKET DYNAMICS, INVESTOR POPULARITY AND DIFFERENCES FROM THE US MODEL

• What drives the popularity of this asset class with investors?
• How much difference does the collateral manager make?
• Diversity of underlying within and between deals?
• How important is the ability to source assets?
• Mezzanine versus Senior Debt as underlying collateral - what are the relative risks / rewards?
• What are the most recent market developments/trends?
• Any new structural features?
• What are the differences / similarities between US and European Markets?
• What is the future? - size/growth of the underlying European Leveraged loan market, Is there space for new managers to join the market?

Session Facilitator:
Tosh Burns, Executive Director-CDO Origination, CIBC WORLD MARKETS

Panelists:
Tim Houghton, Vice President, ABN AMRO/LASALLE BANK
Laura Schwartz, Managing Director, AMERICAN CAPITAL ACCESS
Erica L. Handling, Partner, ASHURST
Charles H. Gundy, Managing Director & Head-European Structured Finance, CIFG
Ian Hazelton, Chief Executive Officer, DUKE STREET CAPITAL DEBT MANAGEMENT LTD.
Marjan van der Weijden, Senior Director, FITCH RATINGS
Francois Barbier, NATEXIS BANQUES POPULARES
Dagmar K. Kershaw, Head-CDO's, PRUDENTIAL M&G
Mike Nicholson, Director, STANDARD AND POOR'S

TRACK A 5:30 THE STALLED AUTO LOAN SECURITISATION MARKET: A LOOK AT THE ROAD AHEAD

• Strategies of the Issuers
• Retail versus Wholesale
• Ways to a standardisation

Session Facilitator:
Hans Juergen Fritz, Executive Director & Head-European Auto ABS, ABN AMRO BANK, NV

Panelists:
Jay Merves, Senior Vice President, ACE FINANCIAL SERVICES
Peter Davies, Securitisation Manager, FCE BANK PLC
Oliver Kessler, Partner, LOVELLS
Chris Such, Director, STANDARD & POOR'S
Alexander Hugenberg, Assistant Vice President, STATE STREET BANK GMBH
David R. Schulz, ABS Leader, VOLKSWAGEN BANK GMBH
Matthias Baltes, Transactor, WESTLB AG

TRACK B 5:30 UNITED STATES: TRENDS AND MARKET DEVELOPMENTS IN US DOLLAR STRUCTURES

• What's new in FIN 46(R) and how does that change the picture for ABCP conduits?
• How does a bank decide whether to restructure or consolidate?
• What are the main commercial problems and how are they being resolved?
• How will FIN 46 methods affect non-US conduits under international financial reporting standards (IFRS)?

Session Facilitator:
Douglas Murray, Group Managing Director, FITCH RATINGS

Panelists:
Richard d'Albert, Managing Director & Head-Banking & Origination, DEUTSCHE BANK SECURITIES INC.
Diane Wold, Senior Vice President-Securitisation Mgmt., GMAC-RFC
Steven Smith, Director-ABS, HOUSEHOLD INTERNATIONAL
Sandy F. Szakach, Senior Managing Director, PPM AMERICA, INC.
Guido E. Van der Ven, Managing Director, SALLIE MAE
Richard J. Reilly, Partner, WHITE & CASE

TRACK C 5:30 THE ROLE OF MONOLINE WRAPS AND INVESTOR APPROACH TO ANALYZING MONOLINE WRAPS

• What are the high growth/high return areas that the monolines are Pursuing?
• How will the market be affected as new players enter?
• How do investors view wraps and how do they set concentration limits?
• How do investors assess joint exposure to monolines and underlying assets/transactions?

Session Facilitator:
David Owens, Director, ING

Panelists:
John W. Uhlein III, Chairman, AMBAC ASSURANCE UK LTD.
Jeremy E. Reifsnyder, Managing Director-Structured Finance, CIFG
Tim Travers, Managing Director, FGIC
Philippe Tromp, Managing Director, FSA
Florence Bancel, Credit Manager, HBOS
Chris Weeks, Managing Director, MBIA
Wynne Morriss, Senior Managing Director, XL CAPITAL ASSURANCE

TRACK D 5:30 CDO'S OF CDO'S, ABS & MBS: A SIZZLING MARKET BOILING OVER WITH SPREADS EVAPORATING

• A look at supply/demand fundamentals
• The quest for yield: How can CDO managers achieve their desired yield expectations?
• Eating what you cook: Should CDO managers be required to invest in the CDO's they manage?
• What impact will disappearing spreads have on new CDO creation?
• Which asset classes provide the greatest arbitrage opportunities?
• Selling deals lower down the credit structure: Analyzing the mezzanine and subordinate market
• Funding your deal through the CP market to achieve desired yield levels
• Surviving through the ramp-up period: Can start up CDO managers compete in the race for collateral?
• Allocation of assets: How can smaller managers fill their quotas?
• When will spreads widen and arbitrage opportunities return to the market?

Session Facilitator:
Loic Fery, Managing Director-Capital Markets, & Global Head- Structured Credit, Derivatives & CDO, CALYON

Panelists:
Neil J. Weidner, Partner, CADWALADER, WICKERSHAM & TAFT
Robina Barker Bennett, Executive Director & Head-European Credit Structures, CIBC WORLD MARKETS
Anne Le Henaff, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE
Andrew Gates, Executive Director, RABOBANK INTERNATIONAL
James G. Stehli, Executive Director, UBS
Manfred Exenberger, Managing Director, UNIQA ALTERNATIVE INVESTMENTS
Sergei Zagin, Vice President, WACHOVIA SECURITIES

6:30 Sangria Soiree at the Hotel Arts

8:30 Continental Breakfast

9:00 NEW FRONTIERS AND DEVELOPMENTS IN EUROPEAN SECURITISATION

Session Facilitator:
Neal Shah, Vice President-Senior Credit Officer, MOODY'S INVESTORS SERVICE

Panelists:
Jane Pilcher, Treasurer, ANGLIAN WATER SERVICES LTD.
Emmanuel Campagne-Simon, Head of Securitisation Europe, CALYON
Iain Barbour, Global Head-Securitisation, COMMERZBANK SECURITIES
Kobe Van der Straeten, Head of ABS/MBS Investments, DEXIA BANK BELGIUM
Philippe Z. Tromp, Managing Director- Europe, FSA
Robert M. Plehn, Head of Securitisation, HBOS TREASURY SERVICES
Graham Page, Deputy Head of Fixed Income Investment Portfolios Group, HVB CORPORATE MARKETS
Rob Marshall, Director- Fixed Interest Credit Research, M&G INVESTMENT MANAGEMENT LTD.

10:15 Mid-Morning Break in Exhibit Hall

TRACK A: Pan-European CMBS

TRACK B: ABCP

TRACK C: EASTERN EUROPE, ITALY, SPAIN

TRACK D: CBO Repackaging, Credit Derivatives and Synthetic Securitisation

TRACK E: Corporate & Whole Business Securitisation/ Australian Securitisation

TRACK A 10:45 CMBS MARKET DEVELOPMENTS: CONDUIT ORIGINATION, MARKET REGULATION AND TRANSPARENCY

• How large is the conduit market?
• Are conduits a flash in the pan or here to stay?
• Who are the new entrants?
• Differentiating one conduit's strategy from the next

Session Facilitator:
Leonard D. Van Drunen, Managing Director & Head-Real Estate DCM, JPMORGAN

Panelists:
Michael Mintz, Senior Manager, DELOITTE
Philip Rutovitz, Co Managing Director, EASETEG AG
Caroline Philips, Managing Director, EUROHYPO AG
Shirish Godbole, Executive Director, MORGAN STANLEY
Colin J. Seccombe, Finance Director, NEWCASTLE BUILDING SOCIETY
Liz Jones, Partner-International Securitisation Group, NORTON ROSE
Jonathan Braidley, Associate Director, STANDARD & POOR’S

TRACK B 10:45 EURO ABCP MARKET DEVELOPMENTS IN LIGHT OF REGULATORY REFORM AND ACCOUNTING CHANGES

Session Facilitator:
Luise Mason, Vice President, CREDIT SUISSE FIRST BOSTON

Panelists:
Rob Koning, Global Head-Conduits, ABN AMRO BANK NV
John H. Bryan III, Managing Director, AMBAC ASSURANCE CORP.
Fabrice Susini, Co-head of Securitisation- Europe, BNP PARIBAS
Edward Manchester, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE
Kevin J. Ryan, Executive Director, MORGAN STANLEY
Jean-Francois Despoux, Head-Securitisation (Europe), SOCIETE GENERALE
Darrell R. Baber, Managing Director, WACHOVIA SECURITIES
Bryan Wickware, Director, WESTLB AG

TRACK C 10:45 SECURITISATION IN THE EMERGING MARKETS OF TURKEY & EASTERN EUROPE (RUSSIA, POLAND, HUNGARY, CZECH REPUBLIC)

• Outlook for the consumer finance business in Eastern Europe generally
• The emergence of credit card-backed deals
• Issuance of covered bonds
• Overcoming the obstacle of achieving a true sale under local law
• Achieving an investment grade rating when the country isn't rated as such: use of wraps and overcollateralisation
• Meshing the concept of the master trust structure with the existing legal framework
• Dealing with investor concerns regarding information availability and disclosure on collateral performance

Session Facilitator:
David Mccaig, Managing Director, WESTLB AG

Panelists:
Douglas A. Doetsch, Partner, MAYER, BROWN, ROWE & MAW
Christopher Lewis, Partner, SIMMONS & SIMMONS
Stafford K. Butt, Executive Director, TOKYO-MITSUBISHI INTERNATIONAL PLC
Julian Turner, Manager, WESTLB AG

TRACK D 10:45 CBO REPACKAGING: STRUCTURES, RATINGS, DEFAULT SCENARIOS AND COLLATERAL CONSIDERATIONS

Session Facilitator:
Emmanuel Lefort, CDO Structuring, CDC IXIS CAPITAL MARKETS

Panelists:
James A. Rothman, Managing Director, AMERICAN CAPITAL ACCESS
Alan Davies, Partner, LINKLATERS
Neelam Desai, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE
Alessandro Giudice, Head-Credit Products, MPS FINANCE BANCA MOBILIARE SPA
Christian Behring, Senior Portfolio Manager, ZAIS GROUP, LLC

TRACK E 10:45 FINANCING REGULATED UTILITIES - WATER AND RAIL CHALK AND CHEESE

• Regulation of Water - and relevant credit considerations
• Regulation of Rail - and relevant credit considerations
• Funding railway Investment
• Funding water Investment
• The Future

Session Facilitator:
Richard Bartlett, Head-Corporate Securitisation, THE ROYAL BANK OF SCOTLAND

Panelists:
Jane Pilcher, Treasurer, ANGLIAN WATER SERVICES LTD.
John-George Duthie-Jackson, Director, CITIGROUP
Peter Taylor, Partner, CLIFFORD CHANCE LLP
Robert Velins, FGIC
John Hatton, FITCH RATINGS
Fred Maroudas, Head of Funding, NETWORK RAIL

11:45 Refreshment Break in Exhibit Hall

TRACK A 12:15 SINGLE ASSET/SINGLE BORROWER DEALS VS MULTI-ASSET/MULTI-BORROWER TRANSACTIONS: UNDERSTANDING THE DIFFERENCES IN STRUCTURES, RATING AND RISK/REWARD PROFILE

Session Facilitator:
Gordon Pearce, Director-Debt Markets, MERRILL LYNCH INTERNATIONAL

Panelists:
Remi Charrier, Director-European Structured Finance, CIFG
Peter Voisey, Partner, CLIFFORD CHANCE LLP
Nicolaus Trautwein, Co-Head-Securitisation (Germany), COMMERZBANK SECURITIES
Martin Damaske, Head-Insitutional Clients, HYPOPORT AG
Detlef Scholz, Managing Director, MOODY'S INVESTORS SERVICE

TRACK B 12:15 CONDUIT TRENDS: A LOOK AT NEW ASSET CLASSES, ALTERNATE STRUCTURES AND ALTERNATIVE LIQUIDITY STRATEGIES

• To extend or not to extend? That is the question
• Understanding how extendable programs work
• Which assets are best suited to extendable treatment and why?
• Understanding the complicated rating process
• Investor benefits and concerns

Session Facilitator:
Drew Riethmuller, Director, CITIGROUP

Panelists:
John H. Bryan III, Managing Director, AMBAC ASSURANCE CORP.
Jo Macdonald, Director, BANK ONE, NA
Bill Wood, Head-ABCP Conduits, COMMERZBANK SECURITIES
Pieter van Welzen, Partner, FRESHFIELDS BRUCKHAUS DERINGER
Michael Pfaue, Head of Conduit & Portfolio Management, HVB CORPORATES & MARKETS
Christopher Such, Director-Structured Finance Group, STANDARD & POOR'S
Tom Saunders, Associate Director, TOKYO-MITSUBISHI INTERNATIONAL PLC

TRACK C 12:15 INNOVATIONS IN THE ITALIAN SECURITISATION MARKET

• The Italian securitisation market: a maturing region?
• Italian infrastructure projects: bright prospects for this asset class?
• An outlook of the RMBS and leasing market
• CMBS: what are the next opportunities?
• Securitising public assets: the role of the Central and local governments

Session Facilitator:
Massimo Ruggieri, Director, UBS

Panelists:
Camilla Tinari, Director, BANCA INTESA
Ivane Thiebaut, Originator-ABF, BANK ONE EUROPE LTD.
Charles H. Gundy, Managing Director & Head-European Structured Finance, CIFG
Giacomo Corsini, Head-International Finance Solutions, MPS FINANCE BANCA MOBILIARE SPA
Patrizio Messina, Partner, ORRICK HERRINGTON & SUTCLIFFE LLP
Fabio Tamburrano, Associate, STANDARD & POOR’S
Corrado Rosano, Partner, STUDIO LEGALE WHITE & CASE VARRENTI E ASSOCIATI

TRACK D 12:15 SYNTHETIC SECURITISATION AND CREDIT DERIVATIVES: THE LATEST DEVELOPMENTS IN MOVING CREDIT RISK OFF BALANCE SHEET

Session Facilitator:
Bertrand Fitoussi, Head-Structured Credit Group Europe, SOCIETE GENERALE

Panelists:
Antoine Chausson, Regional Head of Structuring, BNP PARIBAS
Ally Chow, Strutured Credit Product Manager, CALYON
Eric Veyrent, Chief Financial Officer, CREDIT LOGEMENT
Anne Wrobel, Director- Structured Finance Europe, FSA
Martina Spaeth, Senior Structurer Securitisation-Europe, HVB CORPORATES & MARKETS
Marc Freydefont, Vice President-Senior Credit Officer, MOODY'S INVESTORS SERVICE
Jéróme Jacques, Managing Director-Securitisation Europe, SOCIETE GENERALE
Anthony Sciacca, Director, WACHOVIA SECURITIES
Gavin McLean, Partner, WHITE & CASE

TRACK E 12:15 PUB SECURITISATION: A VICTIM OF ITS OWN SUCCESS

• The impact of continuing sector consolidation
• Managing the interests of the pub business and its bond investors in a climate of change
• Understanding the differences between managed and tenanted pub deals
• Use of monoline wraps and impact on investor buying behavior
• Understanding the workings of the largest deal ever; the Mitchells and Butlers transaction
• The impact and implications of the Punch restructure

Session Facilitator:
Andrew Burton, Head-Structured Finance Research, THE ROYAL BANK OF SCOTLAND

Panelists:
Christian Lambie, Partner-Securitisation, ALLEN & OVERY
Miguel A. Sanchez, Director, AMBAC ASSURANCE CORP.
Paul Salama-Caro, Vice President, CITIGROUP
John Butterfield, Stategy Director, MITCHELLS & BUTLERS PLC
Sunil Gidoomal, Assistant Vice President-Analyst, MOODY'S INVESTORS SERVICE
Graham Turner, Managing Director, UNIQUE PUB COMPANY LTD.

TRACK A 1:15 INVESTING IN EURO CMBS: A RELATIVE VALUE ANALYSIS

Session Facilitator:
Howard Esaki, Executive Director, MORGAN STANLEY

Panelists:
Ali Ettahadieh, Associate Director, BEAR STEARNS INTERNATIONAL LTD.
Jas Jalaf, Director-European Credit Structuring, CIBC WORLD MARKETS
Elke Hadenfeldt, Portfolio Manager, DG HYPOTHEKENBANK

TRACK B 1:15 ABCP INVESTOR PANEL: WHAT ARE THE ISSUES FOR THE DEMAND SIDE?

• Appetite for and pricing of Extendibles
• Liquidity for notes in the market
• Same day settlement - will it ever take off in the ECP market
• What do investors most fear in the ABCP market
• What do investors expect the implications of Basel II to be
• Why do you buy ABCP - What products is ABCP competing with - What role does ABCP play in your overall portfolio
• Approval Process - Disapproval process - how is it evolving or What can you absolutely not entertain in an ABCP programme
• What assistance is available to you from external sources when buying and assessing ABCP
• Investor Disclosure - is it getting any better

Session Facilitator:
Susan Hindle Barone, Executive Director & Vice President, GOLDMAN SACHS INTERNATIONAL

Panelists:
Nicole Tranmer, Cash Trader, BARCLAYS GLOBAL INVESTORS
Nick Hogan, Director, COMMERZBANK SECURITIES
Deborah Cunningham, Senior Vice President & Portfolio Manager, FEDERATED INVESTORS, INC.
Dierk Brandenburg, Senior Analyst, FIDELITY INVESTMENTS
Jean Dornhofer, Senior Vice President, MOODY'S INVESTORS SERVICE
Peter V. Atkinson, Senior Credit Analyst, STATE STREET GLOBAL ADVISORS LTD.

TRACK C 1:15 DEVELOPMENTS IN SPAIN: ASSESSING THE INTRODUCTION OF THE NEW SYNTHETIC SECURITISATION REGULATION AND THE GROWING COVERED BOND MARKET AND GROWING MORTGAGE MARKET

Session Facilitator:
Steven L. Gandy, Managing Director, BANK OF AMERICA

Panelists:
Mark Odenbach, Partner, BAKER & MCKENZIE
Rafael Garces, Head-Credit Markets, CAJA MADRID
Rafael Minguez, Partner, CUATRECASAS
Arturo Miranda-Martin, Vice President, JPMORGAN
Juan Pablo Soriano, Managing Director, MOODY'S INVESTORS SERVICE
Eduardo Viegas, Senior Securitisation Advisor, PRICEWATERHOUSECOOPERS LLP
Philippe Laporte, Chief Financial Officer, UNION DE CREDITOS INMOBILIARIOS

TRACK D 1:15 USE OF SYNTHETIC CREDIT DEFAULT SWAPS IN ABS TRANSACTIONS

Session Facilitator:
Adam Clayton, Managing Director, MERRILL LYNCH

Panelists:
Cynthia Parker, Managing Director, AMBAC ASSURANCE UK LTD.
Darron Weinstein, Product Manager-Credit Derivatives & Securitisations, DRESDNER KLEINWORT WASSERSTEIN
Glenn S. Arden, Partner, JONES DAY
Armand R. Pastine, Managing Director, MAXIM GROUP
Ian Sideris, Partner, SIMMONS & SIMMONS
Michael Chacos, Managing Director, TD SECURITIES

TRACK E 1:15 AUSTRALIAN SECURITISATION

Session Facilitator:
David H. Wells, Director, BARCLAYS CAPITAL

Panelists:
Kevin Stephenson, Managing Director & Head Structured Finance - Australia, FITCH RATINGS
Andrew Bevan, Director- Australia, FSA
Vernon Spencer, Executive Chairman, INTERSTAR SECURITIES GROUP
Tony P. Gill, Managing Director, MACQUARIE SECURITISATION LTD.
Diane Citron, Partner, MAYER, BROWN, ROWE & MAW

2:15 Day Three Concludes

Track A: Risk Transfer, Insurance Securitisation And Trade Receivable Securitisation

Track B: ABCP & SIV'S And Healthcare Securitisation

Track C: German, Japanese Securitisation

Track D: Portugal, France, Benelux

Track E: Operating Assets, Student Loans, Private Finance Initiative

TRACK A 9:15 RISK TRANSFER BETWEEN INSURANCE AND CAPITAL MARKETS: STRUCTURES, PRICING & RATINGS

• Overview of the insurance securitisation market
• Issuer motivations
• Monoline activity
• Use of credit derivative-type technology
• Understanding the rating process
• Investor appetite
• Future of the market

Session Facilitator:
Piyanjali Abayaratna, Vice President, BANK OF AMERICA

Panelists:
TBA, BANK ONE
Jean-Eloi Dussartre, Head of European Securitisation, CDC IXIS CAPITAL MARKETS
Charles GR Collis, CONYERS DILL & PEARMAN
Rajat Basu, Managing Director, FGIC
John Woodhall, Partner, SIDLEY AUSTIN BROWN & WOOD

TRACK B 9:15 ABCP ACCOUNTING, STRUCTURING AND ADMINISTRATIVE CHALLENGES

Session Facilitator:
Marilyn J. Hill, Managing Director, LEHMAN BROTHERS

Panelists:
Paul-Michael Rebus, Partner, BAKER & MCKENZIE
Steven L. Gandy, Managing Director, BANK OF AMERICA
Neville Gray, Senior Manager, ERNST & YOUNG LLP
Bryan R. Wickware, Director, WESTLB AG

TRACK C 9:15 DEVELOPMENTS IN THE GERMAN ABS/MBS/CMBS MARKETS, NON-PERFORMING LOANS AND THE FUTURE ROLE OF SYNTHETIC SECURITISATION

• Market and Performance update
• Synthetics - why are they still popular despite the better framework for True sale?
• RMBS+CMBS: will bank funding aspects play a more important role going forward?
• True sale initiative - what are the next steps
• Regulatory framework and economic capital trades
• Non-performing loans - direct portfolio sale versus securitisation

Session Facilitator:
Markus Schaber, Director-German Securitisation, DEUTSCHE BANK

Panelists:
Cynthia Parker, Managing Director, AMBAC ASSURANCE UK LTD.
Michael Gerlach, Senior Structurer, COMMERZBANK SECURITIES
Georges Ruchti, Co Managing Director, EASETEG AG
Jun Huan, Head- Special Asset Securitisation & Conduits, HSH NORDBANK AG
Klaus Distler, Vice President-Germany & Austria, JPMORGAN
Jens Rinze, Partner, LOVELLS
Joerg Wulfken, Partner, MAYER, BROWN, ROWE & MAW-GAEDERTZ
Jens Lindner, Vice President-Senior Analyst, MOODY'S INVESTORS SERVICE
George Koeteles, Director, UBS

TRACK D 9:15 DEVELOPMENTS IN PORTUGAL: EXAMINING RMBS AND CONSUMER FINANCE SECURITISATION

Session Facilitator:
Udo Van der Linden, ABN AMRO

Panelists:
Bernardo Pignatelli, Director & Senior Manager, BANCO EFISA
Pedro Benites, Managing Director, BANCO FINANTIA
Anthony Dixon, Managing Director, CITIGROUP GLOBAL MARKETS
Tamara Box, Partner, LOVELLS
Jose Ramon Tora, Director, STANDARD & POOR'S
Eric H. Klesta, Chief Operating Officer, UNION DE CREDITOS INMOBILIARES
Pedro Cassiano Santos, Lawyer, VIEIRA DE ALMEIDA & ASSOCIADOS

TRACK E 9:15 OPERATING ASSETS SECURITISATION

• Planes, Trains and Containers
• Legal issues
• Rating agency approach
• Perspectives from the issuer and buy side...
• Relative Value

Session Facilitator:
Todd Kendall, Managing Director-ABS, SOCIETE GENERALE

Panelists:
Joseph Hughes, Assistant Manager, BANK OF IRELAND
David Doorley, Treasurer, CARLISLE LEASING
Anthony Nocera, Director, STANDARD & POOR'S
Michael McGrath, Partner, THACHER, PROFFITT & WOOD

10:15 Refreshment Break in the Exhibit Hall

TRACK A 10:30 LIFE INSURANCE COMPANY SECURITISATION: RESURRECTION FROM THE DEAD

• Securitisations impact on providing capital relief and overcoming liquidity constraints
• Understanding the calculus in determining embedded value surpluses
• What's driving insurance companies and pension funds to consider embedded value securitisations?
• A look at structures, collateral, cash flows, ratings and overall fundamentals
• To what extent might the ghosts of the unsuccessful and ill-conceived NPI issue reappear or was the Gracechurch Life Finance deal the ghostbuster?
• Will more insurers examine this as a funding route? A look at the market's potential for growth
• Credit concerns of investors

Session Facilitator:
Jim Rice, Partner, LINKLATERS

Panelists:
Dan Bevill, First Vice President, AMBAC ASSURANCE CORP.
Murray Wood, Director, BARCLAYS CAPITAL
Simeon Rudin, Partner, FRESHFIELDS BRUCKHAUS DERINGER
George Skelton, Associate Analyst, MOODY'S INVESTORS SERVICE
David Viney, Director, THE ROYAL BANK OF SCOTLAND

TRACK B 10:30 STRUCTURED INVESTMENT VEHICLES: ACHIEVING SPREADS NEEDED IN TIGHTENING MARKETS AND GROWTH SUSTAINABILITY

• How many more fully funded SIV's can the market absorb?
• Setting up an SIV: Is the pain wor th the expense if you are a newbie?
• Where are new capital note investors coming from given the slowed down appetite among Middle Eastern investors?
• A look at risk management models and leverage levels among SIV's
• Overcoming the capital availability hurdle
• Defease with ease? Soft, slow winddown vs. Hard landing mechanisms
• Are there enough good assets to go around?
• Seeking diversity through non-dollar assets and longer term issues
• Use of credit derivatives by SIV's: Where's the upside?
• Investor concern over overlapping SIV portfolios and contagion risk should assets under perform
• Addressing growth obstacles: Willingness of rating agencies to provide a rating on the capital note tranch and existence of a pool of investors to buy those rated notes

Session Facilitator:
Henry Tabe, Vice President-Senior Credit Officer, MOODY'S INVESTORS SERVICE

Panelists:
Edward Charles, BANK OF AMERICA
Jim Irvine, Managing Director-SIV Group, BANK ONE, NA
Brendan P. Galloway, Principal & Senior ABS Analyst, BARCLAY'S GLOBAL INVESTORS
Dominic Swan, Managing Director-SIV, HSBC BANK PLC
Marke Raines, Partner, SHEARMAN & STERLING LLP

TRACK C 10:30 UPDATE ON THE GERMAN TRUE SALE INITIATIVE AND ACCOUNTING/REGULATORY DEVELOPMENTS

Session Facilitator:
Matthias Renner, Managing Director, WESTLB AG

Panelists:
Michael Weller, Partner, CLIFFORD CHANCE LLP
Juergen Mahler, Co-Head Securitisation (Germany), COMMERZBANK SECURITIES
Ulrich Lotz, Director-German Securitisation Group, DELOITTE
Petra Schwab, Managing Director-Securitisation Europe, HVB CORPORATES & MARKETS
Torsten Althaus, Director, STANDARD & POOR'S
Herbert Fugel, Executive Director, WESTLB AG
Ulf J. Kreppel, Partner, WHITE & CASE, FEDDERSEN

TRACK D 10:30 LEGAL AND REGULATORY DEVELOPMENTS IN THE FRENCH MARKETS

Panelists:
Gilles Saint-Marc, Partner, GIDE LOYRETTE NOUEL
Natalia Bourin, Associate Director, FITCH RATINGS
Sharon Lewis, Partner, LOVELLS

TRACK E 10:30 A LOOK AT THE STUDENT LOAN MARKET

• Growth in the Student Loan Market
• ... Fuelling Innovation
• Challenges and issues of the Student Loan market
• Has a new asset class has developed for European investors?
• Is there potential for a new European asset class?

Session Facilitator:
Hubert Tissier de Mallerais, Vice President-ABS, CREDIT SUISSE FIRST BOSTON

Panelists:
Helmut Van Ginderen, Credit Analyst- ABS/MBS, FORTIS BANK
Cheryl E. Watson, Executive Vice President, NELNET
Guido E. van der Ven, Managing Director, SALLIE MAE, INC.
Christopher Conroy, Director, STANDARD & POOR'S
Paul W. Wozniak, Managing Director, UBS FINANCIAL SERVICES

TRACK A 11:30 TRADE RECEIVABLE SECURITISATION: A BOYANT MARKET?

• Where are the opportunities today for a receivables securitisation?
• Issuer objectives: Why the benefits outweigh the costs.
• Challenges and issues of a receivables securitisation
• Increasing issuance from non-investment grade and fallen angel corporates, additional considerations?
• Execution strategies: term vs. conduit?

Session Facilitator:
Alex Gress, Vice President- Corporates Structured Finance, JPMORGAN

Panelists:
Neil Cuff, Senior Transaction Manager, ATRADIUS
James Simeons, Director, BANK ONE EUROPE LTD.
Philip Walsh, Senior Director, FITCH RATINGS
Ian Falconer, Partner, FRESHFIELDS BRUCKHAUS DERINGER
Brian Feighan, Executive Vice President, DEMICA
Volker Meissmer, Senior Vice President, LANDESBANK BADEN WURTTEMBERG
Peter F. Rek, Head-Credit Portfolio Management & Asset Securitisation Placement, SIEMENS FINANCIAL SERVICES GMBH
Patrick Cogan, Director, XL CAPITAL ASSURANCE

TRACK B 11:30 THE FUTURE FOR HEALTHCARE SECURITISATIONS IN THE UK

• Sectors - Hospitals and Residential Care Homes
• Types - Sale & Leasebacks, Whole Business and CMBS
• Trends - Market Place Consolidation

Session Facilitator:
Steven Behr, THE ROYAL BANK OF SCOTLAND

Panelists:
James Drayton, Executive Director, CALYON
Jim Flaherty, CANNON CAPITAL
John Keane, Director, FITCH RATINGS
Adele Archer, Director-Public Finance Ratings, STANDARD & POOR'S
Nick Mitchell, Chief Financial Officer, WESTMINSTER HEALTH CARE LTD.

TRACK C 11:30 JAPANESE/ASIAN SECURITISATION DEVELOPMENTS

Session Facilitator:
Masaya Higashi, Director, TOKYO MITSUBISHI INTERNATIONAL PLC

Panelists:
Makoto Hosoya, Associate Director-Financial Markets, BANK OF JAPAN
Yukio Egawa, Director, DEUTSCHE SECURITIES LTD.
Jeffrey H. Chen, Partner, JONES DAY
Yoichiro Nakai, General Manager, MIZUHO SECURITIES CO., LTD.
Akihiro Konishi, Senior Analyst, RATINGS & INVESTMENT INFORMATION, INC.

TRACK D 11:30 DEVELOPMENTS IN BENELUX ABS/MBS

• What trends have characterised the Benelux markets in 2004 so far?
• What's the current state in the primary markets (volumes, Performance,...)?
• How important is the role of the servicer in maintaining low loss levels?
• Is there still value in the Benelux RMBS market at the current spread levels?
• Are synthetic RMBS deals a temporarily phenomena or are they here to stay?
• Are issuers already anticipating the new Basel II regulation?
• What other challenges are Benelux issuers facing in today's markets?
• What other asset types could be good securitisation candidates or why not?

Session Facilitator:
Helmut Van Ginderen, Credit Analyst, ABS/MBS, FORTIS BANK

Panelists:
Oliver de Duve, Director-European Structured Finance, CIFG
Patrick Van den Eynde, Head-Securitisation, DEXIA BANK
Mark P. Bronder, Head-Dutch Securitisation, ING
Alan Cameron, RABOBANK INTERNATIONAL
Philippe Tapernoux, Executive Director, UBS

TRACK E 11:30 PFI/PPP INFRASTRUCTURE BONDS: A LOOK AT A MATURING MARKET

• Growth potential of the market
• Rating agency issues
• Investor demand: fixed and index linked bonds

Session Facilitator:
Charles Abel Smith, Securitisation Officer, BNP PARIBAS

Panelists:
John Skuter, Securitisation Associate, ALLEN & OVERY
Hector Bros, Lawyer, CUATRECASAS
Adam Macdonald, Assistant Director, UBS
Mark Wells, Head-UK PFI, XL CAPITAL ASSURANCE

12:30 Global ABS Summit Concludes