EUROPESERVICING 2008

DAY 2 | APRIL 29
FULL PROGRAMME AND FINAL PROGRAMME

[ DAY 1 PROGRAMME LINK ]

RECOMMENDED READING FOR THE EVENT

V.S. Naipaul. (1962). A House for Mr. Biswas. New York: Vintage Books
Lowenstein, Roger (2000). When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York: Random House.
Soros, George (2008). The New Paradigm for Financial Markets: The Credit Crisis and What It Means. New York: PublicAffairs

Note: Please look at individual sessions for recommended reading materials relevant to particular topics. Please also note that EuroCatalyst offers these lists as a way of gaining better insight into the issues being discussed but does not back or support any particular viewpoint presented. We have our favourites, but we'll tell you that on stage.

CLICK ON FILM TITLES TO READ DIRECTOR'S NOTE FOR EACH SESSION

08:30   REGISTRATION, COFFEE AND REFRESHMENTS

09:00
SESSION 1   'THE GRAND HOTEL' Behind-the-scenes in European commercial real estate and CMBS markets

At the core of all CMBS markets is a fundamental knowledge and understanding of real estate dynamics and performance. However, despite the heroic efforts of organisations such as the Commercial Mortgage Securities Association, the reality of the European CMBS market today is a serious lack of clarity across the market. Many issuers, relying heavily on third-party advisors, appear not to understand how to sell the product. Investors appear not to understand the product, the underlying collateral, rent rolls or how properties perform. Servicers are caught in between a rock and a hard place, with increasing expectations of performance in an environment of rapidly diminishing resources. The prolonged insecurity of not knowing which way the market is going has evolved from general anxiety to widespread panic to complete paralysis. This session attempts to redirect attention to the fundamentals of CMBS to get a better sense of what actually is going on in front of - and behind the scenes.

RECOMMENDED READING

Fitch | Quarterly European CMBS Performance Update Q4 2007 (05 February 2008)

Fitch | UK CMBS Review: A Follow-up (UK CMBS)

BarCap | Slowing prepayments in European CMBS (September 2007)

BarCap | Primer on European CMBS servicing (May 2006)

HOST   HELENA DAY
JOHN DEACON, CEO, Giltspur Capital LLP (TBC)

PANEL   CLIVE BULL, Director, European Commercial Real Estate Group, Deutsche Bank AG
NICK BUTLER, Partner, Berwin Leighton Paisner
GIOVANNI PINI, ABS Research, European Credit Management
RODNEY PELLETIER, Managing Director, FitchRating
RAVI STICKNEY, Vice President, Global Investments Strategies, ING
HANS VRENSEN, Head of European Securitisation Research, Barclays Capital

10:15   REFRESHMENT BREAK

10:30
SESSION 2A   'MUTINY ON THE BOUNTY' | An overview of global mortgage market and real estate developments in the credit and liquidity crisis

SPEAKER   ALEXANDER BATCHVAROV, Head of International Structured Finance Research, Merrill Lynch International

RECOMMENDED READING

Deutsche Bank | "Hot spots in the European real estate markets," presentation given by Tobias Just, at SIMA 2008, Madrid Real Estate Exhibition, 9 April 2008.

Unicredit | Economic Special: "Is Europe prone to a housing recession?" 18 April 2008

SESSION 2B   'A LEAGUE OF THEIR OWN' | On the front line in markets at risk

RECOMMENDED READING

Fitch | Rating Criteria for European Mortgage Loan Servicers - German Market Addendum (14 December 2007)

Fitch | Rating Criteria for European Mortgage Loan Servicers - the Netherlands Market Addendum (14 Feb 2008)

Fitch | Rating Criteria for European Mortgage Loan Servicers - Italian Market Addendum ( 01 Nov 2007 )

Fitch | Rating Criteria for European Mortgage Loan Servicers - Spanish Market Addendum (25 Sep 2007)

Fitch | Securitization in Spain (28 March 2008)

Fitch | Spanish Banks' Exposure to the Housing Market: Challenging Times Ahead (21 Feb 2008 )

Fitch | Spanish Residential Mortgage Default Model Criteria (21 Dec 2007)

Fitch | Rating Criteria for European Mortgage Loan Servicers - Russian Market Addendum (07 Sep 2007)

HOSTS   ALEXANDER BATCHVAROV, Head of International Structured Finance Research, Merrill Lynch International
TONI MOSS, CEO, EuroCatalyst BV

PANEL   DE — CLARENCE DIXON, Managing Director, Crown Westfalen Group
DE — THOMAS GAEDE, Managing Director, Immofori GmbH
NL — RYSZARD KRUSZEL, Managing Director, Stater International
NL — PETER BESUIJEN, Managing Director, Quion
RU — IGOR KOUZIN, CEO and Chairman, DeltaCredit Bank Russia
ES — BARALIDES ALBERDI

12:30   LUNCH

13:00
SESSION 3   'TWISTER' | Managing, measuring and recalibrating risk in mortgage markets

RECOMMENDED READING

RICS | Housing Market Survey March 2008

Bank of England | Credit Conditions Survey 2008 Q1 (3 April 2008)

HOSTS   TONI MOSS, CEO, EuroCatalyst
IGOR KOUZIN, CEO and Chairman, DeltaCredit Bank Russia

PANEL   WILLIAM KEENAN, CEO and Chairman, DeNovo Corporation
TAMMY RICHARDSON, Managing Director, UK & Ireland, Mortgage Insurance, Genworth
DENNIS SHEEHAN, Consultant

14:00
SESSION 4   'BEST IN SHOW' | Establishing global benchmarks for servicing efficiencies and the impact of servicing on loan performance
This session addresses the most compelling need for servicers in mortgage markets everywhere to be able to compare their operations with their peers in terms of costs, efficiency, quality, and overall effectiveness. Although pieces of the puzzle - such as servicer ratings - exist, there is still no comprehensive benchmark that incorporates operations, workflow methodology, technology, customer service, data reporting, and overall effectiveness. Considering the multitude of "breeds" of servicers that have emerged onto the scene in recent years, we may be "biting off more than we can chew" in this session and will most likely create more questions than answers; however, the discussion must start somewhere, and besides, every dog has his day!

HOSTS   TONI MOSS, CEO, EuroCatalyst
HELENA DAY

PANEL   INGRID BECKLES, VP of Servicing and Asset Management, Freddie Mac
BRIAN BRODIE, Managing Director, HML
JEAN LOUIS BRAVARD, Managing Director, Global Financial Services, EDS
JEREMY DEACON, CQS Management Limited
EDDIE REGISGTER, Senior Director, FitchRatings

15:30   REFRESHMENT BREAK

15:45
SESSION 5   'BLOWUP' | When servicing counts: Whole loan sales and asset disposition

EuropeServicing traditionally ends with a session that represents our view of what will be the next big thing shaking up the industry with a lasting impact for years to come. The last EuropeServicing event, in 2006, closed with "Crash: When High Street Meets Wall Street in the City, which way do you turn?"

In August 2007, mark-to-market triggers forced unprecedented write-downs on securities values across the entire MBS sector. However, real losses on whole loan levels are just now beginning to emerge. So gentlemen, start your engines - the next phase of the credit crisis will be led by banks and investors deleveraging and selling their distressed and non-performing mortgage assets in record volumes over the next three years.

Well-positioned firms will employ superior portfolio and risk management and special servicing expertise to acquire distressed portfolios at a discount and working out the portfolios for maximum return.

While this session should feature the firms currently poised to capitalise on the downturn in the ongoing market crisis, most cite a proprietary strategy which is unsuitable for competitive consumption. Fortunately, we happen to know a thing or two about the topic ourselves. So we'll cover the session content, but just this once - you know, intellectual capital and all.

In addition to showing the continuum of loan performance from distressed to re-performing, we'll discuss the most proprietary secret of all - if you're going to play in the distressed markets you've got to have the best special servicing expertise in the industry. If it does not exist to your standards, you'll have to create it. Now, let's talk and see if we get it right, who might resemble our remarks and which third-party servicers are in line and ready to board (portfolios, that is).

HOSTS   UDO VAN DER LINDEN, Head of Structured Consumer Capital, ABN Amro
TONI MOSS, CEO, EuroCatalyst

PANEL   TAMARA BOX, Partner, Head of International Structured Finance, Berwin Leighton Paisner
MIKE CULHANE, Group Chairman and CEO, Oakwood Global Finance
MATT GILMOUR, Managing Director, Mars Capital
DR. RUPRECHT HELLAUER, Managing Partner, Lohnback Investment Partners
IAN LONERGAN, CFO, Edeus Mortgage Creators
EDDIE REGISTER, Senior Director, FitchRatings

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