EuroCatalyst Class of 2005 | Live from Rome by Shirley Jackson

Live from E U R O C ATA LY S T Rome: Italy on the global stage

Class of 2005

With the assistance of the Italian Banking Association, EuroCatalyst 2005 opens with a full day of sessions analysing recent market developments in Italy and explores ways to develop and maximise the market potential that has moved Italy onto the global stage. The event opens with a session on the operationalisation of the funding continuum for Italian lenders and how best they can optimize and leverage their funding considerations to grow market share. From there we examine the success of the latest products and look at even more product options in the Italian market with the “Dating Game.” In an increasingly competitive market, distribution is another crucial element to enhancing growth; thus we will shift our attention to maximising distribution in the Italian market. What impact have cross-border entrants had on the Italian market? The next session answers that question, focusing on how innovation and exploitation of market inefficiencies have helped foreign and new market entrants gain a foothold in Italy. Finally, we conclude the day with a Champagne Debate, pitting universal banks against smaller, more specialized lenders in a fun-spirited toast to the increasing strength and potential of the Italian mortgage market.

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EUROCATALYST 2005 SPECIAL ISSUE

The dialogue continues . . . Sometimes, small inputs can cause large consequences, and the annual EuroCatalyst event was launched to do just that. Its purpose is to reposition the role and importance of European mortgage markets by examining the entire value chain. We named it EuroCatalyst for the role that it would play in creating a meaningful dialogue to improve the products, processes, and practices throughout all the markets. We gave the ideas that came from that dialogue power by discussing the evolution of mortgage markets in the context of globalisation. “If housing is a local activity and funding is increasingly global,” we asked, “which one was more likely to change?” Day 2 sessions address mortgage market developments, starting with the larger picture of globalisation as the context for European singlemarket integration and cross-border and newmarket entry. From there we look at the best new products to grow market share and the associated risks that new products will inevitably bring—and the relationships required to exploit new market opportunities. Our regional-market sessions feature a sharp contrast between the two largest markets in Europe. The United Kingdom continues to set the pace, globally, as one of the most innovative markets in the world, whereas Germany continues to struggle with market transformation and consolidation. Where there is confusion, however, there is profit—leading us to feature the “silver lining” of non-performing loans and illustrate the lifecycle of mortgages. Finally, we are proud to feature servicing in this year’s annual debate and would like to be the first to announce that servicing in Europe has finally reached center stage. While EuroCatalyst has been steadfast in its determination to provide an independent and neutral platform to discuss funding issues by focusing on commercial realities—leaving politics to the politicians—our position has taken us through some interesting twists and turns over

the years, subjecting us to varying degrees of respect, indifference, political cross-fire, and exclusion from the debate. Rather than speak for the industry, we once again provide a platform for the industry to speak for itself— and, boy, is the industry upset at the moment. Since 2001, EuroCatalyst has pointed to globalisation as the context in which European mortgage markets would integrate based on the inevitable convergence of structured finance and covered bonds and the resulting expansion of the funding continuum. The acceleration of financial innovation will fuel the growth of European mortgage markets into the future, driving change from secondary markets throughout the value chain and into primary markets. The title for Day 3, “Leaving Home: The Psychology of Risk Management and Capital Markets,” acknowledges a departure from traditional market practices and maps out the journey to a new world of challenges and opportunities posed by capital market innovation, funding, and risk transfer. Despite the increase in knowledge and tools to measure, price, and transfer risk, the title also serves as a reminder of the human element that remains central to all risks, the relationships required to manage those risks, and the rewards of profit and growth for those who have found the right balance. Day 3 sessions bring us up to date on where we left off in Berlin and capture how market changes are impacting the thought process of leading players and how this new way of thinking is fundamentally changing the nature of the markets.

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FOUNDING CATALYST PARTNERS

EUROCATALYST CONTINUUM CLASS OF 2005

SUSTAINING CATALYST PARTNERS

PRODUCED BY EUROCATALYST BV JANE DURE SHIRLEY JACKSON

EUROCATALYST PARTNERS

EUROCATALYST IS TONI MOSS SHIRLEY JACKSON SUSAN TRACY KRISTIE HALL JANE DURE VICKY KILLGORE GIGI WAYCASTER JOE WILCOX Ariaan Dortsmanplein 3 1411RC Naarden Netherlands Tel: +31 35 678 1190 www.eurocatalyst.com COPYRIGHT © EUROCATALYST BV. 2005

INTERACTIVITY PARTNER

LUNCH SPONSOR (ITALIAN DAY)

WORKSHOP PARTNERS

INDUSTRY CATALYST PARTNERS

We thank our partners, friends and colleagues A labour of love or simply just labour? That’s the question we’re always asking ourselves each year as we strive to push the envelope in bringing together the best and brightest from the European lending landscape. From those who want to break into the market to those looking to break out of the market. From big fish in little ponds to little fish in big ponds. And throughout it all, each and every person we talk to somehow contributes to the continued success of the annual EuroCatalyst event. Accordingly, we must thank each and every delegate, whether an on-stage participant or an audience member. A special thanks goes to the following individuals and groups, for their tireless contribution and assistance: • • • • • • • • • • • • • • • • • •

Achim Dübel Alan Patterson Alex Sleator Alexander Batchvarov Andrew Lo Andy Fox Baralides Alberdi Bill Thornhill Bob Parker Bruno de Gasperis Deb Shelby Dominic Swan Eddie Register Fanny Borgström Flavio Ottaviani Fred Kerr Gabriele Müller Ganesh Rajendra

OUR MEDIA PARTNERS

• Gifford West • Hans and Marjoke Mersmann • Harry Groeneveld • Heiko Glander • Heiko Langer • Helena "Wheelie" Day • Hoesli Labhart • Jan Tankersley • Jan and Louise Van den Donk • Jean-Louis Bravard • Jim Dowell • John Murray • Lester Dominick • Lotte Bomgaard • Louise Warner • Marc Bajer

• • • • • • • • • • • • • • • • • •

Mario Cortesi Marion Peters Matt Gilmour Michael Coogan Michael Lea Phil Page Raffaele Rinaldi Reggie de Jong Rob Thomas Solveg Loretz Stephen Knight Stuart Jennings Ted Lord Thomas Kretschmar Tim Skeet Todd Groome Tony Porter “Yago” RuizMorales

OUR PARTNERS IN ITALY

LEAD CATALYST

SUPPORTING CATALYST

INDUSTRY CATALYST

EUROCATALYST 2005 SPECIAL ISSUE

Welcome to EuroCatalyst 2005 This year we acknowledge the emergence of the Italian mortgage market onto the global stage and celebrate the vibrancy of one of Europe’s fastest growing markets. Looking across the entire mortgage value chain, Italy has it all—a diversity of lending institutions, increasing choices for consumers, third-party distribution and servicing, sound credit repositories, strong risk-transfer options and partners, an early and sensible approach to the disposition of non-performing loans, and a thriving and everwidening funding continuum that now encompasses covered bonds, whole loan sales and trades, MBS, and CMBS. EuroCatalyst is proud to partner with the ABI in bringing the Italian mortgage market to life with sessions that challenge and inspire everyone involved, providing ideas, new relationships, and opportunities to pursue long after the event is over. EuroCatalyst 2005: Live from Rome continues to drive mortgage markets forward by leading discussions on their evolution. Our programmes emphasize the importance of the entire value chain and present a holistic and systemic approach to it. We encourage you to view them as an ongoing story that began in 2002. This year’s chapter tells the story of “Risk, Relationships, and Reward,” identifying the greatest opportunities for growth, the risks accompanying those opportunities, the relationships that should be developed to share or transfer that risk, and the reward for those who strike a balance and get it right. While the drive toward single market integration appears to have come

to the forefront in mortgage markets only over the past 3 years, it actually began as a post-war dream in 1951 to discourage European countries from contemplating war against each other. From a single vision to prevent war to an economic powerhouse to aggregate financial strength, we are all participants in one of the greatest ongoing social experiments in history. It is part of an even larger and more complex drama carried out across a global stage, with the final act still unwritten. By now, most of us realise that the system has changed forever, the world continues to become smaller, our connections and interdependence continue to become much closer, and the pace of change continues to accelerate. Simply put, it is time to evolve, or die. Despite the overwhelming importance of mortgages as a global industry, we have not kept up with the pace of change. This annual event is dedicated to widening industry perspective, challenging the status quo, and improving the products, processes, and practices of an industry that we believe can lead the new system of globalisation rather than becoming a victim of it. Rather than dumb down our content, we choose to raise the calibre of discussions, knowing that our audience will rise to the occasion. Rather than surrender to marketing interests void of content, we work with event partners and panellists to articulate their purpose and focus on who they are and what they represent more than what they do. It is a strong position for a small firm to take, particularly when the prolifera-

tion of competing conferences is increasing exponentially, not unlike the competition that each of you faces every day. However, we believe that it is a stance worth taking, as our ultimate purpose is to help drive your business forward and not distract you from it. We are grateful for all of our event partners and sponsors, without whom this event could not be held. We are proud to work with these world-class firms that believe in our goals, support our collaborative vision, allow us room for creativity, and—we suspect—patiently endure our eccentricities. We also thank our hosts, speakers, and panellists, whose combined efforts continue to set new standards for intellectual capital and dialogue on mortgage markets anywhere in the world. Finally, we thank our delegates, many of whom are out in the audience sharp-shooting at the stage through electronic interactivity with commentary thinly disguised as questions and questions thinly disguised to provoke panellists. Rather than speak on behalf of European mortgage markets, we present this platform to enable all of you to speak for yourselves.

Events based on purpose, not profit EuroCatalyst events reposition the role and importance of European mortgage credit markets by focusing on their core purpose and bringing them to life in an environment that educates, inspires, and motivates everyone involved. We have proven that when you unleash the power of ideas in the right context, you create a wave of change that can only improve the products, processes, and practices throughout the industry’s value chain. The improvements that we help drive and create with each event have a direct impact on the way in which markets themselves – or players within those markets – are understood and valued. Why would a market positioning firm produce events? To prove our point. If we can drive purpose for an entire pan-European industry, as we have done for the past four

years through our annual signature event; or if we can drive purpose for an entire industry sector, as we have done with our “EuropeServicing” event; or if we can drive common purpose for four distinct, national markets, as we did with the covered bonds of Sweden, Denmark, Norway and Finland through our “IN FOCUS Nordic Covered Bond” event . . . imagine what we can do to help innovative companies discover, expand and operationalise their purpose in European markets. Our reputation is based on more than 15 years of experience, knowledge and vision for European and US mortgage markets. We strive to be the best at creating, articulating and building momentum for what market players stand for and not what they sell. While markets integrate, we differentiate.

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Separated at birth?

Tim Skeet

Mr. Bean

EC 2005 Google index “Just Google his name . . .” has become a quick information solution in recent years, with many people, from the most Internetsavvy computer user to the freshest newbie, resorting to Google as their first stop in the quest for news, data, and information on nearly everything under the sun. How would the EuroCatalyst roster of panellists for 2005 fare? The results, while perhaps not so surprising, did raise a few eyebrows, given the low (“under the radar” “hush-hush”) profile” many people believe they have. The list below contains those panellists with 100 citations or more. # OF REF. SEARCH TERM

Peter Williams

Pete Townshend

Lauri Iloniemi

Russell Crowe

Trevor Pothecary

Timothy Dalton

Davide Meretti

Harry Connick Jr.

Steve Lorimer

Alec Baldwin

100 100 100 101 102 105 106 108 122 128 134 139 153 174 180 183 196 217 219 230 239 247 248 321 325 333 368 437 456 580 582 630 654 696 873 10,200

David-Liu PMI Harsha-Shewaram Marco-Pescarmona Mutui Alan-Boyce Soros Timo-Pietilä Aktia Bruno-De-Gasperis ABI Trevor-Pothecary Mortgages Baralides-Alberdi Saul-Greenberg Moody's Angela-Clist Allen & Overy Ganesh-Rajendra Deutsche Liam-Coleman Nationwide Michael-Bolton BM-Solutions Justin-Fox Merrill-Lynch Giuliano-Giovannetti PMI Stefano-Bellini Woolwich Hein-Blocks NVB Nick-Tyrrell JP Morgan Tony-Porter PMI Robert-Parker CSAM Marco-Terrones IMF Markus-Schaber Deutsche Stephen-Knight GMAC Ted-Lord Barclays Batchvarov Merrill Domenico-Santececca ABI Peter-Green Bradford & Bingley Rob-Thomas CML Jean-Louis-Bravard EDS Michael-Lea Mortgage Martin-Gregersen Danske Tobias-Just Deutsche Giuseppe-Zadra ABI Julian-Callow Barclays Louis-Hagen VDH Michael-Coogan CML

INTERESTING NOTES • Excluding the Council of Mortgage Lenders domain from the above Google search of “Michael Coogan CML” yields 943 responses. • “Heiko Langer BNP Paribas” produced more websites than “Heiko Langer ABN Amro”. Heiko joined BNP Paribas this summer. He spent 11 years at ABN Amro. • Marc Bajer, who joined Assured Guaranty as managing director about 3 days before this completely unscientific poll was taken, garnered 265 results in association with his new employer.

EUROCATALYST 2005 SPECIAL ISSUE

FROM CONTENT TO CONVERGENCE

Award recipients share common drive to better standards, raise dialogue, create community

JOE SMALLMAN, CEO of GMACRFC Securities Europe, accepted the Convergence Award on behalf of Chris Nordeen.

2004 WINNERS PRESENTED 11 OCTOBER 2004 AT THE TIPI DAS ZELT IN BERLIN

CONTENT: Hoesli Labhart • CONTEXT: Juan Ramón Quintás Seoane and CECA • COMMUNITY: Fanny Borgström • COMMUNICATION: Matt Gilmour • CONVERGENCE: GMACRFC Europe and Chris Nordeen •

2003 WINNERS PRESENTED 23 OCTOBER 2004 IN LISBON

•

CONTENT: John Sutherland

CONTEXT: Louis Hagen • COMMUNITY: Michael Coogan • CONNECTIONS: Alexandra Sleator • COMMUNICATION: William Ross •

•

CONVERGENCE: HBOS

The EuroCatalyst Awards were inaugurated in 2003, to acknowledge individuals and companies for contributions over the previous year that made a difference in the direction and vision of Europe’s mortgage markets and reflected the spirit of the EuroCatalyst event. Given in up to seven categories each year, the awards are completely independent and free from any sponsorship or advertising considerations. They are also not preannounced; winners have no idea in advance, sometimes to the extent that they’re not even in attendance! In 2004, they were presented 11 October at the private Gala Dinner and Concert for EuroCatalyst delegates. The awards were 20-gigabyte Apple iPods engraved with the names of the winners and categories. 2004 CONTENT: HOESLI LABHART Last year, EuroCatalyst inaugurated a session based around the idea of establishing a new blueprint for funding. The session was based on Hoesli’s personal ideas and observations, developed further with Toni Moss on cocktail napkins and handwritten notes passed back and forth, and reinforced in collaboration with a holistic and balanced approach to funding, to assist lenders in leveraging their balance sheets. Hoesli ideas and efforts brought a new meaning to content. CONTEXT: JUAN RAMÓN QUINTÁS SEOANE, PRESIDENT AND MANAGING DIRECTOR OF CECA The challenge for any trade organization is to mediate the sometimes divergent interests of their members, all of whom are fierce competitors to each other. This is particularly true in the rapidly evolving Spanish market, whose RMBS and covered bond issues only increase in sophistication and innovation. CECA — the Association of Spanish Sav-

FANNY BORGSTRÖM, who arrived on site a day after the Gala Dinner, receives her award from Alex Sleator prior to the start of the Nordic session in Berlin. ings Banks — raised the bar in providing its members with a very stimulating environment for dialogue by acting as the highest common denominator. Not only does their organization fulfil all of the tasks that one would expect of a trade organization, they provide specialized services and act as a mentor for their members to promote and protect their interests as well as helping them participate in the global market. Ideas have no power without context; we were proud to honour CECA for their insight, their wisdom and their incredible uniqueness on a global scale. 2004 COMMUNICATION: MATT GILMOUR In his previous role at a rating agency – Matt was so extremely popular that one questioned how tough he must really be on the issuers and servicers in his charge. Matt featured for two years at the Whole Loan Sales and Trade session at the EuroCatalyst event, where he could be seen using props like a bucket, soap on a rope, a pitcher of water, and ultimately, getting the audience on their feet and involved in anything he does. The EuroCatalyst 2004 Award for Communication went to Matt for talent and creativity in making complex issues easily understandable, and for enriching the lives of anyone he meets or works with! 2004 COMMUNITY: FANNY BORGSTRÖM We talk a lot about how com-

munity precedes commerce. As head of group funding for Nordea, Fanny’s job forces her to bridge 4 markets with 4 different currencies and 4 different cultures. Fanny has taken this one step further by enrolling her community of Nordic colleagues in a group approach to widening the investor base for Nordic markets. She was the obvious recipient for the 2004 Award for Community. 2004 CONVERGENCE: CHRIS NORDEEN, GMAC-RFC Risk-based pricing will fundamentally alter the European marketplace for product design. Four years ago GMACRFC introduced risk-based pricing that achieves the effect of maximizing the efficiency of the funding base both within and outside of the capital markets. It proved that one does not need to be a bank to capitalize on European mortgage market opportunities. Using the B2B model, they pioneered the cross-border advance into Europe as the creator and trader of assets, and will continue to drive the change that their business model inevitably causes. If anyone is going to create a pan-European marketplace, GMAC-RFC is the odds-on favourite and the one to beat. Since it is difficult to give an award to an entire company, particularly one which has a tendency to gather a great deal of talent, we played it safe and awarded it to the person behind GMAC-RFC’s international drive, Chris Nordeen.

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OUR DAY HOSTS PLEASE BE GENTLE WITH THEM

MICHAEL COOGAN DIRECTOR-GENERAL COUNCIL OF MORTGAGE LENDERS

STEPHEN KNIGHT EXECUTIVE CHAIRMAN GMAC-RFC UK

TIM “MOBILE ONE” SKEET MANAGING DIRECTOR, DCM ABN AMRO ASSET MANAGEMENT TONI MOSS FOUNDER EUROCATALYST BV

We want to help your business stay ahead of change. As inevitable as it is. From the constant blur of technological innovation to the demands of fierce competition, we want to help you build operations that are both flexible and scalable. We don’t want to talk about it, imagine it, or hope for it. We want to do it. We want to get to work and manage your processes and technologies so that your response to change is seamless, reliable, and cost-effective.

Eurocat_hammer

Because if it’s a business that embraces change you want to build, think of us as your hammer. It’s what we do. And we want to do it for you. www.eds.com

8/31/05, 1:23 PM

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EUROCATALYST IN FOCUS

ITALY

26-09-2005 MONDAY

ITALY’S MORTGAGE MARKET STEPS ONTO THE GLOBAL STAGE 0830-0930

REGISTRATION DESK OPEN

SESSION 1 0930-1015

THE ITALIAN MARKET STEPS ONTO THE GLOBAL STAGE: OPENING KEYNOTES

1015-1030

BREAK

SESSION 2 1030-1200

OPTIMISING MORTGAGE FUNDING BY LEVERAGING THE FULL FUNDING CONTINUUM OF THE ITALIAN MARKET

• Francesco Maria Frasca, Funzionario Generale — Area Vigilanza, Banca d’Italia • Giuseppe Zadra, General Manager, Associazione Bancaria Italiana

This EuroCatalyst session examines the complete spectrum of funding alternatives for Italian lenders featuring a crosssection of market players with differing strategies based on size, strategy and portfolio mix. EuroCatalyst presents a capital markets matrix to assist in options to optimize portfolio funding considerations between cash securitisation, covered bonds and senior debt. The matrix contemplates wholesale and retail markets, on and off-balance sheet funding and incorporating risk transfer and Basel II, creating a template to examine how to structure, fund and leverage mortgage assets in the Italian market from the perspective of return on equity, return on assets and return on economic capital vs. straight equity. HOST

• Enrico Cantarelli,

Senior Advisory Board Member, Italian Treasury

• Mario Cortesi, Managing Director, Citigroup

PANEL

• Paolo Cancellaro, Head of Treasury, SanPaolo IMI • Sandro Cocco, Head of Strategic Finance, Banca Intesa • Michele Cuneo, Director, FitchRatings • Giuliano Giovannetti, Head of Sales and Market Development, PMI

Mortgage Insurance

• Massimo Molinari, Head

of ALM, Gruppo MPS • Luciano Tuzzi, Head of Finance, UCI

1200-1300

LUNCH

(sponsored by BARCLAYS CAPITAL)

SESSION 3 1300-1415

THE DATING GAME: THE CHALLENGE OF PRODUCT DEVELOPMENT TO CAPTURE NEW MARKET SEGMENTS

Which borrower would you date? This session looks at the introduction and success of the latest products in the Italian market (high LTV, sub-prime and debt consolidation, equity release, buy-to-let and reverse mortgages). We open with a 15minute version of “The Dating Game”, to get the audience thinking about how underwriting criteria is applied to new products, how risk relates to mortgage products and how product development can be viewed in the same way that individuals apply standards and criteria to personal relationships. The panel discussion focuses on key aspects of new products on the market. • High LTV • Sub-prime and Debt consolidation • Temporary and Immigrant workers • Buy-to-Let What new products do we think might be brought in? • How will foreign lenders exploit underserved markets and how will Italian lenders respond? • How do new mortgage products impact administration and customer service? HOST

• Bruno de Gasperis, Head of Credit and International

Department, ABI • Andrea Federico, Partner, Mercer Oliver Wyman PANEL • Stefano Bellini, Marketing, Products and Remote Channels Director, Banca Woolwich • Stefano Curti, Responsabile Comparto Prodotti, Direzione Marketing, Unicredito Banca Per la Casa • Massimo Macchitella Costantino, Responsabile Funzione Family, Banca di Roma • Valeria Picconi, Managing Director, Genworth Financial Italia • Gianfranco Ugo, Responsabile Funzione Coordinamento Retail, SanPaolo IMI

1300-1430: INNOVATIVE MORTGAGE FUNDING OPTIONS FOR SMALL TO MEDIUMSIZED BANKS: IS THE SPANISH SUCCESS REPLICABLE IN ITALY? THE COVERED BOND MULTI-ORIGINATOR SCHEME VS. RMBS HOSTED AND PRESENTED BY The availability of covered bonds as an alternative and competitive source of funding means that Italian banks now have at their disposal all of the tools necessary to optimise their funding. Even smaller financial institutions, taking a page from Spain’s experience, can benefit. Indeed, the “multi-originator” scheme in Spain has allowed smaller financial institutions to approach the covered bond market, something that otherwise would not have been accessible to them due to the high capital market barriers on entry. Can this success be replicated in Italy? HOSTS

• Maurizio Gozzi, Head of Debt Capital Markets,

Italy and Greece, Calyon • Fabio Stupazzini, Managing Director,

PANEL

Securitisation Deputy Head of Europe, Calyon Responsabile Area Finanza, Banca Lombarda • Javier Moreno, Head of Funding, Banco Popular Espanol • Alessandro Portolano, Studio Chiomenti • Giorgio Ricchebuono, Responsabile Area Finanza, Vice Direttore Generale, BPU Banche Popolari Unite • Carlo Maria Scoccimarro, Deputy CFO, Gruppo Banca Popolare Vicenza • Alfredo Magri,

EUROCATALYST 2005 SPECIAL ISSUE

SESSION 4 1415-1530

STRATEGIES TO MAXIMISE DISTRIBUTION AND OPTIMISE ADMINISTRATION OF MORTGAGE PRODUCTS IN ITALY

1430-1545: WORKSHOP / THE NEW CMBS MARKET FOR ITALY

The increase in new mortgage products will lead to an increase in mortgage administration as well as an increase in customers seeking additional mortgage advice. Although no exact figures exist for third-party intermediaries, it is estimated to vary between 20 to 30% of the market and growing. With the landscape for mortgage distribution becoming increasingly complex, lenders will need to continually evaluate channel performance. This session looks at optimizing channel performance through direct, branch and thirdparty channels (both independent and private sales networks). HOST

• Marco Pescarmona, CEO, MutuiOnline

HOSTS

• Alex Cataldo, Moody’s Investors Service • Anna Tavano, Citigroup

PANEL

• Damiano Castelli, Vice President Mortgages, ING Direct • Giovanni Colucci, Global Financial Services Industry, EDS

PANEL

• Federico Gronda, Associate Director,

FitchRatings

• Piero Fattori,

General Manager, Banca Mediolanum • Davide Meretti, Pirelli Real Estate Franchising • Flavio Ottaviani, General Manager, Credito Fondiario e Industriale (Fonspa)

• Patrizia Medvedich, Lehman Brothers • OTHERS TO BE ANNOUNCED

(IN-SESSION BREAK)

1530-1545

BREAK

SESSION 5 1545-1645

THE IMPACT OF FOREIGN ENTRANTS AND NEW BUSINESS MODELS: BENCHMARKING LOCAL VS. WORLD-CLASS PRACTICES A number of foreign players have entered the Italian mortgage lending business. Successful cross-border lenders compete by introducing innovation in the market and exploiting current market inefficiencies to gain market share throughout the mortgage value chain. Although their market share is negligible, new market entrants have placed pressure on traditional lenders resulting in the drive for reduced costs, tightening and standardizing credit risk policies and improving servicing and IT systems. Foreign lenders and new market players have the potential to introduce best products, processes and practices that can raise the overall performance of lenders in the Italian market. This session surveys key new market players, introduces new business models and highlights world-class practices that can transform the Italian market. HOST PANEL

• Domenico Santececca, Direttore Centrale, ABI • Dino Crivellari, Managing Director, Unicredito Gestione Crediti • Bruno de Gasperis, Managing Director, Asteimmobili.it SpA • Silvia Ghielmetti, Director, CRIF Decision Solutions • Adrian Hill, Managing Director, Macquarie Bank Italia • Giacomo Trovato, Business Development Manager, Genworth Italia • Patrizia Zambianchi, CEO, GE Money Bank Italia

SESSION 6 1645-1800

CHAMPAGNE CHALLENGE: SPECIALIST VS. UNIVERSAL BANKING Economic globalisation has driven many changes in the Italian banking system. Before the Amato-Carli and Ciampi reforms, Italian banking, especially in the South, was characterised by small locally based banks catering to the needs of local clientele. Liberalisation and privatisation, along with the European integration process has led to increasing product diversification and cost convergence in addition to the creation of large banking groups and stronger competition. Reforms have also opened up the more autonomous Southern Italian credit market to external banking groups, which have taken over a large number of southern banks. In the EuroCatalyst tradition of a fun and spirited debate, this session takes a look at the weaknesses and strengths / pros and cons of the direction in which the Italian banking system has been heading, with a focus on the issues of Specialist vs. Universal Bank approaches to mortgage lending. HOST PANEL

• Giuliano Giovannetti, Head of Sales and Market Development,

PMI Mortgage Insurance Europe

• Gianluca Benatti, Responsabile Servizio Family, MPS • Pierre Monnin, General Manager, Micos Banca • Patrizia Monzeglio, Responsabile Ufficio Marketing, Unicredit Banca per la Casa • Nocentini Tito, Responsabile Retail,

Banca di Roma • Colin Vincent, Managing Director, Banca Woolwich • TO BE ANNOUNCED, ICCREA Holding • TO BE ANNOUNCED, SanPaolo IMI

GALA DINNER SPONSORED BY PMI EUROPE FROM 1900

Sponsored by

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EUROCATALYST 2005

DAY 2

27-09-2005 TUESDAY

RISK, RELATIONSHIPS, AND REWARD IN EUROPEAN MORTGAGE LENDING HOSTED BY MICHAEL COOGAN, director general, Council of Mortgage Lenders (UK)

0845-0900 SESSION 1 0900-1015

STEPHEN KNIGHT, executive chairman, GMAC-RFC UK INTRO TONI MOSS RETAIL MARKETS AT WHOLESALE PRICES? GAUGING THE IMPACT OF GLOBALISATION ON MORTGAGE MARKETS This session continues our four-year dialogue on the impact of globalisation throughout the mortgage industry and European mortgage markets in particular, and defines the context of the annual EuroCatalyst event. This session is intended to provoke further thoughts on the intensely local nature of mortgage markets in contrast to the increasingly global nature of their funding and the implications of that gap for players across the value chain. PANEL • Alan Boyce, Director, Soros Fund Management • Jaime Cortina, CFO, Sociedad Hipotecaria Federal • Keith Davies, WPP-Prudential & Accounting Standards Department, FSA • Todd Groome, Division Chief, Financial Market Stability Division, IMF • Robert Parker, Vice Chairman, Credit Suisse Asset Management • Ganesh Rajendra, Managing Director and Head of European Securitisation Research, Deutsche Bank

1015-1030 SESSION 2 1030-1145

BREAK CROSS-BORDER LENDING AND NEW MARKET ENTRY: THE COMMERCIAL REALITIES OF EUROPEAN MORTGAGE MARKET INTEGRATION

The previous discussion on globalisation of mortgage markets sets the stage for discussions on Europe and ongoing efforts to “integrate” European mortgage markets and what the integration process means in practice. In 2000, EU leaders identified financial integration as the building block to the single market and at the heart of “The Lisbon Strategy” to transform the EU into “the most competitive and dynamic knowledge-based economy in the world” by 2010. To this end, the European Commission has actively sought opinions and recommendations on integration of the mortgage market. It set up the Forum Group on Mortgage Credit, which in December 2004 published 48 recommendations for achieving an integrated European mortgage market in the areas of consumer confidence, legal issues, collateral issues, distribution issues and finance. In July 2005 the Commission issued a Green Paper in direct response to these recommendations. In August, a Commission-funded study on the costs and benefits of further integration of residential mortgage markets will be published. This session looks at the main recommendations of all of these reports, the commercial strategies which have been undertaken to date (and how they have fared), current incentives and market factors that have enabled new market entry; and the changes in markets or new business models that will facilitate cross-border activity in the future. The EuroCatalyst audience has always been ahead of the curve (judging by our discussions in previous years), and so we expect this session to generate dialogue that can ultimately be submitted as a response to the Commission's Green Paper. INTRODUCTORY PRESENTATION • Harsha Shewaram, EU Internal Markets and Services DG, Financial Institutions PANEL DISCUSSION • Achim Dübel, Economist, Finpolconsult • Erik Urskov, Executive Vice President, Nykredit A/S • Ferdinand Veenman, Managing Director, Continental European Capital Markets Group, GMAC-RFC • Manfred Westphal, Head of Financial Services Department, Federation of German Consumer Organisations

SESSION 3 1145-1300

FROM MINDSHARE TO MARKET SHARE: RISKS & REWARDS OF NEW PRODUCTS TO CAPTURE NEW MARKET SEGMENTS

IN FOCUS: WHOLE LOAN SALES AND TRADES

While globalisation is clearly having an impact on the funding side HOSTS TO BE ANNOUNCED of European mortgage markets, “local” European lenders are looking at ways to compete effectively in home markets by reaching out to underserved markets through product innovation. PANEL Alain Carron , Managing Director, Standard & In their April 2005 report on “Risk and Funding in European Poor’s Residential Mortgages,” Mercer Oliver Wyman identified a 15% Jon Katovsky, Managing Director - BTS, Britannia market expansion of untapped opportunity equivalent to €500 Building Society billion of lending in Europe. This session discusses new market Craig Beresford, Head of Asset Sales - Capital growth as lenders move down the credit curve and up the LTV Markets, GMAC-RFC curve in search of new borrowers, and explores how sub-prime, OTHERS TO BE ANNOUNCED high LTV, reverse mortgage, and non-conforming lending will expand across Europe. We also discuss ways in which to manage the associated risk that accompanies new market segments, the SPONSORED BY funding approaches that work best, and which players are most likely to exploit these options. Finally, we’ll be taking a look at how lenders are branding new products to new market segments and challenging conventional wisdom on the branding lifecycles of mortgage products. INTRODUCTORY PRESENTATION • Matthew Sebag-Montefiore, Director, Mercer Oliver Wyman PANEL DISCUSSION • Ray Boulger, Charcol Online • Darren Cook, Head of Mortgages, Moneyfacts Group plc • Bill Keenan, Chairman, DeNovo Corporation • Eddie Register, Director, Servicer Ratings, FitchRatings

EUROCATALYST 2005 SPECIAL ISSUE

1300-1400 SESSION 4 1400-1500

SESSION 5 1500-1600

1600-1615 SESSION 6 1615-1715

LUNCH UK REGIONAL MARKET SESSION One of the most competitive mortgage markets in the world, the United Kingdom continues to blaze the way in both primary and secondary market activities in Europe. As the CML aptly states in its Mortgage Market Manifesto (2004), the UK “has the most ‘complete’ mortgage market in Europe, taking account of the range of consumers served, the range of mortgages available, the accessibility of mortgage finance and the availability of information and advice.” This session explores the challenges facing the UK as it deals with concerns over house prices, home ownership and funding as well as its position in the European context. • How to raise share of first-time buyers in housing market (shared equity mortgage) • Product development: saturation of mortgage market has pushed lenders to greater heights of creativity and innovation (HSBC “on sale” mortgage, Yorkshire Building Society 0% mortgage) • Growth of subprime market; weak performance in UK non-conforming portfolios relative to the more aged portfolios HOSTS • Michael Coogan and Stephen Knight PANEL • Michael Bolton, Head of Lending, Birmingham Midshires • Angela Clist, Partner, Allen & Overy • Steve Haggerty, Managing Director, HomeLoan Management Limited • Stuart Jennings, Managing Director, European Structured Finance, FitchRatings • Trevor Pothecary, Executive Chairman, Mortgages plc

GERMAN REGIONAL MARKET SESSION Germany is the world's third-largest economy (in terms of GDP) and Europe's second-largest mortgage market. Once heralded as a world-class model for national productivity and stability, the German economy continues to bear the unprecedented weight of economic integration between East and West. The three parallel banking systems (public, cooperative and private) that previously defined the strength of and provided a balance for the German banking sector have evolved into a Darwinian struggle for survival. While the German political process manages the challenges of structural reforms, this session focuses on the diversity of strategies undertaken by major market players as they seek to streamline their balance sheets and find sustainable growth leveraging every possible opportunity throughout the mortgage value chain. Despite restrictive limits to entry, in the past two years Germany has seen several players establish operations including GMAC-RFC who recently issued the first true-sale securitization issue since 1998. This session will discuss the operationalisation of Basel II; the elimination of the German mortgage bank monopoly on the issuance of Pfandbrief; the elimination of state guarantees for Landesbanken and subsequent downgrades; the current environment of mergers and acquisitions and the implications for the market moving forward; the disappearance of the KfW true-sale initiative; the recent changes in German lobby groups; and market strategies including current overcapacities and poor margins; offbalance sheet lending strategies and non-performing loans. The session is anticipated to be the most provocative discussion and accurate reflection of the current state of mortgage lending in Germany ever conducted in public. HOST • Heiko Glander, Transformation Partners PANEL • Professor Dr. Thomas Kretschmar, Chairman, HypoPort • Markus Schaber, Director — German Securitisation, Deutsche Bank • Franz Schmidpeter, Managing Director, GMAC-RFC Deutschland GmbH • Dr. Bernhard Scholz, Member of the Board, Münchener Hypothekenbank

BREAK IN SEARCH OF THE SILVER LINING IN NONPERFORMING LOANS HOSTS PANEL

• Heiko Glander, Transformation Partners, and

Toni Moss, EuroCatalyst

• Asina Ajwani, Associate Director, FitchRatings • Gabriel Low, Managing Director, Fixed Income, Citigroup • J. Kingsley Greenland II, President and CEO, DebtX (The Debt Exchange)

Our NPL session partner:

• Dr. Bernhard Scholz, Member of the Board, Münchener Hypothekenbank • Dr. Jörg Wulfken, Partner, Mayer Brown Rowe & Maw

SESSION 7 1715-1830

THE WINE WARS (U.S. VS. EUROPE): EUROPE RIDES SHOTGUN DOWN THE CREDIT CURVE AS THE U.S. PULLS IN THE REINS (SPONSORED BY PMI EUROPE) Over the years, EuroCatalyst has concluded its opening day with a champagne toast to the differences between the United States and Europe followed by a fun-spirited but provocative debate over an important industry issue. This year we switch to wine as we debate the obstacles and opportunities in delivering new lending products to new market segments. Specifically, we'll be discussing the common goals and complexities of developing "a loan for every borrower" in the most cost-efficient and effective manner. The debate will centre around the rapid growth and expansion of sub-prime and nonconforming lending throughout Europe in comparison to the US market, which appears to have taken sub-prime lending to an extreme. Is Europe under-leveraged while the US is over-leveraged? Which consumers get a better deal? While subprime and non-conforming lending tend to be higher-risk, higher-reward products, what are the costs of managing the additional risk in terms of risk-pricing and servicing? Who is leading product development and which products are performing well throughout the value chain? Where has underwriting fallen short? Do sub-prime borrowers pay more than is warranted by the extra risk they present, or are borrowers too tempted to pay more than they can afford? Will the trend toward increased whole loan sales and trades in Europe drive a secondary market for servicing rights? To what extent will pressure on Fannie Mae and Freddie Mac in the US cause further disruption in servicing scale and even a complete overhaul of the US system? How are technology and servicing helping to manage the risk to offer a wider range of products to an increasing range of borrowers? TEAMS • EUROPE / Jean-Louis Bravard, Managing Director, Global Financial Services Industry, EDS; Johannes Luef, President and CEO, VP Denmark; (OTHERS TO BE ANNOUNCED) • US / Dr. Michael Lea, Cardiff Consulting; Tony Porter, Managing Director & Chief Operating Officer, PMI Mortgage Insurance Company Ltd; Stan Rhodes, CEO, ABN Amro Mortgage Group; (OTHERS TO BE ANNOUNCED) DAY CONCLUDES WITH WINE-TASTING HOSTED BY EDS

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EUROCATALYST 2005

DAY 3

28-09-2005 WEDNESDAY

LEAVING HOME: THE PSYCHOLOGY OF RISK MANAGEMENT AND CAPITAL MARKETS HOSTED BY TIM SKEET, Managing Director/Debt Capital Markets, ABN Amro Asset Management TONI MOSS, Founder, EuroCatalyst BV SESSION 1 0845-0945

HOLDING OUR BREATH: HIGH ANXIETY OVER HOUSING PRICES According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years to over $70 trillion - an increase equivalent to 100% of the combined GDPs of those countries. Not only does the current situation dwarf any previous house price booms, they argue, it is the most massive capital markets bubble in history. Feeling a little anxious? As lenders move up the LTV curve and down the credit curve in search of new borrowers, how will the possibility of a housing bubble impact markets in the near future? While bubbles are never identified until after they have burst, the combination of rapidly increasing house prices and leveraged mortgage debt have raised serious concern for the industry. This session explores differing perspectives on the extent to which the industry hinges on the fundamental value of house prices, and where they will go next, with suggestions on how to improve the safety and security of housing markets in the future. PANEL

• Julian Callow, Chief European Economist, Barclays Capital • Tobias Just, Senior Economist, Deutsche Bank • Marco Terrones, Senior Economist, International Monetary Fund • Nick Tyrrell, Head of Research and Strategy, European Real Estate Group, JP Morgan Asset Management

SESSION 2 0945-1100

SPANISH MARKET SESSION HOSTS

• Sandie Fernandez, Moody’s Investors Service • Santiago Ruiz-Morales, Executive Director,

DUTCH MARKET SESSION HOST

Institutions Capital Markets, Citigroup

Securitisation, Calyon PANEL

• Baralides Alberdi, economist • Gustavo Celi, Associate Director, FitchRatings

PANEL

• Fernando Cuesta, Head of Securitisation, Caja

Madrid • Eric Klesta, Chief Operating Officer, UCI • Fernando Durante, Head of Capital Markets,

Banco Pastor • Angel Tello, Capital Markets Division, Caixa

Catalunya

1100-1115

BREAK

SESSION 3 1115-1230

NORDIC REGIONAL SESSION HOST PANEL

• Tim Skeet, ABN Amro • Lotte Bomgaard, Senior Economist / Investor

Relations Manager, Nykredit

• Fanny Borgström, Head of Group Funding,

Nordea Treasury

• Martin Gregersen, Covered Bonds & Derivatives

Strategy, Danske Bank

• Lauri Iloniemi, Head of Asset

and Liability Management, Sampo Bank plc • Johannes Luef, President and CEO, VP Denmark • Timo Pietilä, Managing Director, Aktia Mortgage Bank

• Leo-Hendrik Greve, Managing Director, Financial

• Hein G.M. Blocks,

Managing Director, Nederlandse Vereniging van Banken (Netherlands Bankers’ Association), and Chairman of the Executive Committee of the European Banking Federation • Jeroen Belt, Structured Finance, SNS Finance Markets • Peter Besuijen, Director, Quion Groep BV • Rob van den Berg, Director, GMAC-RFC Nederland BV • Lodewijk Van der Heijden, Managing Director, De Hypotheekshop • Cor Zwaan, Director, Mortgage Finance and Asset Securitisation, NIB Capital

CEE AND EMERGING MARKETS

Where is the greatest opportunity in European markets? This session focuses on the fastest growing markets including Hungary, Poland, the Czech Republic, Turkey and Romania. Panellists will be discussing due diligence considerations when looking at CEE and emerging markets including strategic considerations when buying a bank across borders; what it takes to get deals done in highly bureaucratic environments; the nature and characteristics of local mortgage portfolios and where are the gaps and unfilled niches in OPENING SPEAKER PANEL

• Achim Dübel, Economist, Finpolconsult (“Opportunity in

CEE and Emerging Markets”) • Dr. Astrid Kratschmann, Chief of Department, Central

European Housing Finance, Erste Bank • Pam Lamoreaux, Chief Operating Officer, EHF • Carmen Retegan, Executive Director and Acting CEO,

Domenia Credit • Annabel Schaafsma, Vice President, Moody’s Investors

Service • Bahadir Teker

EUROCATALYST 2005 SPECIAL ISSUE

SESSION 4 WHO AM I? COVERED BONDS FACE AN IDENTITY CRISIS 1230-1330 While covered bonds will remain king of the mortgage funding jungle for mainstream products, the rapid convergence of

funding has led to the most heated debate in the history of European mortgage markets with dramatic implications for the global industry. Today, covered bonds are facing an identity crisis, and the whole world is watching its outcome. An “identity crisis,” a term coined by Danish psychologist Erik Erikson, happens “when one loses a sense of personal sameness and historical continuity”. Of his Eight Stages of human development, Erikson believed the identity crisis is the single most important conflict human beings encounter by asking the question for the first time, “Who am I?” This session analyses (pun intended) the current identity crisis facing the covered bond community given that the oldest markets have lost historical continuity with the addition of new markets. Will this new community find sameness in a single asset class, or will the drive toward individuation and differentiation prevail? How well will the rift over collateral definitions that can be used in covered bonds that has raged over this summer have healed by September? PANEL • Louis Hagen, Executive Director, Verband deutscher Pfandbriefbanken • Hélène Heberlein, Managing Director and Head of Covered Bonds, FitchRatings • Heiko Langer, Senior Covered Bond Analyst, BNP Paribas • Rob Thomas, Senior Policy Advisor—Funding, Council of Mortgage Lenders • Bill Thornhill, Senior Reporter, Covered Bonds, IFR • Claus Tofte Nielsen, Senior Portfolio Manager, Norges Bank Investment Management

1330-1430

LUNCH

SESSION 5

A BALANCED APPROACH: OPTIMISING FUNDING EFFICIENCIES, RISK TRANSFER AND ECONOMIC CAPITAL MANAGEMENT Second to retail deposits, while covered bonds will continue to provide the lowest cost of funding they do not provide a source of risk transference. This two-part session continues to break new ground in expanding the European capital market landscape by providing a matrix for optimizing portfolio funding considerations between cash securitisation, structured covered bonds, Pfandbrief and senior debt. Spanning wholesale and retail markets, on and off-balance sheet funding and incorporating risk transfer and Basel II, we update last year’s template to determine how lenders are currently thinking about how to structure, fund and leverage mortgage assets from the perspective of return on equity, return on assets and return on economic capital vs. straight equity, showing how changes in the funding spectrum cause resulting changes throughout the entire mortgage value chain. The session is divided into two parts, starting with the larger picture of funding efficiencies on a pure borrowing basis and moves into the extent to which lenders are moving away from regulatory capital arbitrage and into risk transfer through whole loan sales and trades, funding and synthetic instruments.

1430-1530

(PART 1) FUNDING EFFICIENCY ON A PURE BORROWING BASIS HOSTS

• Hoesli Labhart, Director, Head of European Financial Institutions Securitisation, Citigroup • Dominic Swan, Director, Head of Structured Investments, HSBC

PANEL

• Fanny Borgström, Head of Group Funding, Nordea Treasury • Justin Fox, Head of Funding, Nationwide Building Society • Saul Greenberg , Vice President and Senior Analyst, Moody’s Investors Service • Steve Lorimer, Head of Syndicate, HBOS Treasury Services • Gabriele Müller, Capital Markets Director—Germany, Genworth Financial

1530-1630

(PART 2) FUNDING PRODUCT DEVELOPMENT AND RISK TRANSFER FROM THE PERSPECTIVE OF BASEL II AND ECONOMIC CAPITAL MANAGEMENT Current net interest margins have reached unsustainably low levels at many European banks, prompting the search for higher risk and higher return products to compensate. However, high growth strategies expose banks to higher levels of risk with increased possibilities of credit losses which in turn drive the need to transfer risk. In the larger picture, the need for securitisation in a post-Basel II / CRD world has shifted from a form of regulatory capital relief to economic capital management through the transfer of risk. The session provides insight into how banks will operationalise the CRD by featuring firms with advanced risk transfer and economic capital management techniques to discuss how they are reducing their exposure as individual and group strategies including: • Synthetic securitisation • Insurance as credit risk mitigation • Whole loan sales and trades PANEL

• Alexander Batchvarov, Head of International Structured Finance Research, Merrill Lynch International • Thierry Dufour, Chief Executive Officer, Compagnie de Financement Foncie • Peter Green, Head of Treasury and Balance Sheet Management, Bradford & Bingley • Gloria Hernández, Chief Financial Officer, Banco Pastor • David Liu,

Vice President, International Markets, PMI Capital Corp.

EUROCATALYST 2005 CONCLUDES

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LOOKING BACK MADRID EUROCATALYST 2002

MADRID — The Westin Palace was the venue for EuroCatalyst 2002. Above from left to right: Louis Hagen, Esther Dyson, Ron Roark, Michael Coogan, and Michael Lea.

LISBON EUROCATALYST 2003 LISBON — EuroCatalyst 2003 took place in Lisbon at the Ritz Four Seasons Hotel. From far left: The Spanish market session; the Portuguese market session; Filomena Oliveira, of Caixa Geral de Depósitos. Below: Fanny Borgström of Nordea, Bob Liao of Citigroup, Torben Gjede of Realkreditrådet and Filomena in the Covered Bond session; and John Wood of Moneyfacts.

TONI MOSS interviews Karsten von Köller on stage (above).

JOHANNES LUEF of VP Denmark (left); Tony Porter of PMI Europe (above); and Gary Gordon of HBOS (above right).

LISBON — THE CONCERT

LISBON — EuroCatalyst 2003 featured jazz guitar legend Larry Carlton and his Sapphire Blues Band. Larry helped present the inaugural EuroCatalyst awards and then invited Louis Hagen and Micheal Coogan on stage to sing a stirring rendition of “Twist and Shout”.

EUROCATALYST 2005 SPECIAL ISSUE

BERLIN — EUROCATALYST 2004 BERLIN — Matthew Sebag (far left); Günther Gleumes, Asina Ajwani and Karsten von Köller (left); and Kris Wulteputte (right).

GABRIELE MÜLLER, Liam Coleman, and Dominic Swan share a laugh as they discuss the funding continuum.

TONI MOSS

JEROEN VAN HESSEN and LeoHendrik Greve. ACHIM DÜBEL, Matthew Sebag, and Alexander Batchvarov.

BERLIN — THE CONCERT BERLIN— From far left: Lester Dominick and Jim Dowell of MortgageFlex; Louis Hagen and Andreas Zehnder; and Stacy Kent and her husband with Team EuroCatalyst.

BERLIN — The Gala Dinner and Award Ceremony/Concert featuring Stacy Kent took place at Tipi Das Zelt, a short drive away from the main venue for EuroCatalyst 2004, the Ritz Carlton.

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WHO’S WHO ASINA AJWANI ASSOCIATE DIRECTOR FITCHRATINGS Asina is an associate director in Fitch Ratings' European structured-finance group. She joined Fitch in 2002 and moved to Fitch’s Frankfurt office in April 2003, where she was primarily involved in rating mortgage-backed securities and non-performing-loan portfolios for the German market. Asina graduated with an M.Sc. in information systems from the London School of Economics in 2001.

BARALIDES ALBERDI ECONOMIST Baralides is a specialist in housing finance, housing policy and financial instruments to develop and complement the mortgage market. Formerly of BBVA, Baralides was seconded by BBVA to work with the World Bank in Washington, D.C., where she spent five years (19972001) as a financial sector specialist in charge of housing finance and mortgage markets in Latin America. She joined BBVA in 1988, when she became Head of Research for Banco Hipotecario, then the largest specialized mortgage institution in Spain and now part of the BBVA Group. There, Baralides was responsible for statistics, studies, and external and institutional relations. Baralides also worked with the regional government of Andalucia, with Banco Exterior and with the Spanish Ministry of Economy as an economist. Baralides was Spain’s representative in the Economic Working Party of the EMF from 1994-1997.

MORTEN BÆKMAND HEAD OF MARKET RESEARCH AND DEVELOPMENT NYKREDIT Morten is responsible for market research and development. He holds a Master's in Economics from the University of Copenhagen. Morten was involved in developing new mortgage products, analysing covered bond markets, and creating the framework for Nykredit's structured covered bonds that led to credit rating upgrades of Nykredit's bonds. Morten was a member of the Association of Danish Mortgage Banks' delegation which took part in negotiations with the Danish Financial Supervisory Authority on reshaping the balance principle of the Danish Mortgage Credit Act. More recently Morten was a key player on the team responsible for Nykredit's acquisition of Totalkredit and the simultaneous formation of a strategic alliance between Nykredit and 106 local and regional banks that formerly owned Totalkredit.

MARC BAJER MANAGING DIRECTOR ASSURANCE GUARANTY (UK) Marc recently joined Assurance Guaranty after two years as the CEO of Via Capital. Before that, he spent four years at Commerzbank Securities, where he was co-head of Debt Capital Markets and a member of the management committee. His responsibilities included the Structured Finance Division, the Debt Capital Markets Division, and the Syndicate, MTN, and Money Markets Division. Marc has also been the director of capital markets at Barclays Bank (1998-2000), the director of fixed income at Bear Stearns (1996-1998), the U.S. head of the SVP and Fixed-Income Division at Morgan Stanley (1986-1996), and the vice president of fixed-income derivatives at Kidder, Peabody & Co. (1980-1986). Marc received his B.A. in ancient civilizations and economics from Hope College.

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WHO’S WHO ERIK BAKKER DIRECTOR OF SPECIAL DISTRIBUTION AND PENSIONS REAAL INSURANCE Since April, Erik has been the director of special distribution and pensions of REAAL Insurance, responsible for the sales of pension schemes and the sales of insurance production in cooperation with various distribution partners. After studying tax law at the University of Tilburg, Erik began his career at Price Waterhouse, joining the merger and acquisition group of the income tax group. Erik then moved on to insurer Centraal Beheer, working in various departments. In 1996 he joined insurer Hooge Huys as the manager of the Disablement and Pensions Department. In 1999 he was named director of Business to Business Insurances of Hooge Huys and in 2002 director of Front and Back Office of Collective Pension Schemes. In March 2004 Hooge Huys changed its name to REAAL Insurance.

ALEXANDER BATCHVAROV HEAD OF INTERNATIONAL STRUCTURED CREDIT RESEARCH MERRILL LYNCH Alexander joined Merrill Lynch in 1998 as the head of International Structured Credit Research. He and his team provide research coverage of the structured-credit-market developments in Europe, Latin America, and Asia. Alexander's team has consistently been ranked the No. 1 securitisation research provider in investor surveys by ISR, SFI, EuroMoney, Credit Magazine, and Institutional Investor. Before joining Merrill Lynch, Alexander worked for several years as a structured-finance analyst in the ABS Group and as a sovereign analyst in the Sovereign Risk Unit of Moody's Investors Service in London and New York. He was also a manager in the emerging markets financial institutions group at Citibank in New York. Alexander holds a Ph.D. in international economics from the National Academy of Sciences in Bulgaria and an MBA in finance from the University of Alberta in Canada.

ABEDELKADER BELTAS PRESIDENT AND DIRECTOR GENERAL ALGERIAN MORTGAGE REFINANCE CORPORATION (SRH) Abedelkader is president and director general of the Algerian Mortgage Refinance Corporation (SRH), which was created in the mid-nineties to develop the mortgage market in Algeria. Before joining SRH in 1997, Abedelkader was the head of the state participation division at the Prime Ministry Office, an economic adviser to the minister of restructuring and participation, an associate professor of finance at the University of Algiers, and a senior lecturer at the University of Central Lancashire, Business School, in the U.K. He is a graduate of the University of Algiers and received a postgraduate degree in operational research from Thames Polytechnic, London, an MBA and an M.A. in economics from the Université Laval, in Quebec, and a Ph.D. from the University of Manchester Institute of Science and Technology, in the U.K.

CRAIG BERESFORD HEAD OF ASSET SALES — CAPITAL MARKETS GMAC-RFC Craig, who heads the asset trading team for GMAC-RFC, has worked in the U.K. residential mortgage market since 1995. He started with the Britannia Building Society, having previously worked in project finance for the civil service. He spent 2 years on the Britannia Fast Stream Programme before moving into structured finance and working on whole loan trading and securitisation. In 2002 he joined GMAC-RFC in the U.K. At GMAC-RFC, Craig has developed the mortgage asset trading operation into the largest in the U.K., innovating the market by introducing forward sale and purchase programmes and a hybrid whole loan and securitisation platform.

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WHO’S WHO FINN BERG HEAD OF GLOBAL INSTITUTIONAL SALES NYKREDIT MARKETS Finn is the head of Global Institutional Sales at Nykredit Markets, which he joined in 1998. He is responsible for sales and investment advice, primarily in the area of Danish mortgage and government bonds but also with regard to credit bonds and swaps. He has been a sales/ investment adviser since 1987, when he began working with SDS Borsmaglerselskab. Nykredit Markets is a dedicated investment bank in the Nykredit Group targeted at professional market players within the areas of fixed income, equity trading, and asset management. Nykredit Markets is a wholly owned subsidiary of Nykredit A/S, one of Denmark's leading financial institutions.

PETER BESUIJEN MANAGING DIRECTOR QUION GROEP BV Peter joined Quion in 1994 and has been the managing director since 1999. He is responsible for attracting and maintaining relationships with financiers and distribution partners (including insurance companies) as well as various staff services, including HRM. He previously worked at ING Bank in a marketing position. In 1981 he joined the regional Nutsspaarbank in The Hague, where he was appointed deputy director in 1992. After the merger with Fortis Bank, he was responsible for the retail marketing activities of the merged banks. Peter has been a member of the board of Hypotheken Data Netwerk (Mortgage Data Network) and various bank committees.

HEIN BLOCKS MANAGING DIRECTOR / NEDERLANDSE VERENIGING VAN BANKEN CHAIRMAN, EXECUTIVE COMMITTEE / EUROPEAN BANKING FEDERATION After graduating with a master’s degree in econometrics from the University of Amsterdam in 1970, Hein did a short stint with Philips as an internal business consultant before joining ABN AMRO in September 1972, where he spent nearly 20 years, rising to the position of general manager for retail banking. In 1991 he joined the executive board of what was then called Crédit Lyonnais Bank Nederland (now Fortis Bank), and in 1997, he joined the Nederlandse Vereniging van Banken (the Dutch Banking Association) as the managing director. Last year he was appointed chairman of the Executive Committee of the European Banking Federation. Hein, who enjoys skiing, mountain hiking, and tennis, became a board member of Ajax at the end of 1991 and joined the Dutch football team’s Members’ Council in 1995.

ARJEN BIJLSMA DIRECTOR, INSTITUTIONAL MARKETS ATLAS FUNDING Arjen joined Atlas Funding as director of institutional markets after working for AXA as a senior product marketer in mortgages. After majoring in marketing at the University of Groningen, in the Netherlands. Arjen began his career as an account manager for a telemarketing company specializing in B2B products for the financial markets. He then worked as a product manager and risk manager for the ING Group (Postbank), where his main responsibility was to change the existing credit card behaviour—a transformation from deferred debt cards to actual credit cards. He was then named the commercial director for a franchise organization in mortgage outlets. In 1999 he started a real estate company in Northern Portugal.

MICHAEL BOLTON HEAD OF LENDING BIRMINGHAM MIDSHIRES Michael joined Birmingham Midshires in May 2001 as the head of lending, responsible for all mainstream and specialist residential lending. Bringing more than ten years of experience of specialist lending to the role, Michael spearheaded the lender’s own move into the specialist mortgage market. In September 2002 Michael became the director of mortgages, following a re-alignment of the business into two distinct product streams. Recently he has been promoted to managing director of BM Solutions, overseeing all new mortgage business and mortgage retention, including sales, marketing, and processing. He is also holds responsible for Halifax Intermediaries. Michael was previously the head of marketing at specialist intermediary lender Future Mortgages. He has a degree in economics from Essex University.

LOTTE BOMGAARD SENIOR ECONOMIST / INVESTOR RELATIONS MANAGER NYKREDIT A/S Lotte is the investor relations manager in Nykredit’s Group Treasury. She holds a master’s degree in mathematics and economics from the University of Aarhus, Denmark. In the six years Lotte has been with Nykredit, she has also worked with product development and customer advisory strategy focusing on Nykredit’s lending activities, especially the introduction of Euro-denominated loans to retail customers in Denmark. Before joining Nykredit, Lotte worked for COWI, providing economic and financial feasibility studies, and Accenture, the former Andersen Consulting.

FANNY BORGSTRÖM HEAD OF GROUP FUNDING NORDEA TREASURY Last year Fanny received the EuroCatalyst Community award for leading the way in encouraging her Nordic colleagues to take a group approach in widening the investor base for Nordic markets. She is a senior vice president and the head of group funding at Nordea, a position she has held since 1997. Before joining Nordea, she was first vice president, international treasury, of Merita Bank of Finland, which merged with the Swedish Nordbanken in 1997 to become MeritaNordbanken. Merita Bank and Nordbanken, along with Unibank of Denmark and Christiania Bank og Kreditkasse of Norway, have conducted operations under Nordea (NORdic idEAs) since December 2001. Nordea today is the largest financial services group in the Nordic and Baltic Sea region.

RAY BOULGER SENIOR TECHNICAL MANAGER CHARCOL Ray is a senior technical manager in mortgages for Charcol, having joined the company in 1989 as a consultant. He is responsible for assessing all new mortgage products and advising all Bradford & Bingley group staff on these products; he also acts as a lender liaison, including the negotiation of exclusives. He does extensive PR work and frequent TV and radio interviews on topical issues. Ray has spent his working life in financial services, initially in training for 5 years with a firm of chartered accountants and then 18 years as a stockbroker. He spent most of his stockbrokering as an institutional gilt edge and fixed interest salesman. In 2004 he was given the Lifetime Achievement Award at the Mortgage Strategy annual awards, and he chaired the judging panel for the Financial Adviser Mortgage IFA Awards. and a former mayor of East Grinstead. He is married with 4 children and 6 grandchildren.

WHO’S WHO

EUROCATALYST 2005 SPECIAL ISSUE

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WHO’S WHO JEAN-PIERRE BOURDIN HEAD OF MARKETING AND SALES, Component Banker® BUSINESS ARCHITECTS INTERNATIONAL Jean-Pierre heads the worldwide Marketing & Sales of Component Banker®, an integrated business unit of Business Architects International. Component Banker® provides Financial Institutions with expert consulting services, business models and software solutions to support the whole life cycle of mortgage and other lending management. A graduate of the French business school H.E.C., Jean-Pierre started as a strategy consultant at EUROMAP before joining IBN and then Unisys. He has held various positions in sales management, marketing and program management at the European level, mainly in the financial line of business.

ALAN BOYCE DIRECTOR SOROS FUND MANAGEMENT Alan spent two years as an economist for the Board of Governors of the Fed, and he was a trader with Bankers Trust until its merger with Deutsche Bank. He then moved to George Soros, which manages the largest hedge fund in the world. Alan has been involved under the aegis of George Soros in assignments with the governments of Argentina and Mexico.

JEAN-LOUIS BRAVARD MANAGING DIRECTOR, GLOBAL FINANCIAL SERVICES GROUP EDS Jean-Louis leads EDS’s Global Financial Services Industry, where he defines and creates strategies for providing innovative solutions to clients and prospects in retail banking, insurance, and capital markets. Drawing on EDS’s technological expertise, Jean-Louis drives the creation of thought that challenges the industry status quo and outlines future models for success for financial services firms. Before joining EDS in 1999, Jean-Louis was the CEO of Arbinet Communications, a New York-based provider of services to global telecommunications clients. Jean-Louis has also held senior management positions at VICOR, Inc., and spent 18 years with J.P. Morgan & Co., where he headed U.S. Fixed Income Research and Global Technology Research, held senior positions in corporate finance, led Maritime Finance, and was country manager for Brazil. He enjoys skiing, tennis, golf, and scuba diving.

JOHN BUHRS HEAD OF MORTGAGES ZWITSERLEVEN John studied Social Psychology at the University of Amsterdam. He joined the mortgage department of the Dutch branch of Swiss Life (Zwitserleven) in 1997 and held the positions of Commercial Relation Manager, Business Consultant, Team Manager before becoming responsible for the entire mortgage department. John has been involved in the Swafe I securitisation deal of Swiss Life and was responsible for selling the entire mortgage portfolio of Zwitserleven in 2004.

TALKING WON’T TIGHTEN A BOLT. MEETING WON’T TIGHTEN A BOLT. HOPING WON’T TIGHTEN A BOLT.

IF YOU ACTUALLY WANT A BOLT TIGHTENED, USE A WRENCH.

Eurocat_wrench

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WHOâ&#x20AC;&#x2122;S WHO JULIAN CALLOW DIRECTOR, CHIEF EUROPEAN ECONOMIST BARCLAYS CAPITAL Julian is a director and chief European economist at Barclays Capital. He joined Barclays Capital in 2003 from Credit Suisse First Boston (1999-2003) where he was chief economist for Continental Europe and co-head of European Economics. While at CSFB he was consistently rated in the top five for European economics in the Institutional Investor survey, and was ranked 1st in the Extel survey of investors in 2002 for European economics. His work on US-European productivity comparisons has been cited in various publications; he has also published detailed research on the EU housing market and on the European corporate sector. Julian has also worked as an economist at Dresdner Kleinwort Wasserstein (1992-1999) and Chase Manhattan (1990-1992). He began working as an economist at the Bank of England (1987-1990) after graduating from Oxford University in 1987.

RANDY CHAPIN DIRECTOR, FINANCIAL PROCESS MANAGEMENT GLOBAL CREDIT SERVICES EDS Randy is director of the Financial Process Management (FPM) Global Credit Services for portfolio management at EDS. His responsibilities include defining the strategy and managing the service offerings within the portfolio to increase profitability and growth across the globe. He has also been the FPM Solution Architect Capabilities Manager, working to develop solutions that EDS provides to the financial markets, and as an Enterprise Client Executive for the Citigroup client based in New York City, accountable for the global economics of all EDS services to the client, as well as client satisfaction and service excellence across all lines of business and geographies. Since joining EDS in 1982, Randy has played a critical role in developing and enhancing relationships with several strategic financial industry clients. He balances his career commitments with a devotion to his family of six children and seven grandchildren.

ANGELA CLIST PARTNER ALLEN & OVERY Angela is a partner in the Securitisation Group at Allen & Overy. She has worked on a number of mortgage transactions, including advising Halifax on all the Permanent Financing Nos 1-5 transactions and advising the lead managers on all of the Mound Financing mortgage securitisation transactions (Mound I-III), on the Holmes Financing mortgage securitisation transactions (Holmes 1-VII), and on the recent Aire Valley Mortgages 2004-1 plc transaction. Angela also worked on the first U.K. covered bond deal for HBOS Treasury Services plc and has subsequently worked on all the covered bond transactions issued by U.K. issuers to date: Northern Rock and Bradford & Bingley.

LIAM COLEMAN HEAD OF INVESTMENT AND DISTRIBUTION, TREASURY NATIONWIDE BUILDING SOCIETY As head of investment and distribution, Liam, who joined Nationwide in 1996, is responsible for an asset base of ÂŁ7 billion, split between financial institution bonds, corporate bonds, asset-backed securities, and equity investments. He is also a member of the Treasury Division Senior Management Team and the Treasury and Commercial Division Senior Management Group. Liam initiated and led the transaction team for the first CDO for a building society, a EUR 1.4 billion transaction. Liam has also led a senior Treasury Division team in the production of a strategic development plan for the division covering a 5- to 7-year time horizon, and before that, he managed Nationwide's capital market funding requirements and its capital requirements, including issuance of subordinated and structured subordinated debt and other regulatory capital instruments. Liam is married with three children.

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2006 LIVE FROM MADRID

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WHO’S WHO MICHAEL COOGAN DIRECTOR GENERAL COUNCIL OF MORTGAGE LENDERS Michael qualified as a barrister in 1981 and, following a short period in private practice, joined the Consumers' Association in 1983. Between 1984 and 1987, he worked at the Greater London Council and for its successor, the London Residuary Body. He joined the Building Societies Association in 1987, becoming the head of legal services of the BSA and the Council of Mortgage Lenders in October 1993. He became director general of the CML on 1 December 1996 to lead the independent CML on its separation from the BSA on 1 January 1997. As director general, Michael has overall responsibility for the management of the CML and is its main representative to the government, Parliament, regulators, and outside trade and professional organisations. He is married to Lyn and has a young daughter, Caitlin.

DARREN COOK HEAD OF MORTGAGES MONEYFACTS GROUP Darren is the head of mortgages at Moneyfacts Group. Moneyfacts is the U.K.’s market leader in providing accurate, unbiased, and independent financial information to the industry, the intermediary, the press, the public, and organisations such as the Bank of England. Before joining Moneyfacts, Darren was a business manager with the National Westminster Bank. He also worked for First National Bank of Southern Africa (formerly Barclays Bank of Southern Africa) for twelve years and held the appointments of manager of customer accounts and business manager at the branch in Pretoria. Darren studied economics and business economics at the University of South Africa and holds a higher diploma in bank credit management.

IAN COVENTRY CREDIT SERVICES DIRECTOR, EMEA EDS Ian is the credit services director for EDS’s Europe, Middle East, and Africa (EMEA) region and is based in Milton Keynes, England. His responsibilities include developing the portfolio’s business strategy and expanding its presence and profitability in EMEA. Ian actively engages in developing new client relationships and business partnerships and is particularly focussed on creating greater efficiencies in the mortgage operation. Ian transitioned to EDS in 2001 as the managing director of EDS Credit Services, the newly established joint venture between Abbey and EDS to provide credit processing services to Abbey. He has more than 25 years of experience in the financial services sector in a variety of roles, including leadership, strategy development, service delivery, operational, and programme management. He is married with three daughters.

MITCH CREEKMORE VICE PRESIDENT STEWART INTERNATIONAL Mitch has more than 15 years of commercial brokerage experience. He joined Stewart Title Guaranty (STG) in 1994, to work with Hector Barraza, a vice president and the Mexico division manager. Mitch has been responsible for the development of a marketing strategy with implementation of the business plan for the Mexico Division of STG. Since his employment, the division has networked with the major law firms, banks, mortgage lenders, developers, and brokerage firms in Houston, Dallas, San Antonio, Denver, San Diego, Los Angeles, Phoenix, Tucson, Chicago, New York, Mexico City, Tijuana, Cuidad Juárez, Guadalajara, Reynosa, Nogales, and Monterrey. Mitch's primary effort has been to enlighten the real estate community on both sides of the border about the availability and benefit of title insurance on Mexico land and how the land conveyance system in Mexico functions.

MICHELE CUNEO ASSOCIATE DIRECTOR FITCHRATINGS Michele is an associate director in Fitch Ratings’ European structured-finance group in Milan. He is involved in rating Italian securitisation transactions and is Fitch’s primary person on Italian residential mortgage-backed securities. Before joining Fitch, he spent 4 years at Citigroup as a junior transactor on the European Securitisation Team in London and as a credit analyst in Milan, with a particular focus on the Italian market. He graduated with a degree in economics from Luigi Bocconi University in Milan and studied at Wirtschaftsuniversität in Vienna.

MARTIN DAMASKE HEAD OF INSTITUTIONAL CLIENTS HYPOPORT AG Martin is head of the business unit for institutional clients, which he has built up over the last three years. He is also a member of the executive board of the Hypoport Group. Prior to this position, Martin was active as a strategy and management consultant, developing new business strategies for major German mortgage banks, life insurance companies and service providers. In addition, he has implemented marketing and distribution strategies, managed restructuring and efficiency projects in the residential and commercial mortgage business and was responsible for the cooperation concept for a pan-European assistance platform. Martin holds two master’s degrees from the Georg-August-University of Goettingen, Germany. He has held lectures in mathematics, IT, and management consulting, and participated in a one-year research program at the University of Maryland in College Park.

KEITH DAVIES WPP-PRUDENTIAL AND ACCOUNTING STANDARDS DEPARTMENT FINANCIAL SERVICES AUTHORITY (UK) Prior to joining the FSA in 2003, Keith was a senior economist with Standard Chartered Bank in the US for several years and director of sovereign research with Standard Bank, also in the US. Since joining the FSA , he has worked on credit risk policy issues for past 18 months, focussing mainly on the introduction of the new Basel II regime but also on adapting the current regime, including the new prudential framework concerning covered bond issuance. Keith has degrees from Cambridge and Bristol.

HELENA “WHEELIE” DAY VICE PRESIDENT, HEAD OF INVESTOR RELATIONS MORGAN STANLEY MORTGAGE SERVICING Helena joined Morgan Stanley as a vice president in 2004 to head up investor reporting and asset management. She holds a math degree from the University of Virginia and attended the College of William & Mary School of Law. She began her career in commercial-mortgagebacked securities as a real estate paralegal at the law firm of Peabody & Brown. She then moved to Criimi Mae Services LP, a CMBS special servicer, as an asset manager and managed the borrower request and lender consent department as a vice president. After four years at Criimi Mae, Helena moved to Wachovia Securities as a vice president and relationship manager in its structured-products services group, liaising with third-party lenders, large borrowers, and bond investors.

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WHO’S WHO CLARENCE DIXON MANAGING DIRECTOR CROWN EUROPEAN MORTGAGE MANAGEMENT Clarence is the managing director of Crown Northcorp's German subsidiary, Crown European Mortgage Management. He joined Crown from Aareal Bank, where he held the position of executive vice president of customer relations and marketing and played a key role in building Germany's only independent third-party mortgage servicer. Clarence is a former director of Global Cash Management with the Global Transaction Banking Division of Deutsche Bank in Frankfurt and New York and has held management positions with VISA International in London and Gesellschaft fur Zahlungssysteme in Frankfurt. He holds an MBA from the University of Maryland. Clarence began his career with the U.S. Department of State, where he spent 14 year with tours in Japan, Europe, and the Middle East. He is a guest instructor at the Business Academy in Mannheim and the International Business College in Frankfurt.

LESTER DOMINICK PRESIDENT MORTGAGEFLEX SYSTEMS Lester founded MortgageFlex Systems, Inc. in 1980 as a consulting firm to specialize in the mortgage banking industry. Lester's initial work at MortgageFlex Systems focused on systems evaluation, systems design and strategic data processing planning for commercial banks, savings institutions and mortgage companies. By 1982, the firm had identified the need for lower cost solutions to the problems of mortgage loan origination, and MortgageFlex Systems, the first microcomputer based loan origination system, was introduced in 1984 based on work with several mortgage companies operating in Southern California. Lester continued to lead the firm's system development and consulting efforts with the introduction of the Residential Lending System and now the LoanQuest series of products, both of which were designed to serve the growing market for PC and PC-networking based mortgage systems.

JIM (“THE MULE”) DOWELL EXECUTIVE VICE PRESIDENT AND COO MORTGAGEFLEX SYSTEMS Jim, who has attended each annual EuroCatalyst event since 2002, joined MortgageFlex Systems as executive vice president and chief operating officer in 1999. Jim has a rich background in diverse management fields, starting with a stint as a U.S. Army Intelligence Officer. Before coming to MortgageFlex Systems, Jim was a founding partner with Summer Point Consulting and headed their Technology division. Prior to the creation of Summer Point, Jim held similar positions with Tenex Consulting. Summer Point and Tenex provided consulting services to the mortgage industry including business process reviews and recommendations, accounting audits and technical consultations. Jim has also held senior management positions with Mortgage Electronic Reporting Systems, Inc. (MERS), where he was the Chief Technology Officer.

ACHIM DÜBEL ECONOMIST FINPOLCONSULT Achim is an international consultant based in Berlin who provides economic analysis and advice on the legal, regulatory, fiscal, and social aspects of European financial sector development, with a special focus on mortgage finance. His clients include international organizations, governments, trade associations, and the private sector. He was on the staff of the Financial Sector Development Department of the World Bank in Washington, D.C., as a senior financial economist from 1998 to 2000 advising emerging economies on mortgage and capital market policy issues. From 1991 to 1998, he worked for Empirica, an economic think tank based in Bonn and Berlin, as a senior economist focusing on mortgage finance, housing and urban development policy, regional economic development, and large commercial real estate investment projects. He is co-author of a number of key reports on EU financial integration.

THIERRY DUFOUR CHIEF EXECUTIVE OFFICER COMPAGNIE DE FINANCEMENT FONCIER Thierry is chief financial officer and a member of the Executive Committee of Crédit Foncier de France (CFF), a specialized real estate finance organization owned by the Group Caisse d’Epargne. He is also in charge of capital market activities for CFF and is CEO of Compagnie de Financement Foncier, which is a mortgage bank and subsidiary of CFF. Thierry joined CFF in 1991. Prior to that, he served from 1989 to 1991 as CFO at Caisse Autonome de Refinancement, a subsidiary of Caisse des Dépôts et Consignations (CDC), where his responsibilities included all operational activities and the Group securitization business of CDC. From 1985 to 1989, he was notably in charge of CDC’s bond desk, and then of government bond primary dealers. Thierry is a graduate of ENSAE and holds a master’s degree in mathematics from the Université de Paris Dauphine.

FERNANDO DURANTE HEAD OF CAPITAL MARKETS BANCO PASTOR Fernando, who hold a master’s degree in international business from Reading University (UK) and a bachelor’s degree in economic from Universidad Complutense de Madrid, began working as an interest rates derivatives trader for Banesto, in Madrid, in 1990. In 1995, he moved to Santander Financial Products as a senior interest rate and volatility trader. After a promotion, in 1998, to head of interest rate volatility at Santander Central Hispano, he moved to Banco Pastor in 2001.

MARCO ELSER CEO ADVICORP. Marco is the CEO of AdviCorp. He joined AdviCorp as a partner in 2002, setting up its capital markets operation, for which he is now responsible. From 1994 to 2001, he was the head of international market and credit institutions sales for Northeast Securities, in New York, supervising brokerage, sales, and trading functions of securities (bonds, convertibles, and shares) both for institutional and private clients. He was previously first vice president for Merrill Lynch Capital markets in Rome and London and the head of international market sales for Kinetix Measurements, in New York. He received a degree in economics from Harvard University. He speaks English, Italian, French, and Spanish fluently.

DEBRA ERB DIRECTOR OF HOUSING PROGRAMMES OVERSEAS PRIVATE INVESTMENT CORPORATION Debra is the director of housing programmes for the Overseas Private Investment Corporation, a U.S. government corporation focussed on supporting U.S. investment in developing markets. She is responsible for programme development, investor development, and marketing, as well as credit structuring and analysis for housing-sector projects. Debra has more than 20 years of direct experience in mortgage lending in the U.S. and 10 years of experience in international finance. Her international experience includes serving as the president of Mortgage Finance International, a boutique consulting company that worked with all aspects of mortgage finance in emerging markets. She holds a master’s degree in public administration (International Non-Profit Management) from George Mason University, and a B.A. in international business communications from the same university.

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CHRISTIAN FEIN HEAD OF EUROPACE INTERNATIONAL HYPOPORT AG Christian joined Hypoport in 2004 following a short stint with STATER Deutschland GmbH & Co. KG, which he joined in October 2003 as a manager for strategic projects. He has more than 10 years of experience in management consulting in financial services, working in such areas as Global Principal Management Consulting (Financial Services) at Ericsson Business Consulting in Düsseldorf and London. His fields of expertise are strategy, marketing, and sales consultancy. He holds a degree in marketing communication.

RAFAEL GARCÉS HEAD OF FUNDING AND SECURITISATION CAJA MADRID Rafael, who joined Caja Madrid in 1998, is responsible for all the senior funding, including the MTN Programme, Cedulas Hipotecarias, credit derivatives, secondary loan trading and securitisation for the bank. Previously he spent 10 years at Banco Español de Crédito as head of fixed income and head of capital markets after a period as second vice president of Continental IIlinois Bank in Madrid. Prior to joining Continental Illinois, he was Credit Analyst and Assistant Manager in the Capital Markets Group in Banco de Vizcaya for the period from 1983 to 1987. He graduated with a Bachelor’s degree in Economics from Universidad Autónoma de Madrid.

BRUNO DE GASPERIS HEAD OF CREDIT AND INTERNATIONAL DEPARTMENT ABI (ITALIAN BANKING ASSOCIATION) In his capacity as the head of the Credit and International Department at ABI, Bruno is responsible for the full array of lending portfolios (corporate and SME finance, trade finance, mortgage finance, rural finance, leasing, factoring, consumer credit, microcredit), mediumand long-term funding instruments (bonds, ABS, securitisation, structured finance), creditrisk-management tools, supervisory regulation (Basel II Capital Accord), and international trade finance (export credit, credit insurance). He also consultants on a freelance basis, having carried out assignments with the EU Commission, the World Bank, FAO, and IFAD. Bruno received an M.Sc. in agricultural economics (Honours) from the State University of Perugia and a postgraduate diploma in development economics from the University of London, Wye College.

SILVIA GHIELMETTI DIRECTOR CRIF DECISION SOLUTIONS Silvia, who joined CRIF in 1991, has been in her current position since 1997. She is primarily responsible for the CRIF Group’s Decision Solution Business Unit, which has become the market leader in the decision system industry in Italy. Previous roles at CRIF include project manager for the Credit Bureau score project and manager of the CRIF scoring services. Prior to joining CRIF, Silvia worked for more than 5 years in the RAS-Allianz Insurance Group, in the areas of corporate finance and credit structuring for key accounts. She has a Master in Economics from the Bocconi University in Milan.

MATT “MATT-MAN” GILMOUR CHIEF EXECUTIVE INFINITY MORTGAGES Matt established Infinity Mortgages, which was launched in January 2004. Previously he was with Fitch Ratings, the international credit rating agency, where he founded the company’s European mortgage servicer rating programme. He latterly assumed the role as head of UK residential mortgage securitisation for the agency. Matt began his career in the residential mortgage sector during his tenure with Deloitte, where he trained as a chartered accountant. His clients included many of the UK’s leading prime and nonconforming lenders. Matt is an avid scuba diver – not only does his chosen sport take him to traditionally sunny climes, moments of insanity take him to the less temperate waters off the coast of the UK!

GIULIANO GIOVANNETTI HEAD OF SALES AND MARKET DEVELOPMENT PMI MORTGAGE INSURANCE COMPANY LIMITED Giuliano joined PMI in March 2004 and is responsible for company activities in Italy. Before joining PMI, Giuliano was a shareholder and the managing director at Elitrade, a property adviser member of Colliers International and part of the Tecnocasa Group, where he was in charge of investment banking accounts, gaining considerable experience in portfolio valuations and non-performing loan deals and operations. Giuliano started his career in 1994 with McKinsey & Co., where he acted chiefly as a consultant to the leading commercial banks in the country, with spikes in financial and asset management projects and post-merger integrations. In 2000 he left the firm and co-founded Casapark.it, a leading real estate portal he later sold to a real estate company. Giuliano holds a degree in electronic engineering from Politecnico di Milano and an MBA from Insead.

HEIKO GLANDER MANAGING DIRECTOR TRANSFORMATION PARTNERS Heiko is managing director of Transformation Partners, Ltd. His consulting work for international banking institutions is focused on strategy, market entry, restructuring, and sales force effectiveness with specific application in retail banking/consumer finance and mortgage banking/real estate. Some of his recent work includes designing and implementing one of the first third-party mortgage servicing operations in Germany, supporting M&A negotiations for a German consumer finance bank, analysis of European mortgage markets for entry opportunities for a US financial services organization, and German market entry support for a US mortgage conduit company. Heiko spent 4 years as an Associate at McKinsey and 2 years as Principal at Booz-Allen & Hamilton. Heiko has also work with HVB Bank. Born in Montreal, he’s fluent in English and German and conversant in French and Spanish.

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WHO’S WHO MAURIZIO GOZZI HEAD OF DEBT CAPITAL MARKETS FOR ITALY AND GREECE CALYON CORPORATE AND INVESTMENT BANK Maurizio is based in Milan and is the head of debt capital markets for Italy and Greece for Calyon. His responsibilities include vanilla and structured-funding products for the public sector, financial institutions, and corporates. He started his career at UniCredito Italiano Group and held a variety of positions in fixed-income sales, debt syndication origination, and wholesale and retail funding for the group. Maurizio was head of the debt syndicate desk at UBM before joining Crédit Agricole Group in 2002, which integrated with Crédit Lyonnaise in 2004 to become Calyon.

PETER J GREEN DIRECTOR OF TREASURY & BALANCE SHEET MANAGEMENT BRADFORD & BINGLEY PLC Peter, who was born in Liverpool, attended York University (1974-1977) where he obtained a BA (Hons) Economics degree. He joined the Central Electricity Generating Board in 1977 and qualified as a Chartered Company Secretary in 1978. From 1980 to 1993 he worked at the Leeds Permanent Building Society, where he held various positions covering market and product development, and corporate planning before establishing a new Treasury function. He left in 1993 to join Daiwa Europe Limited as director and head of trading in their UK securities business. In 1994 he joined Britannia Building Society as managing director, Britannia Treasury Services, involved in all traditional Treasury activities as well as whole loan portfolio purchases, sales and financing. In 2001 Peter joined Bradford & Bingley plc, where he is both an active investor in ABS as well as an issuer of a range of secured bonds.

J. KINGSLEY GREENLAND PRESIDENT, CEO DEBTX (THE DEBT EXCHANGE) As the president and chief executive officer of DebtX, Kingsley sets the company’s strategy and leads its growth as a premier service provider to the secondary debt markets. Before heading up DebtX, Kingsley started and managed several companies. As the president of Boston Capital Mortgage Company, he established the company as an originator of commercial real estate debt for securitisation. Under his leadership the company attained profitability in its first year of operation and doubled origination volume every 8 months, and he participated in the construction and offering of more than $2.5 billion of commercial mortgage-backed securities. Kingsley received his bachelor’s degree in business administration from the College of William and Mary and Juris Doctor from the University of Miami School of Law. He rose to the rank of captain in the United States Army Reserve and is a member of the Florida bar.

MARTIN GREGERSEN COVERED BONDS & DERIVATIVES RESEARCH DANSKE BANK Martin is the lead analyst covering European covered bonds at Danske Bank. Before joining the bank, he was with Realkredit Danmark, developing the funding tools and broadening the investor base, and Nykredit, working on various projects involving the commercial customer segment. Martin holds a M.Sc. in economics.

LEO-HENDRIK GREVE MANAGING DIRECTOR, FINANCIAL INSTITUTIONS CAPITAL MARKETS CITIGROUP

HARRY GROENEVELD CEO QUION GROEP BV As CEO of Rotterdam-based Quion, Harry is responsible for corporate strategy, portfolio management, ICT, and finance. Quion was the first independent mortgage servicer in the Dutch market, launched by Hypotrust, a provider of residential mortgages. Harry joined Hypotrust in 2000 and was named its CEO in 2001. Before joining Hypotrust, he worked for Achmea Care, where he had several management positions with various subsidiaries. His responsibilities included the purchase of medical services, finance, ICT, handling claims, and general services. Harry also participated in several committees of the Association Zorgverzekeraars Nederland and was a member of the committee of employers’ representative. He obtained an executive MBA in 1999 at the Rochester (U.S.)/Nijenrode-programme. Harry is married, has three kids, and likes jogging, skiing, and traveling.

TODD GROOME HEAD OF FINANCIAL MARKETS STABILITY, INTERNATIONAL CAPITAL MARKETS INTERNATIONAL MONETARY FUND Todd, who is the head of the Financial Markets Stability Division in the International Capital Markets Department of the International Monetary Fund, joined the IMF in 2002 from Credit Suisse First Boston, where he was the managing director and the head of the Financial Institutions Group in European Debt Capital Markets. Todd, a lawyer by training, joined CSFB from Deutsche Bank, where he worked as the head of the Financial Institutions Group in Debt Capital Markets.

SANDRINE GUERIN DEPUTY CEO CFF (COMPAGNIE DE FINANCEMENT FONCIER)

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WHO’S WHO MARCUS GUDDAT DIRECTOR, FIXED INCOME SYNDICATE CITIGROUP

FRANÇOIS HAAS SENIOR ECONOMIST, FINANCIAL MARKET STABILITY DIVISION INTERNATIONAL MONETARY FUND François, who graduated from the Institute for Political Sciences of Paris in 1985, spent 15 years at the Banque de France (1988-2003) covering a number of different positions, including market analyst in the Foreign Exchange Research Unit (1988-1989), reserve manager in the Foreign Exchange Division (1989-1995), Banque de France representative at the Federal Reserve Bank, New York (1995-1996), head of the division responsible for the implementation of monetary policy (1997-2001) and head of the Markets and Financial Stability Research Division (2001-end of 2003). He joined the International Monetary Fund in early 2004 as a senior economist in the International Capital Markets Department / Financial Market Stability Division.

LOUIS HAGEN EXECUTIVE DIRECTOR ASSOCIATION OF GERMAN PFANDBRIEF BANKS Louis began his career with an apprenticeship with Bayerische Vereinsbank AG in Munich. After reading law at Munich University, he took his doctor's degree at Berlin University. Following a stint as a solicitor with a law firm in Munich, he became an assistant manager at BVBeteiligungsgesellschaft (a subsidiary of Bayerische Vereinsbank AG) in Munich. In 1992 he was appointed head of the Brussels office of the Association of German Mortgage Banks. In 1996 he became the senior manager for Property Redevelopment Management at Bayerische Hypo- und Vereinsbank AG. He became the managing director of the Association of German Mortgage Banks in Bonn in 2000 and general manager of the association in Berlin in 2001. The association changed its name to the Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken) in summer 2005. Louis is also chairman of the ECBC.

STEVE HAGGERTY MANAGING DIRECTOR HOMELOAN MANAGEMENT LIMITED Steve took the position of managing director of Homeloan Management, Ltd. (HML), in November 2000. He began his career at Bristol and West Building Society in 1973 as a management trainee. He joined HML as the head of operations from 1990 to 1993 and then, after spending two years with Skipton Building Society as AGM, administration, he returned to HML in 1995 as director of operations. Steve was educated at Hartcliffe School in Bristol and completed associate exams at the Institute of Legal Executives in Bristol in 1979. HML is the U.K.'s acknowledged leader in the provision of mortgage outsourcing facilities to major banks, building societies, and other lenders. Since the company was formed, in 1988, HML has been at the forefront of the mortgage outsourcing industry in the United Kingdom.

ERIK HAVER MORTGAGE DEPARTMENT NIBCAPITAL Erik studied accounting in Rotterdam, joining Price Waterhouse in 1997. In 1998 he started working for a real estate investor, where he focused on acquisition and relationship marketing. After two years he switched to the mortgage department of NIBCapital, where he has since introduced new business initiatives and mortgage products.

HÉLÈNE M. HEBERLEIN MANAGING DIRECTOR AND HEAD OF EUROPEAN COVERED BONDS FITCHRATINGS Hélène is a managing director and head of the FitchRatings European Covered Bonds Team, which was created in May 2004 to coordinate the rating of covered bonds in different European jurisdictions. Prior to taking on this role, Hélène was a senior director in Fitch Ratings' European structured finance group, based in Paris, where she was responsible for the ratings of French and Belgian structured finance transactions, backed by corporate assets (such as trade receivables or inventory) as well as financial assets (such as consumer or residential loans). She also covered the rating of obligations foncières. Previously, Hélène was a product manager for asset-backed transactions at Westdeutsche Landesbank Girozentrale. She graduated from the European School of Management (EAP) in Paris, Oxford and Berlin in 1991.

GLORIA HERNÁNDEZ CHIEF FINANCIAL OFFICER BANCO PASTOR After graduating from the Complutense University in Madrid in 1981 with a degree in economics, Gloria joined the Spanish civil service as a senior economist. After 4 years in the Trade Department of the Finance Ministry, she moved to the Treasury. In 1994 she was promoted to deputy director for government securities at the Treasury. In 1999 she was appointed head of the Spanish Treasury, reporting directly to the vice finance minister. She was also a member of the Board of Directors of CNMV (Spanish Securities and Exchange Commission) and of the Bank of Spain. Gloria also served as a full member of the EU European Financial Committee representing Spain. As CFO of Banco Pastor since November 2003 she is in charge of the bank’s Treasury, funding policies, ALM analysis, and capital requirements coverage.

ADRIAN HILL MANAGING DIRECTOR MACQUARIE BANK ITALY Adrian became managing director for Macquarie Bank Italy in October 2004 following 8 years as managing director (residential mortgages) for Abbey National Italy. Previously, he held a variety of positions, including risk director for N& P Building Society, consultant for Halifax Building Society in Italy, and various financial roles in retail banking for Citibank in the UK, Greece, Turkey, Middle East, and Italy.

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WHO’S WHO PATRICK HOOIVELD MANAGING DIRECTOR FINANCIUM PRIMAE Patrick, who studied banking and finance at the “Hogeschool Holland” in Amsterdam, started working as an underwriter in the mortgage department of Royal Life Insurance Co. in Utrecht, in 1993. In 1996, he joined DBV Life Insurance Co. as head of the mortgage department. In 2000, he was a member of the securitisation team at DBV Life and was also responsible for the MBS program Holland Homes I. Since October 2002 Patrick has been managing director of Financium Primae, one of the largest packagers in the Netherlands.

LAURI ILONIEMI HEAD OF ASSET AND LIABILITY MANAGEMENT SAMPO BANK Lauri has been head of asset and liability management at Sampo Bank since 2001. He joined the predecessor to Sampo Bank, Postipankki, in 1985, after receiving a BA in international studies from the American University in Washington, DC. Lauri worked on a number of different desks before joining the Asset and Liability Management Team in 1998.

STUART JENNINGS MANAGING DIRECTOR, EUROPEAN STRUCTURED FINANCE GROUP FITCHRATINGS Stuart is a managing director in the European structured finance group at Fitch Ratings in London. He heads the agency’s European residential mortgage-backed securities group. Before joining Fitch in 1999, Stuart was an associate in the asset securitisation group at Credit Suisse First Boston and an audit manager at KPMG. He earned a BA in accounting and French at the University of Kent at Canterbury. He is also a qualified chartered accountant.

TOBIAS JUST SENIOR ECONOMIST DEUTSCHE BANK Tobias has been a senior economist at Deutsche Bank Research since 2001. After an apprenticeship at Otto-Versand, he studied economics in Hamburg and Uppsala. In 1997 he graduated and started to work at the University of the Federal Armed Forces Hamburg. His PhDdissertation on the effects of globalisation on fiscal and monetary policies was awarded the university science prize in 2001. Since 2001 Tobias has been working at Deutsche Bank Research, the economics think tank of Deutsche Bank, focussing on real estate and regional economics. He has been an active member in the working group of the Finance Initiative Germany on the introduction of German REITs. His publication record covers topics within the fields of European integration, political economics, demographic change and, of course, real estate economics.

BRIAN KANE DIRECTOR, INTERNATIONAL STRUCTURED GROUP STANDARD AND POOR’S Brian joined Standard and Poor's in 1997 and is a director in the firm's International Structured Finance Ratings Group based in London. His primary role over the last five years has been the rating of European commercial and residential mortgage-backed securities. He has also rated transactions in other asset classes including consumer assets, whole business securitisations, CBOs/CLOs, asset-backed commercial paper transactions, nursing homes, student loans and small business loan pools. These transactions emanate from a number of different jurisdictions including the UK, Sweden, Germany, the Netherlands, Ireland and Italy. Prior to joining S&P he worked as a property research analyst with Legal and General Investment Management. Brian has a B.Sc. degree from Trinity College Dublin and a M.Sc. in Investment and Treasury Management from Dublin City University.

JON KATOVSKY MANAGING DIRECTOR BRITANNIA TREASURY SERVICES Jon Katovsky is managing director of Britannia Treasury Services, a wholly owned subsidiary of Britannia Building Society, the second largest building society in the United Kingdom. Britannia Treasury Services looks after Britannia’s ABS/MBS investment portfolio, mortgage portfolio/company acquisitions and sales and the securitisation and funding of loans originated by Platform (another Group company acquired in February 2001) under the "Leek" MBS banner. Jon has worked in the securitisation industry as an originator and investor in the US and the UK for over 18 years. He holds degrees from Cornell University and University of Cambridge.

MARTIN KEEGSTRA CEO WELKE FINANCIËLE DIENSTEN Martin is the CEO of Welke Financiële Diensten. In 1998 he was running a profitable consumer intermediary organisation in the mortgage and insurance market when he learned that activities in the value chain of mortgages could be done in a more effective and professional way. He founded Welke Financiële Diensten in 1999. Welke is now the largest packager in the Netherlands and services a retail channel of 600 intermediaries and distributes mortgages and insurances on a large scale. It distributes the financial products of more than 25 financial institutions. The company is a 100 percent service company. It currently has some 170 employees and has been growing every year because of its innovative services in the Dutch mortgage market.

BILL KEENAN CEO DE NOVO CORPORATION Bill is CEO and founder of De Novo Corporation, an integrated management and advertising consultancy with offices in the United States, Canada and the United Kingdom. De Novo Corporation is the parent to Creative Solutions, Convergence Group, Stratcom, Owen Holleway, iLabyrinth and De Novo UK. The firms provide a wide range of services to Fortune 500 companies with a strong practice in payments systems, financial services and pharmaceuticals. Some engagements have included co-brand credit card startups, virtual bank conduits, interim management, portfolio acquisitions, turnaround of the world’s largest direct-toconsumer insurance company providing low end annuities, and strategic and operations planning. Bill has over 20 years of experience in banking, payment systems, general advertising, direct mail, and interactive media.

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WHO’S WHO FRED KERR

Fred received his BBA in 1967 and his LLB/JD in 1970. He practised law in the United States until opening his London office in 1983, specialising in real property–related transactions. He served as general counsel to an American title insurance company in London from 1987 to 1989 and was of counsel to a Spanish law firm in Madrid from 1990 to 1992. Fred is a member of the California, Florida, and Washington, D.C., bar associations as well as the Law Society of England & Wales as an overseas lawyer. He founded London & European Title Insurance Services Limited in 1994, is a member of the International Development Committee of the American Land Title Association, has written numerous articles on the subject of title insurance for trade and law journals, and is a partner in the Reading (London) law firm of Beresford Kerr Solicitors.

CHAIM KIFFEL VICE PRESIDENT EMEA AIG UNITED GUARANTY Chaim has served as the vice president–Europe, the Middle East, and Africa for AIG United Guaranty since November 2003, which provides mortgage insurance products to countries in Europe and the Middle East, including Spain, Italy, Hungary, and Israel. Previously, Chaim served as the CEO of AIG Mortgage Holdings Israel (AIG MH), a position he had held since April 1998. AIG MH, headquartered in Jerusalem, Israel, is a subsidiary of AIG United Guaranty, which provides private residential mortgage insurance in Israel, through its monoline subsidiary, under the trade label EMI. Before joining AIG, Chaim was a share partner in the international law firm of Kirkland & Ellis, headquartered in Chicago, Illinois. He has a law degree from the Northwestern University School of Law, in Chicago, Juris Doctor, cum laude, order of the coif.

ERIC KLESTA CHIEF OPERATING OFFICER UCI Eric is currently COO at UCI and member of the Boards of Directors of both Comprarcasa and Tramitacion Externa. He has over 16 years of experience in the mortgage business in Europe and Latin America, which includes several operational positions including Treasurer, Head of Credit and Operations and Director in Madrid and Managing Director in Lisbon. Prior to joining UCI, Eric worked in capital markets within BNP Paribas in Paris. Eric holds a MBA from the IESE Business School (Spain), a MSc from the University of Southampton (UK) and a degree in Engineering from Ecole Centrale (France). UCI is a leading specialised mortgage institution created in Spain in 1989 as a joint-venture company between the banking groups BNP Paribas and Banco Santander. In addition to Spain, UCI has developed mortgage lending subsidiaries in Portugal and Greece.

STEPHEN KNIGHT EXECUTIVE CHAIRMAN GMAC-RFC LIMITED As executive chairman of GMAC RFC, Stephen has taken the company from being the UK's 60th largest lender to top 10 lender status in the five years from 2000-2005. Prior to his current position, Stephen was founder and chairman of Private Label Group, which became the UK's largest privately owned distributor of mortgages and the UK's first 'Packager' until he sold the business to GMAC RFC in 1998. A chartered banker by profession, Stephen's 33-year career in mortgages has also included two building societies and one bank. He was appointed to GMAC RFC's worldwide Executive Board in January 2004 and is also the author of “The Art of Marketing Mortgages,” published in 1987.

IGOR KOUZIN CHAIRMAN AND CEO DELTACREDIT Igor has more than a decade of international business experience focusing on growing highperformance organizations. His background spans areas of operations, corporate development, venture capital, and general management. Before joining DeltaCredit, Igor was the vice president of international markets at Sanchez Computer Associates, Inc., a global provider of banking technology, where he managed the company’s operations in CEE and Asia. Igor was also the managing director of Profile Venture Partners, a U.S.–based venture capital firm where he was responsible for creating and growing companies serving the financial services industry worldwide. Igor co-founded Profile Venture Partners after a career at McKinsey & Company in Toronto and Washington, D.C. He earned his MBA from the University of Chicago Graduate School of Business.

ASTRID KRATSCHMANN HEAD OF CENTRAL EUROPEAN HOUSING FINANCE ERSTE BANK Astrid studied law at the University of Vienna, where she graduated in 1985. Following a year in practice, she joined Erste oesterreichische Sparcasse Bank in the housing finance division. From 1990, her responsibilities were expanded to include loan clearing, product management housing finance, multi-storey housing for Upper Austria/ Salzburg, management of target group housing clients, real estate investments, housing in Central Europe, and Austrian Savings Banks. Since July 2004 she has been head of the Housing Central Europe/Legal/Public Relations Department at s Bausparkasse AG (savings banks´ housing and loan association; 100 percent subsidiary of Erste Bank) on behalf and by the strategic order of Erste Bank.

THOMAS KRETSCHMAR CEO HYPOPORT AG Thomas is the chief executive officer of Hypoport, which was set up at the beginning of 2002 with the merger between mortgage broker Dr. Klein & Co. AG of Lubeck and integrator Freie Hypo AG of Berlin. Before assuming this post, he was the director of the Institute of Services Management, where he focussed on strategies for the mortgage industry. He also spent three years on the board of the international consulting firm Droege and Company. A graduate of the University of Göttingen, Thomas wrote his doctoral thesis on expert systems for business diagnostics. He has been a professor of mortgage computing at the University of Applied Science in Berlin since 1997.

HOESLI LABHART DIRECTOR, EUROPEAN SECURITISATION CITIGROUP Hoesli is a director in Citigroup’s European Securitsation Team, which responsible for securitisation by clients in France, Germany, Italy, Spain, and the Benelux countries; by auto finance companies across all countries; and by credit card companies across all countries. He joined the securitisation team in December 1995 and has worked on both the U.S. and European securitisation teams. During his career at Citigroup, Hoesli has originated and executed deals involving such consumer-related assets as residential mortgages, automobile dealer floorplan, automobile retail loans, automobile retail leases, credit cards, home equity loans, franchise loans, and student loans. Hoesli has a B.Sc. in computer science and mathematics from Long Island University in New York and an MBA in finance from Fordham University in New York.

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WHO’S WHO ANNIK LAMBERT SECRETARY GENERAL DESIGNATE EUROPEAN MORTGAGE FEDERATION Annik is secretary general designate of the European Mortgage Federation. The EMF is the leading association representing the mortgage industry at European level. Its members grant 75% of Europe’s outstanding mortgage loans. Annik’s main fields of expertise are regulation of credit institutions, consumer protection in the context of financial services, the impact of the euro, contracts and taxation. She represents the EMF in all public fora, including the European institutions, the European Banking Industry Committee, other European financial sector associations, consumer organisations, press and public conferences. Annik qualified as a lawyer in 1982 and went on to study for a special degree in Financial Law, while at the same time training at the Brussels Bar. She joined the EMF in 1992 and became deputy secretary general in 1995. In June 2005, she replaced Judith Hardt as secretary general designate.

PAM LAMOREAUX

Pam is the president and COO for a newly created secondary market company in Istanbul. She was previously the manager of the Housing Finance Group within the Global Financial Markets at IFC (the private-sector arm of the World Bank). This group helps formulate investment strategies related to housing finance and the capital markets for the IFC, including the primary and secondary mortgage markets, securitisation, and other capital market development. The IFC committed almost $300 million for housing-related projects in FY03/04. Before joining the IFC, Pam spent a year as a member of the Countrywide International Consulting Services team as a resident adviser to KoMoCo, a secondary market corporation in Korea, helping set up its operations. Pam spent four years helping to create the Hong Kong Mortgage Corporation (HKMC). In 1998 she was appointed COO of HKMC.

PATRIZIA LANDO EXECUTIVE DIRECTOR, SECURITISED PRODUCT GROUP MORGAN STANLEY

HEIKO LANGER SENIOR COVERED BOND ANALYST BNP PARIBAS Heiko joined BNP Paribas this summer following an 11-year career at ABN Amro. A graduate of the University of Cooperative Education in Karlsruhe in Germany with a diploma in Business Administration, Heiko joined L-Bank in 1994. He worked in the international funding division in the field of investor relations and transaction management. At ABN Amro, he covered the legal documentation of various capital markets products before moving over to the covered bond research team in 2001. He focuses primarily on European covered bonds, including German Pfandbriefe, French Obligations Foncières, Spanish Cédulas Hipotecarias and other more recently established markets. In addition he covers Euro Agency bonds.

MICHAEL LEA ECONOMIST Michael is an independent consultant specialising in the analysis of domestic and international mortgage markets and institutions. He has more than 15 years of international experience in 30 countries spanning 6 continents. He has provided advice on the creation of marketbased housing-finance institutions and systems as a consultant to international development agencies, government-sponsored enterprises, trade groups, regulatory agencies, and private sector financial institutions in Europe and the U.S. He has served as the executive vice president for Global Markets at Countrywide Financial Corporation, president of Cardiff Consulting Services, and chief economist of Freddie Mac. He also served as a staff member on the President's Commission on Housing and was a Brookings Institution economic policy fellow at the U.S. Department of Housing and Urban Development.

GUNNAR LINDH MANAGING DIRECTOR, HEAD OF BUSINESS DEVELOPMENT PMI INSURANCE LIMITED Gunnar, responsible for business development and the sales and marketing of PMI’s products in Europe, brings over 30 years of European financial experience to PMI’s management group, including specialized knowledge of structured finance transactions and mortgagerelated insurance experience. Gunnar joined PMI in 2000 to assist with PMI’s entry into the European mortgage insurance market. Prior to joining PMI, he was a director in the brokerage area at Aon Capital Markets/Special Risk Services, and was president and CEO of International Credit Insurance Corporation, a specialized trade credit, surety and financial guarantee insurer. He also was with Trygg-Hansa Group developing reinsurance of trade credit, surety and financial guarantee business. Gunnar holds degrees in Civil Economics and Finance from The Stockholm School of Economics in Sweden.

DAVID LIU VICE PRESIDENT, INTERNATIONAL MARKETS PMI CAPITAL CORP. David shares responsibility for the development and implementation of PMI's international strategy. David overseas operations in Asia and leads efforts to expand into new markets. He also coordinates all Home Office activity that supports international operations. David joined PMI in 1987 and has held various positions in the finance department until 1998 when David shifted his focus to Strategic Development activities. He has an MBA from the University of California at Berkeley, where he also completed his B.S. in Business Administration. David serves on the Board of Directors for PMI Mortgage Insurance Company Limited ("PMI Europe") and PMI Insurance Services Limited ("PMI Services").

TED LORD MANAGING DIRECTOR, HEAD OF COVERED BONDS BARCLAYS CAPITAL Ted is the managing director and head of covered bonds at Barclays Capital. Based in Frankfurt, Ted originates benchmark covered bond issues and markets them worldwide to institutional investors. He has worked with a variety of central banks and governments in developing their covered bond legislation. A Harvard graduate, Ted has held senior banking positions in New York, San Francisco, Sydney, Melbourne, and Auckland, New Zealand before moving to Frankfurt.

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WHO’S WHO GABRIEL LOW MANAGING DIRECTOR CITIGROUP Gabriel is a managing director and the head of the European Special Situation Team in the Fixed Income Division of Citigroup. He joined Salomon Brothers in 1991 and worked at the mortgage trading and ABS desks in New York and London. He holds an MBA from Stanford University Graduate School of Business and a B.Sc. in industrial engineering from Tel Aviv University.

JOHANNES LUEF PRESIDENT AND CEO VÆRDIPAPIRCENTRALEN A/S (VP SECURITIES SERVICES) Johannes was a member of the board of directors of Værdipapircentralen from 1998 until 1999, when he was appointed its CEO. Before joining Værdipapircentralen, Johannes spent five years with Hartmann, Inc., as senior vice president and managing director, and the head of innovation with PBS (IT for financial industry) for three years, and the head of planning at Realkredit Danmark (mortgage banking) for five years. He was born in Austria and has lived in Denmark since 1974. He holds a M.Sc. in economics from the University of Vienna and a Ph.D. from Technical University of Denmark.

DAVIDE MERETTI HEAD OF FINANCIAL AND REAL ESTATE SERVICES PIRELLI RE FRANCHISING Davide joined Pirelli in 2004 to develop and manage the whole set of services provided to the network and end customers. His main task has been the creation of a new distribution model for a real estate agencies network. Davide aims to position Pirelli RE Franchising as the most complete and effective player in the Italian credit origination business. Before joining Pirelli, he was involved in the start-up of MOL Group, now a leading Italian player in both retail credit broking and outsourcing services for credit industry. He started his career in management consulting with the Ambrosetti Group, where he as a project leader on several operations and strategy assignments, with a particular focus on banking and financial services. Davide holds a degree in business administration from Bocconi University, in Milan.

SEBASTIAN MROSEK SENIOR CONSULTANT HYPOPORT AG Sebastian is a senior consultant at Hypoport AG, where he is responsible for IT systems for securitisation transactions. He has a wealth of experience in providing IT solutions, having worked with the europace IPD Ltd., in Ireland, to integrate quotes in the B2B platform, and with Freie Hypo AG, in Berlin, to create a concept for IT-based rating of small- and mediumsized enterprises. Sebastian studied business computing at the University of Applied Sciences in Berlin.

GABRIELE MÜLLER DIRECTOR CAPITAL MARKETS, CENTRAL EUROPE GENWORTH FINANCIAL MORTGAGE INSURANCE Gabriele joined Genworth Financial in 2004 as the capital markets director for Germany after an impressive banking career in Germany and the U.K. Most recently, she worked as the head of covered bond origination for Merrill Lynch International in London and as the head of the fixed-income syndicate and the head of covered bond origination for HypoVereinsbank in Munich. After graduating from the University of Hamburg in 1988 with a degree in political economics, Gabriele spent six years with WestLB as an assistant director, working on new issues and origination. She then moved to Hypo-Bank in Munich, where she was an assistant vice president for new issues and origination. Gabriele has also worked for DEPFA Bank as a senior vice president and the co-head of treasury.

MARCEL NIJHOLT MEMBER OF THE BOARD DBV VERZEKERINGEN Marcel studied law at Utrecht and graduated in 1990. Within DBV Verzekeringen he has fulfilled several functions starting in the legal department, where he was responsible for investments and facility management. In 1995 he joined the Board of DBV. Currently he is chairman of the ‘Life’ Board and member of the Holding Board.

FLAVIO OTTAVIANI GENERAL MANAGER CREDITO FONDARIO E INDUSTRIALE (FONSPA) Flavio is the general manager of Credito Fondiario e Industriale (Fonspa) SpA. Before joining Fonspa, he was with Banco di Sicilia, for most of his career, working in Turin, London, Luxembourg, and Palermo, and holding positions such as general manager, treasury office manager, managing director, and head of loans and credit. He has managed portfolios, mediumand long-term funding, capital market activity, and back offices and dealing rooms. Flavio has a law degree, cum laude, from the University of Turin, and he has attended the International Banking Summer School in Interlaken and European Banking Management (organised by European Banking Association) in London, Paris, and Luxembourg. He is married and as a daughter.

ROBERT PARKER VICE CHAIRMAN CREDIT SUISSE ASSET MANAGEMENT Bob is responsible globally for the management and development of Credit Suisse Asset Management's new business and client relationships and is a member of the Global Executive Committee. He is also a member of the Chairman's Board of CSFB. Before joining Credit Suisse Group in 1982, Bob spent 6 years at N M Rothschild & Sons working in the foreign exchange and fixed-income investment operation. He started his career at Lloyds Bank International in France in corporate finance. Bob was one of the founding members of CSFB Investment Management. From 1982 until 1994, he led and developed CSFBIM’s foreign exchange and fixed income business. In 1994 he became co-chairman of CSFBIM and in 1995 was responsible for integrating the asset management operations of Credit Suisse and CSFB. From 1995 until 1998, he was the chief executive of CSAM’s asset management business in London.

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WHO’S WHO LARA PATRIGNANI DIRECTOR, RMBS FITCHRATINGS Lara is a director in Fitch Ratings’ European structured-finance group in London. She is involved in rating Italian residential-mortgage-backed securities as well as similar transactions throughout Europe. Before joining Fitch, in 1998, Lara was involved in the analysis of assetbacked securities across Europe. She graduated with a B.A. in business administration at John Cabot University, in Rome.

ALAN PATTERSON MANAGING DIRECTOR, GLOBAL FINANCIAL MARKETS CITIGROUP

MARCO PESCARMONA CEO MUTUI ONLINE Marco is a co-founder of the MOL Group, which dominates two niches of the Italian credit market: online distribution and outsourcing of mortgage processing. Marco has a background in consulting (McKinsey) and in banking (Morgan Stanley).

VALERIA PICCONI MANAGING DIRECTOR, ITALY GENWORTH FINANCIAL MORTGAGE INSURANCE In her role as managing director, Italy, Valeria is responsible for expanding Genworth’s Mortgage Insurance presence in the Italian market. The aim is to help customers grow their mortgage business, particularly in the high-loan-to-value area, which today is a small but promising opportunity in the Italian market. After university, Valeria joined GE’s Financial Management Programme. She has worked at GE Capital’s M&A unit and in GE Consumer Finance Business in business development and product development roles.

TIMO PIETILÄ MANAGING DIRECTOR AKTIA REAL ESTATE MORTGAGE BANK PLC Timo was tasked with the responsibility of setting up Aktia Real Estate Mortgage Bank and commencing lending activities within the Aktia Savings Bank group in March 2001 following two years as first vice president, head of treasury and international division, at Aktia Savings Bank. He began his career at the Central Bank for Finnish Savings Banks (SKOP) as a dealer in the money market department. He also worked as chief dealer in the international money market department of Kansallis-Osake-Pankki plc before joining Merita Bank / MeritaNordbanken as vice president, treasury, in 1995. Timo, who has a Master's degree from Åbo Akademi University, Faculty of Economics and Social Sciences, Turku, is married and has three children.

TONY PORTER MANAGING DIRECTOR AND CHIEF OPERATING OFFICER PMI MORTGAGE INSURANCE COMPANY LTD. Tony is responsible for PMI's activities in Europe and Asia. He lives in Dublin, directing the company's initiatives across Europe. Before this assignment, Tony established the company's Hong Kong business. He then moved to Sydney, Australia, where he directed the acquisition and integration of the PMI Group's first Australian venture, MGICA. Tony led the 2001 acquisition of CGU in Australia and New Zealand. He also managed Institutional Markets, implementing the use of PMI's automated underwriting system in the capital markets. In addition to the PMI Europe Board, Tony is a member of the board of directors of PMI Australia. He is an executive vice president and director of PMI Capital Corporation, which oversees PMI's international and financial guaranty operations. Tony is also a member of the board of Habitat for Humanity Ireland.

TREVOR POTHECARY GROUP CHIEF EXECUTIVE MORTGAGES PLC Trevor has over 30 years experience in the mortgage and property industry and is a Managing Director of Merrill Lynch International Bank and Group Chief Executive of Mortgages plc. Mortgages plc has become one of the top originators of non-conforming mortgages in the UK and is now the UK residential mortgage lending business of Merrill Lynch. Trevor was one of the founders Mortgages plc in early 1997 to provide mortgages to the non-conforming/subprime borrower and launched March 1998. It has closed in excess of £3bn of residential mortgages since launch and has securitised over £2.5bn. Prior to founding Mortgages plc, Trevor was Managing Director of The Mortgage Operation plc, which was the largest independent third party originator of residential mortgage applications in both in the UK and Europe.

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WHOâ&#x20AC;&#x2122;S WHO GANESH RAJENDRA MANAGING DIRECTOR, HEAD OF EUROPEAN SECURITISATION RESEARCH DEUTSCHE BANK Ganesh joined Deutsche Bank in May 2001 as the head of European securitisation research. Ganesh and his team focus on providing market commentaries, credit performance reports, and relative value strategies as part of the bank's European securitisation research effort. Under his leadership, the Deutsche Bank securitisation research team was voted the top European ABS and MBS research provider in 2003 by Global Investor, Structured Finance International, Euromoney and the Institutional Investor all-Europe research polls. Before joining Deutsche Bank, Ganesh worked at Merrill Lynch for four years in the international ABS and MBS research group, which were consistently voted as the top research team in Europe. Before joining Merrill Lynch, he spent five years as a fixed-income analyst for a Japanese investment bank and as an actuarial analyst for an American insurance company.

STEVEN RANCE ACCOUNT DEVELOPMENT DIRECTOR, UK GENWORTH FINANCIAL MORTGAGE INSURANCE Steven joined the company in 2003 after 19 years in a number of management roles within the UK and European Financial Services Industry. After an initial 5 years at Prudential during the late '80s, Steven moved into retail banking and insurance with the launch of NatWest Life, progressing on to specialist off-shore investment positions within NatWest Insurance Services. He then spent time as Corporate Development Manager with First National, a division of Abbey, before moving into retail banking consulting. Over the years Steven has conducted consulting projects with, among others, HSBC, HBOS, Barclays, AIB & Sparbanken NOR.

EDDIE REGISTER DIRECTOR OF SERVICER RATINGS FITCHRATINGS Edward is responsible for rating servicers of structured finance products such as residential and commercial mortgage-backed securities, as well as for the further development of the European servicer rating programme. Before joining Fitch in June 2004, Edward worked with various commercial mortgage-backed securities servicers in the US, including nearly six years heading the commercial mortgage loan operations area for JPMorgan in Atlanta, Georgia. Most recently he was vice president, asset servicing for Trimont Real Estate Advisors. Edward has a BS in history and English from Mercer University.

CARMEN RETEGAN EXECUTIVE DIRECTOR AND ACTING CEO DOMENIA CREDIT Carmen joined Domenia Credit, a specialized mortgage company from Romania, at its inception, in 2001. Previously, she was the equity market director at Creditanstalt Investment Bank Romania. She gained extensive experience in pricing mortgage-backed securities, hedging, and managing MBS portfolios while working with Seattle Northwest Securities in the mortgage department as an MBS and CMOs portfolio-structuring coordinator. Carmen holds an MBA from the Canadian MBA programme set up by Quebec and McGill universities, and she undertook a year-long specialisation in finance within the MBA programme of the University of Rochester William E. Simon Graduate School of Business Administration in New York.

STAN RHODES VICE CHAIRMAN ABN AMRO MORTGAGE GROUP Stan is the vice chairman of ABN AMRO Mortgage Group, Inc., the mortgage lending subsidiary of LaSalle Bank Corp., N.A. Stan also serves in other capacities in the ABN AMRO global bank; he is the executive vice president of ABN AMRO N.V., executive vice president of LaSalle Bank Corp., N.A., and the chairman of the ABN AMRO global mortgage council. He joined ABN AMRO in 1997, when it acquired Standard Federal Bank, where he was the executive vice president and president of its InterFirst Wholesale Lending division. Stan has also served as the chairman and CEO of InterFirst Federal Savings Bank, which he took public and was subsequently acquired by Standard Federal Bank. Stan holds a B.Sc. from EmbryRiddle Aeronautical University, in Florida.

RON ROARK CHAIRMAN AND CHIEF EXECUTIVE CROWN NORTHCORP Ron is the chairman and chief executive of Crown NorthCorp, Ltd. (Europe), and chairman of Crown NorthCorp, Inc. (USA). Since 1977, Ron has been the chairman of Crown NorthCorp, Inc., and its affiliated companies. Crown is a publicly traded financial services firm providing comprehensive asset-management and risk-management services to owners and operators of real estate interests. In 1995 he led the expansion of Crown’s asset-management business into Europe. In the past two years, Crown has been instrumental in developing two of the largest real estate transactions in Sweden. The company has provided financial advisory and assetmanagement services to buyers with its partner, Catella Property Consultants AB, one of Europe’s largest property companies. Ron is the chairman of Crown Mortgage Management Limited and the company’s primary business-development liaison.

ROB ROBINSON RISK MITIGATION AND SECURITISATION TEAM FINANCIAL SERVICES AUTHORITY Rob joined the Risk Mitigation and Securitisation Team at the FSA in April of this year. He is responsible for policy issues concerning covered bonds and securitization. Previously, from November 2003 to April 2005, he was on the FSA’s Small Firms Supervisory Team, where he advised firms on various regulatory issues, contributed to various mortgage and general insurance policy papers and was responsible for internal and external training regarding the FSA handbook. Rob graduated with a BA (Honours) International Finance and Capital Markets from the University of Brighton in 2003.

SANTIAGO RUIZ-MORALES EXECUTIVE DIRECTOR - SECURITISATION CALYON CORPORATE AND INVESTMENT BANK Santiago is the head of securitisation, Iberian Peninsula, for Calyon. Santiago was with Bankers Trust for 16 years in various positions in Madrid, New York, Caracas, Paris, and London in the international, capital markets origination, leveraged buyout, and structured finance departments. He later worked for Citius, a private equity advisory firm in Madrid, before joining Crédit Agricole Indosuez-Madrid as the director general, institutional area. In 1998 he was put in charge of the securitisation area. Over this period, CAI-Madrid led 28 Spanish ABS issues, of which 17 were MBS and 3 securitisations of covered bonds, in addition to other covered bonds. These ABS include the largest non-self-led European RMBS launched in Euros, the first Spanish non-conforming RMBS, the first securitisation of covered bonds, the first SME loan CLO in Europe, and 17 multi-originator transactions.

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WHO’S WHO DOMENICO SANTECECCA DIRETTORE CENTRALE ABI (ITALIAN BANKING ASSOCIATION) Domenico is responsible for credit and financial markets, payment systems and security at the Italian Banking Association. In addition, he is chairman of the Fondo Garanzia Autostrade, Associazione Microcircuito, Consorzio ABILab, and Consorzio ABIEnergia, and vice chairman of Comitato Direttivo CIPA, Comitato E-committee, Associazione E-committee, and Associazione per il CBI. He is also secretary general of CO.GE.BAN and sits on the Board of Directors of SIA, SITEBA, SSB, Comit.Fondo Naz. Garanzia, Comit.Agevolazioni SIMEST, CARTA SI and TFA

ALLAN SAUNDERSON EDITOR PROPERTY FINANCE EUROPE Allan is the founder and editor of Property Finance Europe, a twice-monthly English-language newsletter on institutional real estate finance on the continent. A former Reuters financial journalist in London, Frankfurt, and Paris, he became the head of European research for Bank Julius Bär in Frankfurt in the early nineties and was named by the late French prime minister Pierre Bérégovoy as adviser to the French finance ministry. Allan later founded a monetarypolicy consultancy, Eurozone Advisors, becoming a European central bank ”‘watcher.” He moved into real estate finance in 2002, becoming a managing director of easetec services GmbH in Frankfurt .

MARKUS SCHABER DIRECTOR DEUTSCHE BANK Markus joined Deutsche Bank in 2000 and is primarily responsible for origination and execution of securitisation transactions in Germany and SME CDOs in Europe. Before joining Deutsche Bank, he spent three years at Fitch IBCA, where he was responsible for CDO ratings in Europe and structured finance ratings in Germany. Prior to Fitch, Markus served as a credit analyst for European and US ABS and MBS at Bankgesellschaft Berlin in Berlin and London. He has an MSc in Finance and Accounting from the University of Marburg/Germany and the University of Illinois at Urbana-Champaign.

MATTHEW SEBAG-MONTEFIORE DIRECTOR MERCER OLIVER WYMAN Matthew is a director in the Retail Financial Services Practice of Mercer Oliver Wyman with long experience in financial services. He joined the firm in 1993 and has worked across the spectrum of issues in the mortgage industry as well as broader bank strategy assignments. This work has been primarily European-focussed, but has included significant exposure to Asia and North America. Matthew has a B.A. (Honours) in physics from Cambridge University and a master’s in economics from the London School of Economics.

HARSHA SHEWARAM FINANCIAL INSTITUTIONS EU INTERNAL MARKETS AND SERVICES DG Harsha is a U.K. barrister, B.A. Joint Honours with an M.A. in law and a post-graduate diploma in law. She works for the European Commission as a national expert in the Internal Market Directorate General, in the area of retail financial services and payment systems. Harsha is responsible primarily for the Mortgage Credit file and was the editor of the report “The Integration of the EU Mortgage Credit Markets” by the Forum Group on Mortgage Credit, published in December 2004. Before joining the commission, Harsha worked as a legal adviser for the Office of Fair Trading, which regulates consumer protection and competition matters in the U.K. She gives lectures on European and U.K. consumer law, data protection and freedom of information, public and administrative law, related human rights law, and some areas of medical law.

BERNHARD SCHOLZ MEMBER OF THE BOARD MÜNCHENER HYPOTHEKENBANK

TIM “MOBILE ONE” SKEET MANAGING DIRECTOR, DEBT CAPITAL MARKETS ABN AMRO ASSET MANAGEMENT After graduating from Cambridge with a degree in German and French, Tim joined the City in 1981 as a structured lending banker with Samuel Montagu. He moved over to the Capital Markets side of the business in the mid-1980s and became involved with the early capital adequacy rules and securitisation initiatives in the UK. His career took him to Morgan Stanley before he joined Kidder Peabody in 1991 to rebuild European Capital Markets Origination specialising in Financial Institutions and Bank Capital issues. Tim progressed through a series of senior Financial Institution coverage roles with a few firms during the period of rapid change in the investment banking world of the late 1990s, including a period at Barclays Capital, before coming to ABN AMRO in early 2003. Tim, who is married with three children, is also a pilot and extremely talented aviation journalist and photographer.

JOE SMALLMAN CEO AND MANAGING DIRECTOR GMAC-RFC SECURITIES EUROPE Joe is the CEO and managing director of GMAC-RFC Securities Europe (GRSE), which serves as a corporate relationship manager for investors. Based in London, GRSE is the FSAauthorised and regulated investment bank for GMAC-RFC's European market. Joe established himself as a mortgage broker in 1982, and he has spent his entire career in the mortgage industry and capital markets. He first came to London in 1987 to earn his M.Phil. from the London School of Economics. During that time, he was also a visiting guest lecturer at Cambridge University and wrote his thesis on issuing multi-currency, sterling-based mortgage-backed securities. Joe has worked for ANZ Bank, Salomon Smith Barney, and TokyoMitsubishi Bank. He established Vining-Sparks Europe, an SFA-registered securities firm that distributes high-grade U.S. dollar products to European institutional investors.

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WHO’S WHO JEFF STOLZ DIRECTOR DEUTSCHE BANK Jeff is co-head of FIG within Deutsche Bank’s European Securitised Products Group. He has worked at Deutsche bank since 2000 and within securitsation since 1993. Prior to joining Deutsche Bank, Jeff worked in GMAC-RFC’s U.K. subsidiary where he was head of Capital Markets and was responsible for creating their UK securitisation program. Previously at GMAC-RFC, he held the position of trader. Jeff has a B.S. in Finance and Economics and a M.S. degree in Finance from the University of Wisconsin.

FABIO STUPAZZINI MANAGING DIRECTOR, SECURITISATION DEPUTY HEAD OF EUROPE CALYON CORPORATE AND INVESTMENT BANK Fabio is the managing director and securitisation deputy head of Europe for Calyon. After graduating cum laude from Bologna University, he joined Banca Commerciale Italiana in 1991. He spent the first two years at the finance department at the London Branch and the next two years at the head office, in Milan, in charge of structuring and execution of structured-finance transactions such as syndicated loans, export finance, derivatives, and securitisation, including the first-ever Italian transaction — Auriga in 1991. In 1994 he joined Société Générale as the head of the structured-finance department at the Milan branch, in charge of origination, structuring and execution of securitisation, and asset-backed financing. In 1998 he worked as consultant for Ernst & Young and then joined Crédit Agricole Indosuez, Milan branch (now Calyon), as the head of securitisation for Italy.

DOMINIC SWAN HEAD OF SIVS HSBC

ANNA TAVANO DIRECTOR CITIGROUP

VINCENT TEEKENS DIRECTOR, LIFE INSURANCE BUSINESS UNIT DE GOUDSE Vincent received his master’s in business law from Erasmus University in Rotterdam and an MBA from Nyenrode University. He is currently employed at De Goudse as director of the Life Insurance Business Unit, and is responsible for both life and non-life product management. With an annual turnover of EUR 1 billion, De Goudse is the largest family-owned insurance company in the Netherlands. De Goudse has been active in the mortgage market since 2001, distributing mortgages from third-party funders through independent intermediaries.

BAHADIR TEKER

Bahadır was, until recently, the deputy head of the institutional investors department for the Capital Markets Board of Turkey and the head of a mortgage-business-development group in Turkey. After earning a B.S. in business administration from the faculty of economic and administrative sciences of the Middle East Technical University, he joined the Department of Corporate Finance of the Capital Markets Board. He took an active role in the establishment of a new department, the Institutional Investors, where he later led such projects as the development of the mutual fund regulations, real estate investment trusts regulations, venture capital business, and the private pension system in Turkey. He attended the Financial Institutions Programme at the Wharton School in 2000.

ANGEL TELLO CAPITAL MARKETS DIVISION CAIXA CATALUNYA Angel has spent most of his career at Caixa Catalunya, which he joined in 1976. He has worked in a number of divisions, including Branch Network (1976-1979), Human Resources (19791989), International Services / Correspondent banking (1989-1994) and Commercial Private Banking (1994-1996). Since 1996, he has worked in the Treasury and Capital Markets Division, coordinating the yearly funding plan for the institution and Financial Institutional Relationships. The Division is responsible for managing the CC’s global liquidity using different tools like Commercial Paper and MTN Programmes, covered bonds and securitization.

ROB THOMAS SENIOR POLICY ADVISER COUNCIL OF MORTGAGE LENDERS Rob is a senior policy adviser with the Council of Mortgage lenders covering mortgage funding issues. Rob worked as an economist at the Bank of England, first specialising in the main world economies and then focussing on the U.K., with a speciality in the U.K. housing and mortgage markets. In 1994 he took up the high-profile role of head of Housing and Building Society Research at the investment bank UBS. As the major U.K. building societies converted to banks, he became a senior equity analyst covering the mortgage banks at UBS Warburg. In the late 1990s, he developed a proposal to establish a government-sponsored enterprise in Europe.

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WHO’S WHO WILLIAM THORNHILL SENIOR COVERED BOND REPORTER IFR William has 20 years of market experience. After leaving Lancaster University with an MBA, he worked as a commodity trader with Cargill before joining Barclays and Deutsche as a foreign exchange dealer. In the nineties William joined MCM, establishing its YieldWatch service. In the past four years he has been responsible for covered bonds at IFR.

GIACOMO TROVATO BUSINESS DEVELOPMENT MANAGER, ITALY GENWORTH FINANCIAL MORTGAGE INSURANCE Giacomo is business development manager of the Italian branch of Genworth Financial Mortgage Insurance. He joined the company in 2003 after 7 years with management consulting firm A.T. Kearney. In his consulting experience Giacomo worked for leading Italian banks in a number of projects in the marketing, organizational and business development areas. Amongst Giacomo’s main assignments, the design of the mass market strategy for a major banking group and the design and implementation of a client-centric organization for an important financial institution. In his current role with Genworth Financial Mortgage Insurance, Giacomo has led the development of partnerships with leading Italian players in the mortgage arena. Giacomo graduated in Economics in 1995 at Università Bocconi of Milan. In 2001 he earned his MBA from the MIT Sloan School of Management.

BAS TWILLERT CEO AND EXECUTIVE BOARD MEMBER DAK Bas studied international management and marketing at The Hague University. In 1995, after working for a small trading company, he became the operating director and secretary of the board of the Coöperatie Dak. DAK is a cooperation with more than 1,200 members, which makes it the largest intermediary organization in the Netherlands. DAK provides services in the area of insurance, mortgages, and financing to its members. It is a member of all the major insurance companies and financiers in the Netherlands. It also manages the administration of 270,000 policies and has a mortgage turnover of about 600 million Euros. In 2004 Bas became the CEO and executive member of the board of directors. The mortgage facility is one of the most rapid growing masterbrokers in the Netherlands. Members of DAK go through a strict selection regime and are identifiable by their confidence and independence.

NICK TYRRELL HEAD OF RESEARCH AND STRATEGY JP MORGAN ASSET MANAGEMENT Nick is the director of research and strategy for JP Morgan Real Estate’s European team. He is responsible for providing strategic guidance for JP Morgan’s European real estate funds, as well as providing market information for the acquisition and asset management teams. He also plays a key role in marketing and client relations and is a well-known face on the real estate conference circuit. An employee since 2004, Nick spent four years at Deutsche Bank, where he headed a team of six researchers and built up a deep and well-respected stable of real estate publications, as well as coordinating the global research effort among DB’s teams in Europe, the U.S., and Asia-Pacific. He also worked as an economic forecaster in the U.K. and Switzerland. Nick obtained a first-class B.A. and an M.A. in philosophy, politics, and economics from Oxford University.

ERIK URSKOV EXECUTIVE VICE PRESIDENT NYKREDIT Erik is an executive vice president of Nykredit, Denmark’s largest mortgage bank. His primary responsibilities are sales, marketing, and business development of the commercial customer segment in Denmark, which involves lending activities to office, commercial, and industrial properties and the coordination of the activities and the strategic development of this customer segment in the Nykredit Group. Erik is also responsible for the internationalisation of Nykredit’s mortgage credit activities, which primarily focus on development of activities in Poland and the Baltic states and cross-border lending in Germany, the U.K., and Sweden. Erik is the chairman of the Supervisory Board of Nykredit Polska Sp. z o.o. and a member of the Supervisory Board of the Mortgage Credit Foundation in Poland. He was educated at the Aarhus School of Business in Denmark, where he studied financing and organization.

JEROEN VAN HESSEN MANAGING DIRECTOR, MORTGAGE FINANCE & ASSET SECURITISATION NIBCAPITAL Jeroen studied macro-economics at the University of Rotterdam and Dutch law at the University of Amsterdam. After working for the Boston Consulting Group, he joined insurer AEGON in the corporate strategy department. Later he moved to AEGON’s investment bank subsidiary Labouchere, where he worked in corporate finance. Early 1999 he joined NIBCapital Bank to head up the bank’s mortgage finance and asset securitisation department, where he is responsible for the mortgage principal finance unit, asset securitisation, and new principal finance business. Since January 2004, Jeroen has been a member of the board of managing directors of NIBCapital Bank. Early on, Jeroen has been involved in securitisation in the Netherlands. He has been responsible for NIBC’s Dutch MBS programme and several other transactions for the bank and third parties.

TAMMO VAN LEEUWEN HEAD OF PRODUCT DEVELOPMENT BUSINESS ARCHITECTS INTERNATIONAL Tammo is responsible for overseeing all international product and business development efforts for loans solutions at Business Architects International. As a member of the executive committee of Business Architects, Tammo is accountable for the strategic development and the promotion of all Loans solutions across Europe. He has been involved in the implementation of large loans service centres within two large tier-one banks. Based on these experiences, he has built up a strong knowledge base in this area and is a regular speaker at events addressing the practical implications of loans factories beyond national boundaries. Tammo is currently involved in the strategic development of the Business Architects concept to allow loan service providers to integrate the funding and servicing process. Tammo lives in Bergen, the Netherlands, with his wife, two children and his two Italian Spinoni dogs.

ROB VAN DEN BERG DIRECTOR GMAC-RFC NEDERLAND Rob has been director of GMAC-RFC Nederland BV (GMAC Hypotheken) since the beginning of 2001. Prior to joining GMAC, Rob worked for NIB Capital, which he joined in 1988. In 1996, following success in leading the company's aircraft financing efforts, Rob was named Managing Director of NIB Capital, and was responsible for the establishment and development of its residential mortgage business, NIB Mortgage Backed Assets BV. In this role, he was also in charge of the securitisation of seven Dutch residential mortgage portfolios (Dutch MBS) with a total value in excess of 2 billion euros. Before joining NIB Capital, he spent seven years with ABN Amro. Robert has a Bachelor's degree in Mechanical Engineering from the Technical University in Delft and an MBA from Erasmus University in Rotterdam.

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WHO’S WHO LODEWIJK VAN DER HEIJDEN MANAGING DIRECTOR DE HYPOTHEEKSHOP After leaving university in 1984, Lodewijk spent 11 years in wholesale banking working for JP Morgan and ABN AMRO in Amsterdam and Rotterdam. In 1995 he joined Albert Heijn, the largest food retailer in the Netherlands, where he was responsible for the operational management of 35 stores in the Amsterdam area. Since March 2003 he has been the managing director of the Hypotheekshop Centrale Organisatie, a 100 percent franchise organisation of 185 stores selling mortgages, insurance, and pension plans in the Netherlands. Lodewijk has four children and lives in Muiderberg, one of the most beautiful villages in the Netherlands (second only to Naarden-Vesting, the headquarters of EuroCatalyst). On Sundays, he is the centre forward of a local veterans hockey team, which plays an attractive game though attendance apparently is still quite low.

KLAAS VAN DER VELDE SENIOR VICE PRESIDENT, PC/NGM/M3 ABN AMRO

MICHIEL VAN DER ZANT PROJECT MANAGER WELKE FINANCIËLE DIENSTEN Michiel studied economics and services marketing at the University of Amsterdam. After working for Saralee Coffee and Tea in New York, he joined Welke Financiële Diensten. Michiel is a project manager and a member of the management team of Welke. He is responsible for the integration of banking products and insurances in the service process of Welke and for several departments within the company. Among he new projects are warehousing and funding.

FERDINAND VEENMAN MANAGING DIRECTOR, CAPITAL MARKETS, CONTINENTAL EUROPE GMAC-RFC Ferdinand is the managing director of capital markets in continental Europe for the International Business Group of GMAC-RFC. He is also a board member of GMAC-RFC Nederland, the originator of mortgages in the Dutch market. In addition to the business in Netherlands, GMAC-RFC is also active in Germany and France. Ferdinand managed GMAC RFC's first continental European securitisation transactions of the E-MAC NL program and this past spring, the first German true-sale securitisation. Before joining RFC, he worked with Nomura Bank as a trader in the treasury department, and then he accepted a position in the capital markets team of NIBCapital Bank, where he was responsible for managing its portfolio of corporate and structured bonds. Between 1995 and 1997, he headed the capital markets department of the London branch of NIBCapital Bank.

GIFFORD S. WEST MANAGING DIRECTOR, INTERNATIONAL OPERATIONS/BUSINESS DEVELOPMENT DEBTX (THE DEBT EXCHANGE) Gifford is responsible for International Operations and Business Development activities at DebtX. Prior to joining DebtX, he worked for Bankers Trust as a senior executive in their financial service venture capital group. Prior experiences include significant roles within the strategy, risk and capital market consulting groups of Booz, Allen & Hamilton and Oliver, Wyman & Co. in London, Frankfurt, Hong Kong and New York. Gifford began his career at Credit Suisse First Boston where he was an assistant vice president in the mortgage-backed securities group in London and Tokyo. Gifford received his Master of Business Administration from The Amos Tuck School at Dartmouth College and his Bachelor of Arts degree in Middle Eastern history from Harvard University.

MANFRED WESTPHAL HEAD OF FINANCIAL SERVICES DEPARTMENT FEDERATION OF GERMAN CONSUMER ORGANISATIONS (vzbv) Manfred Westphal is head of the Financial Services Department of Verbraucherzentrale Bundesverband (vzbv), the Federation of German Consumer Organisations, and has been working for vzbv and its predecessor organisation since 1993. In his current position, he also is a representative of the Consumer Protection Panel of BaFin, the German financial supervisory authority, and European consumer representative in the Consultative Panel of CEBS, the Committee of European Banking Supervisors.

STANLEY WINNIK MANAGING DIRECTOR DIREKTBANK Stanley is the managing director of Direktbank. Direktbank is a subsidiary of the Fortis Bank, which specialises in retail mortgages with a balance total of Euro 10 billion. Direktbank works only through intermediates, which have direct access to the system 24 hours, 7 days a week, because of the high level of automation. Since the introduction of this mortgage system, in 2001, Direktbank has grown annually by 20 percent. Stanley studied at Nijenrode Business School and began his career as a trainee at ABN Bank. He joined Direktbank in 1988 as the marketing manager. He is married and has 3 children.

JOHN WRIGHT MANAGING DIRECTOR MORTGAGES PLC John was appointed managing director of Mortgages plc in January 2005, following its acquisition by Merrill Lynch. He is responsible for the continued integration of the business into Merrill Lynch. A key objective is to work closely with the Mortgages plc board members to aggressively develop the business in a controlled manner. Before this appointment John was the managing director and chief operating officer of Merrill Lynch International Bank, Ltd., in addition to his role as the head of Administration and Control for the Global Private Client business throughout Europe, the Middle East, Africa, and Asia Pacific. John joined Merrill Lynch in 1987 in the finance division, holding a number of senior positions in London, New York, and Miami. John is a certified accountant and holds an MBA (Distinction) from the International Management Centre of Europe.

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WHO’S WHO JÖRG WULFKEN PARTNER MAYER, BROWN, ROWE, AND MAW GAEDERTZ Jörg is a partner at Mayer, Brown, Rowe, and Maw Gaedertz in Frankfurt and has extensive experience in securitisation, dept capital markets, and bank lending, having represented arrangers, originators, issuers, lenders, and borrowers in securitisation transactions, bond issues and bank lending. Before joining Mayer, Brown in 2002, he was a partner at Clifford Chance Pünder in Frankfurt from 2000 to 2002, and he worked in investment banking at Bankgesellschaft Berlin AG in Berlin and London from 1993 to 2000. He passed the State Law Examination in 1987 and received a Ph.D. in law from the University of Constance in 1991. He was admitted to the bar in Düsseldorf in 1990 and in Frankfurt am Main in 2000. Jörg is the author of various treaties and articles on financial law. He speaks German, English, and French.

JEAN-BERNARD WURM MANAGING DIRECTOR LANDAMERICA (EUROPE) Jean-Bernard has more than 20 years of real estate finance and investment experience in both the U.S. and European markets. In early 2004, he was hired as the managing director of Land America in Geneva to launch its title insurance services in Europe, a $15 billion business in the U.S. Before to joining LandAmerica, Jean-Bernard was the managing director of Jargonnant Partners, a Munich-based real estate opportunity fund. He began his career with JP Morgan in Paris, was transferred to Frankfurt and then New York, before joining Bankers Trust in New York City. He then became the managing director of HVB Capital (HypoVereinsbank) in NYC, where he was instrumental in negotiating some of the largest acquisitions made by European institutions in the U.S. During his tenure there, Jean-Bernard started and managed a real estate portfolio that reached $1.4 billion by the end of 2000.

PATRIZIA ZAMBIANCHI CEO GE MONEY BANK Patrizia is the CEO of GE Money Bank. She is in charge of entering the mortgages and credit solutions market and establishing GE Money Bank as a leading player in the burgeoning consumer credit arena. Patrizia has a bachelors’ degree in economics from the Università Cattolica in Milan. She began her career at Deutsche Bank in Milan while serving on the faculty of political economics and urban economics at her alma mater as an assistant lecturer. After 4 years in the organization and IT systems department of Deutsche Bank, she joined Dun & Bradstreet as the operations director in the receivable management department. Four years later she was promoted to director of operations for data and quality, reporting directly to the European managing director. Early in 2001 she began working for Equifax with the task of opening the Italian market after the company’s acquisition of two Italian companies.

COR ZWAAN DIRECTOR, MORTGAGE FINANCE NIBCAPITAL BANK Cor joined NIBCapital Bank as the director of mortgage finance in September 2004. He is responsible for the origination of residential mortgages. Before joining NIBCapital, he held various managerial positions at Zurich Financial Services. He was the manager of Zurich’s mortgage activities, and then after the sale of these activities to SNS Reaal, he was the manager of the Life Insuranca Division. Before joining Zurich, Cor worked for ING Bank.

LATE BIOS (SNUCK IN WHILE WE WEREN’T LOOKING) VIKAS KRISHAN CLIENT INDUSTRY EXECUTIVE, GLOBAL FINANCIAL SERVICES INDUSTRY GROUP EDS Vik is a client industry executive within the EDS Global Financial Services Industry Group. Vik joined EDS from Accenture, in 2003, where he worked in the Capital Markets Strategy Practice. Prior to Accenture, Vik held positions at CSFB, Morgan Stanley and DrKW in a variety of product areas and strategy roles. Vik’s main areas of focus have been in developing strategic propositions for Financial Services Players, on a global basis. His areas of focus at EDS have included Wholesale Banking, Private Wealth Management, Industry Infrastructure and the emergence of new business models in the financial services industry. Viks’ qualifications include London Business School’s Corporate Finance Program and a degree in Business and Economics. He also holds Membership of the Strategic Management Society, and the Global Association of Risk Professionals. Vik is married and lives in London.

MARCO TERRONES SENIOR ECONOMIST INTERNATIONAL MONETARY FUND Marco is a senior economist at the Research Department of the International Monetary Fund. He holds a Ph.D. in Economics from the University of Wisconsin-Madison and has worked at the IMF since March 1994. Before joining the Fund, he was a lead researcher at GRADE (Peru) and taught at Vanderbilt University (USA) and at the University of Western Ontario (Canada). His current research interests include asset prices; debt in emerging market economies; fiscal policy; globalization, growth, and volatility.

TONI MOSS FOUNDING PARTNER EUROCATALYST BV Toni is the dynamic force behind the annual EuroCatalyst event. A native of Texas, she has a unique background in business development, corporate intelligence and strategic marketing throughout the global financial services industry in the United States and Europe. Her early career shifted towards corporate intelligence and global-trend forecasting for what was then the world's largest multinational corporation. Proven adept at predicting early trends and market convergence, Toni began creating information strategies for the U.S. financial services industry in the late 1980s. Toni designed software that became a U.S. industry standard for electronically based mortgage portfolio valuation. In the mid-'90s Toni led M&A transactions for IPO spin-offs of mortgage subsidiaries, portfolio acquisitions and servicing acquisitions. She joined Bouwfonds Nederlandse Gemeenten in 1998. She founded EuroCatalyst in 2000.

SHIRLEY YOKO JACKSON FOUNDING PARTNER EUROCATALYST BV Shirley is a founding partner of EuroCatalyst BV and the creative force behind the annual EuroCatalyst event. Prior to joining the company in 2002, she was deputy managing editor for The Japan Times, the most important English-language newspaper for the Japanese political and banking community. She took on a variety of roles at the newspaper across a career spanning 20 years, including chief of the business and politics news desk, head of the foreign and domestic news desks, and head of the international weekly. She was immortalised as "Sophie, the voluble newsroom ringleader" in the 1994 book "About Face," a sociological examination of business, politics and life in Japan. Shirley studied at Georgetown University in Washington, D.C. and the University of British Columbia. She earned a graduate degree from Carlton University in Ottawa, Canada. Shirley is a native of Vancouver.

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