Opal Financial Group

MBS vs. Covered Bonds
• How Are Both Weathering the Storm?
• How Have Respective Spreads Been Affected?
• Counterparty Risks: Are Facing RMBS and Covered Bonds the Same Problems?
• Investing in RMBS and Covered Bonds: Are Current Spread Levels Worth the Required Analytical Efforts?
• Regulatory Treatment in Europe: A Bias in Favor of Covered Bonds?

Moderator:
Managing Director, GMAC-RFC SECURITIES

Panelists:
Director Global Markets, DEUTSCHE BANK SECURITIES INC
Managing Director Structured Finance, DBRS
Deputy Chief Executive Officer, COMPAGNIE DE FINANCEMENT FONCIER

Issuers Perspectives on CMBS, RMBS and Covered Bonds
• Why covered bonds are so attractive to issuers?

Moderator:

Managing Director, AMBIT FUNDING

Panelists:
Managing Director, Global Head-Covered Bonds, ABN AMRO ASSET MANAGEMENT
Chief Analyst, Covered Bond Research, DANSKE BANK
Investor Relations Manager, NYKREDIT

Investors Discussion on CMBS, RMBS and Covered Bonds
• Relative value opportunities
• Liquidity in times of increased credit scenarios
• Non investment-grade tranches
• Synthetic vs cash market, and real estate derivatives
• Do we need indices? How should they look like?

Moderator:
Managing Director, Fixed Income Strategy, HSBC BANK PLC

Panelists:
Managing Director, OMICRON INVEST MANAGEMENT GMBH
Managing Director International and Fixed-Income Investor Relations, MBIA

WEDNESDAY, October 17, 2007
1:00pm		Registration Desk Opens
1:35-1:50		Co-Chair Welcoming Remarks Senior Vice President, TRUST COMPANY OF THE WEST Managing Director, GMAC-RFC SECURITIES
1:50-2:50		The Current State of the Residential and Commercial Mortgage Finance Markets Moderator: Head of Structuring, AAREAL BANK Panelists: Chief Executive Officer/Managing Director, COLLINEO ASSET MANAGEMENT Head of Securitization, CREDIT FONCIER ABS Product Manager, COMMERZBANK
2:50-3:50		MBS vs. Covered Bonds • How Are Both Weathering the Storm? • How Have Respective Spreads Been Affected? • Counterparty Risks: Are Facing RMBS and Covered Bonds the Same Problems? • Investing in RMBS and Covered Bonds: Are Current Spread Levels Worth the Required Analytical Efforts? • Regulatory Treatment in Europe: A Bias in Favor of Covered Bonds? Moderator: Managing Director, GMAC-RFC SECURITIES Panelists: Director Global Markets, DEUTSCHE BANK SECURITIES INC Managing Director Structured Finance, DBRS Deputy Chief Executive Officer, COMPAGNIE DE FINANCEMENT FONCIER
3:50-4:05		Refreshment Break
4:05-4:50		Comparing RMBS vs. CMBS • Highlight Key Difference(s) Between the Asset Classes from an Investor's Point of View • What Skill Sets, Systems, etc does it take to Invest in Either Asset Class? • The Rating and General Analytical Approach Towards RMBS and CMBS • New Structural Features in RMBS and CMBS Transactions: Who Benefits, the Issuers or Investors? • Where is Better Relative Value Currently, in Light of Prepayment Behavior and its Impact on Granular vs. Less • Granular Pools? Moderator: Associate Director ABS Strategist. HSBC BANK Panelists: Partner, SIMMONS & SIMMONS Treasury Credit Analyst, STANDARD LIFE INVESTMENTS Senior Portfolio Manager European ABS, FAXTOR SECURITIES
4:50-5:40		Innovations in Mortgage Finance Moderator: Senior Vice President, TRUST COMPANY OF THE WEST Panelists: Partner, CLEARBROOK CAPITAL Director of Structured Insurance Products, FIRST EUROPEAN TITLE GMBH Director of Capital Market Strategies, HOME TRACK DATA
5:40-6:10		Legal and Regulatory Issues Moderator: Partner, MAYER BROWN Panelists: Director of Marketing, LAWDEBENTURE Partner, ARTHUR COX
6:10-7:30		Awards Ceremony & Cocktail Reception


THURSDAY, October 18, 2007
7:45-8:20am		Breakfast
8:20-8:35		Co-Chair Welcoming Remarks Senior Vice President, TRUST COMPANY OF THE WEST Managing Director, GMAC-RFC SECURITIES
8:35-9:20		CMBS Market Update: Current Developments and Issues Moderator: TBA Panelists: Managing Director - European Capital Markets, CIFG Senior Portfolio Manager, UNIQA ALTERNATIVE INVESTMENTS
9:20-10:20		Transparency, Liquidity and Reporting in the Mortgage Secondary Markets Moderator: Managing Director, LAND AMERICA(EUROPE), GENEVA Panelists: Chief Operating Officer, HOME TRACK DATA Senior Vice President Structured Finance, DBRS Managing Director, Consumer and Mortgage Backed Securities Group Structured Finance Secondary Markets, ASSURED GUARANTY
10:20-10:35		Refreshment Break
10:35-11:35		RMBS: More Quality or More Spread? Moderator: Vice President, JP MORGAN Panelists: Director, FINANCIAL SECURITY ASSURANCE Senior Vice President Structured Finance, DBRS Managing Director International and Fixed-Income Investor Relations, MBIA
11:35-12:25		Subordinated Paper Speaker: Vice President-Research, MERRILL LYNCH
12:25–1:45		Lunch


1:45-2:45		Issuers Perspectives on CMBS, RMBS and Covered Bonds • Why covered bonds are so attractive to issuers? Moderator: Managing Director, AMBIT FUNDING Panelists: Managing Director, Global Head-Covered Bonds, ABN AMRO ASSET MANAGEMENT Chief Analyst, Covered Bond Research, DANSKE BANK Investor Relations Manager, NYKREDIT
2:45-3:45		Investors Discussion on CMBS, RMBS and Covered Bonds • Relative value opportunities • Liquidity in times of increased credit scenarios • Non investment-grade tranches • Synthetic vs cash market, and real estate derivatives • Do we need indices? How should they look like? Moderator: Managing Director, Fixed Income Strategy, HSBC BANK PLC Panelists: Managing Director, OMICRON INVEST MANAGEMENT GMBH Managing Director International and Fixed-Income Investor Relations, MBIA

3:45–4:00		Refreshment Break

4:00-4:45		New Countries in Covered Bonds arena-How will it affect the market? • Italy • Norway • Sweden • Finland • Denmark Moderator Chief Analyst, Fixed Income Research, DANSKE BANK Panelists: Investor Relations Manager, NYKREDIT Director of Credit Research, LANDESBANK BADEN-WURTTEMBERG Director, Senior Credit Analyst Covered Bonds, LANDESBANK BADEN-WURTTEMBERG

4:45-5:30		Whole Loan Sales Market Moderator: Director, CREDIT SUISSE Panelists: President, BOSTON PORTFOLIO ADVISERS Head of Portfolio Arbitrage & Management, ABN AMRO GLOBAL MARKETS Managing Director, RBS GLOBAL BANKING & MARKETS
5:30-6:10		US FOCUS Moderator: Senior Vice President, TRUST COMPANY OF THE WEST Panelists: Benjamin Shoval, Managing Director, AMBIT FUNDING
6:10-7:10		Cocktail Reception

FRIDAY, October 19, 2007
8:30-9:00am		Breakfast
9:00-10:00		RMBS/CMBS in Emerging Markets • Russian RMBS and CMBS markets • Housing Finance in Middle East • Role of Trustees in Emerging Housing Finance • RMBS/CMBS in India Moderator: Senior Analyst - Securitization, SG CORPORATE AND INVESTMENTS BANK Panelists: CFO, KAZIMIR PARTNERS Director – Structured Finance, UNICORN INVESTMENT BANK, B.S.C. VP,Transaction Manager, HSBC BANK Managing Director Europe, FIRST EUROPEAN TITLE GMBH CIO, AMAS BANK
10:00-11:00		Latin American CMBS/RMBS Moderator: Senior Managing Director, Latin America, GMAC-RFC MEXICO Panelists: President, STRUCTURED CREDIT INTERNATIONAL CORP Partner, THOMPSON & KNIGHT Managing Director, GMAC-RFC MEXICO
11:00-11:15		Co-Chairpersons’ Summary Remark Senior Vice President, TRUST COMPANY OF THE WEST Managing Director, GMAC-RFC SECURITIES
11:15		Conference Concludes


		October 17-19, 2007 Fairmont Monte Carlo Grand Hotel, Monte Carlo, Monaco AGENDA (as of 10-18-2007)_____SUGGEST A SPEAKER


	Confirmed Participants:
	Head of Structuring -Credit Treasury, AAREAL BANK Director & Head Credit Treasury, AAREAL BANK Managing Director, Global Head-Covered Bonds, ABN AMRO ASSET MANAGEMENT Head of Portfolio Arbitrage & Management, ABN-AMRO Senior Managing Director, ABN AMRO Business Development, ADULTVEST CEO, ADULTVEST Managing Director, ALADDIN CAPITAL MANAGEMENT ALLIANZ DRESDNER ASSET MANAGEMENT ALLIANZ DRESDNER ASSET MANAGEMENT CIO, AMAS BANK Managing Director, AMBAC Director of Asset Trading, AMBER HOME LOANS Vice President, AMBIT FUNDING Managing Director, AMBIT FUNDING AMSTAR MORTGAGE CORP. ANGELO, GORDON & CO. Director – Structured Finance, ASSURED GUARANTY Managing Director – Structured Credit, ASSURED GUARANTY Portfolio Manager, AVENDIS CAPITAL Avoca Capital, AVENDIS CAPITAL Senior Portfolio Manager, AXA INVESTMENT MANAGERS Senior Portfolio Manager, AXA INVESTMENT MANAGERS AXA INVESTMENT MANAGERS Fund Manager, BANCA J SAFRA BANCAJA BANK SARASIN & CO, LTD. BEAR STEARNS INTERNATIONAL CEO, BLACK ROCK President, BOSTON PORTFOLIO ADVISORS Director, CAIXA CATALUNYA CAMBRIDGE DEBT ADVISORS Managing Director, CAMBRIDGE DEBT ADVISORS CAMBRIDGE DEBT ADVISORS CAMBRIDGE DEBT ADVISORS Portfolio Manager, CHEYNE CAPITAL MANAGEMENT LTD Director-European Structured Finance Group, CIFG CIFG Partner, CLEARBROOK CAPITAL COHEN AND COMPANY COHEN AND COMPANY Chief Executive Officer/Managing Director, COLLINEO ASSET MANAGEMENT GMBH Chief Investment Officer/Managing Director, COLLINEO ASSET MANAGEMENT GMBH ABS Project Manager, COMMERZBANK SECURITIES Deputy Chief Executive Officer, COMPAGNIE DE FINANCEMENT FONCIER Analyst, CONCORDIA ADVISORS Head of Securitization, CREDIT FONCIER CREDIT SUISSE Senior Manager, DANSKE BANK Chief Analyst on Covered Bonds, DANSKE BANK Chief Analyst, Covered Bond Research, DANSKE BANK Senior Vice President Structured Finance, DBRS Managing Director Structured Finance,DBRS Senior Vice President Structured Finance, DBRS DBRS Managing Director, DEERFIELD CAPITAL MANAGEMENT LLC Head of Capital Markets Investments, DEKABANK Director, DEUTSCHE BANK AG Director – Global Markets, DEUTSCHE BANK SECURITIES INC Portfolio Management, DEUTSCHE GENOSSENSCHAFTS HYPOTHEKENBANK AG DEUTSCHE GENOSSENSCHAFTS HYPOTHEKENBANK AG Portfolio Manager Structured Credit, DEUTSCHE POSTBANK AG DEUTSCHE POSTBANK AG Head of CRAC ABS Analysis, DEXIA BANK BELGIUM Portfolio Manager, EIGER CAPITAL LIMITED Senior Vice President, EMAX FINANCIAL GROUP LLC Specialist Securitisation, ERSTE BANK FAXTOR SECURITIES Portfolio Manager, FAXTOR SECURITIES FAXTOR SECURITIES Director of Structured Insurance Products, FIRST EUROPEAN TITLE GMBH CEO, FIRST TITLE INSURANCE PLC Managing Director Europe, FIRST EUROPEAN TITLE GMBH Deputy Head of ABS Investments, FORTIS BANK Debt Portfolio Management, FORTRESS INVESTMENT GROUP Director, FINANCIAL SECURITY ASSURANCE Director of Asset Sales - Capital Markets, GMAC RFC UK LIMITED Managing Director, GMAC-RFC MEXICO Senior Managing Director, Latin America, GMAC-RFC MEXICO Managing Director, GMAC-RFC SECURITIES GRUPO SANTANDER CENTRAL HISPANO Chief Operating Officer, HOME TRACK DATA Director of Capital Market Strategies, HOME TRACK DATA HOME TRACK DATA VP,Transaction Manager, HSBC BANK Managing Director-Fixed Income Strategy, HSBC BANK PLC Head of Business Development Europe, HSBC BANK PLC	Associate Director ABS Strategist,HSBC BANK PLC Structured Credit Product Development, HVB HVB Senior Vice President, IKB CREDIT ASSET MANAGEMENT GMBH Senior Investment Manager, ING INVESTMENT MANAGEMENT ING REAL ESTATE FINANCE Business Manager, ING REAL ESTATE FINANCE PRI Senior Investment Officer, INTER-AMERICAN DEVELOPMENT BANK INVESTEC BANK CDO Manager, INVESTEC BANK Head-CDOs & Trading, INVESTEC BANK ABS Analyst, INVESTEC BANK INVESTEC BANK INVESTEC BANK Director of Mortgages, INVESTEC BANK (UK) CDO Research, JPMORGAN KBC Portfolio Manager, KBC BANK Managing Director, LAND AMERICA (EUROPE), GENEVA LLOYDS TBS Managing Director, LAZARD ASSET MANAGEMENT GMBH Head of Corporate & Structured Finance Unit, LRI LANDESBANK RHEINLAND-PFALZ INTERNATIONAL SA - LUXEMBOURG CMBS Analyst, LRI LANDESBANK RHEINLAND-PFALZ INTERNATIONAL SA - LUXEMBOURG LRI LANDESBANK RHEINLAND-PFALZ INTERNATIONAL SA - LUXEMBOURG Partner, MAST CAPITAL MANAGEMENT Partner, MAYER BROWN Solicitor, MAYER BROWN MAZARS LLP MBIA Managing Director, MBIA Managing Director, MBIA Director, MBIA Managing Director, MBIA Vice President-Research, MERRILL LYNCH Director, MIZUHO CORPORATE BANK LIMITED Director, MIZUHO CORPORATE BANK LIMITED Associate Director, MIZUHO CORPORATE BANK LIMITED Director, MIZUHO CORPORATE BANK LIMITED CEO, NABCAPITAL Director, NATIXIS Director, NATIXIS Vice President, NIBC BANK N.V. Investor Relations Manager, NYKREDIT Managing Director, OMICRON INVEST MANAGEMENT GMBH Senior Real Estate Investment Officer, OREGON STATE TREASURY Managing Director, ORRICK, HERRINGTON & SUTCLIFFE LLP P&G ALTERNATIVE INVESTMENTS PICTET ASSETT MANAGEMENT PRACTICAL LAW COMPANY LIMITED Associate Director, RABOBANK Vice President, RADIAN EUROPE LIMITED REECH AIM Partner, REIT ASSETT MANAGEMENT RUMAC SANNE TRUST COMPANY LTD Divisional Director, SANNE TRUST COMPANY LTD Portfolio Manager, SBAB ABS Portfolio Manager, SOCIETE GENERALE ASSET MANAGEMENT Senior Analyst - Securitization, SG CORPORATE AND INVESTMENT BANK SGAM AI Managing Director, STANDARD & POORS Director, STANDARD & POORS Managing Director,STANDARD & POORS Investment Director – Capital Markets, STANDARD LIFE INVESTMENTS Treasury Credit Analyst, STANDARD LIFE INVESTMENTS Principal Real Estate, STONELEIGH CAPITAL Director, Real Estate Investments, STRATEGIC VALUE PARTNERS Analyst, SUMITOM0 TRUST & BANKING CO., & LTD Senior Analyst, SUMITOM0 TRUST & BANKING CO., & LTD SUMITOM0 TRUST & BANKING CO., & LTD President, STRUCTURED CREDIT INTERNATIONAL CORP Partner, THOMPSON & KNIGHT Partner, THOMPSON & KNIGHT Senior Vice President, TRUST COMPANY OF THE WEST Executive Director, UBS INVESTMENT BANK Director – Structured Finance, UNICORN INVESTMENT BANK, B.S.C. Senior Portfolio Manager, UNIQA ALTERNATIVE INVESTMENTS Capital Markets Risk Manager, WAMU CAPITAL CORPORATION Senior Vice President, WELLS FARGO Vice President – Business Development, WELLS FARGO Director, WESTLB

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