CDOs (Collateralized Debt Obligation) and The Subprime Market 
  LIVE Teleconference 

SEGMENT 1 :

Phoebe J. Moreo, Partner, CDO Team, DeLoitte and Touche

- How did we get here? What generated the panic? Regulatory, legal, structural and economic drivers
- Why did it spread so far beyond sub prime? (e.g. why are commercial mortgages being priced as they were during RTC days?)
- Are there CDOs in our future? or only CLOs? will they continue to have a reinvestment period?
- What will it take to bring investors back to the market?
- What impact does FASB's (and IFRS's) push to have financial instruments marked to market have on cash flow structured vehicles like CDOs? Also, what is impact of the emergence of mark to market investors such as hedge funds on CDO structures?
- What do we see in 2008 (a) collateral origination, prepayments, losses for corporate loans, RMBS, CMBS; b) issuance levels for Agency, RMBS, CMBS, ABS CDOs, CLOs, synthetic CDOs; c) what are the indices are telling us?
-Will rating agencies be forced to add a script or designation for CDOs with reinvestment periods to reflect that they have reinvestment risk that may not have been taken into account in their credit analysis? if that occurs, what impact will it have on the potential investor base?
- What are the tax consequences of holding CDO equity or a below investment grade bond that is not receiving cash flow?

SEGMENT 2:

Paul M. Colonna, President & Chief Investment Officer, Fixed Income, GE Asset Management

**Segment details to be announced shortly..

SEGMENT 3:

Ed O'Connell, Partner, Jones Day

**Segment details to be announced shortly..

SEGMENT 4:

Kedran Garrison Panageas, CDO Analyst, JPMorgan

- Housing downturn has a long way to go. Prices need to drop another 20-30% to clear inventory.
- We are in the midst of a massive deleveraging process that will limit securitization activity and ultimately require a broad-based recapitalization (banks, monolines, conduits/SIVs).
- A key focus is the extent of mortgage-related losses, and who owns them. We break down our subprime and CDO related loss estimates.
- Bank losses will continue to escalate, impacting capitalization and lending capacity, and accelerating the credit crunch. Rationed credit will go to the Corporate sector (not Consumer). However, deleveraging will hit even higher quality assets such as CLOs, and we project lower signficantly lower volume in 2008.
- SF CDO noise will continue, as we see events of default, deal unwinds (at the option of the controlling class), and legal wrangles.

SEGMENT 5:

Vishwanath Tirupattur, Executive Director of Research, Morgan Stanley

- What is the outlook on US housing from property derivatives markets?
- What next for ABS CDOs? Where is ABS CDO performance headed?
- What are the opportunities in the distressed ABS CDO market?
- Key considerations in the valuation of ABS CDO tranches as distressed assets?
- What are the issues in the development of an active market for ABS CDOs as distressed assets?