Detailed Agenda

Sunday, January 29, 2006

Overview

ASF 2006 begins with expanded “Securitization Institute” programming – education and training modules offering an overview of securitization market concepts and topics, a more specialized focus on key asset classes, and the legal, regulatory and accounting framework governing the securitization market. In addition, sessions dealing with advanced analytic concepts are offered for more experienced market professionals. Core sessions are repeated during the afternoon. A welcoming networking reception is offered to all attendees in the early evening, followed by private client entertainment events.

12:30pm - 1:30pm Concurrent Breakout Sessions: Securitization 101 -- Introduction to Securitization (Room - Mouton 2) A basic primer on securitization market concepts, products and markets • What is securitization and why is it important? • Overview of securitized assets and transaction structures • Key economic, financial, legal, operational and business motivations and considerations for investors, issuers and

others. • Securitization within the broader debt and credit markets – key differences between ABS/MBS and corporate bonds • Role and function of key transaction participants

Speaker: Richard Simonds, Partner – Thacher, Proffitt & Wood LLP

MBS Market – Concepts and Topics (Room – Mouton 1) Focus on the mortgage-backed securities market as the central securitization asset class • Overview of the U.S. primary mortgage origination market • Historical and future roles of the GSEs in the mortgage market • The process of MBS securitization: product origination through deal execution • Taxonomy of mortgage collateral types, CMO structures, and valuation of MBS • Current themes: The evolving mortgage finance marketplace

Speaker: Mark Adelson, Director - Nomura Securities International, Inc.

The Securitization Legal and Regulatory Framework (New York CLE Credit Available)

(Room – Margaux 1) How does the business of securitization intersect with law and regulation? • How are securitization markets and participants regulated, and by whom? • Overview of the U.S. legal framework for securitization transactions – commercial and business law, the UCC,

bankruptcy/insolvency law and more. • Federal securities and banking laws and regulations – key provisions • Current topics and controversies: Have we put Enron behind us?

Speaker: Anthony Nolan, Partner - Goodwin Procter LLP

CMBS 101® - An Introduction to Commercial Mortgage-Backed Securities (Room – Lafite 4) Overview of the growing CMBS market and the securitization process involving commercial real estate debt obligations, sponsored by the Commercial Mortgage Securities Association (presented by CMSA) • Who are the key players in the CMBS market? • Where does the money go? • How do you structure and sell CMBS? • Who invests in CMBS and why? • New CMBS market developments and directions

Speakers: Gale Scott, Managing Director, Standard & Poor’s Joseph Franzetti, Managing Director – Citigroup

2 1/27/2006

Sunday, January 29, 2006 Continued –

1:35pm - 2:35pm Concurrent Breakout Sessions: Securitization 201 – A Primer on Risk and Value (Room – Mouton 2) What are the principal drivers of risk and value in securitization transactions? • Examination of credit and non-credit risks • Payment characteristics of risky bonds • Credit enhancement: “what you see” and “what you get” • Valuation norms in different market sectors and relative value opportunities • A consumer’s guide to ratings and the rating agency process

Speaker: Dennis Kraft, Head of Consumer ABS Research – Wachovia Corporation

The Securitization Accounting Framework (Room – Mouton 1) Key accounting principles and their effect on securitization market activities • Overview of the accounting framework for securitization under U.S. GAAP • Securitization and its impact on the traditional financial reporting statement • IFRS and U.S. GAAP: Is convergence in the future? • Current topics and controversies: gain-on-sale, derecognition, legal isolation, consolidation, fair value accounting and

more. Speaker: Ann Kenyon, Director – Deloitte & Touche LLP

Securitization 301 – Dynamic Structuring and Analysis (Room – Margaux 1) Advanced treatment of deal structuring and performance/risk analysis • Quantitative analysis of non-credit risks • Risk metrics for dynamic risk and valuation analysis • Prepayments, option pricing, convexity, volatility and other advanced analytic concepts • Buying and selling credit risk: The vocabulary and metrics of credit default modeling

Speaker: Ann Rutledge, Principal – R & R Consulting

CMBS 101® - An Introduction to Commercial Mortgage-Backed Securities (Continued) (Room – Lafite 4) Overview of the growing CMBS market and the securitization process involving commercial real estate debt obligations, sponsored by the Commercial Mortgage Securities Association (presented by CMSA) • Who are the key players in the CMBS market? • Where does the money go? • How do you structure and sell CMBS? • Who invests in CMBS and why? • New CMBS market developments and directions

Speakers: Gale Scott, Managing Director, Standard & Poor’s Joseph Franzetti, Managing Director – Citigroup 2:35pm - 2:50pm Break (Room – Lafite 2 & 5)

3 1/27/2006

Sunday, January 29, 2006 Continued –

2:50pm - 3:50pm Concurrent Breakout Sessions: Securitization 301 – Dynamic Structuring and Analysis (Room – Mouton 2) Advanced treatment of deal structuring and performance/risk analysis • Quantitative analysis of non-credit risks • Risk metrics for dynamic risk and valuation analysis • Prepayments, option pricing, convexity, volatility and other advanced analytic concepts • Buying and selling credit risk: The vocabulary and metrics of credit default modeling

Speaker: Evan Firestone, President – Firestone Consulting

Securitization 201 – A Primer on Risk and Value (Room – Mouton 1) What are the principal drivers of risk and value in securitization transactions? • Examination of credit and non-credit risks • Payment characteristics of risky bonds • Credit enhancement: “what you see” and “what you get” • Valuation norms in different market sectors and relative value opportunities • A consumer’s guide to ratings and the rating agency process

Speaker: Marcus Edmonds, Associate – SG Corporate & Investment Banking

The Securitization Legal and Regulatory Framework (New York CLE Credit Available)

(Room – Lafite 3) How does the business of securitization intersect with law and regulation? • How are securitization markets and its participants regulated, and by whom? • Overview of the U.S. legal framework for securitization transactions – commercial and business law, the UCC,

bankruptcy/insolvency law and more. • Federal securities and banking laws and regulations – key provisions • Current topics and controversies: Have we put Enron behind us?

Speaker: Cameron Cowan, Partner – Orrick, Herrington & Sutcliffe

CMBS 101® - An Introduction to Commercial Mortgage-Backed Securities (Continued) (Room – Lafite 4) Overview of the growing CMBS market and the securitization process involving commercial real estate debt obligations, sponsored by the Commercial Mortgage Securities Association (presented by CMSA) • Who are the key players in the CMBS market? • Where does the money go? • How do you structure and sell CMBS? • Who invests in CMBS and why? • New CMBS market developments and directions

Speakers: Gale Scott, Managing Director, Standard & Poor’s Joseph Franzetti, Managing Director - Citigroup

4 1/27/2006

Sunday, January 29, 2006 Continued –

3:55pm - 4:55pm Concurrent Breakout Sessions: Securitization 101 -- Introduction to Securitization (Room – Mouton 2) A basic primer on securitization market concepts, products and markets • What is securitization and why is it important? • Overview of securitized assets and transaction structures • Key economic, financial, legal, operational and business motivations and considerations for investors, issuers and

others. • Securitization within the broader debt and credit markets – key differences between ABS/MBS and corporate bonds • Role and function of key transaction participants

Speaker: Mary Kane, Vice President – Citigroup

MBS Market – Concepts and Topics (Room - Mouton 1) Focus on the mortgage-backed securities market as the central securitization asset class • Overview of the U.S. primary mortgage origination market • Historical and future roles of the GSEs in the mortgage market • The process of MBS securitization: product origination through deal execution • Taxonomy of mortgage collateral types, CMO structures, and valuation of MBS • Current Themes: The evolving mortgage finance marketplace

Speaker: Thomas Zimmerman, Senior Vice President – UBS Financial Services Inc.

The Securitization Accounting Framework (Room – Lafite 3) Key accounting principles and their effect on securitization market activities • Overview of the accounting framework for securitization under U.S. GAAP • Securitization and its impact on the traditional financial reporting statement • IFRS and U.S. GAAP: Is convergence in the future? • Current topics and controversies: gain-on-sale, derecognition, legal isolation, consolidation, fair value accounting and

more. Speaker: David Lukach, Partner – PricewaterhouseCoopers LLP

CMBS 101® - An Introduction to Commercial Mortgage-Backed Securities (Continued) (Room – Lafite 4) Overview of the growing CMBS market and the securitization process involving commercial real estate debt obligations, sponsored by the Commercial Mortgage Securities Association (presented by CMSA) • Who are the key players in the CMBS market? • Where does the money go? • How do you structure and sell CMBS? • Who invests in CMBS and why? • New CMBS market developments and directions

Speakers: Gale Scott, Managing Director, Standard & Poor’s Joseph Franzetti, Managing Director - Citigroup

5 1/27/2006

Sunday, January 29, 2006 Continued –

5:00pm - 6:00pm General Session: The Real World: Bringing it All Together/ Key Investor Topics (Room – Mouton 2) Discussion and application of key themes and concepts in a practical deal context • Regulation AB and Sarbanes-Oxley effects on securitization • The underwriting, allocation and syndication process • Performance norms for securitization professional service providers • The sophisticated investor: disclosure, surveillance, performance reporting, ratings, pricing and valuation • Lessons learned from problem deals

Speakers: Dan Stachel, Principal - State Street Global Advisors (Moderator) Patrick Tadie, Managing Director, Bank of New York Diane Citron, General Counsel & Chief Compliance Officer - Carrington Capital Marjorie Anderson, Portfolio Manager – Allstate Investments Lisa Lundsten, Managing Director – GMAC-RFC Steven Campo, Managing Partner – Ernst & Young LLP Tricia Hazelwood, Managing Director – Credit Suisse Thomas McCaffrey, Executive Director – Morgan Stanley Joanne Rose, Executive Managing Director – Standard and Poor’s

Issuer Presentations: First Capital (Room – Lafite 4)

6:30pm Networking Reception (Room – Margaux 1 & 2)

7:30pm Private Client/ Entertainment Events

6 1/27/2006

Monday, January 30, 2006

Overview

Introductory remarks and general sessions on topics of market-wide interest, followed by concurrent break-out tracks focusing on major securitization asset classes: RMBS/Home Equity ABS; Non-Mortgage ABS; CDOs and ABCP/SIVs. Individual issuer presentations are integrated throughout the program. The day concludes with a networking reception for all attendees, and the one-of-kind ASF 2006 industry dinner (invitation only), with featured headline entertainment by comedian David Spade.

8:00am - 8:20am Welcoming Remarks, Chairman’s Address (Room – Margaux 1 & 2) George Miller, Executive Director – American Securitization Forum Greg Medcraft, Managing Director – SG Corporate and Investment Banking and Chairman, ASF Micah Green, President – The Bond Market Association

8:20am - 9:20am General Session: Globalization and Convergence Trends in the Securitization Market (Room – Margaux 1 & 2) How are globalization and credit market convergence affecting the complexion of today’s securitization market and product structures? • Global securitization issuance, investment trends and capital flows – who’s issuing and who’s investing? • Emergence of global issuers and investors, new sources of supply and demand, and their impact on market spreads and

liquidity • Convergence of corporate credit and ABS/MBS markets • International regulatory and accounting trends and market impacts

Speakers: Lewis Cohen, Partner – Clifford Chance LLP (Moderator) Pat Beranek, Principal – Bank of America Securities LLC Roger Desmarchelier, Head of Group Securitization – St George Bank Ltd Michael Rieger, AIG Global Investment Management Group Chris Fielding, Head of Securitization Group – Abbey National Treasury Services

9:20am - 10:20am General Session: CDS of ABS: The Future Is Now (Room – Margaux 1 & 2) An exploration of the transformational influence of credit default swaps on the securitization marketplace • The emergence of credit default swap technology in the securitization markets--where and why is this trend occurring? • New opportunities for investment, trading, hedging and credit/portfolio risk management • Update on recent and future market developments; standardized documentation; transaction processing and settlement

mechanics • Future growth prospects – opportunities and challenges for new ABS, MBS, CDO, ABCP and CMBS asset classes

Speakers: Michael Swenson, Head of ABS Trading – Goldman, Sachs & Co. (Moderator) Nunzio Masone, Senior Managing Director – Aladdin Capital Management Michael Knopf, Director – Deputy General Counsel – MBIA Insurance Corp. Zain Abdullah, Managing Director – Calyon Corporate and Investment Bank Scott Eichel, Director – The Bear Stearns Companies, Inc. Josh Anderson, Vice President - PIMCO

Issuer Presentations: First Franklin (Room – Lafite 3) Life Policies of America (Room – Lafite 4)

7 1/27/2006

Monday, January 30, 2006 Continued – 10:20am - 10:40am Break (Room – Lafite 2 & 4)

10:40am - 11:40am General Session: Survival of the Fittest: The Future of Mortgage Origination (Room – Margaux 1 & 2) How will continuing mortgage product evolution affect originator performance and competition? • Long term implications of current profitability trends for different business models • Which business models can survive with thinner margins? • Will originators be forced to raise rates in the face of falling production? • Originators' shift from whole loan bids to securitization • Alternative investment vehicles and financing facilities

Speakers: Kenneth Posner, Executive Director – Morgan Stanley (Moderator) Dick Fisher, Executive Vice President – Washington Mutual

Bill Dallas, Entrepreneur – Ownit Mortgage Solutions Speaker TBD – Freedman, Billings Ramsey

Issuer Presentations: John Deere (Room – Lafite 3) Northstar Financial (Room – Lafite 4)

11:40am - 12:40pm General Session: Consumer Credit Trends: If I Securitize It, Will You Pay? (Room – Margaux 1 & 2) A current snapshot look at the health of the consumer credit sector and implications for securitization market performance. • Trends and outlook for consumer credit across MBS and ABS asset classes • Is borrower credit risk being evaluated adequately? Are consumers overextended/overleveraged? Risks for future

MBS/ABS/CDO performance. • Shocks to the system: how will inflation, natural disasters, oil/energy shocks, housing prices and other key

macroeconomic events and trends affect future consumer and borrower credit performance? • Current insight and perspective from expert economists, analysts and credit officers

Speakers: Karen Weaver, Managing Director – Deutsche Bank Securities Inc. (Moderator) Stephen Gallagher, Managing Director – U.S. Chief Economist – SG Corporate and Investment Banking Anne Tierney, Senior Vice President - Long Beach Mortgage Company Dan Castro, Partner and Managing Director – GSC Partners

Issuer Presentations: Drive Financial (Room – Lafite 4) Bayview Financial (Room – Lafite 3)

12:40pm - 1:30pm Lunch (Room – Latour Ballroom)

Issuer Presentations: First Marblehead (Room – Lafite 4) Long Beach Mortgage / Washington Mutual (Room – Lafite 3)

8 1/27/2006

Monday, January 30, 2006 Continued –

1:30pm - 2:30pm Concurrent Breakout Sessions: Credit Card ABS Sector Review (Room - Margaux 1) Review of current issues, trends and developments affecting credit card ABS • The future of credit card ABS--the impact of competition and industry consolidation on supply • Credit performance trends for prime and subprime borrowers • Impact of bankruptcy reform and new minimum payment regulations on ABS performance • Implications of Reg AB for subprime and prime transaction disclosure

Speakers: Theresa O’Neil, Managing Director – Merrill Lynch & Co. Inc. (Moderator) Bonnie Lee Tillen, Managing Director - Standard & Poor’s Kristi Leo, Vice President – Deutsche Bank AG Richard Johns, Director – Capital One

Richard Drason , Vice President – Deutsche Asset Management

CDO Equity Investments: Return Pitfalls and Opportunities (Room – Margaux 2) In-depth analysis of CDO equity investments in the current market environment • CDO investment analysis from an equity perspective • Case study of high grade ABS CDOs • Impact of collateral managers’ asset selection on performance • Post-purchase performance: historical performance, pricing and ratings

Speakers Chris Ricciardi, Global Head of Structured Credit Products – Merrill Lynch & Co. Inc. (Moderator) Stuart Rothenburg, Managing Director – Bear Stearns Asset Management Denise Crowley – ZAIS Group Brett Jefferson, Director – Marathon Asset Management

Mortgage Credit Outlook (Room – Mouton 1) Top-level review and discussion of the current mortgage credit outlook for major issuers • Credit officers from leading institutions discuss market trends • Are credit standards being stretched too thin in a declining volume environment? • Are prime innovations appropriate for subprime borrowers? • What leading indicators can investors utilize in assessing their portfolios?

Speakers: James Callahan, Executive Director – Pentalpha Capital Group (Moderator) Amy Crews Cutts, Deputy Chief Economist – Freddie Mac John McMurray, Chief Credit Officer – Countrywide Financial Joseph Mattey – Washington Mutual

Issuer Presentations: New Century (Room – Lafite 3) Health Care Finance Group (Room – Lafite 4)

9 1/27/2006

Monday, January 30, 2006 Continued –

1:30pm - 1:45pm Update on ASF’s ABCP Conduit Sponsors Subforum (Room – Mouton 2)

Speaker: G. Whitfield McDowell, Managing Director – Banc of America Securities LLC

1:45pm - 2:45pm State of the ABCP Market: Update and Outlook (Room – Mouton 2) Overview of recent trends and future developments affecting ABCP issuance, investment and trading

• Rating Agency Developments • ABCP Growth Opportunities -- Extendible products, single-seller initiatives, new asset types and repo conduits • European Market Update • SIVs and CDOs

Speakers: Deborah Toennies, Managing Director – JPMorgan Securities Inc. (Moderator) Marilyn Hill, Managing Director – Lehman Brothers Inc. James Croke, Partner – Cadwalader, Wickersham & Taft LLP Charles Hindmarsh, State Street Global Markets Victoria Kess, Senior Structured Analyst – Western Asset Management David Fink, Managing Director – Calyon Corporate & Investment Bank

2:35pm - 3:35pm Concurrent Breakout Sessions: Student Loan ABS Sector Review (Room – Margaux 1) Review of current issues, trends and developments affecting student loan ABS • Supply outlook and issuance trends – what’s in store in 2006? • Impact of reauthorization legislation on the student loan marketplace • Private SLABS - alternative loan programs, new lenders, and future market growth opportunities • Application of credit and cash flow analysis for valuing private SLABS

Speakers: Linda Stesney, Moody’s Investors Service (Moderator) Sharon Asch, Director – ABN AMRO Inc. Leo Subler, Managing Director – Sallie Mae Amy Vespasiano, Director – Lloyds TSB Bank John Hupalo, Executive Vice President – First Marblehead Corporation

Current Market Views on the Use of Synthetics in CDOs (Room – Margaux 2) Perspectives from investors, issuers, bankers and rating agencies on the growing synthetic CDO market • What is the current status of ABS CDS market? Who are the main players? • How should investors evaluate interest shortfalls, non-permanent writedowns, available funds cap limits and offer

credit events? • How are synthetic deals impacting the cash markets? • Leveraged super-seniors – Have they replaced the “CDO squared” structure?

Speakers: Gus Harris, Managing Director – Moody’s Investors Service (Moderator) Jonathan Egol, Head of Structured Products Correlation Business – Goldman, Sachs & Co. Paul Watterson, Partner – Schulte, Roth & Zabel LLP Steve Kahn, Managing Director – Financial Security Assurance Ron D’Vari, Managing Director & Head of Speciality Products – Blackrock

10 1/27/2006

Monday, January 30, 2006 Continued –

Mortgage Lending Product Trends (Room – Mouton 1) Emerging trends in mortgage product innovation and their implications for the RMBS and HEL ABS sectors • Front-end property valuation • Documentation levels, policies and procedures • Status of disclosure - are "silent seconds" and debt-to-income ratios being adequately disclosed? • Affordability products in the market – IOs, option ARMs, 40-year loans and more

Speakers: Ketan Parekh, Executive Director – UBS Investment Bank (Moderator) Bill Cleary, Managing Director – GMAC-RFC Jeff Sorenson - ResMae Kenneth Rosenberg, Director – Assured Guaranty Corporation Mani Sabapathi, Principal – Prudential Investment Management Inc.

Issuer Presentations: GMAC (Room – Lafite 3) Advanta Corporation (Room – Lafite 4)

2:35pm - 3:20pm ABCP Regulatory and Accounting Developments (Room – Mouton 2) Review of key regulatory initiatives and accounting developments, and their impact on the ABCP Market • Basel Developments and regulatory capital requirements • Final rules on liquidity facility eligibility • Bankruptcy law changes and business implications for ABCP conduits, issuers and investors • Impact of FAS 140 amendments, FIN 46R proposals and other accounting standards on ABCP structures

Speakers: James Murray, Managing Director – Citigroup Global Markets Inc. (Moderator) Malcolm Dorris, Partner – Dechert LLP Michael Hall, Partner – KPMG LLP Jason Cave, Chief – Policy Section – FDIC Edmond Grant, Managing Director – HSBC

3:35pm - 4:00pm Break (Room – Lafite 2 & 5)

4:00pm - 5:00pm Concurrent Breakout Sessions: Retail Auto Loan ABS Sector Review (Room - Margaux 1) Review of current issues, trends and developments affecting auto loan ABS • Prime and subprime issuance patterns and performance trends • Prepayments, pricing and valuation of retail auto ABS • New products and structural innovations • Impact of disclosure enhancements on market transparency and liquidity

Speakers: Joseph Astorina – Barclays Capital Inc. (Moderator) Susan Sheffield, Senior Vice President – AmeriCredit Thomas Reese, The Hartford Investment Management Company Kumar Kanthan, Managing Director – Moody’s Investors Service Sam Smith, Manager – Ford Motor Credit Company

11 1/27/2006

Monday, January 30, 2006 Continued –

ABCP Roundtables – Traditional Conduit Structures (Room – Mouton 2) Interactive, moderated roundtable discussions exploring key trends, opportunities and challenges for traditional ABCP conduits

Roundtable 1 - Structural developments in multi-sellers Speakers: John Smathers, Managing Director – PNC Capital Markets (Moderator) Omar Olaf Bolli, Senior Vice President - Nord LB Thomas Albrecht, Sidley, Austin, Brown & Wood LLP Philip Galgano, Director – Standard & Poor’s John Bryan, Managing Director – Ambac Assurance Corporation

Roundtable 2 - Assets in multi-sellers – structural considerations and investor protections

Speakers: James Ahern, Managing Director – SG Corporate & Investment Banking (Moderator) June George, Vice President/Senior Analyst – Moody’s Investors Service Robert Graff, Managing Director – ABN AMRO Robert Zochowski, Partner – Shearman and Sterling LLP

Roundtable 3 - Sponsor responses to current market and competitive challenges Speakers: Rob Jones, Managing Director – RBC Capital Markets (Moderator) Jerry Marlatt, Partner – Clifford Chance LLP Debbie Seife, Managing Director – Fitch Ratings Michael Maza, Managing Director – SunTrust Bank

Roundtable 4 - Best practices for reporting, monitoring, transparency, amendment rollout, and other processes.

Speakers: Doug Magnolia, President/CEO – QSR Management Limited (Moderator) Thomas Glanfield, Partner – Ernst & Young LLP Kathy Simmons, Lloyds TSB Bank

Challenges for CDO Collateral Managers (Room – Margaux 2) What are some of the key challenges confronting collateral managers, and how are they responding? • How can managers stay ahead of the reinvestment curve in putting cash to work? • Investment implications of rapid manager growth in the U.S. and abroad • Selective use of middle market loans and increasing second lien buckets • What is the role of managers in extracting performance, spread movements, expanding underlying asset classes, and

facilitating synthetic execution opportunities? Speakers: Dee Dee Sklar, Executive Director – West LB (Moderator) Landon Parsons, Senior Vice President – C-Bass LLC Ed O’Hara, Senior Portfolio Manager – Vanderbilt Capital Advisors, LLC Jack Taylor, Principal, Fund Manager – Five Mile Capital Partners, LLC William Travers, Senior Vice President – Taberna Capital Management

12 1/27/2006

Monday, January 30, 2006 Continued –

European Securitization Market Review (Room – Mouton 1) Review of emerging trends and recent developments in the European securitization marketplace • Issuance activity by country and asset class/transaction type – where is growth occurring? • How is the European market different from, and similar to, the U.S. market? • Growth and evolution of the European structured credit markets and investor base – CDOs, SIVs and beyond • Legal, regulatory, accounting and legislative developments

Speakers: Rupert Harrison, Managing Director – Eurohypo AG (Moderator) Helmut van Ginderen, Head of ABS/CDO Research – Fortis Bank Andrew Jackson, HSBC David Balai, Head of Capital Markets and Securitization – HBOs Treasury Services PLC

Issuer Presentations: GMAC-RFC (Room - Lafite 3) Australian Mortgage Issuer Presentation (Room – Lafite 4)

5:00pm - 6:00pm Presentation and Reception: Meet the ASF (Room – Lafite 4)

Brief overview of the goals, organizational structure and current activities of the ASF. New members and firms interested in joining the Forum are encouraged to attend this informational session, which is designed to provide an introduction to the ASF and its industry advocacy mission and capabilities. The session will be hosted by ASF's senior staff and member leadership, and will feature a brief presentation, followed by informal discussion among attendees. Refreshments will be served.

6:00pm Networking Reception (Room - Lafite 2 & 5)

7:00pm ASF 2006 Industry Dinner featuring comedian, David Spade (Invitation Only) (Room – Latour Ballroom)

13 1/27/2006

Tuesday, January 31, 2006

Overview

General Sessions on topics of market-wide interest followed by concurrent break-out tracks focusing on major securitization asset classes: RMBS/Home Equity ABS; Non-Mortgage ABS; CDOs and ABCP/SIVs. Individual issuer presentations are integrated throughout the program. The afternoon is open for business networking and recreational activities. In the evening, a networking reception is available to all attendees, followed by private client/entertainment events.

8:00am - 9:30am General Session: The New Investment Disclosure Paradigm: Regulation AB and Offering Process Reform (New York CLE Credit Available) (Room – Margaux 1 & 2) How are these new, landmark securities regulations affecting securitization public offerings and disclosure? • Status of implementation of SEC Regulation AB and offering process reforms--how is the market responding? • Emerging trends in reporting of static pool data and other new transaction disclosures • The new reporting and control environment for securitizations--compliance periodic reports, assessments, attestations

and more • Investment communications and liability considerations – issues and implications for investors, issuers and

underwriters Speakers: Bianca Russo, Managing Director & Assistant General Counsel – JPMorgan Securities Inc. (Moderator) Michael Mitchell, Partner – Orrick, Herrington & Sutcliffe LLP Alan McKenney, Vice President – Wells Fargo Home Mortgage Edward Gainor, Partner – McKee Nelson LLP Phil Cedar, Senior Managing Director – Bear, Stearns & Co.

8:00am - 9:00am Issuer Presentation: Prestige Financial Services (Room – Lafite 3)

9:30am - 10:30am General Session: Securitization Accounting Developments – The Bottom Line on the Balance Sheet (Room – Margaux 1 & 2) A review of current securitization accounting issues, controversies and the status of key standards – setting initiatives • FAS 140 amendments--evolving standards for derecognition and off-balance sheet treatment • FIN 46R revisions and consolidation criteria applicable to term ABS, ABCP and CDO structures • Fair value accounting developments and impacts on securitization trading, hedging and investment activities • Accounting for non-standard loan products by originators/issuers • Global securitization accounting convergence trends and prospects

Speakers: Lisa Filomia-Aktas, Partner – Ernst & Young LLP (Moderator) Peter Jeffrey, PricewaterhouseCoopers LLP Eric Smith, Financial Accounting Standards Board James Mountain, Partner – Deloitte & Touche LLP

Issuer Presentations: C-Bass (Room – Mouton 1) Mortgage IT (Room – Lafite 3) Interstar Wholesale Finance (Room – Lafite 4)

10:30am - 11:00am Break (Room – Lafite 2 & 5)

14 1/27/2006

Tuesday, January 31, 2006 Continued –

11:00am - 12:00pm Concurrent Breakout Sessions: Equipment Loan and Lease ABS Sector Review (Room – Margaux 1) Review of current issues, trends and developments affecting equipment loan and lease ABS • Market overview and supply/issuance outlook for small, medium and large ticket equipment loan and lease deals • Impact of commercial credit performance trends and collateral valuation on deal structures • Rating agency criteria and outlook for the ABS equipment sector • Lessons learned from collateral transfers and the importance of servicing

Speakers: John Bella, Senior Director – Fitch Ratings (Moderator) Richard Pfaltzgraff, Managing Director – XL Capital Assurance Inc. Robert Broseman, Managing Director – PPM America Barbara Goodstein, Partner – LeBoeuf, Lamb, Greene & MacRae LLP Thomas Davidson, Managing Director - GE Commercial Finance

New Players and their Impacts on the CDO Market (Room – Margaux 2) How are credit-oriented hedge funds, REITs, commercial real estate investors and other new entrants affecting the CDO market? • What types of investments are new entrants making? CDO equity, CDO squared and/or CDO issuance? • Are new CDO investors and expanding liquidity pools making the market better or worse? Are new players helping to

diffuse credit risk and facilitate transparency? • What are new players adding to trading volumes? • How do CDO investment approaches differ from other fixed income strategies?

Speakers: Louis Lucido, Managing Director – Trust Company of the West (Moderator) Mia Koo, Senior Director – Fitch Ratings Pat Maley, Director of ABS - Deerfield Capital Management LLC Laura Schwartz, Managing Director – ACA Capital Management

Housing Market Analysis (Room – Mouton 1) Macroeconomic review of economic conditions and trends affecting the U.S. housing market in 2006 • Assessment of the current health of real estate and housing markets in major regions of the United States. • Examination of factors driving future growth, stability or contraction • Trends in housing prices, turnover and borrower credit trends

Speakers: Peter DiMartino, Managing Director – RBS Greenwich Capital (Moderator) Steve Thompson, Vice President – Rick Management - Mortgage Guaranty Insurance Corporation Larry Blake – Litton Loan Servicing Michael Fratantoni, Senior Director – Mortgage Bankers Association ABCP Rating Agency Roundtables (Room – Mouton 2) Interactive, moderated roundtable discussions probing current ABCP ratings and surveillance issues, methods and criteria

Roundtable 1 Speakers: Norman Last, Managing Director – Scotia Capital (Moderator) Thomas Fritz, Managing Director – Standard & Poor’s Christian Willard, Barclays Global Investors

Roundtable 2 Speakers: Sam Pilcer, Managing Director – Calyon Corporate & Investment Bank (Moderator) Jonathan Polansky, Team Managing Director – Moody’s Investors Service

15 1/27/2006

Tuesday, January 31, 2006 Continued –

Roundtable 3

Speakers: Aditya Reddy, Vice President – The Bank of Tokyo Mitsubishi, Ltd. (Moderator) Matthew Grimes, Managing Director – Wells Capital Management Darryl Osojnak, Senior Vice President – Fitch Ratings Hans Bald, Managing Director – Credit Suisse

Roundtable 4 Speakers: Matt La Capra, Senior Vice President – Dominion Bond Rating Service (Moderator) Barbara English, Director – UBS Global Asset Management Jon Hellbusch, Director - West LB AG

Issuer Presentations: Sallie Mae (Room – Lafite 3) Capital One (Room – Lafite 4)

12:05pm - 1:05pm Concurrent Breakout Sessions: Non-Mortgage ABS Credit Focus (Room – Margaux 1) In-depth exploration of borrower credit trends and their implications for non-mortgage ABS • Impact of bankruptcy law changes, energy prices and other macroeconomic events on consumer ABS products and

asset classes • Are FICO and other credit metrics keeping pace with the economic realities confronting consumers? • How do housing market economics affect consumer ABS performance? • Assessment of key credit variables on consumer ABS deal structure and performance

Speakers: Chris Flanagan, Global Head of ABS Research – JPMorgan Securities Inc (Moderator) Michael Dean, Managing Director – Fitch Ratings Allan Berliant, ABS Portfolio Manager/Analyst – Grantham, Mayo, VanOtterloo & Co. Karlene Bowen, Director – Fair Isaac Corporation

Trading and Liquidity: The Secondary CDO market (Room – Margaux 2) Review of current dynamics in the secondary market for CDOs and other structured credit products • Trading volumes and flows in various market sectors • How do dealers manage positions in the current environment • How should investors analyze a secondary CDO tranche? • Surveillance and monitoring for rating purposes; assessments of modeling services and technical tools • Relative value opportunities in cash and synthetics ABS CDOs, CLOs, trust and REIT preferreds.

Speakers: Randy White, Vice President – Trading – United Capital Markets (Moderator) Adam Siegel, Managing Director – Bear, Stearns & Co. Inc. Sergei Zagin, Vice President – Wachovia Corporation Srinivas Namagiri, Vice President – Deutsche Bank AG James Cameron, Structured Finance Analyst – Aegon USA Investment Management

16 1/27/2006

Tuesday, January 31, 2006 Continued –

Rating RMBS: Methodology and Ratings Criteria (Room – Mouton 1) Examination of rating agency methods, criteria and surveillance procedures in the RMBS and HEL ABS sectors • Comparison of rating agency views on stresses and scenarios • Collateral preferences between and among the rating agencies • Frequency of ratings releases and their effect on the market • Performance triggers, credit enhancement methods and levels, and other structural safeguards

Speakers: Ryan Stark, Director – Deutsche Bank Securities Inc. (Moderator) Kevin Jenks, Senior Portfolio Manager – HBK Investments LLP (Co-Moderator) Michael Nelson, Managing Director – Dominion Bond Rating Service Susan Barnes, Managing Director – Standard & Poor’s Mark DiRienz, Managing Director – Moody’s Investors Service Glenn Costello, Managing Director – Fitch Ratings

ABCP Investor Roundtables - Pricing and Credit (Room – Mouton 2) Interactive, moderated roundtable discussions focusing on investor issues and concerns in the ABCP market

Roundtable 1 - Who's buying and why? Who are the new investors in the ABCP sector?

Speakers: Trisha Ostergaard, Executive Director – Morgan Stanley (Moderator) Alison Emmerich, Senior Fixed Income Analyst – The Dreyfus Corporation Chuck Forester, Aegon

Roundtable 2 - What issues matter most to investors? Sponsorship, Rating, Price, Concentration (2a7),Liquidity, and more

Speakers: Stephanie Gentile, Director – Credit Suisse (Moderator) Natalie Metz, Vice President – Federated Investors Chris Parrish, Columbia Management Group Andrew Jones, Managing Director – Dominion Bond Rating Service

Roundtable 3 - Securities Investing Vehicles – Investor perceptions, concerns and reporting needs

Speakers: Joseph Johnson, Goldman, Sachs & Co. (Moderator) Mick Brown, Director - Charles Schwab & Co. ,Inc. Darryl Osojnak, Senior Director – Fitch Ratings

Roundtable 4 - Effects of rated fund criteria on investor buying behavior Speakers: Jane Kim, Lehman Brothers (Moderator) Peter Rizzo, Director - Standard & Poor’s Henry Shilling, Senior Vice President – Moody’s Investors Service Lisa Shin, Vice President – JPMorgan Investment Management Chuck Yanoshik, Director – Blackrock Institutional Management Corporation

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Tuesday, January 31, 2006 Continued –

Issuer Presentations: CIT Group (Room – Lafite 3)

1:10pm - 2:10pm Issuer Presentations: Accredited Home Lenders (Room – Margaux 1) UK Issuers Group (Room – Margaux 2) Textron Financial (Room – Lafite 4) Americredit (Room – Mouton 1)

1:15pm Lunch; Activities (Room – Lafite 2 & 5)

6:30pm Networking Reception (Room – Margaux 1 & 2)

7:30pm Private Client/ Entertainment Events

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Wednesday, February 1, 2006

Overview

A general session followed by the continuation of concurrent break-out tracks focusing on major securitization asset classes: RMBS/Home Equity ABS; Non-Mortgage ABS; CDOs and ABCP/SIVs. Individual issuer presentations are integrated throughout the program. Individual issuer presentations are integrated throughout the program. ASF 2006 formally adjourns at noon; the afternoon and evening are open for business networking, recreational activities and private client entertainment events. The Second Annual ASF Pro-Am Golf event will also be taking place during the day.

7:30am - 8:30am General Session: The Legislative and Regulatory Policy Environment (Room – Mouton 2) What are the major legislative and regulatory policy influences on the securitization market in 2006 and beyond? • Predatory lending--current issues and future prospects for federal, state and local legislation • Basel II Developments and U.S. proposals to adapt Basel “IA” – implications for the domestic securitization market

and international competition • Interagency Guidance on Complex Structured Finance Transactions • Credit Rating Agency Reform – Legislative and Regulatory Developments • Bankruptcy reform and judicial developments

Speakers: Jason Kravitt, Senior Partner – Mayer, Brown, Rowe & Maw LLP (Moderator) Thomas Boemio, Senior Supervisor – Federal Reserve Board Steve Kudenholdt, Partner – Thacher, Proffitt & Wood LLP Kathryn Dick, Deputy Comptroller – Office of the Comptroller of the Currency

8:35am - 9:35am Concurrent Breakout Sessions: Retail Auto Lease, Fleet, Floorplan and Rental Car ABS Sector Review (Room – Lafite 4) Review of current issues, trends and developments affecting retail auto lease, fleet, floor plan and rental car ABS • Issuance volumes and 2006 supply outlook • Recent developments, deal structures, and relative value opportunities • Residual value trends and future expectations for used car values • Consumer and business economic outlook – how are credit issues and competitive challenges shaping the market?

Speakers: Michael Binz, Managing Director – Standard & Poor’s (Moderator) Ken Morrison, Partner – Kirkland & Ellis LLP Raj Sundaram – Automotive Lease Guide Jay Steiner, Director – Deutsche Bank

New Structured Products: 2005 Innovations and 2006 Outlook (Room – Mouton 1) What were the most notable CDO product innovations in the last year, and what is expected in 2006? • Primary characteristics of long/short CDOs. • Leveraged super seniors. • Synthetic and pay-as-you-go structures and risk • Trust preferred developments • Alternative asset types and combinations

Speakers: Claude Laberge, Vice President – Lehman Brothers (Moderator) David Tesher, Managing Director – Standard & Poor’s Fred Horton, Managing Director – GSC Partners Kevin Petrovick, Managing Director – Invesco Inc. Larry Isaacson, Partner – McKee Nelson LLP

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Wednesday, February 1, 2006 Continued –

Current Dynamics of Trading Home Equity Loan ABS (Room – Lafite 9) Market color on trading flows, relative value opportunities, and liquidity and pricing dynamics in the HEL ABS sector • Trading opportunities, risks and relative value in the current environment • Secondary market issues and trends - liquidity, spreads, trading volumes • International investors as a source of liquidity • How efficiently is the HEL ABS market pricing risk?

Speakers: Ronald Mass, Principal – Portfolio Manager – Western Asset Management Company (Moderator) Jon Voightman, Managing Director – HSBC John Kerschner, Senior Portfolio Manager – Smith Breeden Associates, Inc. Neal Roodin, Managing Director – Credit Suisse

Issuer Presentations: Cendant (Room – Lafite 3)

8:35am – 9:05am Extendible ABCP Market Overview (Room – Mouton 2)

Panel discussion exploring the latest trends and developments in the growing extendible ABCP Sector • Overview of the extendible ABCP market • Terminology, definitions and applications • Product and structure trends and innovations • Risk, liquidity, pricing and valuation issues for investors

Speakers: Kevin Ryan, Executive Director – Morgan Stanley (Moderator) Timothy Mohan, Chapman and Cutler LLP Timothy Wilson, Director – Credit Suisse Asset Management Manjeet Kaur, Director – Standard & Poor’s

9:35am - 9:50am Break (Room – Lafite 2 & 5)

9:50am - 10:50am Concurrent Breakout Sessions: Non-Commodity ABS Sector Review (Room – Lafite 4) Review of current issues, trends and developments affecting non-commodity and esoteric ABS • How do investors source non-commodity products and asset classes? • Off the run asset classes and innovative deal structures and investment opportunities – timeshare, insurance products,

emerging market future flow and other structured alternatives • Due diligence considerations and key documentation elements to protect investors in off the run asset classes

Speakers: Sandy Szakach, Senior Managing Director – PPM America (Moderator) Peter Freitag, Prudential Investment Management Dan Pietrzak, Director – SG Corporate & Investment Banking Chris DiAngelo, Partner – Dewey Ballantine LLP Mark Klipsch, Director – Orix Capital Markets LLC

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Wednesday, February 1, 2006 Continued –

Understanding Commercial Real Estate CDOs (Room – Mouton 1)

Analyzing their Collateral, Structures, Opportunities and Risks • Emergence of managed CRE CDOs and synthetic CRE CDOs and contrasts with traditional static deals • Understanding the Issuer Perspective: How do CRE CDOs Benefit the Issuer • Analysis of the Collateral: B Notes, Rake Bonds, B-Pieces, Mezz Loans, CDS on CMBS, Whole Loans • Understanding the Investor Perspective: Why do Investor's Buy CRE CDOs • Market observations, relative value, key investor concerns and opportunities in 2006

Speakers: Brian P. Lancaster, Head of Structured Products Research – Wachovia Securities (Moderator) Charles Spetka, President – CWCapital Investments Bruce Cohen, CEO – Wrightwood Capital Mary Davenport, Director – Vertical Capital LLC Reginald Leese, Managing Director – Blackrock Inc Mark Wuest, Director of Risk Finance - Barclays Capital

Home Equity Market Research Perspectives (Room – Lafite 9) Expert insight and commentary from leading HEL ABS analysts and strategists

• Tiering in the HEL markets and strategies to take advantage. • Margin Compression: How long can issuers survive with minimal (or negative) profitability? What will issuance

volume be if WACs return to fully indexed levels? • Deal Structures: Do they adequately protect investors from risks payment shocks • Payment Shock: How can investors monitor the risks associated with arm resets and principal amortization? • Impact of CDOs: How have they changed the landscape for HEL bonds? Have they helped or hurt liquidity? • Impact of Synthetics: How have single name CDS and ABX.HE changed the HEL market and potential trading

strategies? Speakers: Jason D’Angelo, Vice President – Portfolio Manager – AIG Global Investment Group (Moderator) Akhil Mago, Lehman Brothers Inc.

Ivan Gjaja, Managing Director - Citigroup Gyan Sinha, Senior Vice President – Bear, Stearns & Co. Inc. Jonathan Lieber, Senior Vice President – Countrywide Securities 9:05am - 9:20am Break (Room – Lafite 2 & 5)

9:20am -10:50am Concurrent Breakout Session: Extendible ABCP Case Studies Roundtable (Room – Mouton 2) Practical examinations of extendible ABCP structures in an interactive, moderated roundtable discussion format

Roundtable 1 - Case study – cash flow extendible Speakers: Eileen Bannon, Partner – Dewey Ballantine LLP (Moderator) Fouad Onbargi, Director – Barclays Capital Inc. Lisa Singman, Vice President and Senior Analyst – Moody’s Investors Service Patrick Welch, Goldman Sachs Asset Management

Roundtable 2 - Case study – mortgage warehouse extendible structure Speakers: Aoto Kenmochi – Director – Fitch Ratings (Moderator) Michael du Quesnay, Partner – Dewey Ballantine LLP Alice Tsang, Research Analyst – Fidelity Investments John Peterson, Managing Director/Assistant Treasurer – Residential Capital Corporation Ellen Coleman, Countrywide Securities Corporation

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Wednesday, February 1, 2006 Continued –

Roundtable 3 - Case study – securities market value extendible structure

Speakers: Stephen Newman – Merrill Lynch & Co. (Moderator) Scott Sehnert, Associate – Standard & Poor’s Barry Weiss – Oppenheimer Funds John Clarke, Thornburg Investment, Inc.

Roundtable 4 - Case study – CDO money market tranches Speakers: Randy Harrison, Managing Director – Citigroup (Moderator) Debbie Seife, Managing Director – Fitch Ratings Cindy Brien, Vice President & Senior Analyst – AIM Capital Management John Bulger – Deutsche Bank Brian Benesch, Assistant Vice President - Harris Investment Management

Roundtable 5 - Assessing the likelihood of extension and the appropriate premium Speakers: Joseph Soave, Director – Credit Suisse (Moderator) Joseph Noe, CFA – Evergreen Investments Frank Fletcher – IXIS Capital Markets Jeffrey Boutin, Vice President – Lehman Brothers

Roundtable 6 - Repo conduit: practical considerations, legal considerations, rating agency considerations

Speakers: Steve Austen, Managing Director – Banc of America Securities LLC (Moderator) Jonathan Polansky, Vice President – Moody’s Investors Service David McCollum, MBIA Insurance Corporation Tracey Anne Nicastro, Partner – Sidley, Austin, Brown & Wood LLP

10:55am - 11:55am Concurrent Breakout Sessions: Synthetic Securitization and the Emergence of ABCDS (Room – Lafite 4) In-depth focus on emerging applications of credit default swap technology to ABS reference credits • Which asset classes are making use of credit default swap technology--market size, liquidity and growth opportunities • How is the emergence of CDS affecting trading, hedging and investment opportunities in the consumer ABS sector? • Spread differentials and relative value opportunities between cash and synthetic ABS • CDS documentation standards and templates--how well are they working and what improvements are needed?

Speakers: Jay Merves, Managing Director – Assured Guaranty (Moderator) Paula Greenman, Partner – Skadden, Arps, Slate, Meagher & Flom LLP Vikas Sarna, Vice President – JP Morgan Chase Eric Rothman, Executive Director – UBS Financial Services

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Wednesday, February 1, 2006 Continued –

Latin American Mortgage Securitization (Room – Mouton 1) Perspectives on the evolution and growth of the Latin American mortgage securitization market • What kinds of deals are being done, and where? • How does the Latin American mortgage market compare to the U.S. housing finance system – similarities and

differences • Focus on Mexican mortgage securitization – traditional and housing construction loan take-out securitizations • Special considerations for investors and issuers in this market.

Speakers: Stuart Fleischmann, Partner – Shearman & Sterling LLP (Moderator) Brigitte Posch, First Vice President – Ambac Assurance Corporation John Rauschkolb, CEO – Hipotecaria Panama Jose Armando Guzman Gonzalez, Chief Executive Officer - Metrofinanciera Jorge Galindo Flores, Deputy Director General - SHF Jose Miguel Diaz Goni, Head of Securitization – ING Mexico Sylvain Bouteille, Managing Director – Swiss Re

Relative Value Opportunities in Non-Mortgage ABS (Room – Lafite 9) Market-oriented discussion of investment and trading opportunities in the current environment • Attractiveness of non-mortgage ABS in comparison with other corporate credit investment opportunities • The new issue allocation and syndication process – how efficiently is the market pricing and absorbing new supply? • Impact of the CDO bid on market supply, demand and technical factors • How does the emergence of ABS credit default swaps affect the relative value picture?

Speakers: Sanjeev Handa, Managing Dircetor – TIAA-CREF (Moderator) David Covey, Vice President – Lehman Brothers Inc. Hiroki Kurita, Managing Director – Deutsche Bank Securities Inc. Rod Dubitsky, Research Head – Credit Suisse John Devaney, CEO and ABS Trader – United Capital Markets

Structured Investing Vehicles Roundtable (Room – Mouton 2) Interactive moderated roundtable discussions examining investment and financing issues and trends affecting SIVs

Roundtable 1 - Current and future applications of market value technology in securities financing structures

Speakers: Peter Nagykery , Deputy General Manager – SF Solutions (Moderator) Jack Chen, Vice President/Senior Credit Officer – Moody’s Investors Service Bret Leas, Associate Director - Barclays Capital Inc.

Roundtable 2 - Current developments in SIVs Speakers: John Kodweis, Vice President – JPMorgan Chase & Co. (Moderator) Nik Khakee, Director – Standard & Poor’s Greg Cioffi, Partner – Seward & Kissel LLP Damian Harland, Bank of Montreal

Roundtable 3 - Current developments in CDOs Speakers: Andrew Jones, Managing Director – Dominion Bond Rating Service, Inc. (Moderator) Darrel Baber, Managing Director – Wachovia Corporation Craig Bonder, Rabobank International

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Wednesday, February 1, 2006 Continued –

Roundtable 4 – Current developments in securities arbitrage vehicles

Speakers: Carol Hitselberger – Mayer, Brown, Rowe & Maw LLP (Moderator) Richard Hughes, Executive Vice President – Compass Bank Aoto Kenmochi, Director – Fitch Ratings

Issuer Presentations: Thornburg Mortgage (Room – Lafite 3)

12:00pm Conference Adjourns