Day One, Wednesday 4^th February 2009
            
8.30 Registrations and refreshments
            
9.20 Chairman opening remarks 
            
            
9.30 Keynote address: The future of banking and capital raising in Russia and CIS
Oleg Ivanov, Vice President, Russian Regional Banks Association / Expert of the Committee on Credit Institutions and Financial Markets, the State Duma of the Russian Federation
            
10.00 Keynote address: How is Russian structured finance coping with the current market environment? 
Andrey Suchkov, Senior Vice President, Head of Securitisation and Syndication Department, VTB
                  
10.30 A new reality - the Russian securitisation market in 2009

• Russia in the global securitisation markets – overview of the current situation
• When can we expect a renewed investor confidence in the region?
• Are the global securitisation markets likely to return to their earlier performance?
• What changes are necessary to revive the markets?

Fazel Ahmed, Managing Director, Head of Emerging Europe Securitisation, UniCredit

11.00 Morning coffee and networking break

11.30 Roundtable discussion: The performance of existing transactions up to date

• How have the underlying assets performed up to date?
• What are the key factors underpinning performance?
• How are delinquency levels likely to change?
• Is there enough historical data for accurate modeling and risk assessments?
• Varying definitions of delinquencies and defaults
• Consistency of post-issuance transaction reporting

Daniel Mumzhiu, Assistant Vice President, Structured Finance Group, Moody's Investors Service
To be joined by other rating agencies 
                  
12.10 The new face of capital raising in Russia and CEE – implications for issues

Tim Nicolle, Deputy CEO, ZAO Eurokommerz

15.00 Roundtable discussion: Structuring and placement strategies in a strained credit environment

• Spreads, structures and asset terms in 2009
• Defining common ground between what the issuers are willing to accept and what investors are willing to pay
• New approaches to ABS pricing valuation
• New standards and approaches to assessing the quality of loan portfolios
• How is the MBS market likely to be affected? When can we expect the return of longer tenors?
• What can we expect in the next 12 months?

Timur Kibatullin, Director, Debt Capital Markets & Asset Finance, MDM Bank 
Tim Nicolle, Deputy CEO, ZAO Eurokommerz
Fazel Ahmed, Managing Director, Head of Emerging Europe Securitisation, UniCredit
Jens Lindner, Head of 3rd Party Securitisation, Commerzbank

Andreas Schmidt, Head of Securitisation, Global Markets, Raiffeisen Zentralbank, Österreich AG

                  
15.40 Afternoon tea and networking break

16.10 Pre-payment and other ABS risks – the emergence of new models and approaches

• Prepayment risk – implications for the borrowers
• Default risk, liquidity risk and correlation risks
• Key principles of credit rating and relation of credit enhancement to default probability
• Asset class default distribution probability

16.40 Warehousing in Russia and CIS – satisfying the growing demand

• What is the demand for warehousing facilities in the region?
• Features and benefits of warehouse line of credit
• Who are the typical issuers?
• Structuring strategies and fees
• How is the market likely to evolve in the next 12 months?

Jens Lindner, Head of 3rd Party Securitisation, Commerzbank
                        
                  
17.10 Covered bonds as an alternative to securitisation

• Issuance, credit liquidity and pricing – comparison between covered bonds and securitisation
• Rating issues
• How popular are covered bonds with investors?
• What impact does Basel II have on covered issuance and investment?
• Secondary covered bond market

                  
17.40 Chairman’s closing remarks followed by cocktail reception 
                  
              

Day Two, Thursday 5^th February 2009
            
8.45 Registrations and refreshments
9.20 Chairman opening remarks 
                  
                  
9.30 Moody's perspective on current market conditions in Russia and CIS

• Deal performance update
• Trends and expectations for asset quality
• Has Moody's view of the region changed?
• Increased transparency from rating agencies (disclosed modeling assumptions)

Daniel Mumzhiu, Assistant Vice President, Structured Finance Group, Moody's Investors Service
                  
10.00 Credit enhancement strategies in uncertain times

• IFC’s perception of the Russian and CIS securitisation markets
• How have IFC’s investment criteria and strategy changed?

Kevin Kime, Principal Financial Officer, Structured & Securitized Products, IFC
                  
                  
10.30 Roundtable discussion: What can bring investors back to the ABS market?

• How has the investor base changed – ABS vs emerging market investors
• How do structures need to change in order to attract ABS investors?
• What will attract hedge funds to the market? What are their concerns?
• The domestic vs cross-border market in 2009
• New credit enhancement tools
• How are investors dealing with market volatility?

Georg Feldscher, Head of Strategic Portfolio Management, Raiffeisen International Bank-Holding AG
Kevin Kime, Principal Financial Officer, Structured & Securitized Products, IFC
                  
            
11.10 Morning coffee and networking break 
            
11.40 Roundtable discussion: Opening up the local securitisation market

• What are the concerns of local investors?
• What are the key legal obstacles in the development of the domestic market?
• Are local investors deterred by the quality of Russian assets?
• When are Russian pension funds and insurance companies likely to enter the market?
• Russian companies tapping the local securitisation market
• The state of the domestic ruble market

Vladimir Alenichev, Vice-President, Member of the Board, IC Russ - Invest
Elena Zheleznova, Director of Client Relations and Capital Markets, Veles-Capital
                  
12.20 What idiosyncratic risks are lenders and investors facing in Russia?

• What risks do international lenders and investors face in Russia?
• Which risks are hardest to predict and deal with?
• How does political risk insurance work and to what extent can we rely on it?
• Coverage, pricing and tenors in political risk insurance

12.50 Roundtable discussion: Prospects for Russian and CIS issuers in view of the global financial turmoil

• How are the new underwriting criteria affecting issuers?
• What structures and spreads are acceptable?
• Russia versus Western Europe – are Russian underlying assets safer than Western European?
• Long term funding strategies of Russian issuers - what are the alternatives?
• Cost efficiency of covered bonds versus securitisation
• What new asset classes are likely to emerge in the next 12 months?
• How do the Russian and CIS issuers see the securitisation market in the long term?

Leonid Vakeyev, Executive Director International Business Division, Uralsib Bank
Timur Kibatullin, Director, Debt Capital Markets & Asset Finance, MDM Bank

Sadyr Shaguzhayev, Director, Loan and Capital Markets and Investor Relations, BTA Bank