ASF 2005 Agenda, January 24 and January 25

Training and Tutorial Sessions

1. DUE DILIGENCE

Tuesday, January 25, 12:00 - 1:00pm
Presenters:
Richard Johanson, Director, Protiviti, Inc.
Cory Gunderson, Managing Director, Protiviti, Inc.
Jeff Franzen, Senior Manager, Protiviti, Inc.
Bill Byrnes, Manager, Protiviti, Inc.
Sarah Schober, Senior Consultant, Protiviti, Inc.

Lessons Learned: Creating Value in the Due Diligence Process

New Deals
- Communication amongst interested parties
- Maximizing system capabilities
- Educating the originator/servicer
Existing Deals
- Interpreting the results of procedures performed
- Common omissions and errors made by the Originator/Servicer
Questions & Answers

Monday, January 24, 10:30am - 11:30am
Tuesday, January 25, 10:30am - 11:30am
Presenter:
Chris Scampoli, Clayton Services Inc.

Due Diligence: The Landscape

How have changing market conditions affected the due diligence function?
How and where is due diligence performed throughout the loan origination process?
How can due diligence be employed to help predict borrower credit performance?

2. HOW TO READ AN ABS INVESTOR REPORT

Monday, January 24 11:30am - 12:30pm

Presenter:
Michael Parker, Director, Evergreen Specialty Finance Lender Service

Techniques for Reviewing Investor Reports for Different Asset Types:

Amortizing and Revolving Consumer Assets
Trade Receivables
Lease Receivables
Operating Assets

Evaluation of Critical Performance Factors:

Aging
Collateral Eligibility
Compliance with Covenants
Performance Triggers
Testing and Validation

3. SECURITIZATION MARKET INFORMATION/ANALYTIC TOOLS

Monday, January 24 3:00pm - 4:00pm

Presenter:
Ned Meyers, Vice President, Lewtan Technologies

Effects on the industry's technology

Infrastructure that can be expected with the adoption of the new SEC rules:

Tools necessary to comply with Regulation AB
Challenges in accessing information required for Static Pool reporting
Implications for ongoing reporting and the future of Investor Reports
ABS Informational and Computational Material
Ongoing Reporting under the Exchange Act

4. HOW TO READ AN ABCP MONTHLY POOL REPORT

Tuesday, January 25 - 10:30am - 11:30am

Presenter:
Stewart Cutler, Managing Director, Merrill Lynch

Analyzing and interpreting monthly portfolio reports:

ASF multi-seller ABCP monthly reporting template
Securities arbitrage program monthly reporting template
Identifying trends and developments
Comparability between program sponsor reports

5. CMBS 101

Monday, January 24 - 1:45pm - 3:15pm
Tuesday, January 25 - 11:15 am - 12:45 pm

Presenters:
Dottie Cunningham, Chief Executive Officer, CMSA
Joseph C. Franzetti, Director, Citigroup Global Markets
Jenny Story, Managing Director, Fitch Ratings

Delve into the most dynamic force in Real Estate finance today
Review the CMBS Marketplace, learn the players and the securities
Understand how CMBS transactions are arranged and structured
See how CMBS can fit into your Fixed Income Portfolio

6. CMO TUTORIAL

Monday, January 24 - 2:00pm - 3:00pm

Presenter:
Greg Reiter, Director of Mortgage Funding, Freddie Mac

History and background of the CMO market
Evolution of a deal
How the underwriter works with the GSEs
How deals are structured
Types of bonds created
Which investors buy which CMO’s