Tuesday 13th May 2008

08:30 Registration and morning refreshments

09:00 Chairman's opening remarks

Keith Mullin, Editor-in-Chief, IFR

09:10 Opening presentation

09:40 Property industry perspectives

• How is the property industry financing developments?
• Liquidity: Is the industry cash-rich or cash-poor?
• What are the industry's financing requirements?

10:10 Real estate capital markets

• Looking at market sentiment
• Can the European real estate capital market learn anything from the US?
• Who is financing deals and growth in real estate?
• Who is still active, and why? How are they surviving?
• Availability of funding
• What is the balance of equity and debt?
• With negative yield gaps, is real estate still a viable asset class?

10:40 Morning refreshments

11:10 Syndicated Loans

• What is the banking sector's role in financing real estate?
• Is the industry seeing more loan activity and less securitisation? How much?
• What is the market's appetite for debt?
• Looking at supply and cost of money

11:50 CMBS

• How long until the full impact of a commercial property downturn becomes apparent?
• Levels and volume of issuance: what has changed? Looking at amount and structure
• Do the economics of CMBS still make sense?
• How does Basel II affect the supply-demand equilibrium?
• Examining transparency issues and regulatory hurdles

12:25 RMBS

• Levels and volume of issuance: what has changed? Looking at amount and structure
• Examining transparency issues and regulatory hurdles
• How does Basel II affect the supply-demand equilibrium?
• Does the non-conforming RMBS market still exist?

13:00 Lunch

14:15 Growth and development in real estate derivatives

• General market background
• Hedging and investing opportunities, and setting up documentation and information
• Discussing those who have traded in the market, and examining reasons why
• Examining the new simplified quoting system and what it means
• Discussing the upside and downside of market risk in transactions

14:45 Property derivatives in turbulent real estate markets

• How are investors making money out of property derivatives?
• Property derivatives in the context of CMBS, REITs and bricks-and-mortar: how the shape of European Real Estate is changing
• Developments in the US capital markets: Are they catching up with Europe?

15:15 Afternoon refreshments

15:45 Mezzanine and subordinated debt

• How is debt being priced in relation to risk?
• Future outlook for mezzanine lending
• Mitigating risk

16:15 Investor perspectives

• What are property investors buying?
• What types of investors are interested in what areas?
• Do investors still have an appetite for property?
• Can lenders follow investors in their activities?
• Building an optimum property investment portfolio
• What yields are available for investors?
• Discussing desired levels of return vs. acceptable risk
• Future outlook

16:45 Chairman’s closing remarks and end of Day One

DAY TWO: Wednesday 14th May 2008

09:00 Morning refreshments

09:30 Chairman’s opening remarks

09:40 UK CMBS ratings stress test

• Examining the characteristics of outstanding UK CMBS
• Quantifying the impact of property market downturn scenarios

10:20 REITs

• Tracking recent performance of European REITs
• How are real estate companies using REITs to help fund growth?
• What do investors want from REITs? How are they using REITs to gain exposure to property?

11:00 Morning refreshments

11:30 Strategies for non-listed property investors

• Who is currently investing in non-listed real estate and why?
• Outlook for non-listed in 2008/2009: performance, capital raising and availability of debt
• Is there value to be found? If so, how and where?

12:05 Riding out the storm

• Distressed assets – when is the right time to buy, what are the right things to buy?
• Outlook for the year ahead for the UK and major European markets
• Which sectors are better suited to the current climate?
• Exploring the fall out from the CMBS market
• Will credit markets improve? How available is finance?
• Interest rate hedging

12:35 Chairman’s closing remarks and end of conference, followed by lunch