EuroCatalyst Class of 2002 | Live from Madrid

EuroCatalystClass of 2002

everybody winsEUROCATALYST 2002 YEARBOOK

2002everybody winsEuroCatalyst

Welcome to the EuroCatalyst Class of 2002,a directory of participants in the first voluntarygathering of the European mortgage lending community.

From the front office to the back,from primary to secondary markets,

from covered bonds to MBS,from the U.K. to the Continent,

from Europe to the United Statesand beyond.

EuroCatalyst hopes you find the Class of 2002 useful,not only during the event, but throughout the entire year.

Behind the scenes, we would like to thank our event partners for their vision andsupport:

SUPPORTING AND ASSISTING ORGANISATIONSEuropean Mortgage Federation (www.hypo.org)Council of Mortgage Lenders (www.cml.org.uk)Verband deutscher Hypothekenbanken / Association of German Mortgage Banks (www.pfandbrief.org)Realkreditrådet / Association of Danish Mortgage Banks (www.realkreditraadet.dk)International Union for Housing Finance (www.housingfinance.org)Confederación Española de Cajas de Ahorros / Spanish Confederation of Savings Banks (www.ceca.es)Asociación Hipotecaria Española / Spanish Mortgage Association (www.ahe.es)The European Group of Valuers� Associations (www.tegova.org)

OFFICIAL PUBLICATIONSStructured Finance International (www.ew-sfi.com)EuroWeek (www.euroweek.com)Mortgage Finance Gazette (www.mfg.co.uk)The Japan Times (www.japantimes.co.jp)Immobilien & Finanzierung (www.kreditwesen.de)

SPONSORSFounding Catalysts

GE Mortgage Insurance (www.gemieurope.com)EDS Credit Services (www.eds.com)Standard & Poor�s (www.standardandpoors.com)

EuroCatalystsPMI Europe (www.pmieurope.com)FitchRatings (www.fitchratings.com)Tower Technology (www.towertech.com)Countrywide International Consulting Service (www.countrywideinternational.com)ALLTEL Mortgage Solutions (www.alltel.co.uk)

Industry CatalystsUnited Guaranty (www.ugcorp.com)Moody�s Investors Service (www.moodyseurope.com)

Regional CatalystsConfederacion Espanola de Cajas de Ahorros (www.ceca.com)BBVA (www.bbva.es)NIB Capital (www.nibcapital.com)Bear Stearns International (www.bearstearns.com)Homeloan Management Limited (www.hml.co.uk)Entys Inc. (www.entys.com)

We would also like to thank the following individuals for their friendship, inspiration, collaboration andsupport: Judith Hardt, Baralides Alberdi, Michael Coogan, Marc Pitz, Louis Hagen, Wolfgang Kaelberer, AdrianColes, Torben Gjede, Debra Erb, Tamara Adler, Esther Dyson, Larry Walker, Mark Thompson, Will Ross, Henri (HJvdK)and Evelien van de Koppel, Julia Jepps, Mike Hyman, Julian Ryall, Kim Slawek, Thomas Kretschmar, AlexanderBatchvarov, Alexandra Sleator, Michael Lea, Gregorio Mayayo, Alfonso Caro, Han van Wijk, Robert van den Berg,Jean-Luc Spetz and his drum, David Froeihyp, Christine Matthes, Angel and Mireya Alban, Bernie Langius and TrienkeStellema, Tammy Richardson, Juan Fernandez-Aceytuno, Tony Porter, Anthony Musacchio, Iain Wilcox, Matt-manGilmour, Reggie de Jong,. Rick Watson, Richard Beidl, Fred Phillips, Barbara Ridpath, Jeff Spencer, Roberto Paciotti,Bruno de Gasperis, Heiko Glander, Sharleen Clarke, Jon Hay, Nichola McVey, John Murray and Marloes Hautmann.

Toni Moss and Shirley Jackson, EuroCatalyst BVSeptember 2002



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The EuroCatalyst Class of 2002 yearbook was produced by EuroCatalyst BV for all participants in EuroCatalyst 2002 Madrid.Additional copies can be purchased from EuroCatalyst BV. Please contact Shirley Jackson ([email protected]) for further information.

All rights reserved. No part of this guide may be reproduced in any manner whatsoever without written permission from EuroCatalyst BV.

Published by EuroCatalyst BV, Copyright (c) 2002



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THE DIRECTORY

All speakers, panelists, team captains, team managersand delegates who sent in their bios and photos are featured in themain section of the directory.

I Speakers, panelists and team captains and managers ------- 10

II In the audience ------------------------------------------------------------------------------- 40



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Esther DysonChairmanEDVenture Holdings

Esther Dyson has devoted her life to discovering the inevitable and promoting thepossible. As an active investor and commentator, she focuses on emergingtechnologies and business models (peer-to-peer, artificial intelligence, the Internet,wireless applications), emerging markets (Eastern Europe) and emerging companies(see below). In 1994, she had already explored the impact of the Net on intellectualproperty (among other things, why Bill Gates now plans to offer software as anonline service). In 1997, she wrote a book on the impact of the Net on individuals'lives, Release 2.0: A design for living in the digital age. She remains an activeplayer in discussions and policy-making concerning the Internet and society.Dyson is chairman of EDventure Holdings (www.edventure.com), which publishesthe influential monthly technology-industry newsletter, Release 1.0, and sponsorstwo of the industry's premier annual conferences, PC (Platforms for Communication)Forum in the US (March 23 to 26, 2003) and EDventure's High-Tech Forum inEurope (November 3 to 5, Berlin, Germany). Dyson also writes a fortnightly columnfor the New York Times syndicate (Release 3.0), which also appears in EDventure'sonline newsletter, The conversation continues.

In addition, she donates time and money as a trustee to emerging organizations(Bridges.org, the Santa Fe Institute, the National Endowment for Democracy andthe Eurasia Foundation). She recently finished a two-year-term as founding chairmanof ICANN, the Internet Corporation for Assigned Names and Numbers, theinternational agency charged with setting policy for the Internet's core infrastructure(technical standards and the Domain Name System) independent of governmentcontrol. Now she sits on its "reform" committee, dedicated to defining a role forindividuals in ICANN's decision-making and governance structures.

After graduating from Harvard in economics, Dyson began her serious career in1974 as a fact-checker for Forbes and quickly rose to reporter. In 1977 she joinedNew Court Securities as "the research department", following Federal Express andother start-ups. After a stint at Oppenheimer covering software companies, shemoved to Rosen Research and in 1983 bought the company from her employerBen Rosen, and renamed it EDventure Holdings.

The daughter of an English physicist and a Swiss mathematician, Dyson startedtraveling in Eastern Europe in 1989 and eventually helped to fill the small but vitalvacuum at the intersection of Eastern Europe, high-tech and venture capital, evenas she remains active in the US and Western Europe.

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Tamara L. AdlerManaging Director, Head of Debt Capital Markets, Structured FinanceJ.P. Morgan Chase & Co.

Tamara is the Managing Director and Head of Debt Capital Markets, StructuredFinance at J.P. Morgan Chase & Co., leading a business that serves the complexand diverse financial needs of European corporate and government clients. In thisrole, Tamara has direct client and transaction management responsibilities andoversees a business that includes advisory, securitisation, structured loans,structured real estate and mezzanine and bridge finance. Tamara also serves asa member of JP Morgan's European Credit and Rates Leadership Group. Beforejoining JP Morgan in July 2001, Tamara was the managing director heading DeutscheBank's European Securitisation Group and was a member of Deutsche Bank'sGlobal Markets Management Committee. Under her leadership, Deutsche Bankreceived numerous awards, among them, Best European Securitisation House andsix different Deals of the Year. Tamara is also a lawyer and was a partner in theCommercial Group of Hogan & Hartson, Washington, D.C. Prior to joining Hogan& Hartson, Tamara was a founding member of the Commercial MortgageSecuritisation Group at Goldman Sachs & Co. in New York. Tamara graduated fromWellesley College (B.A. 1978) and received her law degree from the NorthwesternUniversity School of Law (J.D. 1982).

Baralides AlberdiFinancial SpecialistBBVA

Baralides is a specialist in housing finance, housing policy and financial instrumentsto develop and complement the mortgage market. Prior to assuming her currentposition within the Research Department of BBVA in Madrid, Baralides was secondedby BBVA to work with the World Bank in Washington, D.C., where she spent fiveyears (1997-2001) as a financial sector specialist in charge of housing financeand mortgage markets in the Latin American region. She began her career withwhat is now BBVA in 1988, when she became Head of Research for BancoHipotecario, then the largest specialized mortgage institution in Spain and nowpart of the BBVA Group. At Banco Hipotecario, Baralides was responsible forstatistics, studies and external and institutional relations. Baralides also spentsome time with the regional government of Andalucia (1983-1988) as an assistantin the Housing and Architecture Department, with Banco Exterior (1981-1983) asan economist in the Research Department and with the Spanish Ministry of Economyas an economist assisting in preparation of reports on the Spanish economy.Baralides was Spain’s representative in the Economic Working Party of the EuropeanMortgage Federation from 1994-1997.

Torsten AlthausDirector, Structured FinanceStandard & Poor’s

Torsten has worked for Standard & Poor’s as a German country coordinator since1999. As a Director he heads up Standard & Poor’s Structured Finance team inFrankfurt, which is mainly active in rating German RMBS, CDO and ABS transactions.Prior to joining Standard & Poors, Torsten worked for almost four years forBankgesellschaft Berlin as a Structured Finance Investor and Arranger. Torstenholds a German and UK University degree in business and economics, and hisexperience in German retail banking and asset management dates back to 1985.

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Iain BarbourGlobal Head of Structured Finance ResearchCommerzbank Securities

Iain is responsible for Structured Finance research at Commerzbank Securities.This team concentrates on the performance of structured product transactions,sectors and markets globally, with a specific focus on European asset classes. Theteam focuses on collateral performance, structural analysis, and relative valueacross transactions, sectors and markets. Commerzbank Securities' StructuredFinance research team are committed to providing "leading-edge" transaction andmarket reviews and analysis for investors, whilst working closely with originatorsto ensure that both originators and investors achieve their objectives. TheCommerzbank Securities Structured Finance research group also covers all coveredbonds. Prior to joining Commerzbank Securities, Iain was responsible for ABSresearch covering commercial and residential mortgages, healthcare andinfrastructure at Barclays Capital. Prior to entering research, Iain was responsiblefor the origination and structuring of bank balance sheet driven securitisationtransactions. He has also held more generic financial institution relationshipcoverage responsibilities at Clearstream, Lehman Brothers, and Citigroup.

Carmen BarrenecheaSubdirectora GeneralTitulización de Activos, SGFT

Carmen is Subdirectora General of Madrid-based Titulización de Activos (TdA). Shejoined the firm in 1992, two months after the landmark Spanish securitisation lawwas passed. Carmen is responsible for the structuring and operational administrationof securitisation funds managed by TdA. TdA is the leading Spanish firm structuringand servicing ABS, MBS, MBOs and CLOs. The firm leads the market in totalamounts issued as well as the number of companies grouped in its funds. Currentlymore than 40 different financial entities are involved in funds issued and managedby TdA. The firm works with banks, private companies and public entities developingall kind of financial structures. To date, TdA has originated and administered 14mortgage-backed securities funds, five asset-backed securities funds collateralizedby SME loans and the Fondo de Titulización de Activos Resultantes de la MoratoriaNuclear. In total, the deals comprise an issuance of more than 12 billion euros.Carmen earned a Bachelor of Science degree in Business Administration with amajor in Finance from the Universidad Autonoma in Madrid, and did postgraduatestudies in finance at Harvard University.

Alexander BatchvarovManaging Director / Head of International Structured Credit ResearchMerrill Lynch

Alexander joined Merrill Lynch in March 1998 as Head of International StructuredCredit Research. He and his team provide research coverage of the StructuredCredit market developments in Europe, Latin America and Asia. The team regularlypublishes The International Structured Credit Weekly to provide in-depth analysisof market developments, as well as research reports dedicated to specifictransactions or sectors of the market, such as MBS in different countries, long-dated bonds, securities finance companies, etc. Alexander’s team has consistentlybeen ranked No. 1 securitisation research provider in investors surveys by ISR, SFI,EuroMoney, Credit Magazine and Institutional Investor. Prior to joining Merrill Lynch,Alexander worked for several years as a Structured Finance Analyst in the ABSGroup and a Sovereign Analyst in the Sovereign Risk Unit of Moody's InvestorsService in London and New York. Prior to Moody's, Alexander was a Manager in theemerging markets Financial Institutions group in Citibank in New York. Alexanderholds a Ph.D. in International Economics from the National Academy of Sciencesin Bulgaria and an MBA in Finance from University of Alberta in Canada. He is aCFA Charterholder and a member of AIMR and NYSSA.

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Dan BrennemanAccount ExecutiveALLTEL Mortgage Solutions

Dan joined ALLTEL Mortgage Solutions in July 2000 as a Sales Account Executivebased in the UK. Within this role Brenneman has responsibility of sales-relatedactivities to major mortgage lenders in the UK and Europe, including mortgagelending software, third-party administration, ASP and e-commerce solutions. Priorto this role Dan served in a variety of posts within ALLTEL Residential LendingSolutions. Most recently he was responsible for the management of the clientrelationship with ALLTEL's largest mortgage lending client in the United States. Danwas also one of the individuals involved with the formation of ALLTEL's Europeanjoint venture, ALLTEL Mortgage Solutions. Prior to moving to the sales and marketingarea in 1998, Dan was responsible for the consulting and educational servicesarea of ALLTEL Residential Lending Solutions. Prior to joining ALLTEL in 1993, Danworked within the accounting and operations areas of several major U.S. mortgagelenders. He holds a bachelor's degree in accounting and has over 21 years ofexperience in the mortgage lending industry.

Sean CliffordChief Operating Officer & Senior Vice PresidentCountrywide International Consulting Services

After 10 years in Hong Kong, Sean has joined Countrywide International ConsultingServices to lead their global initiative through providing fee-based professionalservices for mortgage and related businesses. With 15 years of experience whileworking within an IT capacity, Sean has served as a management and IT consultantto both multinational companies and local blue chips in the United States, England,Australia and Asia. Previous clients include the Hong Kong Stock Exchange, S.G.Warburg, Standard Chartered Bank, Westpac, Natwest Markets and IBM. Mostrecently Sean was a partner with Deloitte Consulting responsible for managementand information technology solutions in the financial services industry, focusingon retail banking, securities, insurance and stock exchanges. In addition, he wasthe senior information technology partner in Hong Kong and led the CustomerDynamics or customer relationship management regional service line that transformshow companies market, sell and service. Sean has worked with clients from thefinancial services industry to build, broaden and deepen their customer relationships,while leveraging technology in the front and the back office for improved customerservice and operational efficiency. Sean holds a Bachelor of Science degree inConstruction from Arizona State University.

Adrian ColesDirector General, Building Societies AssociationSecretary General, International Union for Housing Finance

A graduate of both Nottingham and Sheffield Universities with degrees in Economics,Adrian joined the Building Societies Association in 1979 as an Economist. Aftervarious appointments he became Director General in 1993. Between 1993 and1996 he was also director general of the Council of Mortgage Lenders. He frequentlyaddresses seminars and conferences, both in the UK and overseas, on housing,savings, mortgages and mutuality, and has often appeared on radio and television.He takes a keen interest in international developments and is a member of theExecutive Committee of the European Mortgage Federation and Secretary Generalof the International Union for Housing Finance. Outside the BSA Adrian is on theBoard of Money Advice Trust, a charity which raises funds for the provision ofindependent debt advice, and has served the social housing sector in a numberof capacities; he has also been a school governor for many years. Aged 48, Adrianis married and has an 18-year-old son and a 14-year-old daughter. He keeps hisbody fit through jogging and his mind in shape by reading history and politicalbiography. He is also a season ticket holder, with his son, at Tottenham HotspurFootball Club.

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Simon CollingridgeDirector, European Structured Finance Ratings GroupStandard & Poor’s

Simon is a Director with Standard & Poor's Structured Finance Ratings Group inEurope, responsible for surveillance and research of European structuredtransactions. Prior to joining Standard & Poor's in March 1999, Simon was atAlliance & Leicester where he was head of mortgage origination, Crédit AgricolePersonal Finance as director of operations and The Mortgage Corporation assecuritisation manager. Simon holds a B.A. (Hons) degree in Law and Politics. Hereports to Kurt Sampson, Managing Director responsible for Standard & Poor'sstructured finance activity in Europe, Middle East and Africa.

Michael CooganDirector GeneralCouncil of Mortgage Lenders

Michael qualified as a barrister in 1981 and, following a short period in privatepractice, joined the Consumers' Association in 1983. Between 1984 and 1987 heworked at the Greater London Council and for its successor, the London ResiduaryBody. He joined the Building Societies Association in 1987, becoming Head ofLegal Services of the BSA and Council of Mortgage Lenders in October 1993. Hebecame Director General of the CML on 1 December 1996 to lead up the independentCML on its separation from the BSA on 1 January 1997. The CML represents thewhole mortgage industry, and its members include banks, converted banks, buildingsocieties, insurance companies and other specialist residential mortgage lenders.As CML Director General he has overall responsibility for the management of theCML and is its main representative to government, Parliament, regulators, outsidetrade and professional organisations. He is a regular spokesman for the mortgagelending industry at seminars, conferences and in the media. He is married to Lyn,with a 5-year-old daughter, Caitlin.

Bruno de GasperisHead of the Credit and International DepartmentAssociazione Bancaria Italiana (Italian Banking Association)

In his capacity as Head of the Credit and International Department at ABI, Brunois responsible for the full array of lending portfolios (corporate and SME finance,trade finance, mortgage finance, rural finance, leasing, factoring, consumer credit,microcredit etc.), medium/long term funding instruments (bonds, ABS, securitisation,structured finance), credit risk management tools and supervisory regulation (Basle2 Capital Accord) and international trade finance (export credit, credit insuranceetc.). He has also developed an independent freelance consultant career throughoutwhich he has carried out assignments with the EU Commission, World Bank, FAO,IFAD and other groups. Bruno received a M.Sc. in Agricultural Economics (Honours)from the State University of Perugia and a postgraduate diploma in DevelopmentEconomics from the University of London, Wye College.

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Rik DouwesChief Executive OfficerSTATER NV

Rik is the Chief Executive Officer of STATER N.V. Douwes graduated from theTechnical University in Delft with a degree in civil engineering and a specialty inbusiness management. In the seven years immediately following his education Rikwas employed as an international organizational consultant for Arthur Andersen.From 1991 to 1996 Rik was the managing director of Bouwfonds Hypotheken, thefifth-largest residential mortgage lender in the Netherlands, where he was crucialto the development and standardization of the Dutch electronic data infrastructureknown as HDN, or Hypotheken Data Network. Among other significant enhancements,Rik redesigned Bouwfonds' servicing platform from an administrative support toolto a commercially viable and proprietary servicing system later spun off into STATERand known as the STATER Mortgage System (SHS). Rik has been the CEO of STATERsince its inception in 1997. Under Rik's leadership STATER has recently restructuredits operations. STATER is an international force in the market with over 450employees, a head office in Amersfoort and branches in Leusden, the Netherlands,in Bonn, Germany, and in Brussels, Belgium. STATER aims to step up its activitiesin a large number of countries in the Euro currency zone within the next five years.

Richard DownerManaging Director of Principal & Asset-Backed FinanceBear Stearns International

Richard joined Bear Stearns early last year from Merrill Lynch, where he was adirector of securitisation, for financial institutions. During that time, he helpedsuccessfully put Merrill Lynch on the asset-backed league table map through anumber of asset-backed transactions for the firm. Prior to this, he was responsiblefor Greenwich NatWest's mortgage-backed activities, which at the time was theNo. 1 arranger of European asset-backed transactions. Richard arranged one ofthe first European synthetic mortgage securitisations in 2000.

Clarence E. DixonExecutive Vice President - Marketing & Customer RelationsAareal Hypotheken Management

Clarence is Executive Vice President of Customer Relations & Marketing at AarealHypotheken Management in Mannheim, Germany, where he is responsible forsales and business development of third-party processing services. Prior to hispresent position Clarence was a director of global cash management with theGlobal Transaction Banking Division of Deutsche Bank in Frankfurt and New York.Clarence has held management position with VISA International in London as wellas Gesellschaft fur Zahlungssysteme in Frankfurt. He has a MBA degree from theUniversity of Maryland. Clarence began his career with the U.S. Department ofState where he had tours in Japan, Europe and the Middle East. He is also a guestspeaker at the Business Academy in Mannheim as well as the International BusinessCollege in Frankfurt.

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Thierry DufourChief Financial OfficerCrédit Foncier de France

Thierry is Chief Financial Officer and a member of the Executive Committee ofCrédit Foncier de France, a company specialized in real estate financing and ownedby the Group Caisse d’épargne. He is in charge of capital markets activities. Thierryis also Managing Director of the Compagnie de Financement Foncier, the mortgagebank, subsidiary of Crédit Foncier de France. Thierry joined Crédit Foncier in 1991.Prior to that, he served from 1989 to 1991 as chief financial officer at CaisseAutonome de Refinancement, a subsidiary of CDC, where his responsibilitiesincluded all operational activities and the group securitization business of Caissedes Dépôts et Consignations (CDC). From 1985 to 1989, he was notably in chargeof the bond desk obligations foncières CDC, then of government bond primarydealers. He also managed CDC’s own portfolios in the finance department. From1983 to 1984, Thierry was in charge of arranging financing for some of France’slargest groups, using interest rate products and tax arrangements, in BNP’s financedepartment. Thierry, who graduated from ENSAE and received master’s degreeein mathematics from Université de Paris Dauphine, also teaches finance at severalprestigious institutes of higher learning in Paris.

Hans-Joachim (Achim) DübelEconomist

Achim’s focus is on financial sector and real estate sector development. Currentlyin the process of setting up his own consulting firm, Achim was on the staff of theFinancial Sector Development Department of the World Bank in Washington, DC,as a senior financial economist from 1998 to 2000. There he advised developingcountries on mortgage finance and capital markets. From 1991 to 1998, Achimworked for empirica, a German economic think-tank based in Bonn and Berlin, asa senior economist, consulting for international organizations, governments andthe private sector in the areas of housing finance, communal infrastructure finance,financial sector analyses, regional economic development, real estate markets,housing policy and evaluation of large investment projects. He has been a permanentadvisor for the Association of German Mortgage Banks (Pfandbrief issuers) since1993. Achim has a diploma degree in economics from the University of Bonn.

Philippe DumelDirector of Servicing, Executive Committee MemberUCB - Union de Crédit pour le Bâtiment

Philippe joined UCB in 1987 and spent the initial part of career in the mortgagebusiness first as a quality consultant and then as branch head. In 1994, he wasappointed director of marketing. He has been a member of UCB's ExecutiveCommittee and responsible for mortgage administration and servicing activitiessince 1998. UCB, now fully owned by BNP-Paribas, is one of the leading specializedmortgage companies in France. UCB also operates in Italy and in Spain througha joint venture with SCH.

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Martin FinegoldChairman, TrigoldCEO, Ifonline

Martin Finegold has been chairman of Trigold and CEO of IFonline since 2000. TheTrigold businesses originated in February 1999 with IFonline, as a privately financedsuccessor to the common trading initiative originally proposed by the IntermediaryMortgage Lenders' Association (IMLA) and the Council of Mortgage Lenders (CML).Trigold became a division of IFonline Group in June 2001. Previously, Martin spentfive years with Kensington Mortgage Co. and eight years with Goldman Sachs.

Torben Weiss GarneChief of DivisionDanish Ministry of Economic and Business Affairs

Before his present position as chief of division in the Danish Ministry of Economicand Business Affairs, Torben worked at the Danish Permanent Representation inBrussels and in the Danish Financial Supervisory Authority. He is vice president ofthe Danish Pension Market Council, member of the Board of Pensions Info, memberof the Banking Advisory Committee and the Insurance Committee. He is also alegal commentator on financial legislation in KARNOV. He became a lawyer in 1987.

Juan Fernandéz-AceytunoCountry Manager - Spain & PortugalGE Mortgage Insurance

Juan is responsible for launching GE Mortgage Insurance in Spain & Portugal ina regulatory, commercial and operational capacity. Juan, who was born in Madrid,graduated from Universidad Politecnica de Madrid as an engineer. He also obtainedan Executive MBA in Operations with distinction from the "Instituto de Empresa"Business School in Madrid. After university, Juan joined BP Oil, where he contributedto several projects, including conceptual, detailed design, construction, start upand operation of a grass-roots plant, developed during more than one year inFlorham Park, New Jersey, in the United States. Juan joined GE in 1995, and hasheld various positions in several businesses including GE Plastics, GE Real Estateand now in GE Mortgage Insurance, where he was promoted to Country Managerfor Spain and Portugal in 2001.

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Matt GilmourAssociate Director, European Structured FinanceFitchRatings

Matt is an associate director in the European structured finance group at Fitch inLondon. Matt leads the agency's European residential and commercial mortgageservicer rating programme. Prior to joining Fitch in March 2001, Matt was a senioraudit manager with responsibility for securitisation transaction support at Deloitte& Touche. Matt earned his commerce degree in accounting at the University ofBirmingham. He is also a qualified chartered accountant.

Torben GjedeDirector GeneralRealkreditrådet

Before his present position as Director General of Realkreditrådet (Association ofDanish Mortgage Banks), Torben worked as an economist at the Danish Ministryof Economics. His main tasks were economic analysis and research work, includingparticipating in a research group of building an econometric model of Denmark.Torben was also an associated professor in economics at the University ofCopenhagen as well as an economic columnist to the leading Danish businessnewspaper and the Danish correspondent to the Economist publishing company.Torben has published several articles on economic and mortgage business mattersand has been active in European mortgage affairs. He is Danish Deputy VicePresident of the European Mortgage Federation, president of the EMF’s CapitalMarket and Mortgage Bond Committee, member of the Executive Committee ofthe Nordic Council of Mortgage Banks and member of the Executive Committeeof the International Union for Housing Finance. Torben holds a Master of Sciencein Economics from the University of Copenhagen.

Harry GroeneveldChief Executive OfficerQUION

As Chief Executive Officer of Rotterdam-based QUION, Harry is responsible forcorporate strategy, portfolio management, information, computer, technology andfinance. QUION, the only independent mortgage servicer in the Dutch market, wasset up this year by Hypotrust, a successful provider of residential mortgages. Harryjoined Hypotrust in 2000 and has been CEO since 2001. Before joining Hypotrust,Harry spent 15 years with Achmea Care, where he had several positions withvarious subsidiaries. His responsibilities included the purchase of medical services,finance, ICT, claims handling and general services. Harry has also participated inseveral committees of the Association Zorgverzekeraars Nederland. Harry obtainedan executive MBA in 1999 in through the Rochester (US)/Nijenrode-program. Heis married and has three children. He enjoys jogging, skiing and traveling.

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Dr. Louis HagenHauptgeschäftsführer / General Manager,Verband deutscher Hypothekenbanken

Dr. Louis Hagen, General Manager of the Verband deutscher Hypothekenbanken(Association of German Mortgage Banks), began his career with an apprenticeshipwith Bayerische Vereinsbank AG in Munich. After reading law at Munich University,he took his doctor's degree at Berlin University and spent some time as a juniorlawyer in Munich and New York. Following a stint as a solicitor with a law firm inMunich, he became assistant manager at BV-Beteiligungsgesellschaft (a subsidiaryof Bayerische Vereinsbank AG), Munich. In 1992, he was appointed head of theBrussels office of the Association of German Mortgage Banks. In 1996, he becamesenior manager for property redevelopment management at Bayerische Hypo- undVereinsbank AG. He became managing director of the Association of GermanMortgage Banks, Bonn, in 2000 and has been General Manager of the Associationin Berlin since 2001.

Steve HaggertyManaging DirectorHomeloan Management Limited

Steve took on the position of Managing Director of HML in November 2000. Hebegan his career at Bristol & West Building Society in 1973 as a managementtrainee, before joining HML as head of operations from 1990 to 1993. Afterspending two years with Skipton Building Society as AGM, administration, Stevereturned to HML in 1995 as director of operations. Steve was educated at HartcliffeSchool in Bristol and spent time in further education in Bristol where he successfullycompleted Associate exams of the Institute of Legal Executives in 1979. HML isthe U.K.'s acknowledged leader in the provision of mortgage outsourcing facilitiesto major banks, building societies and other lenders. Since the company was formedin 1988, HML has been at the forefront of the mortgage outsourcing industry inthe United Kingdom, providing a wide range of services to allow financial institutionsto focus on building their business, sound in the knowledge that their mortgageportfolios are being managed on what is recognised as the U.K.'s most robust,flexible and dynamic mortgage system.

Judith HardtSecretary GeneralEuropean Mortgage Federation

Judith is Secretary General of the European Mortgage Federation. The Federationis the leading association representing the mortgage industry at European level.Its members grant 70 percent of Europe's outstanding mortgage loans. Judith hasextensive knowledge of the EU regulatory framework and the European mortgagemarkets. She has written numerous articles on housing finance and is a regularspeaker at conferences. She is also member of the Executive Committee of theInternational Union of Housing Finance. Judith joined the Federation in 1987 andwas appointed Secretary General in 1993. Judith qualified as a lawyer after studiesin Belgium and the United States.

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Dr. Felix HeySenior Vice PresidentHVB Real Estate Investment Banking, Munich

As Senior Vice President of HVB's Real Estate Investment Banking unit, Dr. Hey isresponsible for the structuring of mortgage-backed securitisation transactions. Dr.Hey, who holds a law degree and a Doctor of Law from the University of Munich,joined Vereinsbank's mortgage banking division in 1996. He established structuredcredit products applicable for the mortgage banking business and worked onlaunching Vereinsbank's MBS programme. Since the merger of Hypobank andVereinsbank in 1998, he has been head of Real Estate Structured Finance'smortgage-backed securitisation department, active in structuring MBS with anoverall volume of more than 12 billion euros, with WuerttHyp-2001-1, Dutch Dream-2001 and Provide Comfort 2002 as the most recent transactions.

Søren HolmGroup Treasurer, Executive Vice PresidentNykredit A/S

Søren is Group Treasurer and Executive Vice President of Nykredit A/S. Nykreditis one of the leading mortgage banks in Denmark with a market share of 33%within mortgage lending as well as 25% of the aggregate amount of bank andmortgage lending in Denmark. Søren holds a master’s degree in Economics fromthe University of Copenhagen and has more than 10 years of experience as GroupTreasurer of Nykredit. Søren has for the past decade, together with the Danish FSAand the Danish central bank, been working with the development of the Danishbalance principle which is the cornerstone of the Danish mortgage credit system.

Michael A. HymanBusiness Development DirectorEDS Credit Services

Michael is Business Development Director for EDS’ third-party credit administrationbusiness line in its Europe, Middle East, and Africa region and is based out of itsregional headquarters in Hampshire, England. He is responsible for executing thecompany’s sales strategy for prospective customers in this region. Mike has morethan 20 years experience in the U.S. mortgage industry, including nearly 10 yearswith EDS’ US loan administration subsidiary Wendover Financial Services inGreensboro, North Carolina. He is a regular industry speaker and contributor totrade publications. An active member of the Mortgage Bankers Association ofAmerica, he received his Certified Mortgage Banker designation in 1995 and hasserved as an instructor at the School of Mortgage Banking, receiving its FacultyFellow Award in 1999.

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Jérôme JacquesDirector, European Securitisation Group / Debt FinanceSociété Générale

Jérôme Jacques is Director of Securitisation at Société Générale. Paris-based, hehas been responsible for originating and structuring securitisation-related transactionssince 1997. He is involved in transactions covering a variety of asset classes(residential mortgage, commercial mortgage, equipment leasing, consumer loan,trade receivable, future flows) and originators (corporate and financial institutions).Prior to joining the SG Securitisation Group, he held various positions with SGLondon, New York and Atlanta in the Corporate Finance Group. Jérôme graduatedfrom Hautes Etudes Commerciales (1989) and holds an economics degree withspecial mention from La Sorbonne University and a French Accounting SuperiorDegree (DECS).

Stuart JenningsDirector, European Structured FinanceFitchRatings

Stuart is a director in the European structured finance group at Fitch in London.Stuart heads the agency's European residential mortgage-backed securities group.Prior to joining Fitch in 1999, Stuart was an associate in the asset securitisationgroup at Credit Suisse First Boston and before that was an audit manager at KPMG.Stuart earned his B.A. degree in accounting and French at the University of Kentat Canterbury. He is also a qualified chartered accountant.

Eric KlestaDirector, International Corporate Development and ServicingUCI - Unión de Créditos Inmobiliarios

Eric is responsible for managing UCI's international lending activity and UCI'sexpansion as a lender and a third-party servicer. UCI (Unión de Créditos Inmobiliarios)is the leading specialized mortgage institution in Spain. Created in 1989 as a joint-venture company between the banking groups BNP Paribas and Banco Santander,it is based in Madrid. Eric has over 12 years of international experience in Europeand Latin America, where he has provided advice to external clients on the creationof market-based housing finance institutions and participated in several mortgagesecuritisations. From 1998 to 2002, Eric was the managing director for UCI Portugal,which he launched from scratch and which is now the leading mortgage lenderthrough brokers and real estate agents in Portugal. Eric joined UCI's Board ofDirectors in 1993 and his management experience includes various operationalpositions such as manager for treasury and strategic planning, and credit andoperations director. Prior to joining UCI, Eric was responsible for the funding in thedebt markets of the credit activities of Compagnie Bancaire, now incorporatedwithin the BNP Paribas group. Eric holds an MBA from the IESE Business Schoolin Barcelona (Spain), a M.Sc from the University of Southampton (UK) and a degreein engineering from École Centrale (France).

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Eric KlopferVice President – Global Regulatory AffairsGE Mortgage Insurance

In his role as Vice President, Global Regulatory Affairs, Eric is responsible forcoordinating GE’s Mortgage Insurance’s international regulatory strategy, includingits response to Basel II. Eric also works on strategic market development andspecial projects involving GE’s global customer base, especially in the capitalmarkets area. Currently, Eric leads efforts by private mortgage insurers to developa pan-European regulatory focus through the Mortgage Insurance Trade Association.Eric is from Pittsburgh, Pennsylvania, and holds degrees (B.A./M.A.) in history fromthe University of Pittsburgh, a law degree from Yale, and a D.Phil in history fromOxford. After law school, Eric served as a special assistant to a federal appealscourt judge in the U.S., and taught literature and history at several universities.Eric joined General Electric Mortgage Insurance Corporation in 1998, where hehas served as legal counsel for matters as wide ranging as investment management,large national accounts, product development, and GE’s Y2K readiness efforts. Inrecent years, Eric has drafted all of GEMI’s regulatory responses on risk-basedcapital regulation. He is currently meeting national regulators throughout Europeand Asia to explain the role of mortgage insurance in ensuring a safe, efficient andgrowth-oriented residential mortgage finance system.

Dr. Thomas KretschmarChief Executive OfficerHypoport

Thomas is Chief Executive Officer of Hypoport, which was set up at the beginningof 2002 as the result of a merger between mortgage broker Dr. Klein & Co. AG ofLübeck and integrator Freie Hypo AG of Berlin. Prior to assuming this post, he wasdirector of the Institute of Services Management, where he focused on strategiesfor the mortgage industry. He also spent three years on the Board of the internationalconsulting firm Droege & Co. A graduate of the University of Göttingen, Thomaswrote his doctoral thesis on expert systems for business diagnostics. He has beena professor of mortgage computing at the University of Applied Science in Berlinsince 1997.

Michael J. LeaPresidentCountrywide International Consulting Services

Michael is President of Countrywide International Consulting Services, LLC., a firmspecializing in the analysis of and provision of technical assistance to primary andsecondary mortgage market institutions worldwide. Prior to joining Countrywide in2000, Michael was president of Cardiff Consulting Services, a firm specializing inthe analysis of housing finance markets and institutions worldwide. He has over15 years of international experience in 22 countries spanning five continents. Hehas provided advice on the creation of market-based housing finance institutionsand systems as a consultant to the European Commission, Inter-AmericanDevelopment Bank, the World Bank Group and the U.S. Agency for InternationalDevelopment. Michael has also provided consulting services for government-sponsored enterprises, trade groups, regulatory agencies and major private sectorfinancial institutions in Europe and the U.S. Michael has a unique combination ofresearch experience, senior operational responsibility in a major financial institutionand high-level participation in public policy formulation. He was senior vice presidentof finance and capital markets at Imperial Corporation of America from 1987 to1991. Michael was chief economist at the Federal Home Loan Mortgage Corporation(Freddie Mac) from 1983 to 1987.

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Jeroen D. LoomanSenior Account Manager, Structured FinanceNIB Capital Bank

Jeroen joined the Financial Markets Division within NIB Capital in early 2001. Heis responsible for the origination of residential mortgages -- the fuel for NIB CapitalStructured Finance’s successful Dutch RMBS program. Jeroen has over 10 yearsof experience in mortgage origination and sales. Before joining NIB Capital, he wasone of the founding associates of the Bank of Scotland’s Internet mortgage businessin the Dutch market (EUBOS).

Johannes LuefPresident and CEOVærdipapircentralen (VP Securities Services)

Johannes was a member of the Board of Directors from 1998 until 1999 when hewas appointed CEO. Before joining Værdipapircentralen, Johannes spent five yearswith Hartmann Inc. as senior vice president and managing director. Prior to thisJohannes was head of innovation with PBS (IT for financial industry) for three yearsand head of planning at Realkredit Danmark (mortgage banking) for five years.Johannes was born in Austria and has lived in Denmark since 1974. He holds aM.Sc in Economics from the University of Vienna and a Ph.D tech.

Kate MainSenior Policy AdviserCouncil of Mortgage Lenders

Kate studied modern languages at Durham University and spent the first 10 yearsof her professional life working in local government -- first with Surrey County Counciland then with the Association of County Councils. She joined the Building SocietiesAssociation in December 1991, and when the BSA and CML de-merged in December1996, moved to the CML as Senior Policy Adviser. Her responsibilities now coverall matters relating to the new regulatory structure for mortgage lending, includingthe new FSA rules and the review of Consumer Credit legislation, and also a numberof European developments. Kate is a regular speaker at CML events, and the firstpoint of contact for its 146 members who collectively represent approximately 98percent of residential mortgage lending in the UK.

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John MaltbyChief ExecutiveKensington Group plc

John joined the Kensington Group in August 2000 from the Abbey National Group,where he was managing director of First National Tricity Finance and executivedirector of the First National Group. He previously held senior executive roles inthe NatWest Group and Barclays Bank and enjoyed a successful consultancy careerwith Andersen Consulting and Price Waterhouse working with blue chip clients infinancial services and other sectors. At Kensington, John has led the companythrough a successful listing on the London Stock Exchange and a 100 percentincrease in profits in its first annual results as a listed company.

Anthony MusacchioDirector - International DevelopmentUnited Guaranty Corporation

Anthony is a mortgage industry professional with 17 years' experience in U.S. capitalmarkets and business development experience -- eight in mortgage banking withmajor mortgage originators and nine in the mortgage insurance industry. As amortgage banking professional, he oversaw the management of interest rate riskin a multibillion dollar mortgage pipeline and created, developed, and implementedmortgage lending programs designed for resale on the secondary market. Hismanagement experience includes several years with one of the fastest growingcompanies in the United States and positions with lenders ranking among the top20 mortgage bankers. In the mortgage insurance industry, Anthony contributed tothe regional and national success of a company that has increased its nationalmarket share by more than 60 percent since he joined the company. While withUnited Guaranty, he has helped to develop and introduce new products and servicesincluding mortgage scoring and mortgage insurance programs. A recognized andcertified trainer, Anthony has extensive experience in developing and conductingseminars on secondary market operations and analysis. Anthony is currentlyresponsible for management of United Guaranty's business development in Europeand the U.K.

Karen NaylorManaging Director, Structured Finance GroupStandard & Poor's

Karen is a Managing Director in the Structured Finance Group based in London.She has worked for over nine years on asset- and mortgage-backed securitisationsin Europe. Karen has analysed both term and commercial paper transactionssecured by a diverse group of assets including residential and commercial mortgages,personal consumer loans, auto loans, credit cards and trade receivables. In additionto her analytical duties, Karen is also responsible for managing and coordinatingresidential mortgage-backed transactions across Europe. Prior to joining Standard& Poor's, she was a credit analyst at Chase Manhattan Bank N.A. in London andat National Westminster Bank in Frankfurt.

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Klaus-Friedrich OttoEditor in ChiefDer Langfristige Kredit

Klaus-Friedrich Otto has had a longstanding career in business and economicjournalism since the early 1970s. He has been a member of the editorial teamsof a number of economic magazines on real estate finance, including “Zeitschriftfür das gesamte Kreditwesen,” “Immobilien & Finanzierung,” “bank und markt,”and “cards Karten cartes.” Since 1980, he has been the chief editor of the VerlagFritz Knapp GmbH, Frankfurt am Main, und der Verlag Helmut Richardi GmbH,Frankfurt am Main, the reference guide for German real estate finance. He hasbeen its owner since 1993. Klaus-Friedrich holds a degree in economics fromUniversität München.

Roberto PaciottiAssociate Director, Structured FinanceStandard & Poor's

Roberto is an Associate Director with Standard & Poor's London office in theStructured Finance Department. He is coordinator of the Structured Finance activityover Italy. Since joining S&P in January 2001, he has been involved in a numberof transactions originated in Italy covering a variety of asset classes, includingresidential and commercial mortgage securitisations, non performing loans, ABSas well as Italian Treasury sponsored deals. Prior to working with S&P, he workedin the Project Finance department of MCC, the investment banking arm of theCapitalia Group. Roberto holds a master’s degree in Economics from the LUISSUniversity in Rome.

Eimer O'RourkeSecretaryIrish Mortgage & Savings Association

As Secretary of the Irish Mortgage & Savings Association (IMSA), Eimer is responsiblefor overseeing the operations of the IMSA, which focuses on issues particularlyrelevant to the mortgage and savings markets, as well as participating in a rangeof joint committees with the IMSA and the Irish Bankers' Federation (IBF). Eimerjoined the Irish Mortgage and Savings Association (IMSA) in 1995, after spendingtwo years with the Credit Department of Bank of Ireland Finance. She becameSecretary of the IMSA in 2000. The IMSA, which evolved out of the Irish BuildingSocieties Association, is a representative body for mortgage lenders, comprisingbanks and building societies. It is affiliated to the IBF, the representative body forbanks in Ireland. Eimer graduated from the University College Dublin with a B.A.(Hons) psych in 1985 and took of a variety of roles in health services from 1986-1990. After two years of full-time study, she graduated from Michael SmurfitGraduate School of Business, UCD with master’s degree in Business Studies(Financial Services) in 1992.

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Lara PatrignaniAssociate Director, European Structured FinanceFitchRatings

Lara is an associate director in the European Structured Finance group in London.Lara is primarily involved in rating Italian residential mortgage-backed securitiesas well as similar transactions throughout Europe. Prior to joining Fitch in 1998,Lara was involved in the analysis of asset-backed securities across Europe. Laragraduated with a B.A. in Business Administration at John Cabot University.

Friedrich PiaskowskiMember of the BoardDG HYP, Deutsche Genossenschafts-Hypothekenbank AG

Prior to joining the board of DG HYP in 1999, Dr. Piaskowski spent three years ashead of global treasury Germany and asset-liability management for WestLB inDusseldorf. From 1993 to 1996, he was head of sales and trading and asset-liability management for Credit Suisse Deutschland AG in Frankfurt. From 1991 to1993, Dr. Piaskowski led the Asset-Liability Management team at DB Bank inFrankfurt. He previously worked for Volkswagenstiftung and NORD/LB in Hannover.

Andrew PopleManaging Director - Retail BankingAbbey National plc

Andrew began his career in 1983 with the Civil Service where he worked for sevenmonths as a Research Officer before joining the Bank of England where he workedas a supervisor. On leaving the Bank of England in 1988 he joined Abbey Nationalplc and for three years worked as strategic planning manager for corporate planningbefore becoming executive manager responsible for the project to establish AbbeyNational Life. In 1992, Andrew became regional director for Central Region and in1994 he was appointed director, Life Assurance Division, and chief executive,Scottish Mutual. In August 1996, he was appointed managing director, RetailDivision, and chairman of Abbey National Life. From 1 January 1998 he alsoassumed responsibility for the general insurance business. Retail banking servesAbbey National's 15 million UK customer base, providing a wide range of personalfinancial products and services which include mortgages, savings, investments,banking and insurance.

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Tony PorterChief Operating Officer and Executive Managing DirectorPMI Mortgage Insurance Company Limited

In his most recent position, Tony is responsible for PMI's activities in Europe. Tonycurrently lives in Dublin, Ireland, directing the company's initiatives across thecontinent. Prior to this assignment, Tony lived and worked in Sydney, Australia,where he directed the integration of PMI's first Australian acquisition, MGICA. Tonyalso led PMI's acquisition of CGU in Australia and New Zealand. Prior to assumingthe leadership role for international markets, Tony managed Institutional Markets,implementing the use of pmiAURASM in the capital markets. Tony began his careerat PMI in 1983 and served as manager in the Research Department. In 1986, hetransferred to Atlanta as account executive for Georgia and Alabama. He waspromoted to marketing director in 1988 and was appointed national accountsdirector for PMI's Western Zone in 1990. In 1993, he was promoted to vice presidentof marketing. He became vice president of institutional markets in 1996 and beganhis international duties in 1998. A graduate of the University of California at LosAngeles, Tony holds bachelor's degrees in Economics and Psychology and hasreceived advanced training at Northwestern University's executive managementprogram. He was awarded "Faculty Fellow" by the Mortgage Bankers Associationfor commitment and excellence in teaching in the School of Mortgage Banking.

Annick PoulainSenior Vice President, Structured Finance GroupMoody's France S.A.

Annick joined Moody's France in October 1994, working first in the FinancialInstitutions Group covering French and Belgian bank, before moving to the StructuredFinance Group in 1997. Based in Moody's Paris office, Annick is primarily responsiblefor ratings of French asset-backed transactions, asset-backed commercial paperconduits and European structured covered bonds. Prior to joining Moody's, Annickworked within the Crédit Lyonnais USA credit department in New York. Annickstudied economics at the Ecole Supérieure de Commerce de Lille where shegraduated in June 1991.

Scott C. RankinExecutive DirectorEuropean Securitisation Forum

Scott is Executive Director of the Bond Market Association’s European Office,Executive Director of its European Securitisation Forum and an BMA Vice President.Responsible for the daily operation of the European Office, he oversees an arrayof legal, regulatory, capital and market practice initiatives and projects in theEuropean securitisation, global funding and cross-market arenas. He is a memberof the International Bar Association. Scott began his legal career in 1993 as anattorney for the Federal Reserve Bank of New York in the Legal Department’sDivision of Bank Supervision and Markets. He received a B.S., cum laude, fromGeorgetown University’s Walsh School of Foreign Service and a doctorate in lawfrom Boston College Law School. He was a Fulbright Scholar in comparative lawat the Universität München in Germany.

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Tammy RichardsonVP - European Business DevelopmentGE Mortgage Insurance

Tammy is responsible for expanding GE's Mortgage Insurance (MI) Europeanplatform. So far, GE has established MI branches in Italy, Spain, the Netherlandsand has hired a representative for Sweden. Other target countries include Denmark,Germany, Portugal and France. Tammy is also responsible for mortgage-relatedacquisitions in Europe. Tammy, who hails from upstate New York, graduated fromUnion College in Schenectady, NY, 1989 with a Bachelor of Arts degree in Economics(Honours) and is a member of Omicron Delta Epsilon, a national honour societyfor Economics. After university, Tammy joined GE's Financial Management Program,which requires course work and five rotational assignments in various GE businesses.She spent several years at GE's Mortgage Insurance business in various rolesincluding mortgage servicing, negotiate transactions, product development andrisk management prior to moving to the UK to join GE's Global Consumer Financebusiness in Leeds. In 1999 Tammy moved to London to develop the Risk Managementteam at the growing mortgage insurance business and in 2001 was promoted toher current role of VP - European Business Development.

Barbara RidpathManaging Director and Chief Credit Officer, EuropeStandard & Poor's

Barbara is Managing Director and Chief Credit Officer, Europe, at Standard & Poor's.She joined S&P in 1983 after three years as an economist at the Federal ReserveBank of New York. She has worked in S&P's European network since 1986, holdinga broad range of positions. Barbara spearheaded S&P's move into internationalsecuritisation based in London in the late 1980s, and ran S&P-ADEF in Paris from1990 to 1993. From 1993 to 1998 Barbara was a senior credit officer in JP MorganEurope, rejoining S&P as a consultant in 1998, and in her current position in 2000.Barbara holds an A.B. degree cum laude from Smith College and a master’s degreein International Affairs from Columbia University.

Ronald E. RoarkChairman & Chief Executive, Crown NorthCorp, Ltd (Europe)Chairman, Crown NorthCorp, Inc. (USA)

Ron has been Chairman of Crown NorthCorp, Inc. and its affiliated companies since1977. Crown is a publicly traded financial services firm providing comprehensiveasset management and risk management services to owners and operators of realestate interests. In 1995, he led the expansion of Crown's asset managementbusiness into Europe. In the past two years, Crown has been instrumental indeveloping two of the largest real estate transactions in Sweden. The company hasprovided financial advisory and asset management services to buyers with itspartner, Catella Property Consultants AB, one of Europe's largest property companies.He is Chairman of Crown Mortgage Management Limited and the company's primarybusiness development liaison. He and Crown have also provided due diligence andadvisory services with respect to transactions in the United Kingdom, France,Denmark, Italy and Norway. Ron is a past board member of the CommercialMortgage Securities Association (CMSA) and formerly served as Chair of the Boardof Governors of CMSA. He is also active in other industry groups, including theUrban Land Institute (ULI), the Turnaround Management Association (TMA) andthe Mortgage Banker's Association (MBA). He currently serves as a member of hisalma mater (BS 1972) Drake University's Board of Trustees in Des Moines, Iowa.

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Christopher RodriguesGroup Chief ExecutiveBradford & Bingley

Christopher joined Bradford & Bingley, then the UK's second largest building society,as Group Chief Executive in June 1996. Following an overwhelming members votein favour of demutualisation, Bradford & Bingley began the process of convertingto a plc in 1999 and floated on the London Stock Exchange in December 2000.Prior to joining Bradford & Bingley, Christopher was chief executive of Thomas Cook,which he joined in 1988 as chief operating officer. He had previously spent nineyears with American Express where he held a number of senior posts. He joinedAmerican Express from McKinsey. He is a nonexecutive director of the FinancialServices Authority, a member of the Executive Committee of the National Trust anda Steward of Henley Royal Regatta.

Santiago Ruiz-MoralesHead of Securitisation, Iberian PeninsulaCrédit Agricole Indosuez

Santiago worked for Bankers Trust for 16 years in a variety of positions in Madrid,New York, Caracas, Paris and London in the International, Capital Markets Origination,Leveraged Buyout and Structured Finance departments. Later, he spent some timewith Citius, a private equity advisory firm in Madrid, before joining CAI-Madrid asDirector General, Institutional Area. In late 1998, he was put in charge of theSecuritisation Project. CAI-Madrid has been ranked as the No. 1 ABS bookrunnerfor Spain for the last two years, 2000 and 2001. Over this period, CAI-Madrid hasled 17 Spanish ABS issues, of which 10 have been MBS. These include the largestnon-self-led European RMBS launched in euros, the first Spanish nonconformingRMBS, the first securitisation of covered bonds, the first SME loan CLO in Europeand a record-breaking 14 multi-originator transactions. Santiago has studied inMadrid, London, Bogota and Washington, DC, and holds an MBA from the Universityof Chicago.

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William RossDirector of Global ABS ResearchABN Amro

Will is the Director of Global ABS Research at ABN Amro in London. He waspreviously vice president, ABS reseach, at Merrill Lynch and prior to that a memberof the ABS research team at JP Morgan. Will graduated from Queens Universityin Canada with degrees in Economics and Philosophy and is a CFA Charter Holder.Born in Ecuador and raised in Canadia, Will speaks an equally divergent group oflanguages including Spanish and Dutch. Notorious for borrowing a client's tie andaddressing a packed conference room with the introduction, "I aplogise for standinghere looking like a stereo salesman," Will enjoys arts, literature, comics, film andtravel.



Karel J.R. SchifferPresidentFoundation Guarantee Fund for Homeownership

Karel is president of the Foundation Guarantee Fund for Homeownership of theNetherlands, which is responsible for supplying the National Mortgage Guarantee(Nationale Hypotheek Garantie) to borrowers. The National Mortgage Guarantee,set up in 1995 with the backing of the central government as the successor to theMunicipality Guarantee, secures repayment of mortgags used to purchase orrenovate private homes. The guarantee, called the National Mortgage Guarantee(Nationale Hypotheek Garantie), was introduced on Jan. 1, 1995, and is suppliedto borrowers deemed eligible following an assessment procedure. Some 60,000guarantees are supplied each year. Prior to becoming head of the foundation, Karelworked in a number of different positions at the Ministry of Housing, PhysicalPlanning and Environment. In his last position at the ministry -- coordinator formatters related to homeownership -- Karel wrote a number of policy documents,including one on building savings, and worked on studies outlining and analysingthe mortgage market in the Netherlands. His final effort as a civil servant focusedon the privatisation of the municipality guarantee for homeownership. This led tothe creation of the Foundation Guarantee Fund for Homeownership at the end of1993. Karel has been president of the foundation since its inception.

Peter C.M. SchottHead of the Syndication/Securitization and DirectorAareal Bank AG

Peter is Director and Head of the Syndication/Securitization Department at AarealBank AG, which he established in Wiesbaden in March 2001. His responsibilitiesinclude the syndication of loans as well as the origination, structuring and distributionof Mortgage-backed securitisation transactions. Before joining Aareal, he workedfor several years in Luxembourg and New York as vice president and team headat Dresdner Kleinwort Wasserstein in their Global Finance department and at TheSanwa Bank in their credit and risk management department. His backgroundincludes experience in syndicated loans, structured finance, project finance, conduitbusiness and securitisation. Peter read Economics at the University of Munich,graduating in 1991.

Mirko SiepmannConsultant

Mirko is an interim management consultant with extensive experience in themortgage finance business. From 1999 to 2001, he was chief executive officer ofE-Loan Europe N.V., a joint venture among E-Loan US, Vivendi and Softbank. Priorto that, he was senior vice president of the Transaction Banking Division of DeutscheBank AG in Frankfurt and chief operations officer and chief financial officer ofHYPO-Bank subsidiary Direkt Anlage Bank AG, Germany’s first discount broker.Mirko is married and has two children, aged 2 and 5.

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Bas P. SnijdersDirector of FundingSNS bank NV

Bas is a director of funding at SNS bank NV, the fifth largest bank in the Netherlands.Bas is responsible for a 6.5 billion euro funding programme this year and is amember of the management team of SNS Financial Markets, the treasury arm ofthe SNS Reaal Group. Under his responsibility SNS bank NV increased its EMTNprogramme from 2 billion euro to 20 billion euro in three steps since June 1999and set up a 2 billion euro ECP programme. In addition to senior funding, SNSHermes securitisation programme falls under Bas’ responsibility. So far 2.7 billioneuro of residential mortgages have been securitised in four transactions. Furthermorea 1 billion euro EMTN programme for SNS Reaal Group was established in January2001. Prior to joining SNS in May 1999, Bas worked for Barclays Capital in London,where he was a director responsible for marketing fixed income products andderivatives to institutional clients in Holland, Belgium and Luxembourg. Bas hasbeen active in (investment) banking since the early 1980s and has held variouspositions at ABN Amro, Chase Manhattan, West LB and Barclays in the Netherlands,London and New York.

Juan Pablo SorianoManaging DirectorMoody's Investors Service España

Juan Pablo currently holds the position of both Structured Finance ManagingDirector for Moody's Investors Service in Spain and Portugal, and Managing Directorfor the company's Spanish office headquartered in Madrid. He started his professionalactivities working as a stock broker operator in the Madrid Stock Exchange beforespending five years in the credit department of the former Banco Central in theirNew York Branch. He joined Moody's eight years ago as a senior analyst in theLondon Structured Finance department. In 1994 he was promoted and relocatedto Spain to direct SF activities in the Iberian market. He holds a law degree fromUniversidad Complutense de Madrid and an MBA in Finance from New YorkUniversity.

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Alexandra SleatorSenior Vice President / Coordinator for European Covered Bond RatingsMoody's Investors Service Ltd.

Alexandra joined Moody's in 1997 and has been primarily responsible for ratingsof financial institutions in France, Switzerland and the Nordic area. She has alsobeen involved in the ratings of financial institutions in Benelux and Spain. Herassociation with banks in Luxembourg, Switzerland and Liechtenstein provides herwith a special expertise in the field of European private banking. In addition,Alexandra is rating coordinator for covered bonds in Europe. In this capacity, shehas either led or participated in the development of rating methodologies for French,Spanish, Luxembourg, Finnish and Irish covered bonds. Today, she is leadingprojects in Norway, Belgium and Portugal. Prior to joining Moody's, she spent 10years at J.P. Morgan working in the bank's capital markets, corporate banking andcredit risk areas. Alexandra studied at Brown University, Rhode Island, where shereceived a B.A. in Business Economics and a B.A. in International Relations.Previously, she was educated in France.



Jean-Luc SpetzManaging DirectorEUROHYPO Europäische Hypothekenbank S.A., Luxembourg

Jean-Luc, a French national, graduated with a primary and a master’s degree inEconomics from Strasbourg University. He started his banking career with DeutscheBank in 1972 in Karlsruhe, Germany, before joining the bank's head office inFrankfurt. From 1981 to 1988 he was in charge of the Milan Branch of DeutscheBank as general manager. After investment banking assignments in London andFrankfurt he was appointed general manager of Europäische HypothekenbankS.A., Luxembourg, in 1990. In 1995 Jean-Luc Spetz took over as managing directorof EUROHYPO European Mortgage Bank plc in Dublin. In 2000, he returned toLuxembourg and joined Europäische Hypothekenbank S.A. as managing director.He is one of the vice presidents of the Brussels-based European Mortgage Federationand is also a member of the Board of the Luxembourg Bankers' Association.

Ian StewartHead of Mortgage Marketing and SecuritisationHalifax plc

Ian was appointed Head of Mortgage Marketing and Securitisation for Halifax inMarch 2000 and is currently responsible for new product pricing, productdevelopment, mortgage advertising and marketing support. Since October 2001has also had similar responsibilities for Bank of Scotland mortgages. Has recentlycompleted a joint project with HBOS Treasury Services to deliver the first securitisationof Halifax mortgages, where £3.5 billion was raised through Permanent FinancingNo1. Previously worked in Group Treasury for Halifax initially as finance directorand then director of planning & development. Before joining the Halifax, upon themerger with the Leeds Permanent, Ian undertook a variety of roles latterly asTreasurer having spent five years with responsibility for capital markets. He qualifiedas a chartered accountant with KPMG in Leeds and has a B.A. in Economics fromLeeds University.

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Jeffrey SpencerVice President, Fixed Income ResearchMerrill Lynch International

Jeffrey is responsible for coverage of European covered bonds as well as high-grade sovereign, quasi-sovereign and supranational issuers with an emphasis onlocal and regional governments and state-owned financial institutions in Europe.As a member of Merrill Lynch's High Grade research team, Jeffrey has been nameda first teamer for Public Sector Borrowers in Institutional Investor's first Europeanfixed income research poll, and was named as a first teamer for sovereigns inInstitutional Investor's Global Research poll. He has been ranked among the top5 Public Sector analysts in both Euromoney and Credit Magazine annual EuropeanCredit Research polls. Before joining Fixed Income Research, Jeff worked for twoyears with Merrill Lynch's Debt Origination group. In addition to a B.A. in PoliticalScience and French from Middlebury College in Middlebury, Vermont, Jeff holdsan M.A. from Columbia University. He studied for a year at France's Institut d'EtudesPolitiques in Paris.



John SutherlandDivisional DirectorNationwide Building Society

John joined the then Nationwide Anglia Building Society in 1988. The role wasmanaging FlexAccount which had been launched twelve months previously. Hisrole gradually expanded to include all money transmission activities for the group.1994 saw John move into the retail network to manage the southern half of thebranch network and in 1996 he was appointed divisional director for the wholenetwork. In 1998, as divisional director mortgages and loans, he became accountablefor the processes across the organisation for these two core products. Recently hetook over the programme to create a groupwide processing centre for all Nationwideproducts. He is a director of The Mortgage Code Compliance Board and The HousingForum. In 1990 he began an MBA at the University of Exeter which he completedin 1993 and then went straight into an M.A. in Leadership Studies, again at Exeter.He graduated with distinction in 1996. He is married to Jacqueline, and they havetwo sons and a daughter. He is an away supporter of Sunderland football club andhis other interests include military history, gardening and he is a Trustee of TheProspect Hospice in Swindon.

Philippe TapernouxDirector, European Securitisation GroupUBS Warburg

Philippe joined UBS Warburg in 1995 and was involved in corporate finance andbank lending. For the past six years, Philippe's focus has been on Europeansecuritisation, completing transactions in a number of jurisdictions, most recentlyin the Netherlands, Ireland, Germany and Greece. He has worked on a number of"first" transactions, including the securitisation of Embedded Value for UK insurerNPI, the first European Lottery securitisation for the Greek government or the firstmortgage securitisation programme for Dutch financial institution SNS bank.Philippe holds a degree in business administration and economics from HECLausanne, Switzerland.

José Ramón ToráDirector, European Structured FinanceStandard & Poor's

José Ramón is a Director in the European Structured Finance Group of Standard& Poor’s Credit Market Services in Spain. Prior to joining the Structured FinanceGroup, José Ramón worked for the Latin American Structured Finance Group andthe Financial Institutions’ Group also covering Latin America. Before joining Standard& Poor’s, he worked for Duff & Phelps Credit Rating Co. and Banco Español deCrédito in New York. While living in Spain, he worked for Arthur Andersen & Co.José Ramón holds an MBA from Columbia University in New York and a master’sdegree in Economics and Business from Pontificia de Comillas University (ICADE)of Madrid, Spain. He is also a member of the Official Register of Accountants inSpain.

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Robert van den BergDirectorGMAC-RFC Nederland BV

Rob has been Director of GMAC-RFC Nederland BV (GMAC Hypotheken) since thebeginning of 2001. Prior to joining GMAC, Rob worked for NIB Capital, which hejoined in 1988. In 1996, following success in leading the company's aircraftfinancing efforts, Rob was named managing director of NIB Capital, and wasresponsible for the establishment and development of its residential mortgagebusiness, NIB Mortgage Backed Assets BV. In this role, he was also in charge ofthe securitisation of seven Dutch residential mortgage portfolios (Dutch MBS) witha total value in excess of 2 billion euros. Before joining NIB Capital, he spent sevenyears with ABN Amro. Robert has a bachelor's degree in Mechanical Engineeringfrom the Technical University in Delft and an MBA from Erasmus University inRotterdam.

Jeroen ("Jerome") van HessenHead of Structured FinanceNIB Capital Bank

Jeroen studied macroeconomics at the University of Rotterdam and Dutch law atthe University of Amsterdam. After working for the Boston Consulting Group, hejoined Insurer AEGON in the Corporate Strategy Department. He later moved toAEGON's investment bank subsidiary, Labouchere, where he worked in corporatefinance. In early 1999 he joined NIB Capital Bank to head up the Bank's StructuredFinance Department, where he is responsible for the Mortgage Principal FinanceUnit, asset securitisation and new principal finance business. From the beginning,Jeroen has been involved in securitisation in the Netherlands. He has beenresponsible for the four sequental securitisations of Share Lease receivables (LABS),NIBC's Dutch MBS programme and several other transactions including the recentfirst-ever International Shipping Loan Securitisation "Latitude Synthetic I".

Han van WijkChief Executive OfficerWagner & Partners

Han has been CEO of Wagner & Partners since 2001. After studying economicsat the University of Amsterdam (1983), Han joined Postbank, part of the ING Group,assuming several marketing management positions with responsibilities in(international) payment systems, savings and insurance. In 1991 he was appointedto the managing Board of Directors of Nutsspaarbank, a savings & loan bank whichbecame part of Fortis. In 1994 he was appointed managing director of Hypotrust,a start-up venture in the mortgage servicing and distribution business, and developedthe company into a relevant market player in the Dutch mortgage sector. Hanappears at many mortgage banking seminars and conventions as speaker ormoderator. He is married and has three children.

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Iain WilcoxEMEA Sales ManagerTower Technology

Iain has worked with Tower Technology in various sales and business developmentroles since late 1995. He is now responsible for the lending operation within Tower,with the objective of developing a pan-European business, built around the principleof Transparent Servicing of Mortgages. Iain has worked in the IT industry since1988, originally starting working life as a graduate accountant with AT&T. In 1990Iain moved into a sales role, gaining valuable experience focused on the retailbanking and building society sectors of the financial services industry. JoiningTower in 1995, Iain was one of the first members of the newly formed sales team,and was instrumental in the early success of Tower in the U.K. From 1997 to 2000,he was responsible for successfully establishing Tower’s sales operations throughthe EMEA region, developing the French, German, Dutch and South African markets.Iain has accumulated a wealth of knowledge and expertise in the Financial Servicesindustry and the lending sector specifically. He lives in Haddenham, Buckinghamshire,with his partner and two children.

Arjan VerbeekVice President / Senior Credit Officer - Structured Finance GroupMoody's Investors Service

Arjan joined the Structured Finance Group at Moody's Investors Service in March2000. Currently his areas of responsibilities include Dutch asset-backed transactions,residential mortgages and mortgage bonds in Europe. Before joining the structuredfinance group, Arjan worked on specialised finance transactions with a Canadianinvestment bank in London. Arjan has a master’s degree in Econometrics from theUniversity of Tilburg in The Netherlands.

Volker WagnerClient Executive -- Financial Industry / Member of the BoardEDS Germany

Volker is the single point of contact for all EDS customers in the financial industry.He has more than 16 years of experience and is well-positioned with extensiveknowledge of banking IT. He is a regular industry speaker and contributor to tradepublications. Known as an outsourcing expert, his focus is on transaction bankingand continuity services. He is an active member of miscellaneous committees inthe banking and insurance industries.

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Clive WoodHead of Banking and MortgagesHSBC Bank plc

Clive joined HSBC from university in 1977. He held a number of roles in branchbanking before being seconded to the Investment Management RegulatoryOrganisation (IMRO) in 1986 as personal assistant to the chief executive. Hesubsequently joined HSBC's investment banking compliance function working withdifferent business units in asset management, venture capital, treasury, offshoreand corporate trusteeship. In 1991 he was appointed general manager of HSBCBank Stockbrokers before establishing HSBC's bancassurance compliance functionin 1994. He was appointed head of distribution in 1998. In January 2000 he wasappointed head of home buying with specific responsibility for developing andimplementing HSBC's mortgage strategy. In July 2001 Clive was appointed headof banking and mortgages, with responsibility for meeting the current account,banking, mortgage and borrowing needs of HSBC's personal customers in the UK.He sits on the Executive Committee of the Council of Mortgage Lenders and theHSBC Personal Banking Management Committee.

Toni MossFounding PartnerEuroCatalyst BV

Toni is the Founding Partner of EuroCatalyst BV, a European-based business-to-business information services, media and market positioning firm engaged inaccelerating cross-border entry and Pan European strategies for companies inmortgage lending, third-party administration, securitisation and related technologies.The firm is the creative force behind the annual EuroCatalyst event, which providesthe context for a unified European mortgage industry. Toni has an extremely uniqueand strong background in corporate intelligence, corporate positioning and strategicmarketing, with a wealth of experience in financial services focusing on investmentbanking, securitisation, mortgage banking, back-office administration and relatedtechnologies. Initially a journalist and screenwriter, Toni’s career progressed rapidly,as she went from corporate and political speechwriting into corporate intelligenceand global trend forecasting. Adept at predicting early trends and marketconvergence, Toni began creating information strategies for the U.S. banking andfinancial services industry in the late 1980s. Early companies include I CubedInformation Strategies and Mortgage Analysis Portfolio Strategies (MAPS), thelatter of which featured software that became a U.S. industry standard forelectronically based mortgage portfolio valuations and the front end of severalleading mortgage servicing platforms in the U.S. specialising in non-performingloans. In the mid-'90s Toni worked as an independent consultant identifyingacquisition candidates for IPO spinouts and servicer acquisitions or capitalinvestment for Wall Street investment banks including Lehman Brothers. In 1998Toni became Director of International Business Development for STATER BV,headquartered in The Netherlands. Toni was instrumental in the global branding,market positioning and expansion strategy of STATER as "the EuroServicer".

Shirley Y. JacksonPartnerEuroCatalyst BV

Shirley is a full EuroCatalyst Partner, having joined the firm in 2002. Raised inVancouver, Canada, Shirley has been living and working in Japan for the past 18years. Most recently the Deputy Managing Editor and Head of Electronic Mediafor The Japan Times, Shirley has held a variety of positions at the newspaper,including chief of the business and politics news desk, head of the foreign anddomestic news desks, and head of the international weekly. She was immortalised(and mortified) as "Sophie, the voluble newsroom ringleader" in the 1994 book"About Face," a sociological examination of business, politics and life in Japan.Shirley studied Middle Eastern Politics at Georgetown University in Washington,D.C. and graduated from the University of British Columbia with a degree in PoliticalScience. She earned a graduate degree in International Relations from CarltonUniversity in Ottawa, Canada. A talented and accomplished musician on piano,cello and flute (simultaneously), Shirley is currently preparing for her debut asconductor of O Solo MIO (The Mortgage Industry Orchestra), featured in the"EuroCML No-Talent Show" which is scheduled to premiere in London next springat EuropeServicing 2003.

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Richard is a partner who joined Dechert in 1998 to head its securitisation group. Hehas worked on securitisations and repackagings since qualifying as a lawyer. Previouslyhe worked on the asset sales and distribution desk of Security Pacific Hoare Govettprior to its merger with Bank of America. Richard�s securitisation and structuredrepackaging experience encompasses a wide variety of asset classes, including U.S.small business administration loans, Italian regional administration and post-officeloans, residential and commercial mortgages and credit-card receivables. Richardgraduated from the University of Bristol in 1988 with an honours degree in history. Heobtained his CPE and LSF qualifications from The College of Law, London. In December1988 he passed the General Registered Representative Examination set by The SecuritiesAssociation. He enjoys food and wine, history, sailing, diving and gardening.

Richard AmberySolicitor, Securitisation GroupDechert

Angel is Senior Vice President of Balboa Insurance Group, Inc., a subsidiary of Countrywide Credit Industries,a global financial services company which originates, purchases, securitizes, sells and services home loans. Angel has more than 10 years financial services experience in the United States, U.K. and Europe. He iscurrently responsible for Balboa�s product management and the development of third-party administrationsales and services. Before joining Balboa in July 2002, Angel spent three years in England as a lead memberof the start-up team and a director of Global Home Loans, a joint venture between Barclays/Woolwich of theU.K. and Countrywide Home Loans of the U.S. Angel was responsible for leading start-up teams for the newventure in operations, new system development & integration, sales & marketing, pricing, service levelagreements, due-diligence and securitization services. Angel is an active member of the Mortgage BankersAssociation of America.

Angel AlbanSenior Vice PresidentBalboa Insurance Group, Inc.

Jacob joined the Ministry of Economic and Business Affairs in December 2001, followinga spell with GE Capital. He has a master�s degree in Business Administration andCommercial Law from the Copenhagen Business School.

Jacob AndersenHead of SectionDanish Ministry of Economicand Business Affairs

Degree in Business from Pacific University. Former President and CEO of NBK Bank(Peru), Financial Controller and member of the executive committee of Banco Santanderin Peru and Head of Derivative Products for a company belonging to the ABN Amro Bankgroup in Spain. Has overseen the acquisition, restructuring and repositioning of companiesin various economic sectors. At present CEO KATANA Trading in Madrid.

Andy C. Altena HeinzeChief Executive OfficerKATANA Trading

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Prior to joining GE Bank Mieszkaniowy SA in 2000 as President and Chief ExecutiveOfficer, Lukasz spent three years working for LG Petro Bank SA as director of retailbanking and chief manager for the LG Habitat Mortgage Center, which was responsiblefor product development, sales, credit risk and loan servicing. From 1995 to 1997, asassistant to the vice president of the Board of PBG Bank SA, Lukasz was responsiblefor retail and mortgage banking. A graduate of the University of Lódz (Magister - TradeLaw), Lukasz also holds an LLM in International Business Law from the University ofNew York.

Lukasz W. BaldPresident and Chief Executive OfficerGE Bank Mieszkaniowy SA

As Senior Advisor of the National Housing Agency, Ioan is responsible for developmentof a national housing policy. He began his professional career as an engineer workingfor Aerostar, a specialised engine-manufacturing company. A growing interest in economicsand finance culminated in a shift to business in 1992, when he was appointed headof the Investments Department and head of the Guarantee Analysis Commission withinthe Strategy Department of the Moldova Private Ownership Fund II. Five years later, hebecame advisor to the president of Unirea Commercial Bank S.A. Bucharest, and memberof the Board in July 2000. From 1999 to 2001, he was Investment advisor and memberof the Board of World Rom Securities S.A. Ioan is a graduate of the Iasi PolytechnicInstitute. Ioan recently co-authored with Sergiu Sechelariu, Secretary of State, Ministryof Public Works, Transport and Housing, a book on the importance of a Romanianhousing finance system, titled �The Mortgage Loan� (2002).

Ioan BejanSenior AdvisorNational Housing Agency(Agentia Nationala Pentru Locuinte)

Dr. A. Beltas is Chairman and Managing Director of the Algerian Mortgage RefinanceCorporation (AMRC), which was created in the mid-'90s with the aim of developingmortgage market in Algeria. Before joining AMRC in 1997, Dr. Beltas was head of thestate participation division at the Prime Ministry Office "Premier Ministere"; economicadvisor to the Minister of Restructuring and Participation; associate professor of financeat the University of Algiers; and senior lecturer at the University of Central Lancashire,Business School. Dr. Beltas has written numerous articles and books in finance andeconomics and lately on housing finance. He is supervising a project with the WorldBank on developing housing finance market in Algeria. Dr. Beltas is a graduate of theUniversity of Algiers and received a postgraduate degree in operational research fromThames Polytechnic, London; and MBA and M.A. (economics) from the Universite Lavaland a PhD from the University of Manchester Institute of Science and Technology.

Dr. Abedelkader BeltasChairman and Managing DirectorAlgerian Mortgage Refinance Corporation

Kamel Ben Salah is in charge of the structured and acquisition finance group at GideLoyrette Nouel, which assists clients in structuring, documenting and negotiatingsophisticated transactions. His expertise includes asset financing, real estate financingand refinancing, off-balance sheet financing transactions and receivables financing.Kamel Ben Salah acted as counsel of banking syndicates in connection with the mostimportant corporate financing transaction of the last year in the sector of telecommunica-tions. Kamel Ben Salah also acted as counsel for the first refinancing in France of a majorreal estate financial leasing company by way of securitisation through the "Antichrese"mechanism. In the field of real estate, he also acted in the most important recenttransactions in the Paris market for structuring and documenting off balance andleveraged structured financings. Kamel Ben Salah joined the firm in 1982 and became apartner in 1993. He was admitted to the Tunis Bar in 1985 and to the Paris Bar in 1992.

Kamel Ben SalahPartner, Banking and FinanceGide Loyrette Nouel

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Finn is Head of Global Institutional Sales at Nykredit Markets, which he joined in 1998.He is responsible for sales and investment advice, primarily in the area of Danishmortgage and government bonds, but also with regard to credit bonds and swaps. Hehas been a sales/investment advisor since 1987, when he began working with SDSBorsmaglerselskab. Nykredit Markets is a dedicated investment bank in the NykreditGroup with a corporate mission targeted at professional market players within the areasof fixed income, equity trading and asset management. Nykredit Bank/Markets is awholly owned subsidiary of Nykredit A/S, one of Denmark's leading financial institutionsand one of the largest private bond issuers in Europe. Nykredit has issued mortgagebonds since 1851. The total outstanding amount of bonds stood at DKK 467 billion atthe end of 2001.

Finn BergHead of Global Institutional SalesNykredit Markets

Joanne is responsible for overseeing risk management for PMI�s international andstrategic investment activities. This includes developing and recommending riskmanagement policies, evaluating the risk in potential insurance or investmentopportunities, evaluating and monitoring the markets and economies where PMI currentlyoperates or which are being considered for expansion. Prior to her current role Joanneserved as senior vice president overseeing risk management and underwriting for U.S.mortgage insurance operations. Joanne began her career with PMI in 1983. She hasheld various underwriting and marketing positions both in the field and the corporateheadquarters. A graduate of the University of Colorado, Boulder, Joanne holds a B.A.in Sociology and Psychology. Joanne is a member of the Board of Directors for StandardPermanent Lenders MIC and Western Lenders MIC Ltd.

Joanne BerkowitzVice President, Risk Management,International and Strategic InvestmentsPMI Mortgage Insurance

Prior to joining Tuttle, Anthony worked in a variety of capacities in the mortgage industrywith an emphasis on secondary marketing. Previous employers include WeyerhaeuserMortgage Co., Columbia Savings and Loan Association, Western Bank Mortgage Co.and Victoria Mortgage Corp. Since joining Tuttle and its predecessor organizations in1997, he has held product manager roles for Tuttle Decision System's Lock Point Xtraand Gold Cash Xtra programs. In addition, held the title vice president, director hedgingactivities and was responsible for all day-to-day risk management activities, managingall trade desk personnel, and directing trade desk personnel in the delivery of Tuttlerisk products. Anthony has been published in Mortgage Banking Magazine (June 2001)and Secondary Marketing Executive. He holds a B.A. in English Literature from theUniversity of California at Los Angeles and an MBA degree in Corporate Finance fromthe University of Southern California.

Anthony BerrisPresidentTuttle Risk Management Services

Jackie is Vice President responsible for global markets development for Countrywide International ConsultingServices. She has more than six years of professional experience in housing finance with proven research,analytical, project and relationship management skills. In her current capacity, she is involved in bringingCountrywide�s expertise in mortgage origination, servicing, securitisation, technology and training to clientsand market participants in Asia. Her main efforts in this area includes establishing business and operationalframework for a secondary mortgage corporation in Korea and delivering loan servicing expertise to a largebank in Japan, and conducting an operational review of a mortgage banker in Korea. She is also spearheadingthe efforts in developing training programs for mortgage banking professionals worldwide and initiates businessdevelopment activities for the Global Markets Group. Prior to joining Countrywide in 1996, she worked at CitizenWatch Co. and Higgins, Marcus & Lovett. She holds an MBA from Pepperdine University with an emphasisin finance.

Jackie BlankenshipVice PresidentCountrywide Consulting

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After finishing his M.A. Kjeld started as a fixed income portfolio manager at the Allianzsubsidiary Royal Nederland. During this period he was involved in the start of the Dutchsecuritisation market. He completed further financial analyst studies in 2000 (RBA). In2000 Kjeld was also seconded to AGF in Paris. In September 2002 he took up a newposition as sales and marketing director at PROMMISE, the Dutch-based mortgageportfolio advisor and software provider.

Kjeld J BoerendonkSales and Marketing DirectorPROMMISE

In his role as Director of Client Management, David is responsible for sales, operationsand account management for the UK and Ireland platforms. David has been involvedin mortgage lending for over 20 years, including 14 years with one of the UK's Top 10plcs. David joined GE Mortgage Insurance as its first employee in January 1995 andbeen responsible for many aspects of its growth from a "Greenfield site". He is a Fellowof the Chartered Institute of Bankers and a member of the GE Mortgage InsuranceBoard of Directors.

David BottingDirector of Client ManagementGE Mortgage Insurance

Carmen has been with Fannie Mae for approximately 15 years. He has held a number of positions in the areaof mortgage loan servicing and operations for Fannie Mae's loan portfolio and mortgage-backed securityproducts, including the functional areas of asset acquisitions, mortgage custody, loan payoffs and liquidations.Carmen also has worked in the company's Credit Policy division developing mortgage-servicing policy in theareas of loan default and loss mitigation, foreclosures and delinquent loan management (both portfolio andMBS). In his current position in the E-Business Division, Carmen is responsible for developing technology-basedbusiness solutions in the new and evolving area of originating and servicing eMortgages. This work includesexpanding the use of electronic documents and signatures in mortgage loan or real estate-related transactions,and overall advancing electronic commerce in the mortgage finance industry. Carmen sits on a number of Statetask forces working to implement the electronic recording of real estate documents

Carmelo BramanteDirector of eMortgage, E-Business DivisionFannie Mae

Robert participates in the underwriting and structuring of funded and unfunded guaranteed asset-backed and mortgage-backed securities, as well as other structured financings, throughout the UK and continental Europe.He was previously a vice president in the Global Asset-Backed Securitization Group of Bank of America. Basedin London and Chicago, he was responsible for managing transaction teams that originated, structured andsyndicated a wide range of securitisations and structured financings. His experience includes consumer ABS,residential and commercial MBS, collateralised debt obligations, securitisation of trade and other corporatereceivables, aircraft finance and lease finance. Robert began his career as a certified public accountant atCoopers & Lybrand. He holds a degree in Accounting from Villanova University and an MBA in Finance andEconomics from the University of Chicago.

Robert D. CarneyDirectorFinancial Security Assurance

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Neil Copland joined EBS in May 2002, from first-e Bancorp plc where he was generalmanager, European Operations. Prior to that, he spent 10 years with NatWest Bank inLondon in a variety of strategy, marketing, operations and senior leadership roles. Agraduate of Manchester University, he commenced his banking career with StandardChartered Bank, where he held a number of positions in the group�s retail bankingoperations in Europe, Middle East and Asia. EBS is a mutual organisation committedto providing long-term fair value to its members. Improving its capability to do so in anincreasingly commoditised industry represents the biggest single strategic challengefacing management

Neil CoplandHead of Operations,EBS Building Society

As Vice President, Product Development, Jeff is responsible for generating, analyzing and implementing newproducts and programs for Radian Guaranty, Radian Insurance and Radian Express, as well as maintainingbusiness relationships with several Radian clients. Before joining Radian, Jeff was a project director at Radian'spredecessor company, Amerin Guaranty. Prior to that he spent over five years at Household International invarious marketing and operations positions. Jeff received his bachelor's degree in finance from Illinois StateUniversity in Normal, Illinois, and received his MBA in marketing from Depaul University's Kellstadt GraduateSchool of Business in Chicago, Illinois.

Jeff R. CashmerVice President, Product DevelopmentRadian Guaranty Inc.

Aidan is responsible for AIB's mortgage activities in the Republic of Ireland. Ireland hasenjoyed boom times in recent years and mortgages have been a significant growth areafor the bank. Aidan is a career banker who joined AIB in 1972. Initially working in theretail bank, he moved from managing a High Street Branch to the Motor/Machinery andEquipment Leasing Division in 1992 and assumed responsibility for mortgages in 1997.Aidan is a graduate of Trinity College Dublin (MSC Management) and the Institute ofBankers in Ireland.

Aidan ClarkeManaging Director, Home MortgagesAIB Bank

Adrian joined Tower Technology in April 1998, and currently holds the position of vicepresident and managing director for EMEA operations. Adrian�s goal is to take EMEAoperations forward to become one of the leading solutions providers in the documentand content management space for the whole region, growing the business to a £30mplus operation by 2003. Adrian has worked in the IT industry for 23 years in development,systems design, IT management and consultancy. Prior to Tower Technology, Adrianworked at ICL for 14 years in a series of positions including service delivery manager,sales consultant and sales manager. Adrian played a key role in establishing ICL�sdocument management business and then assumed responsibility for the company�sUK sales. Before ICL, Adrian was a freelance computer systems consultant, followinga series of positions in IT management with various organisations. He has two childrenand divides his time between homes in Yorkshire and Buckinghamshire.

Adrian CobbVice President andManaging Director for EMEA OperationsTower Technology

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As Director of International Housing Finance, Tim Elliot heads CMHC International'sConsulting Services. Canada Mortgage and Housing Corporation (CMHC) is thegovernment of Canada's national housing agency, and today CMHC's housing financeproducts are operated commercially. Tim is an expert in housing finance, mortgageinsurance and in adapting mortgage insurance models to emerging mortgage markets. He has worked with lenders and governments in Asia, Central and Eastern Europe, andthe Middle East, addressing a wide range of housing finance challenges. He is aninternational consultant and advisor on mortgage (default) insurance; housing finance;strategic planning; as well as business planning and institutional development. Tim hasheld several positions within CMHC's Mortgage Insurance, Research and Internationaldivisions. He received his M.A. degree in Economics from Queen's University in Kingston,Ontario.

Timothy B. ElliotDirector of International Housing FinanceCMHC International

Angela joined SPML in 1996 as a founder member and has guided SPML's operationsthrough a period of rapid growth to the current level of over 170 employees occupyingoffices in both Kensington High Street and High Wycombe. She has extensive consultingand operational experience in the UK mortgage sector, specialising in the developmentof project management systems to improve operational efficiency, service standards,staff education and training. Angela has over 20 years' experience in UK financialinstitutions including First Mortgage Group, Citibank and The Mortgage Corporation

Angela DaviesDirector of OperationsSouthern Pacific Mortgage Limited

Sandra is the Assistant to the Secretary General of the European Mortgage Federation,which she joined in 2002. The Federation is the leading association representing themortgage industry at European level. Its members have granted more than 70 percentEurope�s outstanding mortgage loans. Sandra is in charge of the administration of theSecretariat. In this capacity she assists the secretary general in the daily managementof the Federation. Sandra is a graduate of German and Russian translation and ofPolitical Sciences, specialising in international relations and international law. Beforejoining the EMF, she was the treasurer in the Belgian division of an Americanpharmaceutical company for two years.

Sandra De SutterAssistant to the Secretary GeneralEuropean Mortgage Federation

Andy has been working in financial services since 1975 in a variety of executive andsenior management roles. He joined Standard Life Bank, based in Edinburgh, in February2000 and is a member of the bank's Executive Team with specific responsibility forstrategic planning.

Andy DewarStrategy Manager, Executive TeamStandard Life Bank

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Debra Erb is President of Mortgage Finance International, a boutique consulting companythat works with all aspects of mortgage finance in emerging markets. She is alsoChairman of the Board of Societas - International Institute for Real Estate Finance, anonprofit organization based in Washington, DC. In her 24-year banking and associationmanagement career, she has held senior management positions at all types of financialinstitutions and has direct experience in most aspects of mortgage finance. She hasbeen involved in the international markets since 1996. She has eight years' nonprofitmanagement experience, with the Mortgage Bankers Association of America andSocietas. She is an active member of the international mortgage finance community,and participates in numerous bilateral and international initiatives to develop mortgagefinance solutions in developing countries. She holds a master�s degree in PublicAdministration from George Mason University.

Debra L. ErbPresidentMortgage Finance International

Don has more than 30 years of experience in the real estate industry in the UnitedStates. During that time he has been instrumental in arranging over $2.5 billion infinancing for residential and commercial properties, including planned residentialcommunities, multifamily properties, office buildings, shopping centres, industrialproperties and hotels and motels. Currently, Don is Director of Finance for KSI Services,Inc., the largest developer of residential land and multifamily properties in the Washington,DC, metropolitan area. In the last three years he has arranged over $250 million indebt and equity financing for KSI. In addition to his duties at KSI, Don as managingmember of Station Capital, which provides investment services related to the acquisitionof noninvestment grade tranches of commercial mortgage-backed securities in theUnited States. Don holds a Bachelor of Science degree in Business Administration fromthe University of North Carolina and an MBA from the University of Georgia.

Don ErbDirector of FinanceKSI Services, Inc.

Tim joined HML as Sales & Marketing Director in March 2001. Tim's career to date hasincluded Directorship of Bradford & Bingley Homeloans Limited, Bradford & BingleyMortgage Management Limited and Leamington Mortgage Corporation, together withmembership in the society's Core Mutual Board and Lending Board and its associatedsubsidiary committees. Tim spent 20 years with Bradford & Bingley, where he had ahighly successful career, culminating in his last appointment as director of mortgageportfolios. Tim is a graduate of Durham University with a B.Sc in Mathematics.

Tim FletcherSales and Marketing DirectorHomeloan Management Limited

As Strategic Marketing Manager, Giorgio is in charge of the management of business development for BancaLombarda�s mortgage product, including its retail marketing, virtual bank activity, financial promotion networkand Banca Lombarda Point, as well as commercial communications. His previous experience includes sevenyears at Bank Woolwich Italy, where he was responsible for trade and distribution channels; the developmentof mortgage and insurance products; and treasury activity, funding and hedging strategy. He also spent sevenyears as financial controller at Gervais Danone.

Giorgio FavroStrategic Marketing ManagerBanca Lombarda

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Craig Focardi is a Senior Analyst for TowerGroup, a financial services technology researchand advisory firm with offices in Boston, New York and London. Craig's research coversmortgage origination, secondary marketing, loan servicing and collections technologyin the North American and European mortgage markets. He advises firms on technologytrends, product strategies, and vendor selection. Craig also writes a quarterly columnand feature articles for Mortgage Banking, the U.S. mortgage bankers trade associationmonthly magazine. Prior to joining TowerGroup, Craig led the marketing departmentsof two risk management technology vendors, was vicepresident of marketing for IndyMac Bank, and held management positions in strategic planning and product developmentfor PMI Mortgage Insurance Co. Craig holds an M.A. in Applied Economics from theUniversity of San Francisco, and a BS in Business Economics from the State Universityof New York at Oneonta. Craig also attended Schiller University in Heidelberg.

Craig FocardiSenior AnalystTowerGroup

Antonio is responsible for monitoring and analysing data/information from lenders,deals and markets to support Risk/Audit/Finance departments, participating also inthe preparation of deal business proposals. Antonio graduated from University CarlosIII of Madrid in Business & Economics. He finished his studies in Aarhus School ofBusiness (Denmark) and also obtained a Specialization in International Relations &Businesses from the Stock Exchange Studies Institute, in Madrid. In 2000 Antoniojoined GE Real Estate, working as financial analyst within the Business Developmentdepartment, where he carried out deal analysis and financial modelling specific toproposed transactions, including due diligence completion, managing existing deal flowand ongoing market analysis. In July 2002, Antonio joined GE Mortgage Insurance asBusiness Analyst.

Antonio FuentesBusiness Analyst - Spain & PortugalGE Mortgage Insurance

Jeffrey GawleyVice President and Country ManagerBaltic-American Enterprise Fund

Jeff has held of position of Vice President and Country Manager for the Baltic-AmericanEnterprise Fund since 1998. As head of the representative office for the $50 millionU.S. government-sponsored enterprise fund engaged in private equity financing, residentialmortgage lending and real estate development in the Baltics, Jeff is responsible fororigination and development of new business opportunities, management of existingportfolio clients, and maintaining relations with government officials. He identified andexecuted the first BalAEF venture capital investment, implemented the first 20-yearmortgage facility in Lithuania and successfully lobbied the Lithuanian Parliament toamend legislation enabling BalAEF to resume its commercial lending activities. Priorto his current position, Jeff was a business planning and financial consultant for theCornell Capital Group on contractual assignment to the BalAEF in Tallinn, Estonia.

Priscilla joined GE in 1997 and has held roles in GE�s Consumer Finance business within business development,compliance and regulatory affairs from a European and global perspective. She transferred to GE MortgageInsurance in 2001 where she is responsible for the creation and development of GEMI Europe�s researchdatabase, the European news portal and for the collation & analysis of data relating to the European mortgagemarket and its key players. Priscilla holds a degree in Administration Management. She is currently studyingfor an M.A. in International Business Management and is a member of the Institute of Administrative Management.

Priscilla GaudoinResearch AnalystGE Mortgage Insurance

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As Vice President of Business Development for MacDonald Dettwiler, John is responsiblefor developing new business ventures and in addition has specific business managementresponsibilities for MacDonald Dettwiler's e-commerce ventures in the United Statesand in the United Kingdom. He has lead MacDonald Dettwiler's information servicesdevelopment and has a solid understanding of the information processes supportingmortgage origination and servicing in a variety of geographic markets. An engineer bytraining, during his career John has worked on programs serving the communications,transportation and financial/legal markets. As a member of the MacDonald Dettwilersenior management team, he has successfully established new businesses in a varietyof markets including environmental management, mapping, land management, andmost recently B2B e-commerce providing property-related information services tofinancial and legal sectors.

John N. GeddesVice President, Business DevelopmentMacDonald Dettwiler

Mark joined C&G�s Treasury Department in 1987 from a major UK accountancy andaudit firm. In 1992 he was appointed to the position of assistant treasurer and becametreasurer the following year. 1995 saw Mark�s first executive appointment as generalmanager (treasury & investments). Mark was appointed Finance Director in 1997 withresponsibility for treasury (cash flow management, wholesale funding from Lloyds TSBGroup and hedging activity for capped and fixed rate mortgages), investments (theadministration of all retail deposit activity), strategy (general planning and specificprojects), accounts (regulatory reporting, taxation, production of management andfinancial accounts) and systems (planning systems development and infrastructure).Mark�s outside interests include activities with his family, gardening, DIY and watchingsports. Mark is married to Claire and has two sons.

Mark GibbardFinance DirectorCheltenham & Gloucester

John Gill is Finance Director of Standard Life Bank, the telephone and internet bankwith 6 billion pounds of mortgages and 4.5 billion pounds of retail deposits. He joinedStandard Life Group in 1986 and qualified as an actuary in 1990. He has fulfilled awide variety of roles for Standard Life both in the UK and internationally

John GillFinance DirectorStandard Life Bank

As manager of Titulización de Activos, Manuel has been involved with several MBS and CLO deals with innovativestructures in the Spanish market. Before joining TdA, he worked for Banesto, first in the legal department ofits mortgage-lending subsidiary and then as head of the main headquarters of the bank�s mortgage-lendingdepartment. In that capacity, he designed and coordinated all aspects of the bank�s loan origination processthroughout Spain, dealing with all 2,500 branches of the bank. Manuel, who has a Bachelor of Law andEconomics degree from the Universidad Pontificia Comillas (ICADE) in Madrid, also teaches banking and financeat Centro Universitario Villanueva in Madrid. He is married and has a 2-year-old daughter. His hobbies includereading and sports (golf and tennis).

Manuel González EscuderoManagerTitulización de Activos, SGFT

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Paul has held senior sale, marketing and operation roles in the chemical, automotiveand IT industries. He has been associated with Unisys business process outsourcinginitiatives for more than five years and works with the Unisys ventures in cheque clearingand life and pensions administration. He has worked in the retail banking sector for 10years and currently heads up the Unisys Enterprise Managed Services business inEurope. He holds an MBA from the University of Manchester Business School.

Paul GoslingHead of Business ProcessingOutsourcing Services, EuropeUnisys

Martin joined Realkredit Danmark A/S this year, after receiving a MSc degree inEconomics from the University of Copenhagen. He is an economist in the Funding &Markets and Funding Innovation departments at Realkredit.

Martin GregersenEconomist, Funding & Markets, Funding InnovationRealkredit Danmark A/S

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Angel recently joined GE Mortgage Insurance in Spain as the Customer RelationsManager after six years with Banco Pastor S.A., an independent Spanish national bank.His last role at Banco Pastor was assistant regional manager for the central area ofSpain. Angel has vast banking experience and has held various positions within thebank ranging from personal and small-business manager to risk analyst, risk controllerand finally as business account manager. Angel was born in Madrid and is a graduatein Business Studies from the Universidad Complutense of Madrid.

Angel HerreroCustomer Relations Manager � SpainGE Mortgage Insurance

Robert was admitted to practice and joined the firm in 1988. He became a partner in1993. His expertise is in the area of commercial litigation, foreclosure, title insurancedefence and surrounding areas of litigation. He has also handled appellate work andprevailed in appeals before Fifth District Court of Appeals. He has successfully arguedbefore the Supreme Court of Florida and is also admitted to practice in the 11th FederalDistrict Court. He has a B.A. in Political Science with a Minor in Business Administrationfrom the University of Central Florida, a Juris Doctorate from the Stetson UniversityCollege of Law. He is a member of the Florida Bar Association; the Orange County BarAssociation; the American Bar Association; the Young Lawyers' Division, Orange CountyBar; the Real Property-Probate Section, Florida Bar; the Real Property-Trust Division,American Bar; the Mortgage Bankers Association (National); the Mortgage BrokersAssociation, (State); and the Middle District of Florida, Federal District Court.

Robert H. Hosch, Jr.PartnerButler & Hosch, P.A.

In addition to his position as Chairman of the Executive Board and Chief Executive Officerof Realkredit Danmark A/S, Sven is Chairman of Realkreditrådet (Association of DanishMortgage Banks) and a Director of Kreditforeningen Danmarks Pensionsafviklingskasse.He is also Director of Realkreditnettet A/S (since January 10, 2002) and Chairman ofthe Board of home a/s (since July 1, 2002).

Sven HolmChairman of the Executive Boardand Chief Executive OfficerRealkredit Danmark A/S

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Brian Hurley is Senior Vice President - International at GE Mortgage. In this capacity he is responsible for allmortgage-related activities outside the United States. He is also responsible for all business developmentoutside of the U.S. Brian began his career with GE in 1981, joining GE Power Systems as a member of thecompany�s Financial Management Program. In 1984, he joined GE Aircraft Engines and spent three years invarious financial positions. After GE's acquisition of RCA, Brian joined the NBC Corporate Staff as managerof capital planning. During his four years at NBC, he assumed increasing levels of responsibility includingdirector of international finance and enterprise operations. In 1991, Brian joined GE Mortgage Insurance aschief financial officer. Brian is chairman of the Supervisory Board of GE Housing Bank (Poland), director of GEMortgage Insurance Limited (UK), director of GE Capital Mortgage Insurance Corporation (Australia), and directorof GE Capital Mortgage Insurance Company (Canada).

Brian HurleySenior Vice President-InternationalGE Mortgage Insurance

As Commercial and Corporate Events Manager for the CML, Julia is responsible for allthe CML's activities including events including the Annual Conference, publications andcommercial partnerships. Before joining the CML, her backgroundwas in international events with IBC and then the Daily Mail Business Media Group, withover 17 years of events experience. In her spare time, Julia deals in antiques, racesand shows her dogs and spends time with her family. Lenders and suppliers interestedin the CML's programme of events and activities, whether as delegates, exhibitorsor sponsors can contact her at the CML.

Julia (McAllister) JeppsCommercial and Corporate Events ManagerCouncil of Mortgage Lenders (UK)

Kevin has held several senior management positions over the course of his 22-yearcareer with EBS, in areas including customer service, direct sales, mortgage &administration and insurance business. In his current role as Head of ResidentialMortgage Business, he is responsible for the business management and financialperformance of new and existing mortgage and insurance customer relationships. EBSis a mutual organisation committed to providing long-term fair value to its members.Improving its capability to do so in an increasingly commoditised industry representsthe biggest single strategic challenge facing management.

Kevin JohnsonHead of Residential Mortgage BusinessEBS Building Society

Ewald, the Director of Corporate Marketing at STATER NV, has more than 12 years ofinternational marketing experience. He has held several marketing management positionsworking for companies such as Mead Corporation (in its Paris-based division), and theDutch-based firms Info'Products Europe and Chello Broadband NV. Ewald graduatedfrom the American Graduate School of International Management - Thunderbird, inGlendale, Arizona, with a master�s degree in international management.

Ewald JozefzoonDirector of Corporate MarketingSTATER NV

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Peter has been Director of Business Development for Fiserv CBS International for fiveyears, providing his industry and implementation background to create key businesspartnerships with Fiserv�s most innovative customers, as well as providing the Europeanmarketplace perspective for the group�s product strategy. With responsibility for themarketplace development of the CBS division�s suite of products within Europe, Peteris currently leading the initiative to further expand Fiserv�s mortgage solution within thepan-European market. In addition to his responsibilities, he also sits on the CBSInternational product strategy board. A graduate of the University of Adelaide in ComputerScience, he has 29 years experience in the IT industry, with the last 18 years beingdedicated to the retail banking industry in Europe. Peter joined Fiserv Europe 14 yearsago as the project manager for their first European client, HFC Bank in the U.K.

Peter KeaneDirector of Business DevelopmentFiserv CBS International

Fred received his BBA degree in 1967 and his LLB / JD in 1970. He practiced law in the United States untilopening his London office in 1983 specialising in real property-related transactions. He served as generalcounsel to an American title insurance company in London from 1987-1989 and was of counsel to a Spanishlaw firm in Madrid from 1990-1992. Fred is admitted to the California, Florida, and Washington, D.C. BarAssociations, as well as the Law Society of England & Wales as an overseas lawyer. Fred founded London &European Title Insurance Services Limited in 1994; he is a member of the International Development Committeeof the American Land Title Association and is a partner in the Reading (London) law firm of Beresford KerrSolicitors. He is also President of L&E Titre de Propriete (France), L&E Proteccion de la Propiedad (Spain), L&ETutela Immobiliare S.r.l (Italy) and April Hispania.

Fredrick M. KerrExecutive ChairmanLondon & European Title InsuranceServices Limited

Rama is a cofounder of Entys Inc., a multi million dollar knowledge management companywith global presence. He has over 15 years experience in client-server technologies,object-oriented technologies, distributed computing and application of heuristics forcombinatorial problems. He has deep expertise in product development, implementationand IT strategy. With an MBA in systems and finance from the Indian Institute ofManagement (IIM) Bangalore, India, and a master�s degree in Modeling and Simulation,Rama is deeply interested in financial modeling, optimization and application of statisticalmethods and developing new products for the financial industry.

Rama KunapuliPrincipalEntys Inc.

Annik is the Deputy Secretary General of the European Mortgage Federation, which shejoined in 1992. The Federation is the leading association representing the mortgageindustry at European level. Its members have granted more than 70 percent Europe�soutstanding mortgage loans. Annik is in charge of Legal Affairs and issues relating tothe capital market and mortgage bonds. In this capacity she represents the Federationin its contacts with the EU institutions and covers all EU affairs that potentially impactthe mortgage credit industry. She was the EMF�s main negotiator in the dialogue withthe consumers leading to the conclusion of a European code of conduct for home loans. Annick is qualified as a lawyer and has a master�s degree in financial law in Belgium.Before joining the EMF, she was a barrister in Brussels for six years and legal adviserto the board of a private company for four years.

Annik LambertDeputy Secretary GeneralEuropean Mortgage Federation

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Joe is Managing Director of Bank of Ireland Group Mortgages and ICS Building Societycombined. They are the leading providers of new mortgages in the Republic of Ireland,and currently hold over 26% market share of new mortgages. Within this role Joeoperates a multichannel, multibrand approach to the Irish mortgage market. The threebrands comprise � Bank of Ireland, ICS Building Society and The Mortgage Store. Joejoined the Bank of Ireland Group in 1974. He has an extensive range of bankingexperience having held a number of senior positions in the Group. He commenced hiscareer in retail banking, becoming branch manager in 1986. He moved from there tobecome area planning and marketing manager, area operations manager, and mostrecently held the position of retail transformation director for the Bank of Ireland Group.Joe is married and has three children aged 19, 16 and 10.

Joe LarkinManaging DirectorBank of Ireland Group

Robert is responsible for all global mortgage lending activities for General ElectricConsumer Finance (GECF). GECF currently has over $70 billion in assets and will delivermore than $1.9 billion in net income to the General Electric Company. Robert has morethan 20 years experience in all facets of mortgage lending. He has been with GE forsix years. Prior to assuming his current responsibilities, he served as CEO of GE HousingBank in Warsaw, Poland. He was a senior VP, Western Retail Division with CountrywideHome Loans, and senior VP of secondary marketing with Shearson Lehman Mortgage.

Robert LeeVice President, Global Mortgage LendingGE Consumer Finance

Olivier Lendrevie has worked in international finance since 1993. He took on a numberof assignments with French banks, ranging from corporate lending to retail banking inFrance and the United States. Olivier joined GMAC Residential Funding Corporation inJanuary 2000. As an associate within the Strategy & Investments Group, he is responsiblefor the development of GMAC-RFC�s business in Europe. In this role, he was involvedin launching a new business in the Netherlands, as well as carrying out acquisitions inthe UK, Germany and France. Olivier is a graduate of H.E.C. in Paris.

Olivier LendrevieAssociateGMAC-RFC Europe Ltd

Hélène is an associate in the finance/project finance department of Gide Loyrette Nouel,in the structured finance and corporate finance team of the firm. She advises clients(mainly banks) on structured real estate finance transactions. She regularly advisesarrangers and banks for the setting up of structured finance transactions in the realestate field : these transactions involve the financing of isolated real estate assets (inParis and in the near Parisian outskirts) or the financing of real estate asset portfoliossuch as the Peugeot portfolio acquired by Whitehall. She has been legal counsel andassociate at Gide Loyrette Nouel since 1996 and a member of the Paris Bar since 1997.

Hélène LefebvreAssociate, Finance/Project FinanceGide Loyrette Nouel

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In his position, Gunnar is responsible for the sales and marketing of PMI's insuranceproducts to customers in Europe. Gunnar heads the marketing office based in London.Gunnar brings over 30 years of European financial experience to PMI's managementgroup, including specialized knowledge of structured finance transactions and mortgage-related insurance experience. Gunnar joined PMI in 2000 to assist with PMI's entry intothe European mortgage insurance market. Prior to joining PMI, he was a director in thebrokerage area at Aon Capital Markets/Special Risk Services, and was president andCEO of International Credit Insurance Corporation, a specialized trade credit, surety andfinancial guarantee insurer. He also was with Trygg-Hansa Group developing reinsuranceof trade credit, surety and financial guarantee business. Gunnar holds degrees in civileconomics and finance from The Stockholm School of Economics in Sweden.

C. Gunnar LindhManaging DirectorPMI Europe

In his position, David shares responsibility for the development and implementation ofPMI's international strategy. David overseas operations in Asia and leads efforts toexpand into new markets. He also coordinates all Home Office activity that supportsinternational operations. David joined PMI in 1987 and has held various positions inthe finance department until 1998 when David shifted his focus to strategic developmentactivities. He has an MBA from the University of California at Berkeley, where he alsocompleted his B.Sc in Business Administration. David serves on the Board of Directorsfor PMI Mortgage Insurance Company Limited ("PMI Europe") and PMI Insurance ServicesLimited ("PMI Services").

David LiuVice President, International MarketsPMI Group

Carsten has been Chief Financial Officer of BRFKredit since January 2001. His boardresponsibilities include treasure, funding, investor relations, ratings; accounting; budgets;mortgage administration; product innovation; and process and programme management.BRFkredit is Denmark�s third largest mortgage bank, with a lending portfolio of DKK130 billion (euro 17 billion). Carsten is also a member of the Board of Directors atBRFbank, Ejendomsselskabet Norreport (a property company) and Realkreditrådet(Association of Danish Mortgage Banks). He is also a member of the Danish SecuritiesCouncil. Carsten has a master�s degree in political science from the University of Aarhus.His studies included curricula activities at the University of Essex in the UK and TheAmerican University in Washington, DC.

Carsten Tirsbaek MadsenCFO, Senior Executive OfficerBRFkredit

Born in Utrecht, The Netherlands, Luke March was educated at Durham University wherehe read Law. In 1980 he joined TSB, becoming compliance director in 1992, and thencompany secretary and a director in 1994. In May 1996, he was appointed as the firstcompliance director of BT, becoming corporate governance director in 1998. In 2000,he was appointed Chief Executive of the Mortgage Code Compliance Board. He is directorof the Barts and The London NHS Trust, chairman of the CAB Charitable Trust, and adirector of the Financial Services Compensation Scheme.

Luke MarchChief ExecutiveMortgage Code Compliance Board (U.K.)

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Michael is responsible for overseeing all sales and business development effortspertaining to the residential, commercial, subprime, home equity, collateralised debtobligations and international securitisation markets. Michael heads the efforts todevelop and maintain business relationships for the company's mortgage securitiesadministration services through working closely with investment banking houses,mortgage companies, trustees, legal counsels and other key players involved in thesecondary market for mortgage loans and other mortgage-like assets. Michael is alsotasked with identifying and pursuing new market niches to generate future growthopportunities for the division. Prior to his business development role, Michael workedin various supervisory and operation roles for the company beginning in 1987. Michaelgraduated from the University of Maryland with an MBA. He received his Bachelor ofScience degree in Business Administration from the University of Southern California.

Michael L. MayerVice President, Mortgage Markets GroupWells Fargo Bank

Alan is a Founding Director of Songfield Consulting based in Dublin, Alan heads up theSongfield Mortgage Services practice and counts the leading Irish lenders amongst hisclients. Before entering consulting he worked as a senior business executive in bankingwith extensive experience of the domestic, U.S. and European mortgage industry. Sincefounding Songfield in 2001, he has delivered strategic business development projectsfor both indigenous and multi-national corporations with expansion ambitions in theIrish and European mortgage markets. Songfield Mortgage Services also specialises infacilitating international financial services companies in locating a European base inIreland's attractive tax and legislative jurisdiction.

Alan McDonnellFounding DirectorSongfield Consulting

Prior to becoming Chairman of IIB Bank Ltd. in 1995, Paddy was chief executive of thebank from its foundation in 1973. Earlier, he was chief corporate accounts managerfor the Bank of Ireland, responsible for the European division. He has also served aspresident of the Irish Bankers Federation and on the board of Federation Bancaire andthe Association for the Monetary Union of Europe. He is currently also chairman of IIBHomeloans Ltd., one of the leading providers of residential mortgages in the Irishmarketplace, and chairman of KBC Finance Ireland, which is responsible within theinternational network of KBC Bank for project finance, aerospace and shipping financebusinesses globally. Paddy has a Bachelor of Commerce degree from University CollegeDublin and an MBA from the Harvard Business School. He is married with two sons.

Patrick �Paddy� McEvoyChairmanIIB Bank Ltd

Joe joined Capital Reinsurance Corporation in 1997 to assist in the underwriting of mortgage guarantee risksand financial modelling. He transferred to ACE Capital Re and relocated to Bermuda in October 2000 to assistin the development of the Bermuda office. He is responsible for the international mortgage (re)insurance andcapital markets business as well as structured and alternative risk transfer products relating to residential realestate. Joe has also worked for KPMG and First Bank of the Americas where he was accounting manager,responsible for financial and regulatory reporting.

Joseph MastromarinoVice PresidentACE Capital Re International Ltd.

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Martin, who is Managing Director of the Financial Analytics and Structured TransactionsGroup at Bear Stearns International, has 10 years of experience in the securitisationarena with Bear Stearns. He led the non-agency structuring effort at Bear Stearns� NewYork office for nine years. His responsibilities included structuring, purchasing, hedgingand marketing mortgages, mortgage-backed securities and other credit-related ABSproducts. For the past year Martin has run the ABS structuring effort in Europe.

Martin MigliaraManaging Director -- F.A.S.T.Bear Stearns International

Tony Moroney is a Director of Bank of Ireland Group Mortgages. They are the leadingproviders of new mortgages in the republic of Ireland. They currently hold over 26%market share of new mortgages, supplying one in four of all mortgages in the country.Tony is responsible for a multichannel, multibrand approach to the Irish mortgage market.The three brands comprise � Bank of Ireland, ICS Building Society and The MortgageStore. Tony joined the Bank of Ireland Group in 1986 through their Building Societysubsidiary � ICS Building Society. He held a number of senior positions within ICS beforebecoming head of market management for Bank of Ireland Group Mortgages. He wasmade a director in January 2002. Tony has an MBA from the Smurfit Graduate School,University College, Dublin. He is married with two children and is interested in varioussports both as a spectator and participator.

Tony MoroneyDirectorBank of Ireland Group Mortgages

Sabrina Miehs is an Analyst with Standard & Poor�s Structured Finance Ratings groupin Europe and is based in Frankfurt. Since joining Standard & Poor�s in February 2002,she has been involved in synthetic RMBS, CLO and CP transactions. Prior to joiningStandard & Poor�s, Sabrina worked for two years at BHF-Bank AG, Frankfurt. At BHF-Bank AG she was responsible for the analysis and credit administration of StructuredExport Finance Transactions. Sabrina holds a degree in Economics (BWL) of the privateHochschule für Bankwirtschaft, Frankfurt. She reports to Torsten Althaus, Directorresponsible for Standard & Poor�s Structured Finance activity in Germany.

Sabrina MiehsAnalyst, Structured Finance EuropeStandard & Poor�s

Ted McGovern joined EBS in October 2000 as Chief Executive Designate, becomingChief Executive in January 2001. Prior to joining EBS he spent 15 years in Bank ofIreland Group in a variety of marketing, strategy and business leadership positions,most recently as general manager of the group�s mortgage business in Ireland. Achartered accountant by profession, he commenced his banking career with FirstNational Bank of Chicago. EBS is a mutual organisation committed to providing long-term fair value to its members. Improving its capability to do so in an increasinglycommoditised industry represents the biggest single strategic challenge facingmanagement.

Ted McGovernDirector and Chief ExecutiveEBS Building Society

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Tom is an associate at the London office of General Atlantic Partners, the world's leadingprivate equity investment firm focused exclusively on information technology, processoutsourcing and communications investments on a global basis. Since 1980, GeneralAtlantic has invested in over 120 IT companies and currently has more than $4 billionin committed capital. General Atlantic has more than 60 companies in its portfolio today,of which almost one-third are based outside of the United States. Prior to joining GeneralAtlantic in 2001, Tom was a senior associate at eVolution Global Partners, an associateat McCown DeLeeuw & Co., and an analyst at Goldman Sachs & Co. Tom has a BS/B.A.from Rice University.

Tom NabielecAssociateGeneral Atlantic Partners

Steve has worked with Tower Technology as Vice President EMEA Marketing sinceSeptember 2000, and is responsible for promoting Tower in Europe, the Middle Eastand Africa. Steve is responsible for the go-to-market strategy for European business atTower, the leading vendor in deployment of high-volume document and content processingsolutions. Steve has worked in the IT industry since the mid-1980s. For the past 10years, he has concentrated on the marketing of application solutions on a pan-Europeanbasis, and has extensive experience of introducing new concepts to market as well asgeographical business expansion. Prior to Tower Technology, Steve worked at LawsonSoftware as director EMEA marketing and at Marcam as European marketing manager,where he was responsible for taking these U.S.-headquartered companies into theEuropean marketplace. He lives in Henley-on-Thames with his wife and two children.

Steve NaylorVP EMEA MarketingTower Technology

As Chief Economist at BRFkredit, a position he has held since 1999, Jens Christian isresponsible for press relations, product innovation and market supervision. From 1990to 1999, he was division head at the Danish Ministry of Economic Affairs, responsiblefor supervision and legislation of financial markets. Jens Christian has a master�s degreein economics from the University of Aarhus.

Jens Christian NielsenChief EconomistBRFkredit

Mirjam joined NIB Capital Bank after the acquisition by NIB Capital of Van Den BoomGroup, an independent corporate finance consultancy firm, where she was a memberof the management, responsible for the finance and risk management consultancygroup. Within the Structured Finance Department her focus is on the origination ofassets for principal finance. Prior to this she worked with Rabo International, where shewas responsible for a corporate banking group.

Mirjam NouwenDirector, Structured FinanceNIB Capital Bank N.V.

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Jeannie is the President and Chief Operating Office of Stewart�s International operations,a division of Stewart Information Service Corporation. In this capacity, she overseesthe expansion of Stewart�s operations outside the United States. Jeannie�s career inthe title insurance industry began in 1980 at Beaumont Title Company in Beaumont,Texas. She has worked in all phases of the industry from examination to closing complexcommercial transactions. She joined Stewart Title in January 1993. Jeannie sits onthe boards of Stewart Information International, Inc., Stewart Costa Rica, ABC, S.A., anddeputy chairman of the Board of Stewart Title Insurance Co (UK) Ltd. Jeannie, who hailsfrom Beaumont, received her BBA from Baylor University in Waco, Texas in 1979. Shehas studied in the MBA program at Lamar University in Beaumont, and the postbaccalaureate program in Civil Engineering at the University of Houston. She is marriedto Broocks Osborne, and they have two sons.

Jean Willcox OsbornePresident and Chief Operating OfficerStewart International

Simon, an economist by training (Cambridge, 1991), has worked at Barclays for sevenyears almost exclusively in the field of credit � firstly as a lending officer, then creditpolicy to develop credit derivative management and finally onto a Treasury role to setup the portfolio management unit with the retail bank. Simon also has a master�s degreein Finance from the London Business School.

Simon PageDirector, Portfolio ManagementBarclays

Bob is Head of Research and Analysis at the UK's Council of Mortgage Lenders, wherehe is responsible for the economics, statistics and research work. Bob has worked forthe CML since 1990. He has been an active participant in the work of the EuropeanMortgage Federation and chaired its statistical working party in 1996-1999. Beforejoining the CML, Bob held a number of economist positions in financial services, industryand government. He graduated in Mathematical Economics in 1979.

Bob PannelHead of Research and AnalysisCouncil of Mortgage Lenders

Lawrence joined Tower Technology in May 1998, and currently holds the position of UKNorthern Area Lending Manager. Working with his counterpart, Iain Wilcox, Lawrence�smission is to consolidate and expand upon Tower�s recognised strength in the provisionof document and content management business solutions to the UK Lending market.Lawrence is responsible for existing relationships with clients such as HML, SkiptonBuilding Society, Addleshaw Booths and Capital One, as well as maintaining a numberof partner relations. Lawrence has worked in the IT industry for 12 years in strategicaccount management and business development roles, and has embraced Tower�sconsultative, benefits-led approach to solutions provision. Prior to Tower Technology,Lawrence worked at a systems integrator for seven years in a series of positions includingstrategic accounts executive and worldwide third party product manager. He is marriedand expecting his first child this year.

Lawrence PatersonUK Northern Area Lending ManagerTower Technology

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Christiaan started his career at Stichting Pensioenfonds ABP. As an analyst, he developed prepayment andcashflow models for mortgage portfolios. Subsequently at NIB Capital Asset management he worked as aninvestment manager for the European MBS Fund. He completed a further financial analyst study in 2001 (RBA).In 2001 he moved to DaVinci where he started developing PRoMMiSe. In August 2002 he lead the MBO ofProMMiSe and is currently CEO of the Dutch-based mortgage portfolio advisor and software provider.

Christiaan CF PennekampChief Executive OfficerProMMiSe

Marco is a cofounder of the MOL Group, which dominates two niches of the Italian credit market: onlinedistribution and outsourcing of mortgage processing. Marco has a background in consulting (McKinsey) andin banking (Morgan Stanley).

Marco PescarmonaCofounderMOL Group

Valeria is the Director of Business Development & Operations of GE Mortgage Insurance�sItalian branch, a position she has held since October 2001. Valeria joined GeneralElectric in 1993 in London, with the Financial Management Program (FMP), a trainingprogram in finance that requires course work and five rotational assignments in variousGE businesses. At the end of the program, in 1995, Valeria joined the BusinessDevelopment and Acquisition Team of GE Capital Europe in London, where she workeduntil 1999. In 1997 she was promoted to director of business development for theItalian market, responsible for co-ordinating the development of all GE Capital businessesin Italy. In 1999 Valeria returned to Italy to work for GE Global Consumer Finance, theConsumer Finance and Credit Card business of GE Capital, responsible for E-businessand Business Development. Valeria graduated in Economics in 1992 at UniversitaBocconi of Milan, after a German Gymnasium diploma.

Valeria PicconiDirector, Business Development & OperationsGE Mortgage Insurance Ltd, Italy

Sacha is Head of European Regulatory Affairs for GE Mortgage Insurance. He is responsiblefor GE�s regulatory efforts in Europe to increase homeownership opportunities throughexpanded access to low down payment mortgage loans made available through privatemortgage insurance, which provides default loss protection to lenders and investors.These efforts include establishing incentives for lenders to manage low down paymentcredit exposures prudently within the context of the developing Basel II regulatory capitalstandards, sponsoring public/private risk-sharing partnerships, and demonstrating thevalue of mortgage insurance as a credit enhancement for mortgage bonds and mortgage-backed securities. Sacha is based in Brussels. He joined GE in 2002 from the EuropeanMortgage Federation, where he was head of parliamentary and external affairs.. Agraduate of University L.U.I.S.S. Guido Carli in Rome, Sacha holds a master�s degree inEuropean Political Studies from the Université Libre de Bruxelles

Sacha PolveriniHead of European Regulatory AffairsGE Mortgage Insurance

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In his position, Russell is responsible for underwriting and operations for PMI Europe.Russell joined PMI in 1983 after graduating from the University of California at SantaBarbara with degrees in Mathematics and Economics. Russell has held a variety ofmarketing and pricing positions within PMI, including market research manager, productdevelopment manager and director of pricing and risk analysis. In 1990, Russell receivedan MBA from the Haas School of Business at the University of California at Berkeley.Russell is also a graduate of the School of Mortgage Banking, where he was recognizedas the Willis Bryant Scholar in 1994.

Russell D. RasmussenDirector and Head of UnderwritingPMI Mortgage Insurance Company Limited

Martin has spent more than 20 years in the U.K. and European financial servicesmarkets, the last 13 of which have been within mortgages. Martin began his mortgagecareer with Bradford & Bingley Building Society, managing the product developmentand marketing areas, followed by sales and distribution, and was part of the society�sCore Mutual Board. Martin moved on to the leading U.K. third-party servicing business,Homeloan Management, as business development director in 1998, where he establishedhimself within the UK and European servicing market, and helped achieve recordbusiness performances before being asked to take on the role of sales and marketingdirector for ALLTEL Mortgage Solutions (AMS) in September 2000. Martin successfullyestablished the AMS brand and identity within both the UK and European mortgage andservicing markets and launched a recognised leading E-Commerce solution for U.K.lenders. Martin has now taken up an independent role within the mortgage industry.

Martin ReayConsultant

Michele graduated from University College Dublin in 1987 with a B.Comm. She hasspent her career to date working for Barclays, primarily as the senior risk manager forthe Structured Asset Finance Team up until 1998 when she joined the SecuritisationTeam in Treasury. More recently, she joined the retail management unit focusing on thetransaction and client development side.

Michele ReedyAssistant Director, Portfolio ManagementBarclays

Bill oversees the Baltic-American Enterprise Fund�s residential lending program in allthree Baltic states (Latvia, Lithuania and Estonia). Capitalized with a grant from theU.S. government, the fund is providing technical assistance to the Baltic states byinvesting in home-ownership, businesses and real estate. The fund was the first mortgagelender and is currently one of the largest mortgage lenders in the Baltic�s and is activein both completing the primary market development as well as secondary marketdevelopment. Prior to joining the fund, Bill was the senior vice president of financialand credit risk management at Morgan Stanley Dean Witter Credit Corporation overseeingsecondary marketing, underwriting, planning, training policies and procedures andquality assurance. Prior to that he was the vice president of secondary marketing forMerrill Lynch Credit Corporation. He has held positions with L.J. Hooker International,Merrill Lynch Commercial Real Estate, Merrill Lynch Realty Inc., and Ernst and Young.

Bill SchaubChief Operating Officer, Mortgage ProgramBaltic-American Enterprise Fund

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Prior to joining Wachovia Securities' Mortgage Finance group in 2002, Mike started thedue diligence function within the former First Union Asset Securitization Division andled the group from 1996 to 2002. In addition to his asset-backed and mortgageexperience, Mike has 10 years experience in an internal audit capacity at LehmanBrothers and American Express. Mike is responsible for assessing and developinginternational mortgage securitisation and financing opportunities as well as leadingmortgage finance due diligence efforts. As such, Mike is focused on advising financialinstitutions on the path to securitisation by addressing collateral, legal, and accountingissues and working with external parties to develop ongoing securitisation programs.He holds a Bachelor of Accounting degree from the University of Minnesota.

Michael SchwartzDirector, Mortgage FinanceWachovia Securities

Charles Schofield is Managing Director of Specialist Mortgage Services Limited, a leadingU.K. mortgage servicer established 12 years ago as a wholly owned subsidiary ofScarborough Building Society. With nine external lender clients, it has the second largestclient base in the U.K., and has a full range of securitisation facilities available for bothprimary and standby service contracts. He has been instrumental in starting up two ofthe six U.K. suppliers of third-party mortgage administration and is therefore somethingof a pioneer in this niche industry. His mortgage experience extends back nearly 30years and he has been involved in 12 securitisations of both a prime and sub primenature. Charles has been a keen sportsman including rugby, cricket and tennis butactivity now is limited to spasmodic involvement on the golf course with his son wherehis handicap regrettably appears to be stuck at a modest 24.

Charles SchofieldManaging DirectorSpecialist Mortgage Services Limited

Colleen is Director of Business Development. She has done business consulting in boththe United States and Europe. Since 1984 she has been involved in many I.T. operations,from database design to litigation support for law firms and their clients. She has alsodeveloped and taught a state-approved course, Advanced Applications of Legal Software,for the University of Central Florida in Orlando. Colleen has an MBA from the CrummerGraduate School of Business at Rollins College. She is a member of the Association ofLegal Administrators and Florida Executive Women.

Colleen SharkeyDirector of Business DevelopmentButler & Hosch, P.A.

Christoph Sidler is a subject matter expert for the Global Capital Markets segmentworking as business planning specialist for EDS in Switzerland. He completed his Masterof Economics at the University of Berne (Switzerland) in 1998. His main subject wasMacroeconomics. He began working with EDS, first as a systems engineer in a tradefinance software development project, then as assistant to the country manager ofSwitzerland. In 2001, he completed EDS� internal Capital Markets Certification Program.He is the author of the white paper on �B2B Exchanges and Capital Markets� and theco-author of the white paper on the New Basel Capital Accord.

Christoph SidlerBusiness Planning SpecialistEDS Switzerland

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Kanwar�s professional background is comprised of 18 years experience with client servertechnology, developing and supporting CAD/CAM systems, implementing and integratingenterprise solutions in the areas of PLM (product lifecycle management) and documentmanagement, ERP, CSM (component and supplier management) and business intelligencesystems. He developed his CAD/CAM/client server technology expertise at EDS, PLMsolutions consulting and implementation at SDRC and ERP/CSM integration at Aspect,which was acquired by i2 technologies. In Feb 1998, Kanwar cofounded Entys (formerlyeMeta Consulting Group) to provide integrated Knowledge Management and customizedIT solutions for multiple industry verticals. The company has grown to multiple worldwidelocations and generates multimillion dollar revenues.

Kanwar SinghPrincipalEntys Inc.

Stig Tørnes-Hansen is Vice President and Head of Business Innovation in the Funding& Markets division of Realkredit Danmark A/S. He has more than six years of experiencewith product innovation in the Danish mortgage industry. His primary assignments andresponsibilities involve product development and development of guidelines regardingoptimisation of debt portfolios and refinancing. He also works as an internal consultanton taxation and legal regulation. Stig, who received an M.Sc. Economics from theUniversity of Copenhagen, is a part-time instructor in finance at the CopenhagenBusiness School. He is also a CFA candidate.

Stig Tørnes-HansenVice President,Head of Business Innovation, Funding & MarketsRealkredit Danmark A/S

Erik is Executive Vice President of Nykredit, Denmark�s largest mortgage bank. Hisprimary responsibilities are sales, marketing and business development of the commercialcustomer segment in Denmark. This involves lending activities to office, commercialand industrial properties and the coordination of the activities and the strategicdevelopment of this customer segment in the Nykredit Group. Erik is also responsiblefor the internationalisation of Nykredit�s mortgage credit activities, which primarily focuson development of activities in Poland, the Baltic states and crossborder lending inGermany, the U.K. and Sweden. Erik is chairman of the Supervisory Board of NykreditPolska Sp. z o.o. and a member of the Supervisory Board of Mortgage Credit Foundation,Poland. He has also represented Nykredit in Realkreditrådet. He was educated at theAarhus School of Business (Denmark), where he studied financing/organisation, andat the University of Copenhagen (Denmark), where he studied law.

Erik UrskovExecutive Vice PresidentNykredit A/S

John is a Director and the Client Executive for the Financial Industry (banks and insurancesector) in Switzerland responsible for EDS� Information Technology line of business.Prior to joining EDS in April 2001, he was the head of operations for Union BancairePrivée in Zurich. He was responsible for fusing operations with both Union BancairePrivée and its subsidiary, Nordfinanz Bank Zurich, its branch in Nassau, Bahamas andrepresentative offices in Scandinavia and Germany, and creating one common servicesgroup, Servicing, for both banks. John has more than 15 years experience in the bankingand financial services industry, having held senior management positions with CreditSuisse, Standard Chartered Bank and Citicorp Investment Bank in Zurich. He receiveda Bachelor of Science degree from the University of Nagpur, India, and holds anAssociation of Certified Accountants certification from South West London College,London. John and his wife have two children aged 18 and 16.

John VargheseDirector, Client Executive for the Financial IndustryEDS

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As Director of Corporate Business Development, Arja is responsible for the executionof STATER’s European expansion strategy and the development of new business lines. Prior to joining STATER in 1998, she spent 11 years in the ICT division of the ING Groupand was involved in projects of ING Investment Management, ING Real Estate Managementand the development of ICT strategy. Arja has an MBA from the University of Wageningen.

Arja C.A. van den HoekDirector Corporate Business Development STATER NV

Neil previously worked at Arthur Andersen, where he was an experienced manager intheir financial institutions transaction advisory services group. Neil has worked extensivelyin selling, providing and supervising various transaction services throughout thesecuritisation process, involving a range of asset classes, including residential mortgages,credit cards and numerous loan and bond transactions. Transaction services providedinclude accounting advice, structuring, due diligence, cashflow and bond modelling andother procedures in connection with the issuance of offering circulars.

Neil WarmanVice President of Principal & Asset Backed Finance,Bear Stearns International

More than 25 years of experience in the Spanish and European financial sector andfood industry in setting up, structuring and restructuring companies in the areas ofPrivate Equity and Corporate Finance. Business Angel. Member of the board of directorsand management team of ABN Amro SVB (Spain). Director of Banco Herrero. Marketingmanager for Grupo Barclays Bank International Trade Finance Ltd. Currently co-founder(1994) and main shareholder of KATANA Trading, which specializes in Corporate Financeand Private Equity

Henri J. van de KoppelCo-founderKATANA Trading

Mark joined HML in 1996 and has built experience in a number of areas of outsourcedadministration. Following acceptance onto HML’s Management training scheme, hegained exposure within new lending, business support, legal and compliance, clientrelations and business development. He became Marketing Manager in 1999 and iscurrently responsible for all marketing, communications and public relations activity.

Mark WebsterMarketing ManagerHomeloan Management Limited

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Irja joined Tower Technology in January 1999, and currently holds the position of CountryManager (Geschäftsführerin), Germany. Irja’s goal is to ensure that TOWER becomesone of the leading solutions providers in the document and content management spacefor the whole German-speaking region. Irja has worked in the IT industry for 23 yearsin technical services, project management, consultancy, sales and IT management.Prior to Tower Technology, Irja worked at Banctec for 5 years in sales and at FileNET for3 years in project management and consultancy. Before FileNET, Irja worked over 10years at Recognition in a series of positions in technical services and marketing inEurope. Irja has extensive experience of the document imaging and workflow market,and is an experienced speaker at industry conferences and symposia. She is marriedand has a child and enjoys every free moment at her home in Schmitten / Taunus nearFrankfurt.

Irja WichertCountry Manager (Geschäfsführerin) – GermanyTOWER Technology

In his role as Director - Business Development & Operations Netherlands, Gerhard isresponsible for expanding GE’s mortgage insurance in the Netherlands. Gerhard joinedGE Mortgage Insurance in April 2002 coming from Interpolis, the captive insurer of theRabobank group. His last position there was market manager housing, where he wasresponsible for mortgage-related insurance. In this position, Gerhard worked togetherwith GE Financial Insurance to redevelop and introduce Mortgage Payment ProtectionInsurance. Before joining Interpolis, Gerhard worked for the Rabobank Group. Startingas a mortgage advisor in 1990, he subsequently held positions as a financial advisorand planner in the private banking department. In 1995, he moved to the RabobankNetherlands HQ as a mortgage product specialist. In this position his main job wasproduct development. His last mortgage product was named “Mortgage Product of theYear 2000” by the Institute for International Research.

Gerhard WieringaDirector - Business Development & OperationsGE Mortgage Insurance (Netherlands)

Chris joined HML as IT Director in August 2002. A respected operations executive,marketer and business director, Chris has built up 20 years experience in the financialservices industry. Chris’s career to date has included a directorship of Unisys Ltd, anda number of executive roles with Bradford & Bingley plc including change management,head of operational services and head of lending.

Chris WoodIT DirectorHomeloan Management Limited

Stefan is a Vice President in the International Consulting Services group of Countrywide Home Loans. He hasover 10 years of professional experience in the financial services industry in Europe and the United States withdemonstrated skills in management advisory, project management and business development. In his currentrole, he is advising housing finance organizations internationally to improve mortgage originations, servicing,securitisations and third-party technology services, based on Countrywide’s mortgage lending expertise. Stefanis responsible for managing engagements that provide advisory services to primary and secondary mortgagecompanies worldwide and expand Countrywide’s global services. Prior to joining Countrywide he worked as amanagement consultant for PricewaterhouseCoopers Consulting, providing management consulting servicesto financial services organizations in Europe and the U.S. Stephan has also worked as an analyst for a Britishreinsurance broker at the Lloyd’s Insurance Market in London and for a Swiss management consulting firmin Zurich. He also completed an apprenticeship in banking at a German retail bank and is a certifiedBankkaufmann.

Stefan WolffVice PresidentCountrywide Consulting

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Nick Woodcock is Managing Director of ALLTEL Mortgage Solutions Limited, where heis responsible for the general management and strategic direction of the ALLTELsubsidiary. Prior to this he was executive vice president of sales and marketing forALLTEL Information Services, based in Jacksonville, Florida, responsible for sales toALLTEL’s prospective and current mortgage lending clients in the United States. He haspreviously held positions in ALLTEL’s technology and solution development organisations.He has been with ALLTEL since 1993. Formerly he worked for IBM Corp. in both theU.S. and the U.K. He worked in IBM’s sales and marketing organisation with clients inthe retail, insurance and financial services industries. Nick was born in England andgraduated from the University of East Anglia with a degree in Accounting and InformationSystems.

Nick WoodcockManaging DirectorALLTEL Mortgage Solutions

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Main Entry: cat-a-lystFunction: noun

1 : a substance that enables a reaction to proceed at a usually fasterrate or under different conditions than otherwise possible

2 : an agent, person or event that provokes or speeds significant changeor action

www.eurocatalyst.comWatch our website for:

All EuroCatalyst 2002 follow-up including documentation, video clips, and reportsThe launch of the EuroCatalyst Intelligence Report

The program announcement of EuropeServicing 2003, a CML/EuroCatalyst eventwhich will be held in London in April, 2003

is a Dutch-based information services andmarketing firm with significant experience andsuccess in pan-European and cross-border entryfor companies in consumer finance, mortgage

lending, administration, securitisation andrelated technologies.

With custom services that range from conceptualdevelopment, market positioning and branding

to management recruitment and selection ofjoint venture partners, EuroCatalyst is uniquelypositioned to help companies from all over theworld enter the consumer finance and mortgage

lending markets of Europe, the United Statesand Japan.

Our commitment is definedby our philosophy,“everybody wins.”

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EuroCatalyst Class of 2002 | Live from Madrid