Top 4 reasons to att end:

1. Network with European regulators, securiti sati on sponsors, originators, original lenders and investors

2. Discuss the new amendments on STS criteria compliance, certi fi cati on, due diligence and retenti on rate

3. Forecast asset class performance under the new STS label

4. Learn about the latest structures innovati ons in online loans and green RMBS

21st Annual Conference

An internati onal roundtable with EU securiti sati on market

changemakers and experts

The Future of Securitisation In the post-Brexit era, how to navigate the new Regulati on, CRR amendments and STS label to be adopted by EU Parliament before December 2016

Expert speakers include:

Christi an MoorPolicy Advisor on Securiti sati onEBAEurope

Steve GandyManaging Director and Head of DCM Soluti ons SANTANDER GLOBAL CORPORATE BANKINGSpain

Mascha CanioHead of Credit & Insurance Linked InvestmentsPGGMThe Netherlands

Alexandre PerrinGroup Financing DirectorFRAIKINFrance

December 9, 2016 – Les Salons Hoche, Paris securiti sati on2016.eu.com

Sponsored by: In associati on with:

Thierry Sessin-CaracciSenior Policy Offi cerESMA Europe

Jonathan TrupExecuti ve Directorin Global Capital MarketsMORGAN STANLEYUSA

Dear Madam, Dear Sir,

December 2016 could trigger a shift for the European securitisation market as final amendments from the European Parliament to the EU’s proposal for a Securitisation Regulation and a CRR Amending regulation are excepted to be voted by then. On 6 June 2016, Paul Tang, MEP, Rapporteur of the European Parliament’s ECON¹ Committee, published a “Draft Report” with key amendments to the Securitisation Regulation intended to create a European framework for “simple, transparent and standardised” (“STS”) securitisation. From the retention rate level and certification to disclosure requirements and a data repository, an important debate is going on about how to manage risk more effectively in the EU financial system. Which amendments will make their way into the a final version of the Regulation?

Issuance of securitised products in Europe has dropped from nearly 600 billion in 2007 to under 220 billion in 2014². Will the new regulatory framework pave the way for a securitisation comeback in the EU? Although the eligibility for the STS label will lead to lenient capital treatment, the market is skeptical about complying with a multitude of criteria. On top of these uncertainties, many question the impact of Brexit on the European securitisation market. What will happen if passporting ends for the UK? In addition to analysing the upcoming EU regulatory landscape, this 21st annual conference will examine the global performance of collateral and the latest securitisation structures innovations. Join us and meet key industry and policy securitisation stakeholders from across Europe ! I look forward to welcoming you there.

Kind regards,

Audrey Haverkamp Dii Project Manager

   

« Very helpful contributions were heard from the regulators, the European Commission, issuers and investors. This open dialogue was very welcome. »

Lynn Maxwell Global Head, Securitisation and Managing Director, structured capital markets HSBC Bank

« Real-life practitioner’s perspectives and interesting enjoyment between participants. I found it really stimulating ! »

Natasha Paree Manager, Structured Funding Team, Prudential Policy Directorate Bank of England

Who attendsBanks - Corporations - Insurance providers - Asset Management firms - Depository Trust companies Credit rating agencies - Consulting firms - Law firms

• Managing Directors• Heads of ABS• Heads of Origination• Heads of DCM Solutions• Heads of Securitisation• Chief Treasury & Financial

Officers

• Directors Structured Finance• Heads of Financial

Engineering• Chief Investment Officers• Chiefs of Corporate and

Investment Banking• Heads of Public Affairs

THE FUTURE OF SECURITISATION | About the event December 9, 2016 - Les Salons Hoche, Paris

1. ECON: The Committee on Economic and Monetary Affairs2. Source: Jonathan Hill’s speech at the European Parliament’s Public Hearing on

Securitisation on June 13, 2016

Jonathan TrupExecutive Director in Global Capital MarketsMORGAN STANLEYUSA

THE FUTURE OF SECURITISATION | Agenda December 9, 2016 - Les Salons Hoche, Paris

8:00 WELCOME BREAKFAST AND NETWORKING

08:30 Latest updates on the Securitisation Regulation and CRR1 amendments to be adopted by the European Parliament by December 2016Eligibility criteria, certification, creation of the European Securitisation Data Repository and risk retention level: What you need to know about the future EU securitisation framework • Self-certification vs third-party oversight: what model is likely to be adopted? For what sanctioning process? • Empowering investors through reliable information-based due diligence of the underlying assets they invest in• New information disclosure rules for originators, sponsors and SSPE2 to enhance securitisation market transparency • How to implement a European Data Repository? The key role of ESMA in supervising compliance with the STS3 criteria • On what level will the risk weights and capital charges be set? From 5% to 20% risk retention rate?

�Philippe Sourlas, Deputy Director of the Asset Management Directorate, AMF - FRENCH FINANCIAL MARKETS REGULATOR Christian Moor, Policy Advisor on Securitisation, EBA - EUROPEAN BANK AUTHORITY

Thierry Sessin-Caracci, Senior Policy Officer, ESMA Rapporteur of the 2015 joint committee report of the ESAs4 on securitisation

09:30 What does Brexit mean for EU and UK securitisation? What are the key aspects of maintaining open and efficient capital markets?Richard Hopkin, Managing Director, Head of Fixed Income, AFME

Jonathan Trup, Executive Director in Global Capital Markets, MORGAN STANLEY

10:10 NETWORKING BREAK

10:30 Case study of 2016’s most emblematic securitisation transactions in 2016: what are the most attractive asset classes? Will future STS securitisation regulation change the deck?• Lessons learned: how the ECB ABS Purchase Program catalysed renewed confidence in the market • RMBS5, ABCP6, CMBS7… which asset classes will meet the STS eligibility criteria? For which lenient capital charges?• Which status for synthetic and CLOs8?• Following the world’s first green RMBS deal, what is the appetite of the investors for this collateral? • Will SMEs benefit from the ABS transactions? Will ELTIF9 regulation brings a new era for direct lending funds?• How will the new legal environment impact securitisation vehicles? Are we heading towards global standards?

Cornelia Holthausen, Deputy Director General of Market Operations, EUROPEAN CENTRAL BANK � � � Max Bronzwaer, Executive Director and Treasurer, OBVION - PART OF RABOBANK GROUP Hervé Touraine & Olivier Bernard, Partners, ORRICK

Steve Gandy, Managing Director and Head of DCM Solutions, SANTANDER GLOBAL CORPORATE BANKING

11:45 P2P Asset Securitisation: a new European market opportunity Case study of Funding Circle’s May 2016 securitisation of marketplace lending platform

René-Marc Trautner, Vice President, Global Markets, Structured Finance, DEUTSCHE BANK AG Jean-Norbert Pontier, Head of Securitisation/DCM, NORTON ROSE FULBRIGHT LLP PARIS

12:30 SEATED LUNCH

14:00 The corporates and their arrangers: Diversifying funding through securitisation in the light of the STS framework Analysis from a bank running a large multi-seller ABCP programme and spotlight on the efficiency of Fraikin’s 2016 extension of its securitisation program

Laurent Haik, Head of Operating Assets Securitisation, CREDIT AGRICOLE CIB Alexandre Perrin, Group Financing Director, FRAIKIN

Volker Meissmer, Group Head Securitisation General Aspects & Conduit Management, LANDESBANK BADEN-WÜRTTEMBERG

15:00 The investors’ perspective: Facing the capital requirements of Solvency 2 and Basel 3/CRD* IVHow do institutional investors solve the capital charges, disclosure and due diligence rules puzzle as new STS measures are being introduced? Can asset managers attract new institutional investors to the ABS market? � Mascha Canio, Head of Credit & Insurance Linked Investments, PGGM

Rob Ford, Partner, Portfolio Manager, TWENTYFOUR ASSET MANAGEMENT

16:00 CLOSING REMARKS AND COFFEE

1. CRR: Capital Requirements Regulation - 2. SSPE: Securitisation Special Purpose Entity - 3. STS: Simple, transparent and standardised - 4: European Supervisory Authorities5: RMBS: Residential mortgage-backed security - 6. ABCP: Asset-backed commercial paper - 7. CMBS: Commercial mortgage-backed securities - 8. CLO: Collateralized loan obligations 9. ELTIF: European Long Term Investment Fund - * Capital Requirements Directive

THE FUTURE OF SECURITISATION | Programme December 9, 2016 - Les Salons Hoche, Paris

8:00 ACCUEIL DES PARTICIPANTS

08:30 Paquet titrisation: Toutes les dernières avancées du règlement Titrisation et des amendements au règlement CRR1, décryptées en vue d’une adoption par le Parlement européen d’ici décembre 2016Critères d’éligibilité STS, certification, création d’un référentiel de données pour les prêts sous-jacents aux titrisations et niveau de rétention du risque : Tout ce que vous devez savoir sur le futur cadre des titrisations STS • Auto-certification vs surveillance par un tiers : quel modèle a le plus chance d’être adopté ? Quelles seront les sanctions ? • Responsabiliser les investisseurs en leur permettant d’exercer une diligence appropriée via des vérifications fiables

des risques sous-jacents • Nouvelles règles de divulgation d’informations pour les originateurs, les sponsors et les entités de titrisation afin de

renforcer la transparence du marché • Comment mettre en place un registre public des titrisations ? Le rôle clé de l’ESMA pour vérifier la conformité aux critères STS3

• Quelles exigences en capital et pondération du risque ? D’un niveau de rétention du risque de 5% à 20% �Philippe Sourlas, Deputy Director of the Asset Management Directorate, AMF - FRENCH FINANCIAL MARKETS REGULATOR

Christian Moor, Policy Advisor on Securitisation, EBA - EUROPEAN BANK AUTHORITY

Thierry Sessin-Caracci, Senior Policy Officer, ESMA Rapporteur of the 2015 joint committee report of the ESAs4 on securitisation

09:30 Que change concrètement le Brexit pour la titrisation au Royaume-Uni et dans l’Union Européenne ? Comment veiller à ce que les marchés de capitaux restent ouverts et efficaces ?

Richard Hopkin, Managing Director, Head of Fixed Income, AFME Jonathan Trup, Executive Director in Global Capital Markets, MORGAN STANLEY

10:10 PAUSE NETWORKING

10:30 Retours d’expériences sur les titrisations les plus emblématiques en 2016 : quelles sont les classes d’actifs les plus attractives ? Le futur cadre STS rebat-il les cartes ? • Quel a été l’impact du programme d’achat ABS de la Banque centrale européenne sur la confiance du marché • RMBS5, ABCP6, CMBS7… quelles classes d’actif seront éligibles aux critères STS? Pour quelle charge en capital ? • Quel futur statut pour les titrisations synthétiques et CLO8 ?• Suite à la première titrisation verte au monde, quel est l’appétit des investisseurs pour ce type de collatéral ? • Les PME bénéficieront-elles des transactions ABS ? Le règlement FEILT9 augure-t-il une nouvelle ère pour l’octroi de prêts ? • Dans quelle mesure le nouveau cadre réglementaire va-t-il impacter les montages de titrisation ?

Cornelia Holthausen, Deputy Director General of Market Operations, EUROPEAN CENTRAL BANK � � � Max Bronzwaer, Executive Director and Treasurer, OBVION - PART OF RABOBANK GROUP Hervé Touraine & Olivier Bernard, Partners, ORRICK

Steve Gandy, Managing Director and Head of DCM Solutions, SANTANDER GLOBAL CORPORATE BANKING

11:45 La titrisation de financements participatifs : une nouvelle opportunité en Europe Etude de cas de la 1e titrisation européenne de prêts octroyés via la plateforme de crowdlending Funding Circle en mai 2016

René-Marc Trautner, Vice President, Global Markets, Structured Finance, DEUTSCHE BANK AG Jean-Norbert Pontier, Avocat à la Cour, Responsable Titrisation/DCM, NORTON ROSE FULBRIGHT LLP PARIS

12:30 DÉJEUNER ASSIS – UN TEMPS POUR ÉCHANGER AUTREMENT

14:00 Les corporates et leurs arrangeurs : Diversifier les sources de financement via la titrisation à la lumière du cadre STSAnalyse d’une banque gérant des conduits ABCP multi-cédants et zoom sur l’efficacité du renouvellement du programme de titrisation de Fraikin en 2016

Laurent Haik, Head of Operating Assets Securitisation, CREDIT AGRICOLE CIB Alexandre Perrin, Group Financing Director, FRAIKIN

Volker Meissmer, Group Head Securitisation General Aspects & Conduit Management, LANDESBANK BADEN-WÜRTTEMBERG 15:00 Le point de vue des investisseurs face aux nouvelles règles prudentielles Solvency 2 et Bâle3/CRD IV

Nouvelles charges en capital, obligations de divulgation et exigences de diligence : le casse-tête des investisseurs à quelques mois de l’adoption de la titrisation STS Les asset managers peuvent-ils attirer de nouveau les investisseurs institutionnels sur le marché des ABS ?

� Mascha Canio, Head of Credit & Insurance Linked Investments, PGGM Rob Ford, Partner, Portfolio Manager, TWENTYFOUR ASSET MANAGEMENT

16:00 CLÔTURE DES DÉBATS ET CAFÉ 1. CRR: Capital Requirements Regulation - 2. SSPE: Securitisation Special Purpose Entity - 3. STS: Simple, transparent and standardised - 4: European Supervisory Authorities 5. RMBS: Residential mortgage-backed security - 6. ABCP: Asset-backed commercial paper - 7. CMBS: Commercial mortgage-backed securities - 8. CLO: Collateralized loan obligations 9. FEILT: Fonds européens d’investissement de long terme - * Capital Requirements Directive

THE FUTURE OF SECURITISATION | Speakers & Sponsors December 9, 2016 - Les Salons Hoche, Paris

Our sponsorsOrrick is a leading internati onal law fi rm in France, respected both domestically and internati onally for its works on major cross-border and domesti c transacti ons.

The Banking and Finance practi ce is a key pillar of Orrick’s development strategy since its creati on. It comprises circa 300 lawyers based around our 25 offi ces worldwide. Within the Banking and Finance group, 75 lawyers form the Structured Finance group which is a leader in securiti zati on in the US and in certain European countries.In Paris, the Banking and Finance practice is highly experienced and the team is known as one of the strongest and most diversifi ed fi nance teams in the Paris market covering all areas of banking, fi nance and capital markets. It comprises 8 partners and 12 associates, 12 of them being experts in structured fi nance and securiti zati on.

Contacts : Hervé Touraine, herve.touraine@orrick.com - Olivier Bernard, obernard@orrick.com - 00 33 1 53 53 75 00

Norton Rose Fulbright is a global law fi rm. We

provide the world’s preeminent corporati ons and fi nancial insti tuti ons with a full business law service. We have 3800 lawyers and other legal staff based in more than 50 citi es across Europe, the United States, Canada, Lati n America, Asia, Australia, Africa, the Middle East and Central Asia.Recognized for our industry focus, we are strong across all the key industry sectors: fi nancial insti tuti ons; energy; infrastructure, mining and commodities; transport; technology and innovati on; and life sciences and healthcare.Wherever we are, we operate in accordance with our global business principles of quality, unity and integrity. We aim to provide the highest possible standard of legal service in each of our offi ces and to maintain that level of quality at every point of contact.

Contact : Jean-Norbert Ponti er, jean-norbert.ponti er@nor-tonrosefulbright.com - 00 33 1 56 59 53 16

Richard HopkinManaging Director, Head of Fixed Income AFME Europe

Philippe SourlasDeputy Director of the Asset Management DirectorateAMF - FRENCH FINANCIAL MARKETS REGULATOR

Steve GandyManaging Director and Head of DCM Soluti ons SANTANDER GLOBAL CORPORATE BANKINGSpain

Max BronzwaerExecuti ve Director and TreasurerOBVION (PART OF RABOBANK GROUP)The Netherlands

Rob FordPartner, Portf olio ManagerTWENTYFOUR ASSET MANAGEMENT United Kingdom

Volker MeissmerGroup Head Securiti sati on General Aspects & Conduit ManagementLANDESBANK BADEN-WÜRTTEMBERGGermany

Christi an MoorPolicy Advisor on Securiti sati onEBA - EUROPEAN BANK AUTHORITYEurope

Cornelia HolthausenDeputy Director General of Market Operati onsEUROPEAN CENTRAL BANK Europe

Jean-Norbert Ponti erHead of Securiti sati on/DCMNORTON ROSE FULBRIGHT LLP PARISFrance

Jonathan TrupExecuti ve Director in Global Capital MarketsMORGAN STANLEYUSA

Mascha CanioHead of Credit & Insurance Linked InvestmentsPGGMThe Netherlands

Alexandre PerrinGroup Financing DirectorFRAIKINFrance

Thierry Sessin-CaracciSenior Policy Offi cerESMAEurope

Laurent HaikHead of Operati ng Assets Securiti sati onCREDIT AGRICOLE CIBFrance

René-Marc TrautnerVice President, Global Markets Structured FinanceDEUTSCHE BANK AGGermany

Hervé TourainePartnerORRICKFrance

Olivier BernardPartnerORRICKFrance

THE FUTURE OF SECURITISATION | Registration formDecember 9, 2016 - Les Salons Hoche, 9 avenue Hoche, 75008 Paris

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