To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/CLOs

Media Partners:

Exhibitor:

Executive Sponsors:

Associate Sponsor:

C5’s Conference on

Business Information In A Global Context

An advanced conference tailored to address the specific needs and challenges of investors, issuers and arrangers enabling you to:

� Deliver compelling returns at the time of enhanced and fast evolving regulatory scrutiny

� Understand which sectors of the market offer better relative value in the current environment

� Benchmark your portfolio returns against the best performing CLO funds

� Develop best strategies around formation and monetising retention-compliant structures

� Navigate the legal minefield that surrounds CLO and leveraged loan products and transactions

� Capitalise on the growing direct lending opportunities created in midmarket corporate lending space

CLOs and Leveraged Loans

Colin Atkins The Carlyle Group

Jonathan Butler Pramerica Investment Management

Huub P.C. Mourits TMF Structured Finance Services

Michael Curtis 3i

Peter Melichar Deutsche Bank AG

David QuiroloCadwalader

Alex Leonard Blackstone GSO Capital

Michael Smith Ashurst

Steve Baker Apollo Global Management LLC

Matt Layton Pearl Diver Capital

Simon Davies Cairn Capital

Craig Scordellis CQS

Tyler Wallace Mediterranean Bank Plc

Supriya Saxena UniCredit

Adrian Duffy Guggenheim Partners

Brett Hickey Star Mountain Capital

Paul Shea Beechbrook Capital

Karine ValtanenThe European Banking Authority

Featuring a highly practical interactive Workshop on Thursday, 30th of April 2015:

How to Successfully Structure and Document a Next Generation CLO

Strategies for successful management, structuring and investment whilst minimising new legal and regulatory risks

29–30 April, 2015 | Le Méridien Piccadilly Hotel | London

• Investors - Asset Managers, Hedge Funds, Structured Credit Funds, Commercial Banks, Insurance / Pension Funds

• Issuers • Arrangers and Structures

• Trustees, Rating Agencies, Servicers • Accounting Firms• Law Firms and Financial Advisers • Data, Information and Financial Technology Providers

The ongoing explosive growth of the global CLOs and leveraged loans market has not gone unnoticed. In Europe alone, the CLO issuance volume in 2014 is expected to top €14 bn, almost doubling the similar figure seen in 2013 (source: S&P Capital IQ LCD). The US CLO issuance hit record volumes of $124.1 bn. last year, whilst global syndicated loan volume has reached the second highest on record as of December 2014. The breakneck speed of this market has brought with it new issuers and intermediaries, innovative products and diversity of underlying assets. Separately, as the appetite for CLOs is steadily increasing, European issuers managers and arrangers aim to replicate the ongoing success of this product in the US. As the deal flow becomes larger and better – European CLOs and leveraged loans are fast moving into the big league of hot asset classes. Nonetheless, with many macroeconomic uncertainties and massively boosted regulatory scrutiny, pulling it off is not an easy task. Compliance and legal risks are being propelled right to the top of the CLO and leveraged loan managers’ agenda.

Whether you are a seasoned CLO manager or a leveraged loan banker who knows how to play the market; a mainstream or an opportunistic investor wanting to stay ahead of the game, or an industry partner seeking access to the most influential audience, be assured that C5’s Conference on “CLOs and Leveraged Loans” will deliver exactly what you are looking to achieve. Building on C5’s excellent reputation in securitisation, structured products and private equity portfolio events, this event is specifically designed for those who want to reap the rewards of this surging market whilst staying fully compliant with constantly evolving regulatory changes.

The agenda will bring you:

� The US and European CLO and leveraged loan market trends and predictions for 2015–2016;

� Cutting edge coverage of the investment, regulatory and legal aspects of CLOs and leveraged loans as hot and evolving asset classes;

� Analysis of the risk-reward profile of CLOs and other leveraged loan instruments;

� Best strategies on the active management of CLOs and leveraged loans;

� Tips for structuring CLOs, compliant with separate and conflicting sets of U.S. and European risk regulation;

� Best legal advice on drafting documentation;

� and much more

Make sure you gain advantage by getting the latest thinking and strategic direction from the best in the business and secure your place today!

To reserve your place: call +44 (0)20 7878 6888 or register online at www.c5-online.com/CLOs

We look forward to welcoming you in London in April,

Anita Arthur, Divisional Manager – C5 Communications

An advanced conference designed for:

@C5Live #C5CLOsCONNECT WITH US!

Complete and refine your conference experience by attending the practical and interactive Workshop:

How to Successfully Structure and Document a Next Generation CLO

Rave Reviews from C5’s Finance Events:

Congratulations on putting together such a fine agenda Chris Mruck, Managing Partner, Advent International

The agenda went to the heart of key issues for this growing market. We were privileged to have experienced investors

and professionals in this market be so open about the challenges they face and how they are addressing them

Alex Spain, Key Capital

C5 is an institution for private equity in the region Dan Lynch, 3TS

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All topics are highly relevant. The information obtained has a practical application. Level of participants is very high Ekaterina Savelieva, Vnesheconombank

The atmosphere at the conference was exciting – it was clear that the speakers and delegates were passionate about investing, and were looking for ways to collaborate with one another Michael Camacho, Investment Manager, AlpInvest Partners B.V

Great event, excellent speakers and very good networking opportunities Christian Diller, Partner, Montana Capital Partners

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To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/CLOs

MAIN CONFERENCE DAY ONE WEDNESDAY, 29 APRIL 2015

8:15 Registration, Refreshments and Networking

9:00 Chair’s Opening Remarks

9:15 Delivering Compelling Returns to Investors at the Time of Enhanced Regulatory Scrutiny: Sharing the Best CLO Management StrategiesMichael SmithPartnerAshurstColin AtkinsManaging Director and Head of the European Structured CreditThe Carlyle GroupJonathan ButlerManaging Director and Head of the European Leveraged Finance TeamPramerica Investment ManagementLaura CoadyCo-Head European CLO GroupCitiMichael CurtisPortfolio Manager, Debt Management3i• The size and dynamics of the current CLO market;

year-to-date global and European issuance; the volume of outstanding CLOs. How does the European market compare to the US?

• Are credit markets overheating amid ultra-low interest rates and over supply on the issuance side?

• Prospects for European issuance: will the market continue to see robust issuance of CLOs? Which key factors will be influencing issuance and investment decisions? Will the US managers continue to play an important role in Europe?

• What returns do CLO investors typically demand? What returns have been delivered to-date?

• Should investors expect deterioration of liquidity in the underlying collateral (the bank loans)?

• Best practices for analysing the structural characteristics of a deal; CLO manager evaluation

• Assessing and monitoring the quality of a loan portfolio• What is the likelihood of spread tightening over

the next two years: “Reach-for-yield” behaviour in high-yield debt and leveraged loans?

• Is there relative value to be found in secondary deals: Comparing and contrasting older vintage transactions with the new breed of transactions placed in recent months?

• Structuring and executing a successful strategy for a secondary CLO

10:45 Morning Refreshments and Networking

11:15 Establishing a Well-functioning Securitisation Market. Recent US and European RegulationsModerator:David QuiroloPartner – LondonCadwaladerKarine ValtanenPolicy Expert – RegulationThe European Banking Authority (EBA)T.J. Unterbrink Director of CLO OperationsCarlson Capital, L.P. Robert CannonSpecial CounselCadwalader, Wickersham & Taft LLP• General overview on regulation for securitisation, and

in particular relevant for CLOs (EBA DP on Simple, Standard and Transparent securitisations published in October 2014, BCBS/IOSCO DP on Simple, transparent and comparable securitisations published in December 2014, BCBS Revised framework for securitisations published in December 2014)

• Retention rules: (EBA retention report published in December 2014)- Originator structure- EU vs US rules – overview and comparison- Supervision of retention rules

• Credit Risk transfer (EBA Guidelines published in July 2014)• How to reduce the retention burden on CLO managers• Who must be retaining the required retention interest?

For which period of time? How to measure it?• Possible options for financing required retention interest• Defining legal arguments against the regulators’ right to

impose the risk retention on CLO investment managers• Compliance and structuring for both markets:

Focusing on originator structures and methods of retention (as oppose to sponsorship method)

• CLO transaction structures involving a third party originator, sponsor or original lender acting as the retention holder

• What else is on a CLO statute book which could impact the transactions during their term?

• Getting ready: assessing the availability of refinancing; factoring in future re-pricing for CLOs which were set prior to the Final Rules effective date

• What would constitute a violation of retention rules requirements and what are the risks of non-compliance: taking necessary steps to avoid them?

12:45 Networking Lunch

13:45 Unlocking Best Relative Value within the CLO Market. What are the Advantages and Disadvantages of Selling to CLOs vs Other Loan Market Investors?Moderator:Huub P.C. MouritsGlobal DirectorTMF Structured Finance Services

@C5_Live #C5CLOs

Fax order form to +44 (0) 20 7878 6885 or register online at www.C5-Online.com/CLOs

Supriya SaxenaDirector, Leveraged Loan Syndication Financing & AdvisoryUniCreditNick StrongPortfolio Manager Credit Fund Management, EuropeICGSteve BakerManaging Director, Structured CreditApollo Global Management LLCMatt LaytonPartnerPearl Diver Capital • Which sectors of the market offer better relative value

in the current environment:- CLO 1.0 or 2.0?- Primary or secondary markets: where to buy?- AAA, mezzanine or equity: which tranche?- Europe or US?

• Capital charges and relative value: where in the capital structure investors choose to buy

• Risk-return characteristics of on equity slice of CLOs; how do these compare with AAA- spreads? Should investors continue to expect above average returns (in some case exceeding junk bond returns)?

• Making AAA pieces more attractive for a wider array of investors: pros and cons of increasing returns by leveraging AAA tranches

• Who else could buy CLO papers and how to structure deals with the view to attract pension funds, insurance companies and non-traditional investors

• Comparing CLOs with other asset classes and securitised instruments: risk-return considerations

15:00 Ensuring Efficient, Low Cost Collateral Administration, Trustee and Liquidity Services for New CLO Products and Other Complex Loan StructuresSpeaker to be announcedPlease contact Anita Arthur at a.arthur@c5-online.com for more information• How can collateral administrators and managers work

together to mitigate multiple regulatory risks and streamline processes in different domiciles?

• Overcoming challenges with the accounting treatment for investments made across multiple markets

• How can collateral managers add value in developing new CLO products while helping fund managers to contain costs?

15:30 Applying CLOs to Commercial Real EstateSimon DaviesCapital Structure AdvisoryCairn Capital• Why commercial real estate (CRE) CLOs? What makes

this new hybrid asset class attractive to investors?• Tracing the main characteristics of CRE CLOs: What changes

and innovations have we seen since the 2008 crisis?

• Comparing CRE CLOs to CMBS and RMBS (a reinvestment period; a ramp-up period; collateral quality; managers interest; benefits to investors; relative value and yield)

• Regulatory compliance and legal pitfalls when structuring CRE CLOs

• How to structure commercial real estate CLOs to meet investors’ risk-return requirements

• Overcoming challenges related to warehousing terms

16.00 Chairman’s Summary

16.15– 16.45 Networking Coffee. End of Day 1

MAIN CONFERENCE DAY TWO THURSDAY, 30 APRIL 2015

8:30 Registration, Refreshments and Networking

9:00 Chair’s Opening Remarks

9:15 Outlook for the European Leveraged Loan Market in 2015 – 2016Moderator:Tim SprayHead of Leveraged Capital Markets and Loan SalesUniCreditAlex LeonardManaging DirectorBlackstone GSO Capital Partners Craig ScordellisHead of LoansCQSTylor WallaceHead of Corporate Credit, Mediterranean Bank PlcAdam KollerDirector – Leveraged Finance, M&G Investments• What is driving leveraged syndicated loan issuance

in Europe?• Enhanced M&A activity involving European companies

and positive impact on leveraged loans market: will the trend continue next year?

• Where do leveraged loan bankers see appetite for leveraged loans coming from?

• How to structure transactions with the view to capitalise on current borrower-friendly market conditions

• Disintermediation of corporate funding in Europe and the impact on the leveraged loans market in the next two years

• Loan spreads – overcollaterisation – leverage: is the new wave of defaults looming on the horizon?

• What is the rating agency perspective on the underlying loans?

• Evaluating the impact of the underlying loan prices in the larger market on CLO returns

• How do CLO managers access paper: what restrictions currently exist?

@C5_Live #C5CLOs

GLOBAL SPONSORSHIP OPPORTUNITIESC5, along with our affiliate organisations in New York, American Conference Institute (ACI) and in Toronto, The Canadian Institute (CI), works closely with sponsors to create the perfect business development solution catered exclusively to the needs of any practice group, business line or corporation. With over 500 conferences held in Europe, Russia and the CIS, China, India, the US and Canada, C5, ACI and CI provide a diverse portfolio of first-class events tailored to the senior level executive.

For more information about this program or our global portfolio, please contact:

Ed Malkoun on +44 (0) 20 7878 6973 or email e.malkoun@C5-Online.com or

Anita Arthur on +44(0)2078786925 or email a.arthur@C5-Online.com

Media Partners:

To register call +44 (0) 20 7878 6888 or register online at www.C5-Online.com/CLOs

©C5, 2015

• What papers can they buy? In what jurisdictions? In what part of the capital structure?

• Rated vs unrated deals• Loan settlement issues: to what extent these impact

the liquidity of the leveraged loan market

10:30 Morning Refreshments and Networking

11:00 Trends in Lower Middle Market Leveraged Loans TransactionsModerator:Ross OllerheadPartner – Banking PracticeAshurstAdrian DuffyHead of European Credit InvestingGuggenheim Partners Brett HickeyFounder & CEOStar Mountain Capital, LLCPaul SheaPartnerBeechbrook Capital

• Comparing and contrasting typical leveraged loan market deal sizes and loan returns with the lower mid-market across the US and Europe

• Which investors are attractive to lower mid-market loans and why?

• How do lower mid-market loans compare to larger transactions? What are the typical features? Are mid-market deals are more risky than large deals

• Exploring sponsorless deals vs sponsored deals in the mid-market

• What competition is there for providing lower mid-market loans?

• How the different economics/mental frameworks of mid-market banks/funds vs large market players affect deal structuring

12.15 Chair’s Closing Remarks

12.30 – 14.00 Lunch and Networking

@C5_Live #C5CLOs

CONFERENCE ON DEMANDCan’t take time out of the office? View the conference from the convenience of your home or office. Save money on travel and view the conference according to your own schedule. This Conference recording allows you to view all the authorised sessions and handouts.

The recorded archives of the presentations will be available for you to view after the conference, so you can re-watch sessions, or view any sessions you may have missed.

Exhibitor:

Cortland Capital Market Services LLC is a leading independent investment servicing company providing leveraged loan services: loan administration, reporting, trade settlement, material non-public information

(MNPI) firewall, loan agency and successor agency services. For CLO managers we add compliance and waterfall modeling including ongoing running of the model. Cortland combines experienced professionals and proven process technology. Headquartered in Chicago, Illinois, Cortland has offices in London, New York and Southern California. Visit us at www.cortlandglobal.com

TMF Group is a leading provider in specialised administrative and corporate governance services to the securitisation industry. We are experts in CLO transactions and were involved in the first European CDOs (1999). We have been the provider of choice since the CLO 2.0 revival started in 2013. Find out more at www.tmf-group.com.

Ashurst is an international law firm advising corporates, financial institutions and governments, with core businesses in finance, corporate and M&A. Its presence is built on extensive experience in working with clients on the complex legal and regulatory issues relating to cross-border transactions.

Ashurst has established a leading practice in US and European CLOs and credit funds, having advised arrangers, collateral managers and trustees on over 450 US and European CLOs, many of which have been market firsts. www.ashurst.com

Cadwalader’s securitization and structured finance team is an acknowledged legal industry leader in the creation and structuring of securitizations, derivatives, synthetic securities, and other structured finance products. We represent issuers, underwriters, and collateral managers in

CLO transactions and related product types, and have extensive experience with both "cashflow" and synthetic total return structures. Cadwalader has acted as deal counsel in CLO transactions since the inception of the CLO market. Our team has extensive experience with securitization of both broadly syndicated and middle market loans, as well as commercial mortgage loans, and has assisted clients in bringing hundreds of such transactions to market, closing 71 CLO transactions in 2014 alone with a value of $32 Billion. Find out more: www.cadwalader.com

Executive Sponsors:

Associate Sponsor:

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ADMINISTRATIVE DETAILS

Date: 29–30 April 2015

Time: 8:15–17:15

Venue: Le Méridien Piccadilly HotelAddress: 21 Piccadilly, London, W1J 0BH, United Kingdom

Telephone: +44 (0)207 734 8000

An allocation of bedrooms is being held for delegates at a negotiated rate until 13 March 2015. To book your accommodation please call Venue Search on tel: +44 (0) 20 8541 5656 or e-mail beds@venuesearch.co.uk. Please note, lower rates may be available when booking via the internet or direct with the hotel, but different cancellation policies will apply.

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Payment is due in full upon your registration. Full payment must be received prior to the event otherwise entry will be denied. All discounts will be applied to the Main Conference Only fee (excluding add-ons), cannot be combined with any other offer, and must be paid in full at time of order. Group discounts available to individuals employed by the same organisation.

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All Terms & Conditions are applicable on confirmation of registration and apply to both paid and unpaid invoices. You must notify us by email at least 48 hours in advance if you wish to send a substitute participant. Delegates may not “share” a pass between multiple attendees without prior authorisation. If you are unable to find a substitute, please notify C5 in writing no later than 10 days prior to the conference date and a credit voucher will be issued to you for the full amount paid, redeemable against any other C5 conference. If you prefer, you may request a refund of fees paid less a 25% service charge. No credits or refunds will be given for cancellations received after 10 days prior to the conference date. C5 reserves the right to cancel any conference for any reason and will not be responsible for airfare, hotel or any other costs incurred by attendees. No liability is assumed by C5 for changes in programme date, content, speakers or venue.

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Strategies for successful management, structuring and investment whilst minimising new legal and regulatory risksBusiness Information In A Global Context

CLOs and Leveraged LoansC5’s Conference on 29–30 April, 2015 | Le Méridien Piccadilly Hotel | London