This document provides information about an upcoming conference on CLOs and leveraged loans organized by C5 Communications. The conference will take place on April 29-30, 2015 in London and will address topics such as CLO market trends, regulatory issues, structuring CLOs, and managing risk and returns. Attendees will include CLO managers, investors, issuers, arrangers, and other industry professionals. The agenda includes panels on delivering returns, establishing securitization markets, and unlocking relative value. Registration can be done online or by phone.

1. 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
LeveragedLoans
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 Quirolo
Cadwalader
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
KarineValtanen
The European Banking Authority
Featuring a highly practical interactiveWorkshop onThursday, 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

2. • 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 FinancialTechnology 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:
� TheUS and EuropeanCLO and leveraged loan market trends and predictions for 2015–2016;
� Cutting edge coverage of the investment, regulatory and legal aspects ofCLOs 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 structuringCLOs, 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 interactiveWorkshop:
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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3. 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 theTime of Enhanced Regulatory
Scrutiny: Sharing the Best CLO Management
Strategies
Michael Smith
Partner
Ashurst
Colin Atkins
Managing Director and Head of the European
Structured Credit
The Carlyle Group
Jonathan Butler
Managing Director and Head of the European
Leveraged FinanceTeam
Pramerica Investment Management
Laura Coady
Co-Head European CLO Group
Citi
Michael Curtis
Portfolio Manager, Debt Management
3i
• 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 Regulations
Moderator:
David Quirolo
Partner – London
Cadwalader
KarineValtanen
Policy Expert – Regulation
The European Banking Authority (EBA)
T.J. Unterbrink
Director of CLO Operations
Carlson Capital, L.P.
Robert Cannon
Special Counsel
Cadwalader, Wickersham &Taft LLP
• General overview on regulation for securitisation, and
in particular relevant for CLOs (EBA DP on Simple,
Standard andTransparent 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
• CreditRisktransfer(EBAGuidelinespublishedinJuly2014)
• How to reduce the retention burden onCLO 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 onCLO 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 RelativeValue within the
CLO Market. What are the Advantages and
Disadvantages of Selling to CLOs vs Other
Loan Market Investors?
Moderator:
Huub P.C. Mourits
Global Director
TMF Structured Finance Services
@C5_Live #C5CLOs

4. Fax order form to +44 (0) 20 7878 6885 or register online at www.C5-Online.com/CLOs
Supriya Saxena
Director, Leveraged Loan Syndication
Financing & Advisory
UniCredit
Nick Strong
Portfolio Manager
Credit Fund Management, Europe
ICG
Steve Baker
Managing Director, Structured Credit
Apollo Global Management LLC
Matt Layton
Partner
Pearl 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 Structures
Speaker to be announced
Please 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 Estate
Simon Davies
Capital Structure Advisory
Cairn Capital
• Why commercial real estate (CRE) CLOs?What makes
this new hybrid asset class attractive to investors?
• TracingthemaincharacteristicsofCRECLOs:Whatchanges
andinnovationshaveweseensincethe2008crisis?
• 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 DAYTWO
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 – 2016
Moderator:
Tim Spray
Head of Leveraged Capital Markets and Loan Sales
UniCredit
Alex Leonard
Managing Director
Blackstone GSO Capital Partners
Craig Scordellis
Head of Loans
CQS
Tylor Wallace
Head of Corporate Credit, Mediterranean Bank Plc
Adam Koller
Director – 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

5. GLOBAL SPONSORSHIP OPPORTUNITIES
C5,alongwithouraffiliateorganisationsinNewYork,AmericanConferenceInstitute
(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 theCIS,China, India, theUS andCanada, 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
LoansTransactions
Moderator:
Ross Ollerhead
Partner – Banking Practice
Ashurst
Adrian Duffy
Head of European Credit Investing
Guggenheim Partners
Brett Hickey
Founder & CEO
Star Mountain Capital, LLC
Paul Shea
Partner
Beechbrook 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 DEMAND
Can’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 71CLO 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 Hotel
Address: 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
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*ELITEPASS is recommended for maximum learning and networking value.
Strategies for successful management, structuring and investment whilst minimising new legal and regulatory risks
Business Information
In A Global Context
CLOs and Leveraged Loans
C5’s Conference on 29–30 April, 2015 | Le Méridien Piccadilly Hotel | London