Paolo Bortolotti,Vice President, PrivateReal Estate Debt, Partners Group

Arnaud Heck,Head of Real Estate Finance,

Natixis

Jan Peter Annecke,Head of Origination, Commercial

Real Estate Finance, Munchener Hypothekenbank

Andrew Rogers,Group Treasurer,

Frogmore

EARLY BIRD DISCOUNT book by Friday 5 August

www.recapitalnews.com/europeforum

FINANCE FORUM: EUROPE2016CONNECTING CRE LOAN PROFESSIONALS ACROSS EUROPE

27-28 SeptemberInstitute of Directors, London

www.recapitalnews.com/europeforum

AGENDA DAY ONE: TUESDAY 27 SEPTEMBER

8.20 Registration & coffee

9.00 REC welcome

9.10 Opening comments from the Chair

9.20 Keynote addressEU Referendum: the impact of Brexit onthe economy and CRE loan markets

9.50 Opening panel session

The European finance market: where arewe in the real estate cycle?• Changes in regulation, weighing up risks,possible interest rate hikes: future forecasts for2017

• Structuring loans against future uncertainties• Impact of political uncertainty on the financemarket

• Global capital flows overview • The state of the alternative finance market

10.35 Coffee & networking

11.05 Panel session

Investors’ portfolio: depth of demandfor real estate debt • How can investors access the real estate debtmarket?

• Is real estate debt a stronger contender toinfrastructure, unitranche, corporate/governmentbonds?

• How does origin of investors affect preferences instructures, types of debt and its packaging?

• Return expectations, risk profiles and regulatoryconsiderations across jurisdictions

11.50 Panel session

Borrowers’ perspective on sourcing debtin today’s crowded market• How easy has it been to secure new acquisitionfinancing/refinancing over the past year?

• What do borrowers want from lenders in terms ofrelationships and structures?

• Managing leverage, deciding how much debt totake and diversifying funding sources

• Using intermediaries to source debt: how is thenew trend impacting the market?

• Considering alternative sources of finance:corporate bonds, corporate finance

12.35 Case study

A leading Asian lender will share its experiences oflending within the European CRE marketplace andwill share plans for the coming year.

13.00 Lunch

14.00 Focused discussion

An update on: syndicated loans market• Trends and volumes across Europe in 2016• Participation structures for real estate loans• Outlook for 2017

14.30 Panel session

German real estate and the banklending market• Availability and cost of debt across Germany • Overcoming key challenges: low margins andstrategies for finding value amongst fiercecompetition

• The German real estate syndication market • Overview of Pfandbrief laws impacting real estatefinancing

• Alternative lenders and non-German banks: whatdeals do they get involved in?

15.15 Keynote interview A pan-European portfolio transaction will bediscussed in detail by a group of lenders on stage.The session will offer an insight into the deal, aspresenters reflect on the cross-border financing.

15.45 Coffee & networking

16.10 Focused session

European CMBS: 2016 issuancevolumes and looking ahead to 2017• How relevant is CMBS in the financing ofEuropean real estate today?

• Multi sponsor/multi jurisdiction issues: will thetrend continue?

• Assets and jurisdictions best suited for CMBS andexpected bottlenecks in the CMBS process

16.40 Panel session

Lenders’ perspective on today’s financemarket• Overview of the lending activities across Europe• Who is lending and on what terms? Currentavailability of debt and financing for non-coreand core assets

• State of the refinancing environment• Lending against operating assets: underwritingand structural considerations

17.25 Cocktail reception

www.recapitalnews.com/europeforum

AGENDA DAY TWO: WEDNESDAY 28 SEPTEMBER

Co sponsors:

TO DISCUSS SPONSORSHIP OPPORTUNITIES CONTACT:Jane Popova | Senior Conference Producer, Real Estate Events - EMEA

T: +44 207 566 5475 E: jane.p@peimedia.com

Associate sponsors:

Exhibitor:

8.40 Coffee & networking

9.10 Welcome from the Chair

9.20 Panel session

Development finance • Who is lending on development projects and on whatterms?

• What do developers need to be able to convincelenders to back them?

• Structuring loans to protect against the pitfalls • PRS: how can lenders take advantage of the growingopportunity

10.05 Focused session

Mezzanine debt: the state of the market• Who’s providing it and what’s being funded?• Types of yields/deals that are being chased• Risks and reward: getting the balance right• Whole loans: selling the senior

10.35 Coffee & networking

11.00 Focused session

Availability and cost of debt across France• French real estate market: investment volumes andmost active players

• French lenders abroad: what assets are they backingacross Europe?

• Outlook for 2017

11.30 Panel session

European outlook for non-core and non-performing loan portfolios• Key issues for buyers and sellers in the non-core space• NPL transactions: what funding options are available?• Europe’s bad banks: anticipated supply of NPLs in 2017• Different ways to wind down a portfolio

12.15 Lunch & close of conference

www.recapitalnews.com/europeforum

REASONS TO ATTEND:

Lenders and borrowers will gather at this event to evaluate the potential impact of the ongoing regulatory changes and negative interest rate environment on the cost of credit, as well as availability of debt across Europe.

EXAMINE THE STATE OF EUROPE’S DEBT CAPITAL MARKETS

As the lending landscape continues to grow and diversify in Europe, this conference will offer an opportunity to explore and compare what products lenders are offering all under one roof.

DISCOVER SUITABLE SOURCES OF FINANCING

Network and learn from the leading CRE loan professionals during on stage panel debates, keynote interviews and presentations. Attending will equip you with essential market knowledge to stay ahead of the curve.

MEET THE MOST INFLUENTIAL INDUSTRY FIGURES

0

200

400

600

800

20

10

20

11

20

12

20

13

20

14

20

15

YTD

20

16

Ave

rag

e fu

nd s

ize

($m

)

Top 5 countries raising most capital for Europe-focused private real estate debt funds since 2010

UnitedKingdom 17.09

7.46

6.36

1.44

0.34

France

UnitedStates

Germany

Switzerland

Total capital raised ($bn)

0 2 4 6 8 10 12 14 16 18

2

Average size of Europe-focusedprivate real estate debt funds

800

private real estate debt fundsAverage size of Europe-focused

private real estate debt fundsAverage size of Europe-focused

private real estate debt fundsAverage size of Europe-focused

KingdomUnited

private real estate debt funds since 2010Top 5 countries raising most capital for Europe-focused

private real estate debt funds since 2010Top 5 countries raising most capital for Europe-focused

private real estate debt funds since 2010Top 5 countries raising most capital for Europe-focused

17.09

private real estate debt funds since 2010Top 5 countries raising most capital for Europe-focused

800

600

400

Ave

rag

e fu

nd s

ize

($m

)

Germany

testaSUnited

ancerF

1.44

6.36

7.46

200

0

Ave

rag

e fu

nd s

ize

($m

)

Switzerland

Germany

0 8642

Total capital raised ($bn)

16141210

Total capital raised ($bn)

0.34

18

Strategy focus of Europe-focused privatereal estate debt funds since 2010

2

0

4

6

8

Tota

l cap

ital r

aise

d ($

m)

20

10

20

11

20

12

20

13

20

14

20

15

YTD

20

16

Fundraising by Europe-focusedprivate real estate debt funds

Subordinated /Mezzanine debtSenior debtCLODistressed debtUnitranche

33%

31%

21%

10%

5%

5%

10%

Mezzanine debtSubordinated /

5%

33%

Mezzanine debtSubordinated /

33%8

Tota

l cap

ital r

aise

d ($

m)

private real estate debt fundsFundraising by Europe-focusedprivate real estate debt funds

Fundraising by Europe-focusedprivate real estate debt funds

Fundraising by Europe-focused

21%

UnitrancheDistressed debtCLOSenior debtMezzanine debt

UnitrancheDistressed debtCLOSenior debtMezzanine debt

6

4

2

Tota

l cap

ital r

aise

d ($

m)

Strategy focus of Europe-focused privatereal estate debt funds since 2010

Strategy focus of Europe-focused privatereal estate debt funds since 2010

Strategy focus of Europe-focused private

31%

real estate debt funds since 2010Strategy focus of Europe-focused private

0

Tota

l cap

ital r

aise

d ($

m)

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SPEAKERS INCLUDE:

Michael Acratopulo,Deputy Head ofCommercial RealEstate UK, Wells Fargo

Rochus Ebert,Head of Structured RealEstate Finance Germany, SEB

Barry Fowler,Managing Director,Alternative IncomeSolutions, Aviva Investors RealEstate Finance

Norbert Kellner,Head of Debt CapitalMarkets & SalesManagement, Helaba

Anil Khera,Managing Director, The Blackstone Group

Duncan MacPherson,Head of Capital Markets,Starwood Capital

Dale Lattanzio,Managing Partner, DRC Capital

Simon Marshall,Head of Real EstateLending, London Branch,LBBW

Michael Morgenroth,Chief Executive Officer,CAERUS DebtInvestment

Rob Mills,Partner, Clearbell Capital

Neil Odom-Haslett,Head of CommercialReal Estate Debt,Standard LifeInvestments

Andrew Rogers,Group Treasurer,Frogmore

Nick Sanderson,Finance Director, Great Portland Estates

Michael Shields,Managing Director,ING Real Estate

Anthony Shayle,Head of Global RealEstate – UK Debt, UBS AssetManagement

Thomas Staats,Head of Origination,International PropertyFinance, DeutscheHypothekenbank

Paul Wilson,Managing Director,Head of the LondonRegional Office,MetLife Investments

Christoph Wagner,Director of DebtStrategies, TH Real Estate

Christian Schmid,Managing Director,Business & SyndicationManagement, Aareal Bank

Roland Fuchs,Head Of EuropeanReal Estate Finance, Allianz Real Estate

KEYNOTE INTERVIEWReal Estate Capital’s Deputy Editor, Dan Cunningham, will sit down with Roland and Christian to explore the

2016/2017 real estate lending landscape, as well as how institutional investors and banks can successfully worktogether on financing cross-European, high volume transactions.

Please visit the website for full details on the cancellation policy: www.recapitalnews.com/terms-conditionsIf you’re an institutional investor, you may be eligible for a complimentary pass. Email jane.p@peimedia.com for further details.

www.recapitalnews.com/europeforum

customerservices@peimedia.com 44 (0)20 7566 5445

SECURE YOUR PLACE TODAY:

Pricing options: Early bird prices: validuntil Friday 5 August Full rate

One delegate £1,495 £1,995

Two delegates £2,990 £3,990

Three delegates £4,485 £5,785

Further discounts apply for extra delegates. Call for more details: +44 (0)20 7566 5445

PAST ATTENDEES INCLUDED:Aalto Invest Aeriance Investments AgFeAviva InvestorsAxa Real EstateBank of America Merrill LynchBank of EnglandBank of IrelandBerlin Hyp Blackstone Canada Pension Plan Investment Board Citibank Clearbell CapitalDeutsche Asset and WealthManagementDeutsche BankDRC Capital

Eastdil SecuredEuropa Capital MezzanineGreat Portland EstatesGreenOakHatfield PhilipsHIG/Bayside CapitalHelabaHSBCINGLBBWLaSalle Investment ManagementLegal & GeneralLloyds BankLondon City HallM&G InvestmentsM7 Real EstateNational Asset Management Agency

National Pension ServiceNatixisNIBC Bank Oxford PropertiesPIMCOPramerica Real Estate InvestorsQuadrant EstatesRedevco Investment ManagementRenshaw Bay Santander Standard Life InvestmentsStarwoodTH Real EstateValue Retail Venn PartnersWells Fargo Westmount Real Estate

VENUE: INSTITUTE OFDIRECTORS, LONDONAddress: 116 Pall Mall, SW1Y 5EDTel: +44 (0)20 7766 8866