Panel Detail:Monday, April 28, 2008

Panel Detail:Monday, April 28, 2008 8:00 AM - 9:25 AM

Credit: Yesterday, Today and Tomorrow

Speakers: Wesley Edens, Chairman and CEO, Fortress Investment Group LLC Noel Kirnon, Executive Vice President, Global Structured Finance,

Moody's Investors Service Rajeev Misra, Managing Director and Global Head of Credit Trading,

Securitization and Commodities, Deutsche Bank AG Richard Sandor, Chairman and CEO, Chicago Climate Exchange; Senior

Fellow, Milken Institute Steven Tananbaum, CEO and Chief Investment Officer, GoldenTree

Asset Management LP

Moderator: Michael Milken, Chairman, Milken Institute; Chairman, FasterCures / The

Center for Accelerating Medical Solutions

Structured credit finance products

ABS

RMBS MBS

CMBS

CDOs

Credit derivatives

CDS

ABS: Asset-backed securities MBS: Mortgage-backed securities RMBS: Residential MBS

Source: International Monetary Fund.

CMBS: Commercial MBS CDS: Credit default swap CDOs: Collateralized debt obligations

When is a AAA not a AAA?

Multi-layered structured credit products

Mortgage loans Mortgage bonds

High-grade structured-finance CDO

Senior AAA 88%

Junior AAA 5%

AA

3%

A

2%

BBB

1%

Unrated

1%

AAA AA A BBB BB-Unrated

80% 11% 4% 3% 2%

Source: International Monetary Fund.

Mezzanine structuredfinance CDO

Senior AAA 62%

Junior AAA AA

14% 8%

A

6%

BBB

6%

Unrated

4%

CDO-Squared

Senior AAA Junior AAA AA A BBB Unrated

60% 27% 4% 3% 3% 2%

Venezuela sovereign debt rating

Moody's rating

Aaa Aa

Ba3 B2 Caa1

1978 1983 1988 1993 1998 2003 2008

Source: Bloomberg and Moody's.

Venezuela sovereign debt rating

S&P rating

AAA AA

BB B+

BBCCC+

SD

1978 1983 1988 1993 1998 2003 2008

Source: Bloomberg and S&P.

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