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Maximising Profits in the European Distressed Debt Market

❖ Market Overview ❖ Grumpy Old Men’s Advice on Distressed Investing

❖ Leadership in European Restructurings❖ Pensions in European Restructurings

❖ Quantifying the Likelihood of Defaults❖ Italian Restructurings: Comital Saiag and Recent Developments

❖ Successfully Shifting Centers of Main Interest❖ Investors’ Roundtable

Situation Reports and Case Studies:

Eurotunnel, Infogrames Entertainment,Polestar, & MFI

Le Meridien Piccadilly HotelLondon, UK

May 24-25, 2007

Supported by:

Fourth Annual Conference On

DistressedInvesting Europe

AlixPartners is recognizedinternationally as the industrystandard in solving complexcorporate challenges, creating

value and restoring corporate performance. The firm is aleader in providing results-focused services to helpcompanies address and resolve a range of operational,financial, legal and transactional challenges. We deliverthese services using small teams of experienced, senioroperating and financial executives, and align our incentiveswith those of our clients. AlixPartners pioneered many oftoday’s most effective turnaround strategies. In theprocess, we have earned a reputation for buildingconsensus, managing expectations, driving the process andchanging the outcome for the better. Regardless of whereour clients are, we bring our signature hands-on approachand relentless focus on obtaining results. Our Europeanoffices in Düsseldorf, London, Milan, Munich and Paris arestaffed with highly respected senior professionals from thelocal markets. For more information, please visitwww.alixpartners.com or contact Pippa Wicks at +44 207098 7400, Yahya Daraaoui at +33 1 56 60 50 88, UlrichWlecke at +49 211 97 55 10 00, or Roman Zeller +49 8920 30 40 00.

Alvarez & Marsal (A&M) isthe leading independent globalprofessional services firm thatprovides specialised turnaroundmanagement, restructuring and

corporate advisory services to companies, investors andstakeholders. With services delivered through professionalsaround the world, A&M works as advisors or in interimmanagement roles to help guide organizations throughcomplex periods of change. The firm has been at theforefront of driving performance improvement through itsmulti-cultural and multi-lingual professionals operatinglocally in Europe, as well as in North America, Asia andLatin America. Setting the standard of excellence inturnaround management since 1983, Alvarez & Marsaldraws on its strong operational heritage and hands-onproblem solving approach to implement solutions anddeliver results for publicly listed and privately heldcorporates and public sector organisations. Alvarez &Marsal offers: turnaround advisory, crisis and interimmanagement, business performance and processimprovement, and transaction advisory services. For moreinformation, please visit www.alvarezandmarsal.com

Since 1979 BrinckoAssociates, Inc. hasprovided personalizedadvisory and interim

management services to financially troubled companies andtheir investors worldwide. Founder John P. Brincko and

his staff have played major roles in successfullyrestructuring companies such as Cal Comp, a 87% publicly-owned subsidiary of Lockheed Martin, Copeland Sports, asporting goods chain, Franchise Pictures, a motion pictureproduction company, Barney's New York, ConsolidatedFreightways, National Consumer Mortgage, U.S.Steel/Pohang Steel, Esprit, WorldPoint Logistics, Sun WorldInternational, Inc., Mossimo, Inc, Strouds "The LinenExperts", Vans, Omnimedical, Globe Security, and KnudsenFoods, Inc. Brincko Associates, Inc’s., internationalrestructuring practice has worked with companies located inAustralia, Belgium, China, Canada, France, Germany,Holland, Hong Kong, Italy, Japan, Korea, New Zealand,Norway, Spain, Sweden, and The UK. We have significantexperience and expertise with issues that affect distressedbusinesses in Europe, Asia and the rest of the world.

Deloitte is the UK’s fastestgrowing professional servicesfirm with a team of 10,000

professionals nationwide. It is the UK practice of DeloitteTouche Tohmatsu, a global leader in professional servicesoperating out of 140 countries world-wide. TheReorganisation Services team provides investigation,advisory, restructuring and insolvency services to under-performing businesses, their stakeholders and advisors.Advising on and supporting the implementation ofstrategic, financial and operational restructuring plans, thisteam, when necessary, can call upon the support of Deloittespecialists in corporate finance, insurance, forensicaccounting, taxation and all industry sectors. Cross border,multi-jurisdictional work is carried out in conjunction witha large network of colleagues and offices world-wide. Formore information please visit www.deloitte.co.uk

Freshfields Bruckhaus Deringer is a leading internationalrestructuring and insolvency firm. We have over 100lawyers with expertises in business rescue and insolvencywork based across all major European financial centresincluding the UK, Germany, France, Austria, Belgium,Italy, the Netherlands, Russia and Spain. We are involvedin most major European restructurings. Recent experienceincludes lead roles on AGIV Real Estate, Alstom,Eurotunnel, Euro Disney, GAL, Ihr Platz, KarstadtQuelle,Le Meridien, MFI, MG Rover, Polestar, PrimaCom,Schefenacker, Telewest, TMD Friction, QMH, Uniq andWalter Bau. We have also done dozens of smallerrestructurings across Europe. We are delighted to be theLawyer's 2006 'Finance Team of the Year' and to have ledAcquisitions Monthly's 'Restructuring Deal of the Year -2007' (the GBP1billion refinancing of the Le MeridienHotel Group) where we were described 'one of theforemost restructuring practices in the City'. Please contactKen Baird for more information ken.baird@freshfields.com

We Are Grateful to Our Sponsors

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BRINCKO ASSOCIATES, INC.

Garrigues restructuringpractice receives consistentlyhigh rankings frominternational legal directories(Chambers&Partners, IFLR,

Legal 500, Euromoney). Founded in 1941, Garrigues hasgained a first class expertise in coordinating businessrestructuring processes, liquidation of lines of business,reorganization of subsidiaries and branches, implementationof financial and labor solutions, mergers, collective layoffprocedures, etc. Our corporate restructuring professionals,headed by Antonio Fernandez (leading lawyer for PLCWhich Lawyer?) and Vicente Calle on the labour side(Who’s Who Legal internationally recognized), deal with avast portfolio of corporate restructuring clients (Suzuki,Gillette, Agfa, Huarte, Andersen Worldwide SC).Nowadays, Garrigues is acting as a top player in the mostcomplex restructuring cases in Spain (Boliden Apirsa,Delphi, BenQ Mobile, Dorlast Group, Malaga FootballClub, Bioferma) and advising top investment banks andinsurance companies in the major in-court insolvencyproceedings on going (Tiziano-Somersen, Air Madrid). Thefirm has its own offices in New York, Shangai, Brussels,Casablanca, Warsaw and Lisbon, and an active presence inArgentina, Brazil, Chile, Colombia, Mexico and Peruthrough AFFINITAS (a Latin American Alliance of LawFirms), which Garrigues promotes and chairs. For furtherinformation, please visit www.garrigues.com or contactAntonio Fernández or Vicente Calle at +34 915 145 200.

In 2006, Goldman Sachscreated a renewed focus on therestructuring market bybringing experienced leadersinto its Investment Banking

Division in New York and London. This team assists theworld's largest companies, whether listed or owned bysponsors, to address problems in their capital structures byproviding debt, equity, hybrid, mergers and acquisitionsadvice, pension and derivative products. This business,focused on the firms relationships with corporates, buildson Goldman Sachs' many restructuring roles over the pastfive years, providing these finance and/or financialsolutions to Vivendi Universal, Royal Ahold, ABB,Adecco, SCOR, Mirant Corporation, USG, JL French andGate Gourmet. Currently, Goldman Sachs is mandated toassist companies such as Karstadt Quelle, Eurotunnel, DuraAutomotive, and Movie Gallery in similar ways.

We conduct our business in increasingly complex markets.Our people must continually find new ways to provideaccess to capital, manage risk and provide investmentopportunities for our clients to enable them to realise theirgoals. We judge ourselves on our ability to help clientsanticipate and respond to changing market conditions and tocreate opportunities that merit the trust they place in us. In

a world in which it is key to be proactive, Goldman Sachshas the depth and breadth to help companies, shareholdersand their advisors ensure the best outcome for allstakeholders. Please call Lachlan Edwards and JacquelynTitus in London on +44-20-7774-1000 or James Sprayregenand Dhruv Narain in New York on +1-212-902-1000

Huron Consulting Grouphelps clients effectivelyaddress complex challengesthat arise in litigation,

disputes, investigations, regulatory compliance, procurement,financial distress, and other sources of significant conflict orchange. The Company also helps clients deliver superiorcustomer and capital market performance through integratedstrategic, operational, and organizational change. Huronprovides services to a wide variety of both financially soundand distressed organizations, including Fortune 500companies, medium-sized businesses, leading academicinstitutions, healthcare organizations, and the law firms thatrepresent these various organizations. The CorporateAdvisory Services team at Huron provides consultingassistance to financially distressed companies, creditorconstituencies, and other stakeholders in connection without-of-court restructurings and bankruptcy proceedings. Thefirm's executives work closely with management to create,analyze, and implement strategies that secure the future ofthe distressed company. Huron identifies underlyingoperational issues, not just financial problems, to maximizethe organization’s value to shareholders, creditors andemployees. Huron has recently acquired Glass & Associates.The acquisition of Glass strengthens Huron’s team by addingoperational and financial professionals with a broad range offunctional, industry and cross-border expertise.

Kroll’s Corporate Advisory & Restructuring Group is aleading independent firm specialising in corporate rescue,restructuring and insolvency. For over a quarter of a centuryour team has gained recognition for maximising the survivalprospects of businesses in financial distress. With more than350 professionals, our team in Europe has extensiveexperience in working with and advising lenders, corporates,other stakeholders and individuals, both domestically andinternationally. We help businesses to capitalise onopportunities, overcome financial, strategic and operationaldifficulties, and deal with the consequences of insolvency.Our specialists are experienced in quickly identifying andunderstanding the causes of corporate decline. Weunderstand the realities and sensitivities of managingbusinesses in today’s challenging marketplace, enabling us tofind the right solutions for our clients. With knowledge andskills gained both locally and internationally, we have

We Are Grateful to Our Sponsors ...continued

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successfully undertaken assignments of all sizes andcomplexity, from major international organisations to smallfamily owned businesses. For further information, pleasevisit www.kroll.com or contact Maureen Halsey at +44 207029 5321.

Linklaters has one of themost experiencedrestructuring and insolvency

teams in the market, dealing with the most complex andchallenging assignments in each of our international practicejurisdictions and on cross-border and multi-jurisdictionalmatters. Our team, headed up by Robert Elliott in London,comprises restructuring and insolvency specialists withexpertise in global finance, derivatives and other relevantpractice areas such as tax, employment, real estate,intellectual property and dispute resolution. The Linklatersrestructuring and insolvency practice acts for senior lenders,hedge and other distressed investment funds, financialadvisers, pension fund trustees, insolvency practitioners,corporate debtors and their directors/officers in relation to:debt and equity restructuring, debt rescheduling, formalinsolvency processes and contingency planning,investigation, asset tracing, insolvency litigation, debtoradvisory, distressed investment and trading, and distressedM&A. Our practice is extremely well regarded for itsability to combine a high quality of clients and work with ahigh volume practice, with commentators recently noting:“This energetic team has been able to buck the trend of themarket and get involved in fantastic work…as well as actingfor banks, corporate clients and insolvency professionals, itslawyers are adept at advising distressed and strategicinvestors’” Chambers UK 2007

Rothschild'sglobal restructuringpractice comprises

6 offices spanning New York, London, Paris, Frankfurt,Milan and Singapore. In 2006 Rothschild advised on over30 restructuring transactions ranging in size from €75m to€20bn. This included a number of pan-Europeantransactions, where Rothschild has been able to offer clientsa combination of local expertise and an understanding of thegrowing number and increased importance of London basedinstitutional investors. In Europe, the team advised ontransactions including Eurotunnel, Infogrames and GlobalAutomotive Logistics in France, Craegmoor Healthcare,Mowlem and Birse in the UK, Laurus in the Netherlands,Karstadt Quelle in Germany and Societa EuropeaAutocaravan and Comital Saiag in Italy. Outside of Europe,Rothschild acted on some of the largest and most complexrestructurings including Delphi, United Airways, Dabholand Garuda. For European Restructuring advice please callRichard Millward on +44-20-7280-5000 or BertrandGrunenwald on +33-1-4074-4263.

Skadden's worldwidecorporate restructuringpractice serves corporationsand their principal creditorsand investors by providing

value-added legal solutions in troubled company M&A,financing and restructuring situations. With offices inLondon, Paris, Brussels, Frankfurt, Vienna and Moscow,Skadden's European practice has handled substantial mattersin nearly every country in the greater European region, andin Africa and the Middle East. We have entered into analliance with Italy-based Chiomenti Studio Legale thatcombines the firm's respective jurisdictional strengths tooffer a full range of legal services in transactional, litigation,restructuring, regulatory and tax matters. Skadden's recentcorporate restructuring clients in Europe include DelphiCorporation and Refco Inc. (in connection with mattersrelating to their international operations arising from theirglobal restructurings), Citibank, N.A. (as liquidity providerto an issuer of notes secured by Eurotunnel receivables), theJoint Liquidators of Flightlease Holdings (Guernsey)Limited (together with other subsidiaries and affiliates ofthe Swissair Group), Groupe SEB (as the successful bidderand purchaser of the Mirro/Wearever business from Chapter11 debtor, Global Home Products, Inc.), Deutsche Bank (inconnection with responding to the Chapter 11 proceedingsfiled by Yukos Oil Company) and the RUSAL group ofcompanies (in connection with the acquisition of assetsfrom affiliates of Kaiser Aluminium Corporation that are thesubject of bankruptcy proceedings).

With international offices in Brussels, Budapest, Frankfurt,London, Munich, Paris, Prague, Shanghai, Singapore andWarsaw, Weil Gotshal & Manges LLP brings itsinnovative business reorganization practice to a wide rangeof constituencies. We serve debtors, creditors, equityholders, committees and potential purchasers of troubledcompanies or their assets. We have been involved in nearlyevery major Chapter 11 case in the U.S. and have a specialexpertise in resolving complex, cross-border restructurings.Most recently we have been engaged as debtor's counsel inWorldCom, Enron, and Parmalat and retained by Eurotunnelas special restructuring counsel. The firm's restructuringpractice is headed by Marcia Goldstein and MartinBienenstock in New York. We have also acted for SilverPoint, Avenue Capital, Deutsche Bank, Credit Suisse, BearStearns, Matlin Paterson, GE and other lenders, on a rangeof recent European restructurings. Christopher Mallonheads up the practice in London.

We Are Grateful to Our Sponsors ...continued

Thursday, May 24, 2007

8:00 Registration and Continental Breakfast

8:30Co-Chairs' Welcoming RemarksLachlan EdwardsManaging Director/Investment Banking DivisionGOLDMAN SACHS (London)

N. Lynn HiestandPartner and European Corporate Restructuring Group LeaderSKADDEN ARPS SLATE MEAGHER & FLOM (UK)LLP (London)

Neville KahnPartner, Reorganisation ServicesDELOITTE (London)

8:45Market Overview: New Business Opportunities

The distressed market of 2006 was the year of auto parts,perennials and simply the very few companies that could not besaved. In fact it was just like 2005 except a deal on Eurotunnelwas finally agreed! The current financial markets are seeinghigher leverage multiples, more frenzied M&A activity andcorporates locking horns with Private Equity and the HedgeFunds - all of which is churning the massive liquidity available.Non-extinguishing LCDS, more PIK notes, toggles, the demiseof the Term Loan A in favour of Term Loan B/C tranches,convergence of sponsors and hedge funds, and the extraordinarylevels of funds being raised are all adding to the liquidity in themarket. Refinancing became the new restructuring in 2006;but, with Fallen Angels higher than Rising Stars for the firsttime since 2003 are the ratings agencies warning of a turn in thetide, at last, in 2007 and 2008?

Lachlan EdwardsManaging Director/Investment Banking DivisionGOLDMAN SACHS (London)

9:15Grumpy Old Men’s Advice to DistressedInvestors and Restructuring Professionals

This is especially for those who are too young toremember the last recession. When these speakers firststarted their practice, a hedge fund was money buried in thehedgerow for safe keeping. This will be a roundtable ofsenior or newly-retired practitioners reflecting on the new erain the restructuring industry. War stories, mistakes, andsuccesses, you can count on a wealth of information. (Pleasenote: Terry Hughes abjures his qualifications for this sessionbut has graciously accepted the invitation to speak.)

Tony Bugg, InterviewerPartnerLINKLATERS (London)

Peter Bloxham

Terry HughesSILVERPOINT CAPITAL (London)

Paul ThompsonHead of Lending Services (Retired)HSBC (London)

10:00Networking Break

10:15Leadership in European Restructurings

In Europe there is still resistance to Chapter 11/courtdriven process to push restructurings along. For good reason,processes are kept 'out of court', but the consequence is oftena lack of effective leadership resulting in delay and increasedcost. Treofan and Ihr Platz are excellent contrasting examplesof how to get it right and create value. This panel willexplore what restructuring professionals and advisors need todo in order to "get it right", what key characteristics make aneffective leader and what lessons have been and can be learntfrom the US.

Eric Benedict, Panel ModeratorManaging DirectorALVAREZ & MARSAL EUROPE LTD (London)

Simon AppellPartnerKROLL (London)

John P. BrinckoPresidentBRINCKO ASSOCIATES, INC. (Los Angeles)

N. Lynn HiestandPartner and European Corporate Restructuring Group LeaderSKADDEN ARPS SLATE MEAGHER & FLOM (UK)LLP (London)

11:00Pensions in European Restructurings: Polestar and Other Cases

The subject of pensions has never been a hotter topic inrestructurings and distressed M & A transactions. Fears aboutthe wide ranging powers of The UK Pensions Regulator haveeased with the development of creative solutions. These canprovide certainty and unlock value for stakeholders. What arethe latest ways of dealing with pension deficits in the UK?What happened to the Polestar pension? How does itcompare in Mainland Europe?

Richard Tett, Panel ModeratorPartnerFRESHFIELDS BRUCKHAUS DERINGER (London)

Simon GrangerPartner, Reorganisation ServicesDELOITTE (London)

This panel will be joined by a pension trustee representative. 5

11:45Review of Sector Ratings and Introduction toLoss Given Default Ratings

The European Leveraged Finance market is nowcharacterized by increasingly complex and more aggressivelystructured transactions where there are often multiple layers ofdebt, trends which have been supported both by strong liquidityand increased demand by new investors and investor classes.In response to the continuing evolution in the markets, and thediffering needs of various investor classes, Moody’s hasrecently revised its rating methodology for the assignment ofspeculative grade corporate debt ratings with the introductionof its Loss Given Default methodology. This presentation willprovide an overview of what these recent developments suggestin terms of future default rate trends while also presenting anexplanation of the key motivations, drivers and assumptionsunderpinning the revised ratings methodology.

David G. StaplesManaging Director, European CorporatesMOODY’S INVESTORS SERVICE (London)

12:15Luncheon for All Speakers and DelegatesSponsored by: EPIQ Systems, Inc.

EPIQ Systems, Inc., withoffices in London, is the marketleader in technology and serviceoffering to the legal community.EPIQ’s Corporate Restructuring

Solutions division, formerly known as Bankruptcy ServicesLLC (”BSI”), provides comprehensive claims managementsolutions and consulting for large U.S. and multi-nationalcorporations and their advisors. For many years, EPIQCorporate Restructuring Solutions has been the top claimsmanagement firm hired because of our unmatched experienceand total dedication to providing the highest standard of service.Our services include schedule filing preparation, claimsmanagement, noticing, disbursements, web design, creditorhotlines. In conjunction with our sister companies we alsoprovide integrated services including, balloting and solicitation,media campaign management, preference recovery, claimsreconciliations, executory contract analysis, and litigation anddiscovery management. Current claims management clients ofour Corporate Restructuring Solutions division include DeltaAirlines, Parmalat USA Corp., Enron Corporation, WorldCom,Inc., Combustion Engineering, Adelphia Communications,Northwest Airlines and Global Crossing LTD.

14:00 (2:00)Case Studies in Italian Restructurings: Comital Saiag and Recent Developments

Originally listed on the Milan stock exchange, ComitalSaiag is one of Europe's most important packaging andhousehold goods manufacturers. It was bought byManagement e Capitali and restructured with an infusion ofprivate equity. Recent developments include an innovativefinancial instrument to address the restructuring of a

mezzanine debt, an example of early application of a recently-introduced amendment to Italian insolvency law (Article 67),and the acquisition of a fashion house by a UK hedge fund.

Bruno Cova, Panel ModeratorCo-Chair, Milan OfficePAUL HASTINGS JANOFSKY & WALKER LLP (Milan)

Alessio De ComiteManaging DirectorROTHSCHILD (Milan)

Carlo FrauCEOCOMITAL SAIAG (Milan)PartnerMANAGEMENT E CAPITALI

Tim BabichCEOFORTELUS CAPITAL MANAGEMENT (London)

14:45 (2:45)COMI: Schaeffenacker, Deutsche Nickel, andOther Successful Venue Shopping Sprees“The center will not hold.” (William Butler Yeats)

In the U.S., stakeholder “forum shopping” seeksadvantageous interpretation from court to court of the U.S.Bankruptcy Code. In Europe the stakes are higher: differentlegislation in the various national jurisdictions results inprocess differences and priority advantages. The Eurofoodjudgment clarified some aspects of COMI and may curtailsome of the more spurious claims. However, “first past thepost” is still applicable. And professional advisors will stillseek advantage for their clients by guiding restructuring tofavourable jurisdictions. London is emerging as thejurisdiction of choice in many European restructurings. Ifwater finds its own level, Deutsche Nickel andSchaeffenacker’s “migration” to England must be a siren callfor German restructuring professionals. This panel exploresthe issues of jurisdiction differences and their effect on crossborder restructuring.

Alan Tilley, Panel ModeratorManaging DirectorHURON CONSULTING GROUP (London)

Lisa AsheDirectorALIXPARTNERS (London)

Earl GriffithPartnerALLEN & OVERY (London)

Antonio Fernandez RodriguezPartnerGARRIGUES (Madrid)

Dr. Annerose TashiroHead of Cross-Border Restructurings and InsolvenciesSCHULTZE & BRAUN GmbH (Achem and London)

15:30 (3:30)Networking Break6

16:00 (4:00)Shareholder Rights in Restructurings: U.S. and Europe

Recent restructurings in the U.S. have seen a significantincrease recently in both official and ad hoc EquityCommittees. Typically, once a debtor gets to court, classstruggle has been between the classes of creditors and equityhas been out of the money. Have turnaround managersrecently become so much more proficient that they are betterat protecting the value of the estate? Some of our friendswould argue, “Of course!” A more likely explanation is thatsome deep pocketed investors, known elsewhere as “locusts”,have been buying enough equity and are prepared to bringenough “new money” to the restructuring that they are havingtheir way in court. In Europe “equity committees” might wellbe called “parliaments”. Shareholder rights, backed by thegovernment have been protected in Parmalat, Eurotunnel and

other major cases. What has been the effect of large privateequity and hedge fund investors on shareholder rights inEurope? This session will look at what it means for distressedinvestors in different jurisdictions and in cross-border cases.

Marcia L. Goldstein, Panel ModeratorPartner, Co-Head of Restructuring PracticeWEIL GOTSHAL & MANGES LLP (New York)

Kolja von BismarckPartnerCLIFFORD CHANCE (Frankfurt)

Bertrand GrunenwaldCo-Head Restructuring/EuropeROTHSCHILD (Paris)

Thomas HeymannPartnerHEYMANN & PARTNER (Frankfurt)

Red Wines1989 Hermitage La Chapelle – P. Jaboulet

A red Rhone wine from Hermitage on the east bank of theRhone River, south of Lyons. One of the two bestHermitages made, Chave is the other.

Opulent and meaty on the nose with savory aromas,combining with mint and cassis. Sweet and full, mushroomyflavors with a long peppery finish. Very impressive and willlast at least another decade.

2000 Gevrey Chambertin Clos St. Jacques RousseauThe Rousseau family is considered to be one of the top

five red producers in Burgundy. The 2000 GevreyChambertin Clos St. Jacques is an outstanding wine and aperfect example of a Grand Cru from Burgundy, although itis only classified as a Premier Cru. It is usually the thirdbest wine produced by Rousseau, after Chambertin andChambertin Clos de Beze. However, often times it is theirbest wine. The 2000 vintage is considered to be a very, verygood and early maturing vintage. The simple principle ofold vines and low yields dictates the Rousseau style.

1993 Chassagne Montrachet Boudriotte Ramonet En Magnum

The Ramonet family from Chassagne Montrachet makesthe finest white wines in the world, in my view. Theyestablish the standard for all other white wines. This wine is alittle known red wine gem that they produce in small quantity.

The wine is from a Premier Cru vineyard in Chassagne-Montrachet called “La Boudriotte” or sometimes “Clos de laBoudriottes”. This wine is 14 years old and is at optimumdrinking.

17:00 Wine Tasting & Reception for All Delegates and SpeakersSponsored by:

BRINCKO ASSOCIATES, INC.

My tasting notes reflect a typical smoked bacon nose. Inthe mouth, it has berry character with bright acidity taperingto a long finish.

1997 Macchiole Paleo RossoIn only a second vintage, Macchiole’s Paleo Rosso was

compared to Cheval Blanc by Robert Parker. A longtimefavorite of mine, Paleo Rosso embodies the spirit ofTuscany, but with the grace of a top-tier classified growthfrom Bordeaux. Here are some of my tasting notes on the1997 bottling: “Aromas of dried berries and spices. Full-bodied and very ripe, with currants, sultana and Christmaspudding character. Silky tannins and a long, pungent finish.Rich wine. Cabernet Sauvignon and Cabernet Franc. Thenose is ripe and seductive, while flavors are pure, powerfuland supremely balanced. A terrific Paleo Rosso.”

White Wines2004 Chassagne Montrachet Clos St. Jean FontaineGagnard

A lovely full flavored wine with extract of almonds, appleand honey in abundance. This wine won a recent tasting inChassagne Montrachet and I am serving it at my daughter’swedding later this year.

2006 Wither Hills Sauvingon BlancThis New Zealand wine is ultra fresh and vibrant with

limey acidity and more of those juicy gooseberries dancingaround the taste. Some critics say this wine takes CloudyBay to the cleaners, so to speak.

Tasting Notes by John Brincko

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Friday, May 25, 2007

8:00Continental Breakfast

8:30Case Study: Eurotunnel

Some distressed investors thought their children would beworking on these credits, but Europe finally has seenagreement reached on the restructuring of Eurotunnel. It tookan extraordinary confluence of events including a new Frenchrestructuring regime and an innovative exit financing packageincluding long term debt and convertible instruments togather the necessary support of key stakeholders to achievethis agreement. As the implementation reaches its finalphases, this panel, comprising senior representatives of anumber of the key constituencies, will explore the key themesto be drawn on this complex and long running situation.

Sarah Mook, Panel ModeratorExecutive Director/Restructuring GroupGOLDMAN SACHS (London)

Antonin (Tony) BessePartnerFRESHFIELDS BRUCKHAUS DERINGER (Paris)

Julian NicholsManaging Director/Distressed Debt TradingDEUTSCHE BANK (London)

Toby WatsonManaging Director/Structured FinanceGOLDMAN SACHS (London)

Additional panelists will be added as available.

9:30Case Study: MFI Furniture Groups

MFI Furniture Groups plc was a €1.3 billion, UK-basedmanufacturer and retailer of kitchen and bedroom furniture.Founded in the early 1960s, MFI had grown to be one of themost widely recognized retail names in the UK, with over 200retail stores.

Prior to the restructuring, the company had three main components:• The trade business that focused on marketing and selling

products to small builders• The retail business that marketed, sold and delivered

products to consumers• The supply business, which concentrated on design, flexible

outsourcing and manufacturing

Beginning in 2004, the company’s retail business began toencounter negative financial impact due to customers shiftingfrom store-bought do-it-yourself kitchens to installedkitchens. Sales declines reached 20% to 30% year over yearby 2005 and a cash crisis loomed. In addition, the CEO andCFO left the company.

Pippa Wicks, Panel ModeratorManaging DirectorALIXPARTNERS (London)

Phillip DougallPartnerSUN CAPITAL PARTNERS (London)

Martin Ellis (Invited)PartnerGRANT THORNTON (London)

Stephen FosterPartnerLOVELLS (London)

Malcolm MacaulayPrincipal, Managing Director and Chief Executive/EuropeInternational DivisionGORDON BROTHERS (London)

RENAISSANCE GLOBAL MANAGEMENT, INC.

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10:15Current Trends in Cross-Border Issues

With more and more U.S. investors looking foropportunities around the world and more and more companieshaving a global footprint, the complexity of cross-bordercases is only going to grow. This panel will look at the issuesin several on-going cases including:• Restructuring companies headquartered outside the U.S. in

a Chapter 11 proceeding• Resolving UK and EU pension issues in the U.S.

Christopher Mallon, Panel ModeratorPartnerWEIL GOTSHAL & MANGES LLP (London)

Peter MarshallManaging DirectorHOULIHAN LOKEY HOWARD & ZUKIN (London)

Barry RusselPartnerBINGHAM MCCUTCHEN LLP (London)

11:00Networking Break

11:15Case Study: Infogrames Entertainment

Infogrames Entertainment, one of the world leaders in thevideo game industry, is listed on the Paris Euronext stockexchange and has two main subsidiaries, one of which is listedon NASDAQ. Following substantial increases in debt issuedby OCEANE (bonds convertible and/or exchangeable into newor existing shares) in 1999 and 2000, the company found itdifficult to raise further debt. The first restructuring in 2004and 2005 led to offers by the company to swap debt for equity,reducing the company's listed debt burden to €148m.

In 2006 adverse market conditions left Infogrames unableto meet its repayment obligations. A further restructuring wasrequired which removed all the company's remaining debt.By September 2006 a new agreement was reached with bankcreditors and bondholders to increase the amount of shortterm debt, modify terms of bonds due in 2008 and 2009 andfor shareholders to subscribe to more equity.

In February 2007 Infogrames Entertainment tendered anexchange offer for OCEANE. This offer is the last step ofInfogrames's debt restructuring plan, which also included acapital increase with preferential subscription rights and a freeallocation of warrants reserved to existing shareholders.

Richard Millward, Panel ModeratorManaging Director/Co-Head of Restructuring, EuropeROTHSCHILD (London)

Laurent BeauvoitAssociateSHEARMAN & STERLING (Paris)

Bertrand GrunenwaldManaging Director/Co-Head of Restructuring, EuropeROTHSCHILD (Paris)

12:00Investors Roundtable

This will be a wide-ranging discussion of individualcredits, troubled company valuations, political difficulties anddevelopments, pitfalls, opportunities, and war stories.

Timothy R. Pohl, Panel ModeratorPartnerSKADDEN ARPS SLATE MEAGHER & FLOM LLP(Chicago)

Justin Bickle Vice President, Principal InvestmentsOAKTREE CAPITAL MANAGEMENT LIMITED(London)

Michael BrennanManaging Director/Global Fixed Income Credit MarketsCITIGROUP GLOBAL CAPITAL MARKETS (London)

Jean Louis GrevetPartnerBUTLER CAPITAL (Paris)

Glenn C. PollackManaging DirectorCANDLEWOOD PARTNERS (Cleveland)

13:00 (1:00)Conference Adjourns

Corporate ReorganizationsThe Millennium Knickerbocker Hotel

ChicagoJune 21-22, 2007

Distressed InvestingThe Jumeirah Essex House Hotel

New York CityNovember 26-27, 2007

UPCOMING CONFERENCES

Copyright 2007, Alice M. Henderson, Renaissance American Management, Inc. All rights reserved.

Dear Colleague:

Welcome to our Fourth Annual Distressed Investing – Europe Conference. If you look at the list ofbanks, funds, law firms and consultancies listed on the next page that were represented at last year’sconference, you should agree that this is the Industry Event in the UK and European restructuringindustry. For networking opportunities, this is the place to be.

In the four years we have been producing this conference, the industry has gone through a rapidevolution with hedge funds and private equity now playing the same kind of role in “stressed” and“distressed” investing that they do in the U.S. This has come about in spite of Social Democraticderision of them as “locusts”. Capital Markets will have their way and will continue to do so, even ifthere is a Royal Restoration in France. Right now they are providing an enormous amount ofliquidity. Get it while you can!

What has not changed in four years is resistance on the part of management to having their casesdiscussed in this forum. They do not even want public information discussed. I predict that this, too,will change. With court-driven process there will be more public information, more transparency. Itis inevitable.

You know it is the absolute height of the business cycle when people who should know better startgetting really silly and start talking about things like “the end of history” and “the end of the businesscycle”. I have heard this at the top of every business cycle I have lived through, and every time thereis a rumble under Highgate Cemetery when Marx rolls over in his grave and lo and behold there isanother crisis of Capital. This time what is most curious is the idea that debt risk has been eliminatedbecause so many people are holding so many different traunches of it. I have a bridge over the EastRiver in New York City I want to sell in so many different traunches that the buyers will have all therisk taken away.

Thanks to our co-chairs, we have again put together a great program. You do not want to miss it!See you there.

David M. HendersonPresident, Renaissance Global ManagementA wholly-owned subsidiary of Renaissance American Management, Inc.

We Add Liquidity to the Distressed Market

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3i plc

Aaronlite Partners Ltd.

Alexander Business Consulting Ltd.

AlixPartners

Allen & Overy

Alvarez & Marsal

Alvarez & Marsal Deutschland

Anderson Kill & Olick PC

Bank of America

BDO Stoy Hayward LLP

Bingham McCutchen

Brincko Associates, Inc.

Brown Rudnick Berlack Israels LLP

Burdale Financial

Cerberus Capital Management LP

Citigroup

Citigroup Global Markets, Global Situtations Group

Clifford Chance

CMS Cameron McKenna LLP

Cognis Capital Partners LLP

D. E. Shaw & Co. (UK) Ltd.

Deloitte

Deloitte US

Denton Wilde Sapte

Depping Nikolaus & Partners

Deutsche Bank

DLA SchutGrosheide

EPIQ Systems

Ernst & Young

Ernst & Young AG

Ford Europe and PAG

Freshfields Bruckhaus Deringer

FTI Palladium Partners

GE Commercial Finance

Glass Europe Ltd.

Gordon Brothers International

Grant Thornton

Hilco

Hunton & Williams

HWW Wienberg Wilhelm

Hypo Vereinsbank

Jeffries & Company, Inc.

Jones Day

JPMorgan Chase Bank

Kirkland & Ellis International Inc.

KPMG LLP

Kroll

Kurtzman Carson Consultants

Latham & Watkins

Linklaters

Lloyds TSB Commercial Finance

Lovells

Madison Capital Management

Max Recovery Ltd.

MBIA

MCAP Global Finance Limited

McStay Luby

Munoz and Gila

N M Rothschild & Sons

Oaktree Capital Management LLC

Olswang

Paul Hastings Janofsky & Walker LLP

R3-Association of Business Recovery Professionals

Reuters

Roland Berger Strategy Consultants

Rothschild

Rothschild GmbH

Rothschild Italia SpA

Schultze & Braun

Silver Point Capital

Skadden Arps Slate Meagher & Flom (UK) LLP

Skadden Arps Slate Meagher & Flom LLP

Societe Generale

Sonier Poulain & Associes

Stout Risius Ross, Inc.

Strategic Value Partners (UK) LLP

Sun European Partners LLP

Synergem Europe

The Curzon Partnership

Thevenot & Perdereau

TMA UK

Tomorrow Business Laboratorium (Russia)

Uria Menendez

Varde Partners Europe Limited

W.L. Ross & Co., LLC

Weil Gotshal & Manges LLP (UK) (London)

Weil Gotshal & Manges, LLP

Wells Fargo Bank

White & Case LLP

Look at the Firms Represented at Distressed Investing - Europe '06:

A note to our U.S. readers:Located in one of the most exciting and beautiful urbansettings in the world, this is a great location for aconference. Virtually across the street from Fortnum and

Mason, and just a few blocks from Saville Row, we will be just around the corner from a fabulouswine merchant on St. James's Street, one of my favorites, Berry Brothers & Rudd, dating back to the1690s. You may also visit the tobacconist where Churchill bought his cigars, and if you don't try tobring any fruit back through O'Hare or Kennedy, as we recently made the mistake of trying, one ofthose beagles will probably not find the Cuban cigars in your luggage! dmh

EXCHANGE RATE MECHANISM

We will be happy to receive your registration fee by check denominated in Pounds Sterling (£1295) or Euros (€1895), but don'ttrust the postal services in any of our countries to get your registration forms to us on time. Call or e-mail us or register online. Ifyou pay by credit card (American Express, MasterCard or Visa) our bank will credit us for $2495.00 USD, which is a slightdiscount against the current value of the dollar. Your account will then be charged at the prevailing rate in Pounds or Euros.

Registration Form:

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❏ Conference £1295€1895$2495 (US Dollars)

❏ Payment enclosed(Make checks payable to Renaissance American Management, Inc.613 S. Oakland Ave., Tyler, Texas 75701 U.S.A.)❏ Bill my company

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903 -595 -3800By Fax: 903 -592 -5168Online: www.ramconferences.com

Payments:Conference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .£1295

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .€1895 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$2495 (US Dollars)

Corporate check, American Express, Visa, or MasterCard

Group Discounts Available: If your firm sends two delegates to thisconference, third and subsequent delegates will receive a £200 discount.

Cancellations: All cancellations will be subject to a £200 ($340)(€295) administration fee. In order to receive a prompt refund, yournotice of cancellation must be received in writing (by letter or fax) fifteen(15) business days prior to the conference. We regret that refunds willnot be issued after this date. The registration may be transferred toanother member of your firm for this or any future RenaissanceAmerican Management Conference within 13 months. If you plan tosend a substitute in your place, please notify us as soon as possible sothat materials and preparations can be made. In the unlikely event of aconference cancellation, Renaissance American Management, Inc. andBeard Group assume no liability for non-refundable transportation costs,hotel accommodations or additional costs incurred by registrants.

Venue:Le Meridien Piccadilly Hotel21 PiccadillyLondon W1J OBH UKPhone: 44-207-734-8000Fax: 44-207-851-3106E-mail: katarina.breslin@lemeridien.com

Hotel Reservations: In order to get the group discount, it isimportant that you make your reservations with the hotel by April 17,2007. To make reservations, please call 020 7734 8000 and ask forGroup Reservations. Please quote the following reference whenbooking: Renaissance American Management – 24-25/05/2007

Suggested Dress: Business Casual

Distressed Investing EuropeDistressed

Investing EuropeLe Meridien Piccadilly Hotel

LondonMay 24-25, 2007

RENAISSANCE AMERICAN MANAGEMENT, INC.613 S. Oakland Ave.Tyler, Texas 75701

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Upcoming Conferences

Corporate ReorganizationsThe Millennium Knickerbocker Hotel • Chicago

June 21-22, 2007

Distressed InvestingThe Jumeirah Essex House Hotel • New York City

November 26-27, 2007