Corporate Bond Forum. 3 rd DVFA/EFFAS Corporate Bond Forum. Plain and boring side liners...??? Spotlight on Corporate Bonds.

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1 Corporate Bond Forum 3 rd DVFA/EFFAS Corporate Bond Forum Plain and boring side liners...??? Spotlight on Corporate Bonds. 17 September 2013 Media Partner: DVFA Center, Frankfurt/Main Society of Investment Professionals in Germany The European Federation of Financial Analysts Societies

2 17 September 2013 At first glance, there is neither a lot of mystery nor anything particularly intriguing about Corporate Bonds. Though being a "heavy weight" in many institutional portfolios, attention in capital markets always seems to be directed to Equities. And while the last 24 months have seen significant volumes of emissions of Corporate Bonds, yet the market and its commentators lament the lack of IPOs. However, there is merit to take a closer look at the Corporate Bond sector for several reasons: faced with low alpha in conventional asset classes in deflationary times, and in the absence of volatility from equities investments at a sufficient scale, asset owners and investment managers may be well advised to better understand the opportunities from Corporate Bonds. Moreover, from a risk management perspective the same argument put forward for Equities - investing in the 'real' economy is a way to mitigate risk - applies to Corporate Bonds where the 'real' economy is reflected in the underlying.

3 Topics 17 September 2013 Corporate Bond Markets Overview What are the biggest and most performative Corporate Bond markets globally? What has been the performance of Corporate Bonds over the last 8-10 years, how did spreads evolve, and what is to be expected? Which industries take the biggest shares of the Corporate Bond market and what was the evolution over the last 10 years? Will Basel III's restrictions for banks drive more corporates into the Corporate Bond market and what is the future outlook? Corporate Bond emissions and transparency The emergence of Corporate Bond Investor Relations and why it pays to acknowledge investors' demands for more transparency and esp. more transparent reporting of covenants Standards for Bond Communication: the EFFAS approach to give recognition to Corporate Bond investors as the "quiet ones" Prospectuses and why they do not inform investment decision-making OTC versus the most recent development of Corporate Bond segments at stock exchanges: is it "either/or", or "both/and"? The role of ratings The symbolic ritualism of critizing the Big 3 rating firms: demand and supply revisited and scrutinized The emergence of internal ratings of Asset Management firms: will they perspectively replace external ratings? High Yields and Mittelstand Bonds Up- and downsides of High Yields: how risky are they and will we see a High Yield bubble burst within the next 2-3 years Are so-called Mittelstands Bonds an attractice asset class of their own, promising to bring mid-sized corporates to the capital markets? Or is this yet another variety of issuers, banks and stock exchanges collectively taking the retail investor "for a ride"? Sustainability and Corporate Bonds Sustainability- and ESG-based investing in no longer niche business but a must for many asset managers and their institutional clientele - what are approaches to integrating ESG into Corporate Bond investment decision-making? What is the academic evidence that ESG-oriented issuers pay less interest and are less risky, hence make the better deal for investors? Corporate Presentations Issuers are invited to present themselves to investors, thus laying the foundation for a new investment culture in which bond investor-oriented and -specific roadshows are the core of Corporate Bond Investor Relations.

4 Programme 17 September :15 a.m u Registration 09:45 a.m. u Welcome 10:00 a.m. u Corporate Bonds: an overview over products, trends, and markets Christian Müller, Director, CB&S - CF, Deutsche Bank AG CB emissions and transparency 10:30 a.m. u Panel I Christian Eckert, Managing Director, Lazard Asset Management (Deutschland) GmbH Stefan Frank, Director, Syndicate/Debt Capital Markets, Landesbank Hessen-Thüringen Dr. Hendrik Haag, Partner, Hengeler Müller Christoph Klein, Managing Director, Deutsche Asset & Wealth Management Moderation: Ralf Frank, Secretary General, DVFA e.v. 11:45 a.m. u Coffee Break The role of ratings 12:00 p.m. u Differences in balance sheet ratings - some comments on expected and unexpected results Dr. Harald Krehl, Leiter Kompetenzcenter, DATEV eg 12:30 p.m. u Panel II: CB and ratings Monika Fernandez, Head of Corporate Bond Research, DZ BANK Falk Frey, Senior Vice President, Corporate Finance Group Team, Moody s Deutschland GmbH Prof. Dr. Jens Leker, Director, Institute of Business Administration, Department of Chemistry and Pharmacy, University of Münster Marion Scherzinger, Head of Capital Structure Research, IKB Deutsche Industriebank AG 01:30 p.m. u Lunch High Yields and Mittelstand Bonds 02:15 p.m. u High Yield taking smart risk! Thomas Knigge, Fixed Income Product Specialist, Allianz Global Investors Europe GmbH 02:45 p.m. u Panel III: Mittelstand Bonds Siegfried Hofreiter, CEO, KTG Agrar AG Andreas Wegerich, CEO, youmex AG Moderation: Peter Thilo Hasler, Vorstand, BLAETTCHEN & PARTNER AG 03:45 p.m. u Coffee Break Sustainability and CB 04:00 p.m. u Evidence on the relevance of ESG for the credit market Dr. Daniel Hann, Portfolio Manager, Deutsche Asset & Wealth Management 04:30 p.m. u Corporate Bonds and ESG Integration Dr. Solveig Pape-Hamich, Head of Investment Strategies and Sustainability, KfW Florian Sommer, Senior Strategist, Sustainability Portfoliomanagement, Union Investment Privatfonds GmbH 05:15 p.m. u Get-together

5 Venue DVFA Center Mainzer Landstrasse Frankfurt am Main Germany Tel.: +49 (0) Target group Asset managers Asset owners Corporates Investment Consultants, Advisors (legal, communication) Rating specialists Academics Participation fee 295,- EUR (+ VAT) 149,- EUR (+VAT) for DVFA members DVFA Society of Investment Professionals in Germany DVFA is the Society of Investment Professionals in Germany, founded in Currently, DVFA has approx. 1,300 individual members representing over 400 investment firms, banks, asset managers, consultants and counselling businesses. DVFA assures the credibility of the professionals and the integrity of the market by offering internationally recognised qualification programmes, by providing platforms for professional financial communication, and by effective self-regulation. Via EFFAS, the umbrella organisation of European Analysts Societies, DVFA offers access to a pan-european network with more than 17,000 investment professionals in 27 nations. Via ACIIA, the Association of Certified International Investment Analysts, DVFA is part of a worldwide network of more than 100,000 investment professionals. DVFA Thorsten Beckers Tel.: +49 (0) Fax: +49 (0) Mail: Content: DVFA GmbH Photos: Subject to modifications. Copyright 2013 DVFA GmbH.

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