EuroCatalyst

EUROCATALYST AWARDS 2004
PRESENTED 11 OCTOBER 2004 AT THE TIPI DAS ZELT IN BERLIN

THE LIST OF WINNERS

CONTENT: Hoesli Labhart

CONTEXT: Juan Ramón Quintás Seoane and CECA

COMMUNITY: Fanny Borgström

COMMUNICATION: Matt Gilmour

CONVERGENCE: GMAC-RFC Europe and Chris Nordeen (accepted by Joe Smallman, CEO of GMAC-RFC Securities Europe)

EUROCATALYST AWARD: Anthony Dixon

[LAST YEAR'S WINNERS]

EuroCatalyst is proud to announce the winners of the second annual EuroCatalyst Awards, which were presented in Berlin on 11 October 2004. Given in recognition of individuals and companies who embody the spirit of EuroCatalyst throughout the year, the awards are not pre-announced, so they come as a complete surprise to their recipients. EuroCatalyst is proud to honour these individuals and companies.

SPEECH GIVEN BY TONI MOSS FROM THE STAGE OF TIPI DAS ZELT IN BERLIN

Monday, 11 October 2004

As most of you already know, EuroCatalyst engages in five primary activities, each of which describes a fundamental aspect of who we are and what we do. We call them “the five C’s” with the sixth, of course, being the most obvious – and that is to be the Catalyst to provide the vision, create the energy and sustain the drive for ideas, opportunity and improvement in European mortgage markets. Those “C’s” are Content, Context, Communication, Community and Convergence. Here’s exactly what I mean by that:

Aggregating CONTENT related to European mortgage markets and separating the wheat from the chaff in terms of information that reflects reality from intelligence that drives an industry;

Creating the CONTEXT for how that information is delivered in order to give power to ideas that can spread like a virus;

Facilitating COMMUNICATION between individuals, companies and ideas;

Building the COMMUNITY within which the European mortgage market players can conduct meaningful business, and

Accelerating CONVERGENCE by which the strength and assets of the mortgage markets can be leveraged and expanded outward into other market sectors

We know the markets and the players pretty well, as evidenced by the program content of each year’s event and the caliber of all of you who participate year after year. Our award each year comes in the form of each of you who continue to support us, write to us and talk to us throughout the year.

In light of the fact that we have always used music to editorialize our session content, and the outstanding concert that we bring to you each year – last year you all heard Larry Carlton and the Sapphire Blue Band, and this year we are proud to introduce Stacey Kent to you shortly – we decided that the best awards that we could give are the awards that we ourselves would want. We’re music fantatics, we tend to be techno-geeks and of course, we think we’re pretty cool. The dream award for someone like ourselves is an Apple iPod! So this year’s EuroCatalyst Awards are engraved, 20 gigabyte Apple iPods and we give them to provide a soundtrack to each person’s life much in the same way that there is a EuroCatalyst soundtrack for this event.

Each year we give awards to individuals and companies who we feel are extremely significant to the development of European Mortgage Markets for one reason or another. They are not sponsored awards, and no one can predict who we will give them to and for what reason. That’s part of the joy of it. You can’t buy it and you can’t earn it but for us, it shows that we’re keeping an eye on what we believe are the most significant people, companies or trends and use these awards to interpret what is really happening. After all, this industry tends to only give awards that are associated with the amount of advertising in publications or sponsorship of one of the many events increasing on the conference landscape, and we think that it’s quite unique to give awards based on far more qualitative criteria.

So here we go . . .

CONTENT: HOESLI LABHART, CITIGROUP
Each year the EuroCatalyst event programme attempts to capture an accurate snapshot of exactly where European mortgage markets stand as well as generate ideas and suggestions on how to improve them. In creating the programme, I try to base the discussions around one key idea or session. This year the program centers around the idea of establishing a new blueprint for funding, which is a session that begins early tomorrow morning.

It should be no surprise that the session was based on one individual’s personal ideas and observations, developed further on cocktail napkins and handwritten notes passed back and forth and reinforced in collaboration with an entirely new generation of thinking which promotes a wholistic and balanced approach to funding. It is our hope that this balanced approach will prevail throughout European markets to validate and assist lenders in leveraging their balance sheets not because it is the way that it’s always been done, but because they are constantly asking how to improve cost effectiveness and efficiency.

The EuroCatalyst 2004 Award for CONTENT goes to Hoesli Labhart of Citigroup, for his ideas, innovation and willingness to share his own ideas in collaboration with the powerhouse panel that you will see onstage tomorrow morning. [TOP]

CONTEXT: JUAN RAMÓN QUINTÁS SEOANE, PRESIDENT AND MANAGING DIRECTOR OF CECA
The challenge for any trade organization is to arbitrate the sometimes divergent interests of their members, all of whom are fierce competitors to each other. This is particularly true in the rapidly evolving Spanish market, whose RMBS and covered bond issues only increase in sophistication and innovation. While the temptation for any trade organization would be to appeal to the LOWEST common denominator, CECA – the Association of Spanish Savings Banks - has actually raised the bar in providing its members with a very stimulating environment for dialogue by acting as the HIGHEST common denominator.

Not only does their organization fulfill all of the tasks that one would expect of a trade organization, they provide specialized services and act as a mentor for their members to promote and protect their interests as well as helping them participate in the global market.

An example of their forward thinking spirit was the fact that at the last World Savings Bank Congress, CECA brought to the stage an extremely stimulating intellectual and social dialogue in the workshops hosted by writer Mario Vargas Llosa and Philosopher Jose Antonio Marina. Ideas have no power without context – and we are proud to honor CECA for their insight, their wisdom and their incredible uniqueness on a global scale. The EuroCatalyst 2004 Award for Context is given to Juan Ramón Quintás Seoane, President and Managing Director of CECA.[TOP]

COMMUNICATION: MATT GILMOUR, INFINITY MORTGAGES
Last year the EuroCatalyst Award for Communication was presented by Larry Carlton, who serenaded the award-winner Will Ross with his own version of “Paint it Black” by the Rolling Stones. Having set that precedent, we’ve decided that the artist performing will be the one to give this award, thus Stacey Kent will be announcing the winner in her set.

From Stacey Kent: In his previous role at a rating agency – and at that, a rating agency known for hiring exceptionally accessible and personable analysts - this person was so extremely popular that one questioned how tough he must really be on the issuers and servicers in his charge. In 2002, his stage was themed introduction to the tune of “Lowrider” and for the past two years, delight in playing “Batman” any time he walks near a stage.

Matt ”MattMan” Gilmour has been featured for two years now in the Whole Loan Sales and Trade session, where he can be seen using props like a bucket, rope on a string, a pitcher of water – and he once asked for a surgical gown and we’re still wondering why – yet he gets the audience on their feet and involved in anything he does. Last

year Matt launched a new subprime servicer in the UK called Infinity Mortgages and if his corporate success is anything like his personal charisma, we expect to see a lot more from Infinity. The EuroCatalyst 2004 Award for Communication goes to MattMan Gilmour for his talent and creativity in making complex issues easily understandable, and for enriching the lives of anyone he meets or works with![TOP]

COMMUNITY: FANNY BORGSTRÖM, NORDEA
We talk a lot about how community precedes commerce, and by nature, this person is forced to bridge geographic barriers as their role encompasses 4 markets, with 4 different currencies and a common culture only to those outside of it. Last year we received quite a number of e-mails giving us valuable feedback on our Lisbon event and from this person the e mail read, "Dear Toni, have been back from EuroCatalyst Lisbon for a week now and my colleagues believe that I have joined a cult . . ."

I think that she understood what we meant by community. . . . Since that time, Fanny Borgstrom has been leading the charge in enrolling her community of Nordic colleagues in a group approach to widening the investor base for Nordic markets, and although she is not here tonight – she will be here on Wednesday.

The EuroCatalyst 2004 Award for Community is proudly presented to our latest convert, Fanny Borgstrom.[TOP]

CONVERGENCE: CHRIS NORDEEN, GMAC - RFC
Risk-based pricing will fundamentally alter the European marketplace for product design.

Three years ago this company introduced risk-based pricing that achieves the effect of maximizing the efficiency of the funding base both within and outside of the capital markets. This firm has proven that one does not need to be a bank to capitalize on European mortgage market opportunities. Using the B2B model, they have pioneered the cross-border advance into Europe as the creator and trader of assets, and will continue to drive the change that their business model inevitably causes.

If anyone is going to create a pan-European marketplace, GMAC-RFC is the odds-on favorite and the one to beat . . . or copy and execute faster!

While it is difficult to give an award to an entire company, particularly one which has a tendency to gather so much talent, I’ll play it safe and give it to the gentleman whom I have admired throughout my own career, and the guy behind the GMAC-RFC International drive, Chris Nordeen.[TOP]

THE EUROCATALYST AWARD ANTHONY DIXON, CITIGROUP
This person was truly the first to embrace put into action the message that EuroCatalyst is promoting. He clearly perceived the value of dialogue and the absolute necessity of bringing all parties together to facilitate new relationships, and the new business that follows as a result. He recognizes that the event is ultimately the culmination of an on ongoing dialogue throughout the entire year to build up the content, the momentum and the true communications behind the scenes with key issuers, regulators and other market participants.

We are grateful for the participation of you all in making this event a success, and in that regard everyone here deserves their own award.

However, this is the most personal and heartfelt of all the EuroCatlayst awards, as we see the winner of this award as an extension of all that we do and believe in. We’re proud to give the 2004 EuroCatalyst Award to Anthony Dixon of Citigroup.[TOP]