Date:  05/05/06

Start Time:  2:30PM

End Time:  5:30PM

Chair:     Kevin Keyes, Fried Frank Harris Shriver & Jacobson LLP, Washington, DC

2:30pm             Hedging Executive Compensation.  This panel will explore selected issues raised when employees and employers hedge executive compensation.  Moderator: Dana Trier, Davis Polk & Wardwell, New York, NY.  Panelists:  Daniel Breen, Citigroup, New York, NY; Robert Scarborough, Freshfields Bruckhaus Deringer, New York, NY.

3:30pm            Old Debt-Equity Wine in New Bottles.  This panel will focus on the debt-equity question as it arises in various modern settings--including hybrid vehicles such as the recent offerings of enhanced capital advantaged preferred securities (Ecaps) and similar enhanced trust-preferred security structures, and debt instruments issued in securitization transactions and in the form of credit-linked notes.  Moderator:  Erika Nijenhuis, Cleary Gottlieb Steen & Hamilton LLP, New York, NY.  Panelists: Phoebe Mix, Special Counsel to the Associate Chief Counsel (Financial Institutions and Products), IRS, Washington, DC; Matthew Stevens, Sadden Arp Slate Meagher & Flom LLP, Washington, DC; Mark Price, KPMG LLP, Washington, DC.

4:30pm             Current Developments.  This panel will discuss current developments relating to financial transactions and financial products.  Moderator:  William M. Paul, Covington & Burling, Washington, DC.  Panelists:  Dale Collinson, Special Counsel to the Associate Chief Counsel (Financial Institutions and Products), IRS, Washington, DC; David Garlock, Ernst & Young LLP, Washington, DC; Viva Hammer, Attorney-Adviser, Office of Tax Policy,  Department of Treasury, Washington, DC.

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