Viral V. Acharya
John Baer

Alexandros V. Benos
Christophe Burckbuchler
Paul D. Butler
Pierre-Etienne CHABANEL
Jun Chen
Curt Covington

Douglas Dwyer
Wallace Enman
Lori M. Evangel

Michael Fadil
Tom G. Geurts
Ozge Gokbayrak
Jon D. Greenlee
Anuj Gupta
David T. Hamilton
Richard Hamilton
James Heitmann
Tony Hughes
Masaru Kakutani
Ozgur B. Kan

Matthew E. Kansindorf
Anna Krayn
Amnon Levy

Jack Malvey
Perry Mehta
Robin Mora
David Munves
Eiji Nishimura
Mikael Nyberg
Blair S. Osborn
Kamal Panda
Nihil Patel
Stephen P. Peca

Xavier Pernot
Shisheng Qu
David Rhee
Matthieu Royer
Jim Sarrail
Sanjay Sharma
Soner Tunay
Yashan Wang
Vanessa Wu
Jing Zhang


Viral V. Acharya, Professor of Finance, NYU Stern School of Business
Viral V. Acharya is Professor of Finance at New York University Stern School of Business, Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, Research Affiliate of the Center for Economic Policy Research (CEPR) in Financial Economics, Research Associate of the European Corporate Governance Institute (ECGI), and an Academic Advisor to the Federal Reserve Banks of Cleveland, New York and Philadelphia. He completed his Ph.D. in Finance from Stern School of Business and Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai. His research interests are in the regulation of banks and financial institutions, corporate finance, credit risk and valuation of corporate debt, and asset pricing with a focus on the effects of liquidity risk. He has published articles in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Business, Rand Journal of Economics, Journal of Financial Intermediation, Journal of Money, Credit and Banking, and Financial Analysts Journal. He is the recipient of Best Paper Award in Corporate Finance - Journal of Financial Economics, 2000, Best Paper Award in Equity Trading - Western Finance Association Meetings, 2003, Outstanding Referee Award for the Review of Financial Studies, 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Capital Markets and Asset Pricing - Journal of Financial Economics, 2005 (First Prize) and 2007 (Second Prize), the inaugural Rising Star in Finance (one of four) Award, 2008, European Corporate Governance Institute's Best Paper on Corporate Governance, 2008, and III Jaime Fernandez de Araoz Award in Corporate Finance, 2009. He was appointed as a Senior Houblon-Normal Research Fellow at the Bank of England for Summer 2008 to conduct research on efficiency of the inter-bank lending markets. He has co-edited the book "Restoring Financial Stability: How to Repair a Failed System", with Matthew Richardson, John Wiley and Sons, March 2009.

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John Baer, Director, Moody's Analytics
John Baer is a Product Manager at Moody's Analytics, responsible for the RiskAnalyst platform and shared software applications. RiskAnalyst is a single obligor dual risk rating solution used by thousands of credit analysts, underwriters and risk managers in over 850 institutions around the world. Shared applications include workflow and reporting tools that enable clients to more efficiently use and extract value from the software solutions. John joined Moody's in 2004 after working nine years with Ernst & Young. There John advised clients regarding accounting standard application and performed merger and acquisition due diligence on behalf of corporate and private equity clients, working with lenders to understand the risk of contemplated transactions. John is a graduate of the University of Notre Dame and holds a certificate of Certified Public Accountant.


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Alexandros V. Benos, Senior Manager, National Bank of Greece SA
Dr. Benos is Senior Manager, Risk Architecture and Analytics at the Group Risk Management Division of the National Bank of Greece SA where he is currently Deputy Head of the "Basle II" Program. He joined the Bank in 2000, when he first helped to set up the Value-at-Risk estimation framework and then worked on the development of an obligor rating system for medium and large corporates. He previously held academic positions in the US, France, Switzerland and Greece, and he continues to serve as a Visiting Professor positions at the Ecole des Hautes Etudes Commerciales in Paris and as an Adjunct Professor at the ALBA Graduate Business School in Athens.

Dr. Benos has a BA and a MA degree in Economics from Cambridge University and a PhD in Finance from the Graduate Business School of Stanford University. His academic research focuses on hybrid credit risk models, market microstructure and international financial markets. His articles have been published at the Financial Analysts Journal, the Journal of Financial Markets, the Multinational Finance Journal, the European Financial Management, the Review of Quantitative Finance and Accounting and other international refereed journals. He is also a frequent speaker in Risk Management conferences all over the world.


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Christophe Burckbuchler, Director, Moody's Analytics
Christophe Burckbuchler is a Product Manager at Moody's Analytics and is responsible for our insurance software solutions including Solvency2. Christophe joined Moody's Analytics via Fermat almost 5 years ago where he occupied several positions in the Research & Development team across the Fermat product suite. Prior to joining Fermat, he spent 5 years at the Caisse Nationale de Prevoyance, a major French insurance company. As a manager in the IT department, Christophe was responsible for teams in charge of financial risks. Christophe holds a degree in engineering from ESPCI with a major in Physics and is currently finishing his MBA from GGSB.


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Paul D. Butler, CFA, FRM, Executive Vice President, RBS Citizens, N.A.
Paul D. Butler, CFA, FRM is the Executive Vice President and Head of Group Credit Transactions for RBS Citizens, N.A. a $150 Bn financial institution located in the New England, Mid Atlantic and Midwest region of the U.S. Mr. Butler has more than 20 years of banking experience most recently overseeing the Bank's Credit Approval Framework, its appraisal, environmental and flood risk program, its commercial field exam groups, its wholesale credit training and its internal Credit Project Management Office. Mr. Butler has responsibility for the implementation of all of its MKMV products and is involved with all facets of the organization's credit risk management structure including its wholesale credit modeling framework and its design and ongoing implementation of an end-to-end workflow origination platform. Mr. Butler holds a B.A. from the College of the Holy Cross, an MBA from Clark University and an MSF from Clark University.


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Pierre-Etienne CHABANEL, Senior Director Fermat Product Manager, Moody's Analytics
Pierre-Etienne CHABANEL is a Product Manager with Moody's Analytics working in Paris office and has been with the firm for six years. He is responsible for developing and supporting products : Fermat CAD for Basel II compliance, Fermat GEM for exposure and limit monitoring, Fermat RAPM for risk adjusted performance measurement and Fermat SA providing stress testing and forecasting capacities to the overall product suite.

Pierre-Etienne has a significant risk management background especially on credit risk and he is a regulatory expert on Basel II.

Pierre-Etienne completed his electronic engineering degree in Supelec (France), has a Master of Sciences in computer sciences from GeorgiaTech (USA) and a bachelor degree in economics for Paris University (France).


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Jun Chen, Senior Director, Moody's KMV
Jun Chen joined Moody's KMV in 2008 as a Senior Director and is currently leading the research efforts in expanding credit risk analytics to commercial real estate. Dr. Chen has many years of experience in the real estate finance industry. Previously, he was a Co-Director of Debt Research at CBRE Torto Wheaton Research, and before that, Director of Research and Analytics at Property & Portfolio Research. Dr. Chen was instrumental at these places in delivering cutting-edge market research and risk analytics consulting to a variety of prominent commercial real estate market participants. His other professional experience includes working as a Senior Analyst at IndyMac Bank and Cornerstone Research. Dr. Chen also taught at Shanghai Jiaotong University before coming to the U.S.. Dr. Chen obtained his Ph.D. with specialty in real estate finance and urban economics from the University of Southern California. His Master's and Bachelor's degrees are both from Tongji University.


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Curt Covington, Senior Vice President, Ag and Rural Banking Division - Bank of the West
Curt Covington is a Senior Vice President and Credit Risk Manager for the Ag and Rural Banking Division - Bank of the West in Fresno, California. Curt has 29 years of agricultural banking experience and is responsible for managing the risk of a $3.5 billion agriculture/agribusiness loan portfolio. Curt was born and raised in the farming community of Selma, California. His family farmed grapes and walnuts. He earned his undergraduate degree in finance from the University of Southern California and his Masters in Agribusiness from Santa Clara University. Since 1984, Curt has served as an adjunct faculty member in the Department of Agricultural Economics at California State University, Fresno, teaching managerial accounting and finance classes. Prior to coming to Bank of the West, Curt spent a good part of his early banking career in the Farm Credit system followed by a period as a credit administrator with Rabobank. He is also member of Agricultural Lenders Society of California and co-chairs its education and training program -The Agricultural Lending Institute


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Douglas Dwyer, Managing Director, Single Obligor Research Group
Douglas Dwyer, Managing Director, heads the Single Obligor Research Group at Moody's Analytics. This group focuses on measuring the credit risk for corporations and financial institutions worldwide. The group's models are used by banks, asset managers, insurance companies, accounting firms and corporations to measure risk for a wide variety of purposes. The group utilizes different methodologies to measure the risk of different types of firms depending on the information available. For public firms, the group utilizes option pricing theory to combine equity market information with financial statement information in order to determine the probability of default. The group uses financial statements and regulatory filings to measure the risk of private firms and private banks.

Recent research includes deriving a physical default probability from CDS spreads, updating our LGD model and extending our coverage to include private insurance firms and large corporations without listed equity.

Prior to working at Moody's KMV, Dr. Dwyer was a Principal at William M. Mercer, Inc., in their Human Capital Strategy practice. Dr. Dwyer earned a Ph.D. in Economics at Columbia University, and a B.A. in economics from Oberlin College. He has published articles in peer reviewed academic journals.


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Wallace Enman, Vice President - Senior Accounting Analyst, Moody's Investors Service
Wally is a member of Moody's Accounting Specialist group. He provides technical accounting support to the Life Insurance, Property and Casualty & Reinsurance, and Financial Guarantor teams.

Prior to joining Moody's in 2007, Wally was a Senior Manager in Ernst & Young, LLP's Transaction Advisory Services group, where he consulted and performed due diligence on mergers and acquisitions involving insurance companies. Wally had also worked for the General Reinsurance Corporation, in financial reporting and investment accounting.

Wally holds a BS degree in Accounting from Fairfield University and an MBA from NYU's Stern School of Business, is a Certified Public Accountant (CPA) and a Chartered Property Casualty Underwriter (CPCU).


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Lori M. Evangel, SVP, Enterprise Risk Officer, Metlife, Inc.
In November 2008, Lori M. Evangel assumed responsibility for all Enterprise Risk Management. ERM is responsible for enterprise-wide risk identification, quantification, assessment and management including independent assessment using both best in breed quantitative and fundamental analytics. ERM is also responsible for the firm's economic capital models, credit and market risk limits, and appropriate risk governance and policies.

Prior to that, Lori was the Credit Risk Officer of MetLife, Inc., responsible for credit risk identification, quantification, assessment and management. She joined MetLife in May, 2007.


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Michael Fadil, Senior Vice President, Head of Risk Analytics, SunTrust
Michael joined SunTrust in May 2006 and is currently the Head of Risk Analytics, overseeing Wholesale Transaction Modeling, Economic Capital and Portfolio Modeling, Allowance for Loan and Lease Losses, Commercial Portfolio Loss Forecasting and Model Validation. He has more than 20 years experience in the financial service industry including 13 years at Fleet Financial Group, in addition to working in the credit risk consulting, pension consulting, and asset management industries. Michael graduated from Dartmouth College and received his MBA in Finance from The Stern School of Business at NYU.


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Tom G. Geurts, Ph.D., Director of Academic Affairs, New York University Schack Institute of Real Estate
Tom Geurts is currently Director of Academic Affairs of the New York University Schack Institute of Real Estate, where he is also a Clinical Associate Professor teaching Risk and Portfolio Management and Corporate Finance. He earned a bachelor's degree in Civil Engineering from the Higher Technical College in Zwolle. After that he transferred to the University of Amsterdam to receive a master's degree in Economics (1991) and Political Science (1992). To finish his education, Professor Geurts came to the United States to pursue his doctoral degree in the field of Business Administration, with an emphasis in Real Estate Finance, at Pennsylvania State University. There he was awarded the Philip H. Sieg Fellowship.

Dr. Geurts taught real estate and finance for three years at the California State University in San Bernardino. During the academic year 1999-2000 he took a leave of absence and worked in New York City as Director of Research for the second largest real estate company in New York City. While in Southern California he also co-developed and taught in the International Finance Program for the Extended Education Department of the University of California in Riverside. From 2000 until 2006 he was employed by Marist College to teach Corporate Finance and Investment Analysis, both at the undergraduate and graduate level. In addition to his teaching responsibilities at NYU, he teaches each year one seminar for the Masters of Real Estate program at the University of Amsterdam and two for the Technical University of Berlin. He has given guest lectures at a number of other universities, including four overseas. He is partner of Cadence Capital Group, a boutique real estate capital advisory and investment management firm.

The main research interests of Dr. Geurts are Risk and Portfolio Management for (International) Real Estate and Finance. Most notably is his research on how institutional limitations affect investor behavior. He has published twenty one academic articles in peer-reviewed journals like the Quarterly Review of Economics and Finance, the Journal of Real Estate Portfolio Management, the Multinational Business Review, Journal of Real Estate Research, and the Journal of Real Estate Finance and Economics and a book on Public-Private Partnerships. He has presented at a large number of academic conferences, both national and international and his research has been supported by a number of grants.


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Ozge Gokbayrak, Assistant Director, Moody's Analytics
Ozge Gokbayrak joined Moody's KMV in September 2007, and she works in the single obligor research group for Moody's KMV. She is currently in charge of research and management of the public EDF model. During her tenure in the firm, she contributed to the releases of the RiskCalc Insurance model and was involved in the research activities for RiskCalc US Banking model. Prior to joining the firm, Ozge obtained a Ph.D. in Finance from Carnegie Mellon University.


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Jon D. Greenlee, Associate Director, Board of Governors of the Federal Reserve System
Division of Banking Supervision and Regulation

Jon D. Greenlee is currently the Associate Director for Risk Management in the Division of Banking Supervision and Regulation at the Board of Governors. In this capacity, he oversees the strategic direction and work of the Board's credit, market and liquidity, operational, and compliance risk sections. His responsibilities include the identification and analysis of current and emerging risks in his capacity as Chair of the Division's Risk Committee, and for ensuring the Federal Reserve has appropriate supervisory guidance and policies in place. In addition, he has responsibility for coordinating supervisory activities related to key risks and risk management issues across the organizations supervised by the Federal Reserve System.

Mr. Greenlee has over twenty-two years of experience as a regulator and most recently was the Deputy Associate Director for the Board of Governors Large Banking Organization section. He joined the Board in 2001 as the manager of the Regional Banking Organization and was appointed to the official staff in 2003. Prior to joining the Board of Governors, he was an examiner at the Federal Reserve Bank of San Francisco for 12 years. He also worked for the Office of the Comptroller of the Currency and the Indiana Department of Financial Institutions prior to joining the San Francisco Reserve Bank. Mr. Greenlee has a BS degree in Finance from Indiana State University.


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Anuj Gupta, Director, Moody's Analytics
Anuj Gupta is a Product Manager with Moody's KMV in San Francisco, and has been with the firm for three years. He is responsible for developing and supporting products to evaluate single-obligor credit risk, which include RiskCalc, Loss Calc, and Commercial Mortgage Metrics.

Anuj has a significant risk management background that includes hands-on experience in structuring and managing commodity risk, especially in the Energy sector.

Anuj completed his Bachelors in Engineering from IIT in India, and his MBA from Harvard Business School.


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David T. Hamilton, Senior Director, Capital Markets Research Group
David T. Hamilton is Senior Director in the Capital Markets Research Group at Moody's Analytics in New York. Mr. Hamilton oversees a research team that focuses on applied research in the areas of market price-derived ratings, credit risk modeling, and risk management. In his nearly 12 years at Moody's Mr. Hamilton's research has included corporate credit risk, sovereign and municipal credit risk, structured finance, the performance of distressed debt and recovery in default. Mr. Hamilton was the primary author of Moody's annual corporate default study for seven years, and has published articles concerning various aspects of credit ratings and default risk in professional journals, books, and magazines.

Mr. Hamilton has lectured on credit ratings and credit risk at Columbia Business School, the Stern School of business at New York University, the City College of New York, The International Center for Financial Asset Management and Engineering (FAME) in Lausanne, Switzerland, and was an instructor at the New York Institute of Finance. Mr. Hamilton is on the editorial board of the Journal of Credit Risk.

Prior to joining Moody's in 1997, Mr. Hamilton worked in the Regional Economics group at the Federal Reserve Bank of Philadelphia. Mr. Hamilton has also worked in Moody's Risk Management Services division, and was formerly Director of Corporate Default Research in Moody's Credit Policy group.

Mr. Hamilton holds a B.A. in economics and classical studies from Texas A&M University and a Ph.D. in financial economics from the City University of New York.


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Richard Hamilton, Director, PNC Financial Services
In January 2009, Rick assumed responsibility for PNC Financial Services, Inc. Economic Capital and ICAAP Analytics function. He is also providing leadership to the firm’s Basel II project focusing on Pillar 2 implementation.

Prior to that, Rick was the Director of Risk Capital Analytics Group at National City. In that capacity he led the corporation’s credit, market, interest rate and operational risk modeling functions.

Rick spent seven years in National City’s Asset/Liability group where he was variously responsible for net interest income forecasting, earning at risk analysis and DOE modeling. He began his career in National City’s commercial credit department spent several years in commercial real estate lending, mergers and acquisitions and funds transfer pricing.

Richard received a bachelor’s degree in economics from the University of Michigan, an M.B.A. and a Master of Science in management science both from Case Western Reserve University.


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James Heitmann, Senior Director, Moody's Analytics
James Heitmann is a Senior Director in the Business Development Group at Moody's Analytics. Prior to rejoining Moody's in 2006, Mr. Heitmann was a Senior Vice President and Head of Credit Portfolio Management at GMAC Financial Services in New York. In this position he was charged with developing and implementing a best practice credit risk management framework throughout the organization. With close to twenty years of risk management experience, Jim has held increasingly responsible positions at Societe Generale, Donaldson, Lufkin & Jenrette, and between 1992 and 1997, was a Vice President in the Public Finance Group of Moody's Investor Service.

Jim holds a Bachelor's degree in economics, a Masters of Business Administration and a Masters of Public Administration from the Pennsylvania State University. He received his Masters in Urban Planning from New York University. He has published a wide variety of articles on credit risk management.


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Tony Hughes, Senior Director, Moody's Analytics
Tony Hughes is senior director of Credit Analytics at Moody's His main responsibility involves managing the company's credit analysis consulting projects for global lending institutions. An expert applied econometrician, Dr. Hughes also oversees the development of Moody's CreditCycle and manages the data and forecasting products and His varied research interests have lately focused on problems associated with loss forecasting and stress testing credit portfolios.

Now based in the U.S., Dr. Hughes previously headed the Moody's Sydney office, where he was editor of the Asia/Pacific edition of the Dismal Scientist web site and was the company's lead economist in the region. He retains a keen interest in emerging markets and in Asian/Pacific economies.

A former academic, Dr. Hughes held positions at the University of Adelaide, the University of New South Wales, and Vanderbilt University, and has published a number of articles in leading statistics and economics journals. He received his Ph.D. in econometrics from Monash University in Melbourne, Australia.


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Masaru Kakutani, Associate Director, Moody's Analytics
Mr. Kakutani joined Moody's Investors Service in 1986 as a Senior Analyst in the Financial Institutions Group. In 1988, he was promoted to be an Associate Director, covering the selected regional banks in the US, as well as large banks in Canada, Europe, and Asia. During this period, he has witnesses the severe financial stresses of various banking sectors as one financial system after another experienced building and then bursting of financial bubbles. During 1990-1993, as an Associate Director of the Corporate Department, he covered a wide range of industries, including energy, chemical, pharmaceuticals, forest products, and food.

From 1993-1999, he was the Representative Director of Moody's Japan, as well as a Managing Director covering banks in Southeast Asia, and lived through both the prolonged banking problems of Japan and the Asian Currency Crisis.

Having come back to New York in 2000, his new work focused on the analysis and reviews of issues experiencing severe credit stresses. This assignment led him to work closely with the quantitative credit risk specialists. Subsequently, the work expanded, and he became a founding member of Moody's Analytics Risk Management Service as a credit analysis methodology specialist.

Prior to Moody's, he was a lending officer at Bank of America. He has a Bachelor's Degree in economics from Cornell University and an MBA from Amos Tuck School of Business Administration, Dartmouth College.


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Ozgur B. Kan, Associate Director, Moody's Analytics
Ozgur Kan is an Associate Director in the Risk Management Services Group of Moody's Analytics, based in New York City. In his current role, Dr. Kan leads consulting engagements with clients throughout North America and South America.

Dr. Kan is widely respected as an authority on Loss Given Default (LGD), recovery and workout process, and Probability of Default (PD) modeling, in addition to his work in structured finance, valuation of hard-to-value securities, financial transactions and corporate mergers and acquisitions.

Prior to joining Moody's, Dr. Kan worked in the valuation and financial services practices of Law and Economics Consulting Group (LECG) and Marshall & Stevens. His written works have appeared in the Journal of Banking and Finance, Financial Management, Journal of International Business Studies and the 2008 edition of the Handbook of Finance. Dr. Kan also served on the board of the Stamford CFA Society.

Dr. Kan received a Ph.D. in finance from Old Dominion University. A native of Turkey, he also received an MBA in finance and a B.Sc. in Electronics & Telecommunications Engineering from Middle East Technical University. Professionally, Dr. Kan holds designations as a Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM).


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Matthew E. Kasindorf, ESQ. , Meister Seelig & Fein LLP
Mr. Kasindorf is an accomplished transactional lawyer specializing in sophisticated real estate and investment transactions both in New York City and throughout the United States. He counsels clients in the formation, syndication, acquisition, financing, development and sale of commercial real estate and other investment assets. With degrees in Accounting and a Master of Laws in Taxation (LL.M.) from New York University, Mr. Kasindorf has over 25 years of experience in crafting and negotiating complex joint venture, partnership and limited liability company operating agreements with particular emphasis on taxation and finance issues.

Mr. Kasindorf is the chair of the firm's prolific 9-person Real Estate department. He has expertise in a broad array of transactions including single asset and portfolio real estate acquisitions and sales, sophisticated financing transactions including securitized mortgages, multi-tranche mezzanine loans and preferred equity transactions, new construction, ground lease negotiation and development, office, industrial and retail leasing for both landlords and tenants, workouts and foreclosures, co-op and condominium development and conversions and zoning matters. Mr. Kasindorf has been named a "New York Super Lawyer". Over the past 6 years, Mr. Kasindorf has emerged as one of the most popular Adjunct Associate Professors in New York University's renowned Graduate Real Estate Institute where he has earned the prestigious "Award for Teaching Excellence". He is considered such a dynamic advisor that he is invited to be a regular instructor at NYU's Summer Real Estate Institute's intensive programs, catering to the most serious investors from the U.S. and around the world. He has also lectured on real estate and tax matters at New York University School of Continuing Education, The New School, Lorman Education Services, the New York State Society of Certified Public Accountants and the Real Estate Board of New York. Mr. Kasindorf is the current Green Chairman and former President of Tam O' Shanter Country Club in Brookville, New York and lives in Jericho, New York with his wife, Susan and two daughters, Amanda, a recent University of Miami graduate and Erica, a sophomore at Vanderbilt University.


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Anna Krayn, Assistant Director, Moody's Analytics
Anna Krayn is an Engagement Manager in the Consulting Services Group of Moody's Analytics, based in New York City. In her current role, Ms. Krayn focuses on applying her extensive credit risk experience to work with a variety of financial services clients, including those in the insurance, banking, and consumer finance sectors.

Ms. Krayn joined the Consulting Services Group of Moody's Analytics in 2008 following several years in Moody's Investors Service. While on the ratings side of Moody's Corporation, Ms. Krayn was a member of the New Instruments Committee and an analyst in the Financial Institutions Group focused on insurance sector. Ms. Krayn is also co-author of several major research articles on specialty topics relevant to the insurance industry. She leverages her insurance sector experience in her work on Solvency II Task Force within Moody's Analytics, focusing on client solutions with regard to impending capital guidelines.

Since joining the Consulting Services Group, Ms. Krayn has worked with C-level executives at several notable banks regarding disposition of their structured finance assets. Specifically, she advises bank management teams on valuation of thinly traded securities, including modeling assumptions and accounting treatment. She has also worked with a number of large financial institutions on enhancements to their internal risk rating capabilities.

Earlier in her career, Ms. Krayn worked as an investment banker at Bank of America and also at Titan International, a boutique private equity firm. A native of Russia, Ms. Krayn received an MBA from Stern School of Business at New York University (NYU). She also holds a B.S. in finance from NYU.


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Amnon Levy, Managing Director, Head of Portfolio Research, Moody's Analytics
Dr. Amnon Levy heads the Portfolio Research Group that is responsible for research and model development for MKMV's portfolio, CDO, and valuation models.

Dr. Levy holds a B.A. in Economics from the University of California at Berkeley and a Ph.D. in Finance from the Kellogg Graduate School of Management, Northwestern University. Prior to joining MKMV, Dr. Levy was a visiting assistant professor at the Stern School of Business, New York University, and the Haas School of Business, University of California at Berkeley. He has also taught Corporate Finance at the Kellogg School of Management, Northwestern University and worked at the Board of Governors of the Federal Reserve System. Dr. Levy has been published in the Journal of Financial Economics, Journal of Monetary Economics, and Risk. His research interests include capital structure choices as it relates to macroeconomic conditions, modeling credit risk, and recovery risk.


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Jack Malvey, Global Capital Markets Consultant
Jack Malvey is a global capital markets consultant and a member of the New York State Teachers Retirement System Investment Advisory Board. A former Managing Director and bond strategist at Barclays Capital and Lehman Brothers, Mr. Malvey is a frequent contributor to the print and broadcast financial media. Prior to joining Barclays Capital in September 2008, Mr. Malvey was the Chief Global Fixed-Income Strategist at Lehman Brothers from 1996 to 2008 and the Corporate Bond Strategist from 1992 to 1996. Mr. Malvey also directed Lehman Brothers Global Family of Indices and Quantitative Portfolio Strategy Group from 1996 to 2007 as well as managed the Lehman Brothers Global Relative Value publication (1996-2009) and hosted the Lehman weekly Bond Show webcast (2000-2008). Previously, Mr. Malvey was Director of Corporate Bond Research at Kidder Peabody and an analyst at Moody's Investor Services.

In addition to holding the Chartered Financial Analyst designation,

Mr. Malvey belongs to the Financial Management Association, the New York Society of Security Analysts, the Fixed Income Analysts Society, Inc., and the Society of Quantitative Analysts. Mr. Malvey is a former President of the Fixed Income Analysts Society and was inducted into the Fixed Income Analysts Society's Hall of Fame in November 2003. Mr. Malvey received an AB in economics from Georgetown University and did graduate work in economics at the New School for Social Research in New York. From 1992-2008, Mr. Malvey was a ranked strategist in Institutional Investor's annual fixed-income research survey, including 16 consecutive first team positions (five for corporate bond strategy and 11 for general strategy). Mr. Malvey is also the author of "Global Corporate Bond Portfolio Management," a required chapter reading for CFA Level III candidates.


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Perry Mehta, Senior Director, Consulting Services
Perry Mehta has over twelve years of risk management experience. He is a Senior Director with Moody's Analytics Consulting Services where, as head of the Strategic Initiatives & Research (SIR) group, he helps build new service offerings to meet client needs in credit risk management. Our clients include financial services firms and corporates. Prior to SIR, he was an engagement manager with MACS, where he led client engagements relating to risk ratings, structured finance valuation, and stress testing.

Prior to Moody's, Perry was a Senior Manager with Ernst & Young, where he participated in, or led, projects on Basel II compliance, economic capital, credit risk governance, and credit risk ratings. Prior to E&Y, Perry was a Modeling Specialist, and a Capital Markets Specialist, with the Federal Reserve, where he reviewed quantitative methodologies and Basel II compliance at banks.

Perry has a Bachelor's in Electrical Engineering from the Indian Institute of Technology, Mumbai, and an MBA and PhD in Finance from Temple University, Philadelphia.


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Robin Mora, Portfolio Manager, Spirit Finance
Mr. Mora began his career at Spirit Finance in the Credit Underwriting Dept. in September 2004 bringing more than 20 years of credit and risk management experience to his position. While in his underwriting capacity Robin was instrumental in designing the processes and implementation of Spirit’s Unit Level reporting systems, Moody’s Risk Analyst and EDF measurements. His current primary responsibility at Spirit is property management of vacant properties through to re-tenant or sale and property inspections of all Spirit properties to ensure they are being maintained per the lease agreements. Prior to joining Spirit Robin worked for GE Franchise Finance in International Business Development and he was an Assistant Vice President and Senior Investment analyst for Wells Fargo Capital Management. Mr. Mora earned his Bachelor of Science, Business Administration degree from California State University, Long Beach and his MBA from the University of Southern California.


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David Munves, Divisional Managing Director, Capital Markets Research Group
David Munves is a Divisional Managing Director in Moody's Analytics, and is in charge of the Capital Markets Research Group. The group manages and researches applications of the firm's suite of markets-based signals, principally EDFTM (Expected Default Frequency) metrics for public firms and the Market Implied Ratings service, as well as the Capital Markets Economics group. David joined Moody's in December 2004.

Prior to joining Moody's David worked for nine years in Lehman Brothers' Fixed Income Research Group in London. At Lehman he headed the European Credit Strategy Group for seven years before taking responsibility for the European Fixed Income Index Group. He began his sellside career at Kidder Peabody and PaineWebber.

David also worked for 10 years at Standard & Poor's Ratings Group, where he held a variety of analytical and managerial positions in New York, Stockholm, and London. Prior to joining S&P David was a lending officer with Swiss Bank Corporation in New York.

A Chartered Financial Analyst, David holds a Bachelor of Arts degree from Kenyon College and a Masters Degree in International and Public Affairs from Columbia University.


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Eiji Nishimura, Vice President, Mizuho Corporate Bank
Eiji Nishimura is a Vice President in Credit Risk Management Unit for Americas Region in Risk Management Division at Mizuho Corporate Bank. He has 15 year of banking experience.

Mr. Nishimura joined the bank’s Portfolio Management Department in N.Y. and has been involved in implementation of MKMV as well as other cutting edge tools in the bank since 1999. Since joining the bank, he has been in the functional role of Credit Portfolio Management and his experience at the bank spans from CLO management/operation, various aspects of CDS products, database design & management, data/MIS infrastructure design, quantitative models (including MKMV’s), market signal based analysis and calls for sectors & single names, etc.

Prior to joining Mizuho, Eiji was at Citibank, N.A., Global Transaction Services in New York, his experience at the bank includes competitive intelligence and risk management projects for “Windows on Risk” Committee. Mr. Nishimura holds a B.S. from Bentley University and MBA from Columbia Business School.


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Mikael Nyberg, Managing Director, Moody's Analytics
Mikael Nyberg leads Moody's Analytics Advisory Services as a Managing Director. The Advisory Services group provides consulting, product training and implementation services for Moody's Analytics portfolio, credit risk measurement and valuation products. The team lead by Mikael is responsible for the implementation and introduction of RiskFrontier™, Moody's Analytics' latest portfolio and CDO technology. His background includes having worked since 1998 on the global implementation and product management of KMV EDF™ and Portfolio Manager™ products. In these roles was responsible for the research and new development of models, software and data products. He educational background includes B.Sc.(ECON) in Finance and Accounting from the London School of Economics and a M.B.A. from IESE in Barcelona. His thought leadership focus provides clients with frameworks and insights for addressing their most pressing portfolio strategy issues.


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Blair S. Osborn, Senior Vice President, Comerica
Blair S. Osborn, Senior Vice President, is Manager of Comerica's Portfolio Risk Analytics Department. He is also a member of the Corporation's Strategic Credit Committee.

As Manager in charge of the Portfolio Risk Analytics Department, Mr. Osborn is responsible for portfolio credit risk reporting, credit risk model management, and associated technology rollout and enhancement initiatives. Additionally he is responsible for the quarterly calculation of the Allowance for Loan and Lease Loss and analytic functions associated with risk migration, capital modeling, forecasting, and stress testing.

Mr. Osborn joined Comerica in 1978. In addition to holding positions as a credit analyst and commercial lending officer, he has assumed a number of management roles, including commercial loan group manager, credit administration officer, manager of commercial workouts, and divisional credit administration officer. He was named to his current position in May 2003.

Mr. Osborn received his Bachelor of Business Administration degree from University of Michigan in 1973, and his Masters of Business Administration from the University of Michigan in 1980.


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Kamal Panda, Senior Vice President, Wholesale Loan Services, Wells Fargo Bank
Kamal is responsible for data integrity and risk analysis solutions in Wholesale Banking group of Wells Fargo Bank as it pertains to various regulations like BASEL II, BSA, AML and REG-W etc. Kamal has spent 10 years in wholesale banking in various areas including finance, customer strategies, common customer definition, exposure aggregation and credit risk management. Prior to that Kamal worked in a consulting role for implementation of Peoplesoft based ERP solutions in large manufacturing and educational institutions. Kamal has a MBA from University of Michigan and has a total of 20 years of industry experience.


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Nihil Patel, CFA, Associate Director, Moody's Analytics
Nihil Patel is an Associate Director in the Portfolio Research group at Moody's KMV (MKMV). As part of the portfolio research team, he is responsible for MKMV's Global Correlation Model (GCorr)--MKMV's model for estimating asset correlations for public firms, middle market firms, retail borrowers, commercial real estate (CRE), and asset-back securities. Since joining MKMV in 2006, Nihil has primarily focused on enhancing GCorr to model U.S. CRE and U.S. Retail assets and an empirical work assessing credit risk over short horizons. He has also supported Moody's Analytics Advisory Services by working on correlation and stress testing projects.

Nihil holds a MSE in Operations Research and Financial Engineering from Princeton University and a BS in Industrial Engineering and Operations Research from UC Berkeley. Prior to joining MKMV, Nihil worked as an Analyst for Cornerstone Research, a firm which specializes in litigation consulting. Nihil is a CFA charterholder.


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Stephen P. Peca, CPA, MRICS, Director, Senior Credit Consultant, Moody's Analytics
Stephen Peca is a Director, Senior Credit Consultant with Moody's Analytics in New York. Stephen is an accomplished Commercial Real Estate finance and credit professional, as well as a CPA. He brings with him more than 30 years of professional experience ranging from banking and finance to project management and education, the latter through an active role at the prestigious New York University Shack Institute of Real Estate.

Previously, Stephen was with Fleet Securities, Inc. where he established a loan sales and trading business for the bank. Stephen spent eleven years at The Fuji Bank, Limited where he was a corporate global relationship manager originating and managing a loan and commitment portfolio averaging over US$1 billion. He gained extensive experience arranging international and cross border loans, project finance and other financial structures. He originally joined the bank to help establish the real estate portfolio for the Chicago Branch. Before joining the Fuji Bank, Limited, Stephen was Vice President of Accounting, Finance and Administration (CFO) for The Tucker Companies, Inc., a regional real estate developer and property manager. He also spent about seven years at Urban Investment & Development Co., a national real estate developer, manager and investor and the real estate subsidiary of Aetna Life & Casualty. Starting in treasury and transitioning to the accounting/finance area and then development management, Stephen was extensively involved in a number of high profile commercial real estate projects throughout the U.S. Stephen has a Certificate in Advanced Management from the University of Chicago and a BBA in Public Accounting from Loyola University Chicago. He is a Certified Public Accountant, a Chartered Management Consultancy Surveyor, a licensed real estate salesperson in Illinois and New Jersey and a Technical Real Estate Instructor, State of New York. He has received the New York University Award for Outstanding Service and is a Member of the Royal Institution of Chartered Surveyors. He is also a member of the American Institute of Certified Public Accountants and CoreNet Global. Stephen's first book, Real Estate Development and Investment: A Comprehensive Approach, was published in May 2009.


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Xavier Pernot, Director, Moody's Analytics
Xavier Pernot heads the Balance Sheet product line in the Software Division. This product line gathers Asset & Liability Management, Liquidity Risk and IAS 39 compliance platforms. He's been with Fermat for five years, being prior to Product Management, Head of Software Development for ALM in the R&D center of Grenoble.

Prior to Fermat, Xavier worked for ten years in the software financial industry.

Xavier holds a Master Degree in Computer Science Engineering & Applied Mathematics from ENSIMAG in Grenoble and a MBA from IAE in Paris.


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Shisheng Qu, Ph. D., Director, Moody's KMV
Shisheng Qu joined Moody's KMV in 2004, and has been working on public firm EDF research and credit spread research. During his tenure in the firm, he contributed to the research and releases of the financial EDF model, the Japanese EDF model, the EDF8 model, as well as the CDS Spread Implied EDF model. He has also involved in other research activities including credit migration and single obligor valuation.

Prior to joining the firm, he researched empirical asset pricing at the University of Texas at Austin as a Ph.D. student, focusing on institutional investors and analyst earnings forecasts. He is originally from China, where he received his Ph. D. in Engineering Mechanics from Tsinghua University, and worked in the International Finance Department of China Development Bank.


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David Rhee, Senior Vice President, KeyBank
David Rhee is Senior Vice President & Manager for Credit Portfolio Analytics & Reporting at KeyBank. He is responsible for directing all quantitative analysis of internal and external credit information used for making hedging and portfolio optimization decisions for the credit portfolio. He is responsible for overseeing the development of topical models and in analyzing the impact of proposed hedging transactions on the risk return characteristics of the credit portfolio.


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Matthieu Royer, Managing Director, Calyon

Matthieu Royer is a Managing Director in charge of portfolio coordination at CALYON in the Americas. He heads the Credit Product and Management group, which focuses on three topics: (a) developing new methodologies and products for valuation and risk assessment of credit sensitive structures and alternative products, (b) portfolio risk analyses and reporting, (c) reviewing all significant new transactions and new products as well as supporting overall strategy in the Americas.

Key efforts of the group include management of selected exposures, as well as development of credit valuation models and simulation methods for the pricing and risk management of the loan portfolio and alternative investments. The group is also responsible in the Americas for RAROC and BIS 2 modeling, infrastructure, methodologies, parameterization, stress-testing, as well as all aspects regarding estimation and back-testing of LGD, PD and EAD.

Prior to his current position, he was a vice president in quantitative portfolio analytics at Credit Lyonnais where his work focused primarily on developing analytics and numerical methods for risk management, rating, LGD, early warning systems, RAROC and Basel II implementation. Matthieu started his career in banking as a Credit Analyst in 1996.

He is a Steering Committee member of PRMIA New York Chapter since its founding, and has followed the CFA program and participates in the CFA Institute Professional Development Program. He holds a Master in International Political Economics & Development and advanced certificate in Finance from Fordham University, an advanced certificate in Econometrics from University of Montreal and McGill University, and is a graduate from HEC Montreal.


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Jim Sarrail, Senior Director, Moody's Analytics
Mr. Sarrail has an extensive background in credit risk management. As a Senior Director at Moody's Analytics, he currently assists a wide variety of financial institutions on the use of quantitative tools for managing individual credit risk exposure, as well as portfolios of credit-risky instruments. Prior to joining Moody's Analytics, Mr. Sarrail worked in the corporate treasury group at McKesson Corporation, where he helped to manage the firm's short-term and long-term capital needs. Mr. Sarrail has also held a variety of positions in wholesale lending at the Bank of America, where he developed RAROC pricing/profitability tools focused on economic capital allocation and the marginal impact of new business transactions. He received a Master of International Management degree, from the American Graduate School of International Management, Thunderbird, and a BA in Economics from Bucknell University.


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Sanjay Sharma, Chief Risk Officer, RBC Capital Markets
Sanjay Sharma is the Chief Risk Officer of Global Arbitrage and Trading at RBC Capital Markets. Previously, he was the Chief Credit Officer of Natixis Capital Markets for five years. Prior to his tenure at Natixis he held investment banking and risk management positions at Merrill Lynch, Goldman Sachs, Moody’s, and Citigroup respectively. At Merrill he headed the ratings advisory practice for the Americas and also advised the firm’s clients on issues related to liability management and capital structure. His principal focus was on conceptualizing and instituting an eclectic approach for determining optimal capital structure of industrial and financial firms. At Goldman he advised the firm’s clients on issues related to capital structure and ratings in several industries including telecommunication, transportation, finance, aerospace, and technology, as well as sub-sovereign issuers. At Moody’s he covered commercial, consumer and aircraft finance companies as an Analyst, and was also involved in rating several structured finance transactions. Prior to his career in the financial services industry, he worked as a marine engineer with Asian and European shipping companies on cargo ships and supertankers, and received the Chief Engineer’s certificate of competency.

He holds a Ph.D. in Finance and International Business from New York University and an MBA from the Wharton School of Business. He has undergraduate degrees in Physics and Marine Engineering from St. Stephen’s College (Delhi University) and Marine Engineering College respectively. He holds the CFA charter and is the Founder and Board Member of Green Point Technology Services – a technology, legal and business process outsourcing firm with operations in the US, Israel and India, and of Tomorrow’s Genius – a provider of online education.


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Soner Tunay, Director of Credit Analytics, State Street Bank
Soner Tunay is the Director of Credit Analytics at State Street Bank in charge of credit risk modeling for Basel II. Previously he was the Head of Portfolio Analytics at SunTrust Bank, primarily engaged in developing Economic Capital methodologies.


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Yashan Wang, Director, Portfolio Research, Moody's Analytics
Yashan heads the valuation analytics team that conducts research and develops portfolio valuation and risk models. In addition, he provides advanced model support for clients of Moody's KMV RISKFRONTIER, PORTFOLIO MANAGER, and CreditMark.

Yashan earned a B.S. in Electrical Engineering from the University of Science and Technology of China and a Ph.D. in Management Science from the Graduate School of Business, Columbia University. Prior to joining MKMV in 2005, he was a Senior Research Consultant at MSCIBarra. Prior to that, Yashan was an Assistant Professor of Management Science at the MIT Sloan School, where he taught classes in probability theory, stochastic processes, and optimization to Ph.D. and MBA students. Yashan's research work has been published in Annals of Applied Probability, Operations Research, Manufacturing & Service Operations Management. His current research interests include credit risk modeling and Monte Carlo methods in financial engineering.


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Vanessa Wu, Managing Director, Moody's Analytics
Vanessa Wu heads the Portfolio and Valuation product line as well as the RiskCalc and LossCalc franchise in Product Management.

Vanessa joined Moody's KMV Client Service team in February 1997 after a few years in litigation and economic consulting. Vanessa assisted global financial institutions in the implementation of KMV's solutions for risk assessment and credit portfolio management, including two years in the KMV London office. Prior to Product Management, Vanessa headed the Global Client Support and Training team.

Vanessa holds a BS with Honors in Applied Mathematics with an Emphasis in Business Administration and a Specialization in Computing from the University of California, Los Angeles


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Jing Zhang, Divisional Managing Director, Head of Moody's KMV Research
Jing Zhang heads the Moody's KMV Research Group for Moody's Analytics. Jing joined the former KMV in 1998 in the research team, eventually becoming a Director in Research and managing day-to-day research operations of KMV. He made major contributions on single obligor EDF credit measures, correlation and portfolio research. Since then, Jing has held a number of senior roles at Moody's Analytics for the Americas, most recently, Senior Director, Head of the Credit Risk Specialist Group.

Jing obtained his Ph.D. from the Wharton School, University of Pennsylvania and a Master Degree from Tulane University.


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