Track II : LBO and Management :dealing with underperformance

9:00 - 9:15 OPENING NOTE :

9:00 - 9:15	OPENING NOTE : Message from Charlie McCreevy - European Commissioner for the Internal Market and Services, EUROPEAN COMMISSION (video)
9:15 - 10:05	*Panel 1: Overview - LBO post Lehman Brothers, the New Rules of the Game* Time for LBO reinvention - Adjusting to a different paradigm New opportunities arising from the crisis: Turnaround, Small & Mid Caps, Listed Market, Distressed Debt; New Regulatory decisions: the panacea or pandora's box? Embracing changes, the KKR model: from buy-out shops to business diversification What is more important: selling the team, selling the fund or selling the opportunity? Local Private Equity VS Global Private Equity Funds Benoît Métais - Member of the Management Board of Sigefi, Siparex Group, & Co-Head of Growth Capital and LBO Financing Gérard MOHR - Xavier Moreno – Managing Partner, Astorg Partners *Pierre Netter,* Senior Journalist and Manager*, Magazine Decideurs*
10:05 - 10:55	*Panel 2: Addressing Underperformance and Refinancing Issues* Tackling an overleveraged business Capital cost components: Risk Perception, Taxes associated with risk, Regulatory cost What are the criteria that matter most for banks when chosing a GP Best practices and lessons learnt in the past 12 months How do financial and operational turnaround work together? Thomas Costa - Chief Executive Officer, Coventya Torsten Becker - Chief Financial Officer, Coventya Denis Vidalinc – Head of Acquisitions Finance, CIC Axel Rebaudières - Partner, KPMG Arnaud Mourier - Partner, Taj *Alexis Valero,* Senior Journalist, *Magazine Decideurs*
10:55 - 11:15	Networking Break
11:15 - 12:05	*Panel 3: Addressing Operational Underperformance* Juggling at the same time: debt size, need for refinance, subsidiaries position, changes in the shareholders bases How to deal with the lack of visibility and commit shareholders The creation of value through restructuring Restructuring and Recovery: the experience to date The key recovery drivers: jurisdiction, seniority, industry, ownership Bertrand Talabard – Partner, SISU Capital Flavien Kulawik - CEO and Co-Founder, KLB Group Claire Toumieux - Partner, Flichy Grange Vincent Paes, Journalist, *Magazine Decideurs*
12:05 - 14:00	Networking Lunch KEY NOTE: Message from Jean-Paul Gauzès - Rapporteur for the European Commission for Private Equity Firms and Member of the European Parliament (video)
14:00 - 14:50	Panel 4: *Management Package - Restructuring the Deal and Rebuilding Trust* How to conciliate the interests of the top management and PE funds? Financing the deal: innovative techniques, for the cash-strapped and others Managing the existing resources: management, motivation, incentives How to reset expectations, BP & management package Roles of managers in debt restructurings How to place the underperformance balance Marc Granger - Chief Executive Officer, Compin Group Lionel Scotto - Partner, Wilinski Scotto Michel David – Partner, Creative Value *Alexis Valero,* Senior Journalist, *Magazine Decideurs*
14:50 - 15:40	*Panel 5: Deals Structure 2009/2010 - The Do's and Don'ts* Build up strategies: how to manage and finance expansion When something goes wrong: how the banks react? What are the strategies left to the management and funds? The “Golden PE Era” becomes “The Resposable PE era” Debt-for-equity deals M&A and Distressed M&A Philippe Nataf – Managing Director, Duff & Phelps Géry-Edouard Lanthier - Managing Partner, Mazars *Pierre Netter,* Senior Journalist and Manager*, Magazine Decideurs*
15:40 - 15:55	Networking Break
15:55 - 16:45	*Panel 6: LBO Exits - When and How ?* Which door to take: what are today's real opportunities? New exit strategies and horizons Case study When do exits come back? Carve Outs Pierre Bordeaux-Montrieux – Managing Director, Siparex Group Celine Mechain – Managing Director, Goldman Sachs Gad Azuelos - Partner, PricewaterhouseCoopers Lionel Saint Georges Chaumet - General Manager, Aforge Anne-Valérie Attias-Assouline - Partner, Landwell & Associés *Vincent Paes,* Journalist, *Magazine Decideurs* CLOSING NOTE: Gonzague de Blignières – Co - Chief Executive Officer, Barclays Private Equity Europe