Day 1 - Monday, 15th March 2010

0830 Registration and coffee

9.00 INTRODUCTION TO THE CURRENT INFLATION LINKED PRODUCTS MARKET

• Basic Concepts
- Cash flows
- Real Yields
- Break even inflation
• Who are buyers of CPI. Who are issuers/sellers
• Introduction to Inflation Swaps
- Cash flows
- Terminology and types
• Assessed value: When are CPI Bonds/swaps cheap and expensive

Stuart Dear
Portfolio Manager

Justin Tyler
Portfolio Manager, Fixed Income
ABERDEEN ASSET MANAGEMENT

10.30 Morning break

11.00 INFLATION TECHNICAL WORKSHOP

• Building a swap curve
• Inflation asset swaps - theory
• Inflation asset swaps - in practice
• Inflation options

Andrew Skinner
Executive Director
JP MORGAN

12.30 Lunch

13.30 GLOBAL ILBS FROM AN AUSTRALIAN FUND MANAGER PERSPECTIVE

• Is the case for liquidity still valid?
• Are the opportunities offshore relevant for investors concerned with Australian inflation?
• Are global ILBs currently cheap or expensive relative to Australian ILBs, and have they been so historically?
• How does the greater prominence of deflation in offshore markets influence opportunities?

Ben Alexander
Principal
ARDEA INVESTMENT MANAGEMENT

15.00 Afternoon break

15.30 INFLATION FROM AN ISSUERS PERSPECTIVE

• Liability management 101
• What place does CPI funding have in liabilities
• Advantages of CPI issuance
• Who requires inflation funding
• What drives issuance? When are levels attractive to issue
• Issuers experience 2 years on
• Conclusions

Tim Hext
Head of Balance Sheet and Funding
NEW SOUTH WALES TREASURY CORPORATION

17.00 End of day one