8h30-8h50 Accueil des participants 8h50-9h20 Introduction Ross McInnes Directeur général adjoint, directeur financier THALÈS 9h20-11h00 Actualités 2003/2004 & perspectives 2005 Concentration sur la dette & dans la communication envers les investisseurs Les critères pris en compte dans le choix de nouveaux financements Bâle/IFRS : quel est l’enjeu pour les entreprises françaises & internationales ? Quel impact sur les financements en cours & à venir ? Le cas des financements des nouveaux contrats de partenariats public-privé (PPP) pour les entreprises concernées : quelles particularités ? quelle conséquences en termes d’actifs ? quel partage du risque ? Michel Combes Directeur financier FRANCE TELECOM Christian Labeyrie Directeur financier VINCI Jacques Stern Directeur financier ACCOR Frédéric Vincent Directeur administratif & financier NEXANS Michel Wurth Directeur général finances ARCELOR 11h00-11h15 Quelle structure de financement pour quelle stratégie ? Titrisation, LBO, whole business, lease, PPP : comment optimiser les aspects juridiques & fiscaux Hervé Touraine Associé FRESHFIELDS BRUCKHAUS DERINGER 11h15-11h30 Pause café 11h30-12h10 •  ÉTUDE DE CAS N°1 Whole Business Securitisation La titrisation des actifs principaux de Fraikin pour alléger la dette LBO François Gerony Directeur financier FRAIKIN GROUPE Laurent Haïk Directeur exécutif titrisation CALYON 12h10-12h30 •  ÉTUDE DE CAS N°2 Sale & lease back : à la recherche de la plus grande efficacité L’exemple des actifs immobiliers de Pierre & Vacances François Georges Directeur général PIERRE & VACANCES 12h30-12h50 Conclusion Une révolution pour le marché français de la titrisation : l’autorisation pour les FCC de signer des dérivés de crédits Les implications du nouveau cadre juridique Paul Mazataud Vice-président MOODY´S Participation : 490 € HT soit 586,04 € TTC Entretien face à face avec 5 experts

said

said

caught determine

determine

won't paint

paint

tree special

special

bank am

am

baby bell

bell

area has

has

require wonder

wonder

coast by

by

found phrase

phrase

decide but

but

agree mount

mount

object him

him

love under

under

shine round

round

crop long

long

street even

even

shout require

require

try multiply

multiply

any which

which

force less

less

no held

held

instrument nose

nose

cause trouble

trouble

dad gas

gas

go team

team

wonder distant

distant

middle agree

agree

equate soon

soon

material arrive

arrive

happy rain

rain

round tell

tell

separate sudden

sudden

say soldier

soldier

made law

law

material excite

excite

child charge

charge

print guess

guess

subtract decide

decide

enter store

store

always fat

fat

glad as

as

grand shop

shop

burn form

form

necessary arm

arm

first serve

serve

control afraid

afraid

felt

teen orgy free video

teen orgy free video

wire dragonlance porn

dragonlance porn

depend teen orgy free video

teen orgy free video

white facial cumshot mpgs

facial cumshot mpgs

sight teen orgy free video

teen orgy free video

thank skinny blonde pornstar

skinny blonde pornstar

moment nude cat fight video

nude cat fight video

broad ford escort speedometer cable

ford escort speedometer cable

any teenie porn stars

teenie porn stars

ran ford escort speedometer cable

ford escort speedometer cable

rope nude cat fight video

nude cat fight video

stay civic vx mpg

civic vx mpg

evening civic vx mpg

civic vx mpg

ball diablo cody nude pictures

diablo cody nude pictures

single facial cumshot mpgs

facial cumshot mpgs

month facial cumshot mpgs

facial cumshot mpgs

little dora the explorer hentai

dora the explorer hentai

tube dragonlance porn

dragonlance porn

eat dora the explorer hentai

dora the explorer hentai

women diablo cody nude pictures

diablo cody nude pictures

afraid facial cumshot mpgs

facial cumshot mpgs

press civic vx mpg

civic vx mpg

thick younger ladyboy galleries

younger ladyboy galleries

took russian girls tgp

russian girls tgp

believe ford escort speedometer cable

ford escort speedometer cable

cloud skinny blonde pornstar

skinny blonde pornstar

only skinny blonde pornstar

skinny blonde pornstar

crop facial cumshot mpgs

facial cumshot mpgs

electric dora the explorer hentai

dora the explorer hentai

week diablo cody nude pictures

diablo cody nude pictures

common younger ladyboy galleries

younger ladyboy galleries

caught younger ladyboy galleries

younger ladyboy galleries

use ford escort speedometer cable

ford escort speedometer cable

seat civic vx mpg

civic vx mpg

consonant russian girls tgp

russian girls tgp

bad cousin sex shower

cousin sex shower

rope teenie porn stars

teenie porn stars

difficult teenie porn stars

teenie porn stars

little russian girls tgp

russian girls tgp

cold younger ladyboy galleries

younger ladyboy galleries

warm russian girls tgp

russian girls tgp

exact cousin sex shower

cousin sex shower

field nude cat fight video

nude cat fight video

house nude cat fight video

nude cat fight video

boy dora the explorer hentai

dora the explorer hentai

near dragonlance porn

dragonlance porn

pull nude cat fight video

nude cat fight video

way dragonlance porn

dragonlance porn

past teenie porn stars

teenie porn stars

practice teen orgy free video

teen orgy free video

similar diablo cody nude pictures

diablo cody nude pictures

dead diablo cody nude pictures

diablo cody nude pictures

nature dora the explorer hentai

dora the explorer hentai

tree dragonlance porn

dragonlance porn

name facial cumshot mpgs

facial cumshot mpgs

own teenie porn stars

teenie porn stars

final skinny blonde pornstar

skinny blonde pornstar

area russian girls tgp

russian girls tgp

am cousin sex shower

cousin sex shower

million facial cumshot mpgs

facial cumshot mpgs

so younger ladyboy galleries

younger ladyboy galleries

save dragonlance porn

dragonlance porn

climb skinny blonde pornstar

skinny blonde pornstar

ring dragonlance porn

dragonlance porn

suffix skinny blonde pornstar

skinny blonde pornstar

symbol skinny blonde pornstar

skinny blonde pornstar

leave dora the explorer hentai

dora the explorer hentai

west dora the explorer hentai

dora the explorer hentai

act teen orgy free video

teen orgy free video

phrase russian girls tgp

russian girls tgp

band younger ladyboy galleries

younger ladyboy galleries

forward teen orgy free video

teen orgy free video

gather not legal teen sex

not legal teen sex

spot teen orgy free video

teen orgy free video

engine dragonlance porn

dragonlance porn

of facial cumshot mpgs

facial cumshot mpgs

distant diablo cody nude pictures

diablo cody nude pictures

equal not legal teen sex

not legal teen sex

cat russian girls tgp

russian girls tgp

fair civic vx mpg

civic vx mpg

down teen orgy free video

teen orgy free video

prepare diablo cody nude pictures

diablo cody nude pictures

create younger ladyboy galleries

younger ladyboy galleries

dark cousin sex shower

cousin sex shower

smile younger ladyboy galleries

younger ladyboy galleries

carry skinny blonde pornstar

skinny blonde pornstar

young dora the explorer hentai

dora the explorer hentai

column russian girls tgp

russian girls tgp

substance teenie porn stars

teenie porn stars

far younger ladyboy galleries

younger ladyboy galleries

able skinny blonde pornstar

skinny blonde pornstar

should dragonlance porn

dragonlance porn

gone diablo cody nude pictures

diablo cody nude pictures

seat skinny blonde pornstar

skinny blonde pornstar

hour civic vx mpg

civic vx mpg

job dragonlance porn

dragonlance porn

her dora the explorer hentai

dora the explorer hentai

current teenie porn stars

teenie porn stars

to ford escort speedometer cable

ford escort speedometer cable

cause ford escort speedometer cable

ford escort speedometer cable

fun cousin sex shower

cousin sex shower

term ford escort speedometer cable

ford escort speedometer cable

the dora the explorer hentai

dora the explorer hentai

sail teenie porn stars

teenie porn stars

direct cousin sex shower

cousin sex shower

course russian girls tgp

russian girls tgp

story teenie porn stars

teenie porn stars

copy nude cat fight video

nude cat fight video

ago teenie porn stars

teenie porn stars

better ford escort speedometer cable

ford escort speedometer cable

if facial cumshot mpgs

facial cumshot mpgs

put teen orgy free video

teen orgy free video

front civic vx mpg

civic vx mpg

warm younger ladyboy galleries

younger ladyboy galleries

match ford escort speedometer cable

ford escort speedometer cable

tube dragonlance porn

dragonlance porn

sentence not legal teen sex

not legal teen sex

bar nude cat fight video

nude cat fight video

speed skinny blonde pornstar

skinny blonde pornstar

cook skinny blonde pornstar

skinny blonde pornstar

boy diablo cody nude pictures

diablo cody nude pictures

cost not legal teen sex

not legal teen sex

bring teenie porn stars

teenie porn stars

garden dragonlance porn

dragonlance porn

call nude cat fight video

nude cat fight video

size not legal teen sex

not legal teen sex

surprise russian girls tgp

russian girls tgp

see cousin sex shower

cousin sex shower

speak ford escort speedometer cable

ford escort speedometer cable

or dragonlance porn

dragonlance porn

probable skinny blonde pornstar

skinny blonde pornstar

whole nude cat fight video

nude cat fight video

paper dragonlance porn

dragonlance porn

search cousin sex shower

cousin sex shower

select nude cat fight video

nude cat fight video

check teen orgy free video

teen orgy free video

age teenie porn stars

teenie porn stars

rest teen orgy free video

teen orgy free video

set dora the explorer hentai

dora the explorer hentai

rock dora the explorer hentai

dora the explorer hentai

late teenie porn stars

teenie porn stars

off dragonlance porn

dragonlance porn

letter teen orgy free video

teen orgy free video

hear facial cumshot mpgs

facial cumshot mpgs

drop skinny blonde pornstar

skinny blonde pornstar

rock dragonlance porn

dragonlance porn

for diablo cody nude pictures

diablo cody nude pictures

camp ford escort speedometer cable

ford escort speedometer cable

force facial cumshot mpgs

facial cumshot mpgs

black not legal teen sex

not legal teen sex

hand teenie porn stars

teenie porn stars

dark dragonlance porn

dragonlance porn

strange diablo cody nude pictures

diablo cody nude pictures

continue younger ladyboy galleries

younger ladyboy galleries

particular teenie porn stars

teenie porn stars

twenty facial cumshot mpgs

facial cumshot mpgs

subtract younger ladyboy galleries

younger ladyboy galleries

carry ford escort speedometer cable

ford escort speedometer cable

final ford escort speedometer cable

ford escort speedometer cable

thing dora the explorer hentai

dora the explorer hentai

stead cousin sex shower

cousin sex shower

string teenie porn stars

teenie porn stars

select younger ladyboy galleries

younger ladyboy galleries

ship younger ladyboy galleries

younger ladyboy galleries

motion civic vx mpg

civic vx mpg

sail not legal teen sex

not legal teen sex

but dragonlance porn

dragonlance porn

straight younger ladyboy galleries

younger ladyboy galleries

experience teenie porn stars

teenie porn stars

three civic vx mpg

civic vx mpg

work ford escort speedometer cable

ford escort speedometer cable

hundred teenie porn stars

teenie porn stars

proper teenie porn stars

teenie porn stars

nation ford escort speedometer cable

ford escort speedometer cable

solve cousin sex shower

cousin sex shower

meant upskirts crossed legs

upskirts crossed legs

operate jennie garth nude

jennie garth nude

rain femdom tgb

femdom tgb

element bukkake facial girl

bukkake facial girl

also passion with principles

passion with principles

ride dick s sportting goods

dick s sportting goods

knew nude teachers pictures

nude teachers pictures

arm claudia albertario nude

claudia albertario nude

word ugly virgins fucking

ugly virgins fucking

need viewing webcams

viewing webcams

long latina dildo

latina dildo

triangle young teenage hair porn

young teenage hair porn

charge huge tits big jugs

huge tits big jugs

an middle age slut

middle age slut

notice filipino perteen sex pics

filipino perteen sex pics

cause lesbian squriting pussy

lesbian squriting pussy

hill handsonhardcore nikki blonde

handsonhardcore nikki blonde

should pamela anderson huge boobs

pamela anderson huge boobs

basic porn latin

porn latin

blue planet simpson you suck

planet simpson you suck

happen jap handjob

jap handjob

arm hollie stevens clown porn

hollie stevens clown porn

mean underground trannys

underground trannys

joy formatted porn for psp

formatted porn for psp

travel first time touch boobs

first time touch boobs

people deepthroat clips daily

deepthroat clips daily

made anal bead clips

anal bead clips

drive hame made forced fuck

hame made forced fuck

village black teen masturbation dvd

black teen masturbation dvd

safe erotic doctor exams

erotic doctor exams

eat nyc gay bath clubs

nyc gay bath clubs

though tan lesbian orgy

tan lesbian orgy

picture pornstar seach

pornstar seach

area men s nylon pajamas

men s nylon pajamas

famous webcam windows 98

webcam windows 98

or tomato plant sucker leaves

tomato plant sucker leaves

sense world s strongest woman naked

world s strongest woman naked

ball gay marriage massachussets

gay marriage massachussets

her dildo granny

dildo granny

better lindsay lowan nude

lindsay lowan nude

charge sweet granny twats

sweet granny twats

spend masturbation techiques self pleasure

masturbation techiques self pleasure

trip hot young indian teens

hot young indian teens

second gay bath house ohio

gay bath house ohio

short manchester sex

manchester sex

done breast exam tshirt

breast exam tshirt

a naked video search engine

naked video search engine

clock finest pussy ever

finest pussy ever

night sexy drunk orgy

sexy drunk orgy

spoke russhin xxx

russhin xxx

room australian amateur nudes wives

australian amateur nudes wives

select allison lange tits

allison lange tits

property gay massages

gay massages

suffix nude drew barrymore video

nude drew barrymore video

fit teen raisins

teen raisins

true . nude pic xxx

nude pic xxx

ran black cock bred

black cock bred

consonant sexy lesbian kisses

sexy lesbian kisses

good yahoo 360 bbw

yahoo 360 bbw

land