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New and improved course agenda!

S E R I E S

Senior Executive Finance
Value Creation Through Expert Financial Management
10 – 14 August 2008 Kempinski Hotel Mall of the Emirates Dubai, UAE

By Attending This Cutting-Edge Training Course, You Will:
• •   • • • • • • Develop strategic decision models for improved financial management Implement the concepts of shareholder value, investment analysis, company valuation, capital raising  and project performance  Experience how financial concepts affect capital markets and corporate finance transactions Improve your techniques in corporate finance analysis and identify key value drivers  Learn how to raise capital in the equity and debt markets Understand how to successfully structure M&A, MBO and Public-Private Partnership (PPP) deals Understand the complete range of risks facing corporate organisations  Explore risk management techniques which can be used to minimise and manage risks

S u m m E R

Who Should Attend These Courses?
 

I I R

• CEOs, COOs, CFOs • Finance Directors and Managers • Financial Controllers and Analysts • Vice Presidents and Senior Vice Presidents • Accounting Managers • Chief Accountants • Area and Regional Managers • Heads of Corporate Planning • Heads of Business Development
Organised by:
Official Regional Recruitment Partner


Supported by:
Official IT Partner

The course content itself and the techniques used to explain concepts by the course leader were excellent
Nair Vijaykumer, Manager Financial Accounting Oman Oil Marketing Co., Oman

Register Before 15 June 2008 For Your Chance To Win A Nokia E90!
See back page for details
Official Media Monitoring Partner

www.iirme.com/sef

Dear Finance Professional, Looming above the heads of CFOs and COOs in the Middle East  are countless opportunities to be taken advantage of and mistakes  to be made.  We have developed this course, lauded as one of the  most influential courses of its kind in the region, to ensure that  you are able to seize the opportunities and dodge the mistakes. By the end of our Senior Executive Finance course, you will  have developed a strong ability to design management control  systems that forecast future financial performance, provide tools  for business valuation, enable you to seize new opportunities,  minimise risk and drive strategic change. You will explore the top issues you face every day in a dynamic,  fluid course structure which includes case studies and exercises  that will help you fully absorb the material being covered. This will  enable you to carry this knowledge with confidence so that you  may leverage your organisation’s financial position to maximise  your corporate achievements. In other words, this course is well worth your time. Moreover, by attending, you will update your understanding of  current trends in financial decision making while maintaining an  up-to-date knowledge of the latest investment appraisal, risk  management and control techniques. Finally, you will discover that your expert course leader, Nabil Zaki, has an internationally recognised base of expertise  combined with regional experience that will keep you at the very  top of your game. Open the door to a new realm of opportunities by registering  today for IIR’s Senior Executive Finance. Nabil and I look forward to seeing you there. Best Regards,

Meet You Expert Course Director
Nabil W. Zaki has been in the investment  and banking industry for more than 30 years.  During thatperiod, he assumed senior  positions in both Corporate Finance and  Treasury with major Wall Street firms and  international financial institutions in New  York, Canada and the Middle East. He has  held high profile management positions with Chase  Manhattan Bank, Merrill Lynch, Prudential Securities and  Tradition. Currently, Nabil Zaki is an adjunct Professor of Corporate  Finance and Derivatives at New York University. He taught  at New York Institute of Finance (currently known as FT  Knowledge) from 1995 until 2004. He lectures extensively  on portfolio management, risk management, derivatives and  international capital markets for major Wall Street firms and  financial institutions. He was advising major corporations and financial institutions  on mergers & acquisitions, and restructuring. Then, he moved  to Asset & Portfolio Management and Treasury. In his capacity  as Senior Vice President- Financial/Commodity, Futures and  Options with Chase Manhattan Bank in Canada and New York  in early 1980s, Nabil has marketed and traded a wide gamut  of derivative products, including financial futures and options,  futures as well as commodities, particularly crude oil and  refined products to domestic and overseas oil corporations. Thereafter, he joined Merrill Lynch in New York as a Senior  Vice President- Financial Consultant/Portfolio Manager in its  Private and International Banking Division. He was responsible  for the marketing of various capital market products  (e.g. Interest Rate SWAPS, FRAS, Options, Futures, Equity  Derivatives) and developed an extensive network of contacts in  the U.S.A and Europe. Also, Nabil W. Zaki is consulting a number of banks and  financial institutions in the U.S.A, Asia, and Japan in the areas  of asset/liability management, credit derivatives and  restructuring as well as risk management. Currently, He is the  Group Adviser for the Board of Directors of a major Asian  bank; EON Bank and an Independent Board Professional  Director at the Board of Directors of Signature Asset  Management Company Limited- a Cayman Island  incorporated company. Nabil taught previously at the  American University in Cairo, George Brown College, and  University of Toronto. He is a regular commentator on CNN,  CNBC and Al-Jazeera. He holds a Masters degree in Economics  and Finance from Syracuse University, New York (1981).

Keith Parker Conference Manager

P.S. P.P.S.

Participate in many practical exercises and case study analyses Take advantage of our Early Bird Discounts! See back page for details – Remember to bring your calculators!

Forthcoming Relevant Events
BC2692 A0922 BC2621 Due Diligence 31 May – 4 June 2008 Fraud 2008 8 – 12 June 2008 www.iirme.com/duediligence www.iirme.com/fraudconf

What Have Previous Participants Thought Of This Course?
“It is one of the best courses I have ever attended”
Lubna Marwan Khifan, Relationship Manager/Credit Department Cairo Amman Bank, Jordan

Mergers And Acquisitions 15 – 19 June 2006 www.ifme.ae/mergers

“Very intensive and interesting course”
Ali Al Nufaie, Finance Manager Arabian Medical Products Manufacturing Co., KSA

For more information on any of the above events please contact us on Tel: 971-4-3352483 or email: info@iirme.com

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: register@iirme.com Web: www.iirme.com/sef

Senior Executive Finance
By Attending The Course, You Will:

10 – 14 August 2008

n  Obtain an appreciation of the concept of shareholder value and its contemporary application to corporate performance n  Understand the different methods of project appraisal in contemporary use and how they have evolved over recent years n  Analyse cutting edge techniques for estimating the cost of capital and capital budgeting n  Develop a sound knowledge of modern methods of valuing companies, how to select appropriate techniques in different situations and  n  Understand the methods and best practice in raising debt and equity for a range of firms n  Study in detail the structure and finance of mergers and acquisitions

  the primary value drivers

Methodology
The course will consist of a combination of classroom training, case studies and group exercises. You will be expected to bring a calculator. 

Course Timings
Registration and morning coffee will start at 8:00 on Day One. All five days will commence at 8:30 and conclude at 14:30 with lunch. There  will be two refreshment breaks at appropriate intervals.

Course Outline

Day One – Sunday, 10 August 2008

Corporate Finance
Maximising Shareholder Value: Risk And Return Revisited •  Objectives of corporate finance •  What is value? Why value shares? •  The implications of maximising shareholder value •  Business operations, strategic transactions and other risks faced    by organisations •  Identifying strategies which create shareholder value: return on    capital vs. cost of capital •  Principal agent problem – getting management to act in the    best interest of shareholders Risk And Uncertainty •  Risk vs. uncertainty vs. exposure vs. return •  What risk cannot be eliminated? •  Comparing arithmetic vs. geometric risk premiums •  A brief history of risk assessment •  Upside vs. downside risk •  Risk psychology – which is it? Loss aversion vs. risk aversion Case Study  Dimensions of risk – what are they and how do they          affect your bottom line Project Appraisal •  The capital investment process •  Accounting, earnings and market rates of return •  Measuring profitability and returns •  Present value, profitability indices, Discounted Cash Flows    (DCFs) and timing of cashflows •  Net Present Value (NPV) and value-creating investment    decisions •  Internal Rate of Return (IRR) and Modified IRR (MIRR) •  Adjusted Present Value (APV) method – assessing the impact of    risk on cashflow analysis •  Modified NPV – the real (or managerial or strategic) options    approach to project appraisal •  Mutually exclusive projects vs. independent projects •  Capital budgeting/rationing using linear programming and    Monte Carlo simulation Exercise: Project appraisal – comparing cashflow analysis rules and real options in investment analysis. You will use an Excel model to choose from three projects based on their payback, discounted payback, IRR, NPV, APV, and MPV. Cost Of Capital And Capital Structure •  Components of capital: short and long term debt, preference    shares, ordinary shares, hybrids •  Calculating beta for variations in business risk and variations in    leverage •  Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory    (APT) and multifactor models •  Cost of debt: coupon vs. yield, market value vs. book value, tax    problems and default risk

•    •  •    •  • 

Cost of equity: dividend models, CAPM and its competitors  – APT, APV and so on Weighted Average Cost of Capital (WACC) Modigliani – Miller (M&M) propositions I and II and subsequent  developments Factors affecting the capital structure decision The effect of capital structure on cost of capital

Exercise: The capital structure conundrum – how much leverage is too much? Exercise: Valuing companies based on cash-flow based techniques (spreadsheets will be provided)

Day Two – Monday, 11 August 2008

Company Valuation
Business Valuation Approaches And Methods – Discounted Cash Flow •  Value from revenue generating assets and future growth    opportunities •  Shareholder value and discounted cash flow analysis •  Compounding and discount rates •  Comparing enterprise value and equity value Exercise: Variations of IRR in Excel – MIRR and XIRR (All Excel spreadsheets used in the programme will be given to the delegates at the end of the course) Economic Value Added (EVA™) •  EVA™ – when is value added? •  EVA™ and its relation to DCF model •  Calculation of NOPAT and capital •  Typical adjustments for EVA™ calculation •  MVA as a discounted EVA™ concept Financial Ratio Analysis •  Price/earnings multiples •  Earnings related multiples: EV to EBIT, EBITDA, cash flow, etc. •  Other multiples: sales, book value, PEG ratio, EEG •  Relative multiples •  Comparable deal analysis •  Traditional measures of liquidity •  Non-financial ratio analysis Exercise: Limitations of ratio analysis Case Study  Dupont Valuation Model – the drivers of return on          equity Dividend Valuation •  Dividend Discount Model (DDM) •  Applications and examples in practice Exercise: Spreadsheet modelling of the DDM

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: register@iirme.com Web: www.iirme.com/sef

Day Three – Tuesday, 12 August 2008

Financing Strategies – Raising Debt And Equity
Debt Finance •  Nature and obligations of bank debt •  Reasons for financing through debt •  Funding hierarchies •  Bank lending criteria and credit assessment Exercise: Calculating available bank debt for a range of enterprises Fixed Income Markets, Factors And Risks •  Money market and bond instruments •  Government, municipal and corporate bonds •  Repurchase agreements (REPOs) •  Credit and credit ratings •  Sources of returns from bonds •  Bond and other fixed interest instrument pricing methods •  Spot rates and zero-coupon bonds •  Term structure of interest rates and yield spreads •  Clean and dirty bond pricing •  Fixed income risk and return measures – yield, duration, Present    Value of a Basis Point (PV01) and convexity •  Mark-to-market vs. accrual assessment of bond trading    positions •  Interest rate risks and sensitivities Exercise: Pricing zero coupon and coupon-paying bonds in Excel for floating and fixed-rate scenarios Fixed Income Investment Management •  Characteristics of fixed income investment •  Advantages and disadvantages of fixed income investment •  Risks associated with fixed income markets •  Duration, PV01, convexity and other fixed income risk factors Exercise: Calculating key ratios and pricing for bonds •  Government bond markets •  Syndicating and pricing new issues •  Stability of bond ratings and bond ratings migration matrices Case Study   The bond floatation process Foreign Exchange (FOREX) •  Foreign exchange rates – markets, conventions and regimes •  Implications of FOREX trading around the world and around the    clock •  Inflation and currency stability using indexing •  FOREX parity relationships in international markets •  The art and science of country risk analysis •  FOREX risks – translation and transaction exposures Exercise: Do foreign exchange policies matter? The implications, benefits and consequences of foreign exchange rate policies and regimes Case Study   Managing systemic risk and the anatomy of some          recent international financial crises Exercise: Applying country risk analysis in the Middle East Initial Public Offerings (IPOs) •  Primary equity markets   -  Middle Eastern markets   -  Comparison with US and European markets •  Rationale for an IPO •  Domestic vs. international issues •  ADRs, GDRs and EDRs •  Underwriting vs. best efforts •  Fixed price offers, tender offers and book building •  The IPO process •  Preparing for an IPO Case Study   IPOs, going public and recent global trends in IPO          listings

Alternative Procedures For Raising Public Equity Capital •  Rights issues •  Seasoned equity offerings •  Private placements Case Study   Recent developments in private equity

Day Four – Wednesday, 13 August 2008

Investments And Portfolio Analysis
Portfolio/Fund Management An Introduction To Asset Management •  Major players in the market •  Portfolio/fund management process •  Examining different investment strategies – value, growth,    technical, contrarian •  Active vs. passive investment strategies Exercise: Trading anomalies and inefficient markets Investment Performance Monitoring And Analysis Investment Performance Evaluation •  Monitoring investment performance •  Measuring investment returns •  Risk-adjusted performance measures •  Performance measurement of portfolios containing derivatives Case Study   Best practice in fund management performance Advanced Financial Techniques Structuring Securitisation And Asset Backed Securities (ABS) •  Structuring and securitisation concepts •  Motivation for securitising assets/cash flows •  Types of ABSs •  Commodity, currency, debt and equity structured products •  Securitisation in developing markets Exercise: Using MBS to meet investment objectives Case Study   Development in securitisation in the Middle East Analysing Corporate Mergers And Acquisitions •  Categories of corporate mergers •  Analysing rationales for potential mergers •  Roles of investment bankers, lawyers, underwriters and brokers •  Selecting a target – synergies •  Leverage buyouts •  M&A due diligence Case Study   Analysing potential acquisition targets in the Middle          East Private Equity In The 21st Century •  Nature of private equity in the Middle East •  Comparison with USA, Europe and Asia •  Which and what deals would attract private equity •  Private equity returns – empirical analysis •  Corporate takeovers and restructurings from a venture    capitalist’s viewpoint Exercise: Evaluating investments and exits

Day Five – Thursday, 14 August 2008

Risk management: Derivatives And Value maximisation
An Introduction To Risk Management •  Risk management framework •  Different types of risk management procedures •  Financial market’s regulation and the Basel accords •  Corporate governance, institutions of information, screening    and monitoring

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: register@iirme.com Web: www.iirme.com/sef

•  Financial risk management and its importance on financial    control •  Comparing crisis management and risk management Exercise: Basel II – What is it? How good is it? How will it affect a business? Exercise: Enterprise risk management – What is it? Does it add value? Case Study   Procter & Gamble and Gibson’s misuse of derivatives          financing – lessons for senior management Forward And Future Contracts Forward Contract Design And Structure •  Understanding the structure of forward and future contracts •  The difference between forwards and futures •  Different types of forward and futures contracts   -  Currency   -  Interest rate   -  Bonds   -  Commodities Case Study   Designing a futures contract – designing a contract          combining user requirements with feasibility from          the exchange standpoint Mechanics And Uses Of Forward Contracts •  Trading speculation, hedging and financial engineering •  Measuring market risk •  Measuring credit risk Case Study   Managing risk using forward contracts.You will use          futures contracts to manage a range of different          financial risks facing Corporates Interest Rate Forward Contracts •  Rates implicit in spot quotations •  Arbitrage pricing methods •  Importance of margining •  Clearing and netting Swaps Types Of Swaps •  Interest rate swaps •  Cross currency swaps •  Equity swaps •  Asset swaps Case Study   Using interest rate swaps in project finance Options Options And Their Use In Corporate Finance •  Understanding option jargon •  Using options in practice •  Trading and hedging •  Arbitrage with convertible bonds Case Study   An option theoretic view of the organisation Option Pricing For Corporate Finance •  Black-scholes and binomial options pricing methods •  Adoption of black-scholes method •  Other option pricing models •  Model risk – do the complex mathematical models associated    with derivatives valuation have a place in the Middle East? Exercise: You will be provided with black-scholes and binomial option pricing models and instructed on their use. Financial Control And Option’s Greeks •  Delta •  Gamma •  Vega •  Theta •  Rho

Exercise: Should organisations use derivatives to manage risks? How they should do it Exercise: Managing risk using option’s greeks Credit Risk Introduction To Credit Risk •  Definition of credit risk •  Three approaches to measuring credit exposure – individual    transaction approach, market factor approach and portfolio    approach •  Extension from credit exposure to credit risk – credit risk    management, economic capital and regulatory capital Credit Derivatives •  Understanding the major uses of these products •  Benefits and pitfalls for the user •  Credit default options •  Total return swaps •  Credit spread transactions Case Study   Developments in credit derivatives in the Middle          East Risk Assessment Techniques •  Risk assessment from factor sensitivity to Value at Risk (VaR) to    conditional VaR •  Three approaches to measuring VaR: variance/covariance,    historical simulation, Monte Carlo methods •  VaR at the transaction, portfolio and organisational levels •  Marginal VaR contribution measures and conditional VaR •  Cashflow at Risk (CfaR), Earnings at Risk (EaR), and Capital at    Risk (CaR) approaches •  Credit Value at Risk (CVaR) and Operational Value at Risk    (OPVaR) Exercise: VaR across the organisation and its business units including the decomposing of risk across an organisation using component VaR Risk And Capital Allocation Techniques •  Risk and capital allocation using Value at Risk (VaR) measures •  Capital–based risk-adjusted return and performance measures •  Comparing economic risk capital and regulatory capital •  Relationship of RAROC capital to credit, market and operational    risks Exercise: Calculating RAROC for a financial institution Course Conclusions – Pros and cons of financial and risk  management techniques

Visit Dubai This Summer!
Dubai is an emirate of captivating contrasts. From the timeless tranquility of the desert to the lively bustle of the souk, Dubai offers a kaleidoscope of attractions for visitors. In a single day, you can experience everything from rugged mountains and awe-inspiring sand dunes to sandy beaches and lush green parks, from dusty villages to luxurious residential districts, and from ancient houses with windtowers to ultra-modern shopping malls. The emirate is both a dynamic international business centre and a laid-back tourist escape; a city where the sophistication of the 21st Century walks hand in hand with the simplicity of a bygone era. These contrasts give Dubai its unique flavour and personality; a cosmopolitan society with an international lifestyle, yet with a culture deeply rooted in the Islamic traditions of Arabia. Since earliest times, Dubai has been a meeting place, bringing together the Bedouin of the desert interior with the pearl-diver, the merchant of the city with the sea-going fisherman. Dubai Summer Surprises (DSS) is an annual festival focusing on providing fun, knowledge and entertainment through a medley of events that puts the ‘pep’ back into summer for both adults and children. Each week from June to August, a series of weekly themed surprises unfold. Shopping malls become entertainment hubs providing shows and hosting special activities based on the different surprises. Combine business with leisure this summer! Enjoy discounted hotel packages and treat the family to a fun-filled holiday!

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: register@iirme.com Web: www.iirme.com/sef

Senior Executive Finance
Kempinski Hotel, Mall of the Emirates, Dubai, UAE

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10 – 14 August 2008

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www.iirme.com/sef
Your chance to win a Nokia E90 each week!
Register for this training course before15 June 2008 and you will automatically enter our monthly prize draw to win a Nokia E90. Each month’s winners will be contacted directly and the prize awarded at the course. A full list of winners will be announced on our website www.iirme.com

WEB BC2704
Price before 8 June 2008
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Event Senior Executive Finance Dates
10 – 14 August 2008

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For further information and Group Discounts contact 971-4-3352483 or email: info@iirme.com If you have eight or more delegates who need this training, contact IIr In-House on 971-4-3352439 or inhouse@iirme.com
Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance.

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A confirmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must be received prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event. You can pay by company cheques or bankers draft in Dirhams or US$. Please note that all US$ cheques and drafts should be drawn on a New York bank and an extra amount of US$ 6 per payment should be added to cover bank clearing charges. All payments should be made in favour of IIR Holdings Ltd.

Cancellation
If you are unable to attend, a substitute delegate will be welcome in your place. If this is not suitable, a US$ 200 service charge will be payable. Registrations cancelled less than seven days before the event must be paid in full.

Event Venue

Kempinski Hotel, Mall of the Emirates Dubai, UAE Tel: 971-4-3410000

Accommodation Details
We highly recommend you secure your room reservation at the earliest to avoid last minute inconvenience. You can contact the IIR Hospitality Desk for assistance on: Tel: 971-4-4072693 Fax: 971-4-4072517 Email: hospitality@iirme.com © COPYRIGHT I.I.R. HOLDINGS B.V.

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Please charge my credit card: Visa Mastercard American Express Name on Card: ..................................................................................................................... Card Number: ....................................................................... Exp. Date: ............................... Signature: .............................................................................................................................

Avoid Visa Delays – Book Now
Delegates requiring visas should contact the hotel they wish to stay at directly, as soon as possible. Visas for non-GCC nationals may take several weeks to process.
Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

MH

PG F150

FINANCE