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Charlottesville, VA PERMIT NO. 000 U.S. POSTAGE About the Who should attend PRSRT STD PAID Instructors • Buy- and sell-side sector analysts • Private equity analysts “ A welcome opportunity to round out my Primary Instructor: • Industry regulators and staff Jon Walls • Investment banking analysts and Mr. Walls developed his expertise in the field of associates bank valuation during his eight-year tenure in the Investment Banking division of Lehman • Corporate development and Brothers where he served as a Senior Vice corporate finance professionals President of tbe Financial Institutions Group, • Investor relations professionals sector-specific knowledge.” with extensive experience in M&A, as well as debt and equity financing. Most recently, Jon served as Chief Investment Officer and acting • Advisors to financial institutions Bank Valuation CFO for a mid-sized California-based mortgage lender. What you’ll take away Guest Instructors: • A n understanding of valuation techniques, including trading- Timothy N. Coffey comparables, comparable The essential course on how to successfully Based in San Francisco, Tim is responsible for transactions and discounted cash coverage of western region banks and thrifts for flow approaches navigate valuation in the heavily regulated FIG Partners. Previously, he was a research analyst for Green Street Capital Management, • Hands-on experience using an bank sector. an asset manager focused exclusively on Excel-based discounted cash flow micro- and small-cap community bank stocks. model September 23-24, 2010 ut Prior to Green Street, he covered the banking o industry for several business publications in San Diego, CA and won 1st place in Investigative • A n improved grasp of the key old SNew York City Reporting from the Associated Press in 2004. ratios used to assess a bank’s value Limited seating available: Adam J. Keefer • T he ability to assess a bank’s Bank Valuation November 8-9, 2010 Adam has been at Sandler O’Neill + Partners worth from both a stand-alone since 2004 and currently serves as an Associate Director in the Investment Banking Group with and an M&A perspective San Francisco SNL Center for Financial Education a focus on West Coast financial institutions. November 8-9, 2010 Adam has extensive experience serving as an San Francisco Charlottesville, VA 22902 advisor in public and private capital raising transactions, recapitalizations, restructurings, and mergers and acquisitions for Sandler PO Box 2016 O’Neill’s clients. Prior to joining Sandler O’Neill, Adam worked in the investment banking group at D.A. Davidson & Co. Attendance limited to a maximum of 30 for Register at www.snlcenter.com/bankval a personalized learning experience. or call (434) 951-7786 While valuing banks Day One (cont.) Day Two Prerequisites : has always been a Program begins at 8:00 a.m. When and Where Bank This program presumes familiarity with Limited seating available: unique challenge, it basic bank & finance concepts and Comparable Company and Discounted Cash Flow Monday, 11/8 - Tuesday, 11/9, 2010 Valuation valuation theories, as well as a working calls for even more Transaction Analysis Modeling knowledge of financial institutions’ The Bently Reserve San Francisco Choosing appropriate peer groups income statements and balance sheets. skill and insight today. A case study featuring hands-on application. Because the program features hands-on www.bentlyreserve.com Develop expertise in Evaluating market conditions Please have your laptop with you. Excel modeling, participants will need to How to Register Calculating trading multiples Over the course of two a complex sector Advanced Earnings Analysis bring a laptop equipped with Microsoft Excel. Laptops will be available for an Online: www.snlcenter.com/bankval Comparable Peers Analysis and Forecasting: The additional fee should a participant be By phone: (434) 951-7786 days, Bank Valuation Please note: Class size is limited A case study Investment Analyst’s unable to bring one. Please let us know in Program Fee addresses both the art to 30 attendees to ensure the advance if you will need one. Perspective $2,195 and science of opportunity for personalized Comparable Transaction Guest Instructor: Professional Development Discounts are available for groups of three Credits or more. Call (434) 951-7786. instruction. Don’t delay in registering. Analysis Timothy N. Coffey, valuation in this A case study Payment Options CFA Institute Vice President, Research complex sector, and Day One 15 Hours of CE Credit American Express, Visa, MasterCard provides you with the Registration with continental breakfast FDIC-Assisted Transactions FIG Partners LLC SNL Center for Financial and checks. If paying by check, make opens at 8:00 a.m. Program begins at Analyzing the core earnings Education is registered with CFA payable to: SNL CFE, PO Box 2016, Guest Instructor: perspective and 8:30 a.m. Techniques for normalizing earnings among Institute as an Approved Provider Charlottesville VA, 22902 Adam J. Keefer, Associate Director of professional development programs. This methodologies you companies Accommodations All sessions led by Jon Walls unless Sandler O’Neill + Partners, L.P. program is eligible for 15 CE credit hours as otherwise indicated. Assessing and treating non-recurring Although lodging is not provided as part of need to determine a earnings events and non-recurring gains granted by CFA Institute. If you are a CFA this program, a list of hotels convenient to bank’s value as a Discounted Cash Flow and losses Institute member, CE credit for your attendance Overview of Bank Valuation will be automatically recorded in your CE Diary the venue can be found on our website. Analysis Aggressive vs. conservative accruals upon request. transaction target or Purpose and objectives of valuation Estimating cost of capital and terminal values Adjusting for normalized capital structures Cancellation Policy Bank operating models and their National Association of State Boards • By Wednesday, October 27: Full an investment. implications for valuation Recognizing key operating levers and key bets Two valuation views: minority stake vs. of Accountancy refund, less a $150 administrative fee Estimating free cash flows to equity holders control stake valuation 18 Hours of CPE Credit • By Tuesday, November 2: Full credit, Determining the key drivers of value Participants who complete Bank less a $150 administrative fee, estimates Conducting a sensitivity analysis towards attending another SNL CFE The program consists Valuing fee-based earnings streams M&A Valuation Valuation qualify for 18 hours of program within 13 months CPE credit (Specialized Knowledge of lectures, problem Valuing Banks Incorporating discounted cash flow and Applications). Program Level: Intermediate. • After Tuesday, November 2: not Understanding how the bank business Day One concludes at approximately 5:30. modeling eligible for refund or credit Delivery Method: Group-Live. SNL Center for sets and case studies model is different Determining a valuation range and Financial Education, LLC, is registered with the Attendee substitutions from the same triangulating valuation results that provide Reviewing the financial statement: key National Association of State Boards of company are welcome at any time. line items and management Valuing synergies Accountancy (NASBA), as a sponsor of For more information regarding our refund, participants with disclosures How control premiums impact multiples continuing professional education on the complaint and program cancellation policy, the opportunity to Evaluating the quality of the balance M&A transaction considerations National Registry of CPE Sponsors. State boards of accountancy have final authority on please call us at (434) 951-7786. sheet and earnings learn and practice Identifying the key ratios the acceptance of individual courses for CPE Bank M&A Transaction credit. Complaints regarding registered under the tutelage Understanding asset/liability structures and assessing interest rate risk Valuation sponsors may be addressed to the National of highly regarded A case study Registry of CPE Sponsors, 150 Fourth Ave North, Understanding reserves and regulatory Register at: Ste 700, Nashville, TN, 37219-2417. Website: sector experts. capital requirements www.snlcenter.com/bankval Day Two concludes at approximately 5:15. www.nasba.org. or call (434) 951-7786 Register at www.snlcenter.com/bankval or call (434) 951-7786 Charlottesville, VA PERMIT NO. 000 U.S. POSTAGE About the Who should attend PRSRT STD PAID Instructors • Buy- and sell-side sector analysts • Private equity analysts “ A welcome opportunity to round out my Primary Instructor: • Industry regulators and staff Jon Walls • Investment banking analysts and Mr. Walls developed his expertise in the field of associates bank valuation during his eight-year tenure in the Investment Banking division of Lehman • Corporate development and Brothers where he served as a Senior Vice corporate finance professionals President of tbe Financial Institutions Group, • Investor relations professionals sector-specific knowledge.” with extensive experience in M&A, as well as debt and equity financing. Most recently, Jon served as Chief Investment Officer and acting • Advisors to financial institutions Bank Valuation CFO for a mid-sized California-based mortgage lender. What you’ll take away Guest Instructors: • A n understanding of valuation techniques, including trading- Timothy N. Coffey comparables, comparable The essential course on how to successfully Based in San Francisco, Tim is responsible for transactions and discounted cash coverage of western region banks and thrifts for flow approaches navigate valuation in the heavily regulated FIG Partners. Previously, he was a research analyst for Green Street Capital Management, • Hands-on experience using an bank sector. an asset manager focused exclusively on Excel-based discounted cash flow micro- and small-cap community bank stocks. model September 23-24, 2010 ut Prior to Green Street, he covered the banking o industry for several business publications in San Diego, CA and won 1st place in Investigative • A n improved grasp of the key old SNew York City Reporting from the Associated Press in 2004. ratios used to assess a bank’s value Limited seating available: Adam J. Keefer • T he ability to assess a bank’s Bank Valuation November 8-9, 2010 Adam has been at Sandler O’Neill + Partners worth from both a stand-alone since 2004 and currently serves as an Associate Director in the Investment Banking Group with and an M&A perspective San Francisco SNL Center for Financial Education a focus on West Coast financial institutions. November 8-9, 2010 Adam has extensive experience serving as an San Francisco Charlottesville, VA 22902 advisor in public and private capital raising transactions, recapitalizations, restructurings, and mergers and acquisitions for Sandler PO Box 2016 O’Neill’s clients. Prior to joining Sandler O’Neill, Adam worked in the investment banking group at D.A. Davidson & Co. Attendance limited to a maximum of 30 for Register at www.snlcenter.com/bankval a personalized learning experience. or call (434) 951-7786 While valuing banks Day One (cont.) Day Two Prerequisites : has always been a Program begins at 8:00 a.m. When and Where Bank This program presumes familiarity with Limited seating available: unique challenge, it basic bank & finance concepts and Comparable Company and Discounted Cash Flow Monday, 11/8 - Tuesday, 11/9, 2010 Valuation valuation theories, as well as a working calls for even more Transaction Analysis Modeling knowledge of financial institutions’ The Bently Reserve San Francisco Choosing appropriate peer groups income statements and balance sheets. skill and insight today. A case study featuring hands-on application. Because the program features hands-on www.bentlyreserve.com Develop expertise in Evaluating market conditions Please have your laptop with you. Excel modeling, participants will need to How to Register Calculating trading multiples Over the course of two a complex sector Advanced Earnings Analysis bring a laptop equipped with Microsoft Excel. Laptops will be available for an Online: www.snlcenter.com/bankval Comparable Peers Analysis and Forecasting: The additional fee should a participant be By phone: (434) 951-7786 days, Bank Valuation Please note: Class size is limited A case study Investment Analyst’s unable to bring one. Please let us know in Program Fee addresses both the art to 30 attendees to ensure the advance if you will need one. Perspective $2,195 and science of opportunity for personalized Comparable Transaction Guest Instructor: Professional Development Discounts are available for groups of three Credits or more. Call (434) 951-7786. instruction. Don’t delay in registering. Analysis Timothy N. Coffey, valuation in this A case study Payment Options CFA Institute Vice President, Research complex sector, and Day One 15 Hours of CE Credit American Express, Visa, MasterCard provides you with the Registration with continental breakfast FDIC-Assisted Transactions FIG Partners LLC SNL Center for Financial and checks. If paying by check, make opens at 8:00 a.m. Program begins at Analyzing the core earnings Education is registered with CFA payable to: SNL CFE, PO Box 2016, Guest Instructor: perspective and 8:30 a.m. Techniques for normalizing earnings among Institute as an Approved Provider Charlottesville VA, 22902 Adam J. Keefer, Associate Director of professional development programs. This methodologies you companies Accommodations All sessions led by Jon Walls unless Sandler O’Neill + Partners, L.P. program is eligible for 15 CE credit hours as otherwise indicated. Assessing and treating non-recurring Although lodging is not provided as part of need to determine a earnings events and non-recurring gains granted by CFA Institute. If you are a CFA this program, a list of hotels convenient to bank’s value as a Discounted Cash Flow and losses Institute member, CE credit for your attendance Overview of Bank Valuation will be automatically recorded in your CE Diary the venue can be found on our website. Analysis Aggressive vs. conservative accruals upon request. transaction target or Purpose and objectives of valuation Estimating cost of capital and terminal values Adjusting for normalized capital structures Cancellation Policy Bank operating models and their National Association of State Boards • By Wednesday, October 27: Full an investment. implications for valuation Recognizing key operating levers and key bets Two valuation views: minority stake vs. of Accountancy refund, less a $150 administrative fee Estimating free cash flows to equity holders control stake valuation 18 Hours of CPE Credit • By Tuesday, November 2: Full credit, Determining the key drivers of value Participants who complete Bank less a $150 administrative fee, estimates Conducting a sensitivity analysis towards attending another SNL CFE The program consists Valuing fee-based earnings streams M&A Valuation Valuation qualify for 18 hours of program within 13 months CPE credit (Specialized Knowledge of lectures, problem Valuing Banks Incorporating discounted cash flow and Applications). Program Level: Intermediate. • After Tuesday, November 2: not Understanding how the bank business Day One concludes at approximately 5:30. modeling eligible for refund or credit Delivery Method: Group-Live. SNL Center for sets and case studies model is different Determining a valuation range and Financial Education, LLC, is registered with the Attendee substitutions from the same triangulating valuation results that provide Reviewing the financial statement: key National Association of State Boards of company are welcome at any time. line items and management Valuing synergies Accountancy (NASBA), as a sponsor of For more information regarding our refund, participants with disclosures How control premiums impact multiples continuing professional education on the complaint and program cancellation policy, the opportunity to Evaluating the quality of the balance M&A transaction considerations National Registry of CPE Sponsors. State boards of accountancy have final authority on please call us at (434) 951-7786. sheet and earnings learn and practice Identifying the key ratios the acceptance of individual courses for CPE Bank M&A Transaction credit. Complaints regarding registered under the tutelage Understanding asset/liability structures and assessing interest rate risk Valuation sponsors may be addressed to the National of highly regarded A case study Registry of CPE Sponsors, 150 Fourth Ave North, Understanding reserves and regulatory Register at: Ste 700, Nashville, TN, 37219-2417. Website: sector experts. capital requirements www.snlcenter.com/bankval Day Two concludes at approximately 5:15. www.nasba.org. or call (434) 951-7786 Register at www.snlcenter.com/bankval or call (434) 951-7786 While valuing banks Day One (cont.) Day Two Prerequisites : has always been a Program begins at 8:00 a.m. When and Where Bank This program presumes familiarity with Limited seating available: unique challenge, it basic bank & finance concepts and Comparable Company and Discounted Cash Flow Monday, 11/8 - Tuesday, 11/9, 2010 Valuation valuation theories, as well as a working calls for even more Transaction Analysis Modeling knowledge of financial institutions’ The Bently Reserve San Francisco Choosing appropriate peer groups income statements and balance sheets. skill and insight today. A case study featuring hands-on application. Because the program features hands-on www.bentlyreserve.com Develop expertise in Evaluating market conditions Please have your laptop with you. Excel modeling, participants will need to How to Register Calculating trading multiples Over the course of two a complex sector Advanced Earnings Analysis bring a laptop equipped with Microsoft Excel. Laptops will be available for an Online: www.snlcenter.com/bankval Comparable Peers Analysis and Forecasting: The additional fee should a participant be By phone: (434) 951-7786 days, Bank Valuation Please note: Class size is limited A case study Investment Analyst’s unable to bring one. Please let us know in Program Fee addresses both the art to 30 attendees to ensure the advance if you will need one. Perspective $2,195 and science of opportunity for personalized Comparable Transaction Guest Instructor: Professional Development Discounts are available for groups of three Credits or more. Call (434) 951-7786. instruction. Don’t delay in registering. Analysis Timothy N. Coffey, valuation in this A case study Payment Options CFA Institute Vice President, Research complex sector, and Day One 15 Hours of CE Credit American Express, Visa, MasterCard provides you with the Registration with continental breakfast FDIC-Assisted Transactions FIG Partners LLC SNL Center for Financial and checks. If paying by check, make opens at 8:00 a.m. Program begins at Analyzing the core earnings Education is registered with CFA payable to: SNL CFE, PO Box 2016, Guest Instructor: perspective and 8:30 a.m. Techniques for normalizing earnings among Institute as an Approved Provider Charlottesville VA, 22902 Adam J. Keefer, Associate Director of professional development programs. This methodologies you companies Accommodations All sessions led by Jon Walls unless Sandler O’Neill + Partners, L.P. program is eligible for 15 CE credit hours as otherwise indicated. Assessing and treating non-recurring Although lodging is not provided as part of need to determine a earnings events and non-recurring gains granted by CFA Institute. If you are a CFA this program, a list of hotels convenient to bank’s value as a Discounted Cash Flow and losses Institute member, CE credit for your attendance Overview of Bank Valuation will be automatically recorded in your CE Diary the venue can be found on our website. Analysis Aggressive vs. conservative accruals upon request. transaction target or Purpose and objectives of valuation Estimating cost of capital and terminal values Adjusting for normalized capital structures Cancellation Policy Bank operating models and their National Association of State Boards • By Wednesday, October 27: Full an investment. implications for valuation Recognizing key operating levers and key bets Two valuation views: minority stake vs. of Accountancy refund, less a $150 administrative fee Estimating free cash flows to equity holders control stake valuation 18 Hours of CPE Credit • By Tuesday, November 2: Full credit, Determining the key drivers of value Participants who complete Bank less a $150 administrative fee, estimates Conducting a sensitivity analysis towards attending another SNL CFE The program consists Valuing fee-based earnings streams M&A Valuation Valuation qualify for 18 hours of program within 13 months CPE credit (Specialized Knowledge of lectures, problem Valuing Banks Incorporating discounted cash flow and Applications). Program Level: Intermediate. • After Tuesday, November 2: not Understanding how the bank business Day One concludes at approximately 5:30. modeling eligible for refund or credit Delivery Method: Group-Live. SNL Center for sets and case studies model is different Determining a valuation range and Financial Education, LLC, is registered with the Attendee substitutions from the same triangulating valuation results that provide Reviewing the financial statement: key National Association of State Boards of company are welcome at any time. line items and management Valuing synergies Accountancy (NASBA), as a sponsor of For more information regarding our refund, participants with disclosures How control premiums impact multiples continuing professional education on the complaint and program cancellation policy, the opportunity to Evaluating the quality of the balance M&A transaction considerations National Registry of CPE Sponsors. State boards of accountancy have final authority on please call us at (434) 951-7786. sheet and earnings learn and practice Identifying the key ratios the acceptance of individual courses for CPE Bank M&A Transaction credit. Complaints regarding registered under the tutelage Understanding asset/liability structures and assessing interest rate risk Valuation sponsors may be addressed to the National of highly regarded A case study Registry of CPE Sponsors, 150 Fourth Ave North, Understanding reserves and regulatory Register at: Ste 700, Nashville, TN, 37219-2417. Website: sector experts. capital requirements www.snlcenter.com/bankval Day Two concludes at approximately 5:15. www.nasba.org. or call (434) 951-7786 Register at www.snlcenter.com/bankval or call (434) 951-7786