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Senior Executive
Finance
S E R I E S

Value Creation Through Expert Financial Management


9 – 13 August 2009 • JW Marriott Hotel, Dubai, UAE

Part I Part II
Executive Finance And Valuation Advanced Risk And Investment Strategy
9 – 11 August 2009 12 – 13 August 2009
• D evelop strategic decision models for improved • Learn how to raise capital in the equity and
financial management debt markets
• Implement the concepts of shareholder value, • Understand how to successfully structure M&A,
investment analysis, company valuation, capital MBO and Public-Private Partnership (PPP) deals
raising and project performance • Understand the complete range of risks facing
• Experience how financial concepts affect capital corporate organisations
• Explore risk management techniques which can
S U M M E R

markets and corporate finance transactions


• Improve your techniques in corporate finance be used to minimise and manage risks
analysis and identify key value drivers

By Attending The Course, You Will:


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

Who Should Attend?


• CEOs, COOs, CFOs • Chief Accountants
I I R

• Finance Directors and Managers • Area and Regional Managers


• Financial Controllers and Analysts • Heads of Corporate Planning
• Vice Presidents and Senior Vice Presidents • Heads of Business Development
• Accounting Managers

Official Regional Recruitment Partner Organised by

www.iirme.com/sef
Senior Executive Finance 9 – 13 August 2009 • JW Marriott Hotel, Dubai, UAE

Dear Finance Professional, Meet Your Eminent Course Leader

By the end of our Senior Executive Finance course, you will have developed Nabil W. Zaki has been in the investment and banking industry
a strong ability to design management control systems that forecast future for more than 30 years. During that period, he assumed senior
financial performance, provide tools for business valuation, seize new positions in both Corporate Finance and Treasury with major
opportunities, minimise risk and drive strategic change. Wall Street firms and international financial institutions in New
York, Canada and the Middle East. He has held high profile
Looming above the heads of CFOs and COOs in the Middle East are countless management positions with Chase Manhattan Bank, Merrill Lynch, Prudential
opportunities to be taken advantage of and mistakes to be made. We have Securities and Tradition.
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 Currently, Nabil Zaki is an adjunct Professor of Corporate Finance and Derivatives
dodge the mistakes. 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
You will explore the top issues you face every day in a dynamic, fluid course management, risk management, derivatives, and international capital markets for
structure which includes case studies and exercises that will help you major Wall Street firms and financial institutions.
fully absorb the material being covered. This will enable you to carry this
knowledge with confidence so that you may leverage your organisation’s Also, Nabil W. Zaki is consulting a number of banks and financial institutions in the
financial position to maximise your corporate achievements. 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
In other words, this course is well worth your time. 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
Moreover, by attending, you will update your understanding of current trends Company Limited - a Cayman Island incorporated company. Nabil taught previously
in financial decision making while maintaining an up-to-date knowledge of at the American University in Cairo, George Brown College, and University of
the latest investment appraisal, risk management and control techniques. 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
This year, we introduce a new two-part format due to popular demand. First, (1981).
you’ll explore Executive Finance And Valuation followed by Advanced Risk
And Investment Strategy. You can register for either segment of this course
on its own or register for both to gain a complete Senior Executive Finance
skill set!
Would You Like To Run This Course Exclusively
Finally, you will discover that your expert course leader, Nabil Zaki, has Within Your Organisation?
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. IIR’s Customised Training Solutions is the in-house training
division of IIR Middle East.
Nabil and I look forward to seeing you there.
FLEXIBILITY
Have the flexibility to modify the course content, length of
Best Regards, training and where and when it will take place
CUSTOMISED PROGRAMMES
Programmes tailored to meet your departmental objectives
that reflect your organisation’s vision

SAVINGS
Keith Parker Reduced expenditure – no staff hotel or travel costs and a
saving on valuable employee time
Conference Manager
EXPERIENCE
Benefit from expert opinion and advice from our professional team
P.S. Participate in many practical exercises and case study analyses
regarded as the industry leaders within the Middle East

P.P.S. Take advantage of our Early Bird Discounts! See back page for ACHIEVEMENT
IIR certificates awarded to attendees. Access to exclusive
details – Remember to bring your calculators! certified courses in the region

Forthcoming Related Events Our Customised Training Solutions team are veterans of in-house
training with a portfolio of specialists unrivalled anywhere in the
Middle East! To design your training projects with significant business
BC3049 Corporate Restructuring impact, please contact Leigh Kendall on: +971-4-335 2439 or email
14 – 16 April 2009 our team at cts@iirme.com
www.irme.com/corporaterestructuring
www.iirme.com/cts
A1005 The International Islamic Finance Forum (IIFF)
26 – 30 April 2009
www.iirme.com/iiff
Methodology
A0990 The Middle East Securities Forum
14 – 18 June 2009 The course will consist of a combination of classroom training, case
www.iirme.com/mesf studies and group exercises. You will be expected to bring a calculator.

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


Senior Executive Finance 9 – 13 August 2009 • JW Marriott Hotel, Dubai, UAE

Part I: Executive Finance And Valuation 9 – 11 August 2009


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

Day One – Sunday, 9 August 2009


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

Day Two – Monday, 10 August 2009


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

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

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


Senior Executive Finance 9 – 13 August 2009 • JW Marriott Hotel, Dubai, UAE

Day Three – Tuesday, 11 August 2009


Financing Strategies – Raising Debt And Equity  Case Study: The bond floatation process
Debt Finance Foreign Exchange (FOREX)
• Nature and obligations of bank debt • Foreign exchange rates – markets, conventions and regimes
• Reasons for financing through debt • Implications of FOREX trading around the world and around the clock
• Funding hierarchies • Inflation and currency stability using indexing
• Bank lending criteria and credit assessment • FOREX parity relationships in international markets
• The art and science of country risk analysis
 Exercise: Calculating available bank debt for a range of enterprises • FOREX risks – translation and transaction exposures

Fixed Income Markets, Factors And Risks  Exercise: Do foreign exchange policies matter? The implications,
• Money market and bond instruments benefits and consequences of foreign exchange rate policies and regimes
• Government, municipal and corporate bonds
• Repurchase agreements (REPOs)
• Credit and credit ratings
 Case Study: Managing systemic risk and the anatomy of some recent
international financial crises
• Sources of returns from bonds
• Bond and other fixed interest instrument pricing methods
• Spot rates and zero-coupon bonds
 Exercise: Applying country risk analysis in the Middle East
• Term structure of interest rates and yield spreads Initial Public Offerings (IPOs)
• Clean and dirty bond pricing • Primary equity markets
• Fixed income risk and return measures – yield, duration, Present Value of a Basis - Middle Eastern markets
Point (PV01) and convexity - Comparison with US and European markets
• Mark-to-market vs. accrual assessment of bond trading positions • Rationale for an IPO
• Interest rate risks and sensitivities • Domestic vs. international issues
• ADRs, GDRs and EDRs
 Exercise: Pricing zero coupon and coupon-paying bonds in Excel • Underwriting vs. best efforts
for floating and fixed-rate scenarios • Fixed price offers, tender offers and book building
• The IPO process
Fixed Income Investment Management • Preparing for an IPO
• Characteristics of fixed income investment
• Advantages and disadvantages of fixed income investment
• Risks associated with fixed income markets
 Case Study: IPOs, going public and recent global trends in IPO listings
• Duration, PV01, convexity and other fixed income risk factors
Alternative Procedures For Rasing Public Equity Capital
• Rights issues
 Exercise: Calculating key ratios and pricing for bonds • Seasoned equity offerings
• Private placements
• Government bond markets
• Syndicating and pricing new issues
• Stability of bond ratings and bond ratings migration matrices  Case Study: Recent developments in private equity
Course Conclusions – Pros and cons of financing and valuation techniques

Part II: Advanced Risk And Day Four: 5 August


Investment 2009
Strategy 12 – 13 August 2009
Course Timings: Registration and morning coffee will start at 8:00 on Day One. Each day will commence at 8:30
and conclude at 14:30 with lunch. There will be two refreshment breaks at appropriate intervals.

Day One – Wednesday, 12 August 2009


Investments And Portfolio Analysis
 Case Study: Best practice in fund management performance
Portfolio/Fund Management
An Introduction To Asset Management Advanced Financial Techniques
• Major players in the market Structuring Securitisation And Asset Backed Securities (ABS)
• Portfolio/fund management process • Structuring and securitisation concepts
• Examining different investment strategies – value, growth, • Motivation for securitising assets/cash flows
technical, contrarian • Types of ABSs
• Active vs. passive investment strategies • Commodity, currency, debt and equity structured products
• Securitisation in developing markets
 Exercise: Trading anomalies and inefficient markets
  Exercise: Using MBS to meet investment objectives
Investment Performance Monitoring And Analysis
Investment Performance Evaluation
• Monitoring investment performance
• Measuring investment returns
 Case Study: Development in securitisation in the Middle East
• Risk-adjusted performance measures
• Performance measurement of portfolios containing derivatives

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


Senior Executive Finance 9 – 13 August 2009 • JW Marriott Hotel, Dubai, UAE
Analysing Corporate Mergers And Acquisitions Private Equity In The 21st Century
• Categories of corporate mergers • Nature of private equity in the Middle East
• Analysing rationales for potential mergers • Comparison with USA, Europe and Asia
• Roles of investment bankers, lawyers, underwriters and brokers • Which and what deals would attract private equity
• Selecting a target – synergies • Private equity returns – empirical analysis
• Leverage buyouts • Corporate takeovers and restructurings from a venture
• M&A due diligence capitalist’s viewpoint

 Case Study: Analysing potential acquisition targets in the Middle East  Exercise: Evaluating investments and exits

Day Two – Thursday, 13 August 2009


Risk Management: Derivatives And Value Maximisation Option Pricing For Corporate Finance
• Black-scholes and binomial options pricing methods
• Adoption of black-scholes method
An Introduction To Risk Management • Other option pricing models
• Risk management framework • Model risk – do the complex mathematical models associated with derivatives
• Different types of risk management procedures valuation have a place in the Middle East?
• Financial market’s regulation and the Basel accords
• Corporate governance, institutions of information, screening and monitoring
• Financial risk management and its importance on financial control
 Exercise: You will be provided with black-scholes and binomial
option pricing models and instructed on their use
• Comparing crisis management and risk management
Financial Control And Option’s Greeks
 Exercise: Basel II – What is it? How good is it? How will it affect a business? • Delta
• Gamma
 Exercise: Enterprise risk management – What is it? Does it add value? • Vega
• Theta
 Case Study: Procter & Gamble and Gibson’s misuse of derivatives • Rho
financing – lessons for senior management

Forward And Future Contracts


 Exercise: Should organisations use derivatives to manage risks?
How they should do it
Forward Contract Design And Structure
• Understanding the structure of forward and future contracts
• The difference between forwards and futures
 Exercise: Managing risk using option’s greeks
• Different types of forward and futures contracts including currency, interest rates, Credit Risk
bonds and commodities Introduction To Credit Risk
• Definition of credit risk
 Case Study: Designing a futures contract – designing a contract • Three approaches to measuring credit exposure – individual transaction
combining user requirements with feasibility from the exchange standpoint approach, market factor approach and portfolio approach
• Extension from credit exposure to credit risk – credit risk management,
Mechanics And Uses Of Forward Contracts economic capital and regulatory capital
• Trading speculation, hedging and financial engineering
• Measuring market risk Credit Derivatives
• Measuring credit risk • Understanding the major uses of these products
• Benefits and pitfalls for the user
 Case Study: Managing risk using forward contracts. You will use futures • Credit default options
contracts to manage a range of different financial risks facing corporates • Total return swaps
• Credit spread transactions
Interest Rate Forward Contracts
• Rates implicit in spot quotations
• Arbitrage pricing methods
 Case Study: Developments in credit derivatives in the Middle East
• Importance of margining Risk Assessment Techniques
• Clearing and netting • Risk assessment from factor sensitivity to Value at Risk (VaR) to conditional VaR
• Three approaches to measuring VaR: Variance/covariance, historical simulation,
Swaps Monte Carlo methods
Types Of Swaps • VaR at the transaction, portfolio and organisational levels
• Interest rate swaps • Marginal VaR contribution measures and conditional VaR
• Cross currency swaps • Cashflow at Risk (CfaR), Earnings at Risk (EaR), and Capital at Risk (CaR)
• Equity swaps approaches
• Asset swaps • Credit Value at Risk (CVaR) and Operational Value at Risk (OPVaR)

 Case Study: Using interest rate swaps in project finance  Exercise: VaR across the organisation and its business units including
the decomposing of risk across an organisation using component VaR
Options
Options And Their Use In Corporate Finance Risk And Capital Allocation Techniques
• Understanding option jargon • Risk and capital allocation using Value at Risk (VaR) measures
• Using options in practice • Capital–based risk-adjusted return and performance measures
• Trading and hedging • Comparing economic risk capital and regulatory capital
• Arbitrage with convertible bonds • Relationship of RAROC capital to credit, market and operational risks

 Case Study: An option theoretic view of the organisation


 Exercise: Calculating RAROC for a financial institution
Course Conclusions – Pros and cons of risk management technique

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


Senior Executive Finance IIR Middle East certified by

9 – 13 August 2009 • JW Marriott Hotel, Dubai, UAE


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Group Discounts please contact Raveena:
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P.O Box 21743 P.O Box 13977
Dubai, UAE Muharraq, Kingdom of Bahrain

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Interested in running this course in-house?


Please call the Customised Training Solutions Team
on 971-4-3352439 or CTS@iirme.com

BC3100
Early Bird Discounts
Price between 31 May
Senior Executive Finance Dates Price before 31 May 2009 Price after 21 June 2009
and 21 June 2009
US$ 4,250 US$ 4,550 US$ 4,750
 Book the entire event 9 – 13 August 2009
(Save US$ 2,140) (Save US$ 1,840) (Save US$ 1,640)
 C
 ourse I – Executive Finance And Valuation 9 – 11 August 2009 US$ 3,195 US$ 3,395
US$ 3,495
(3 Days) (Save US$ 300) (Save US$ 100)
 ourse II – Advanced Risk And Investment
C US$ 2,695 US$ 2,795
12 – 13 August 2009 US$ 2,895
Strategy (2 Days) (Save US$ 200) (Save US$ 100)

Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance.

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