2 0 0 8 New and improved course agenda!

Senior Executive
Finance
S eries

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
S u m m er

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

“
Who Should Attend These Courses?
The course content itself and the

”
 
• CEOs, COOs, CFOs techniques used to explain concepts by
• Finance Directors and Managers the course leader were excellent
• Financial Controllers and Analysts Nair Vijaykumer, Manager Financial Accounting
• Vice Presidents and Senior Vice Presidents Oman Oil Marketing Co., Oman
• Accounting Managers
• Chief Accountants
• Area and Regional Managers
• Heads of Corporate Planning
Register Before
15 June 2008
I I R

• Heads of Business Development

For Your Chance To Win
A Nokia E90!
Organised by: Supported by: See back page for details
Official Regional Recruitment Partner Official IT Partner 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,
Keith Parker
Conference Manager
P.S. Participate in many practical exercises and
case study analyses
P.P.S. Take advantage of our Early Bird Discounts!
See back page for details – Remember to bring
your calculators!
Forthcoming Relevant Events
BC2692 Due Diligence
31 May – 4 June 2008 www.iirme.com/duediligence
A0922 Fraud 2008
8 – 12 June 2008 www.iirme.com/fraudconf
BC2621 Mergers And Acquisitions
15 – 19 June 2006 www.ifme.ae/mergers
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
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).
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
“Very intensive and interesting course”
Ali Al Nufaie, Finance Manager
Arabian Medical Products Manufacturing Co., KSA
Senior Executive Finance 10 – 14 August 2008
By Attending The Course, You Will:
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
the primary value drivers
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

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 • Cost of equity: dividend models, CAPM and its competitors
– APT, APV and so on
• Weighted Average Cost of Capital (WACC)
Corporate Finance • Modigliani – Miller (M&M) propositions I and II and subsequent
developments
Maximising Shareholder Value: Risk And Return Revisited • Factors affecting the capital structure decision
• Objectives of corporate finance • The effect of capital structure on cost of capital
• What is value? Why value shares?
• The implications of maximising shareholder value Exercise: The capital structure conundrum – how much leverage
• Business operations, strategic transactions and other risks faced is too much?
by organisations
• Identifying strategies which create shareholder value: return on Exercise: Valuing companies based on cash-flow based
capital vs. cost of capital techniques (spreadsheets will be provided)
• Principal agent problem – getting management to act in the
best interest of shareholders

Risk And Uncertainty

Day Two – Monday, 11 August 2008
• Risk vs. uncertainty vs. exposure vs. return
• What risk cannot be eliminated? Company Valuation
• Comparing arithmetic vs. geometric risk premiums
• A brief history of risk assessment Business Valuation Approaches And Methods – Discounted
• Upside vs. downside risk Cash Flow
• Risk psychology – which is it? Loss aversion vs. risk aversion • Value from revenue generating assets and future growth
opportunities
Case Study Dimensions of risk – what are they and how do they • Shareholder value and discounted cash flow analysis
affect your bottom line • Compounding and discount rates
• Comparing enterprise value and equity value
Project Appraisal
• The capital investment process Exercise: Variations of IRR in Excel – MIRR and XIRR (All Excel
• Accounting, earnings and market rates of return spreadsheets used in the programme will be given to the
• Measuring profitability and returns delegates at the end of the course)
• Present value, profitability indices, Discounted Cash Flows
(DCFs) and timing of cashflows Economic Value Added (EVA™)
• Net Present Value (NPV) and value-creating investment • EVA™ – when is value added?
decisions • EVA™ and its relation to DCF model
• Internal Rate of Return (IRR) and Modified IRR (MIRR) • Calculation of NOPAT and capital
• Adjusted Present Value (APV) method – assessing the impact of • Typical adjustments for EVA™ calculation
risk on cashflow analysis • MVA as a discounted EVA™ concept
• Modified NPV – the real (or managerial or strategic) options
approach to project appraisal Financial Ratio Analysis
• Mutually exclusive projects vs. independent projects • Price/earnings multiples
• Capital budgeting/rationing using linear programming and • Earnings related multiples: EV to EBIT, EBITDA, cash flow, etc.
Monte Carlo simulation • Other multiples: sales, book value, PEG ratio, EEG
• Relative multiples
Exercise: Project appraisal – comparing cashflow analysis rules • Comparable deal analysis
and real options in investment analysis. You will use an Excel • Traditional measures of liquidity
model to choose from three projects based on their payback, • Non-financial ratio analysis
discounted payback, IRR, NPV, APV, and MPV.
Exercise: Limitations of ratio analysis
Cost Of Capital And Capital Structure
• Components of capital: short and long term debt, preference Case Study Dupont Valuation Model – the drivers of return on
shares, ordinary shares, hybrids equity
• Calculating beta for variations in business risk and variations in
leverage Dividend Valuation
• Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory • Dividend Discount Model (DDM)
(APT) and multifactor models • Applications and examples in practice
• Cost of debt: coupon vs. yield, market value vs. book value, tax
problems and default risk 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
Tel: 971-4-3352437 Fax: 971-4-3352438 Email: register@iirme.com Web: www.iirme.com/sef
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
• 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: Should organisations use derivatives to manage
risks? How they should do it
Exercise: Managing risk using option’s greeks
Credit Risk

Exercise: Enterprise risk management – What is it? Does it add Introduction To Credit Risk
value? • Definition of credit risk
• Three approaches to measuring credit exposure – individual
Case Study Procter & Gamble and Gibson’s misuse of derivatives transaction approach, market factor approach and portfolio
financing – lessons for senior management approach
• Extension from credit exposure to credit risk – credit risk
Forward And Future Contracts management, economic capital and regulatory capital

Forward Contract Design And Structure Credit Derivatives

• Understanding the structure of forward and future contracts • Understanding the major uses of these products
• The difference between forwards and futures • Benefits and pitfalls for the user
• Different types of forward and futures contracts • Credit default options
- Currency • Total return swaps
- Interest rate • Credit spread transactions
- Bonds
- Commodities Case Study Developments in credit derivatives in the Middle
East
Case Study Designing a futures contract – designing a contract
combining user requirements with feasibility from Risk Assessment Techniques
the exchange standpoint • Risk assessment from factor sensitivity to Value at Risk (VaR) to
conditional VaR
Mechanics And Uses Of Forward Contracts • Three approaches to measuring VaR: variance/covariance,
• Trading speculation, hedging and financial engineering historical simulation, Monte Carlo methods
• Measuring market risk • VaR at the transaction, portfolio and organisational levels
• Measuring credit risk • Marginal VaR contribution measures and conditional VaR
• Cashflow at Risk (CfaR), Earnings at Risk (EaR), and Capital at
Case Study Managing risk using forward contracts.You will use Risk (CaR) approaches
futures contracts to manage a range of different • Credit Value at Risk (CVaR) and Operational Value at Risk
financial risks facing Corporates (OPVaR)

Interest Rate Forward Contracts Exercise: VaR across the organisation and its business units
• Rates implicit in spot quotations including the decomposing of risk across an organisation using
• Arbitrage pricing methods component VaR
• Importance of margining
• Clearing and netting Risk And Capital Allocation Techniques
• Risk and capital allocation using Value at Risk (VaR) measures
Swaps • Capital–based risk-adjusted return and performance measures
• Comparing economic risk capital and regulatory capital
Types Of Swaps • Relationship of RAROC capital to credit, market and operational
• Interest rate swaps risks
• Cross currency swaps
• Equity swaps Exercise: Calculating RAROC for a financial institution
• Asset swaps
Course Conclusions – Pros and cons of financial and risk
Case Study Using interest rate swaps in project finance management techniques

Options
Visit Dubai This Summer!
Options And Their Use In Corporate Finance
Dubai is an emirate of captivating contrasts. From the timeless tranquility of the desert
• Understanding option jargon
to the lively bustle of the souk, Dubai offers a kaleidoscope of attractions for visitors.
• Using options in practice
• Trading and hedging In a single day, you can experience everything from rugged mountains and
• Arbitrage with convertible bonds 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
Case Study An option theoretic view of the organisation shopping malls.
The emirate is both a dynamic international business centre and a laid-back tourist
Option Pricing For Corporate Finance escape; a city where the sophistication of the 21st Century walks hand in hand with the
• Black-scholes and binomial options pricing methods simplicity of a bygone era.
• Adoption of black-scholes method These contrasts give Dubai its unique flavour and personality; a cosmopolitan society
• Other option pricing models with an international lifestyle, yet with a culture deeply rooted in the Islamic traditions
• Model risk – do the complex mathematical models associated of Arabia. Since earliest times, Dubai has been a meeting place, bringing together the
with derivatives valuation have a place in the Middle East? Bedouin of the desert interior with the pearl-diver, the merchant of the city with the
sea-going fisherman.
Exercise: You will be provided with black-scholes and binomial
Dubai Summer Surprises (DSS) is an annual festival focusing on providing fun,
option pricing models and instructed on their use. knowledge and entertainment through a medley of events that puts the ‘pep’ back into
summer for both adults and children.
Financial Control And Option’s Greeks
• Delta Each week from June to August, a series of weekly themed surprises unfold. Shopping
• Gamma malls become entertainment hubs providing shows and hosting special activities based
• Vega on the different surprises.
• Theta Combine business with leisure this summer! Enjoy discounted hotel packages and treat
• Rho 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
IIR Middle East certified by

10 – 14 August 2008
Kempinski Hotel, Mall of the Emirates, Dubai, UAE ISO 9001:2000

FIVE EASY WAYS TO REGISTER

971-4-3352437 971-4-3352438 register@iirme.com
IIR Holdings Ltd. GCS/IIR Holdings Ltd.
PO Box 21743, Dubai, UAE P O Box 13977, Muharraq, Kingdom of Bahrain

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
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Event Dates Price before Price between Price after

8 June 2008 8 and 29 June 2008 29 June 2008

Senior Executive Finance

10 – 14 August 2008 US$ 4,250 US$ 4,550 US$ 4,750
(Save US$ 500) (Save US$ 200)

For further information and Group Discounts contact 971-4-3352483 or email: info@iirme.com

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