PNBi 2nd quarter Calendar

2015PNB Investment Institute

PNB Investment Institute Sdn. Berhad (267888-U)

Suite 4.8.4 PNB Darby Park, No. 10, Jalan Binjai, 50450 Kuala Lumpur

Registration and enquiries:

En. Alias Daud E-mail: aliasd@pnb.com.my Tel: 03-2171 1984

En. Asraf Abdul Rahman E-mail: asraf@pnb.com.myTel: 03-2171 2304

APRIL - JUNE

NO TOPIC SIDC-CPE APPROVE

SPEAKER PRICE (RM)(inclusive of

6% GST)

*DATE

1 VALUATION MODELLING AND ANALYSIS : DISCOUNTED CASH FLOW (DCF),

EARNINGS MULTIPLES AND LEVERAGED BUYOUT (LBO) MODELS

10 CPE POINTS JUSTIN ONG KH

1,060 9 APRIL

2 DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER’S WEALTH

10 CPE POINTS WONG LOKE LIM

1,060 14 APRIL

3 FINANCIAL MODELING FORECASTING IN ECXEL

10 CPE POINTS DAVID MEOW 1,060 6 MAY

4 CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN

INTERNATIONAL MONETARY SYSTEM

10 CPE POINTS JAGDEEP SINGH

1,060 7 MAY

5 BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS

10 CPE POINTS WONG LOKE LIM

1,060 8 MAY

6 CORPORATE ACTION 10 CPE POINTS DAVID MEOW 1,060 9 JUNE

7 VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONS

10 CPE POINTS WONG LOKE LIM

1,060 15 JUNE

* Subject to changes

WORKSHOP

PROGRAMME VALUATION MODELLING AND ANALYSIS: DISCOUNTED CASH FLOW (DCF) andEARNINGS MULTIPLES, LEVERAGED BUYOUT(LBO)

Date & Venue 9th April 2015Training Room 1, PNB Investment Institute

SIDC-CPE 10 CPE POINTS

Objective • To apply the guiding principles in equity securities valuation. • To describe the application of equity valuation techniques.• To explain and contrast the different methods of equity valuation.• To select the appropriate equity valuation method for a given equity.• To apply basic and advanced equity valuation models.• To describe LBO modelling process

Content Overview of Valuation Modelling • Overview of Valuation Process • Overview of Valuation Model (i.e. DCF and Relative Valuation)

DCF 1: Discounted Dividend Valuation • Gordon Growth Model • Dividend Discount Model for Single Stage• Dividend Discount Model for 2- and 3-Stages • H-Model • Case Study: Discounted Dividend Valuation Model

DCF 2: Free Cash Flow Model • Dividend Discount Model vs. Free Cash Flow Model • Calculation of Free Cash Flow to Firm (FCFF) • Calculation of Free Cash Flow to Equity (FCFE) • Case Study: Calculation of FCFF and FCFE• FCFF Valuation Model• FCFE Valuation Model• Case Study: FCFF Valuation Model • Case Study: FCFE Valuation Model

Relative Valuation Model • Price Multiple (P/E, P/BV, P/S)• Enterprise Value Multiple (EV/EBITDA)• Case Study: Price Multiple Valuation • Case Study: Enterprise Value Multiple Valuation • Practical Valuation Consideration

Leveraged Buyout (LBO) • Introduction of LBO• Purchase Price Determination • Capital Structure of LBO • Internal Rate of Return (IRR) Calculation

Speaker JUSTIN ONG KHCFA, FRM, CA(M)

PROGRAMME DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER’S WEALTHDate & Venue 14th April 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective • Identify the pre-requisite for listing of share of exchanges and the post listing

obligations • Analyse the causes of delisting of companies• Explain the rules relating to a delisting exercise • Explain the reasons and motivation for companies to relist of delisted shares• Recognise the impact on shareholder’s value arising from delisting and relisting of s shares on the stock exchange.

Content Session 1: Going Public and Staying Afloat

• Reasons for listing and pre-requisites• What it takes staying listed?• Challenges faced by listed companies in relation to regulatory requirements• Case study: Post listing obligations of Bursa Malaysia

Session 2: Delisting of Companies

• Situations that lead to delisting of a company• How Delisting works?• Rules relating to delisting of companies• Voluntary delisting• Compulsory delisting• Grounds for compulsory delisting• Reverse book-building• Post-delisting situations• Case study: A recent case of delisting of company on Bursa Malaysia

Session 3: Relisting after Delisting

• Relisting of Delisted Shares• Motivations for relisting• Criteria for relisting after delisting• Receptions for relisted shares• Precautions for investors• Case study: A recent case of relisting of shares on Bursa Malaysia

Session 4: Issues relating to delisting/relisting of companies

• Does delisting of shares always detrimental to shareholders, causing erosion of shareholder’s value?• Impact on minority shareholders• Protection for shareholders• Exit opportunities for shareholders • Case study: Analysing the impact on shareholder’s value arising from delisting of shares

Speaker WONG LOKE LIMCA, CFP

To prepare the participants the hands-on approach on using the financial modeling features in Microsoft Office Excel to perform day-to-day functions within investment and finance function.

PROGRAMME FINANCIAL MODELING FORECASTING IN EXCELDate & Venue 6th May 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective •

• Toconstructadvancedfinancialmodelling

• TodemonstrateusefulshortcutinMicrosoftExcelforfinancialmodellinginordertoeffectivelyexpeditefinancialmodelconstruction

• Abletoformulatethefinancialmodellingandprojectfinancingconceptslearnedinthiswworkshopinbuildinganactualfinancialmodel

ContentSession1:IntroductiontoFinancialModelling•Attributesofagoodmodel•Avoidingexcelerrors•Stepsinmodelbuilding•Bestpracticesguidelinesandspreadsheetmodelingstandards•Navigationalmodule

Session2:FinancialStatements–ReportingandAnalysis•Templateforfinancialratios•MultivariateAnalysis

Session3:RevenueRecognition•RevenueForecasting•RiskAssessment•DataTableConcepts

Session4:Valuation(Application)•Approachestovaluation•Creatingfinancialmodelsforfreecashflowtothefirmandfinancialstatements•Creatingfinancialmodelsforforecastingfutureperformance•Creatingfinancialmodelsfordiscountedcashflowmodeling

Speaker DAVIDMEOWMBA(UK),CFA,FRM,ACMA,CA(M),CFP

PROGRAMME CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL MONETARY SYSTEM

Date & Venue 7th May 2015Training Room 1, PNB Investment Institute

SIDC-CPE 10 CPE POINTSObjective •Relatehowthechangingglobaleconomiclandscapeisresponsibleforthepresent

dayInternationalMonetarysystem•Describehowcurrenciesmoveagainsteachotherandtheeffectsofpreviouscompetitivedevaluationsandhowthishascontributedtoincreasingvolatilityinfinancial markets•AssesshowthepresentInternationalMonetaryarrangementwillaffecteconomicgrowthandcapitalmarketsglobally

ContentSession1:TheGoldStandard&TheEraofStableEconomicGrowth•Bi-metalismtheroleoftheSilverdollar&StablemonetaryenvironmentPre-WorldWarI•TheGreatDepression–LackofAdherencetotheGoldStandard&ProlongedGlobalRecession•AdjustmentstothegoldstandardduringtheNewDeal•AdventoftheSecondWorldWar

Session2:BrettonWoods&theIMF:TheeraofFixedratecurrencies&theNixonShock•TheGreatEconomicDebatesatBrettonWoods:KeynesvsWhite•GlobalEconomicGrowthafterWorldWarII•TheDominantUSEconomy-theUSDollarastheReservecurrencyoftheworld•TheNixonShock–Goingoffthedollar

Session3:TheEraofFloatingCurrencies:CurrencyCrisis,Wars&ComplicatedEconomicRelationships•ImplicationsofaworldlivingonFiatMoney•The(increasinglyredundant)InternationalFisherEffect•Triffin’sparadox:DoestheworldstillneedstheAmericanstokeepconsuming.•TheEraofCompetitiveDevaluations:China&theSEANations.YenvsDollarvsYen

Session4:GazingintotheFuture:CurrencyWars&Manipulation,AlternativeStoresofValue:Gold•WasandIsQuantitativeEasingtantamounttoacurrencywar?•Predictingappreciatingcurrencies–Isitpossible•TheImplicationsoftoday’svolatilemonetarysystemoncapitalmarketsgloballyandinMalaysia•InvestinginGold–aviablealternativetostoringwealthvsfiatmoney

Speaker JAGDEEPSINGHCFA,FRM,ACFE,CIMA,CFP

PROGRAMME BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTSDate & Venue 8th May 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective •Thefeatures/benefitsandrisks/rewardsofbonds,fixedincomeinstrumentsandswaps

•Thedynamicnatureoftheyieldcurveanditsimplicationsonbondprices•Therisksofinvestingindebtscapitalmarketinstruments•Thepassiveandactivefixedincomeportfoliomanagementtechniques•Theapplicationsofbonds,swapsandfixedincomeinstrumentsintheinvestmentportfolio

ContentSession1:a)Thefixedincomemarket•Overviewofbondmarkets•ReviewofTVM,price/yieldrelationships

b)Overviewofcorporatedebtinstruments•Corporatebonds•Mediumtermnotes•Managingtheyieldcurve

c)Exercise:Relativevalueinthecorporatebondmarket

Session2:a)Long-termdebt•Yieldconsiderations•Senior/subordinatedstructures•Secondarytradingandliquidityconcerns

Session3:a)TheHigh-yieldbondmarket•High-yieldsecuritytypes,marketdynamicsandcomposition•Returnsanddefaultrates•Clientstrategiesandperformanceevaluation•Exercise:Evaluatingahigh-yieldtransaction

Session3:a)CreditDerivatives•Overviewofthemarket•Issuancecharacteristics–convertibles,ABS,perpetual,CDS/CDOs•Pricing•Dealexamples

b)Participantswillexaminethisrecentlyissuedhybrid/exoticbond,examining:•Pricingconsiderations•Targetinvestors•Marketingrole

Speaker WONGLOKELIMCA,CFP

PROGRAMME CORPORATE ACTIONDate & Venue 9th June 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective

•Toanalysecorporateactionsadoptedbycompaniesandthefinancialimpactontheunderlyingcompanies’financialperformanceandfinancialpositions.•Toenhancecorporateorfinancialsecuritiesvaluationresultingfromvariouscorporateactions•Toassesstheimpacttovariousstakeholders,e.g.minorityshareholdersandthegeneralpublicincertaincontroversialcorporateactions.

ContentSession1:DistributionPoliciesandStrategies•Cashdividends•In-speciedividends•Bonusshares•Capitalrepayment•Stocksplitsandconsolidation Session2:ReactionstoSharePrices•Privatisationexercises•Sharebuybacks•Mergersandtakeovers Session3:CapitalStructureDecisions•Leverageandbondissues•Secondaryofferings–rightsissuesandduallisting Session4:CorporateRestructuring•Spinoffsanddemergers•Reversetakeover(RTO)

Speaker DAVIDMEOWMBA(UK),CFA,FRM,ACMA,CA(M),CFP

PROGRAMME VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONSDate & Venue 15th June 2015

Training Room 1, PNB Investment InstituteSIDC-CPE 10 CPE POINTSObjective • Determine the economic, financial, and strategic impact of M&A deals

• Identify the key factors that determine the success of your M&A strategy• Estimate the value M&A transactions• Establish how due diligence should be carried out to minimize future implications• Identify crucial financing issues – valuation analysis, how synergies work, the currency used in a transaction and credit analysis of leveraged buyouts

ContentL Session 1 :Setting the Goals • Define the key steps in the M&A Process • Define Key Terms in the Merger and Acquisition Process • Identify Reasons Companies Choose to Make a Purchase or Decide to be Acquired

Seeking and Selecting the Target • Tactics to Address Acquisition Strategy • Finding the Promising Targets for M&A • Identify Ways to Evaluate the Marketplace for Ideal Prospects

Session 2: Due Diligence • Define the Phases of Due Diligence • Apply the Due Diligence Checklist

Valuation • Define Key Concepts in Valuing Potential Target Companies for M&A • Demonstrate the Application of Valuation Techniques Using the Case Study Exercise – Valuation to potential takeover target

Session 3 : Structuring M&A Deals• Describe Various Structures Possible for Mergers and Acquisitions • Identify the Impact, Advantages, and Disadvantages of the Various Forms of Deal Structuring • Financing the transaction• Other Implications When Structuring a Deal• All About Reverse Take Over and Other “ Back Door Listings”

Session 4 : Common mistakes and pitfalls to avoid• Pre-deal planning stage• Doing the deal – execution stage• Post-merger integration

Speaker WONG LOKE LIMCA, CFP

Please tick (/) Programme Date Course Fee(RM)

No of participant

VALUATION MODELLING AND ANALYSIS : DISCOUNTED CASH FLOW (DCF), EARNINGS MULTIPLES AND LEVERAGED BUYOUT (LBO)

MODELS

9 APRIL 1,060

DELISTING AND RELISTING AND IMPACT ON SHAREHOLDER’S WEALTH

14 APRIL 1,060

FINANCIAL MODELING FORECASTING IN ECXEL 6 MAY 1,060

CURRENCY MANIPULATION : GOLD, FIAT MONEY & THE MODERN INTERNATIONAL

MONETARY SYSTEM

7 MAY 1,060

BONDS, SWAP AND OTHER FIXED INCOME INSTRUMENTS

8 MAY 1,060

CORPORATE ACTION 3 JUNE 1,060

VALUATION OF COMPANIES AND COMMON PITFALLS IN MERGERS AND ACQUISITIONS

15 JUNE 1,060

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*SIDC CPE – Security Industry Development Centre Continuing Professional Education.*Group discount of RM100 per participant is available for 3 or more registrations.

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Please send cheque/ letter of undertaking to:PNB INVESTMENT INSTITUTE SDN BERHAD

LOT 4.8.4 LEVEL 4, PNB DARBY PARK COMMERCIAL CENTRENO 10 JALAN BINJAI, 50450 KUALA LUMPURTel: 603 2171 1984 Fax No: 603 2166 3406

For registration, kindly contact Muhamad Masri D/L: 603 2166 4940 (email: mmasri@pnb.com.my)

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PNB INVESTMENT INSTITUTE SDN BHDLOT 4.8.4, LEVEL 4

PNB DARBY PARK COMMERCIAL CENTRENO. 10 JALAN BINJAI

50450 KUALA LUMPUR

03 -2166 4940 / MUHAMAD MASRI03 - 2171 1984 / ALIAS DAUD

03-2171 2304 / ASRAF ABDUL RAHMAN

03-2166 3406Registration: mmasri@pnb.com.my

Marketing: aliasd@pnb.com.mySales : asraf@pnb.com.my

www.pnbi.com.my

PNB Investment Institute

PNBi 2nd Quarter Calendar2015

PNB Investment Institute Sdn. Berhad (267888-U)