Analyst Training in the Power and Gas Sector A comprehensive overview of the toolsets for evaluating companies within the power and natural gas industries. Note: This brochure is from December 2-3, 2008 the December 2008 session. Stamford, CT Agenda, speakers and pricing are subject to change. Who should attend: • Finance, corporate strategy, development and investor relations professionals at power or gas companies • Professionals in investment banking, project finance, asset management, hedge funds, or equity/ fixed income research • Consultants, accountants and lawyers who advise power and gas clients • Industry regulators • Current and potential investors, suppliers or professionals looking for an understanding of how Wall Street analyzes the power and gas sector and the fundamentals that bear on their analyses Topics include: • The power value chain: generation, transmission and distribution • The natural gas value chain: transportation, storage and distribution • Assessing the earnings quality of power and natural gas companies • Analyzing the financial statements of companies in the sector • Valuation techniques and analytical tools • Strategies and tactics by which power and gas companies access and manage capital • Macroeconomic trends affecting earnings and returns in the power and gas industries • The impact of federal and state regulatory forces Note: This brochure is from the December 2008 session. Agenda, speakers and pricing are subject to change. www.snlcenter.com/pgat Note: This brochure is from the December 2008 session. Agenda, speakers and pricing are subject to change. Analyst Training in the Power and Gas Sector A complete introduction to the toolsets necessary for the financial analysis of companies in the power and natural gas industries. “A great way to acquire understanding of the industry along with a good overview of current trends.” C. Alvarado, Associate BOOZ, ALLEN & HAMILTON, INC. What participants gain: • Insight into the key measures of profitability and financial strength of companies in the power and gas industries • An understanding of valuation techniques for companies in the sector • A grasp of the effects of regulation and rate cases on a company’s financial outlook • The advantages, drawbacks and impact of the capital-raising strategies available within the sector • Perspectives and commentary from leading industry experts on the economic outlook for individual companies and the sector as a whole AGENDA Past Participating Organizations DAY ONE - Tuesday, December 2 A.G. Edwards Registration and continental breakfast open at 7:30 a.m. Program begins at 8:30 a.m. ABP Investments Allstate Investment Morning American Electric Power Overview of the Power and Natural Gas American Gas Association Industries: Structure and Performance Arizona Public Service This introductory workshop looks at the energy value chain, including the Company generation, transmission and distribution of power, as well as the transportation, Atlas Pipeline storage and distribution of natural gas. The session also offers a framework for Mid-Continent understanding and measuring industry performance at the macro level. Bank Degroof SA-NV Bank of Nova Scotia Bank of Tokyo-Mitsubishi Rate Cases and Their Impact UFJ Trust Co. In addition to dissecting and examining the intricacies of the rate case process, Barclays Capital this session explores the reasons for filing a case and the financial implications Barclays Global of decisions on the concerned parties. Topics covered include revenue requirement Investors calculation, rate base and rate of return, and return on equity methodologies. BB&T Corporation Black & Veatch The Evolution and Politics of the Regulatory Black River Asset Management Environment BMO Nesbitt Burns In this review of the energy sector’s regulatory bodies, participants examine BNP Paribas the evolution of the regulatory environment, paying particular attention to the Booz, Allen & Hamilton regulatory changes that have and will affect the economic performance of power Brookfield Renewable and gas companies. Note: This brochure is from the December Power CenterPoint Energy 2008 session. Agenda, speakers and Afternoon pricing are subject to change. Chickasaw Capital Management, LLC Financial Statement Analysis CIBC World Markets Through a dissection of the typical line items found in the financial statements of Incorporated power and gas companies, participants will explore the sources of financial data Citigroup Global Markets critical to evaluating the economic health of companies in the sector. Citigroup, Inc. CoBank, ACB Consolidated Edison Earnings Quality Company of New York This session walks participants through the sources of data critical to analyzing Constellation Energy the reported earnings of a power or gas company and judging its underlying Group economic health. Participants will explore techniques for normalizing earnings David Vaughan among companies, identifying cash versus non-cash earnings, and understanding Investments key earnings metrics. In addition, the session also addresses the earnings impact Deloitte & Touche Direct Energy of corporate structures, regulation and project financing. Edison Electric Institute Ensign Peak Advisors Capital Raising EPCOR Utilities This session highlights the advantages and drawbacks of various capital raising Exelon Corporation strategies and alternatives, illustrating their effects on the company financials Fitch Ratings and valuation. Time is devoted to addressing current trends in the primary capital GE Energy Financial markets and providing case studies on the execution and impact of various capital Services raising efforts. Goldman Sachs Group Greenwich Capital Day One concludes at approximately 5:30 p.m. Cocktail and networking reception follows. Markets (434) 951-7786 www.snlcenter.com/pgat DAY TWO - Wednesday, December 3 Continental breakfast opens at 7:30 a.m. Program begins at 8:30 a.m. Morning Credit Analysis and Ratings This session looks at energy companies from the perspective of credit rating agencies and the fixed income investor. Gaining insight into the methods used by rating agency analysts to assess financial strength, participants learn what it takes to be a well-rated company. The session also illustrates the relative merits of various balance sheet management strategies, and the warning signs for ratings downgrades. Asset and Enterprise Valuation Methodologies Participants will learn the principles of asset- and enterprise-level valuation techniques and how they are applied from both a stand-alone and an acquisition perspective. Additional material covers distinguishing “art” from “science” in valuation approaches. Afternoon Luncheon Address: State of the Industry Mr. Edward Tirello, Jr., Managing Director and Senior Power Strategist, Berenson & Company Blending his 31 years of experience with his current perspective as Director of Berenson & Company’s Power and Utilities Group, Mr. Tirello will explore what today’s changing economic and regulatory environments hold in store for the power sector. Looking at current industry trends, Mr. Tirello will discuss the impact of these issues and expand upon the challenges to come. Investing in the Power and Gas Sector: A Case Study In a hands-on team exercise, participants will have the opportunity to apply the valuation tools and analytical skills developed over the course of the seminar by utilizing multiple approaches to the analysis and valuation of a publicly-traded power or gas company. Day Two concludes at approximately 4:30 p.m. Note: This brochure is from the December 2008 session. Agenda, speakers and pricing are subject to change. While attending Do you use SNLi or SNLxl? These web-based products from SNL Financial are powerful and essential analysis tools. During Analyst Training product experts will be on-hand to demonstrate their uses and to offer training to current subscribers upon request. INSTRUCTORS (434) 951-7786 Hastings Funds Eric Ackerman Christopher Radtke Management Senior Manager Energy Group Hess Corporation Edison Electric Institute Credit Suisse Hunt Oil Company Hunt Power Norm Richardson Richard Cortright Hunt Transmission Managing Director Associate Director Services HVB Group Standard & Poor’s SNL Energy JP Morgan Chase Mauricio Del Valle Partho Sanyal Kestrel Investment Management Corporation Energy Group Vice President KeyBanc Capital Markets Morgan Stanley Merrill Lynch KeySpan Energy Corp. Edward Metz Robert Schain Laclede Gas Company Director President LaSalle Bank Corporation Lord Abbett & Company SNL Energy Regulatory Research Associates Louis Dreyfus Energy Services David E. Parker Edward Tirello Madison Gas & Electric Senior Research Analyst, Utilities Managing Director and Senior Power McKinsey & Company Robert W. Baird & Co. Strategist, Berenson & Company Merrill Lynch & Co. Additional speakers are being confirmed. Please visit our website for the latest Morgan Stanley & Co. information: www.snlcenter.com/pgat New York City Economic Development Corporation NICOR, Inc Professional Development Credits NorthWestern Corporation CFA INSTITUTE NorthWestern Energy 15 hours of Professional Development Credit Division SNL Center for Financial Education is registered with CFA Institute as an Approved NRG Energy Provider of professional development programs. This program is eligible for 15 PD Osaka Gas Energy American Corporation credit hours, inclusive of 1.5 Standards, Ethics and Regulatory (SER) credit hours, Pirate Capital as granted by CFA Institute. If you are a CFA Institute member, PD credit for your PricewaterhouseCoopers attendance at this event will be automatically recorded in your PD Diary. PSEG Power NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY RBS Securities RNK Capital 17.5 hours of CPE Credit Santa Barbara Asset Participants completing this program qualify for 17.5 hours of CPE Specialized Management Knowledge and Applications credit. Program Level: Intermediate. Delivery Method: ScottMadden, Inc. Group-Live. SNL Center for Financial Education, LLC, is registered with the National Sempra Energy Association of State Boards of Accountancy (NASBA), as a sponsor of continuing Sequent Energy professional education on the National Registry of CPE Sponsors. State boards of Sidoti & Company accountancy have final authority on the acceptance of individual courses for CPE Southern Company credit. Complaints regarding registered sponsors may be addressed to the National Starwood Capital Managment Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Website: www.nasba.org. Stifel Nicolaus & Co. Note: This brochure is from UBS Investment Bank Vectren Corporation the December 2008 session. Victory Capital Agenda, speakers and Management pricing are subject to change. Wachovia Securities Wells Fargo Xcel Energy Services JOIN US www.snlcenter.com/pgat PROGRAM FEE: $1,795 Registration includes all conference materials, networking cocktail reception on day one, plus breakfast and lunch both days. Discounts are available for groups of two or more registering from the same com- pany at the same time. Call (434) 951-7786. TO REGISTER Note: This brochure is from On-line: www.snlcenter.com/pgat the December 2008 session. Phone: (434) 951-7786 Agenda, speakers and pricing are subject to change. PAYMENT We welcome American Express, MasterCard, Visa and checks. If paying by check, please make payable and remit to: SNL Center for Financial Education One SNL Plaza, PO Box 2016 Charlottesville, VA 22902 VENUE This session of Analyst Training in the Power and Gas Sector is being held at the Stamford Hilton in Stamford, CT, just 25 miles from New York City. The Stamford Hilton is conveniently located right off I-95 for anyone traveling via car. It is just blocks from the Stamford train station which offers regularly scheduled non-stop service to and from New York City’s Grand Central Station. The Stamford Hilton is easily accessible from local airports: Westchester Co. Airport (12 mi.), LaGuardia International Airport (30 mi.), JFK international Airport (35 mi.). Hotel rooms are available at a negotiated rate of $189 per night plus tax. To reserve a room at this rate, please call the Hilton directly by Monday, November 10th at 203-967-2222 and mention the SNL Power and Gas Analyst Training Program. PREREQUISITES This seminar presumes familiarity with basic accounting and finance concepts. Prior to the program, participants will receive materials for the program’s case study as well as suggested reading for those new to the sector. CANCELLATIONS Cancellations received by 11/10/08 are eligible for a full refund, less a $150 administrative fee. Cancellations received after that date but at least 3 business days prior to the start of the program receive a credit in the amount of the registration fee (less a $150 administrative fee) towards attending another SNL CFE program within 13 months. Cancellations received fewer than 3 business days prior to the start of the program are not eligible for refund or credit. Attendee substitutions from the same company are welcome at any time. For more information regarding SNL CFE refund, complaint and program cancellation policies, please call us at (434) 951-7786.
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