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Oxford Chicago Valuation Programme for strategic corporate and investment decisions

Oxford Chicago Valuation Programme bankers and fund managers will ... LBO Investment Valuation Case and Modelling LBO Investment Case Cocktail Reception and Networking Growth Capital

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Oxford Chicago Valuation Programme for strategic corporate and investment decisions

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“Even after 20 years of banking I now look at deals with a different insight. The Oxford experience was without equivalent.”Louis MargaglioneSenior Vice President in Commercial Banking, BMO Harris Bank, USA

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Applying valuation to strategic corporate and private equity investment decisionsAt the heart of high-level discussions about new investments, raising debt or equity capital, acquisitions, restructuring and disposals lies one critical component: valuation. Valuation influences the advice the lawyer gives; the financing agreed with the bank or investors; investment choices and returns; ultimately the judgement about whether or not to buy, sell or finance. But often the people involved in these decisions only have the broadest understanding of how the valuation is arrived at.

In order to make effective decisions, you must understand not only how to build and analyse the operational model, but also the financing options, the different structures, the various valuation methods available, and the returns. You should be able to understand the theoretical concepts so that you can model them for your own analysis and sensitivities. You and the other professionals involved in the discussions must be able to talk the same language.

The Oxford Chicago Valuation Programme has been developed to give a wide range of professionals a deeper understanding of the thinking, methodology and techniques behind financing and valuations.

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Why have the two leading business schools in finance joined forces to develop this programme on valuation?Interview with the programme director, Andreas Angelopoulos

Why did you develop this programme?The valuation of a company, asset or investment is a vital factor in many decisions, from selling off part of a family firm, to privatising a national industry, raising finance for a project or infrastructure or simply deciding where to invest a pension fund. There is a need to provide a programme that helps all stakeholders understand and make the best decisions.

Many experts specialise in the technical side of determining a valuation. But there is a wide range of other professionals who have to take action based on the results of the valuation experts’ work – including CFOs, strategists, lawyers, accountants and consultants who advise businesses of all sizes, managers of funds that invest directly in companies or assets, and officers of public authorities. We developed this programme for these people – to arm them with the knowledge to think independently during these discussions, and to give them the analytical execution, and decision-making skills they need.

Participants may have an MBA, or professional qualifications and have a general idea of how valuation works. But they won’t have sufficiently detailed knowledge or experience to analyse, structure and model valuations in the full range of asset classes. They will have limited, if any, exposure to real transactions. We will give them a deeper knowledge of the methods, models and processes involved to help them to make better decisions.

What will I learn?We will be providing you with the equivalent of years of experience of financing and valuation in one week.

Unless you’re an investment banker who specialises in valuations, you are only going to have experience of a very limited number of cases. Even bankers and fund managers will have been exposed only to cases in their specific field, and not in all asset classes or structures. Indeed, I know that many participants have chosen to come on this programme in order to prepare them for their first ever company valuation or acquisition. In this situation, a good grasp of theory is essential, but even more useful is to know what happened when something similar was applied by a different company or fund a few years ago, or to recognise a potential difficulty before it becomes a full-blown risk.

So on this programme you’ll learn the theory that you need, which includes the ways in which different assets are valued. You’ll get good finance and valuation modelling skills, including how to present a valuation proposal and analysis, that you’ll be able to take back to the office and put into action straight away. But most importantly, you’ll take part in simulations of a range of different situations and negotiations, based on real cases and presented by senior executives.

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What will we do during the week?Learning at both Oxford and Chicago Booth is all about questioning, debate, and critical thinking.

It’s never just one-way: lecturers and participants alike always say that they learn from each other. It’s particularly so in this programme because of the wide range of participants, all contributing knowledge from different professional fields. Everyone will play their own roles in the simulations and bring their own experiences to bear – which is much more meaningful than most simulations when you are representing a point of view armed only with a briefing sheet and position statement. You’ll be able to question the lawyer in your group, for example, on exactly why he or she gave a particular piece of advice and what’s behind it. If you’re a consultant, you can explore safely the consequences of different courses of action.

At the same time there will be theory sessions and applications with a modelling element, in which academic faculty from both Oxford Saïd and Chicago Booth explain conceptual frameworks. These will be brought to life by real cases and roundtable discussions with leading executives, and alumni from finance, investments and consulting.

How is this programme different?There is no other programme of this type currently available.

There are some good programmes which deal with the general aspects of valuation, usually as part of an advanced financial programme, but there is nothing else available that provides this mix of academic theory, modelling skills, real case interactions and challenging debates and discussions. On no other programme will you be able to meet such a wide range of senior and experienced professionals.

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Global peer group of experienced finance professionals and corporate executives

Work Sector

13% Asia16% USA

23% UK

8% Middle East

9% Africa3% Latin America

29% Europe

Experienced Peer Group Average Age: 40

25-29

30-39

40-49

50+

16%

34%

32%

18%

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38% Investment Management

37% Corporate

9% Banking

37% Consulting and Professional Services

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• You are the CFO or Head of Strategy for a company and you make decisions about raising capital, acquisitions, disposals, or restructuring.

• You run a family business and would like to negotiate your valuation with an investor or a bank.

• You represent a company raising capital from an investor or the capital markets.

• You are a banker negotiating with a fund manager for the company value and sale.

• You are a consultant advising a company CEO on the sale of all or part of his company.

• You are working for an authority disposing of assets that need to be valued.

• You are working for a pension fund investing directly in companies or assets.

• You are a lawyer or accountant who would like to have a deeper understanding of critical valuation issues.

Is this the right programme for me?

Yes, if…. • You wish to complement your specialist

background with a better understanding of how valuations are set and agreed in private equity and corporate M&A transactions.

• You want to acquire the independent analytical, modelling and general execution skills that will enable you to take strategic decisions for your company or investment.

• You want to be taught by expert professionals, people with a wealth of experience.

• You want to gain valuable practical Excel valuation templates that you can adapt for your own solid models.

• You want to be exposed to years of accumulated experience that will have a real impact on your own strategic decisions.

You are likely to benefit from the programme if:

• Understand how to apply valuation to make better strategic decisions

• Acquire financial and valuation modelling techniques to apply immediately at work

• Discuss real transactions with leading executives and interact with global leaders in finance

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A stimulating combination of theory and practiceUniquely, this valuation programme unites the three essential strands of theory, cases and discussions. We will bring together world leading authorities drawn from practitioner and academic communities from both sides of the Atlantic to share and compare their approaches. Theoretical concepts by faculty and real cases developed by banks and funds executives are combined with a practical valuation modelling framework.

This programme will, for the first time, enable participants to not only learn valuation methods, but also gain a clear understanding of the corporate and investment valuation landscape. We will dissect the finance and capital structures that affect valuation, and directly relate these to applications in Corporate M&A, IPO, growth capital, LBO, distress, infrastructure and real estate.

Theory by facultyCore concepts are delivered by leading Oxford and Chicago Booth Professors renowned for their ability to clarify complex situations, and who provide an adaptable set of finance and valuation models that you can take from the programme and apply the following day at work.

Cases by executivesLeading professionals in their respective fields, from globally recognised institutions will lead you through transactions they have completed, enabling you to understand how they have solved the finance and valuation complexities presented in real world scenarios.

Discussions by alumniTo continue and further enrich the debate, world leaders in finance and investment will join us for evening roundtable discussions and dinners. These are drawn from the Oxford and Chicago Booth alumni base to provide an exclusive opportunity to explore key developments in the field.

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Theory by Faculty

Cases by Executives

Discussions by Alumni

Mergers & Acquistions

Valuation

Mergers & Acquistions

Valuation

Corporate M&A Cases

Private Equity Backed IPO Case

Free Evening

Introduction to Valuation Methods

Introduction to Corporate & Investment

Valuation

How and Why Capital Structure Affects Valuation

LBO Investment Valuation

LBO Investment Valuation Case and Modelling

LBO Investment Case

Cocktail Reception and Networking

Growth Capital Investment Valuation

Growth Capital Case & Modelling

Exercise

Distress & Restructuring

Valuation

DistressInvestment Case

Discussion Panel and Dinner with Alumni from Chicago and

Oxford Universities

Infrastructure Investment Case

Real EstateInvestment Case

Review And Conclusions

Infrastructure Investment Valuation

Lunch

Introduction to Valuation Methods

Corporate Acquisition Case

Welcome Dinnerand Networking

Real Estate Investment Valuation

Monday Tuesday Wednesday Thursday Friday

Indicative timetable, final timetables may vary

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Andreas T. AngelopoulosLecturer & Executive Director, Private Equity Institute, Saïd Business School, University of OxfordAndreas is the Executive Director of the Private Equity Institute and lectures at the University of Oxford’s Saïd Business School where he founded and directs the Oxford Chicago Valuation Programme, Oxford Chicago Discussions and the Oxford Saïd Finance Lab. He has more than 11 years’ academic experience with University of Oxford, Chicago Booth and Imperial College. He has more than 25 years’ professional experience in private equity, investment banking and engineering with Englefield Capital (Bregal Group), a £2 billion UK private equity fund and for Dresdner Kleinwort Benson’s principal finance and venture capital division. He started his career working in real estate and infrastructure engineering, with Bechtel, Dames & Moore and Hochtief – ABB J/V in USA and Europe. Andreas holds an MBA from The University of Chicago, an MSc in Engineering from Columbia University and a graduate degree Diploma in Engineering, from the University of Patras, Greece.

Douglas SkinnerEric J. Gleacher Distinguished Service Professor of Accounting, The University of Chicago Booth School of BusinessDouglas Skinner is a leading expert in corporate disclosure practices, corporate financial reporting, and corporate finance, with a focus on payout policy. His research addresses topics such as the causes and capital market effects of managers’ corporate disclosure choices (especially forward-looking information, including earnings forecasts, earnings pre-announcements, and guidance, corporate conference calls, etc.); how the legal and regulatory environment affects managers’ corporate disclosures; managers’ incentives to use their discretion in the financial accounting and reporting process to manage reported accounting earnings (“earnings management”); how stock prices respond to earning releases, especially for high growth companies (“earnings torpedoes”); and the determinants of firms’ payout policies, including whether and how much firms should pay out, the form of payout (dividends versus stock repurchases), etc.

Who teaches on the programme?

Theory by Faculty

Professor Tim JenkinsonProfessor of Finance, Saïd Business School, University of OxfordTim is one of the leading authorities on private equity, IPOs, and institutional asset management. He is Director of the Oxford Private Equity Institute, and one of the founders of the Private Equity Research Consortium. Outside of academe he is a partner at the leading economics consultancy Oxera, where he chairs the Remuneration Committee and Oxera Holdings Ltd. He studied economics as an undergraduate at Cambridge University, before going as a Thouron Fellow to the University of Pennsylvania, where he obtained a Masters in Economics. He then returned to the UK and obtained a DPhil in Economics from Oxford.

Steven N. KaplanNeubauer Family Distinguished Service Professor of Entrepreneurship and Finance, The University of Chicago Booth School of BusinessProfessor Kaplan is one of the world’s foremost researchers on private equity, venture capital and corporate governance. He is a Research Associate at the National Bureau of Economic Research, and serves on the boards of Accretive Health, Columbia Acorn Funds, Morningstar, the Illinois Venture Capital Association and the Chicago National Association of Corporate Directors. Professor Kaplan is also the faculty director of Chicago Booth’s Polsky Center for Entrepreneurship and Innovation. He received his AB, summa cum laude, in Applied Mathematics and Economics from Harvard College and earned a PhD in Business Economics from Harvard University.

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Cases by Executives Discussions by Alumni

Stefano BeschiManaging Director M&ARothschild

Matteo Botto PoalaManaging DirectorGoldman Sachs Infrastructure Partners

Stephen GreenSenior PartnerSpecial SituationsPatron Capital Partners

James HartopPartnerM&ACenterview Partners

Dimitrios IroidesDirector M&ARothschild

Luis Mota DuarteHead of M&ASonae Group Ex-Director Bridgepoint Capital

Dan OakesManaging DirectorCapital Markets Commerzbank

Roopesh K. ShahSenior Managing Director

Claudio VescovoInvestment Director Glennmont Partners

Robert StefanowskiFormer CFO, UBS Investment Bank

Nicholas W. AlexosManaging Director Madison Dearborn PartnersChicago alumnus

Marc BoheimManaging DirectorGoldman Sachs Private EquityChicago Booth alumnus

Keith M. BreslauerManaging PartnerPatron CapitalChicago Booth alumnus

Tom CooperCo-Chairman of Global Mergers and AcquisitionsDeutsche BankOxford alumnus

Dominic HollambyVice Chairman & Global Head of HealthcareRothschildOxford alumnus

Johannes P. HuthHead of KKR in Europe, M. East and AfricaChicago Booth Alumnus

William JacksonManaging PartnerBridgepointOxford alumnus

David RiddellPartner, Restructuring PartnerPJT PartnersOxford alumnus

Blair JacobsonPartner and Co-Head of European Credit Ares Credit GroupChicago Booth Alumnus

Chip DunnManaging DirectorBDT Capital PartnersChicago Booth alumnus

*Speakers subject to change

These leading professionals will present case studies on transactions they have executed.

Panel discussions over dinner will provide an intimate opportunity to direct questions to a selection of the following finance leaders.

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Evercore

Testimonials

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Pierre CourteilleChief Commercial Officer & Vice President Business Development, ABIVAX, France“As a trained pharmacist with an MBA from the University of Chicago Booth School of Business and 20 years’ professional experience in the pharma/biotech/medtech industries, it gave increased depth to my knowledge about valuation for strategic investment decisions. Leading executives shared detailed day-to-day experience of real-life challenging cases, how the deal was structured and the valuation agreed. In addition, we had many invaluable and thought-provoking discussions both in the classroom and after hours with fellow participants from industry sectors around the globe. I highly recommend this unique programme which can provide you with an exclusive edge in your daily business life.”

Mr Kostas OikonomouSenior Commercial Director EMEA, CNN, London “I really enjoyed the guest speakers. The second half of every day was guest speakers coming into the classroom and going through real business cases with us. So they were not talking theory, they were talking practice, from a practitioner’s perspective like us. Having access to their knowledge and the ability to pick their brains about issues relating to valuation was priceless.”

Paul FarrellPrivate Investor, Ireland “I have 30 years’ experience in finance and financial services and wanted to ensure that my knowledge of valuation techniques and models was at the leading edge. The professors were highly enthusiastic and passionate which made the whole programme extremely interesting. Oxford were able to invite senior guest lecturers from firms such as Blackstone, UBS and Goldman Sachs which added to the experience. The third leg is the other executives on the course, who were pretty experienced and knowledgeable and contributed valuable interaction during the case studies.”

Mrs Katarzyna KornasiewiczMSc in Finance LBS, Executive MBA Chicago Booth, Vice President, Citi “This programme has the huge advantage of being taught by both academics and practitioners. I found it extremely interesting and valuable when following the theoretical lectures from the Oxford and Chicago Booth professors, professionals from top tier investment banks and PE houses came to talk about real life examples, and real life application of valuation theory that was across different situations and different asset classes.”

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• Chairman / CEO / President • Managing Director / General Manager • CFO / Finance Director • Board member / Executive Director • Vice President of Business Development • Director of Strategy • Partner • Principal • CIO / Head of Asset Management • Investment Manager / Director • Investment Analyst • Corporate Finance Associate • Private Banker

Corporates

• ABIVAX• Al Jazeera Media Network• Bunge North America• Cherat Cement

Company Limited• Drew & Napier LLC• Halliburton Worldwide Ltd.• Hikma Pharmaceuticals• IHH Healthcare Bhd• LafargeHolcim• Mobitel (Pvt) Ltd• MTN• Rio Tinto• SAB Miller• Saudi Aramco• Vodafone Group• Wirtz Corporation• WS Atkins plc• Zodiac Aerospace

Consultants

• Deloitte• KPMG• McKinsey• PwC

Investment Management

• Allianz Global Investors• Calamos Investments LLC• Casey Family Programs• Franklin Templeton

Investments• Generali Investments• Gulf Investment

Corporation• Hong Kong Monetary

Authority• Invesco Perpetual• M&G Investment

Management• Mubadala

Development Company• Public Investment

Corporation (South Africa)• Aton Capital Partners• Black Swan Capital• Capital Management Group• Riyad Capital• Saphir Capital Partners• S.W. Mitchell Capital

Banks

• Bank of America Merrill Lynch

• BMO Harris• Coutts & Co• Credit Suisse• EBRD• Edmond de Rothschild • ING Bank• Morgan Stanley• Royal Bank of Canada• Santander Bank• UBS

Participants hold Job titles including:

Participants have represented organisations including:

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Chicago Booth is the second oldest business school in the U.S., established in 1898. From its origins, Chicago Booth has stressed discipline-based knowledge. The "Chicago Approach” combines the very best in conceptual knowledge and academic theory with practical real world application. Drawing on multiple academic disciplines we help students create sophisticated analytical frameworks – we teach leaders “How to Think, not What to Think.”

Chicago Booth has been an innovator in business education and a creator of ideas for more than a century. Some of these firsts include:

• PhD program in business 1920• Scholarly business journal 1928• PhD in business awarded to a woman 1929• Executive MBA program 1943• First and only US business school to offer an

executive MBA program in Europe and in Asia 1994

• 7 Nobel prize-winning faculty members

We are very proud to be the first and only U.S. business school with permanent campuses on 3 continents: Asia (Singapore and soon Hong Kong too), Europe (London) and North America (Chicago).

The School offers non-degree and customised corporate courses to over 4,000 executives and a complete range of full- and part-time MBA programs to 3,100 students. We are consistently recognised as one of the world’s top business schools, currently ranked #5 FT open enrolment programmes (2013) #1 The Economist FT MBA

(2012). Chicago Booth has 48,000 alumni in 113 countries: 6202 of these are owners, CEOs, or top officers in firms worldwide. Over 500 of our alumni hold faculty posts at business schools and universities worldwide.

The University has 89 Nobel Laureates associated with it, and Chicago Booth is the first to have a Laureate on its faculty (George Stigler, 1982) and the first school with a total 7 Nobel Prize winning faculty members. The faculty body is focused on research with information disseminated quarterly through the Capital Ideas magazine.

Finance researchers at Chicago Booth have a long history of leadership in academia and of providing practical impact. The deep influence of Chicago Booth research on academia is reflected in long citation counts and the number of academic awards and honors won by the faculty. Indeed, modern finance is largely built on the work of past and present Chicago Booth faculty such as Eugene Fama and Nobel laureates Merton Miller and Myron Scholes. The economic theory and empirical work produced by researchers at Chicago Booth have also found practical application in investment practice, in the construction of appropriate corporate capital structures, in the formation of banking regulation, and in a host of other contexts. Chicago Booth’s tradition in research has at its core a culture that demands both rigor and grounding in real world observations and practice.

About Chicago Booth School of Business

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The Saïd Business School was founded in 1996, and since then has become one of the highest ranking business schools in the world with a reputation for entrepreneurship and innovative business education. As with most things at Oxford, the school has a history, having been preceded by the Oxford Centre for Management Studies (OCMS), which was founded in 1965, and Templeton College (now Green Templeton).

We are not just “at” Oxford, but an integral part of Oxford University, blending the best of new and old. We are a young, vibrant, and innovative business school deeply embedded in an 800 year old world-class institution that includes over 50 Nobel Laureates in its alumni.

We educate people for successful business careers, and as a community seek to use our business acumen and global network to address long-horizon phenomena like demographic change, new technologies and natural resource scarcity. We deliver cutting-edge education and ground-breaking research that transforms individuals, organisations, business practice, and society. We seek to be a world-class business school community, embedded in a world-class university, tackling world-scale problems.

In the Financial Times executive education ranking, Saïd is number one in the UK and top ten in the world for open programmes. In the UK university league tables it is ranked first of all UK universities for undergraduate business and management in The Guardian (May 2016). The Executive MBA is ranked second in the world by

the Economist in 2015 and top ten globally by the Financial Times in 2015 and 2016.

Our world-class academics research and teach in all areas of finance. We are at the heart of the finance research activities of the University, which span numerous departments. Our members play a leading role in research around the world, bringing together academics, practitioners and policy-makers. We offer a broad range of outstanding degree and executive education programmes in finance, including the Oxford MSc in Financial Economics which has been ranked first in the UK and fourth in the world by the FT ranking of Masters in Finance 2012 for the second consecutive year. The school collaborates closely with research centres across the University such as the Centre for Business Taxation, Centre for Corporate Reputation, Private Equity Institute and Oxford-Man Institute. All of these centres produce independent research that is shaping the understanding of financial markets and business practices across the globe, whilst developing the next generation of finance leaders.

About Saïd Business School

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The programme has been structured to allow you to work directly with as many of your fellow participants as possible, to gain from their experience and to make contacts that you can draw on long after the programme has finished. You will gain access to a truly global community of both participants and speakers through the networks that Chicago Booth and Oxford University can convene.

Oxford Chicago DiscussionsEach year we hold a number of discussion panels, inviting senior finance and investment professionals who are alumni of the universities of Oxford or Chicago to provide insights across corporate and private equity investments. Programme participants will partake in one of these during the week, and be invited to others in a range of locations which has to date included Oxford, London, Chicago and New York.

Discussions led by senior alumni from firms including:

• Ares Credit Group• Barclays• BDT Capital Partners• Blackstone• Bridgepoint• Deutsche Bank• Goldman Sachs• Hermes GPE

• KKR• Madison Dearborn

Partners• Patron Capital• Rothschild• Stirling Square

Partners• Warburg Pincus

Chicago Booth’s global footprintWith alumni living and working in 113 countries around the globe, being the only business school with permanent campuses on three continents: Asia, Europe, and North America, and more than one third of its faculty holding degrees from universities outside the United States, Chicago Booth provides a worldwide perspective for this programme.

The Oxford Business Alumni NetworkThe OBA Network is Saïd Business School's official global business alumni network. It brings together individuals from the School and Oxford’s collegiate university who share a common interest in business, and provides lifelong intellectual, professional and social connections long after you have left, wherever you may be. With more than 12,000 members living in 129 countries across the globe, the OBA Network is truly a world-class, international community.

Executive education participants will be invited to join the OBA Network upon completion of their programme. To learn more about the OBA Network benefits and events, please visit our dedicated website:

www.oxfordbusinessalumni.org

This programme draws on a wide pool of international expertise from both business schools, and provides access during the programme and at subsequent events

The power of our combined university network:• Combined Alumni in 129 countries• Over 130 Nobel laureates• Alumni occupying leading roles across

global financial centres• Oxford Saïd number 1 in UK, 4 in the

world for Executive Open Programmes• Oxford Saïd MBA ranked number 8

in world for Finance by The Financial Times

• Chicago Booth ranked number 1 business school in US by Bloomberg Businessweek 2006, 2008, 2010 and 2012, and number 1 globally by The Economist 2012 to 2016

• Chicago Booth’s MBA ranked Top 10 globally and number 5 for finance by The Financial Times

Expanding your network

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Oxford Chicago Discussions

During the programme we invite alumni from previous iterations and from the two universities’ wider alumni base to join us for a panel discussion and dinner at an Oxford college, to enable wider networking and access to a combined global network.

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Apply now

Saïd Business SchoolSteve BrewsterT: +44 (0)1865 422727E: [email protected]

Chicago Booth School of BusinessEugenia PatrinicheT: +44 (0)20 7070 2220E: [email protected]

Apply online at www.sbs.oxford.edu/valuationFor further information contact:

If you want to bridge the gap between theory and practice, I would highly recommend this course. If the person on the other side of the trade is valuing the company and has been through this course - and you haven’t - then I’m probably going to bet on the person on the other side. I think it is an excellent way to improve your knowledge and valuation capability.

Jeff HenriksenFounder & Portfolio Manager, Thorpe Abbotts Capital, USA

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Saïd Business School

After its establishment in 1996, the Saïd Business School has become an integral part of the University of Oxford, and embodies the academic rigour and forward thinking that has made Oxford a world leader in education. The School is dedicated to developing a new generation of business leaders and entrepreneurs and conducting research not only into the nature of business, but the connections between business and the wider world.

Executive Education programmes at Saïd are ranked in the top ten of the Financial Times combined table, and number one in the UK. The faculty that deliver this high standard of education at the School are at the forefront of their fields and provide intellectual leadership not only for businesses, but also for institutions such as the European Commission, the US Federal Deposit Insurance Corporation, the Indian Prime Minister's Economic Advisory Council (EAC) and the World Bank.

www.sbs.oxford.edu/execed

Chicago Booth School of Business

Since 1898, the University of Chicago Booth School of Business has produced ideas and leaders that shape the world of business. Our programs consistently rank among the top 10 schools in surveys worldwide. With a rigorous, discipline-based approach to business education, students are transformed into confident, effective, respected business leaders prepared to face the toughest challenges.

As part of the world-renowned University of Chicago, the Booth School of Business shares the university’s core values that shape its distinctive intellectual culture. Our unparalleled faculty is famous for producing theories that change business practice constantly questioning, testing ideas and seeking proof. This extraordinarily effective approach to business leads to new ideas and innovative solutions. We proudly claim seven Nobel laureates among our current and former faculty - the first business school to achieve this accomplishment.

www.chicagobooth.edu/execed

Saïd Business SchoolUniversity of OxfordPark End StreetOxfordOX1 1HPUnited Kingdom

© 2017 said business school, chicago booth school of business.

University of Chicago: Gleacher Center450 N Cityfront Plaza DrChicagoIL 60611United States

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