Presented by BVR and NACVA
Webinar Presentation - Earn two interactive CPE credits
Featuring Keith Pinkerton and Peter Butler of Hooper Cornell
Thursday, March 6, 2008
10:00am-11:40am PST / 11:00am-12:40pm MST / 12:00pm-1:40pm CST / 1:00pm-2:40pm EST

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Listen to Pete and Keith answer questions about their new model to calculate company specific risk.

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Program Level: Basic
Prerequisites: None
Advance Preparation: None
Instructional Method: Internet-Based Group Program

Learning Objectives:

• Understand the theory, assumptions and key conclusions behind the BPM
• Analyze the inputs and outputs to the Calculator
• Illustrate practical applications of the BPM to properly assess private company specific risk

Program Outline:

• Brief Introduction to Authors and Getting To Know the Calculator

• Authors’ presentation: Using the Butler Pinkerton Model: TCOE and Public Company Specific Risk Calculator
  • Challenging Conventional Wisdom: The Butler Pinkerton Model (BPM)
  • The discussion in the BV Community, What Has Been Written?
  • Background, Examples & Observations

• Support for These “Controversial” Conclusions

• A Closer Look at the Financial Theory
  • Financial Theory
  • Total Beta
  • Additional Observations/Conclusions

• Modified CAPM and Total Cost of Equity (TCOE)
  • TCOE (using Tβ)
  • The Quantification of CSR!
  • Must you Have Good Comparables?

• Observations, Issues & Thoughts
  • Subjectivity Still Exists; However
  • Daubert Criteria
  • What Have We Learned?
  • Inputs to the Calculator
  • Outputs of the Calculator
  • Examples in Different Industries
  • Companies in the Same Industries
  • Other Features of the Calculator

• Audience and Panel Q & A: Questions and/or Requests?

• Concluding Remarks

Panel Includes:

Peter J. Butler, CFA, ASA Peter is Director of Valuation in the Financial and Valuation Services department of Hooper Cornell. He has more than twelve years of diverse financial and valuation consulting experience, including venture capital investment and analysis of publicly-traded stock involved in securities class action litigation. Peter also has valued privately-held companies for mergers and acquisitions, estate and gift tax, financial reporting, and litigation support. He holds a Bachelor of Science degree in mechanical engineering from the United States Naval Academy in Annapolis , Maryland and served approximately eight years in the U.S. Navy as a Surface Warfare Officer. He also earned a Master in Business Administration (finance concentration) from San Diego State University . Peter maintains memberships in the CFA Institute, the CFA Society of Idaho, and the American Society of Appraisers.

Keith A. Pinkerton, CFA, ASA Keith is Director of Valuation in the Financial and Valuation Services department of Hooper Cornell. Since 1995, Keith has performed valuations of numerous companies across a wide range of industries for estate and gift taxes, succession planning, buy-sell agreements, litigation support and transaction assistance. Preceding his valuation assignments, he worked as an Economist for the US Department of Agriculture, where he played key roles in multi-billion dollar, foreign economic development and humanitarian aid programs. He has traveled extensively throughout the former Soviet Union . Mr. Pinkerton maintains memberships in the CFA Institute, the CFA Society of Idaho, the American Society of Appraisers, the Treasure Valley Estate Planning Council, the Mises Institute, and the National Association for Business Economics. Mr. Pinkerton has earned a Master of Business Administration degree from Baylor University and a Bachelor of Arts degree (Economics) from the University of South Florida ( Tampa ).

CPE Credit Information Earn 2 Interactive CPE Credits (Consulting Services) Business Valuation Resources, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org NASBA Sponsor

Complaint Resolution Policy:
Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied with your telephone conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963 for a satisfactory resolution of your concern or you may submit a written request for a full refund within 30 days of the date of this program to Stephanie Crader at: stephaniec@bvresources.com and directly at 503-291-7963 ext. 102.