1. The Challenges of Financial Management after the Financial Crisis 1 General Mgt Info-Session

2.  Does it create value?  What are the functions expected from “Finance”? What is “Finance”? 2 General Mgt Info-Session

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4. 4 «...Strikingly, however, all three approaches yield similar results: that mortgage-credit losses are likely to be around $400 billion. » « The indices' relentless fall (see chart) has added to pressure on banks, such as Merrill Lynch and Citigroup, with big mortgage-related holdings. Citi's shares slid to a nine-year low this week on talk of a further, $18 billion write- down. Banks that mark assets far from where the indices trade incur the ire of their auditors. » March 6, 2008 What happened?

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7. 7 September 29: “We put forth a plan that was big because we’ve got a big problem”.

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9. Who’s to be blamed for the crisis? 9 General Mgt Info-Session

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11. 11  Did you know about... »the « ninja bonds »? »the « teaser rates »? »and the « Pik toggles »?

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14. Risk Management Lessons? 14 General Mgt Info-Session

15. 15  A standard securitisation process...  A CDO... AssetsLiabilities BANK AssetsLiabilities SPV Loans Highly Senior Senior Junior Equity Mezzanine tranches AssetsLiabilities BANK AssetsLiabilities SPV Loans Same claims

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17.  “Credit risks and markets risks are two different notions”  Measurement vs. management  “Somebody knows” Restoring the truth on some myths... 17 General Mgt Info-Session