PolicyTracker

A t wo day course

15-16 October 2019

Central London

Learn the key valuation techniques:

- Business modelling

- Opportunity cost

- Benchmarking

Use these techniques to:

- Set reserve prices or company auction budgets

- Evaluate strategic need for additional spectrum

- Negotiate licence renewal and annual fees

- Deal with administered incentive pricing

Valuingt he spect rum

About this course

Putting a value on different bands is an essential skill for everyone with a professional interest in spectrum. Whether you work for a regulator, government agency or a company, you are likely to be involved in valuing the spectrum in some form. It is an essential part of these common activities:

- Setting reserve prices for an auction- Corporate planning for an auction or acquisition- Agreeing annual fees for licences- Negotiating licence renewal- Dealing with administered incentive pricing - A commercial framework for spectrum sharing

This two day course will explain the principles of commonly-used valuation techniques, covering:

- Business modelling- Benchmarking - Opportunity cost approaches- Foreclosure value

Working through real-world examples we will show how these are used in practice and how they can be combined in a ?triangulated? approach.

Valuing the spectrum will also show how to use financial analysis to assess the impact of regulation, and cover the debates over appropriate models and methodologies.

Who should at t end?This course is suited to anyone wanting an insight

into the financial aspects of regulating the telecoms sector. Likely job tit les include:

- Spectrum managers- Finance, regulatory and policy executives- Lawyers and economists

The venueThe course will be held at the offices of the law firm

Squire Patton Boggs in the City of London.

Cost£1000 (+ VAT) if booked six weeks in advance and

£1200 (+VAT) thereafter. A buffet lunch is included.

The course organisers PolicyTracker provides news, research and training

about spectrum management.

Bespoke t rain ing opt ionThis course can also be tailored to your own

requirements and delivered in your own premises. Contact us for more details.

Your t rainersMar t in Sim s is PolicyTracker?s Managing Director. He has an MA in Communications, has written widely on spectrum policy issues, and was a co-author of Understanding Spectrum

Liberalisation (CRC Press 2015). He teaches on a wide range of training courses as well as running the recent 2.3 GHz and 2.6 GHz auctions in Nigeria. Martin recently completed a study on 5G assignment for the European

Commission.

Am it Nagpal is a Partner at telecoms advisory Aetha Consulting. Amit has over 20 years of experience in spectrum management having started his career

as a graduate engineer with the UK Radiocomms Agency (now Ofcom) and most recently through providing spectrum policy and valuation advice to regulators, telecoms operators and industry bodies.

Ann LaFrance is a lawyer with thirty years experience who coordinates the EMEA Communications Law Practice at Squire Patton Boggs. She advises clients on telecoms regulation and new media policy, competition law, dispute

resolution and data protection and e-privacy matters. Ann also advises on the EU regulatory framework for electronic communications including spectrum refarming and award processes

Book t oget her w it h t he Spectrum Auctions Masterclass and save £2000Valuing the Spectrum is held immediately before the Spectrum Auctions Masterclass in the same venue. Accurate valuation is a vital part of auction preparation, so it can make sense to attend both and the content is designed to be complementary. You can book for both courses online or using the back page form.

Day 2Trainers: Martin Sims; Ann LaFrance; Amit Nagpal

9.00 - 9.30 Coffee

9.30 - 10.15 Discount ed Cash Flows II (MS)

This session will conclude yesterday's practical exercises.

10.15 - 1.00 Ot her approaches t o valuat ion (MS)

Spectrum valuation is also used in Administered Incentive Pricing (AIP) and the formula approach often used for fixed links fees. This session will examine these and look ahead to valuing mmWave bands. - AIP principles and case studies- Devising a fixed links formula- Are mmWaves different?- Shared spectrum

11.00 - 11.30 Break

12.00 - 1.00 How legal issues af fect value (AL) Legal uncertainty about spectrum access has a huge effect on valuation. This session will consider real-world examples and examine best practice as we move into the 5G era.- Frameworks for licensing and assignment- D-band in the US 700 MHz auction- Interference case studies- Legal frameworks for spectrum sharing

1.00 - 2.00 Lunch

2.00 - 3.00 Mobile operat ors? approach t o spect rum valuat ion I (AN)

This double session will explain how mobile operators use modelling techniques to value spectrum. Each session will include a team exercise for participants. - Assessing spectrum's technical value - Spectrum' s commercial value

3.00 - 3.30 Break

3.30 - 4.30 Mobile operat ors? approach t o spect rum valuat ion II (AN)

Topics will include:- Additional sources of strategic value- Valuing specific frequency lots - Observations from spectrum auctions

5.00 Close

Day 1Trainer: Martin Sims

9.00 - 9.30 Regist rat ion

9.30 - 11.00 The policy cont ext

Putting spectrum valuation in the context of a liberalised approach to the airwaves. - Why is spectrum valuation needed?- When is it used? - Over-valuation case studies

11.00 - 11.30 Break

11.30 - 1.00 The oppor t unit y cost approach

Historically the first spectrum valuation method, this used either engineering analysis or the cost of alternative technologies to calculate a price.- Origins in economic theory- Use in Administered Incentive Pricing- The Smith-NERA method- Limitations of this approach

1.00 - 2.00 Lunch

2.00 - 3.00 The benchm ark ing approach

An overview of benchmarking focussing on the importance of sample selection and how the figures should be interpreted and adjusted. - Selecting a relevant benchmark- The importance of MHz/pop- The limitations of this approach- Practical exercises

3.00 - 3.30 Break

3.30 - 5.00 Discount ed Cash Flows I

Explaining the traditional accounting method for valuing spectrum, which projects future income and facilitates easy comparisons with other options. We will use spreadsheet-based practical examples to highlight the strengths and weaknesses of this approach and consider how it can be adapted to improve results.- Why use a Discounted Cash Flow?- What does a DCF tell us?- The importance of cost of capital- The investment curve- Key sensitivities- Strengths and weaknesses- The challenge of a declining market- The with/without approach

5.00 Close

Course Programme

Valuing the spectrum30-31 October 2018

Term s and Condit ionsCourse Fees: Standard fees for the training course are as advertised on our website. All fees include course documentation, refreshments and lunch (fees do NOT include accommodation, or VAT). All course fees must be paid by the due date stated on the invoice. All bookings are provisional and will only be confirmed once payment has been received. Policy Tracker (the organisers) reserve the right to reallocate places if full payment has not been received. Cancellat ions: Cancellations received in writing up to 14 days before the start of the event will be refunded in full less an administrative charge of 10% (+ VAT) where relevant). We are unable to refund cancellations received 14 days or fewer prior to the start of a course. However, in such cases and at the organisers? discretion, a place may be offered at a later course. Delegate substitutions may be made at any time, though confirmation of any changes must be received by email, fax or post prior to the start of a course. Non-at t endance: In the event of non-attendance, full course fees will remain payable and no refunds will be made. Changes t o Program m e or Venue: The organisers reserve the right to make changes to or cancel a published course due in part or in full to unforeseen circumstances or insufficient numbers. In such circumstances, all reasonable efforts will be made to notify delegates of any necessary changes in good time and if necessary to reschedule or to relocate the course. Delegates will be entitled to a refund of the course fee if the course is cancelled or is changed to a date or location which is not acceptable to the delegate. The organisers will have no liability to delegates for damages of any nature arising from the cancellation of a course or from a change in its date, its location or its speakers. Com pany det ails: PT Publishing Ltd, Riverbank House, Clarendon Business Centre, London, SW6 3BQ , UK Tel +44 (0)20 7100 2875 Fax +44 (0)20 7099 1677 The company is registered in England No. 5081138 VAT no: 876 9710 66

Title

First name

Surname

Job title

Email

Company

Address

Postcode Country

Tel

HOW TO PAY (please tick relevant box)

? Pay and register online at www.policytracker.com

? I enclose a cheque /postal order payable to PT Publishing Limited

? Bank transfer: IBAN GB 43 NW BK 602129 55531334 Swiftcode: NWBKGB2L

Num ber Tot al VAT

£200

£240

Course fees for Valuing t he spect rum

Early bird fee(Until 17 September)

Standard fee (18 September onwards)

Pr ice

£1000

£1200

Valuing the spectrumRegistration form

Term s and Condit ions

Course Fees: Standard fees for the training course are as advertised on our website. All fees include course documentation, refreshments and lunch (fees do NOT include accommodation, or VAT). All course fees must be paid by the due date stated on the invoice. All bookings are provisional and will only be confirmed once payment has been received. Policy Tracker (the organisers) reserve the right to reallocate places if full payment has not been received.

Cancellat ions: Cancellations received in writing up to 14 days before the start of the event will be refunded in full less an administrative charge of 10% (+ VAT) where relevant). We are unable to refund cancellations received 14 days or fewer prior to the start of a course. However, in such cases and at the organisers? discretion, a place may be offered at a later course. Delegate substitutions may be made at any time, though confirmation of any changes must be received by email, fax or post prior to the start of a course.

Non-at t endance: In the event of non-attendance, full course fees will remain payable and no refunds will be made.

Changes t o Program m e or Venue: The organisers reserve the right to make changes to or cancel a published course due in part or in full to unforeseen circumstances or insufficient numbers. In such circumstances, all reasonable efforts will be made to notify delegates of any necessary changes in good time and if necessary to reschedule or to relocate the course. Delegates will be entitled to a refund of the course fee if the course is cancelled or is changed to a date or location which is not acceptable to the delegate. The organisers will have no liability to delegates for damages of any nature arising from the cancellation of a course or from a change in its date, its location or its speakers.

Com pany det ails: PT Publishing Ltd, Riverbank House, Clarendon Business Centre, London, SW6 3BQ , UK Tel +44 (0)20 7100 2875 Fax +44 (0)20 7099 1677 The company is registered in England No. 5081138 VAT no: 876 9710 66

The simplest way to register for this course is at our website: www.policytracker.com. However, you can alsocomplete the form below and email to training@policytracker.com, fax to +44 (0)20 7099 1677 or post it to the address below

Title

First name

Surname

Job title

Email

Company

Address

Postcode Country

Tel

HOW TO PAY (please tick relevant box)

? Pay and register online at www.policytracker.com ? Bank transfer: IBAN GB 43 NW BK 602129 55531334 Swiftcode: NWBKGB2L

Num ber Tot al VAT#

£200

£240

Course fees for Valuing the spectrum

Early bird fee(Up to six weeks before the course)

Standard fee (Up to six weeks before the course)

Pr ice

£1000

£1200

Num ber Tot al VAT#

£360

£400

Book Valuing the spectrum and Spectrum Auctions Masterclass as a package

Early bird fee(Up to six weeks before the course)

Standard fee (Within six weeks of the course)

Pr ice

£1800

£2000

# Em

plo

yees of n

on

-UK

govern

men

ts do

no

t have to

pay VAT.