6-8, avenue Blaise Pascal Cité Descartes Champs-sur-Marne Marne-la-Vallée Cedex 2

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1 200 avenue de la République Nanterre Cedex Secrétariat : Mme Bertoni Tél. : Fax : , avenue Blaise Pascal Cité Descartes Champs-sur-Marne Marne-la-Vallée Cedex 2 D.E.S.S. PROJECT FINANCE - STRUCTURED FINANCE Program Directors Prof. Michel Lyonnet du Moutier Prof. Dominique Jacquet 1

2 PROGRAM OBJECTIVES Training Project Finance professionals is the driving force behind this Master s program. This approach was originally dedicated to huge infrastructure projects. However today, Project Finance has gained prominence in many different fields like energy, telecommunications, utilities, show business, etc. Gradually even smaller size projects are being added to the list. The originality of this type of transaction is its need to orchestrate a number of different fields of competence: finance, law, economic research, town planning, technical feasibility, auditing, etc. The development of related activities such as real estate finance and venture capital has now become a second objective. These are only examples of the vast range presently covered by Project Finance. However, the same financial principles still apply. They naturally remain complementary to Structured Finance. PRACTICAL BENEFITS OF THE PROGRAM First of all, our program offers a significant short cut in the time needed to master the genuine expert s skills, which most professionals say usually takes from 5 to 7 years to achieve. In order to reach this objective, this Master s program provides the participants with a solid technical foundation in constant interaction with hands-on work experience. To guide this approach, we have implemented a certain number of principles: Our admissions policy seeks to enhance each class with the expertise of a certain number of professionals; A teaching staff mix of university professors and practitioners; Our training methods allow students to combine theory with authentic work experience. A required internship to put into practice the material covered during the program; An advisory board of members from the scientific and business communities, which includes a number of corporations involved in Project Finance consortiums. CAREER OPPORTUNIT OPEN TO DESS GRADUATES To our knowledge, this DESS is Europe s only Master s program specializing in Project Finance which offers fast track proficiency by reducing by half, according to industry specialists, the on the job training students require to become operational. Our graduates are offered a wide choice amongst various career paths in banks, financial institutions, insurance companies, financial consulting firms, investment funds, statutory companies, etc., in Europe and beyond. ADMISSION REQUIREMENTS This DESS addresses those candidates who have completed one of the following: Students with graduate diplomas in: Management (i.e. MSG); Accounting (i.e. MSTCF); Economics; Econometrics; Law. A Master s degree in Law 3 rd year engineering students of the Ecole Nationale des Ponts et Chaussées (ENPC). Graduates from other Engineering and/or Business Schools. Admission is a three-step process: 2

3 A written application form will be available from June 2 nd to July 11 th at the DESS office. To receive it, you must send a stamped self addressed envelope (see the site home page).to apply, the candidate must include the following elements: The student s university transcript; An essay of 20,000 words maximum on a topic selected from the list provided by our faculty. Applications must be sent to Madame Bertoni, DESS admissions coordinator, by September 5th 2003 at the latest. Any additional information concerning this procedure is available upon request via at viviane.bertoni@u-paris10.fr. A tentative short list is first established from candidates online applications. Students motivation and abilities will then be assessed on the basis of an interview conducted by two teaching staff members. CLASS SIZE: entrants per year. ACADEMIC STRUCTURE The teaching program is divided into two separate parts: 1. Theory 2- An internship complemented by a dissertation PART I: PROJECT FINANCE THEORY hours of classes, 65% of which is taught by practitioners, divided into four modules. First Module: Finance. Integration week outlining the scope of project finance; Finance (theoretic aspects, assessment and valuation criteria, funding instruments); Accounting and Taxation; Financial modeling (project assessment analysis using IT tools); Correlation of financial risks. Second Module: Risk Analysis and Hedging. Legal instruments (contract analysis, agreements, guaranties); Technical Risk analysis; Insurance; Communication; External partners (presentation of different sectors as well as national and supranational institutions). Third Module: Real Estate Financial Engineering. Principal actors; Short and long-term financing; Mezzanine funding and risks. Fourth Module: Venture Capital Financial Engineering. Legal aspects of Venture Capital; Valuation and financing of High Risk companies; 1 Courses are taught in both English and French. 3

4 Capital financing. The DESS schedule: Throughout the academic year, courses are scheduled on Thursday evenings, all day Friday and Saturday mornings. Classes have been placed at the end of the week to optimize practitioners contributions to course lectures. This also enables students to take up option 2, which includes an 8-month work placement. (See Part II Training & Research paper for further details). Classes are taught at two separate locations: Ecole Nationale des Ponts et Chaussées (28, rue des Saints- Pères, Paris, France) and Université of Paris X - Nanterre (UFR SEGMI, building G, 200 avenue de la République, Nanterre Cedex, France). In addition to the four modules described above, students must prepare an assignment or specific project report within the framework of their internship or professional experience and complete a dissertation. PART II: TRAINING & RESEARCH PAPER Two alternatives are offered: Option 1 will most suitably apply to standard program students with no prior experience in Project Finance. In this case, the student must complete an 5-month internship at the minimum. The progress made and work experience gained will be recorded in a report to be presented for approval before a panel of DESS faculty members, together with a dissertation on a Project Finance related topic. Option 2 concerns either the professional sponsored by his or her company or a student combining university classes with an extended training period of 8 months minimum. When this choice is selected, the student will have to submit 2 reports: one describing a specific assignment or project concerning the conceptual approach. The second report will present the work progress achieved within the company. Both reports will eventually be presented for approval before a panel of DESS faculty members FACULTY Alain BECHADE Alain BLOCH Emmanuel BOUTRON Sébastien CLERC Pierre COINDREAU Thierry DEAU Thierry FOSSE Carole GRESSE Jerome HAMACHER Michael HANCOCK Jean-Christophe HONLET François-Xavier HOUSSIN Dominique JACQUET Pascal LAGARDE Benoît LEBRUN Alain LE FLOC H Paul LIGNIERES Michel LYONNET du MOUTIER Valérie PASCAL Vincent PIRON Didier POULMAIRE Susanne SESSELMANN Patrice VABRE Patrick VIEUX Jean-Jacques THIEBAULT Auguste-Thouard SETEC International CDC-IXIS Bank Price Waterhouse Coopers Egis-Projects SITA Law firm of Salans Hertzfeld & Heilbronn Law firm of Salans Hertzfeld & Heilbronn CDC PME Auditor of corporate accounts with the firm Sallustro & Reydel Eiffage-Construction Law firm of Landwell CDC IXIS Capital Markets bank Vinci Law firm of Gide, Loyrette, Nouël Dexia Bank French Ministry of Equipment, Building and Transport Strategic Scout SA 4

5 GRADING POLICY Students who obtain an overall average mark equal or superior to 10 on a scale of 20 will be deemed to have satisfied the requirements of this DESS, in both the Theory and Internship portions of the program. However within each of the two parts, a superior performance in one course can eventually compensate for a non-qualifying performance in another, and vice-versa. For the students who fail the September examination session, only the past marks obtained that are superior or equal to 10 will be reconsidered at the December session (repeat session). For all other exam grades below 10 out of 20, a new examination will have to be taken. 5