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class=MsoNormal align=center><b><i><font color=#0000ff size=5
face=Verdana>Business Planning and Financial Projections
with</font></i></b><i><b><font color=#0000ff size=5 face=Verdana>
Microfin</font></b></i></p>
<p
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"
class=MsoNormal align=center><b><font color=#0000ff size=4><span lang=es>Cape
Town, South Africa, 7 - 11 December 2009</span></font></b></p></div>
<p style="TEXT-ALIGN: center" class=MsoNormal align=center><b><i><span
style="COLOR: rgb(51,102,255)"><font size=3>This course <span
lang=en-us>uses</span> the new version of our software, Microfin 4</font><span
lang=en-us><font size=3>.</font></span></span></i></b></p>
<p><i><b><font size=2>Note: Register early! The October 2008 course in
Cape Town was fully subscribed two months before the course
date!</font></b></i></p>
<p><span class=title><strong><a name=Overview>Summary
</a></strong></span><br><img border=0 align=right
src="http://microfin.com/mfinba1.jpg" width=431 height=314>This course guides
participants through a step-by-step process for developing a business plan and
financial projections for a microfinance institution using <b>Microfin 4.0,
</b>the sophisticated financial projections software that was developed by the
facilitator of this training course, Chuck Waterfield, together with Tony
Sheldon, with financial support from CGAP, Women’s World Banking, and Sida.
</p>
<p>Microfin has long been the microfinance "industry standard" for planning and
budgeting. Microfin allows you to develop detailed five-year financial
projections and budgets for your institution, and to simulate the impact of key
decisions on your institution.</p>
<p><font color=#0000ff><b>Microfin 4.0 includes 200 major enhancements over
Microfin 3.0, including an expanded range of financial products, improved
guidance and error-checking features, versatile graphing, and much
more.</b></font></p>
<p class=MsoNormal>This fast-paced course is designed to be highly
participatory, with a large amount of hands-on time working in groups at the
computer, applying the software to a detailed case study. In addition to
the course manual, at the conclusion of the course, participants will receive a
CD-ROM containing Microfin and the User’s Handbook.</p>
<p>By the end of the workshop you will have a better understanding of: </p>
<p><!--msthemelist-->
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">practical approaches to planning <!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">the most important financial ratios to
monitor, and how to interpret them <!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">critical operational issues such as designing
products to meet client needs, pricing your products, and focusing on loan
officers to leverage institutional productivity <!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">how to develop long-term, diversified
financing strategies <!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">how to use Microfin to develop financial
projections for your own institution<!--msthemelist--></td></tr><!--msthemelist--></table></p>
<p>This workshop is facilitated by the developer of Microfin, and is based on
the CGAP Handbook he co-authored, Business Planning and Financial Modeling for
Microfinance Institutions. He has taught this course in 20 countries around the
world, and it is one of the most recognized and attended courses in all of
microfinance. </p>
<p><span class=title><strong>Agenda</strong></span></p>
<p class=MsoNormal><b>Monday to Friday</b>, 9:00 AM to 5:00 PM.
Coffee, tea, snacks, and lunch will be provided daily. </p>
<p><b>Day 1</b></p>
<p><!--msthemelist-->
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Overview of Business Planning:</b>
Participants will review and discuss the Business Planning framework. In
particular, attention will be directed to the market-based approach of the
framework. <!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Strategic Planning:</b> This section will
address the key steps of strategic planning – articulating the mission,
identifying clients and markets, performing an environmental analysis,
carrying out an institutional assessment, and developing an overall
strategy.<!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Overview of Financial Management:</b> We
provide a brief overview of financial statements, the calculation of
financial adjustments, and the key financial ratios used in the
microfinance industry.
<!--msthemelist--></td></tr><!--msthemelist--></table></p>
<p><b>Day 2</b></p>
<p><!--msthemelist-->
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Operational Planning and Introduction to
Financial Modeling / Product Design:</b> Over Days 2 through 5, we will
apply the strategy developed on Day 1 to creating an operational plan and
detailed financial projections, beginning with design of credit and
savings products (loan amounts and terms by cycle, pricing, collateral,
etc.). Small group exercises throughout will focus on applying a case
study to the new version of the Microfin model. <!--msthemelist--></td></tr><!--msthemelist--></table></p>
<p><b>Day 3</b></p>
<p><!--msthemelist-->
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Establishing Marketing Channels:</b>
Operational planning continues with projecting the levels of activity for
each credit and savings product, including growth strategies by branch,
retention rates, and analysis of Microfin’s outputs and graphs. <!--msthemelist--></td></tr><!--msthemelist--></table></p>
<p><b>Day 4</b></p>
<p><!--msthemelist-->
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Determining Institutional Resources and
Capacity:</b> We will look at each aspect of institutional capacity
(staffing, operating expenses, fixed assets), linking resources to credit
and savings activity.
<!--msthemelist--></td></tr><!--msthemelist--></table></p>
<p><b>Day 5</b></p><!--msthemelist-->
<p>
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%"><b>Developing a Financing Strategy and
Analyzing Projected Financial Statements and Ratios:</b> We will look at
designing a financing strategy by sources (income, grants, equity, debt)
and by uses (operations, portfolio, and other assets). We will also review
the overall financial projections <!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">
<p><b>Advanced Microfin topics:</b> We will cover advanced topics in
Microfin, including sensitivity analysis, variance analysis, creation of
additional graphs, etc.</p>
<p> </p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal>Over 3,000
people have attended our Microfin course in the past ten years. Among
their comments are:</p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal> </p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal><i><span
style="FONT-FAMILY: 'Book Antiqua'"><?xml:namespace prefix = o
/><o:p> </o:p>“Excellent trainers … Unbelievable capacity to possess
the technical knowledge and be able to articulate it
clearly”</span></i></p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal> </p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal><i><span
style="FONT-FAMILY: 'Book Antiqua'"><o:p> </o:p>“Fascinating – who
knew Business Planning and Financial Modeling could be so stimulating and
fun?!”</span></i></p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal> </p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal><i><span
style="FONT-FAMILY: 'Book Antiqua'">"You guys have found an excellent
formula (both in the software and the training method) to distill a very
complex management function into a very logical framework."</span></i></p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal> </p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal><i><font
face="Book Antiqua">"I've worked in investment banking for years and never
have I seen an Excel spreadsheet even close to the sophistication of
Microfin. I think you should send your tool to Microsoft for the
award of most-impressive-Excel-application-ever-developed."</font></i></p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" class=MsoNormal
align=left> </p><!--msthemelist--></td></tr><!--msthemelist--></table></p>
<p><span class=title><strong>Registration</strong></span><br><img border=0
align=right src="http://microfin.com/mfindc2.jpg" width=441
height=301>Registration is limited and will be on a first-come, first-served
basis. To register, please complete and return the form at the end of this
sheet and we will send you payment information. Course fee must be paid in
full at the time of registration. We cannot reserve places in the course without
receiving payment. Please refer to our refund policy at the end of the
registration form. Course registration includes course materials, lunch,
and coffee breaks. </p>
<p><b>Early Registration discount:</b> For registrations paid at least one month
in advance (before 7 Nov) we offer a 10% discount on course fees.</p>
<p><b>Group discount:</b> For groups of 3 or more people registering at
the same time from the same organization, we offer a discount of 10% per
participant on course fees. For groups registering prior to 7 Nov, this
results in a 20% discount per person.</p>
<p><b>Hotel Options:</b> If you also request a hotel room, the room fee covers
five nights in the hotel, with breakfasts included. Please inform us if
you need the hotel room for additional nights and we will let you know the
additional cost. The hotel also offers multiple-bedroom apartment options,
including kitchen facilities, for groups of two to six people. Contact us
for details and pricing.</p>
<p><b>Laptop Computers:</b> Participants will work on laptop computers during
the course. It is not necessary for each participant to bring a laptop, because
we will be working in groups of three. However, to help us in logistical
planning, please indicate if you will be bringing a laptop computer.</p>
<p><b>Visas:</b> If you will need a visa to enter South Africa, please
begin the process as soon as possible. We can provide a letter of
invitation once you have registered for the course.</p>
<p><b>Fee Structure (all prices in EUROS):</b></p>
<p>
<table style="WIDTH: 378pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0
cellPadding=0 width=505>
<colgroup>
<col style="WIDTH: 142pt" width=189>
<col style="WIDTH: 59pt" width=79>
<col style="WIDTH: 59pt" width=79>
<col style="WIDTH: 59pt" width=79>
<col style="WIDTH: 59pt" width=79></colgroup>
<tr style="HEIGHT: 12.75pt" height=17>
<td
style="BORDER-BOTTOM: 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; WIDTH: 142pt; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; HEIGHT: 26.25pt; COLOR: windowtext; FONT-SIZE: 14pt; VERTICAL-ALIGN: middle; BORDER-TOP: windowtext 1pt solid; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=35 rowSpan=2 width=189>Fee Structure</td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; WIDTH: 118pt; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: windowtext 1pt solid; FONT-WEIGHT: 400; BORDER-RIGHT: black 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"
width=158 colSpan=2> One participant </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; WIDTH: 118pt; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: windowtext 1pt solid; FONT-WEIGHT: 400; BORDER-RIGHT: black 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"
width=158 colSpan=2>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"> Three or more
participants</p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">(price per
participant) </p></td></tr>
<tr style="HEIGHT: 13.5pt" height=18>
<td
style="BORDER-BOTTOM: 1pt solid; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; HEIGHT: 13.5pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=18> </td>
<td
style="BORDER-BOTTOM: 1pt solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> </td>
<td
style="BORDER-BOTTOM: 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"
colSpan=2>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"> </p></td></tr>
<tr style="HEIGHT: 12.75pt" height=17>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 700; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17></td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> before
7 Nov </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> after
7 Nov </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> before
7 Nov </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> after
7 Nov</td></tr>
<tr style="HEIGHT: 12.75pt" height=17>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 12px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17>Course without hotel</td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span>
950 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,045 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span>
855 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span>
940 </td></tr>
<tr style="HEIGHT: 12.75pt" height=17>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 12px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17>Course with shared room</td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,130 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,245 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,020 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,120
</td></tr>
<tr style="HEIGHT: 12.75pt" height=17>
<td
style="BORDER-BOTTOM: 1px solid; TEXT-ALIGN: left; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 12px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17>Course with private room</td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,350 </td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,485 </td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,215 </td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,335
</td></tr></table></p>
<p><br><span class=title><strong>Facilitator</strong></span></p>
<p><b>Chuck Waterfield</b>, the creator of Microfin, has over 20 years
experience in microfinance, having served as microenterprise director for MEDA
and for CARE International. His current work as an independent consultant
includes clients such as the SEEP Network, SIDA, the Ford Foundation, CGAP,
Opportunity International, and Aspen Institute. He has taught ten years at the
Boulder Microfinance Training Program, eight years at Southern New Hampshire
University’s Microenterprise Development Institute, and is on the faculty of
Columbia University School of International and Public Affairs. In addition to
Microfin and the Business Planning handbook, he has a broad range of products
and publications including the SEEP FRAME Tool, the CARE Credit and Savings
Sourcebook, GEMINI Technical Note on Designing for Financial Viability, and CGAP
Handbook on Management Information Systems.</p>
<p> </p>
<div
style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-LEFT: 1pt; PADDING-RIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 1pt">
<p
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"
class=MsoNormal align=center><b><i><font color=#0000ff size=5
face=Verdana>Business Planning and Financial Projections with
Microfin</font></i></b></p>
<p
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"
class=MsoNormal align=center><b><font color=#0000ff><span lang=es>Cape Town,
South Africa, 7 - 11 December 2009</span></font></b></p></div>
<p class=eeyounextweekinWad> </p>
<h2><u>REGISTRATION FORM</u></h2>
<p class=MsoNormal><b>(Just copy and paste this information into an email, fill
in the blanks, and sent the email to waterfield@microfin.com)</b></p>
<p
class=MsoNormal>Name <u>
</u></p>
<p
class=MsoNormal>Institution <u>
</u></p>
<p
class=MsoNormal>Address <u>
</u></p>
<p
class=MsoNormal> <u>
</u></p>
<p class=MsoNormal>Job
Title: <u>
</u></p>
<p
class=MsoNormal>Telephone: <u>
</u></p>
<p
class=MsoNormal>Email:
<u>
</u></p>
<p class=MsoNormal>Laptop Computer: <u>
</u> I can bring a
laptop
<u> </u> I cannot bring a laptop</p>
<p class=MsoNormal>Visa assistance: <u>
</u> Yes <u>
</u> No I will (not) need a letter of invititation
for a visa to S.Africa </p>
<p class=MsoNormal>Hotel Room: <u>
</u> Single Room
<u> </u> Shared room (2
people/room) <u> </u> No hotel
room</p>
<p class=MsoNormal>Gender: <u>
</u> Female
<u> </u> Male</p>
<p class=MsoNormal>I wish to share a room with (optional):
<u>
</u></p>
<p class=MsoNormal>Expected date of arrival to
hotel:
<u>
</u></p>
<p class=MsoNormal>Expected date of departure from hotel:
<u>
</u></p>
<p>Payment must accompany or immediately follow this registration form in order
to reserve a place in the workshop. (For groups of 3 or more from the same
organization, there is a discount of 10% per participant in the course fees
excluding hotel). Payment may be made by wire transfer, check in US$, or in some
cases by credit card. Please e-mail waterfield@microfin.com for details
prior to processing payment Please email registration form to: <a
href="mailto:waterfield@microfin.com">waterfield@microfin.com</a></p>
<p><b>Fee Structure (all prices in EUROS):</b></p>
<p>
<table style="WIDTH: 378pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0
cellPadding=0 width=505>
<colgroup>
<col style="WIDTH: 142pt" width=189>
<col style="WIDTH: 59pt" width=79>
<col style="WIDTH: 59pt" width=79>
<col style="WIDTH: 59pt" width=79>
<col style="WIDTH: 59pt" width=79></colgroup>
<tr>
<td
style="BORDER-BOTTOM: 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; WIDTH: 142pt; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; HEIGHT: 26.25pt; COLOR: windowtext; FONT-SIZE: 14pt; VERTICAL-ALIGN: middle; BORDER-TOP: windowtext 1pt solid; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=35 rowSpan=2 width=189>Fee Structure</td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; WIDTH: 118pt; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: windowtext 1pt solid; FONT-WEIGHT: 400; BORDER-RIGHT: black 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"
width=158 colSpan=2> One participant </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; WIDTH: 118pt; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: windowtext 1pt solid; FONT-WEIGHT: 400; BORDER-RIGHT: black 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"
width=158 colSpan=2>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"> Three or more
participants</p>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt">(price per
participant) </p></td></tr>
<tr>
<td
style="BORDER-BOTTOM: 1pt solid; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; HEIGHT: 13.5pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=18> </td>
<td
style="BORDER-BOTTOM: 1pt solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> </td>
<td
style="BORDER-BOTTOM: 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"
colSpan=2>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"> </p></td></tr>
<tr>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 700; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17></td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> before
7 Nov </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> after
7 Nov </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> before
7 Nov </td>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 8pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> after
7 Nov</td></tr>
<tr>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 12px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17>Course without hotel</td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span>
950 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,045 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span>
855 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span>
940 </td></tr>
<tr>
<td
style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 12px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17>Course with shared room</td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,130 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,245 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,020 </td>
<td
style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,120
</td></tr>
<tr>
<td
style="BORDER-BOTTOM: 1px solid; TEXT-ALIGN: left; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 12px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial; WHITE-SPACE: nowrap; HEIGHT: 12.75pt; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"
height=17>Course with private room</td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1pt solid; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,350 </td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,485 </td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: medium none; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,215 </td>
<td
style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: medium none; FONT-STYLE: normal; PADDING-LEFT: 1px; PADDING-RIGHT: 1px; FONT-FAMILY: Arial,sans-serif; WHITE-SPACE: nowrap; COLOR: windowtext; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: medium none; FONT-WEIGHT: 400; BORDER-RIGHT: 1pt solid; TEXT-DECORATION: none; PADDING-TOP: 1px"> <span
style="FONT-FAMILY: ''">€</span> 1,335
</td></tr></table></p>
<p><b>Refund and Cancellation Policy:</b> If you are unable to attend, you are
free to send someone else in your place, but please inform us in advance.
Hotel arrangements may be impacted if gender of the substitute participant
is not the same. Cancellations are subject to the following refund policy:
</p>
<p><!--msthemelist-->
<table border=0 cellSpacing=0 cellPadding=0 width="100%"><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">90% if notice of cancellation is received at
least 30 days in advance of the beginning of the
course<!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">75% if notice of cancellation is received
21-29 days in advance<!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">50% if notice of cancellation is received
14-20 days in advance<!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">25% if notice of cancellation is received 7-13
days in advance<!--msthemelist--></td></tr><!--msthemelist-->
<tr>
<td vAlign=baseline width=42><img hspace=13 alt=bullet
src="http://microfin.com/_themes/expeditn/expbul1a.gif" width=15
height=15></td>
<td vAlign=top width="100%">No refunds can be made if notice of
cancellation is received less than 7 days before the beginning of the
course.<!--msthemelist--></td></tr><!--msthemelist--></table><!--msthemeseparator--></p>
<p align=center><img src="http://microfin.com/_themes/expeditn/exphorsa.gif"
width=600 height=10></p>
<p style="TEXT-ALIGN: left"><font size=1>MFI Solutions,
LLC
T: (717) 475 - 6733<br>325 N West End
Ave
E: waterfield@microfin.com</font><br><font size=1>Lancaster, PA 17603
USA W: <a
href="http://www.microfin.com">www.microfin.com</a> <br> <br>Please pass
this email on to colleagues who may be interested. Or, would like to be
removed from our mailing list? Simply reply to this email with REMOVE in the
subject line.</font></p></td></tr>
</body>
</html>