1. Duff & Phelps 1November 4, 2016
Duff & Phelps
Dedicated to Delivering Value

2. Where Could YOU work?
Duff & Phelps 2November 4, 2016

3. Duff & Phelps 3November 4, 2016
What Accomplishments Can YOU Continue?

4. Duff & Phelps 4November 4, 2016
What Do YOU Want To Do?

5. Duff & Phelps 5November 4, 2016
Our Services

6. Duff & Phelps 6November 4, 2016
Services Across the Transaction Lifecycle

7. Industry Expertise
Duff & Phelps 7November 4, 2016

8. Valuation Advisory Services
Valuation Services

9. Business Valuation
Duff & Phelps is a leading independent provider
of business and equity interest valuation for
financial reporting, tax, transactions, strategic
planning or dispute purposes.
Duff & Phelps
Our Services
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 Largest independent valuation provider
 Recognized thought leader on valuation and cost of
capital; author of Valuation Handbook series (Wiley)
 Decades of experience
 Dedicated industry teams
 Independence, no conflicts of interest
 Experience working with auditors and regulators
 Advisor to regulatory bodies on valuation best practices
 Valuation of businesses, assets and/or equity
interests
 Utilize generally accepted methodologies,
including market, income and cost approaches to
value
 Determination of appropriate cost of capital
 Application of appropriate discounts and
premiums (i.e. marketability discount, control
premium)
 Defensible valuation reports with detailed analyses
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Why Duff & Phelps?

10. Our Services Why Duff & Phelps?Our Services
Intellectual Property / Intangible Asset Valuation
Duff & Phelps is a market leader in the valuation
of intangibles and intellectual property; including
patents, in-process research and development,
trademarks, trade names, beneficial contracts,
among others.
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 Decades of experience valuing IP and intangibles
 Proprietary data on comparable transaction licensing
arrangements
 Complementary suite of related services; including
transfer pricing, M&A, dispute consulting, and licensing
and transaction-related advisory
 Industry expertise
 Valuations for financial reporting, tax, transfer
pricing and transactions
 Valuations for IP holding companies, IP transfers
 Defensive asset valuation
 IP monetization strategy
 Valuations for licensing or collateral
 Charitable donations
 IP disputes and investigations
 Useful life determinations
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Quantify Risk Quantify Value Deliverable

11. Purchase Price Allocation
Duff & Phelps is a leading independent provider of valuations required for business
combinations for U.S. GAAP (ASC 805) and IFRS 3.
Steps of the PPA process:
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1
Development
of work plan
Data
compilation
and analysis
Identification
of assets
and liabilities
Valuation
of identified
assets and
liabilities
Estimation
of remaining
useful lives
Documentation
and presentation
of valuation results
 Largest independent valuation provider
 Decades of experience
 Dedicated industry teams
 Independence, no conflicts of interest
 Experience working with auditors and regulators
 Advisor to regulatory bodies on valuation best practices
 Participation in AICPA Business Combinations task
force and IVSC International Valuation Professional
Board
 Fair value estimates of tangible and identifiable
intangible assets and liabilities
 Pre-deal accretion/dilution analysis
 Valuation of contingent assets/liabilities
 Estimation of remaining useful lives
 Defensible and fully documented valuation report
 Assistance with auditor inquiries and regulatory
comment letters
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Our Services Why Duff & Phelps?

12. Our Services Why Duff & Phelps?
Portfolio Valuation
Duff & Phelps specializes in assisting clients
in the valuation of alternative investments,
specifically for securities and positions for
which there are no “active market”
quotations available.
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 Global market leader in providing illiquid valuation
services to the alternative investment community
 Provide valuation services for over 70% of top-tier
private equity firms and hedge funds
 Decades of experience, deep industry expertise
 Active industry involvement (ILPA, PEIGG, IPEV, FASB)
 Independence, no conflicts of interest
 Global reach
 Positive assurance
 Independent value (range) estimates
 Policy and procedures consulting
 Fund manager valuations
 Created value attribution
 Secondary market advisory services
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13. Valuation Advisory Services
Real Estate Advisory Group

14. Why Duff & Phelps?Our Services
Real Estate Advisory Group
Duff & Phelps provides comprehensive real estate
valuation and consulting services for acquisitions,
dispositions, financial reporting, tax, financing,
insurance and other strategic planning purposes.
Our services help owners and investors maximize
property values.
Duff & Phelps - Real Estate Advisory Group 14November 4, 2016
 Decades of experience
 Independence, no conflicts of interest
 Global scale
 Industry expertise
 Local market knowledge
 Financial and tax reporting valuation (PPA)
 Valuation and investment advisory
 Technical services and due diligence
 Corporate real estate services
 Transaction consulting and fairness opinions
 Loan/debt advisory and restructuring
 Portfolio valuation
 Market and feasibility studies
 Right of way appraisal
 Cost segregation
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15. Services & Experience
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Real Estate Valuation & Consulting
 REIT & Real Estate Operating Company Valuations
 Financial (ASC 805) & Tax Reporting Valuations
 MAI Appraisals
 Debt Valuation
 Portfolio Valuation – Negative Assurance
 Cost Segregation & Construction Tax Planning
Real Estate Transaction Due Diligence
 Lease Abstraction and Analysis
 Site / Market Due Diligence
 Estoppels' Certificate Preparation & Review
 NOI Trend Analysis
 Tenant Reimbursement Analysis
 Argus & Dyna Modeling / Auditing
 REIT Income Analysis
Real Estate Advisory Services
 Operational & Process Improvements
 Property Tax Consulting
 Market Feasibility Studies
 Value Creation / Monetization
 Post Merger Integration
 Construction Project & Program Management
Real Estate Investment Banking
 Equity & Debt Placement Services
 Sell Side Advisory Services
 Buy Side Consulting Services
 Real Estate Transaction Opinions
 Solvency Opinions
 Fairness Opinions
 Independent Fiduciary Opinions

16. Overview
Duff & Phelps - Real Estate Advisory Group 16November 4, 2016
Pre-Transaction During Transaction
Post TransactionOn-Going

17. Client Lists
Duff & Phelps - Real Estate Advisory Group 17November 4, 2016
Company Description Company Description Company Description
REIT:
Shopping Centers
REIT:
Diversified
Properties
REIT:
Office Properties
REIT:
Diversified
Properties
REIT:
Industrial / Warehouse
Properties
Owns, Develops, and
Operates Office
Properties
REIT:
Office Properties
Real Estate
Investment Firm
Owner / Operator of
Office Properties
Real Estate
Services
REIT:
Office Properties
Owns, Develops, and
Operates Residential and
Commercial Properties
REIT:
Regional Malls
Owner / Operator of
Office Properties
REIT:
Diversified
Properties
Owns, Develops, and
Operates Multi-Family,
Office, and Retail, Properties
REIT:
Office Properties
REIT:
Industrial / Warehouse
Properties
REIT:
Regional Malls
Owns, Develops, and Manages
Industrial Properties
REIT:
Shopping Centers

18. Client Lists
Duff & Phelps - Real Estate Advisory Group 18November 4, 2016
Company Description Company Description Company Description
Real Estate
Development
Owns and Operates
Self Storage
Properties
Non Residential
Building Operators
REIT:
Office & Retail
Properties
REIT:
Industrial / Warehouse
Properties
Meridian
Industrial Trust
REIT:
Shopping Centers
Owns, Manages, and
Operates Shopping
Centers
Real Estate
Developer
Real Estate
Investment and
Management
Owner / Operator of
Hotels and Resorts
Real Estate
Financial Services
Commercial Real Estate
Services
REIT:
Diversified Properties
REIT:
Single Tenant
Retail Properties
REIT:
Manufactured Homes
Peregrine Real
Estate Trust
REIT:
Shopping Centers
Principal REIT
Owner / Operator of
Office Properties
REIT:
Office Properties
REIT:
Commercial Mortgage

19. Client Lists
Duff & Phelps - Real Estate Advisory Group 19November 4, 2016
Lenders Pension Funds Fund Advisors

20. Valuation Advisory Services
Transfer Pricing

21. Objective of Transfer Pricing
• As companies globalize they have to consider intercompany pricing when
structuring and restructuring their business - one reason being to optimize
their effective tax rate.
• One of the ways in which companies do this is through transfer pricing.
– Transfer pricing and other tax strategies, when applied appropriately, are legitimate ways to
create tax efficiencies within a company.
– It is a company’s fiduciary duty to its shareholders to pursue tax efficient strategies.
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22. Transfer Pricing
• Our job is to provide objective, reasoned, independent guidance to taxpayers
and tax authorities regarding reasonable application of the transfer pricing rules
and regulations.
• We work with multinational companies to ensure they employ transfer pricing
strategies that are consistent with domestic and foreign tax regulations with
regards to intercompany transactions.
– Types of transfer pricing projects:
» Planning
» Documentation
» Advanced Pricing Agreements
» Audit Defense
» Litigation
• In addition, we work with the IRS to ensure that taxpayers have not abused the
US transfer pricing regulations and are reporting an appropriate amount of
taxable income in the US.
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23. Select Transfer Pricing Industry Clients
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24. Duff & Phelps Global Transfer Pricing Alliance
• Argentina
• Australia
• Belgium
• Bolivia
• Brazil
• Canada
• Caribbean
• Chile
• China
• Columbia
• Czech Republic
• Dominican Republic
• Netherlands
• New Zealand
• Nicaragua
• Panama
• Peru
• Philippines
• Poland
• Puerto Rico
• Romania
• Russia
• Singapore
• South Korea
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Transfer Pricing Offices
• Atlanta
• Chicago
• Boston
• Los Angeles
• New York
• Palo Alto
• Salt Lake City
• Toronto
• Washington, DC
Transfer Pricing Alliances
• Ecuador
• France
• Germany
• Guatemala
• Hungary
• India
• Indonesia
• Italy
• Japan
• Malaysia
• Mexico
• Netherlands
• Spain
• Sweden
• Switzerland
• Taiwan
• United States of America
• United Kingdom
• Uruguay
• Venezuela

25. Corporate Finance
Mergers & Acquisitions

26. M&A Advisory
Hundreds of public corporations, financial sponsors, family-owned businesses and other middle-market and
growth companies have met their strategic goals through a Duff & Phelps’ managed sell-side, acquisition or
carve-out advisory transaction.
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 Senior M&A staff always oversee client transactions
 Deep industry expertise
 Seamless support for cross-border transactions
 M&A teams in North America, Europe and Asia find
the right strategic or financial buyer
 Dedicated coverage of 600 global financial sponsors
 More than 500 sell-side transactions over the past
ten years
 #2 U.S. Middle-Market M&A Advisor*
• Buy-side and sell-side advisory
• Private capital
• Financial sponsors coverage
• Distressed M&A
• Transaction advisory services
M&A Industry Practices:
*Source: Thomson Securities Data. Deals <$200 million. Full year 2015.
Our Services Why Duff & Phelps?

27. Corporate Finance
Transaction Opinions

28. Fairness and Solvency Opinions
Leading provider of fairness and solvency opinions to boards of directors, special committees and other
fiduciaries. Our team has particular expertise in situations absent of a market-clearing mechanism, where
advisor independence is paramount, and where scrutiny is elevated.
Duff & Phelps 28November 4, 2016
• Core Practice: Over 1,000 solvency opinions and $2.2
trillion in deal value since 2005
• Independence: Vast majority of our opinions involve
transactions in which Duff & Phelps is not the investment
banker
• Analytical Rigor: Comfortable providing opinions in
transactions involving minority interests, debt securities
and those transactions absent a market-clearing
mechanism
Fairness Opinions:
• M&A
• Going-private transactions
• Related-party transactions
• Equity raises
• REIT roll-up / internalization
• ESOP transactions
Solvency Opinions:
• Spin-offs
• Dividend recaps
• Stock buybacks
• Debt restructuring
Our Services Why Duff & Phelps?

29. Disputes & Investigations

30. Disputes and Investigations
Duff & Phelps provides independent dispute consulting, expert analysis and investigation services to counsel and
their clients involved in complex disputes. We assist in all phases of litigation – from early case assessment and
pre-trial discovery through, arbitration, mediation and trial and appeal for issues including:
Duff & Phelps 30November 4, 2016
Why Duff & Phelps?
 Unique ability to leverage deep technical skills and industry
expertise of colleagues in different practice areas and
locations to forge a collaborative approach to problem
solving.
 We serve 90% of the Am Law 100 firms as well as hundreds
of mid-sized and smaller boutique law firms
 Unparalleled experience in high-profile, complex disputes
including the Bernie Madoff Ponzi and Lehman Brothers
Bankruptcy.
Our Services Include:
• Economic damages quantification and valuation
analysis
• Forensic accounting
• Financial investigations and fact-finding
• Expert reports and opinions
• Expert witness trial and deposition testimony
• International arbitration and mediation
• Data analytics
• Computer forensics and electronic discovery
Disputes Investigations
• Bankruptcy Litigation
• Business Insurance Claims
• Class Action Disputes
• Intellectual Property
• M&A Post-Acquisition
Disputes
• Receiverships and
Monitorships
• Regulatory Inquiries
• Securities and Financial
Services Disputes
• Shareholder Disputes
• Tax Litigation
• Asset Misappropriation
Schemes
• Asset Tracing
• Audit and Special
Committee Investigations
• Board of Director
Investigations
• Corporate / White Collar
Crime
• Financial investigations
• Securities Fraud
• Regulatory Investigations
(SEC, IRS, FINRA, DOJ)

31. Compliance & Regulatory Consulting

32. Regulatory
Consulting
Risk
Consulting
and
Infrastructure
Regulatory
Tax Advisory
Business
Services
Compliance
Consulting
Compliance and Regulatory Consulting
• We help financial services firms build, manage and
protect their businesses through global compliance and
regulatory consulting services.
• We primarily assist registered investment advisers,
including hedge funds, private equity firms, broker
dealers, mutual fund complexes, and NFA members,
 Technical and industry expertise to overcome
challenges throughout the business lifecycle
 Deeply connected with regulators’ industry
bodies
so clients have the best available information on
regulatory requirements and trends
 Global team provides seamless, integrated and
relevant cross-jurisdictional advice
 Specialized focus on the financial services
industry, bringing unique understanding of
regulatory issues, complexities and risks
• Regulatory registration/authorization
• Compliance infrastructure, monitoring, tests and reviews
• Governance, risk and compliance consulting
• Market surveillance and transaction reporting
• Regulatory commissioned reviews
• Conduct risk, cybersecurity and financial crime
• Substance and risk infrastructure
• Risk modelling and risk reporting
• Tax advisory, structuring and transfer pricing
• Finance and secretarial services, regulatory financial
reporting, HR/payroll
Specialists
focused on
financial
services
Our Services Why Duff & Phelps?
September 8, 2016 32Duff & Phelps

33. Compliance and Regulatory Consulting: Day-to-Day Work
• Projects:
 SEC, FINRA and NFA Registration
 Annual Compliance Review
 SEC, FINRA, NFA Exam Support
 Mock SEC, NFA and FINRA Exams
• Ongoing Client Engagements
 Trade review/trade surveillance
 Form filing(s):
 Form ADV;
 Form PF;
 Form 13H;
 Form 13G;
 Form 13F
 Outsourced General Counsel
Services
 Review of marketing materials
 Ad hoc questions
Duff & Phelps 33September 8, 2016
We advise hedge funds, private equity firms, broker-dealers and other
financial institutions on a variety of regulatory matters. Examples include:

34. What does this mean for YOU?
Duff & Phelps 2016

35. So, what’s in it for YOU?
• Ability to contribute early in your career
– Small teams, opportunity to work directly with Managing Directors
– Clients are at the “C” level in their companies
– Fewer levels mean more opportunities for YOU!
• Opportunity for growth and development
– D&P University for new hires
– Ambassadors and Career Advisors to assist
– Promotions twice a year
– No mandatory time at various levels
• Exposure to diverse projects & clients
– Clients represent over 40% of S&P 500
– Analysts work with multiple projects at any given time
• Locations and flexibility
• Great D&P professionals!
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37. Time for YOU to take the next step!
• Seniors:
– Submit your Application!
» Resume Deadline – September 15th
» On-Campus Interviews – September 27th
» Don’t forget to apply at careers.duffandphelps.jobs!
• Juniors:
– Get Involved!
» Duff & Phelps YOUniversity Deal Challenge
– Registration deadline October 7
– Solutions due November 11
– Finals in NYC February 1-3
» Summer Internships
– Posted January 2017
Duff & Phelps 37November 4, 2016
Duff & Phelps Interns 2016!

38. Do YOU have questions?

39. Duff & Phelps 39November 4, 2016
TRANSPARENCY. CONFIDENCE. TRUST.
careers.duffandphelps.jobs