Presentation of Similarities and Differences of the Finance roles at large and small companies

1. Presented by Rey del Valle Large Vs Small Company Finance:Discover the Differences 1

2. Speaker introduction Large vs. small companies What is common What are the differences Where are the job opportunities What is right for you? Points to consider Agenda 2

3. Introduction 3 Over 20 years Finance experience Roles as: Divisional CFO VP Finance and Planning VP Strategy and Planning In a variety of industries Banks, Travel, Shipping and Entertainment

4. VP Finance and Planning at Disney’s Cable Networks ($4 billion in revenue) Divisional role Consolidating Long Range Plans, Budgets and Forecast across multiple businesses in over 128 countries Reviewing and developing business plans Liaising with Corporate and other Media business units Previously with MTV Networks, FedEx and Norwegian Cruise Line Primarily in business units reporting to “Corporate” Large Company Experience 4

5. Most recently with Youbet.com as VP Strategy and Planning ($500 million in wagers; $100 million in revenue) Long Range Plans/Budgets/Forecasts “Corporate” role, working directly with CEO, Board of Directors, Wall Street analysts Joint Ventures – working with third parties Quarterly Earnings releases – Auditors and outside IR firm M&A – worked with Investment Bankers and outside Counsel Closed on the sale of Youbet to Churchill Downs in June 2010 Have also been CFO in pre-funding startups Small Company Experience 5

6. Metrics/Key Drivers focus Managing people and processes Team work Attention to detail Broad time span Short term tactical pricing Quarterly earnings impact Investing in opportunities with > 1 year gestation Excellence Youbet team from Ticketmaster, Disney, Orbitz, Yahoo, Harrah’s, MCI What is Common 6

7. We’ll review in the next slides Resources Processes Planning Horizons Positioning/Communication What are the Differences? 7

8. Limited in a smaller company Expenses more likely to have an EPS impact 40 million shares vs. 2 billion Need to effectively prioritize Focus on high impact projects and initiatives No “Corporate” reporting alleviates workload Stoplights, EVA and other reporting not used internally What are the Differences?Resources 8

9. Large Company Defined processes in place Models already developed Focus on refining (Six Sigma, etc) Small Company Few established processes Develop models from scratch Inherit vs. Invent – provides opportunity to be recognized What are the Differences? Processes 9

10. Large Company Deadlines distributed a year in advance Determined by Board dates Less flexibility Twice quarterly forecasts Small Company Deadlines can move Board dates more flexible Driven by bank requirements Sometimes ad hoc What are the Differences?Planning Horizons 10

11. Large Company Initiatives tend to be internally focused for Senior management reviews and approval Air Traffic Control: Keep information flowing across various constituencies with the message evolving Start by challenging then becoming advocate Small Company Tend to be geared toward Board approval Value creation and EPS impact Street and Investor perceptions matter What are the Differences?Positioning/Communication 11

12. Number of FPA Staff Large Companies: Corporate and Divisional Examples: Disney Cable Networks ($4B) staff of 10 Additional Staff in Regions and Business Units ABC Family ($300m) 3 Planners, splitting with acctg duties Small companies Many more small companies than large Fewer pure FPA roles in small companies Smallest companies may not plan or are directly managed by Controller Youbet –$100m revenue across two segments- 2 planners Where are the Job Opportunities? 12

13. Job Security Compensation Interaction Flexibility/Structure Career Development Recognition Prestige/Brand Association What is right for you? 13

14. Large Companies Layoffs and Reorganizations Small Companies Layoffs and failures Not as likely to get press Implication – not really safe anywhere. Need to keep your skills sharp and your network active What is right for you?Job Security 14

15. Salaries vary widely, but tend to be lower in smaller companies Bonuses in small companies can fall into a broad range Factor of 6x from 2008 to 2009 Stock based compensation at smaller public companies present significant upside due to size of grants and volatility Implication –Need to know your own tolerance or aversion for risk (Home run Vs Singles) What is right for you?Compensation 15

16. Large company Can be more diverse and offer more opportunity for social interaction with people from different backgrounds Tend to work within your FPA team (think of where your department sits) Most senior level of exposure typically with SVPs or division management Easier to fade into the crowd Small company Opportunity to interact directly with CEO and others on the senior management team Work across multiple disciplines - marketing, engineering, legal, accounting More intimate setting, you’ll know your colleagues better Can’t hide Implication – Right setting depends on your preferred type of social interaction What is right for you?Interactions 16

17. New initiatives Large Company Criteria set Multiple layers of review Small Company Opportunities can arise suddenly and require quick analysis Approval criteria more fluid Once the management team is on board, reviewed with the Board Implications In a smaller setting, person needs to be comfortable with ambiguity and must be a self starter Larger companies require patience and perseverance What is right for you?Flexibility vs. Structure 17

18. Large companies offer formal technical training Leadership training Tuition reimbursement Smaller companies offer on-the-job training and opportunities to move into broader roles Prepare for general management Implication - Need to be certain of your career goals and personal development plans What is right for you?Career Growth 18

19. Large Company More process driven, less opportunities to stand out Promotions often delayed by time in grade requirements Recognition mostly within your own business unit Need to “Go with the Flow” Small company Ability to produce high impact work Good work is often recognized by C-level execs and Board of Directors Flexibility to reward outstanding work with promotions What is right for you? Recognition 19

20. Large Company Recognizable brands bring instant credibility with recruiters and hiring managers Sense of belonging, pride Could also suffer from negative connotation Think “Enron” Small company Need to “sell” and explain what company does Opportunity to build next Facebook or Google What is right for you? Prestige/Brand Association 20

21. What’s right for you depends on several factors Where you are in your career Size organization that fits your personality (Think: What size school you attended) Work ethic - happy to just put in time vs. action orientation Process orientation vs. “Free Thinker” Big company “Brand” association Conclusions 21 Vs.

22. Any Questions? 22

23. Rey del Valle reydelvalle@hotmail.com 818 383 2361 Thank you 23