NYPEN Accounting & Tax Series Overview: The series consists of evening education seminars designed to teach attendees about accounting and tax topics commonly encountered by private equity and venture capital investors. The seminars will be taught by professionals from Ernst & Young's Transaction Advisory Services practice, who will draw upon their deal experience to share insights on key issues facing investors in structuring and executing equity investments, leveraged buyouts and recapitalization transactions. The series will offer attendees the opportunity to improve their working knowledge of critical accounting and tax concepts and will address how investing professionals can avoid commonly made mistakes in completing transactions. Carve-outs - Navigating Associated Transaction Issues: The seminar on July 12th will focus on key accounting, financial, and tax challenges impacting carve-out transactions from a private equity and venture capital investor's viewpoint. (partial list of topics below) Session Details: *Date: Wednesday, July 12, 2006 *Time: 7:00 pm - 8:30 pm (followed by cocktails) *Location: Ernst & Young's office - 5 Times Square (7th Ave b/w 42nd and 41st Streets) Topics include: 1) Typical carve out challenges 2) Key issues that impact carve-out deal structures, financial statements and the on-going economics of the business 3) How to address stranded costs, standalone economics and other issues impacting a target's quality of earnings, capital expenditures and working capital 4) Typical separation and integration issues that adversely impact carve-out transactions, and how to address them 5) Tax implications of carve-out transactions Appropriate Audience: Please note that this event, like all NYPEN events, is by invitation only and open exclusively to professionals at private equity and venture capital funds. If you have colleagues at your fund or at other funds who you would like to invite, please have them register for NYPEN membership at www.nypen.org. The registration process is very brief and, once registered, they will receive invitations to all future NYPEN events. Registration: Registration is free, however is limited to professionals at private equity and venture capital funds.