Speeches

Following is a representative sample of firms utilizing SPARDATA valuation reports and a selected listing of Brad Davidson's recent speeches, articles and credentials current as of Fall 2000:

Recent Speeches

In May 2000 Mr. Davidson addressed the topic "Managing Securities Operations On The Internet" in New York City. The conference was organized by the Securities Operations Forum .

In April 1999, at the Securities Operations Forum 's Fifth Annual Conference on Securities Pricing Operations in New York City, Mr. Davidson spoke on the topic "Pricing Illiquid Securities: Profits & Pitfalls".

In March 1999 Mr. Davidson addressed the Fiduciary Training Institute 's Trust And Asset Management Risk And Control Blowout on the subject "IRA and Qualified Plan Valuation Issues: Risks & Opportunities" in Orlando, Florida.

In November 1998, at the Investment Program Association 's Fall Issues Conference, Mr. Davidson participated as a panelist in a session entitled "Regulatory Issues To Recognize and Understand" in Washington, DC.

In October 1998 Mr. Davidson addressed a joint conference of the National Association of Trust Audit and Compliance Professionals and the Federal Reserve Bank of Philadelphia on the topic "Pricing Illiquid Securities".

In September 1998 Mr. Davidson addressed a joint conference of the National Association of Trust Audit and Compliance Professionals and the Federal Reserve Bank of Chicago on the topic "The Compliance Officer's Guide To Illiquid Securities".

In April 1998, at the National Association of Trust Auditors and Compliance Professionals ' Annual Meeting in New Orleans, Mr. Davidson gave a presentation entitled "The Risks of Mispricing Illiquid Securities".

In March 1998 Mr. Davidson addressed the National Association of Trust Audit And Compliance Professionals, Inc .'s Trust Auditor Seminar on the topic "Why Private Securities Must Be Priced".

In March 1998, at the Fourth Annual Conference on Securities Pricing Operations sponsored by the Securities Operations Forum in New York City, Mr. Davidson gave a presentation entitled "Pricing Illiquid And Non-Standard Securities".

In January 1998 Mr. Davidson gave a presentation on "Pricing Private, Non-Exchange Traded Securities" to the Institute for International Research 's SECUTEC '98: Integrating Strategy And Technology In Securities Operations in New York City.

In November 1997 the Investment Program Association 's Fall Issues Conference invited Mr. Davidson to participate in a panel discussion in Washington, DC on "The Future Of The Secondary Market".

In September 1997 Mr. Davidson addressed the Western Association Of Trust Auditors and the National Association Of Trust Audit And Compliance Professionals (NATACP) in Los Angeles. His topic was "Why Private Securities Must Be Priced".

In September 1997 Mr. Davidson presented a "Broker Research And Pricing Delivery Case Study" to the Securities Industry News Internet Technologies Conference in New York City.

In June 1997 Mr. Davidson was invited to be an instructor at the Cannon Financial Institute 's Personal Trust Graduate School, held at the University of North Carolina at Charlotte. His topic was "Managing Illiquid Assets".

In June 1997 Mr. Davidson gave a speech entitled "The Risks Of Security Mispricing" at the Bank Administration Institute's Fiduciary Risk Management Conference in Orlando, FL.

In April 1997 Mr. Davidson gave a presentation on "Illiquid Securities" in Washington, DC to the Securities and Exchange Commission 's Phase II Investment Company Examination Training Program.

In March 1997 Mr. Davidson discussed "Valuation of Impaired GICs" at the Stable Value Symposium in Ft. Lauderdale, Florida jointly sponsored by Frank J. Fabozzi and Information Management Network.

In October 1996, Mr. Davidson gave a presentation entitled "Managing Unusual Assets In Customer Accounts" to the 1996 Trust Operations Conference jointly sponsored by the New York and Massachusetts Bankers Associations .

In September 1996, the Mid-Atlantic Chapter of the National Institute of Pension Administrators invited Mr. Davidson to give a presentation entitled "Managing Hard To Price Assets".

In June 1996, Mr. Davidson addressed the American Banker/Bond Buyer's Securities Pricing and Market Data Operations Conference in New York City. His topic was "Pricing Illiquid And Private Securities".

In May 1996, at the invitation of the Minnesota, North Dakota and South Dakota Bankers Associations , Mr. Davidson gave a speech entitled "Using Computers To Price And Manage Non-Traded Securities".

In April 1996 Mr. Davidson co-delivered a presentation entitled "Non-Traded Securities: Managing Risk" with a representative of Merrill Lynch to the Securities Operations Forum's 4th Annual Securities Operations Technology Conference.

In December 1995, at the invitation of the Enforcement Division of the U. S. Department of Labor's Pension and Welfare Benefits Administration , Mr. Davidson gave a presentation entitled " How To Uncover Misvalued Securities In ERISA Plans".

In November 1995, at the invitation of the Bank Administration Institute 's Fiduciary Tax and Estate Planning Conference, Mr. Davidson gave a speech entitled "Recent Developments In The Securities Valuation Area".

In September 1995, Mr. Davidson was invited to give a presentation entitled "Statement Mispricing And How It Harms Investors" to the North American Securities Administrators Association 's Analyst Education Seminar in Providence, Rhode Island.

In July 1995, at the invitation of the Enforcement Division of the Commonwealth of Massachusetts' Securities Division , Mr. Davidson gave a presentation about the implications of mispricing partnership securities on customer statements.

In June 1995, Mr. Davidson gave a presentation entitled "Proper Partnership Valuation In The Estate Tax Context" to Estate and Gift Tax attorneys with the Internal Revenue Service Hartford and Boston Districts as part of the Service's Continuing Professional Education training program.

In May 1995, at the invitation of staff attorneys in the Department of Enforcement of the Securities and Exchange Commission , Mr. Davidson gave a presentation about the implications of mispricing partnership securities on customer statements.

In April 1995, Mr. Davidson was invited by the U. S. Department of Labor Pension And Welfare Benefits Administration's Detroit Regional Office to discuss partnership valuation issues with the examination staff, focusing particularly on the issues raised from misvaluation. Also attending by phone were examiners from the Cincinnati Regional Officer.

In March 1995, at the invitation of the State of Delaware's Division of Securities , Mr. Davidson spoke about "How To Identify Partnership Misvaluation".

In February 1995 Mr. Davidson was invited by the State of Virginia's Division of Securities to give a presentation entitled "Why Must Partnerships Be Valued? And How Should Partnerships Be Valued?"

In November 1994, Mr. Davidson discussed "Limited Partnerships From A Financial Planner's Perspective" at the Twelfth Annual Pittsburgh Financial Planning Symposium .

In September 1994, Mr. Davidson discussed "Managing Hard To Value Assets" at the Annual Conference of the Association of Independent Trust Companies in Chicago, Illinois.

Mr. Davidson was invited to address the Federal Financial Institutions Examinations Council 's annual Trust Conference in August 1994. His topic was "An Examiner's Guide To Limited Partnerships".

Mr. Davidson addressed the 9th Annual Examiner Training Program in June 1994 at Ft. Lauderdale, Florida co-sponsored by the North American Securities Administrators Association and the Florida Department of Banking and Finance . His topic is "The Examiner's Guide To Limited Partnerships".

In May 1994 Mr. Davidson was invited by the Securities Operations Forum to discuss partnership-related issues at a conference entitled "Effective Strategies For Managing And Streamlining Securities Pricing Operations" in New York City.

In May 1994 Mr. Davidson was invited by the South Dakota Bankers Association to lecture on "A Banker's Guide To Limited Partnerships".

In April 1994 Mr. Davidson presented a continuing professional education (CPE) course to the Employee Plans Project Branch of the Internal Revenue Service entitled "An Examiner's Guide To Limited Partnerships" in Washington, DC.

In March 1994 Mr. Davidson lectured on the topic of "Managing Non-Traded Assets In Fiduciary Accounts" at the 1994 Fiduciary Risk Management, Audit and Control Conference sponsored by the American Institute of Certified Fiduciary Services Auditors .

In October 1993 Mr. Davidson gave a presentation entitled "Partnership Valuation and Compliance" to the Annual Conference of the American Society of Pension Actuaries .

In October 1993 Mr. Davidson discussed "Why Investors Need To Know The Fair Market Value Of Their Partnership Interests" with the Direct Investment Committee of the Securities Industry Association .

In September 1993, Mr. Davidson gave a presentation entitled "Valuing Non-Traded Assets: Practical Guidelines" to the Virginia Bankers Association .

In June 1993, Mr. Davidson made presentations on "Non-Traded Asset Valuation" at both the Eastern and Western Regional Conferences of the American Society of Pension Actuaries .

In May 1993, Mr. Davidson presented a seminar on partnership valuation issues to examiners in the Chicago and Cleveland Regional Offices of the Federal Reserve Bank .

Also in May 1993, Mr. Davidson gave a lecture at the Michigan Bankers Association 's Trust Operations Conference on partnership compliance and management.

In March 1993, Mr. Davidson addressed the Bank Administration Institute's National Trust Audit and Compliance Conference . His topic was "Limited Partnerships: A Compliance Workshop".

In January 1993, Mr. Davidson presented a lecture to the investigative staff of the Boston Regional Solicitors' Office of the U. S. Department of Labor's Pension and Welfare Benefits Administration on the subject of "Valuation of Partnership Interests"

In November 1992, Mr. Davidson was a panelist at a National Leased Housing Association conference on "The Mature Section 8 Project: Buying, Selling, Refinancing and Managing". He discussed "The Market For Partial Interests In Section 8 Projects".

In October 1992, Mr. Davidson addressed the Annual Conference of the American Society of Pension Actuaries . His topic was "Partnership Valuation & Compliance: A Road Map Through The Thicket".

In October 1992, Mr. Davidson was invited to address the 17th Annual Workshop of the National Trust Closely Held Businesses Association . His remarks covered a wide range of partnership-related topics.

In August 1992, Mr. Davidson presented a training session for the Employee Plans Project Branch of the Internal Revenue Service in Washington, DC; focusing on techniques to identify improperly valued partnership interests.

In August 1992, Mr. Davidson conducted an examiner training session for the Federal Reserve Bank of San Francisco , covering partnership valuation, compliance and audit issues.

In June 1992, Mr. Davidson addressed the annual convention of the National Leased Housing Association on the subject of "Buying and Selling Partnership Interests in Subsidized Housing Partnerships".

In May 1992, Mr. Davidson was a featured speaker at the 26th Annual Convention of the National Institute of Pension Administrators . He discussed "Partnership Valuation and Compliance".

In May 1992, Mr. Davidson addressed the Retirement Industry Trust Association . His topic was "Recent Regulatory Developments Affecting Retirement Plans Holding Partnership Interests".

In March 1992, Mr. Davidson was a speaker at the Bank Administration Institute 's National Trust Audit & Compliance Conference in Orlando, Florida. His topic was "Partnerships and Compliance: A Road Map Through The Thicket".

In June 1991, Mr. Davidson was a featured speaker at the Regional Appraisal Conference, sponsored by the Washington DC Metropolitan Area and Maryland Chapters of the Appraisal Institute . His topic was "Appraisal of Fractional Interests".

Articles By Mr. Davidson

"Business Appraisals Sell More Life Insurance" appeared in the December 2001/January 2002 issue of Insurance Marketing.

"Sell More Life Insurance By Selling Business Appraisals First" was published in the October 2001 issue of the National Underwriter Life & Health/Financial Services Edition.

"Mispriced Private Securities - A Ticking Time Bomb" was published in the December 1998 issue of the American Bankers Association's Trust Letter.

"Why Private Securities Must Be Priced" was published in the March/April 1998 issue of Trusts & Investments, published by the American Bankers Association.

"Before Computerizing Your Business, Read This" appeared in Financial Services Industry Trends (Issue No. 57), published by the American Bankers Association.

"Hang Ten! How Trust Operations Professionals Can Use The Internet Today" was published in the February-March 1996 issue of Trust Ops Synopsis.

"Mispriced Partnerships Are Harming Investors" was published in the July/August 1995 issue of Warren, Gorham & Lamont's Personal Financial Planning.

"Valuing Limited Partnerships" was published in the Summer 1994 issue of Employee Benefits Quarterly, published by the American Bankers Association.

"Managing Limited Partnerships From A Trust Operations Perspective" was published in the May/June issue of Trends Magazine, published by the American Bankers Association, as well as the May 1994 issue of the ABA Banking Journal.

"Valuing Partnership Holdings In ERISA Accounts" was published in the November 1993 issue of Trust Regulatory News.

"Valuation of Non-Traded Plan Assets" was published in the February 1993 issue of The Pension Actuary, the monthly journal of the American Society of Pension Actuaries. The same magazine published an article entitled "IRS Targets Improper Plan Asset Valuations" in the March 1992 issue.

"Valuation of Fractional Interests in Real Estate Limited Partnerships" was published in the April, 1992 issue of the Appraisal Journal, a quarterly publication of the Appraisal Institute.

"Valuing and Selling Limited Partnership Assets" was published in the March/April 1992 issue of the American Bar Association's Probate and Property.

"New DOL Regulation Affects Plans Holding Limited Partnership Interests" as published in the January 1992 issue of Pension World.

"How To Manage Your Client's Limited Partnership Assets" appeared in the Winter 1992 issue of the American Bankers Association's Employee Benefits Quarterly. Substantially the same article appeared in the winter 1992 issue of Plan Horizons, published by the National Association of Plan Administrators.

Articles by Mr. Davidson about the limited partnership secondary market have appeared in several real estate magazines and newsletters.