Whos who

2007 | 2008

CFA - the Ultimate Distinction in Investment Management Profession

A globally recognized designation of professional excellence conferred by CFA Institute

Armau Octavian is Management Board member and Finance Director of Sdzucker Moldova S.A, which is a subsidiary of the German company Sdzucker AG - the largest sugar producer in Europe. Sdzucker Moldova S.A. is located in the Republic Moldova where it has three sugar factories. Octavian started his career in business consulting industry. Phone: +3732 69 102 831 Email: armasu@yahoo.com

First awarded in 1963 in the USA to 268 investment analysts

Arsene Carmen is a Senior Analyst in the Research department of CA IB Securities Romania, covering stocks in the utilities, real estate and retail sectors. Previously, she worked in investment banking. Phone: +40 745 040 077; +40 21 206 46 97 E-mail: arsenec@ca-ib.com

More than 120,000 investment professionals from more than 160 nations enrolled for the 2007 examinations

Global network of more than 76,000 charterholders

Bilaus Bogdan is Investment Manager at Raiffeisen Asset Managemet SA. He has a graduate degree in financial institutions management from Georgetown University and University of Wisconsin. He started his collaboration with Raiffeisen Bank in May 2003, as a Financial Analyst within Assets and Liabilities Management Department. His experience of 6 years in finance and banking includes a Consultant position with Shore Bank Chicago and a Senior Auditor position with Ernst & Young Romania. Phone: +40 21 306 17 13; +40 729 044 386; Fax: +40 21 312 05 33; E-mail: bogdan.bilaus@rzb.ro
Whos who
2007 | 2008

Benefits of the CFA Program

Competitive Advantage Demonstrates your firms commitment to knowledge and high ethical standards Meets investors selection criteria for the firms and individuals who manage their financial assets

Braun-Erdei Horia is currently Head of Division in the National Bank of Romania's Macroeconomic Modeling and Forecasting Department, coordinating the team responsible for developing and maintaining the Bank's policy analysis and medium-term forecasting model. He has been working within the National Bank since 2002, the same year he has received his MA degree in Economics from the Central European University in Budapest. Phone: +40 723 966 963 E-mail: Horia.Braun@bnro.ro; horibraun@yahoo.com

Global Reputation The global investment community at large recognizes the CFA designation as a symbol of professional excellence.

Bunea Emilia is Chief Finance Officer and Vice-CEO of the Interamerican group of companies in Romania, that include Interamerican Romania Insurance and the Euroclinic Hospital, all subsidiaries of Eureko BV, the largest insurance company in the Dutch market. Emilia has previously worked in private equity and investment banking. Phone: +40 723 165 511 E-mail: emilia.bunea@interamerican.ro

Buzuloiu Carmina has extensive experience in investment banking (four years) and equity analysis (four years). She was involved in the execution of high profile M&A transactions (Petrom privatisation, utilities privatisation) and flagship capital market transactions (A&D Pharma London GDR listing, Flamingo IPO, and numerous purchasing public offers). Recently she has taken over group responsibilities in corporate finance and investor relations at A&D Pharma, Romanias leading pharmaceutical wholesaler and retailer. Phone: +40 728 188 110 E-mail: Carmina.Buzuloiu@adpharma.ro
Whos who
2007 | 2008

Employers with Largest Numbers of CFA Charterholders

Cabat Dragos is Risk Management Director with OTP Bank Romania, a subsidiary of the largest banking group in Hungary. Previously, Dragos worked with Unicredit Romania, and held positions in investment banking and private equity. He is a longstanding Board member and past President of CFA Romania, and member of the Professional Development Committee of the CFA Institute. Phone: +40 722 631 319 E-mail: dragos.cabat@otpbank.ro

ABN Amro Allianz AG Bank of America Corporation Barclays Group

JP Morgan Chase &Co Lehman Brothers Marsh & McLennan Companies inc Mellon Financial Corporation

BMO Financial Group Merrill Lynch & Co, Inc CIBC Morgan Stanley Citigroup Credit Suisse Group Deutsche Bank Group Fidelity Investments The Goldman Sachs Group HSBC ING Group NV PriceWaterhouseCoopers International Ltd Royal Bank of Canada Scotiabank Group TD Bank Financial Group UBS Wachovia Corporation

Calugaritoiu Andreea is Associate with CA IB Romania, subsidiary of CA IB Corporate Finance Beratungs, member of Unicredit Group - Experience in investment banking and corporate banking. Phone: +40 723 218 829 E-mail: andreea.calugaritoiu@ca-ib.com; calugaritoiu@yahoo.com

Cpitanu Victor is a partner at Capital Partners, and investment banking firm. He has previously worked as relationship manager for Banc Post, one of the largest banks in Romania, and for Alpha Bank Romania. Phone: +40 726 141 540 E-mail: victor@capitalpartners.ro

Whos who
2007 | 2008

CFA Institute Mission

Codirlasu Adrian in FX options dealer with ING Bank. Previously he worked as a senior economist with the National Bank of Romania. E-mail: adrian.codirlasu@ingromania.ro

To lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence.
Cretu Ana Maria is Senior Sales Manager within Middle Market Companies Department of Unicredit Romania, which is owned by Unicredit Group one of the largest European banking group. Ana Maria has previously worked in commercial banking field. Phone: +40 21 200 16 67; +40 21 200 16 62 E-mail: anamaria.cretu@unicredit.ro

Darie Mihai is Director of Credit Restructuring & Recovery Directorate with Raiffeisen Bank Romania. Mihai has 7+ years of work experience, out of which 2 years with Raiffeisen Bank and 4 years in Corporate Finance consulting with BDO Conti Audit - member firm of BDO Global. He is a Chartered Financial Analyst (CFA) since 2004 and ACCA Member since 2006; Mihai also holds an EMBA diploma from Asebuss since 2004. Phone: +40 727 727 834 E-mail: mihai.darie@rzb.ro

Whos who
2007 | 2008

CFA Institute Members

C F A In s t it u t e M e m b e r s h ip G r o w t h

1 0 0 ,0 0 0 8 0 ,0 0 0 6 0 ,0 0 0 4 0 ,0 0 0 2 0 ,0 0 0 0 1998 1999 2000 2001 2002 2003 2004 2005 2006

Drago Cristian is currently Sales & Marketing Leader with GE Money Romania (the financial services arm of General Electric). Main areas of expertise include retail and commercial banking. He teaches Money & Financial Markets at the City University MBA Program / Romanian Banking Institute. Cristian holds an MBA degree from Rollins College (USA, 1999) and a degree in Aerospace Engineering from Politehnica University of Bucharest (1994). He is a CFA charterholder since 2001 and served as President of the Romanian Society between 2004-2006. E-mail: cdragos42@yahoo.com

CFA Institute Members Industry Classification (% )

Government/ Reg. Agency Foundation Insurance Consulting Firm Other Banking Investment/ Mutual Fund Investment Banking 0 5 10 15 20 25 30 35

Hodea Cristina is Group Controller of NCH group of companies in Romania. Her attributions are to improve internal control of over 25 companies in the group, but she was also involved in strategy development, business restructuring, change management. For many years Cristina acted as member in the board of directors of about 10 companies in various industries. She also worked in equity research for Bucharest Equity Research Group, the first rating company in Romania. Phone: +40 744 653 483 E-mail: hodea@rdslink.ro Ilie Rodica is Manager in the Risk Advisory Services department of Ernst & Young, Bucharest. She has previously worked for Citigroup Asset Management in Tokyo. Her expertise is in investment management and risk. Phone: +40 724 332 410 E-mail: rodicai@hotmail.com

Whos who
2007 | 2008

CFA Romania
A fast growing professional Society with 64 regular and affiliate members working in banking, insurance, investments, and industrial companies; One of the 134 member societies of CFA Institute in 55 countries around the world; A recognized voice in the investments field.

Ion Mihail-Catalin, PhD, CFA is the President of the Board of Directors and CEO of Raiffeissen Asset Management SA and university lecturer of Academy of Economic Studies Bucharest. In the last 5 years he coordinated the Economic Research Department and then Assets and Liabilities Management Department within Raiffeisen Bank Romania. Phone: +40 21 306 17 10; +40 723 265 070 E-mail: mihail.ion@rzb.ro

Ivascu Marian is a finance professional with a career spanning both business expansion and corporate recovery. Assignments include businesses backed by Western banks and multinationals quoted on NYSE, LSE, German and Austrian Stock Exchanges. Marian is an MBA graduate of INSEAD and holds several professional designations. E-mail: marianiv@gmail.com

CFA Romania - Our Mission

Macovei Dorian is an Investment Manager with TRG AM (www.trgusa.com), an asset management company headquartered in Boston, MA. As part of the team deployed to manage a Private Equity Fund with investments across CEE Region, is responsible for the Fund Administration and a number of portfolio companies. His previous experience includes private equity and special situations, turnaround consulting and financial advisory. Phone: +43 676 860 504 02 E-mail: dmacovei@trgusa.com

To establish and promote the highest educational and professional standards in the professional practices of financial analysis investment management, securities analysis and other similar professions (collectively, the Investment DecisionMaking Process), according to the Code and standards.

Whos who
2007 | 2008

CFA Romania - Our Values

Lupu Dan is an Investment Executive with SigmaBleyzer, a US based Private Equity fund manager with operations in Romania, Bulgaria and Ukraine. Previously Dan worked as an Equity Research Analyst. Tel +40 722 344 146 E-mail: dlupu@sigmableyzer.com

Professional Excellence

Integrity
Macoveiciuc Liviu currently holds the position of New Products Implementation Manager at ABN AMRO Bank (Romania) S.A., where he is responsible for process design, implementation and control of new treasury products (eg. derivative financial instruments). Liviu has previously worked in the professional services industry as an auditor of financial institutions and has gained extensive experience in the financial markets working within a large foreign banking group with local presence. He is also an ACCA affiliate in course of obtaining full membership. Phone: +40 722 502 485 E-mail: liviu.macoveiciuc@ro.abnamro.com Mandache Dragos is a Corporate Development Analyst at Ficosa International (http://ficosa.com), a multinational Tier I supplier of auto parts. Dragos has previous work experience in securities trading, audit, and consulting. He earned his MBA from IESE Business School in 2005, and he is fluent in English and Spanish. Phone: +34 667 927 926 E-mail: dmandache@yahoo.com

Strength of Community and Cooperation

Volunteer Service

Whos who
2007 | 2008

Achieving Our Goals: Excellence

Organize seminars and workshops on various topics of interest to investment professionals in Romania;

Mitroi T. Adrian, CFA, MBA is board member, former President, Treasurer and Secretary of the CFA Romania. He also served as CFA Program Grader and Standard Setter with CFA Institute. He teaches with Academy of Economic Studies in Bucharest courses on Portfolio Management and Behavioral Finance. He worked in commercial banking, private equity and investment management. Phone +40 722 292 599 E-mail: Adrian.mitroi@gmail.com

Invite guest speakers from the US and Europe to lecture on hot topics in finance in front of Romanias top experts;

Deliver educational information on the CFA program to members and candidates;

Raise standards of education and competence on the financial industry in Romania;

Mitu Stelian is the Investment Director of European Future Group, an innovative property development company with offices in London and Bucharest. Previously, Stelian was for 7 years the investment manager for NCH Advisors, generating and supervising $200+ million investments in companies now merged as Winmarkt, Romarta, Vel Pitar, and others. Stelian was a board member in major Romanian companies like Sicomed, Terapia, Romlux or Anticorosiv. For a brief period Stelian was as well a senior analyst for Spelman Research, a leader in US independent equity research. Stelian obtained his MBA degree Magna Cum Laude in 1997 and CFA charter in 2003. E-mail: s.mitu@europeanfuturegroup.com Nicolescu Raluca is Head of Financial Analysis & Rating Department with Raiffiesen Bank Romania, part of Raiffeisen Group, a large Austrian banking group acting on the CEE market. Previously, Raluca accumulated experience in financial sector, working for both commercial and investment banks. Tel: 0040 722 353 280 E-mail: ralucanicolescu@b.astral.ro

Offer at least 5 scholarships every year to CFA candidates;

Develop a library with educational materials and books;

Whos who
2007 | 2008

Achieving Our Goals: Integrity

Oancea Cornelia is a Private Equity Director at New Europe Capital, the investment advisor to Reconstruction Capital II, an investment fund listed on the AIM Stock Exchange having total net asset value of EUR 65 million. Cornelia has previously worked in listed equity research and sales and investment banking. Phone: +40 723 513 795 E-mail: corneliao@neweuropecapital.com

All CFA charterholders abide to a strict code of professional and ethical standards;

Their conduct is monitored directly and continuously by the Society, while each members signs annually a professional conduct statement;

Ogrinja Manuela is senior reseach analyst with EFG Eurobank Securities in Bucharest, a subsidiary of EFG Eurobank Group. Her experience also includes capital markets special transactions (public offerings, private placements), investment banking and corporate finance. Phone: 0744 754 606 E-mail: mogrinja@efgfinance.ro

CFA Institute Performance Presentation standards gain growing global acceptance, being recognized as the national standard in many countries.
Sorin Adrian Petre is Senior Manager with the PwC Bucharest Advisory Services department, specialized in valuations, financial and economic feasibility studies and preparation of business plans. Within the Advisory department he is responsible with Valuation & Strategy services. He has extensive experience in valuations, being involved in a significant number of valuation projects related to business valuation, tangible and intangible valuation and valuation for financial reporting (including PPA projects).

DATE CONTACT!
Whos who
2007 | 2008

Achieving Our Goals: Cooperation

Popescu Mugur is a Resident Vice President at Citibank Romania SA managing relationships with large corporate customers and he is also member of the Credit Commitee. He has previously worked in investment banking for Raiffeisen Capital and Investment and Expandia Finance. Phone: + 40 744 515 718 E-mail: mugur.popescu@citigroup.com

Most of our programs address the investment community as a whole;

Through members and CFA candidates, we extend our reach to top employers in Romania;

Popovici Felicia is Vice-president and Deputy CEO at Raiffeisen Asset Management - the asset management arm of the Austrian Raiffesien Group in Romania - and is responsible for risk management and performance measurement. Felicia has more than 10 years experience in the capital markets, previously working for Raiffeisen Capital and Investment in investment banking. Phone: 0040722384609 E-mail: felicia.popovici@rzb.ro

We recognize and encourage the strength of cooperation between investment professionals in Romania.

Radu Iuliana is Financial Analyst in the Asset&Liability Management Department of Raiffeisen Bank, which is the Romanian branch of Raiffeisen International Bank-Holding AG. Her experience relates to managing the banks liquidity and interest rate risk positions. She previously worked within the Treasury Research Department of Raiffeisen Bank. Phone: +40 724 799 222 E-mail: iuliana.radu@rzb.ro

Whos who
2007 | 2008

Achieving Our Goals: Volunteering

Revenko Sorin has over 10 years of experience working with American and European professionals in venture capital investments, project management, and business development. He has been employed for almost 5 years with Agriplan Consultants B.V., a Dutch company that implements various investment projects in Central and Eastern Europe. Sorin also holds a Doctor degree in Mathematics. Phone: +37 369 120 969 E-mail: sorin_revenko@yahoo.com

CFA Romanias activity and management, like those of the CFA Institute, rely on volunteer contribution from its members;

Giving back to the profession - the core of our beliefs and practice;

Our volunteers take active stances on advocacy issues, training programs, seminars, conferences, and management of the association.

Roca Mirela is working as Principal Financial Analyst in the Black Sea Trade and Development Bank (BSTDB), an IFI located in Thessaloniki, Greece, which finances development projects in its eleven member countries. In the finance sector, Mirela has previously worked as analyst with the Romanian-American Enterprise Fund and Creditanstalt Securities, Romania. Before receiving an MBA degree in finance from the Tulane University, USA, she worked in the power sector, as a quality assurance engineer for the Nuclear Power Plant, Romania. Phone: +30 231 029 04 93; E-mail: mrosca@bstdb.org

erban Sorin is VP Risk Management & Lending of OTP Bank Romania, the Romanian banking subsidiary of the largest Hungarian bank. Sorin has over 10 years banking experience mostly with Citibank and ING both in sales and risk management positions. PHONE: +40 21 307 57 00 / 104; +40 727 220 897 E-MAIL: sorin.serban@otpbank.ro

Whos who
2007 | 2008

Annual Events Plan

CFA Charter Award ceremony Annual Meeting Speaker retainer conferences, including webcasts Forecast dinner Post-exam party Scholarships for the CFA exams candidates.

Srbu Radu is Product Manager in the Structured Finance Department of UniCredit Romania bank, the local subsidiary of the the main banking group in CE Europe and the sixth largest in Europe - UniCredit. He had previously worked in financial advisory services and rating-based financial analysis. Phone: +40 744 542 530 E-mail: radu.sirbu@unicredit.ro

Sebastian Tcaciuc is an associate with Advent International, the global private equity group, where he is a member of the Central European buyout team, focusing on later-stage investments in industries experiencing significant regional growth or consolidation. His previously worked in banking, equity markets and asset management. Sebastian holds a masters degree in economics. E-mail: stcaciuc@adventinternational.com

Toader Cristiana is Senior Analyst at Altria Capital, a local investment banking boutique. Her area of expertise includes mergers & acquisitions, valuations, business plans and financial modeling. She is also a member of the National Association of Romanian Valuators (ANEVAR). E-mail: cristiana_toader@yahoo.com

Whos who
2007 | 2008

How to Contact Us

Website hosted on the CFA Institutes site (www.cfainstitute.org) Address Nerva Traian 7, Bl. M66, apt. 27, sector 3 Contact person Emilia Bunea, President of CFA Institute E-mail: emilia.bunea@interamerican.ro Mobile: 0040723165511

Trifu Anca works as a Financial Analyst at RED Management Capital, an investment company created to initiate and develop large scale real estate projects in South Eastern Europe, having as main shareholders the American private equity fund Warburg Pincus and the Spanish fund GED. She has extensive experience in investment analysis, having previously worked for the American fund Broadhurst in two of its companies - Vel Pitar, in FMCG and Libra Bank. She received in 2003 a MS degree in Financial Markets from DOFIN, ASE. Phone: +40 748 222 605 E-mail: anca.trifu@redprojects.com Vlad Sorin Constantin is a Senior Planning and Business Development Analyst of Phlip Morris Romania, a subsidiary of Altria Group Inc, the parent company of Kraft Foods, Philip Morris USA and Philip Morris International. Sorin holds a Masters in Banking and Finance from the University of Lausanne and has working experience in finance, strategy and planning areas. E-mail: Sorin.Vlad@pmintl.com

Vladila Ioana is Head of Research and Sales with EFG Eurobank Securities in Bucharest, a subsidiary of EFG Eurobank Group, the second largest banking group in Greece. Previous experience includes investment banking, corporate finance and advisory services. Phone: +40 745 040 070 E-mail: ivladila@efgfinance.ro

Whos who
2007 | 2008