CFA ® Program 1 Chartered Financial Analyst ® A Symbol of Integrity and Professional Excellence ®

CFA ® Program 2 Chartered Financial Analyst ® “Whereas there are tens of thousands of finance degrees available around the world, ranging from the excellent to the worthless, there is only one CFA, managed and examined by an American association of financial professionals, the CFA Institute. It used to be just an American qualification. But explosive growth has made it, in effect, global currency.” The Economist Feb. 26-Mar 4, 2005

CFA ® Program 3 Chartered Financial Analyst ® U.S. Department of Labor Occupational Outlook Handbook recommends CFA certification for those pursuing careers as Financial Analysts and Personal Financial Advisors. See Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Edition, Financial Analysts and Personal Financial Advisors, on the Internet at (visited April 18, 2006).

CFA ® Program 4 Chartered Financial Analyst® CFA charterholders or candidates in the CFA program are to be favored Switzerland

CFA ® Program 5 Benefits of the CFA Program Respect and Credibility Most common occupations of CFA charterholders CEO/Principal Investment Counselor Chief Investment Officer Investment Firm Manager Equity Analyst Portfolio Manager Fixed Income Analyst Portfolio Strategist Investment Banker Sales/Marketing Professional

CFA ® Program 6 Benefits of the CFA Program Opportunity – Top 24 Employers Bank of America Mellon Financial Corporation Barclays Merrill Lynch & Co., Inc. BMO Nesbitt Burns, Inc. Morgan Stanley CIBC World Markets Northern Trust Corporation Citigroup PricewaterhouseCoopers Credit Suisse Group Prudential Financial Deutsche Bank Putnam Investments Fidelity Investments RBC Financial Group Goldman Sachs Scotia Capital ING Groep N.V. State Street J.P. Morgan Chase & Co. UBS AG Lehman Brothers Wellington Management

CFA ® Program 7 Global Passport: The CFA Charter Members’ and Candidates’ Locations 81,464 Members and 116,598 Candidates Worldwide* United States & Canada Members: 58,690 Candidates: 52,040 Europe Members: 10,788 Candidates: 17,462 Asia & Mainland China Members: 941 Candidates: 13,663 Latin America Members: 859 Candidates: 2,028 Pacific Asia Members: 8,569 Candidates: 25,722 Africa & Middle East Members: 1,607 Candidates: 5,668 * as of March 15, 2006

CFA ® Program 8 Registering for the CFA Program Bachelor’s Degree Requirement Candidates’ Highest Degree 66% 31% 1%2%

CFA ® Program 9 What is the CFA Program? Three Levels and Three Exams Level I – Knowledge and comprehension of fundamental investment tools and concepts Level II – Application and analysis focused on asset valuation Level III – Synthesis and evaluation of client needs and portfolio management issues Ethical and professional standards are emphasized at every level.

CFA ® Program 10 The CFA Course of Study CFA Body of Knowledge ™ Ethical and Professional Standards Quantitative Methods Economics Financial Statement Analysis Corporate Finance Analysis of Equity Investments Analysis of Debt Investments Analysis of Derivatives Analysis of Alternative Investments Portfolio Management and Performance Presentation Investment Tools Asset Valuation

CFA ® Program 11 The CFA Examinations 2006 Exam Format Multiple Choice Item Set (Objective) Constructed Response (Essay) Level I ● 100% Level II ● 100% Level III ● 50% ● 50%

CFA ® Program 12 Registering for the CFA Program CFA Charter Requirements Sequentially pass Level I, II, and III exams Have four years of acceptable work experience* Provide professional references (Level III) Join CFA Institute as a member and apply for membership in a local CFA Institute society Submit professional conduct statement *50% of your time must be spent in the investment decision-making process (as defined by CFA Institute).

CFA ® Program 13

CFA ® Program 14 The CFA Examinations Historic Pass Rates Pass Rates: 2006Pass Rates: % 52% 68% 40% 48% 76%

CFA ® Program 15 Registering for the CFA Program 1st Year Program Costs – 2006 Approximate Costs for New Level I Candidates Registration fee to enter CFA ProgramUS $375 Enrollment fee for Level I examination US $360 Level I Materials (required readings) US $350 Approximate Total Costs for Level I US$1,085 *Registration & Enrollment by 1 st fee deadline. * *

CFA ® Program 16 Scholarships for the CFA Program Three Scholarship Programs Student Scholarships – For New Level I Only* Awarded by qualified CFA charterholder full-time faculty members Faculty Scholarships – Available for Any Level* Awarded to qualified full-time faculty directly by CFA Institute Society Scholarships – Available for Any Level* Awarded to qualified candidates by local CFA Institute society * Registration fees waived – candidate pays US$150 for enrollment

CFA ® Program 17 Registering for the CFA Program Important Deadlines June 2007 Examinations (Levels I, II, & III)* 15 September 2006 – Early registration deadline 15 February 2007 – Second deadline 15 March 2007 – Final deadline December 2007 Examinations (Level I only)* March 2007 – Early registration deadline August 2007 – Second deadline September 2007 – Final deadline * Check the CFA Institute website for the most recently-announced dates.

CFA ® Program 18 For more information about the CFA Program and to register, visit: Access to a CFA candidate self-assessment test Access to the current Body of Knowledge Information on how to purchase curriculum materials CFA exam FAQs