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May 9, 2006 – The Professional Risk Managers’ International Association (PRMIA), a worldwide nonprofit association of over 33,000 risk managers from 168 countries, has named Elizabeth Castagna as PRM™ Candidate of the Year for 2006. Castagna is Senior Manager, Investment Compliance Control at Fidelity International, Ltd. in Bermuda. The award, established in 2004, is the certification program’s most prestigious.

The PRM Candidate of the Year is selected from the top performers among all risk managers who passed PRMIA’s rigorous PRM certification examination during 2005. The winner is then chosen by a panel of leading risk management experts who review answers to five standard essay questions and interview each finalist.

"Every year we are impressed by the caliber of risk professionals that are pursuing and attaining the PRM designation," said David R. Koenig, PRMIA executive director. “This year’s award nominees, the best of the best, were exceptional. While the challenge to select only one winner was significant, we are thrilled to be giving this year’s award to Beth Castagna, who was the one to most differentiate herself across all of our evaluation criteria.”

Castagna is responsible at Fidelity International, Ltd. for managing derivative exposure monitoring. She conceived, developed and implemented a derivative and complex structured instrument monitoring system applied across approximately 1000 retail UCITS 3 mutual funds, pension schemes and other investment fund products with assets under management in excess of $275 billion. She is a founding member of Fidelity Derivatives Working Group which analyses and prepares the way forward in terms of operations, permissibility and policy for trade in new derivatives strategies and structured instruments. During her tenure she established the internal audit program for the investment compliance division which emphasizes preventive as well as detective controls. Honoring the value of education, she instituted a derivatives training program to empower staff. Prior to her work with Fidelity, Castagna served as Vice President, Senior Enterprise Risk Analyst at the Bank of Bermuda, Ltd and held posts with Crestar Bank, the Federal Reserve Bank of Richmond, Cambridge Meridian Associates and Bank of Boston, where she began her career in 1988. She has earned a B. A. in Economics from Randolph-Macon Woman’s College in Lynchburg, Virginia and attended the University of Pennsylvania, Wharton School of Business.

“Beth Castagna has demonstrated an outstanding command of both the technical and organizational aspects of risk management,” said David Rowe, co-Chair of PRMIA’s Education and Standards Committee and Group EVP for Risk Management at SunGard. “Her insights were evident on all three aspects of the selection process, namely in the technical multiple choice exam, in her written essays and in her oral interview. Beth represents an outstanding example of the best talent in the emerging risk management profession.”

"As a PRM examiner, I was most impressed by the level of insight displayed by many of the candidates. Elizabeth Castagna demonstrated not only insight, but also a rare ability to communicate risk in a precise yet light-hearted manner, in a manner accessible to a wider audience. Risk communication is a core competency for the modern risk manager, and these skills were evident in abundance,” said Oscar McCarthy of Lloyds TSB Group Treasury and the PRMIA Education and Standards Committee.

Castagna commented on receiving the award, "I am extremely honored to be selected 2006 Professional Risk Manager Candidate of the Year. Considering that what began as an effort to simply expand my knowledge has resulted in such an award is humbling. Particularly, when viewed against the extraordinarily impressive quality of the other candidates. My sincere thanks to PRMIA and the judges who are doing so much to advance risk management best practices. ”