©

2010 Broadridge Financial Solutions, Inc.

Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.

November 4, 2010

Earnings Webcast & Conference Call

First Quarter Fiscal Year 2011

Broadridge Financial Solutions, Inc.

Exhibit 99.2

1

Forward-Looking Statements

This presentation and other written or oral statements made from time to time by representatives of Broadridge may

contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 

Statements that are not historical in nature, such as our fiscal year 2011 financial guidance, and which may be identified

by the use of words like “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other

words of similar meaning, are forward-looking statements.  These statements are based on management’s expectations

and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those

expressed.  These risks and uncertainties include those risk factors discussed in Part I, “Item 1A.  Risk Factors” of our

Annual Report on Form 10-K for the fiscal year ended June 30, 2010 (the “2010 Annual Report”), as they may be updated

in any future reports filed with the Securities and Exchange Commission.  Any forward-looking statements are qualified in

their entirety by reference to the factors discussed in the 2010 Annual Report.  These risks include: the success of

Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; the pricing of

Broadridge’s products and services; changes in laws and regulations affecting the investor communication services

provided by Broadridge; declines in participation and activity in the securities markets; overall market and economic

conditions and their impact on the securities markets; any material breach of Broadridge security affecting its clients’

customer information; the failure of Broadridge’s outsourced data center services provider to provide the anticipated levels

of service; any significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s

services; Broadridge’s failure to keep pace with changes in technology and demands of its clients; Broadridge’s ability to

attract and retain key personnel; the impact of new acquisitions and divestitures; and competitive conditions.  Broadridge

disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events

or otherwise. 

This presentation may include certain Non-GAAP (generally accepted accounting principles) financial measures in

describing Broadridge’s performance. Management believes that such Non-GAAP measures, when presented in

conjunction with comparable GAAP measures provide investors a more complete understanding of Broadridge’s

underlying operational results.  These Non-GAAP measures are indicators that management uses to provide additional

meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting

for future periods. These measures should be considered in addition to and not a substitute for the measures of financial

performance prepared in accordance with GAAP. The reconciliations of such measures to the comparable GAAP figures

are included in this presentation.  

2

Today’s Agenda

Opening Remarks and Key Topics

Rich Daly, CEO

First Quarter Fiscal Year 2011

Dan Sheldon, CFO

Results and Full Year Guidance

Summary and Closing Comments

Rich Daly, CEO

Q&A

Rich Daly, CEO

Dan Sheldon, CFO

Rick Rodick, VP Investor Relations

Closing Remarks

Rich Daly, CEO

3

Opening Remarks

Key Topics:

Financial performance

Closed sales performance

Key strategic initiatives update

Regulatory update

4

Financial Performance

Revenues for the quarter were down 4%, but in line with the low

end of our range

Driven primarily by lower event-driven revenues, partially offset by revenues

from sales less losses (“net new business”) and acquisitions

Diluted earnings per share from continuing operations were

down from last year, as expected

Primarily due to the decline in event-driven revenues, coupled with costs

related to strategic initiatives and acquisitions

Acquired NewRiver, Inc. in August 2010

NewRiver

is a leader in mutual fund electronic investor disclosure solutions

Opportunistically repurchased approximately 4.5M Broadridge

shares during the first quarter at an average price of $20.91 per

share

5

Closed Sales Performance

Closed sales for the quarter were $24M

Recurring revenue sales increased 94% to $17M

•

SPS

sales more than doubled

•

ICS sales were up almost 30%

Event-driven sales were down from last year, as expected

Sales pipeline continues to have very good momentum and

contains large opportunities for both segments

Full year closed sales guidance remains at $160-215M

6

Key Strategic Initiatives Update

All major strategic initiatives are on track

Morgan Stanley Smith Barney (“MSSB”)

Progressing significantly into the two-year transition

Excellent quality survey scores

On track to achieve revenue and profitability goals during fiscal

year 2012

Penson/Outsourcing

Implementation on track to achieve revenue and breakeven

targets in fiscal year 2012

IBM

Data center conversion in early stages of implementation

Sales opportunities in the sales pipeline related to the business

alliance

7

Regulatory Update

The Securities and Exchange Commission (“SEC”) issued its Concept Release on the U.S.

Proxy System on July 14, 2010

Broadridge submitted comments on the following topics (1):

Vote accuracy

•

Accuracy is critical to the U.S. proxy system

•

Vote

accuracy,

process

integrity

and

transparency

goals

have

been

achieved

through

Broadridge’s

leadership

and technology investments

Process efficiency

•

The U.S. proxy system supports the needs of the most efficient and liquid markets in the world

•

Broadridge’s

systems and  technologies, which support the street clearance and settlement environment, create

significant efficiencies for all constituencies involved in the proxy distribution process

Voting participation

•

Effective

participation

requires

the

provision

of

communications

and

voting

in

ways

that

reflect

beneficial

shareholder preferences and choices

•

Broadridge’s

system, in which we have invested >$1 billion, accurately and consistently tracks and applies

shareholder delivery preferences to all investments in investor accounts creating a consistent scalable process

across all issuers

•

Broadridge has pioneered the client-directed voting solution being considered by the SEC in the Concept

Release

–

another

tangible

example

of

how

Broadridge’s

innovations

raise

investor

participation

Broadridge has developed a social network solution that we believe would increase levels

of participation, transparency and efficiency beyond what is viewed as attainable today

Broadridge

has

consistently

identified

ways

to

improve

the

proxy

system’s

accuracy

and

efficiency

First we invest and then we execute

(1)

For

our

complete

comments,

see

http://sec.gov/comments/s7-14-10/s71410.shtml

or

http://www.broadridge.com/comment_letters/

8

Revenue Drivers-

Q1 Results and Forecast FY11 (Continuing Operations) 

Q1 revenues historically have been the lowest quarter and heavily influenced by event-driven activities

Revenue contributions from net new business tracking to our expectations

Internal growth flat as positive contributions from mutual fund interims and fixed income trade volumes offset by lower

equity trade volumes

Event-driven down primarily due to fall off in mutual fund proxies 

Distribution revenues down and tied mostly to event-driven activity

Acquisitions represent positive contributions including Penson, City Networks and NewRiver

Margins are down for the quarter primarily due to fall off in higher margin event-driven revenues and on-boarding of

Penson

and MSSB transactions (impact 460 bps of which approximately two-thirds represent event-driven)  

Actual

Actual

Forecast

1Q11

FY10

FY11

Total Revenue Growth

(4)%

7%

1-4%

Sales (Recurring)

4%

4%

3-4%

Client Losses

(2)%

(2)%

(1)%

Net New Business

2%

2%

2-3%

Internal Growth

(a)

0%

(2)%

0-1%

Event-Driven

(b)

(5)%

4%

(5)-(4)%

Distribution

(5)%

1%

0%

Acq/FX/Other

4%

2%

4%

EBIT Margins

5.5%

15.9%

14.6-15.2%

(a) Internal Growth includes SPS Equity & Fixed Income Trades, ICS Equity & Mutual Fund Stock Record Growth, Transaction

Reporting and Time & Materials

(b) Event-Driven includes ICS Proxy Contest/Specials, Mutual Fund Proxy and Marketing Communications Fulfillment

9

Segment Results & Forecast –

Investor Communication Solutions

As expected, total revenue was down for the quarter due to lower

event-driven activity,

predominantly

mutual fund proxy

Recurring fee revenue for the quarter and full year is on track.

Q1 fueled by net new business,

primarily MSSB, and acquisitions

Sales efforts continue with full year in-line with previous guidance.  Focus remains on new

services where we seek to generate incremental fee revenue of $40-50M adding 3 points to

total revenue growth

Client revenue retention rate continues to be greater than 99%

Internal growth indicators suggest full year contribution to total revenue to remain flat to

slightly positive as stock record growth for both equities and interims was up over prior year

NewRiver

acquisition expected to contribute 1 point to total revenue growth and $8M of EBIT

before $4M of amortization of intangibles and integration expenses 

Projecting event-driven fee range of $220-230M for the year and will have better gauge as to

likelihood of full year range after Q2 

Q1 margins impacted by lower event-driven fees, the carryover dilutive impact of the MSSB

transaction and on-boarding of NewRiver

Revenue/Growth

EBIT/Growth

(Non-GAAP)

Margin/Growth

(Non-GAAP)

Q1:

$280M/ (10)%

$6M/ (73)%

2.3%/ (530) bps

FY11:

$1,641 to 1,682M / (2) to +1%

$271 to 284M / (1) to +4%

16.5 to 16.9% / +20 to +60 bps

10

10

Q1 revenues in line with expectations. Growth driven by contributions from new sales and acquisitions

(Penson

and City Networks) offset by carryover impact from Bank of America Merrill Lynch loss (“BAML”)

Acquisitions adding 9 points of growth for the quarter and expecting 11 points for the year

Net new business starts out slow and expected to begin building in the second half of the year as FY10

and FY11 Q1 sales build in contributions to revenue and loss of BAML begins to have less negative

impact

Internal revenue growth slightly positive in the quarter as higher non-trade revenues and fixed income

volumes were offset by steeper than expected seasonal fall off of equity trade volumes and carryover

impact of prior year concessions

Q1 and full year margins decline as previously discussed in August call, driven by the expected lower

Outsourcing

margin

(transitional

until

Penson

fully

converted)

and

the

slight

dilutive

impact

of

the

City

Networks acquisition in the first year

Excluding the Penson

transaction and the City Networks acquisition, revenues, EBIT, and margins in Q1

were unchanged from the prior year.  We still expect to pick up $14-16M in EBIT from FY11 due to the on-

boarding of Penson

and outsourcing sales as we move into FY12

Low

and

high

revenue

and

EBIT

ranges

primarily

impacted

by

trade

volumes

Segment Results & Forecast –

Securities Processing Solutions

Revenue/Growth

EBIT/Growth

(Non-GAAP)

Margin/Growth

(Non-GAAP)

Q1:

$142M / +9%

$21M / (18)%

15% / (500) bps

FY11:

$589 to 615M / +10 to 15%

$80 to 96M / (19) to (3)%

13.5 to 15.6%/ (500) to (290) bps

11

Broadridge -

FY11 Continuing Operations Financial Guidance Summary

Revenue growth in the range of 1-4%

Closed sales forecast for the year at $160-215M (Recurring $110-150M)

Non-GAAP Earnings before interest and taxes margin of 14.6-15.2%

Diluted Earnings Per Share:

GAAP EPS (continuing operations) in the range of $1.55-1.65

Diluted weighted-average outstanding shares in the range of 128-130M

Free cash flow in the range of approximately $170-220M

Includes increase in investment implementation cost of ~$45M

(Penson/IBM)

Reversal

of

FY10

$30M

additional

contribution

to

working

capital

in

FY11

Guidance

does

not

include

the

effect

of

any

future

acquisitions,

additional

debt and/or share repurchases in excess of the repurchases needed to

be within our 128-130M diluted weighted-average outstanding shares

guidance

12

Summary

The

business

is

staying

the

course

in

this

difficult

market

and

is

charting

a

path

to new clients and product opportunities

Across our product set we have very good momentum, both in new product generation and

successful sales execution

Reaffirmed our full year guidance for earnings and closed sales

We are uniquely positioned to implement any process changes that

the SEC

chooses to implement

Notice & Access and many other rule changes have historically been positive to neutral for

Broadridge

Culture matters

We have tangible proof of having the most engaged associates in our space

The

existing

business

model

and

management

are

positioned

to

execute

on

Broadridge’s

current

product set and build or buy additional mission-critical functions as the industry’s #1 trusted

business partner

Financial strength

Paying a meaningful dividend

Opportunistically repurchasing shares

Low debt leverage ratio

Have the flexibility to look for strategic acquisition opportunities that will enhance the business

13

Q&A

There are no slides during this portion of the

presentation

14

Closing Comments

There are no slides during this portion of the

presentation

15

Appendix

Appendix

16

Segment

Results

&

Forecast

–

Other

&

Foreign

Exchange

(FX)

FY11: 

Corporate Expenses and Investments:

Full year run-rate in the low $20M range,

consisting of corporate expenses, excluding M&A activity, IBM ITO / restructuring

expenses

FX:

Full year low and high ranges assume current rates and forward rates, respectively

1Q11

FY11

Low

High

Interest Expense

$(2)M

$(11)M

$(11)M

Corp. Expenses & Investments

$(6)M

$(28)M

$(35)M

FX

-

P&L

-

Revenue

$0M

$7M

$11M

-

EBIT

$1M

$3M

$6M

-

Transaction Activity

$0M

$0M

$0M

17

Broadridge 1Q from Continuing Operations

Revenue

($ in millions)

EBIT

FY10

FY11

FY10

FY11

Q1

Q1

Q1

Q1

$310

$280

ICS

$23

$6

-1%

-10%

Growth %  /  Margin % 

7.6%

2.3%

$130

$142

SPS

$26

$21

-7%

9%

Growth %  /  Margin % 

19.7%

14.7%

$440

$421

Total Segments

$49

$27

-3%

-4%

Growth %  /  Margin % 

11.1%

6.5%

$0

$0

Other

($3)

($6)

($2)

$0

FX 

*

($1)

$1

$438

$421

Total Broadridge

$45

$23

-4%

-4%

Growth %  /  Margin % 

10.3%

5.5%

Interest & Other

($3)

($2)

Total EBT

$43

$21

Margin %

9.7%

5.0%

Income Taxes

($16)

($8)

Tax Rate

37.4%

36.4%

Total Net Earnings

$27

$13

Margin %

6.1%

3.2%

Diluted Shares

140

130

Diluted EPS (GAAP)

$0.19

$0.10

Diluted EPS Before 1-Times (Non-GAAP)

$0.19

$0.10

*

Includes impact of FX P&L Margin and FX Transaction Activity

18

Broadridge FY11 Guidance from Continuing Operations

Guidance does not take into consideration the effect of any future acquisitions, additional debt and/or share repurchases in excess

of the repurchases needed to be within our 128 million to 130 million  diluted weighted-average outstanding shares guidance.

Revenue

($ in millions)

EBIT

FY10

FY11 Range

FY10

FY11 Range

Actual

Low

High

Actual

Low

High

$1,670

$1,641

$1,682

ICS

$273

$271

$284

9%

-2%

1%

Growth %  /  Margin % 

16.3%

16.5%

16.9%

$536

$589

$615

SPS

$99

$80

$96

-4%

10%

15%

Growth %  /  Margin % 

18.5%

13.5%

15.6%

$2,205

$2,230

$2,297

Total Segments

$372

$351

$380

6%

1%

4%

Growth %  /  Margin % 

16.9%

15.7%

16.5%

$2

$0

$0

Other

($25)

($28)

($35)

$1

$7

$11

FX 

*

$5

$3

$6

$2,209

$2,237

$2,308

Total Broadridge

$352

$327

$350

7%

1%

4%

Growth %  /  Margin % 

15.9%

14.6%

15.2%

Interest & Other

($10)

($11)

($11)

Total EBT

$342

$316

$339

FY11 Range

Margin %

15.5%

14.1%

14.7%

Segments

Low

High

ICS

$85

$115

Income Taxes

($117)

($114)

($127)

SPS

$75

$100

Tax Rate (a)

34.2%

36.2%

37.5%

Total

$160

$215

Total Net Earnings

$225

$201

$212

Margin %

10.2%

9.0%

9.2%

Diluted Shares

139

130

128

Diluted EPS (GAAP)

$1.62

$1.55

$1.65

Diluted EPS Before 1-Times (Non-GAAP) 

(b)

$1.56

$1.55

$1.65

* Includes impact of FX P&L Margin and FX Transaction Activity

Closed Sales

(a) FY10 Full Year Tax Rate of 34.2% is attributable to the release of a valuation allowance on a deferred tax asset relating to tax loss carryforwards of approximately $8M. 

      Excluding the year-to-date benefit the FY10 Full Year tax rate would be 36.5%

(b) FY10 Full Year Diluted EPS Before 1-Times (Non-GAAP) excludes the release of a valuation allowance on a deferred tax asset relating to tax loss carryforwards 

      of approximately $8M (gain reflected in Income Taxes). $0.06 impact to EPS.

19

Cash Flow –

1Q11 Results and FY11 Forecast

Unaudited

(In millions)

Three Months Ended

September 2010

Low

High

Free Cash Flow

(Non-GAAP)

:

Net earnings from continuing operations per GAAP

13

$                            

201

$             

212

$             

Depreciation and amortization (includes other LT assets)

16

65

75

Stock-based compensation expense

6

30

30

Other

-

(5)

5

Subtotal

35

291

322

Working capital changes

(62)

(30)

(25)

Long-term assets and liabilities changes

2

(30)

(20)

Net cash flow (used in) provided by continuing operating activities

(25)

231

277

Cash Flows From Investing Activities

IBM / ITO data center investment  

-

(20)

(15)

Capital expenditures and purchases of intangibles

(7)

(45)

(40)

Free cash flow

(32)

$                           

166

$             

222

$             

Cash Flows From Other Investing and Financing Activities

Acquisitions

(77)

(77)

(77)

Stock repurchases net of options proceeds

(111)

(111)

(176)

Long-term debt repayment

-

-

-

Dividends paid

(19)

(76)

(76)

Other (includes Disc Ops)

7

9

9

Net change in cash and cash equivalents

(232)

(89)

(98)

Cash and cash equivalents, at the beginning of year

413

413

413

Cash and cash equivalents, at the end of period

181

$                          

324

$             

315

$             

FY11 Range

(a)

(a) Guidance does not take into consideration the effect of any future acquisitions, additional debt and/or share repurchases in excess

of the repurchases needed to be within our 128 million to 130 million diluted weighted-average outstanding shares guidance.

20

Closed Sales to Revenue Contribution

Closed Sales Stats:

Recurring

•

Both ICS and SPS trending toward

longer revenue recognition cycle

•

Larger strategic deals could take 12-

24 months to convert

Event-Driven

•

Majority usually recognized during

the year the deal closed

•

Sales are less predictable

dependent on size of the client

Revenue contribution could be +/-5%

each year depending on the

complexity of the conversion

($ in millions)

Forecast

Recurring

FY09

FY10

FY11

ICS

$55

$80

$35-50

~

Revenue

Contribution

Year

55%

35%

10%

50%

40%

10%

35%

40%

25%

SPS

$40

$40

$75-100

~ Revenue Contribution Year

25%

50%

25%

10%

50%

40%

5%

45%

50%

Event-Driven

$45

$55

$50-65

~ Revenue Contribution Year

70%

10%

20%

80%

10%

10%

60%

20%

20%

Total Closed Sales

$140

$175

$160-215

~ Revenue Contribution Year

50%

30%

20%

50%

30%

20%

30%

40%

30%

1-3 

1-3 

1-3 

1-3 

21

Reconciliation of Non-GAAP to GAAP Measures

Free Cash Flow Reconciliation

Three Months Ended

($ in millions)

September 2010

Low

High

Net earnings from continuing operations (GAAP)

13

$                     

201

$              

212

$              

Depreciation and amortization (includes other LT assets)

16

65

75

Stock-based compensation expense

6

30

30

Other

-

(5)

5

Subtotal

35

291

322

Working capital changes

(62)

(30)

(25)

Long-term assets and liabilities changes

2

(30)

(20)

Net cash flow (used in) provided by continuing operating activities

(25)

231

277

Cash Flows From Investing Activities

IBM / ITO data center investment  

-

(20)

(15)

Capital expenditures and purchases of intangibles

(7)

(45)

(40)

Free cash flow (Non-GAAP)

(32)

$                    

166

$              

222

$              

FY11 Range

EBIT Reconciliation

1Q10

1Q11

FY10

FY11 Range (a)

($ in millions)

Actual

Actual

Actual

Low

High

EBIT (Non-GAAP)*

$45

$23

$352

$327

$350

Margin %

10.3%

5.5%

17.0%

14.6%

15.2%

Interest & Other

($3)

($2)

($0)

($11)

($11)

Total EBT (GAAP)

$43

$21

$342

$316

$339

Margin %

9.7%

5.0%

15.5%

14.1%

14.7%

EPS Reconciliation

Low

High

Diluted EPS from continuing operations (GAAP)

$0.19

$0.10

$1.62

$1.55

$1.65

One-time recognition of a deferred tax asset

-

-

($0.06)

-

-

Diluted EPS before One-Times (Non-GAAP)

$0.19

$0.10

$1.56

$1.55

$1.65

*   Includes impact of FX Transaction Activity

(a) Guidance does not  take into consideration the effect of any future acquisitions, additional debt and/or share repurchases in excess of  the

repurchases needed to be within our 128 million to 130 million diluted weighted-average outstanding shares guidance.

22

FY11 Grow-over

MSSB and Penson

are expected to

be accretive in FY12 and FY13

driven by revenue growth and scale

in the business

IBM ITO–

planning on range of $5-

10M hitting primarily in third and

fourth quarters. Including FY11,

there will be approximately $25M

total expense over two years.  IBM

ITO is expected to result in

approximately $25M annual savings

beginning FY13 over the next 10

years

City Networks Acquisition -

$21M

Revenue and EBIT ($2M) in the first

year due to the amortization of

intangibles and first year deferred

revenue GAAP accounting.  No

negative impact to cash flow FY11

($ in millions, except for EPS)

1Q11 Actual & FY11 Forecast

FY11

Strategic

Revenue

EBIT

Penson

$31

($9)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$5/6/9/11

$(4)

/

(4)

/(1)

/1

MSSB

$23

$3

~ Actual Q1 & Forecast Q2/3/4 Distribution

$10/7/4/2

$(3)

/3/2/1

IBM

($8)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$0/(2)

/

(2)

/(4)

City Networks

$21

($2)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$6/5/5/5

$(1)

/

(1)

/(1)

/1

Other

MF Proxy

($119)

($52)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$

(21)/

(97)/

(2)

/1

$(11)

/

(40)/

(1)

/0

BAML Client Loss

($13)

($13)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$

(5)

/(3)

/

(3)/

(2)

$

(5)/

(3)

/

(3)/

(2)

Total Grow-overs

($57)

($80)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$

(5)/

(83)/13/18

$(25)/

(47)/

(6)

/

(2)

Impact on EPS

($0.39)

~ Actual Q1 & Forecast Q2/3/4 Distribution

$(.12)

/

(.23)

/

(.03)

/(.01)

$ in millions

RC= Recurring

ED= Event-Driven

23

ICS Key Segment Revenue Stats

(1) Other Recurring Fee Revenue includes NewRiver, StockTrans, Access Data and Tax Reporting

(2) Other event-driven includes 2.2M pieces for 1Q10 and 2.0M for 1Q11, primarily related to corporate actions.

Note: Certain prior period amounts have been reclassified to conform with current period presentation

24

SPS and Outsourcing Key Segment Revenue Stats

$ in millions

RC= Recurring

ED= Event-Driven

1Q10

1Q11

Type

Equity Trades

58.9

$     

55.1

$     

RC

Internal Trade Volume

(1)

1,469

1,423

Internal Trade Growth

0%

-3%

Trade Volume (Average Trades per Day in '000)

(2)

1,485

1,437

Other Equity Services

46.2

$     

51.9

$     

RC

Total Equity

105.1

$   

107.0

$   

Fixed Income Trades

(4)

12.3

$     

13.5

$     

RC

Internal Trade Volume

(1)

286

306

Internal Trade Growth

-7%

7%

Trade Volume (Average Trades per Day in '000)

(3)

286

306

Other Fixed Income Services

(4)

6.9

$      

7.1

$      

RC

Total Fixed Income

19.1

$     

20.6

$     

Outsourcing

5.9

$      

14.0

$     

# of Clients

7

11

Total

Net

Revenue

as

reported

-

GAAP

130.1

$   

141.7

$   

FY11 Ranges

Low

High

Sales

4%

4%

5%

6%

Losses

-4%

-5%

-4%

-4%

Net New Business

0%

-1%

1%

2%

Transaction & Non-transaction

-2%

3%

0%

4%

Equity

Transaction-Based

Non-Transaction

Fixed Income

Transaction-Based

Non-Transaction

Outsourcing

Key

Revenue

Drivers

Concessions

-5%

-2%

-2%

-2%

Internal growth

-7%

1%

-2%

2%

Acquisitions

0%

9%

11%

11%

TOTAL

-7%

9%

10%

15%

(4) Fixed Income 1Q10 re-stated to reclassify $0.3M mortgage product revenue to other fixed income services.

(2) Equity Trade volume adjusted to excludes trades processed under fixed priced contracts.  Management believes excluding  this trade volume presents a stronger correlation between trade volume and Equity Trade revenue.

(1) 1Q10 Internal Trade Volume previously was reported as 1,456 and 249 for Equities and Fixed Income, respectively.  These  numbers were adjusted to reflect Losses and Sales in order to present consistent business for

the purpose of calculating  internal trade growth.

(3) Prior Year's trade volume re-stated for comparability.

Broadridge ICS Definitions

25

26

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