GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Invesco Holding Company Limited, the Issuer and a subsidiary of Invesco Ltd. (the Parent), issued 5.625% $300 million senior notes due 2012, 5.375% $350 million senior notes due 2013, and 5.375% $200 million senior notes due 2014. (See Note 9, "Debt," for outstanding balances at December 31, 2011 and December 31, 2010.) These senior notes, are fully and unconditionally guaranteed as to payment of principal, interest and any other amounts due thereon by the Parent, together with the following 100% owned subsidiaries: Invesco Management Group, Inc., Invesco Advisers, Inc., IVZ Inc., and Invesco North American Holdings, Inc. (the Guarantors). The company’s remaining consolidated subsidiaries do not guarantee this debt. The guarantees of each of the Guarantors are joint and several. Presented below are Condensed Consolidating Balance Sheets as of December 31, 2011 and December 31, 2010, Condensed Consolidating Statements of Income for the years ended December 31, 2011, 2010, and 2009, Condensed Consolidating Statements of Comprehensive Income for the years ended December 31, 2011, 2010, and 2009, and Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2011, 2010, and 2009.

The Condensed Consolidating Balance Sheets, Condensed Consolidating Statements of Income, and Condensed Consolidating Statements of Cash Flows included in this footnote have been revised from the disclosure provided in the company's Form 10-K filed on February 24, 2012 to conform to the requirements of Rule 3-10 of Regulation S-X. The revised disclosure presents the line items of the Condensed Consolidating Balance Sheets, Condensed Consolidating Statements of Income, and Condensed Consolidating Statements of Cash Flows at a more disaggregated level than that which was previously presented. In the prior disclosure, all intercompany receivable and payable balances were presented net between current and non-current liabilities on the Condensed Consolidating Balance Sheets. The revised presentation grosses up the intercompany balances and presents them as current and non-current intercompany receivables and payables. In the prior disclosure, all intercompany revenue and expense sharing arrangements were presented on a net basis on the Condensed Consolidating Statements of Income. The revised presentation grosses up the intercompany balances and presents them separately as revenues and expenses. In the prior disclosure, certain intercompany loan, capital, and dividend activity was incorrectly classified in the Condensed Consolidating Statements of Cash Flows. The revised presentation corrects the classification of these amounts as cash flows from financing activities on the Condensed Consolidating Statements of Cash Flows.

These corrections to the presentation had no impact to the company's consolidated net income attributable to common shareholders, earnings per share or retained earnings. They did not have any impact on the total equity of the Guarantors, non-Guarantors, Issuer, or Parent entities, nor did these changes impact the non-intercompany balances. These corrections to the presentation had no impact on any liquidity measures of the company, nor did they impact ratios based on the company's balance sheet or income statement. They did not alter the net increase or decrease in cash for the Guarantors, non-Guarantors, Issuer, or Parent entities. There was no impact to the company's loan covenants as a result of these corrections.

The impact of the corrections on the affected condensed consolidating financial statement captions as previously reported in the Company's Form 10-K for the period ended December 31, 2011 is quantified in the tables below.

Impact of Revision on Guarantor Condensed Consolidating Balance Sheets



	Guarantors	Non-Guarantors	Issuer	Parent		Adjustments		Consolidated
$ in millions
December 31, 2011
Increase/(decrease) in current assets	487.5	421.8	34.8	—		(944.1	)	—
Increase/(decrease) in non current assets	345.3	1,438.2	567.8	—		(2,351.3	)	—
Increase/(decrease) in assets	832.8	1,860.0	602.6	—		(3,295.4	)	—
Increase/(decrease) in current liabilities	377.0	507.9	29.9	29.3		(944.1	)	—
Increase/(decrease) in non current liabilities	455.8	1,352.1	572.7	(29.3	)	(2,351.3	)	—
Increase/(decrease) in liabilities	832.8	1,860.0	602.6	—		(3,295.4	)	—
Increase/(decrease) in equity	—	—	—	—		—		—

December 31, 2010
Increase/(decrease) in current assets	328.7	363.0	157.2	—		(848.9	)	—
Increase/(decrease) in non current assets	10.1	1,393.0	567.8	—		(1,970.9	)	—
Increase/(decrease) in assets	338.8	1,756.0	725.0	—		(2,819.8	)	—
Increase/(decrease) in current liabilities	310.7	316.5	49.8	171.9		(848.9	)	—
Increase/(decrease) in non current liabilities	28.1	1,439.5	675.2	(171.9	)	(1,970.9	)	—
Increase/(decrease) in liabilities	338.8	1,756.0	725.0	—		(2,819.8	)	—
Increase/(decrease) in equity	—	—	—	—		—		—

Impact of Revision on Guarantor Condensed Consolidating Statements of Income



	Guarantors	Non-Guarantors	Issuer	Parent	Adjustments		Consolidated
$ in millions
December 31, 2011
Increase/(decrease) in operating revenues	—	203.4	—	—	(203.4	)	—
Increase/(decrease) in operating expenses	—	203.4	—	—	(203.4	)	—

December 31, 2010
Increase/(decrease) in operating revenues	—	180.3	—	—	(180.3	)	—
Increase/(decrease) in operating expenses	—	180.3	—	—	(180.3	)	—

December 31, 2009
Increase/(decrease) in operating revenues	—	68.3	4.7	—	(73.0	)	—
Increase/(decrease) in operating expenses	—	68.3	4.7	—	(73.0	)	—

Impact of Revision on Guarantor Condensed Consolidating Statements of Cash Flows



	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
$ in millions
Year ended December 31, 2011
Total change in net cash (used in)/provided by operating activities:	183.9		136.6		1.8		(261.3	)	(61.0	)	—
Total change in net cash (used in)/provided by investing activities:	—		(80.6	)	(61.0	)	—		141.6		—
Total change in net cash (used in)/provided by financing activities:	(183.9	)	(56.0	)	59.2		261.3		(80.6	)	—
Total change in (decrease)/increase in cash and cash equivalents:	—		—		—		—		—		—

Year ended December 31, 2010
Total change in net cash (used in)/provided by operating activities:	213.7		(116.1	)	(65.7	)	23.0		(54.9	)	—
Total change in net cash (used in)/provided by investing activities:	—		(262.4	)	(37.9	)	(17.0	)	317.3		—
Total change in net cash (used in)/provided by financing activities:	(213.7	)	378.5		103.6		(6.0	)	(262.4	)	—
Total change in (decrease)/increase in cash and cash equivalents:	—		—		—		—		—		—

Year ended December 31, 2009
Total change in net cash (used in)/provided by operating activities:	(196.8	)	526.0		(20.8	)	(2.4	)	(306.0	)	—
Total change in net cash (used in)/provided by investing activities:	(0.2	)	54.2		(0.1	)	—		(53.9	)	—
Total change in net cash (used in)/provided by financing activities:	197.0		(580.2	)	20.9		2.4		359.9		—
Total change in (decrease)/increase in cash and cash equivalents:	—		—		—		—		—		—

Revised Condensed Consolidating Balance Sheets



$ in millions	Guarantors	Non-Guarantors	Issuer	Parent	Adjustments		Consolidated
As of December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents	20.6	703.2	3.1	0.5	—		727.4
Cash and cash equivalents of consolidated investment products	—	382.3	—	—	—		382.3
Unsettled fund receivables	—	444.4	—	—	—		444.4
Accounts receivable	163.6	260.8	—	—	—		424.4
Accounts receivable of consolidated investment products	—	98.5	—	—	—		98.5
Investments	4.2	266.2	—	13.3	—		283.7
Prepaid assets	9.7	41.5	—	—	—		51.2
Other current assets	39.3	120.3	1.1	0.2	(10.9	)	150.0
Deferred tax asset, net	18.9	9.8	—	—	—		28.7
Assets held for policyholders	—	1,243.5	—	—	—		1,243.5
Intercompany receivables	477.0	421.4	34.8	—	(933.2	)	—
Total current assets	733.3	3,991.9	39.0	14.0	(944.1	)	3,834.1
Non-current assets:
Investments	50.0	144.4	3.4	3.0	—		200.8
Investments of consolidated investment products	—	6,629.0	—	—	—		6,629.0
Security deposit assets and receivables	—	81.2	—	—	—		81.2
Other non-current assets	8.5	6.6	2.8	—	—		17.9
Deferred sales commissions	13.9	26.6	—	—	—		40.5
Property and equipment, net	145.3	167.5	—	—	—		312.8
Intangible assets, net	420.6	902.2	—	—	—		1,322.8
Goodwill	2,312.8	4,161.8	433.3	—	—		6,907.9
Intercompany receivables	333.0	1,450.5	567.8	—	(2,351.3	)	—
Investment in subsidiaries	1,228.2	5.6	5,116.3	8,465.0	(14,815.1	)	—
Total non-current assets	4,512.3	13,575.4	6,123.6	8,468.0	(17,166.4	)	15,512.9
Total assets	5,245.6	17,567.3	6,162.6	8,482.0	(18,110.5	)	19,347.0
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of total debt	—	—	215.1	—	—		215.1
Unsettled fund payables	—	439.6	—	—	—		439.6
Income taxes payable	—	63.1	7.4	—	(10.9	)	59.6
Other current liabilities	144.3	685.4	11.1	0.7	—		841.5
Other current liabilities of consolidated investment products	—	175.1	—	—	—		175.1
Policyholder payables	—	1,243.5	—	—	—		1,243.5
Intercompany payables	366.5	507.5	29.9	29.3	(933.2	)	—
Total current liabilities	510.8	3,114.2	263.5	30.0	(944.1	)	2,974.4
Non-current liabilities:
Long-term debt	539.0	—	530.6	—	—		1,069.6
Long-term debt of consolidated investment products	—	5,512.9	—	—	—		5,512.9
Deferred tax liabilities, net	29.6	244.4	—	—	—		274.0
Security deposits payable	—	81.2	—	—	—		81.2
Other non-current liabilities	55.1	242.2	—	—	—		297.3
Intercompany payables	1,361.8	—	656.6	332.9	(2,351.3	)	—
Total non-current liabilities	1,985.5	6,080.7	1,187.2	332.9	(2,351.3	)	7,235.0
Total liabilities	2,496.3	9,194.9	1,450.7	362.9	(3,295.4	)	10,209.4
Equity:
Total equity attributable to common shareholders	2,749.3	7,353.9	4,711.9	8,119.1	(14,815.1	)	8,119.1
Equity attributable to noncontrolling interests in consolidated entities	—	1,018.5	—	—	—		1,018.5
Total equity	2,749.3	8,372.4	4,711.9	8,119.1	(14,815.1	)	9,137.6
Total liabilities and equity	5,245.6	17,567.3	6,162.6	8,482.0	(18,110.5	)	19,347.0

Revised Condensed Consolidating Balance Sheets (continued)



$ in millions	Guarantors	Non-Guarantors	Issuer	Parent	Adjustments		Consolidated
As of December 31, 2010
ASSETS
Current assets:
Cash and cash equivalents	12.4	725.9	1.1	1.1	—		740.5
Cash and cash equivalents of consolidated investment products	—	636.7	—	—	—		636.7
Unsettled fund receivables	—	513.4	—	—	—		513.4
Accounts receivable	100.5	324.2	—	—	—		424.7
Accounts receivable of consolidated investment products	—	158.8	—	—	—		158.8
Investments	7.4	269.5	—	31.9	—		308.8
Prepaid assets	9.6	54.4	—	—	—		64.0
Other current assets	39.6	67.9	6.1	0.7	(12.5	)	101.8
Deferred tax asset, net	14.6	15.8	—	—	—		30.4
Assets held for policyholders	—	1,295.4	—	—	—		1,295.4
Intercompany receivables	320.3	363.1	153.0	—	(836.4	)	—
Total current assets	504.4	4,425.1	160.2	33.7	(848.9	)	4,274.5
Non-current assets:
Investments	35.3	125.0	1.7	2.4	—		164.4
Investments of consolidated investment products	—	7,206.0	—	—	—		7,206.0
Security deposit assets and receivables	—	146.3	—	—	—		146.3
Other non-current assets	2.8	14.8	2.8	0.5	—		20.9
Deferred sales commissions	12.2	30.0	—	—	—		42.2
Property and equipment, net	122.9	149.5	—	—	—		272.4
Intangible assets, net	393.9	943.3	—	—	—		1,337.2
Goodwill	2,322.9	4,216.5	440.8	—	—		6,980.2
Intercompany receivables	—	1,403.1	567.8	—	(1,970.9	)	—
Investment in subsidiaries	1,333.8	5.5	4,766.1	8,400.6	(14,506.0	)	—
Total non-current assets	4,223.8	14,240.0	5,779.2	8,403.5	(16,476.9	)	16,169.6
Total assets	4,728.2	18,665.1	5,939.4	8,437.2	(17,325.8	)	20,444.1
LIABILITIES AND EQUITY
Current liabilities:
Unsettled fund payables	—	504.8	—	—	—		504.8
Income taxes payable	—	84.7	—	—	(12.5	)	72.2
Other current liabilities	120.9	774.5	9.6	0.7	—		905.7
Other current liabilities of consolidated investment products	—	486.4	—	—	—		486.4
Policyholder payables	—	1,295.4	—	—	—		1,295.4
Intercompany payables	302.3	316.5	45.7	171.9	(836.4	)	—
Total current liabilities	423.2	3,462.3	55.3	172.6	(848.9	)	3,264.5
Non-current liabilities:
Long-term debt	570.0	—	745.7	—	—		1,315.7
Long-term debt of consolidated investment products	—	5,865.4	—	—	—		5,865.4
Deferred tax liabilities, net	10.1	218.9	—	—	—		229.0
Security deposits payable	—	146.3	—	—	—		146.3
Other non-current liabilities	27.0	235.3	—	—	—		262.3
Intercompany payables	1,317.8	—	653.1	—	(1,970.9	)	—
Total non-current liabilities	1,924.9	6,465.9	1,398.8	—	(1,970.9	)	7,818.7
Total liabilities	2,348.1	9,928.2	1,454.1	172.6	(2,819.8	)	11,083.2
Equity:
Total equity attributable to common shareholders	2,380.1	7,640.6	4,485.3	8,264.6	(14,506.0	)	8,264.6
Equity attributable to noncontrolling interests in consolidated entities	—	1,096.3	—	—	—		1,096.3
Total equity	2,380.1	8,736.9	4,485.3	8,264.6	(14,506.0	)	9,360.9
Total liabilities and equity	4,728.2	18,665.1	5,939.4	8,437.2	(17,325.8	)	20,444.1

Revised Condensed Consolidating Statements of Income



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2011
Operating Revenues:
Investment management fees	1,153.9		1,984.6		—		—		—		3,138.5
Service and distribution fees	91.9		688.4		—		—		—		780.3
Performance fees	11.4		26.5		—		—		—		37.9
Other	15.2		120.3		—		—		—		135.5
Intercompany Revenues	27.1		176.3		—		—		(203.4	)	—
Total operating revenues	1,299.5		2,996.1		—		—		(203.4	)	4,092.2
Operating expenses:
Employee compensation	341.5		897.5		—		7.2		—		1,246.2
Third-party distribution, service and advisory	89.7		1,192.8		—		—		—		1,282.5
Marketing	5.1		80.9		—		—		—		86.0
Property, office and technology	105.1		148.8		—		0.7		—		254.6
General and administrative	81.5		207.7		—		6.2		—		295.4
Transaction and integration	—		29.4		—		—		—		29.4
Intercompany Expenses	175.8		27.1		—		0.5		(203.4	)	—
Total operating expenses	798.7		2,584.2		—		14.6		(203.4	)	3,194.1
Operating income/(loss)	500.8		411.9		—		(14.6	)	—		898.1
Other income/(expense):
Equity in earnings of unconsolidated affiliates	(0.4	)	29.6		453.9		745.1		(1,197.7	)	30.5
Interest and dividend income	3.5		87.2		49.3		0.9		(129.9	)	11.0
Interest income of consolidated investment products	—		307.2		—		—		—		307.2
Other gains/(losses) of consolidated investment products, net	—		(138.9	)	—		—		—		(138.9	)
Interest expense	(136.3	)	(1.0	)	(50.3	)	(4.1	)	129.9		(61.8	)
Interest expense of consolidated investment products	—		(187.0	)	—		—		—		(187.0	)
Other gains and losses, net	44.6		3.4		(1.4	)	2.4		—		49.0
Income before income taxes	412.2		512.4		451.5		729.7		(1,197.7	)	908.1
Income tax provision	(111.5	)	(161.0	)	(13.6	)	—		—		(286.1	)
Net income	300.7		351.4		437.9		729.7		(1,197.7	)	622.0
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net	—		107.7		—		—		—		107.7
Net income attributable to common shareholders	300.7		459.1		437.9		729.7		(1,197.7	)	729.7

Revised Condensed Consolidating Statements of Income (continued)



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2010
Operating Revenues:
Investment management fees	906.0		1,814.9		—		—		—		2,720.9
Service and distribution fees	86.5		559.0		—		—		—		645.5
Performance fees	2.4		23.7		—		—		—		26.1
Other	4.1		91.1		—		—		—		95.2
Intercompany Revenues	32.6		147.7		—		—		(180.3	)	—
Total operating revenues	1,031.6		2,636.4		—		—		(180.3	)	3,487.7
Operating expenses:
Employee compensation	311.9		796.6		—		6.4		—		1,114.9
Third-party distribution, service and advisory	42.8		1,011.0		—		—		—		1,053.8
Marketing	35.6		42.8		—		0.1		—		78.5
Property, office and technology	107.2		130.4		—		0.8		—		238.4
General and administrative	97.5		157.1		—		7.6		—		262.2
Transaction and integration	—		150.0		—		—		—		150.0
Intercompany Expenses	147.4		32.6		—		0.3		(180.3	)	—
Total operating expenses	742.4		2,320.5		—		15.2		(180.3	)	2,897.8
Operating income/(loss)	289.2		315.9		—		(15.2	)	—		589.9
Other income/(expense):
Equity in earnings of unconsolidated affiliates	5.7		33.4		266.5		477.3		(742.7	)	40.2
Interest and dividend income	0.6		96.7		17.4		13.4		(117.7	)	10.4
Interest income of consolidated investment products	—		240.9		—		—		—		240.9
Other gains/(losses) of consolidated investment products, net	—		114.0		—		—		—		114.0
Interest expense	(113.3	)	(1.8	)	(60.1	)	(1.1	)	117.7		(58.6	)
Interest expense of consolidated investment products	—		(118.6	)	—		—		—		(118.6	)
Other gains and losses, net	2.9		16.6		0.8		(4.7	)	—		15.6
Income before income taxes	185.1		697.1		224.6		469.7		(742.7	)	833.8
Income tax provision	(66.1	)	(129.2	)	2.3		(4.0	)	—		(197.0	)
Net income	119.0		567.9		226.9		465.7		(742.7	)	636.8
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net	—		(171.1	)	—		—		—		(171.1	)
Net income attributable to common shareholders	119.0		396.8		226.9		465.7		(742.7	)	465.7

Revised Condensed Consolidating Statements of Income (continued)



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2009
Operating Revenues:
Investment management fees	482.0		1,638.2		—		—		—		2,120.2
Service and distribution fees	49.0		363.6		—		—		—		412.6
Performance fees	0.2		29.8		—		—		—		30.0
Other	2.4		62.1		—		—		—		64.5
Intercompany Revenues	16.1		52.2		4.7		—		(73.0	)	—
Total operating revenues	549.7		2,145.9		4.7		—		(73.0	)	2,627.3
Operating expenses:
Employee compensation	214.5		729.5		—		6.8		—		950.8
Third-party distribution, service and advisory	3.2		733.8		—		—		—		737.0
Marketing	23.8		41.5		—		—		—		65.3
Property, office and technology	52.8		159.2		—		0.3		—		212.3
General and administrative	81.5		78.7		1.4		5.2		—		166.8
Transaction and integration	—		10.8		—		—		—		10.8
Intercompany Expenses	56.3		16.1		—		0.6		(73.0	)	—
Total operating expenses	432.1		1,769.6		1.4		12.9		(73.0	)	2,143.0
Operating income/(loss)	117.6		376.3		3.3		(12.9	)	—		484.3
Other income/(expense):
Equity in earnings of unconsolidated affiliates	17.1		53.3		148.3		326.3		(518.0	)	27.0
Interest and dividend income	0.7		42.5		12.8		9.5		(55.7	)	9.8
Interest income of consolidated investment products	—		—		—		—		—		—
Other gains/(losses) of consolidated investment products, net	(0.4	)	(125.6	)	21.5		(2.4	)	—		(106.9	)
Interest expense	(51.9	)	(0.2	)	(68.1	)	—		55.7		(64.5	)
Interest expense of consolidated investment products	—		—		—		—		—		—
Other gains and losses, net	(0.6	)	1.0		5.4		2.0		—		7.8
Income before income taxes	82.5		347.3		123.2		322.5		(518.0	)	357.5
Income tax provision	(0.2	)	(136.5	)	(11.5	)	—		—		(148.2	)
Net income	82.3		210.8		111.7		322.5		(518.0	)	209.3
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net	—		113.2		—		—		—		113.2
Net income attributable to common shareholders	82.3		324.0		111.7		322.5		(518.0	)	322.5

Condensed Consolidating Statements of Comprehensive Income



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2011
Net income	300.7		351.4		437.9		729.7		(1,197.7	)	622.0
Other comprehensive income, before tax:
Currency translation differences on investments in overseas subsidiaries	9.9		(58.7	)	—		—		—		(48.8	)
Change in accumulated other comprehensive income related to employee benefit plans	0.9		(43.3	)	—		—		—		(42.4	)
Change in accumulated other comprehensive income of equity method investments	(0.2	)	(7.0	)	—		—		—		(7.2	)
Comprehensive income of subsidiaries	—		9.5		(40.4	)	(117.7	)	148.6		—
Change in net unrealized gains on available-for-sale investments	(1.6	)	(6.2	)	—		(4.5	)	—		(12.3	)
Other comprehensive income (loss), before tax	9.0		(105.7	)	(40.4	)	(122.2	)	148.6		(110.7	)
Income tax related to items of other comprehensive income:
Tax benefit (expense) on foreign currency translation adjustments	—		0.5		—		—		—		0.5
Tax benefit (expense) on comprehensive income related to employee benefit plans	—		9.3		—		—		—		9.3
Tax benefit (expense) on change in net unrealized gains on available-for-sale investments	0.5		1.3		—		—		—		1.8
Total income tax benefit (expense) related to items of other comprehensive income	0.5		11.1		—		—		—		11.6
Other comprehensive income, net of tax	9.5		(94.6	)	(40.4	)	(122.2	)	148.6		(99.1	)
Total comprehensive income	310.2		256.8		397.5		607.5		(1,049.1	)	522.9
Comprehensive loss (income) attributable to noncontrolling interests in consolidated entities	—		84.6		—		—		—		84.6
Comprehensive income attributable to common shareholders	310.2		341.4		397.5		607.5		(1,049.1	)	607.5

Condensed Consolidating Statements of Comprehensive Income (continued)



$ in millions	Guarantors		Non-Guarantors		Issuer	Parent	Adjustments		Consolidated
Year ended December 31, 2010
Net income	119.0		567.9		226.9	465.7	(742.7	)	636.8
Other comprehensive income, before tax:
Currency translation differences on investments in overseas subsidiaries	—		77.3		—	—	—		77.3
Change in accumulated other comprehensive income related to employee benefit plans	—		18.7		—	—	—		18.7
Change in accumulated other comprehensive income of equity method investments	—		2.9		—	—	—		2.9
Comprehensive income of subsidiaries	—		0.1		106.7	93.8	(200.6	)	—
Change in net unrealized gains on available-for-sale investments	0.2		(3.6	)	—	13.3	—		9.9
Other comprehensive income (loss), before tax	0.2		95.4		106.7	107.1	(200.6	)	108.8
Income tax related to items of other comprehensive income:
Tax benefit (expense) on comprehensive income related to employee benefit plans	—		(6.2	)	—	—	—		(6.2	)
Tax benefit (expense) on change in net unrealized gains on available-for-sale investments	(0.1	)	(0.7	)	—	—	—		(0.8	)
Total income tax benefit (expense) related to items of other comprehensive income	(0.1	)	(6.9	)	—	—	—		(7.0	)
Other comprehensive income, net of tax	0.1		88.5		106.7	107.1	(200.6	)	101.8
Total comprehensive income	119.1		656.4		333.6	572.8	(943.3	)	738.6
Comprehensive loss (income) attributable to noncontrolling interests in consolidated entities	—		(165.8	)	—	—	—		(165.8	)
Comprehensive income attributable to common shareholders	119.1		490.6		333.6	572.8	(943.3	)	572.8

Condensed Consolidating Statements of Comprehensive Income (continued)



$ in millions	Guarantors		Non-Guarantors		Issuer	Parent	Adjustments		Consolidated
Year ended December 31, 2009
Net income	82.3		210.8		111.7	322.5	(518.0	)	209.3
Other comprehensive income, before tax:
Currency translation differences on investments in overseas subsidiaries	(19.5	)	507.8		—	—	—		488.3
Change in accumulated other comprehensive income related to employee benefit plans	3.6		(18.7	)	—	—	—		(15.1	)
Comprehensive income of subsidiaries	—		(11.3	)	307.2	482.3	(778.2	)	—
Change in net unrealized gains on available-for-sale investments	(1.0	)	8.5		—	7.1	—		14.6
Adoption of guidance now encompassed in ASC Topic 320	—		(1.5	)	—	—	—		(1.5	)
Other comprehensive income (loss), before tax	(16.9	)	484.8		307.2	489.4	(778.2	)	486.3
Income tax related to items of other comprehensive income:
Tax benefit (expense) on foreign currency translation adjustments	7.0		(6.3	)	—	—	—		0.7
Tax benefit (expense) on comprehensive income related to employee benefit plans	(1.1	)	5.2		—	—	—		4.1
Tax benefit (expense) on change in net unrealized gains on available-for-sale investments	(0.3	)	(1.4	)	—	—	—		(1.7	)
Total income tax benefit (expense) related to items of other comprehensive income	5.6		(2.5	)	—	—	—		3.1
Other comprehensive income, net of tax	(11.3	)	482.3		307.2	489.4	(778.2	)	489.4
Total comprehensive income	71.0		693.1		418.9	811.9	(1,296.2	)	698.7
Comprehensive loss (income) attributable to noncontrolling interests in consolidated entities	—		113.2		—	—	—		113.2
Comprehensive income attributable to common shareholders	71.0		806.3		418.9	811.9	(1,296.2	)	811.9

Revised Condensed Consolidating Statements of Cash Flows



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2011
Operating activities:
Net cash provided by/(used in) operating activities	299.6		673.4		57.3		389.0		(454.5	)	964.8
Investing activities:
Capital contribution (to)/from subsidiary	—		—		(116.0	)	(23.1	)	139.1		—
Purchase of investments by consolidated investment products	—		(2,991.4	)	—		—		—		(2,991.4	)
Proceeds from sale of investments by consolidated investment products	—		3,369.8		—		—		—		3,369.8
Returns of capital in investments of consolidated investment products	—		109.2		—		—		—		109.2
Purchase of other investments	(29.0	)	(114.4	)	—		—		—		(143.4	)
Other net increases/(decreases) in investing activities	(47.5	)	33.1		1.5		16.8		—		3.9
Net cash (used in)/provided by investing activities	(76.5	)	406.3		(114.5	)	(6.3	)	139.1		348.1
Financing activities:
Capital contribution from/(to) parent	116.0		23.1		—		—		(139.1	)	—
Purchases of treasury shares	—		—		—		(436.5	)	—		(436.5	)
Dividends paid	—		(406.3	)	(48.4	)	(220.6	)	454.5		(220.8	)
Capital invested into consolidated investment products	—		37.2		—		—		—		37.2
Capital distributed by consolidated investment products	—		(172.4	)	—		—		—		(172.4	)
Net borrowings/(repayments) of debt of consolidated investment products	—		(513.3	)	—		—		—		(513.3	)
Net borrowings/(repayments) under credit facility	(31.0	)	—		—		—		—		(31.0	)
Net intercompany borrowings/(repayments)	(299.9	)	(69.1	)	107.7		261.3		—		—
Other net increases/(decreases) in financing activities	—		2.3		(0.1	)	12.5		—		14.7
Net cash (used in)/provided by financing activities	(214.9	)	(1,098.5	)	59.2		(383.3	)	315.4		(1,322.1	)
(Decrease)/increase in cash and cash equivalents	8.2		(18.8	)	2.0		(0.6	)	—		(9.2	)
Foreign exchange movement on cash and cash equivalents	—		(3.9	)	—		—		—		(3.9	)
Cash and cash equivalents, beginning of year	12.4		725.9		1.1		1.1		—		740.5
Cash and cash equivalents, end of year	20.6		703.2		3.1		0.5		—		727.4

Revised Condensed Consolidating Statements of Cash Flows (continued)



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2010
Operating activities:
Net cash provided by/(used in) operating activities	298.1		103.7		(7.3	)	184.1		(199.4	)	379.2
Investing activities:
Capital contribution (to)/from subsidiary	—		—		(97.2	)	192.7		(95.5	)	—
Purchase of investments by consolidated investment products	—		(2,367.7	)	—		—		—		(2,367.7	)
Proceeds from sale of investments by consolidated investment products	—		2,784.8		—		—		—		2,784.8
Returns of capital in investments of consolidated investment products	—		81.5		—		—		—		81.5
Purchase of other investments	(20.3	)	(49.1	)	—		—		—		(69.4	)
Acquisition of businesses	(674.5	)	(75.1	)	—		—		—		(749.6	)
Other net increases/(decreases) in investing activities	(47.6	)	28.4		1.8		—		—		(17.4	)
Net cash (used in)/provided by investing activities	(742.4	)	402.8		(95.4	)	192.7		(95.5	)	(337.8	)
Financing activities:
Capital contribution from/(to) parent	97.2		(255.4	)	62.7		—		95.5		—
Purchases of treasury shares	—		—		—		(192.2	)	—		(192.2	)
Dividends paid	—		(199.4	)	—		(197.9	)	199.4		(197.9	)
Capital invested into consolidated investment products	—		24.3		—		—		—		24.3
Capital distributed by consolidated investment products	—		(97.2	)	—		—		—		(97.2	)
Net borrowings/(repayments) of debt of consolidated investment products	—		(207.3	)	—		—		—		(207.3	)
Net borrowings/(repayments) under credit facility	570.0		—		—		—		—		570.0
Net intercompany borrowings/(repayments)	(310.9	)	275.9		40.9		(5.9	)	—		—
Other net increases/(decreases) in financing activities	—		14.9		—		19.5		—		34.4
Net cash provided by/(used in) financing activities	356.3		(444.2	)	103.6		(376.5	)	294.9		(65.9	)
(Decrease)/increase in cash and cash equivalents	(88.0	)	62.3		0.9		0.3		—		(24.5	)
Foreign exchange movement on cash and cash equivalents	—		3.0		—		—		—		3.0
Cash and cash equivalents, beginning of year	100.4		660.6		0.2		0.8		—		762.0
Cash and cash equivalents, end of year	12.4		725.9		1.1		1.1		—		740.5

Revised Condensed Consolidating Statements of Cash Flows (continued)



$ in millions	Guarantors		Non-Guarantors		Issuer		Parent		Adjustments		Consolidated
Year ended December 31, 2009
Operating activities:
Net cash provided by/(used in) operating activities	(34.4	)	344.0		(19.8	)	216.1		(143.2	)	362.7
Investing activities:
Capital contribution (to)/from subsidiary	—		—		(173.3	)	(538.0	)	711.3		—
Purchase of investments by consolidated investment products	—		(44.1	)	—		—		—		(44.1	)
Proceeds from sale of investments by consolidated investment products	—		34.2		—		—		—		34.2
Returns of capital in investments of consolidated investment products	—		17.9		—		—		—		17.9
Purchase of other investments	(6.1	)	(82.4	)	—		—		—		(88.5	)
Proceeds from sale of investments	0.5		22.3		278.2		—		(269.2	)	31.8
Other net increases/(decreases) in investing activities	(20.7	)	(33.0	)	—		—		—		(53.7	)
Net cash (used in)/provided by investing activities	(26.3	)	(85.1	)	104.9		(538.0	)	442.1		(102.4	)
Financing activities:
Capital contribution from/(to) parent	173.3		538.0		—		—		(711.3	)	—
Purchases of treasury shares	—		—		—		(269.2	)	269.2		—
Issuance of new shares	—		—		—		441.8		—		441.8
Proceeds from exercises of share options	—		—		—		80.0		—		80.0
Dividends paid	—		(143.2	)	—		(168.9	)	143.2		(168.9	)
Capital invested into consolidated investment products	—		7.2		—		—		—		7.2
Capital distributed by consolidated investment products	—		(52.1	)	—		—		—		(52.1	)
Net borrowings/(repayments) under credit facility	—		—		(12.0	)	—		—		(12.0	)
Repayments of senior notes	—		—		(397.2	)	—		—		(397.2	)
Net intercompany borrowings/(repayments)	(434.6	)	(126.8	)	322.5		238.9		—		—
Other net increases/(decreases) in financing activities	—		0.4		0.1		—		—		0.5
Net cash (used in)/provided by financing activities	(261.3	)	223.5		(86.6	)	322.6		(298.9	)	(100.7	)
(Decrease)/increase in cash and cash equivalents	(322.0	)	482.4		(1.5	)	0.7		—		159.6
Foreign exchange movement on cash and cash equivalents	—		17.2		—		—		—		17.2
Cash and cash equivalents, beginning of year	422.4		161.0		1.7		0.1		—		585.2
Cash and cash equivalents, end of year	100.4		660.6		0.2		0.8		—		762.0