Good morning. My name is Carol, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Broadridge Financial Solutions Third Quarter Fiscal Year 2008 Earnings Call. I would like to inform. I would like to inform you that this conference is being recorded, and that all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. (Operator Instructions). I will now turn the conference over to Marvin Sims, Vice President of Investor Relations. Please go ahead, sir.

Thank you, Carol. Good morning, everyone. Good morning everyone, and welcome to the Broadridge quarterly earnings call and webcast for the third quarter of fiscal year 2008. I am Marvin Sims, Vice President of Investor Relations. This morning I am here with Rich Daly, Chief Executive Officer for Broadridge and Dan Sheldon, Chief Financial Officer for Broadridge. I am sure everyone by now has had the opportunity to review the earnings release we issued earlier this morning. The news release and the slide presentation that will accompany today's earnings call and webcast can be found on the Investor Relations homepage of our website at Broadridge.com. Before we begin, I would like to remind everyone that during today's conference call, we will discuss some forward-looking statements that involve risk, and these risks are discussed here on Slide 1 and in our periodic filings with the SEC. During the review of our financial results, to provide the appropriate point-to-point comparison between fiscal '08 and fiscal '07, all pretax and net earnings numbers discussed throughout the presentation are non-GAAP, and exclude one-time transition expenses and interest on new debt. The actual GAAP reported numbers in comparison are also listed. During the review of our segment results, again for the appropriate point-to-point comparison for year-to-date revenues and operating profits, we'll discuss adjusted numbers that reflect a change in the methodology that occurred in the third quarter of fiscal year 2007, with the interest segment allocation between the clearing and outsourcing segment and the other two segments. A reconciliation to the GAAP numbers is available on the presentation appendix as well as in the press release. Now let’s turn to next slide and review today’s agenda. Rich Daly will start today’s meetings with his opening remarks and provide you with a summary of the financial results for the quarter and a discussion on a few key topics. Dan Sheldon will then review the financial results in further detail for both the quarter and year-to-date. Rich will then return and review the fiscal 2008 guidance, and provide his summary before we head in to Q&A part of the call. After Q&A, Rich will provide his closing comments. Now please turn to the next slide for Rich’s opening comments, and I will now turn the call over to Rich Daly. Rich?

Thanks Marvin. Good morning. This morning as part of my opening remarks, I will discuss the following topics. First, the financial results for the quarter, then a business overview for each of the business segments, where I will touch on general performance, and some of the relevant key business drivers of each segment. Then after Dan’s financial update on the quarter, I will discuss the increase in our financial EPS guidance range and the factors behind the improvement. Let me start by saying that our third quarter financial results are in line with our expectations. Given our strong year-to-date results and clear view of our fourth and largest quarter for both revenues and profit, we are able to raise our full year guidance range even in a difficult time for the market we serve. Our latest EPS guidance range is $1.35 to $1.45, which is up from our previous range of $1.30 to a $1.40. These are non-GAAP numbers, as they exclude one-time transition expenses of $0.06. For the quarter, we had revenue growth of 1%. In the largest segment, Investor Communications Solutions, we are able to grow over the client loss we disclosed last year, and then our Securities Processing Solutions and Clearing segments were able to generate solid new business growth, but not enough to grow over the previously disclosed loss of TD Waterhouse from last fiscal year. Our net earnings for the quarter, despite being down 13%, were in line with our expectations. Year-to-date net earnings are up 17%, which is ahead of our original plan. Dan will talk more in his financial review about the details, and I will talk more in my segment discussions about how our strategy will drive these key metrics, as we move forward. Our closed sales were $48 million for the…

Thanks Rich. I am on Slide 6. First I would like to point out that at the end of Q3 we've recognized approximately 65% of our revenues and approximately 50% of our earnings for the full year. This is typical given the seasonality in our business especially around our equity proxy season in the fourth quarter. Our revenue growth of 1% for the quarter from sales, losses and internal growth was in line with our expectations. And year-to-date we are at 4% revenue growth and we benefited from the internal growth that Rich mentioned in the first half primarily from equity trade per day. We are expecting a stronger fourth quarter than originally anticipated due to positive growth in the equity proxy stock records, noticed an access and continued growth in the other investor communications revenues. We are forecasting revenue growth for the year to be between 2% and 4%. And I will go in to more detail when reviewing the segments. With respect to pretax margins for the quarter, they are down 2.2 points. The decrease is primarily related to the two large client losses we previously disclosed, which impact all three segments as well as incremental investments including the expensing a founder grant that our Board approved in lat February. Our pretax margins year-to-date are up 140 basis points to 13.4%, and we expect to end the year between 15.8 to 16.5. Let’s move to looking at the segments. I am now on Slide 7. I want to draw your attention to the chart we have provided at the top of the page. You can see that year-to-date we've recognized about 60% of our full year revenues and this is typical in any given year as the fourth quarter contribution from equity proxies kicks in. We've also broken…

Thanks, Dan. As I mentioned during my opening remarks we have increased both the low-end and high-end of our EPS guidance range by $0.05 to a range of $1.35 to $1.45, from our previous EPS guidance range of $1.30 to $1.40. These are non-GAAP numbers as they exclude one-time transition expenses. Our fourth quarter is our biggest quarter and makes up approximately 50% of earnings, and we are seeing stronger growth potential in our recurring revenues coming from the core business from our investor communications solutions segment. This view and where we are year-to-date in terms of our financial performance, gives us the confidence to raise our range. Going into our fourth quarter, the only key variables will be event-driven activities and trading volumes. If you recall, we started our fiscal year 2008, we rolled out an EPS guidance excluding one-time transition expenses in the range of a $1.17 to a $1.25 and now we are at $1.35 to $1.45. This has been a very good year. Before me summarize before we go into the Q&A part of the call. It’s been one year since Broadridge was spun-off from ADT. During that year we have raised our guidance twice, we expanded our strategic planning efforts and resources. We've also proven the viability of our clearing outsourcing model, which now has several new clients. We generated more cash and paid off more debt more quickly than we originally anticipated, and we still anticipate an additional $50 million to $70 million in free cash flow in the fourth quarter. Our Q3 results are directly in line with our expectations, and we are well-positioned for the rest of the fiscal year to deliver earnings per share within our new higher guidance range. The biggest piece of our business, the Investor Communications segment is…

Thank you, sir. (Operator Instructions). Our first question will come from the line of Ian Zaffino with Oppenheimer.

Hi, good morning. Very good quarter gentleman.

Thank you.

Two questions here. I wanted to just focus in on your comments about no share buybacks for the remainder of this year. This year ends next month, so I don't think we'll see anything in the next month. But what about booking out maybe in this calendar year, what your thoughts are as far as share buybacks?

Sure Ian. We originally said that we weren’t planning to do it for this year. We are sticking with that plan. As we put together our '09 plan and share that with out Board, I am sure this topic will come up, and beyond that I don't have any further comment.

Okay. And can you give us an idea of or I guess speck of an idea, you are throwing off over $3 of free cash flow that's not too shabby. And then the other question on rating agency side, your commitments to the rating agencies as far as the size and days of the staggered loans. Is there an opportunity to be upgraded again, given that these promises or is this just something that we are going to have to wait how it plays out?

Well we certainly don’t have any ability in to comment on behalf of the rating agencies, we are committed to run this as a processing business and leverage the skill set of Ridge to create more transactions.

Okay.

Not too many transactions of the nature we did in the staggered trade going forward makes goods. There is no reason for us to do that, it doesn’t add to the value we're looking to create in clearing, and so it was an easy decision to eliminate that going forward. We will continue to run this conservatively, and hope that is viewed positively by the agencies as we go forward.

Yeah, Rich, I would add to that piece. We did mentioned and we will too continue to work with the agencies to make sure that everybody understands exactly how we do operate and why we do believe that we run a conservative, well disciplined risk management.

Okay. So just to be clear, the rating agencies haven't done anything yet, given this new commitment you've made?

At this point in time nothing.

Okay, all right, thank you very much, good quarter again.

Our next question will come from the line of Tien-Tsin Huang with JPMorgan.

Thanks, great job on the call. Question on guidance, I guess what specific metrics are you looking at that gives you confidence to raise guidance going in to 4Q. Heard a lot of different things, maybe you can just rank for us the metrics in terms of importance?

Tien-Tsin good morning, yes.

Good morning.

First of all, we have our year-to-date performance and being where we are in May, we have pretty good view in to the fourth quarter, particularly proxy season, and where we sandwich stock record and those types of initiatives. So, it's really the year-to-date performance, and the clear view we have in to proxy season that gives us the confidence to believe that the new range we've set is appropriate.

Okay, fair, good. Then, your goal to double the size on the Clearing and Outsourcing front, how much of that do you expect to come organically versus inorganically?

The size and the growth that we expect to double there, we expect to come organically through outsourcing primarily.

Okay, so primarily through organic growth. And then just lastly, and then just, in general, it sounds like the sales performance has been great, sounds like the pipeline is good. I'm just curious, have you seen any change in the sales cycle at all? How is the fourth quarter shaping up so far in terms of new sales? What are your conversations like with your end clients?

I thought that I had mentioned, and if I didn't, I apologize that the changes in management absolutely we believe are delaying certain decisions. With that said though, we've had good results, and very good momentum.

Got it. Very good, thanks.

Thank you.

Our next question will come from the line of Stefan Mykytiuk, with Pike Place Capital.

Hi, good morning. A couple of questions. First off, I think you said the Founders' Grant of options in the quarter was $4 million, is that the right number?

Seven.

Seven?

(inaudible). Okay. In this quarter, we expensed $4 million. The grand total for the year will be $7 million.

Okay. So there will be another piece in the fourth quarter?

In the fourth quarter, yes.

And where on the consolidated results -- consolidated P&L, is that in SG&A then?

Yes it is.

Okay. And then you said in the segment, it's down on that other?

Yes, it is, right that's exact way to look at it.

Okay. And then the same thing on the transition expenses, is that the same thing?

Yes. They both in, on the basis of financials and the SG&A and then they are other in the segment fees.

Okay. And where the transition expenses, they are still on other piece in the fourth quarter then?

Yeah, there is a final piece that will ramp up to the final 14, and then it disappears next year.

Okay. And then how about on the spending on new R&D and new product generation, is that showing up in cost of net revenues or is that in SG&A?

The piece that's out in the field that we've talked about, where the field is building up, is in the cost of revenues, and then the piece that Rich has often talked about the incremental $10 million is what goes into the SG&A.

Okay. And again in the segment, that's in other?

Yes.

Okay. And Rich maybe can you just comment on how new product development is going, and I think you had the workforce solution that you introduced a couple quarters ago, just give us some update on how that product or other new products are being received?

Sure, at the time of the spin, we were committed to expand our efforts beyond any other time in my previous almost 20 year, 10 year for the organization. Most importantly, we drove the process much deeper into the organization. The team initially teed up 45 potential areas. We embedded that down to 15 which were in the process of flushing out and pursuing and the workflow would be considered one of those, as an example.

Okay. I mean those are, how many workflow was out, you are selling that actively correct?

That's correct. And their expansions to the work flow even beyond the pieces that we're currently selling.

Okay.

So the way to think about it is, we're really looking to leverage the distribution channel we have, leverage the trusted relationships we have with our client. And in all cases, we're communicating with clients as they think about new things they need to address, whether it'd be the service fee business or related to regulatory. Rather than build it once only for themselves, think about building it with us, all right and creating a better industry solution. That is the type of activities that we're actively pursuing. The intent is to enable to support their continued growth rate of four to six and ideally over time and time being not next year in terms it relates to new initiatives raise at growth rate.

That's the overall revenue growth, potentially you're seeing?

Right. For this year by the way, I mean, when you think about it, you thought, you heard about RBC was part of our wealth management. RBC was very important to that piece of it, so that piece is already started to generate some of the revenue. And as we mentioned a year ago, we had increased some of our Notice and Access investment in our Investor Communication, and that's helped drive the $14 million in Notice and Access, as well as help us to get the 4 million which is really $4 million in revenue but over 200 clients additional to the registered side.

Okay, terrific. Well, keep up the good work. Thanks very much.

Thank you.

(Operator Instructions) Sir, I'm showing that we have no further questions. Do you have any closing remarks?

Thanks, Carol. Well, I want to thank everyone for their participation today and we certainly look forward to meeting and speaking with you in the near future. Thanks so much.

This concludes today's Broadridge Financial Solutions Inc. third quarter fiscal 2008 earnings conference call. Thank you for your participation. You may now disconnect.