(Operator Instructions) Welcome everyone to the Broadridge Financial Solutions, Inc. Third Quarter Fiscal 2009 Earnings Conference Call. I will now turn the conference over to Marvin Sims, Vice President of Investor Relations.

I’d like to welcome everyone to the Broadridge quarterly earnings call and webcast for the third quarter of the fiscal year 2009. I'm Marvin Sims, Vice President of Investor Relations. As usual this morning I am here with Richard Daly, Chief Executive Officer for Broadridge and Dan Sheldon, Chief Financial Officer for Broadridge. I'm sure by now everyone has had the opportunity to review the earnings release we issued this morning. The news release and slide presentation that accompany today's earnings call and webcast can be found on the Investor Relations homepage of our website at www.Broadridge.com. At the end of today’s call, as some of you have requested we’ll also post our quarterly revenue metrics on our IR website as well. Before we begin, I would like to remind everyone that during today's conference call we will discuss some forward looking statements regarding Broadridge that involve risks. These risks are discussed here on slide one and we encourage participants to refer to our SEC filings including those on Forms 8-K, 10-Q, and 10-K for the complete discussion of forward looking statements and risks. Now let's turn to the next slide and review today's agenda. Rich Daly will start today's call with his opening remarks and will provide you with a summary of the financial results for the quarter, followed by a discussion of a few key topics. Dan Sheldon will then review the third quarter financial results in further detail including a review of cash flows for the quarter end. Rich will then return and summarize the fiscal year 2009 guidance and provide his overall summary and some closing thoughts before we head into the Q&A part of the call. Now please turn to the next slide and I'll turn the call over to Rich Daly.

This morning as part of my opening remarks I’ll talk about the following topics. First, a summary of our third quarter financial results and the reaffirmation of our 2009 fiscal year non-GAAP EPS guidance and the increase in our GAAP EPS guidance. Next, an update on the current market dynamics including the latest update on industry consolidation and how to put these dynamics into context for Broadridge. Finally, a review of our closed sales performance and our sales pipeline. Let’s start of slide number four. Give the current economic environment in the financial services market we’re satisfied with our results for the third quarter. Our third quarter performance for our GAAP EPS and non-GAAP EPS were better than expected. Our GAAP net earnings for the quarter are up 39% and our non-GAAP earnings are up 15%. Our positive earnings performance was driven primarily by the growth in the higher margin recurring fee revenue, the benefit from the state tax credit granted this quarter, lower interest expenses and the positive benefit this year from the grow overs related to the one time transition expenses from last year. For the quarter we had fee revenue growth of 2%, with fee revenue growth in all three of our operating segments. However, when you factor in lower distribution revenues and the negative impact from our foreign currency exchange our revenues for the quarter were down 4%. As we look forward to the remainder of the year we are increasing our full year GAAP EPS guidance range to $1.52 to $1.62 from our previous guidance of $1.49 to $1.59 as a result of the $0.03 EPS benefit related to the one time shore from the state tax credit from our previous fiscal year. We are reaffirming our full year non-GAAP EPS guidance of $1.45 to…

On slide eight the results for the quarter and year to date our revenues were down 4% for the quarter and flat year to date. We continue to have a positive impact from net new business while internal growth in event-driven pretty much are offsetting each other at this point and with respect to distribution and FX they continue to be a drag. As Rich mentioned, our three operating segments all had fee revenue growth for both the quarter and year to date. With respect to our pre-tax margins for both the quarter and year to date were up and driven by lower interest expense, no transition expenses this year, and reduction in discretionary spend as well as benefits from lower stock compensation expense due to our stock price in the third quarter. Our EPS was up significantly for the quarter due to both benefits from pre-tax margins I just discussed and a $0.05 contribution from our state tax credit. By the way, $0.03 relate to a retro credit back to FY08 and $0.02 year to date benefit which for the full year will be $0.03 and as Rich mentioned contributing 100 basis point reduction to our effective tax rate which we expect to continue for the next eight years. We continue to look for federal and state tax incentives as we balance our presence in the US and various state jurisdictions versus offshoring opportunities. With respect to our credit rating agencies I’m pleased to report that S&P upgraded up to BBB- with a positive outlook and Moody’s maintained our BAA2 with a stable outlook rating. We meet with Fitch in June but would expect to maintain our BBB with a stable outlook from them. This means red investment grade ratings with all three of our agencies. Let’s move on…

Let me review and summarize our fiscal year 2009 guidance on slide number 15. We’re reaffirming the revenue growth guidance we gave last quarter which was in the range of flat to -3%. We’re anticipating revenue growth at the lower end of the range primarily as a result of lower event-driven mutual fund proxy activity, a reduction in distribution revenues, lower growth related to trade, mix and volume, as well as lower customer margin debit balances. Despite this, we’re still expecting overall fee revenue growth in the low single digits and mid single digits growth in recurring fee revenue in our Investor Communications Solutions segment. We’re expecting our earnings margins before interest and taxes in the range of 16% to 16.9%. As I mentioned earlier, we expect GAAP EPS in a range of $1.52 to $1.62 and non-GAAP EPS in a range of $1.45 to $1.55. This excludes the benefit of $0.04 for the one time gain on the purchase of our senior notes during our first fiscal quarter and the $0.03 benefit from the state tax credit related to our prior fiscal year. We expect our closed sales to be in the range of $160 to $180 million dependent upon closing some larger deals in the fourth quarter. Our effective tax rate will be approximately 38% as we benefit from the recurring portion of our state tax credit. Finally, we’re expecting free cash flow to be in the range of $230 to $270 million. As I stated earlier, this is higher then our previous guidance by $20 million on both the low and high end. In terms of our use of free cash flow, as I stated during our February earnings call most of our free cash is generated in our fourth quarter. We’ll provide a clearer direction on…

(Operator Instructions) Your first question comes from Anurag Rana – KeyBanc Capital Anurag Rana – KeyBanc Capital: The Outsourcing revenue was down sequentially. Could you please break down the various components that lead to this decline? The Clearing and Outsourcing on a sequential basis was down. I just wanted to see what the components were.

If you look at the third quarter and you see that, you go from the year to date where at about $52 million so revenues are down a little bit slightly but what’s really impacting us here in the third quarter is the margin balances are down almost $200 million as well as we saw in our trade volumes, although you see the volumes up when we look at the mix on the retail side which are the smaller retail folks they were way down and they bring us on a contribution as far as trade per day a much higher rate then what we’ll call more of our institutional side. Think about it as rate in the trade area as well as the fall off in the margins. Anurag Rana – KeyBanc Capital: I believe it was the exact opposite to the previous quarter.

Yes. Anurag Rana – KeyBanc Capital: Are there any other customers that are deciding to make strategic decisions, do you know of any acquisitions that are out there? Things like Bank of America deciding to use someone else’s platform are there any other companies that are making such strategic decisions at this point?

I used the word specifically that the B of A/Merrill was the last decision we were expecting from the known consolidation activity. In terms of firms that have come together at least in any material way I’m not aware of any other decisions that need to be made at this point in time. Since all the other big transactions not only have been decided but we were actually very pleased the way we came out in those decisions. We’ve now reached the point though where the initial push for short term cost savings from existing clients has taken place and what I am pleased by is that in our sales pipeline its grown because there are now larger discussions taking place and more discussions taking place with firms that are looking for significant alternatives to lower their run rate infrastructure and are willing to consider both outsourcing their system or even complete outsourcing of their system and the people behind the system. Anurag Rana – KeyBanc Capital: Any discussions with the Government regarding Securities Processing, fixed income?

We have not had any discussions with the government. We’re still waiting with great anticipation for what regulations will come out from the government due to the unprecedented times we’ve gone through. Anurag Rana – KeyBanc Capital: I think I remember that you talked about a 60% option rate of Notice and Access in the previous quarter and I think you just mentioned 50%.

What we said last quarter was the range would be 50% to 60% and we’re now giving the fact that we pretty much know what’s coming in the door we’re at the 50% range.

Your next question comes from Ian Zaffino – Oppenheimer Ian Zaffino – Oppenheimer: What’s up with the investment grade rating, can you give us an understanding of what an investment grade rating does for your business, obviously lower borrowing costs but help us understand the rest of that. What type of metrics when you speak of the ratings agencies are they looking at for you to maintain that type of rating and what type of flexibility will you have going forward?

With regard to the investment grade rating we stated from the time of the spend that given the fact that we were providing mission critical services to the industry we viewed having an investment grade as being a strategic imperative. We didn’t say it needed to be AAA or anything super high but we said we wanted a solid rating a solid investment grade rating which I believe we’ve now attained again. Its mission critical functions and I have had dialogues with many prospects about the comfort that they get from us having that investment grade rating.

With respect to metrics let me give you a couple of pieces here. Most of them follow us as far as the type of industry we’re in, concentration of clients as well as business metrics we’ll call those the financial. In the first two they’re very happy all of them in saying you hold your own you’ve got good high retention rates and you bring in new business. As far as internal growth they fully get it, that there will be high periods when the markets are up and lower periods when they’re down. With respect to the financials again with our recurring revenue base very happy with. The only place they really spend a lot of focus on is with respect debt to EBITDA. What I’d share with you is the agencies for the most part do not include cash on the balance sheet when they come up with their debt to EBITDA so what they’re looking for is we’re already there now but over any long extended period that we would keep that one to one debt to EBITDA. Will we be allowed to at times go lower then that or above that? Absolutely, but they’re looking for our long term commitment which we are to a debt to EBIDTA one to one. Equally so the reason we said before why we needed the investment grade as Rich mentioned was our clients are also looking that we’re going to be very prudent with the amount of debt that we put onto our books. Ian Zaffino – Oppenheimer: The way I understand this is the flexibility you’ll then have is more just through growth of either EBITDA or the free cash flow so we’re not expecting it levering up of the balance sheet going forward. The only way you would do that is with commensurate increase in EBITDA?

Over a long period. For example let me just say that obviously they wouldn’t look for us to go into any kind of debt position for either share buy backs or dividends, that’s just exactly they would be. However, if we were to do an acquisition or whatever and it should put us below the metric that they were looking for we also know and they know that we have the cash flows over any period of time to really provide for that. So therefore I hope that helps with answering the questions of how to look at it that in the short time period we could be below the metrics I just gave you.

Your next question comes from Tien-Tsin Huang - J.P. Morgan

On the Bank of America I just wanted to make sure, are there any termination fees tied to that, it didn’t look like it. When exactly did the conversion happen, what month?

There are not conversion fees. It took place very quickly and it will be in this quarter and what they’ve simply done is my understanding is taken the largest volume provider of any product and put both businesses on the highest volume provider. We’re also looking forward to having continued dialogues about once they’ve stabilized the environment what’s the best way for them to go forward.

From a numbers perspective be thinking of the $20 million that it would average out to be of course then the $4 million a quarter almost nothing in the third quarter and then of course the fourth quarter getting impacted by about $4 million and then the rest continuing into next year.

On the equity side, are the other decisions with Bank of America basically done?

That was the only decision that impacted us was the institutional equities that we were performing for B of A.

We shouldn’t think about any other potential changes in the near run?

No affecting Broadridge. Remember, the communications business we were providing proxy processing as the best example for both B of A and Merrill and we’ll just continue to provide it for the new combined entity.

On the IC side, when do you expect the mutual fund proxy activity to trough if that’s a good term or not and could we see the step up in the M&A activity potentially offset this or even overcome it?

I think that the mutual fund activity is at the bottom of the trough right now. We’re, as I said in my comments, having conversations right now with more than one reasonably large fund groups that are talking about the need to do something in the near term. I would be disappointed if we didn’t have again more than one reasonable size mutual fund proxy job taking place during this calendar year. The M&A activity is less predictable but we have seen some of the M&A activity because of the events that we know in our own industry that took place, other activities that are taking place that are well publicized proxy contest etc.

We do know in our fourth quarter, as I mentioned, that we did have a large job last year approximately $15 million that won’t repeat itself. That’s all in our guidance and would totally agree with Rich. We think we’ve hit the bottom.

The tax rate, the 38% is that a good number to use for non-GAAP purposes as well?

GAAP and non-GAAP and going forward.

Your next question comes from Stefan Mykytiuk - Pike Place Capital

Can you maybe give us; I know it’s early, some sense of the revenue opportunity with this investor network?

It is absolutely early. The fact that we’re starting with Intel I find very, very exciting. If you think about the number of challenges going on today for companies around the, for example executive comp area, this is something where managements, Boards, etc. have the opportunity to reach out and survey shareholders and include their views in things like CDNA analysis going forward. If you think about the expense that companies go through for an annual meeting the idea of having a virtual annual meeting which will allow access to more shareholders with less expense and less logistics cost and concerns these are pretty exciting opportunities now. I don’t have firm numbers but we’d like to think that these types of activities for a good size company should be worth between $20,000 and $50,000 an activity. This could be very, very exciting in terms of taking our position to an even higher level from the very high level we’re at already today. We’re excited.

Is there anything else, I was reading something about the New York Stock Exchange might be trying to make a decision on this Rule 452 again, I know they’ve been kicking that around for a long time. Any other kind of regulatory actions that are in the forefront today that you think can have a positive impact on the business?

There are no other regulatory changes that I’m aware of right now. We do believe that given what took place in this recent environment that transparency to investors will remain a very high priority for the SEC. We believe that that will work well since we enabled the SEC to achieve those higher levels of transparency to investors. The 452 change is something that we don’t see given where it’s at right now having a material impact on us. We would expect that with 452 going away there might be more volumes as people need to get tough proposals passed. For example, an equity comp plan. We’re not really planning on anything material at this point in time, any material benefit.

Your next question comes from Anurag Rana – KeyBanc Capital Anurag Rana – KeyBanc Capital: Are you seeing valuations for acquisitions come down in the marketplace at this point?

Our valuations for marketplace for acquisitions came down. I actually do believe that what took place in the marketplace has effected just about everything as well as what buyers are willing to pay although not initially what sellers were willing to sell for. I’m encouraged though that the market I think is coming together and I’m encouraged by some of the dialogues we’ve had with properties that we believe would meet our definition of a tuck in and really be far better positioned under the Broadridge umbrella with our distribution channel, our credibility and our ability to go to market then they are in their current environment.

I’m showing that we have no further questions at this time. I will now turn the call back to Mr. Daly.

We certainly appreciate everyone being with us early on a Monday morning. We thank you for your participation. As always, Dan, Marvin and I will look forward to seeing you in the near future. Thanks so much and choose to have a great day.

This concludes today’s Broadridge Financial Solutions, Inc. Third Quarter Fiscal 2009 Earnings Conference Call. Thank you for your participation and you may now disconnect.