(Operator Instructions) Welcome everyone to the Broadridge Financial Solutions Third Quarter Fiscal Year 2010 Earnings Conference Call. I will now turn the conference over to Rick Rodick, Treasurer and Vice President of Investor Relations.

Welcome to the Broadridge quarterly earnings call and webcast for the third quarter of fiscal year 2010. This morning I’m here with Rich 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 today. The earnings 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. I’d like to remind everyone that we’ve also included a copy of the key metrics on pages 30 and 31 in the appendix of our webcast for your reference. You may find these metrics helpful during Dan’s review of the financial results for each segment. During today’s conference call we’ll discuss some forward looking statements regarding Broadridge that involve risks. These risks are discussed here on slide number one and we encourage the participants to refer to our SEC filings including those on Forms 8-K, 10-Q, and 10-K for a complete discussion of forward looking statements and the risk factors related to our business. Before we begin I’d like to point out to everyone that as a result of the Penson transaction we announced in the first quarter, the clearing business is now shown as discontinued operations and our remaining outsourcing business has been merged into the Securities Processing segment. Also as a result of the reporting treatment of the Penson transaction the financial results discussed today will address continuing operations unless otherwise stated. Now let’s turn to slide two 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 third quarter of fiscal year 2010, followed by a discussion of a few key topics. Dan Sheldon will then review the third quarter fiscal year 2010 financial results and the full year financial guidance in further detail including a review of cash flows. Rich will then return and provide his overall summary and some closing thoughts before we head into the Q&A part of the call. Now please turn to slide number three 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, I’ll start with an executive summary of the quarter and year to date activities. Then I’ll provide an overview of our third quarter financial results, followed by a review of our strong closed sales performance and sales pipeline, and then a business update for our two segments. After Dan provides you more of the financial details on the quarter and a guidance update I’ll then wrap it up with my closing comments. Let’s start on slide number four. Our business execution remains strong, year to date closed sales were 41% higher than last year and client revenue retention rates were 98%. We continue to grow in all of our markets during this down cycle and we were recently upgraded by Moody’s due to the company’s continued strong operating performance throughout the economic recession. We are executing on our strategies. On April 1 we announced that IBM and Broadridge had signed both business alliance and data center outsourcing agreements. The Penson transaction is proceeding as planned and we anticipate closing the transaction prior to June 30, 2010. On March 9th we announced that we had entered the registered equity transfer agent market with our acquisition of StockTrans. We intend to be aggressive in this space by leveraging the more efficient street processing processes to the benefit of both issuers and shareholders. The Morgan Stanley Smith Barney transaction that we announced in November is progressing nicely as the performance under the contract is tracking ahead of expectations. We have assumed the legacy print mail fulfillment operations of Smith Barney and have also begun converting the Morgan Stanley legacy applications. Our high level of associate engagement and productivity was recognized when we were named the “Best Large Company…

I’m on slide 10 for our third quarter and our year to date results. Since Rich already addressed the revenue growth components for the quarter and year to date I’ll quickly go into just a little bit of detail on we’ll call it the EBIT margins. For the quarter, the margins were down two points mainly due to the forecasted revenue fall off in the securities processing business, as well as in investor communications the on-boarding of the Morgan Stanley deal and increased short term investments including some incremental sales commissions. The EBIT margins were down slightly year to date due to the positive impact from investor communications even driven mutual fund proxy revenue in the second quarter which was then offset by the Q3 activity we just mentioned. Our non-GAAP earnings per share was down for the quarter and up year to date due to the contributions from EBIT and share buy backs. Let’s move to slide 11 and review our revenue drivers in a little bit more detail. On this slide, I wanted to refresh your memories on how the revenue drivers have worked in the past and how they are forecasted to look in fiscal year ’10. We use these drivers to build our forecast and forward looking revenue models. To the far left is the five year CAGR starting with fiscal year ’05 and includes fiscal year ’10. During this period we had growth in all years except the one down period we experienced last year in fiscal ’09 of -2%. The percentages to the right represent our actual year to date and forecasted full year view of revenue growth from the comparative period last year. As you remember, the fourth quarter is our largest quarter due to the equity proxy activity and this quarter represents…

Please turn to slide 19. In summary, we expect to end fiscal year 2010 with an EPS within the range of our original guidance we gave to you last August. However, fiscal year 2010 is turning out to be a different year than planned in light of the weak market conditions still impacting the recurring revenue volumes in our business. Fortunately event driven revenue offset these volume weaknesses that always return when retail participants return to the market. We have also had record closed sales which position us to achieve higher levels of growth and earnings when these market driven volumes return. Although there are some signs of retail participation returning, it is too soon to call. I remain confident about our future because of our consistent ability to execute against our strategy. Let me share with you some key variables that we’re successfully executing against that will lead to revenue growth and greater shareholder value. We have a 98% client revenue retention rate and we’re very pleased with this achievement. We also have outstanding service levels. This is directly related to the fact that in our space we happen to be the clear employer of choice and this is one of the reasons that we were recently named the “Best Large Company in New York State.” Our highly engaged associates are very productive and consistently deliver more for clients, which enables us to sell more products to existing and new clients. This is a clear part of why in this weak market environment we’re again having a record sales year. Our engaged associates continue to push and continue to view revenue growth as the priority in the way we run the business. We will continue to sell existing and new products to existing and new clients. We will find…

(Operator Instructions) Your first question comes from Jim Kissane – Bank of America-Merrill Lynch Jim Kissane – Bank of America-Merrill Lynch: A question on the event driven, because it seems to be pretty important swing factor for the next 12 months, do you think it’s going to normalize or stay elevated as you look at it?

When we set out this year one of the key questions that people asked us was you’re planning on a big increase in event driven and then with the two key jobs of American Funds and iShares we would up being $60 million even over the large increase we had planned. As I’ve often said, I really like event driven because it’s our strongest CAGR, it’s just in any given year it’s very difficult to see out more than three months, six months the most. There is a possibility of very strong activity next year over any period of time we believe that it will continue to grow because the mutual fund positions are growing even in this market. It’s very difficult to say specifically where we’re going to be next year at this point; we’ll have a slightly better view in August. Long term we believe that event driven in the mutual fund space will continue to be strong.

The only thing I’d add on to that is the proxy specials and contests, there’s more M&A activity out there we would have hoped for a little bit more activity as far as the revenue goes but right now we’re not seeing any of it. The other piece that’s called mutual fund supplementals which means it’s not part of the semi-annual or the annual mailing; just haven’t been there this year. It’s really hard until we start seeing a trend to predict what we would think for next year. I think we all believe that it can’t go any further down so that’s what I’d leave you with.

Your next question comes from Ian Zaffino – Oppenheimer Ian Zaffino – Oppenheimer: I’m glad to hear that you guys are going to approach the Board to buy back shares. Is there a dollar amount that you’re thinking? The other question would be, given I don’t want to say lack of success, but limited acquisition opportunities that fit your criteria, does that make you more willing to buy back shares or you keep your powder dry with hopes that eventually you’ll see something out there.

In terms of the buy backs, what we specifically said was we’re going to look to offset the $0.07 share dilution so you can do the calculation of about how many shares that would be. In terms of acquisitions, what I said was that we have had $70 million over three years versus a desire to do between $50 and $100 million. Again, with that said, we continue to actively look and I would like to believe that as we go forward we’ll be more successful in identifying targets that fit our space exactly as we would like it to and create better revenue and earnings opportunities. As we go forward we expect to be more successful there, let me emphasize though we’re not going to lower our standard and we’re not going to lower the fact that we’re going to remain very selective.

Remember that last August we announced that we had $10 million authorization from the Board and we spent $6.6 million of that authorization so therefore that leaves about $3.4 million and we’ve talked about buying back shares to avoid the dilution from the Penson deal so obviously that’s why we’re talking about additional authorization.

Your next question comes from Tien-Tsin Huang - JP Morgan

I wanted to ask your thoughts on what happened last Thursday in the markets with all the volatility in the market obviously and what the implications would be for Broadridge from that, if any?

I listened to the commentary on Friday, over the weekend, and even this morning, it’s still a highlight on the news radio 88 updates at 5:30am and 6:00am in the morning. First of all, Broadridge, our systems performed very well throughout that process, I’m pleased to state. In terms of what this means to our markets, I would expect that there’s going to be some changes at the exchanges and I’d expect that we’ll be well positioned to manage those for our clients and against it’s an advantage for our clients when something like that happens. Beyond that, this is something well beyond Broadridge in terms of a market making activity, the program trading activities, and the off exchange activity. I would expect that there’s going to be, if not regulatory activity, I’ll call it industry activity to ensure that the real companies don’t go to a value of zero because of imbalances.

I’m sure the additional volumes obviously helped. Glad also to hear about the additional share repurchase for the offset. Could you comment at all about your willingness to take on leverage to address the share repurchase?

We now, as we mentioned we’ve been upgraded and we have the ability to take on additional leverage to create value. We don’t anticipate, because of the freeing up of the cash from Penson to have to take on additional leverage though to buy back the shares to offset the dilution at this point in time.

I would totally agree with that. I think the other thing though, on the trade volumes, so everybody knows, those trade volumes on last week late in the week jumped up 20% so we went from $1.5 to $1.8 million. I’d love nothing more than that to stay at that rate but what I can really see out there is that the April time period we were talking to everybody where we saw a little bit of an up tick and a return of the retail side maybe right now we’re looking at two or three points of growth right now from where everything sits. Again we’ll wait and watch this week. I don’t think $1.8 million is going to be sustainable for any long period of time.

I would add one other thing. We would like a stable market; we would like retail to return. I don’t think last Thursday did anything to help those events taking place, both a stable market and retail returning.

Totally agree with you.

Your next question comes from Peter Dale – Omega Advisors Peter Dale – Omega Advisors: My question is not a lot different and similar to Ian’s question surrounding acquisitions. You’ve really focused over the last four or five months on the commitment to improve the top line growth. We see the StockTrans acquisition, that conveys alignment. Importantly you added Tim Gokey, distinguished background and reputation as your Chief Corporate Development Officer. I guess my question is this, is there something bigger out there on the acquisition front that looks more appealing, could we see something bigger than the tuck in acquisition thesis? I suspect it doesn’t change your view on dividends and share buybacks but can you elaborate.

I’m delighted you raised the fact that we added Tim and it was probably an oversight on my part to not include that in the script. We believe we’ve been very successful in executing against the strategies and in my summary I highlighted a number of them which we feel very, very good about. That doesn’t mean we’re satisfied in that we don’t want to do more and by bringing in someone with Tim’s background and experience shows our commitment to create greater top line and earnings growth. The focus with Tim now running the strategy group and the M&A activities is to be even more successful as we go forward. Tim though will be part of the same mindset we have here which is we acquire something, we’re acquiring it because we believe when we own it it’s going to be worth more and we’re not going to go into space where we don’t have expertise in but we think with the expertise we have in both communications and securities processing there’s good opportunities and now it comes down to can we get those opportunities at a price that we believe would be attractive to our shareholders to create greater growth as we go forward. What you’re hearing is our focus and intent is greater than ever in achieving this but our mindset and how we achieve it isn’t changing.

Onto that piece, was Tien-Tsin this ties back to what he was talking about with cash versus debt. We do feel that we’ve got the cash and the right amount of cash to what we think is appropriate with share buyback, especially in light of the Penson deal but also we’re going to make sure that we have room in our debt capacity for the tuck in acquisitions or other things that could come along.

Your next question comes from Stefan Mykytiuk - Pike Place Capital

Can you elaborate; you mentioned something about the IBM alliance also creating a top line opportunity, can you elaborate on what that would be?

One of the things that we find in the outsourcing agreements is that although we’re taking over the systems and the people there’s a systems infrastructure there that sometimes is a challenge for the client to right size. What we believe is when we go in now to market with IBM as a strategic alliance partner what we’re actually going to be able to do is take over the systems, the people, and the infrastructure which really will create not only a very significant additional cost opportunity for the client but it will also create a far better way for the client to manage the transition. I’m expecting and planning on my calendar in the near future to be going out with IBM senior management to be visiting a number of large prospects where we both have strong relationships and we’d like to believe that this will enable some of these clients to be more confident to make the decision to outsource to both Broadridge and IBM as we go forward.

If I understand you correctly, you’re saying basically that this is potentially removing a hurdle to the client wanting to outsource?

Right now its systems and people, now its systems, people and infrastructure. That’s going to be very compelling and some significant see sweets out there.

Back to the buyback, it looks like you did not buy back stock during the quarter were you guys blacked out for some reason due to the Penson deal?

We bought back a small amount. There were some issues about what we could or couldn’t buy. We run and get a much firmer handle on a clear closing on the Penson transaction, we remain very confident it’s going to close in this fourth quarter and we bought back what about 500,000.

Following up on a couple previous questions, you’re going to end the year with $500 million or something of cash or more and you got very little leverage so it does seem like you have the ability to do these kinds of acquisitions as you’ve done in the past even at a slightly better rate plus maintain a strong dividend policy, plus really buy back stock more than just offsetting the dilution from the Penson deal. Is there some reason why you wouldn’t be a little more aggressive on the buyback?

We like everything you just said, we really think we’re well positioned to create value across all the levers that we can execute against which is the dividends, which is the buybacks, and which is the acquisitions. We’re going to look to manage those to the maximum benefit to create shareholder value. We have the options and we have the cash and because of our strong free cash flow we’re confident that we’re going to continue to have these options as we go forward looking to create value for the long term.

Totally agree with you and I think you said the right thing, you said options. We’re looking at all three of the triggers; we look at the acquisitions, we look at cash we want to have on the balance sheet which we said should be approximately $100 million, and we’ve also said that we look at what buybacks would potentially be.

Your next question comes from Milan Gupta – Southpoint Capital Milan Gupta – Southpoint Capital: Why is there a dilution associated with the Penson deal? I was under the impression that you guys are getting shares in Penson and then a subordinated note of consideration. Can you walk me through that again?

There are two pieces; one is the sale of the contract and that is out there as far as you’re going to get probably a third of it which right now we’re using a range of call it $40 to $50 million so we think a third of it will come in the form of stock, Penson stock, and the rest will be in a five year note. When we’re talking about the dilution, what that is, is the run rate dilution. If you remember what we talked about last period was there’s $50 million of expense right now that is sitting over is discontinued operations that as soon as we close this deal comes back into the operations. That was back on that slide that we can walk you through at a different time or offline. I don’t have the slight right in front of me but that’s when we called the evolution of Penson deal. That’s the one that shows you that when we bring back in that $50 million it takes us through the time of conversion, by the way page 15, until it’s full converted, until such time that we would say we’d be at a negative 10 to break even on the bottom line. That’s what I think the two pieces are that you’re looking for.

As you’ll recall when we announced the Penson transaction the thing that we were so excited about was that we would be exiting the clearing business and the conflicts that the clearing business had for a pure processing play like Broadridge. At the same time, at the end of that transaction we would have about $100 million in revenue in outsourcing and be well on our way to having incremental profit from that outsourcing. But we have to go through the conversion of Penson’s existing business and moving it onto our outsourcing platform which will take somewhere between 12 and 18 months after the close. Milan Gupta – Southpoint Capital: What you’re saying is you’re offsetting a P&L charge but shrinking does not matter which is great.

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

As always, Dan, Rick and I really appreciate your participation. We’ll look forward to seeing you in the near future. You guys choose to have a great day.

This concludes today’s broadcast, Broadridge Financial Solutions, Inc. Third Quarter Fiscal 2010 Earnings Conference call. Thank you for your participation. You may now disconnect.