Confidential BondEdge Solutions, an Interactive Data company GIOA 2012 Annual Conference BondEdge Solutions Review Presented by Louis Gehring, BondEdge Solutions March 21, 2012

Confidential 3/21/20121 BondEdge Solutions is a niche provider of fixed income analytics to institutional investors  Leading provider of fixed income portfolio analytics to institutional investors  Over 30 years expertise  Client base includes more than 400 investment managers, banks, insurance companies, state and local government agencies, brokerage firms, depository institutions, and pension funds  BondEdge® can be implemented through an easy to support SaaS OnDemand model

Confidential 3/21/20122 Why Analytics Matter? Similar initial OADPrice changes were dramatically different Explanation: Negative convexity due to the presence of a call option

Confidential 3/21/20123 BondEdge provides analytics and data that are mission critical to the investment process  Comprehensive fixed income security coverage, including over 2.8 million bonds, including a structured finance library of over 16,000 CMO, ABS, and CMBS deals  Robust option adjusted fixed income risk measures, including effective and spread duration, convexity, option adjusted spread, and key rate durations  Single and multi-factor term structure models, option model, prepayment models for fixed and adjustable rate RMBS collateral  Credit analytics, including probability of default estimates for corporate bonds

Confidential 3/21/20124 Portfolio Reporting  Portfolio Holdings Analysis and Allocation Exposure Reports and Graphs  Market and Book Value Reporting  Portfolio vs. Benchmark Comparisons  Portfolio Alerts for significant events such as corporate actions (calls/pre- refunding) and credit rating upgrades, downgrades, watch lists  Pre and Post Trade Compliance Reporting

Confidential 3/21/20125 Forward Looking and Proposed Trade Analysis  Total return and book value scenario analysis, given parallel and non- parallel interest rate shocks, credit spread and mortgage spread shifts  Cash flow projections for current and simulated interest rate environment  Portfolio “What-If” Analysis to review market and book value effects of trades being considered by the user, with links to leading trade order systems

Confidential 3/21/20126 Portfolio versus Benchmark Comparisons  Overall 350 indices from leading fixed income benchmarks, including Barclays Capital®, Bank of America Merrill Lynch®, Citigroup®, S&P®  Standard and custom reports to view relative allocations versus benchmark for ratings, sector, maturity, and duration exposures  Contribution to Duration Exposure Analysis, based upon effective duration, spread duration, key rate durations  Scenario Analysis and Tracking Error reports  Fixed Income Performance Attribution for portfolios and benchmarks that provide term structure, credit spread, and issue level analysis

Confidential BondEdge Database Coverage  US Treasury Bills, Bonds, Notes and Strips  US Federal Agency Debt  High Grade Corporate Bonds  High Yield Corporate Bonds  TBA Mortgages/Generic Mortgages  Agency Government Sponsor Enterprises (GSEs) Pass-through MBS  CMOs  CMBS  ABS  Inflation Indexed Securities  Money Market Instruments  Municipal Securities  Emerging Market Debt  Non$ Debt (Sovereign, Supranational, Corporate)  Futures  Fixed Rate Preferred Stock  ETF Library 7 7 3/21/2012

Confidential 3/21/20128 BondEdge Solutions Additional Information  Please visit our table in the Exhibition Hall  Interactive Data Website:  Contact Tony Armedilla, Senior Sales Coordinator, BondEdge Solutions: (310) or  For BondEdge clients, please contact your BondEdge client service representative, (310)

Confidential 9 Limitations This presentation is provided for informational purposes only and contains proprietary information of BondEdge Solutions and/or its affiliates, and is not to be published, reproduced, copied, or disclosed without the express written consent of BondEdge Solutions. The information contained in this presentation is subject to change without notice and does not constitute any form of warranty, representation, or undertaking. Nothing herein should in any way be deemed to alter the legal rights and obligations contained in agreements between BondEdge Solutions and / or its affiliates and their clients relating to any of the products or services described herein. BondEdge Solutions makes no warranties whatsoever, either express or implied, as to merchantability, fitness for a particular purpose, or any other matter. Without limiting the foregoing, BondEdge Solutions makes no representation or warranty that any data or information (including, but not limited to, evaluations) supplied to or by it are complete or free from errors, omissions, or defects. Nothing contained herein should be construed as legal, accounting or investment advice or be relied upon as such. Interactive Data SM is either registered service mark or service mark of Interactive Data Corporation in the United States or other countries. BondEdge® is either a registered trademark or a trademark of Interactive Data Corporation in the United States or other countries. Other products, services, or company names mentioned herein are the property of, and may be the service mark or trademark of, their respective owners. © 2012 Interactive Data Corporation 3/21/2012