United States CFA Institute Market Profile

United States CFA Institute Market Profile Economic Outlook for 2009-2010 We expect real GDP to contract by 2.4% in 2009 and rise by 1.8% in 2010. This assumes the US economy returns to growth in the 3 rd and 4 th quarters due to stimulative macro-economic policy and an end of destocking. With no further stimulus assumed, continued private-sector balance-sheet rebuilding, and monetary policy tightening, we expect US growth to fall in 2011. The private consumption outlook is subdued, even though the worst of the collapse is probably past we expect consumption to rise from the 3 rd quarter of 2009. In addition to the sharp drop in employment and poor wage outlook, households are being hit by tightening lending. The collapse of housing prices has also hurt consumer wealth, with household net financial and tangible assets down by 169% of annual disposable income (to 468%) between the 3 rd quarter of 2007 and the 1 st quarter of 2009. Weak borrowing, low assets and a sharp drop in confidence have led to an increase in household savings. Although household equity wealth has improved, a significant further increase in the savings rate is likely. The decline in residential investment is showing signs of abating. We now expect housing investment to start rising again, albeit at a subdued pace, and US house prices to find a firmer footing in 2010. Weaker domestic and foreign demand, increased uncertainty and tight credit conditions will lead to a hefty 19% decline in private non-residential investment in 2009, which will be gradually offset by the stimulus package. Net trade will make a contribution to growth of ~1%, mainly due to the steep slide in imports, but will detract ~0.4% from growth in 2010 as imports start to expand. Source: Economist Intelligence Unit September 1, 2009 Macroeconomic Summary GDP (in 2008 $USD): Real GDP Growth Rate %: $14.29 trillion (2008 est.) $14.11 trillion (2007) $13.83 trillion (2006) 1.3% (2008 est.) 2% (2007 est.) 2.8% (2006 est.) GDP Composition: Agriculture: 1.2% Industry: 19.2% Services: 79.6% (2008 est.) Population: 307,212,123 (July 2009 est.) Labor Force: 154.3 million (includes unemployed) (2008 est.) Internet Users: 223 million (2008) Source: CIA World Factbook

Labor Force 2008 Labor Force by Economic Activity Figures in thousands Ag & Fishing 2,168 2% Public Admin, Ed & Health 38,165 26% Others 13,458 9% Real Estate 18,489 13% Manufacturing 15,904 11% Finance 7,279 5% Construction 10,974 8% Trade, Hotels, Restaurants 30,380 21% Mining & Utilities 2044 1% Logistics & Telcom 6,501 4% Source: International Labor Organization, LABORSTA, ISIC Rev 3 Top Employers Top Employers: United States Members Bank of America 739 JP Morgan Chase & Co 678 Citigroup 650 Merrill Lynch 650 Wachovia 586 UBS 483 Morgan Stanley 474 Goldman Sachs 458 Wells Fargo 419 Mellon Financial 407 As self-reported by members as of March 2007

Member Trends 60000 50000 40000 United States: Total Members Compound Annual Growth Rate: 4% 52236 53313 53095 49131 46513 43972 30000 20000 10000 0 2004 2005 2006 2007 2008 2009 Numbers as of 1 July for each year 2004 2005 2006 2007 2008 2009 Total Members 43972 46513 49131 52236 53313 53095 Annual Growth Rate 6% 6% 6% 2% 0% Candidate Trends 70000 60000 50000 40000 30000 20000 United States: Candidate Registrations 55743 57671 45357 41641 41879 23685 23180 1485515398 18587 10000 0 FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09 New Level I Total Registrations New Level I Total Registrations FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09 Candidate Registrations 14855 15398 18587 23685 23180 41641 41879 45357 55743 57671 Annual Growth Rate 4% 21% 27% -2% 1% 8% 23% 3%

CFA Institute Member Demographic Profile Report Time run: 9/16/2009 10:49:29 AM Country USA Total Members: 54,149 Total Charterholders: 47,576 Percentage of Total Members: 87.8% Total Completed Professional Profiles: 43,800 Percentage of Completed Professional Profiles: 80.9% Member Code Member Code Total Membership % Charterholders % AOAR - Retired Affiliate Member-No Society 1 0.0% 0 0.0% AOR - Regular Member-No Society 133 0.2% 0 0.0% AORR - Retired Regular Member-No Society 66 0.1% 0 0.0% CN - Charterholder-No Society 4,610 8.5% 4,610 9.7% CNR - Retired Charterholder-No Society 1,450 2.7% 1,450 3.1% CR - Charterholder-Society 39,160 72.3% 39,160 82.4% CRR - Retired Charterholder-Society 2,301 4.2% 2,301 4.8% SA - Affilate Member-Society 2,882 5.3% 0 0.0% SAR - Retired Affiliate Member-Society 170 0.3% 0 0.0% SR - Regular Member-Society 3,029 5.6% 0 0.0% SRR - Retired Regular Member-Society 347 0.6% 0 0.0% Total 54,149 100.0% 47,521 100.0% Gender Gender Total Membership % of Subtotal Charterholders % of Subtotal Male 44,594 82.4% 39,335 82.7% Female 9,513 17.6% 8,235 17.3% Subtotal / % of Total 54,107 99.9% 47,570 100.0% No Data 42 100.0% 6 100.0% Subtotal / % of Total 42 0.1% 6 0.0% Age Range Age Range Total Membership % of Subtotal Charterholders % of Subtotal 21-25 162 0.3% 17 0.0% 26-30 4,060 8.0% 3,220 7.1% 31-35 9,189 18.2% 8,223 18.2% 36-40 11,047 21.9% 10,152 22.4% 41-45 8,652 17.1% 7,933 17.5% 46-50 6,779 13.4% 6,202 13.7% 51-55 4,426 8.8% 3,987 8.8% 56-60 2,394 4.7% 2,125 4.7%

Age Range Total Membership % of Subtotal Charterholders % of Subtotal 61-65 1,761 3.5% 1,583 3.5% > 65 1,995 4.0% 1,857 4.1% Subtotal / % of Total 50,465 93.2% 45,299 95.3% No Data 3,684 100.0% 2,222 100.0% Subtotal / % of Total 3,684 6.8% 2,222 4.7% Total 54,149 47,521 Educational Degrees Held Educational Degrees Held Total Membership % of Subtotal Charterholders % of Subtotal Bachelors or equivalent 24,048 55.3% 21,193 54.2% Masters or equivalent 19,439 44.7% 17,707 45.3% In Progress 70 0.2% 48 0.1% JD 528 1.2% 466 1.2% MBA 2,602 6.0% 2,093 5.4% MD 3 0.0% 2 0.0% Doctorate - PhD, EdD or equiv. 1,152 2.6% 1,026 2.6% Subtotal / % of Total 43,506 80.3% 39,118 82.2% Years in Industry What year did you start working in the investment industry? Years in Industry Total Membership % of Subtotal Charterholders % of Subtotal Not Applicable 1,336 3.1% 1,115 2.9% 5 years or less 3,214 7.3% 2,126 5.5% 6 to 10 years 9,536 21.8% 8,609 22.2% 11 to 15 years 10,672 24.4% 9,850 25.4% 16 to 20 years 6,970 15.9% 6,445 16.6% Over 20 years 12,019 27.5% 10,575 27.3% Subtotal / % of Total 43,747 80.8% 38,720 81.4% No Data 10,402 100.0% 8,856 100.0% Subtotal / % of Total 10,402 19.2% 8,856 18.6% Employment Status What is your current employment status? Employment Status Total Membership % of Subtotal Charterholders % of Subtotal Full-Time 38,962 89.2% 34,492 89.2% Part-Time 764 1.7% 682 1.8% Student 295 0.7% 243 0.6% Unemployed 2,303 5.3% 2,041 5.3% Retired 1,376 3.1% 1,223 3.2% Subtotal / % of Total 43,700 80.7% 38,681 81.3% No Data 10,449 100.0% 8,895 100.0% Subtotal / % of Total 10,449 19.3% 8,895 18.7% Assets Under Management If applicable, please select the level of your firm's Assets Under Management. AUM (in $USD) Total Membership % of Subtotal Charterholders % of Subtotal < 250 million 4,421 11.1% 3,826 10.9% 250 million < 1 billion 3,295 8.3% 2,863 8.1% 1 billion < 5 billion 4,463 11.2% 3,942 11.2% 5 billion < 20 billion 4,189 10.6% 3,736 10.6% 20 billion < 50 billion 2,475 6.2% 2,197 6.3% 50 billion < 250 billion 4,505 11.3% 3,999 11.4% > 250 billion 5,303 13.4% 4,753 13.5% N/A 11,048 27.8% 9,835 28.0% 1 Billion<5 Billion 1 0.0% 1 0.0% Subtotal / % of Total 39,700 73.3% 35,152 73.9%

AUM (in $USD) Total Membership % of Subtotal Charterholders % of Subtotal No Data 14,449 100.0% 12,424 100.0% Subtotal / % of Total 14,449 26.7% 12,424 26.1% Parent Assets Under Management If your investment business is owned by a larger firm, please also provide the Assets Under Management of your parent company. Parent AUM (in $USD) Total Membership % of Subtotal Charterholders % of Subtotal < 250 million 284 0.9% 244 0.9% 250 million < 1 billion 182 0.6% 156 0.6% 1 billion < 5 billion 373 1.2% 327 1.2% 5 billion < 20 billion 626 2.0% 541 2.0% 20 billion < 50 billion 612 2.0% 538 2.0% 50 billion < 250 billion 1,901 6.2% 1,688 6.2% > 250 billion 5,403 17.5% 4,767 17.5% N/A 21,465 69.6% 19,016 69.7% Subtotal / % of Total 30,846 57.0% 27,277 57.3% No Data 23,303 100.0% 20,299 100.0% Subtotal / % of Total 23,303 43.0% 20,299 42.7% Primary Asset Base If you are involved in asset management, which best describes the primary entity that most directly holds those assets? Primary Asset Base Total Membership % of Subtotal Charterholders % of Subtotal Institutional 13,855 34.9% 12,551 35.7% Private 8,959 22.6% 7,660 21.8% Both 4,246 10.7% 3,751 10.7% N/A 12,597 31.8% 11,156 31.8% Subtotal / % of Total 39,657 73.2% 35,118 73.8% No Data 14,492 100.0% 12,458 100.0% Subtotal / % of Total 14,492 26.8% 12,458 26.2% Institutional Asset Type Which of the following best describes the primary type of institutional entity that most directly holds those assets? Institutional Asset Type Total Membership % of Subtotal Charterholders % of Subtotal Bank/Investment Bank 2,161 11.9% 1,887 11.6% Endowment/Foundation 1,867 10.3% 1,684 10.3% External Corporations 729 4.0% 642 3.9% Government/Municipal Entity 503 2.8% 445 2.7% Hedge Fund 1,315 7.3% 1,234 7.6% Insurance Company 2,118 11.7% 1,945 11.9% Internal Corporate/Proprietary 201 1.1% 171 1.0% Mutual Fund/Investment Company 3,168 17.5% 2,836 17.4% Pension Fund 3,963 21.9% 3,576 21.9% Private Equity Fund 336 1.9% 305 1.9% Other 1,733 9.6% 1,571 9.6% HNW and institutional 1 0.0% 1 0.0% Institutional Portfolios 1 0.0% 1 0.0% Subtotal / % of Total 18,096 33.4% 16,298 34.3% No Data 36,053 100.0% 31,278 100.0% Subtotal / % of Total 36,053 66.6% 31,278 65.7% Average Account Value Please indicate the average account value for the private individuals that you personally advise. Average Account Value Total Membership % of Subtotal Charterholders % of Subtotal Less than US$1 million 3,231 24.2% 2,774 24.1% US$1 million to 5 million 4,241 31.8% 3,612 31.4% US$5 million to 10 million 1,069 8.0% 907 7.9%

Average Account Value Total Membership % of Subtotal Charterholders % of Subtotal US$10 million to 50 million 865 6.5% 752 6.5% US$50 million to 100 million 234 1.8% 203 1.8% More than US$100 million 331 2.5% 295 2.6% Not Applicable 3,357 25.2% 2,958 25.7% Subtotal / % of Total 13,328 24.6% 11,501 24.2% No Data 40,821 100.0% 36,075 100.0% Subtotal / % of Total 40,821 75.4% 36,075 75.8% Primary Investment Practice If applicable, which of the following best describes the primary type of investments you work with? Investment Practice Total Membership % of Subtotal Charterholders % of Subtotal Commodities 402 1.0% 360 1.0% Derivatives 1,048 2.7% 943 2.7% Equities 15,643 39.9% 13,663 39.3% Fixed Income 8,038 20.5% 7,261 20.9% Foreign Currency 203 0.5% 184 0.5% Hedge Funds 1,315 3.4% 1,208 3.5% Indexed 412 1.1% 354 1.0% Private Equity 1,287 3.3% 1,171 3.4% Real Estate 924 2.4% 809 2.3% Structured Products 811 2.1% 721 2.1% Venture Capital 242 0.6% 215 0.6% Other 1,977 5.0% 1,714 4.9% Not Applicable 6,914 17.6% 6,152 17.7% Subtotal / % of Total 39,216 72.4% 34,755 73.1% No Data 14,933 100.0% 12,821 100.0% Subtotal / % of Total 14,933 27.6% 12,821 26.9% Investment Practice (select all) If applicable, select all types of investments you work with. Investment Practice Total Membership % of Subtotal Charterholders % of Subtotal Commodities 6,520 17.3% 5,767 17.2% Derivatives 9,988 26.5% 8,957 26.7% Equities 21,476 56.9% 18,867 56.2% Fixed Income 20,628 54.7% 18,192 54.2% Foreign Currency 5,493 14.6% 4,881 14.5% Hedge Funds 7,561 20.0% 6,689 19.9% Indexed 6,573 17.4% 5,678 16.9% Private Equity 6,855 18.2% 6,051 18.0% Real Estate 7,160 19.0% 6,259 18.7% Structured Products 6,650 17.6% 5,923 17.7% Venture Capital 3,319 8.8% 2,913 8.7% Other 3,190 8.5% 2,768 8.3% Not Applicable 6,098 16.2% 5,404 16.1% Subtotal / % of Total 37,721 69.7% 33,551 70.5% Buy Side - Sell Side Which of the following BEST describes your professional responsibilities: Buy Side - Sell Side Total Membership % of Subtotal Charterholders % of Subtotal Buy Side 21,887 55.2% 19,594 55.8% Sell Side 4,501 11.4% 3,902 11.1% Buy Side / Sell Side 2,221 5.6% 1,933 5.5% Neither 11,028 27.8% 9,668 27.5% Investment Oversight 1 0.0% 1 0.0% Subtotal / % of Total 39,638 73.2% 35,098 73.8% No Data 14,511 100.0% 12,478 100.0% Subtotal / % of Total 14,511 26.8% 12,478 26.2%

Buy Side - Sell Side Total Membership % of Subtotal Charterholders % of Subtotal Occupation Which of the following BEST describes your primary job function or responsibility? Occupation Total Membership % of Subtotal Charterholders % of Subtotal Accountant/Auditor 716 1.9% 599 1.8% Broker 384 1.0% 337 1.0% Chief Executive 2,847 7.6% 2,540 7.7% Consultant 2,480 6.7% 2,170 6.6% Corporate Financial Analyst 1,516 4.1% 1,296 3.9% Financial Advisor 2,025 5.4% 1,718 5.2% Investment Banking Analyst 1,006 2.7% 907 2.7% Manager of Managers 1,347 3.6% 1,222 3.7% Portfolio Manager 10,208 27.4% 9,158 27.7% Private Banker 115 0.3% 92 0.3% Relationship Manager 1,821 4.9% 1,598 4.8% Research Analyst 7,191 19.3% 6,308 19.1% Risk Manager 1,501 4.0% 1,370 4.1% Strategist 842 2.3% 770 2.3% Trader 1,189 3.2% 1,085 3.3% Other 2,083 5.6% 1,869 5.7% Subtotal / % of Total 37,271 68.8% 33,039 69.4% No Data 16,878 100.0% 14,537 100.0% Subtotal / % of Total 16,878 31.2% 14,537 30.6% Topics of Interest Please indicate the topics in which you are interested. Areas of Interest Total Membership % of Subtotal Charterholders % of Subtotal Alternative Investments 16,976 41.1% 14,900 40.6% Behavioral Finance 18,198 44.1% 16,202 44.1% Corporate Finance 12,891 31.2% 11,367 30.9% Derivatives 13,124 31.8% 11,552 31.4% Economics 22,902 55.5% 20,264 55.2% Equity Investments 25,164 61.0% 22,042 60.0% Ethical/Professional Standards 9,405 22.8% 8,196 22.3% Financial Reporting/Analysis 12,973 31.4% 11,555 31.4% Financial Statement Analysis 1,940 4.7% 1,406 3.8% Firm Management 8,867 21.5% 7,743 21.1% Fixed Income 2,025 4.9% 1,548 4.2% Fixed Income Investments 18,053 43.8% 16,152 44.0% None of the Above 2,562 6.2% 2,382 6.5% Performance Measurement 8,269 20.0% 7,218 19.6% Performance Measurement & Eval 1,225 3.0% 920 2.5% Portfolio Management 25,732 62.4% 22,632 61.6% Private Wealth Management 13,019 31.6% 11,282 30.7% Quantitative Methods 13,268 32.2% 11,669 31.8% Risk Management 15,690 38.0% 13,838 37.7% Standards/Ethics/Regulations 1,092 2.6% 788 2.1% Subtotal / % of Total 41,260 76.2% 36,741 77.2% Additional Designations Other Designations Total Membership % of Subtotal Charterholders % of Subtotal ACCA 21 0.3% 20 0.3% CAIA 502 7.4% 451 7.3% CFP 1,543 22.8% 1,368 22.3% CFS 41 0.6% 29 0.5% CIA (US) 102 1.5% 87 1.4% CIC 1 0.0% 1 0.0%

Other Designations Total Membership % of Subtotal Charterholders % of Subtotal CIIA 4 0.1% 4 0.1% CIMA 1 0.0% 1 0.0% CLU 205 3.0% 177 2.9% CMA (Japan) 32 0.5% 31 0.5% CMT 173 2.6% 159 2.6% CPA 3,373 49.8% 3,077 50.1% CPA-PFS 59 0.9% 49 0.8% CQF 19 0.3% 15 0.2% CTFA 106 1.6% 80 1.3% ChFC 205 3.0% 177 2.9% FCSI (Canada) 24 0.4% 24 0.4% FMA 1 0.0% 1 0.0% FRM 814 12.0% 769 12.5% FSA 424 6.3% 412 6.7% LUTCF 4 0.1% 3 0.0% PRM 114 1.7% 106 1.7% Subtotal / % of Total 6,772 12.5% 6,146 12.9% Counts by Preferred Country Preferred Country Total Membership % of Subtotal Charterholders % of Subtotal USA 54,149 100.0% 47,576 100.0% Subtotal / % of Total 54,149 100.0% 47,576 100.0% U.S. State State Total Membership % of Subtotal Charterholders % of Subtotal AA 1 0.0% 1 0.0% AK 40 0.1% 36 0.1% AL 198 0.4% 175 0.4% AR 103 0.2% 92 0.2% AZ 412 0.8% 329 0.7% CA 6,490 12.0% 5,667 11.9% CO 964 1.8% 829 1.7% CT 2,281 4.2% 2,039 4.3% DC 363 0.7% 316 0.7% DE 171 0.3% 139 0.3% FL 1,538 2.8% 1,275 2.7% GA 1,409 2.6% 1,230 2.6% HI 67 0.1% 53 0.1% IA 423 0.8% 354 0.7% ID 62 0.1% 55 0.1% IL 3,942 7.3% 3,458 7.3% IN 399 0.7% 364 0.8% KS 314 0.6% 269 0.6% KY 316 0.6% 281 0.6% LA 135 0.2% 97 0.2% MA 4,854 9.0% 4,292 9.0% MD 1,150 2.1% 1,022 2.2% ME 132 0.2% 117 0.2% MI 604 1.1% 513 1.1% MN 1,167 2.2% 1,079 2.3% MO 794 1.5% 685 1.4% MS 65 0.1% 47 0.1% MT 53 0.1% 49 0.1% NC 1,077 2.0% 972 2.0% ND 20 0.0% 18 0.0% NE 201 0.4% 171 0.4% NH 228 0.4% 193 0.4% NJ 3,542 6.6% 3,211 6.8%

State Total Membership % of Subtotal Charterholders % of Subtotal NM 94 0.2% 83 0.2% NV 100 0.2% 87 0.2% NY 8,779 16.2% 7,940 16.7% OH 1,345 2.5% 1,091 2.3% OK 129 0.2% 109 0.2% OR 363 0.7% 307 0.6% PA 2,216 4.1% 1,907 4.0% PR 1 0.0% 0 0.0% RI 162 0.3% 128 0.3% SC 156 0.3% 141 0.3% SD 41 0.1% 39 0.1% TN 527 1.0% 452 1.0% TX 2,789 5.2% 2,414 5.1% UT 161 0.3% 132 0.3% VA 1,574 2.9% 1,401 2.9% VT 122 0.2% 106 0.2% WA 1,039 1.9% 877 1.8% WI 901 1.7% 821 1.7% WV 19 0.0% 17 0.0% WY 16 0.0% 15 0.0% Subtotal / % of Total 54,049 99.8% 47,495 99.8% No Data 100 100.0% 81 100.0% Subtotal / % of Total 100 0.2% 81 0.2% Canadian Province Province Total Membership % of Subtotal Charterholders % of Subtotal No Data 54,149 100.0% 47,576 100.0% Subtotal / % of Total 54,149 100.0% 47,576 100.0%