2011122

90 R&D 0 ) ) PE 1

49143 33 33MMF 3 5 1. 2010 2. 20105 ) 2355 161 American Banker 2010 ICI 1. Total Client Assets 2. Merrill Lynch Global Wealth Management 3. UBS6860CHF91USD=1.1CHF 4. 20119 2

19701.4 19801419.5 80202590 1980 35% 30% 19652010 25% 20% 15% 10% 5% 0% 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 1. MMF 2. 3. FRB, Flow of Funds AccountsICI FRB, Flow of Funds Accounts 3

5 41 5000198046010 826464251075187 6425 187 5750 2010) 100% 80% 60% 38 37 39 5564 20% 65 18% 4554 27% 35 15% 3544 20% ICI 40% 47 52 51 25 4% 25000 6% 20% 0% 15 11 10 1999 2002 2005 ICISIAEquity Ownership in America, 2005 ICI 15 249999 11% 10 149999 21% 75000 99999 19% 35000 49999 13% 5 74999 20% 25000 34999 6% 2009 ICI 4

806090IT 7080MMF80 90 S&P500 MMF 10000 1000 100 IT Death of Equity 19828 IT 10 1 1945 1980 ESOP 1981 401(k) 1982IRA 1983 1980: KKRLBO MBO 8490 48 51 54 57 60 63 66 69 72 75 78 81 84 87 90 93 96 99 02 05 08 11 1.MMDA 3 2. 2010812MMFMMFMMDA MMDA Wall Street Journal(iMoney-Net Inc)Bank Rate MonitorICI 5

IRA401(k) IRAIndividual Retirement Account 401(k) IRA401(k) 66 3 12 50% 45% 10 8 6 40% 35% 30% 25%, 39%, 61% 20% 4 15% 2 0 85 87 89 91 93 95 97 99 01 03 05 07 09 11Q1 10% 5% 0%, 32%, 28% IRA IRA VA, 40% 1. +IRA 96 2. 401(k) FRBICI 401(k) ICI 6

IRA401 IRA1980 IRA 80 401(k) 401(k) 401(k) 1987401(k) 1983 191025 /// 15000 12 10 2030 8 6 4 1985 10000 1987 LTV 5000 1990 1991 0 1992 TWA CFI 1994 GM 2002 16 2003 GM 2009 GM 19975 70 3.5 401(k) 60 3.0 401(k) 2 0 1970 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 1970 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 992000 50 40 30 20 10 0 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 20042003 2.5 2.0 1.5 1.0 0.5 0.0 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 7

IRA401 IRA401(k) 198170101990 3010 401(k)IRA199019901200051990 19901 6 IRA 401(k) 100% 100% 90% 80% 70% 90% 80% 70% 60% 60% 50% 50% 40% 40% 30% 20% 30% 20% 10% 10% 0% 0% 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 1990 1995 2000 2005 2010 FRB, Flow of Funds Accounts ICI 8

1970 1980 1990 2000 ALM 10 9

80 15 30% 25% 20% 15% 10% 5% 0% 1970 73 76 79 82 85 88 91 94 97 00 03 06 09 ETF FRB 30% 25% 20% 15% 10% 5% 0% 140,000 120,000000 114,000 1970 73 76 79 82 85 88 91 94 97 00 03 06 09 180,000 160,000 100,000 80,000 60,000 40,000 20,000000 0 149,000 154,000 146,000 168,000 157,000 1997 1999 2000 2005 2007 2009 plc ICI 10

SIV ABCP31MMF FRBMMF ICI 20099 401(k) 401(k) MMF MMF MMF MMF MMFMMIFF MMFCPSPVFRB SPV 200811 ABCP MMFAMLF MMF ABCPFRB 20089 1,500 Retirement Security for American Families 11

2000500 SMA1990 7790 1800 140 771000 28000 70 3 60,000 50,000 40,000 30,000 20,000 10,000 0 2001 2006 2011.9 10 400 350 300 250 200 150 100 50 0 IRA DC 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 DC401(k) ICI 12

1 IRA1982 IRA 401(k) $5,000 50$6,000 $16,500 $49,000 25% IRA IRA 401(k) 401(k) IRA IRA 13

2 IRA IRA 1974 IRAIRA ERISA 1,50015% 1976 IRAIRA2501,750 1978 SEPIRA 1981 IRA1982 1982 ERTA 2,000100% 1986 IRA 25,00040,000 SAR-SEP SEP IRASEP 1996 SBJPA IRA2,000 SIMPLE6,000SIMPLE IRASIMPLE 401(k) 1997 IRA2007 Roth IRA IRA 2001 EGTRRA 20085,0002008 502002200550020061000 1,0005,000IRA 2006 2001EGTRRA 14

3 401(k) IRA401(k) 50 IRA 401(k) 1974 404(c) ERISA PBGC 1978 401(k)CODA 198111 IRS401(k)401(k) 401(k) 401(k) 1982 198245,4753 1986 37000 87 1987 1996 SBJPA SIMPLE6,000SIMPLE IRA SIMPLE 401(k) 2001 20061.52007 EGTRRA 50200650002007 Roth 401(k)2006 2006 2001EGTRRA 158 2007 15

4 ETF 529 12,000 10,000 ETF ETF ETF 529 8,000 ETF 6,000 4,000 2,000 0 1993 1996 1999 2002 2005 2008 2011 ICI 529 201020092010 5299 Collegeboard Trends in Student Aid 16

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