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Panel: Emerging Media Value Chains And Their Impact On Internal Organizational Structures Ashu Bhatnagar CEO, Good Morning Research A Wall Street Finance 2.0 Company Transforming Media Professions: Media Management Practice in the Age of Disruption Friday, June 11, 2010 Columbia University

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Off-shore Internal Organizations Value Add Info Sources Media Cos. Info Users Financial Media Company Transformations New Technology and Regulators Mandate BEFORE AFTER

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Long Tail of Data Strategic View SEC Filings (10-K/10Q) Earnings / Call Reports Annual Reports Filers/Companies Data Providers/ Sell-side Analysts Valuation/Forecast Models Stock Recommendations Buy-side Analysts Consensus Estimates Data Information Analysis Insights Long Tail of Data Organization World of Accounting (GAAP) <ul><li>50 to 100 common Financial Metrics for </li></ul><ul><li>Income Statement </li></ul><ul><li>Balance Sheet </li></ul><ul><li>Cash-flow </li></ul>World of Analysts (Industry Specific Taxonomies) World of Investors (Folksonomy) <ul><li>Additional Unlimited , unstructured ‘localized’ synonyms for many Financial Metrics for </li></ul><ul><li>compliance with country-specific regulators </li></ul><ul><li>proprietary financial modeling frameworks </li></ul><ul><li>lack of any appropriate metrics in GAAP or </li></ul><ul><li>readily available taxonomies, resulting in – </li></ul><ul><li>Line 6 Items on 10-K, MDAs, and Footnotes </li></ul>GoodMorning Research LongTail View Wiki-Tagged Data Organization Process <ul><li>Additional 2,000 + unique Financial Metrics for </li></ul><ul><li>Financial Modeling </li></ul><ul><li>Valuation </li></ul><ul><li>Forecasts, </li></ul><ul><li>Trading Strategies </li></ul>Trading Strategies Data Aggregators Ratings Screeners Comps Back - Test Portfolio Construction Risk Management Investor Presentations

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How Big is the Market? $20 Billion+/year Global Finance Industry 20,280,000 Professional Users* Finance industry a Investment Professionals b <ul><li>* Source: CFA Institute 2006 Annual Report - http://www.cfainstitute.org/aboutus/reports/pdf/06annualreport.pdf </li></ul><ul><ul><li>Estimated Data using CFA Institute Modeling process </li></ul></ul><ul><ul><li>b) Serious Investment Professionals and Academics </li></ul></ul><ul><li>** Source: Bloomberg - http://money.cnn.com/magazines/fortune/fortune_archive/2007/04/16/8404302/index.htm </li></ul><ul><li>*** Source: SEC Chairman Christopher Cox – http://www.sec.gov/spotlight/xbrl.htm#roundtable2006 </li></ul><ul><li>**** Booz Allen Hamilton 2006 Report - http://www.boozallen.com/media/file/Saving_Sell-Side_Research.pdf </li></ul>Research Industry in turmoil: Compliance, Regulators, Globalization, Technology & Soft-dollars (CSA) forcing Change! Global Estimate 20,280,000 830,000 United States 5,865,000 203,000 Mainland China 3,840,000 108,000 United Kingdom 1,179,000 89,000 Japan 1,633,000 77,000 Germany 1,275,000 67,000 India 1,424,000 64,000 Canada 706,000 36,000 Switzerland 237,000 10,000 Hong Kong 170,000 8,000 Singapore 110,000 5,200 $5 B Sell-side Research Market **** FREE (Anonymous) Users Ad supported Business Model (Yahoo! Finance & Competitors) US Individual Investors = 100,000,000+ *** Approx. $ 15B Market ** Thomson Reuters. Bloomberg, Factset, S&P & others (have 500,000+ subs) Predominantly Soft-dollars(CSA) Business model presently SEC/XBRL squeeze

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Analysts Need Automation Help With Research Work-flow Acquire raw data, build models, develop forecasts, Manually Tag and upload financial Models to proprietary databases Search many databases, co-mingle and massage different data formats and then develop Comps and Screens under severe time pressures Develop and distribute analytics and Alpha insights to Buy-side clients, Traders and Investment Bankers under business critical time pressures Manual Process Manual Process Manual Process Help ! “ biggest frustration is the turnaround time . . .” Analyst at a top Wall Street firm

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Financial Data Supply Chain - Today Government Financial Regulators SEC, FDIC, . . . EDGAR Filings by Companies 10-K, 10-Q, . . . Financial Media Companies Thomson Reuters Bloomberg S&P/Cap.IQ News Corp/Dow Jones McGraw Hill Factset . . . Institutional Investors Individual Investors Off-shore Internal Organizations $5 B Sell-side Research Market FREE (Anonymous) Users Ad supported Business Model (Yahoo! Finance & Competitors) US Individual Investors = 100,000,000+ Approx. $ 15B Market Thomson Reuters. Bloomberg, Factset, S&P & others (have 500,000+ subs)

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Financial (XBRL) Data Supply Chain - Tomorrow Government Financial Regulators SEC, FDIC, . . . Financial Media Companies Value Add ? Institutional Investors Individual Investors Web 2.0 Social Media Web 2.0 / Semantic Web FREE Digital Content (XML) Transformation Underway ? ? ? Regulators Mandating XBRL at Source

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Thank You