DST Systems Inc. Avondale Partners Investor Meeting March 5, 2013

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Jeffry West
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2 Disclaimer Our presentation may include forward looking statements regarding DST or any of its businesses. Such statements are based on our views as of today, and actual results could differ materially from forecasted results. There could be a number of factors affecting future results, including those risk factors set forth in our latest Annual and Quarterly reports filed with the SEC. All such factors should be considered in evaluating any forward looking statements that we may make. If we permit your printing, copying or transmitting of content in this presentation, it is under a non exclusive, non transferable, limited license, and you must include or refer to the copyright notice contained in this document. You may not create derivative works of this presentation or its content without our prior written permission. Copyright 2013 by DST Systems, Inc. All rights reserved. Our trademarks and service marks and those of third parties used in this presentation are the property of their respective owners. 2

There could be a number of factors affecting future results, including those risk factors set forth in our latest Annual and Quarterly reports filed with the SEC.

3 Company Profile Leading provider of technology and processing solutions Deep penetration in five key verticals Mutual fund asset management Retirement Insurance Brokerage Healthcare Global leader in customer communications Headquartered in Kansas City, MO Approximately 12,000 full time employees Listed on the New York Stock Exchange since 1995 Financial Services Segment 65.3% 2012 Operating Revenue (1) = $1,892.4 million Customer Communications Segment 33.9% Investments and Other Segment 0.8% 3 (1) Excludes out of pocket reimbursements and includes intersegment eliminations.

time employees Listed on the New York Stock Exchange since 1995 Financial Services Segment 65.3% 2012 Operating Revenue (1) = $1,892.

4 Our Business With a focus on five key markets, we help our clients support their customers in managing the business of life Save, protect and grow assets Maintain physical well being Connect and engage with people about things that matter Enjoy the benefits of a lifetime of work 4

and grow assets Maintain physical well being Connect and engage with

5 Our Clients 5

6 Significant Positions in Key Markets Transfer Agency Retirement Brokerage Largest third-party provider of US mutual fund shareholder recordkeeping Largest third-party processor in the UK Leading provider of ASP and BPO defined contribution recordkeeping Second largest defined recordkeeping platform when current conversions are completed Vision/Vision HomeOffice are the most widely used web-based account aggregation sources for advisors and broker-dealers (140,000 active advisors) Second largest subaccounting platform Healthcare Largest Medicare Part D pharmacy claims processor in the industry. Providing health plan administration solutions and medical claims processing products since 1976 Providing independent customized pharmacy benefit solutions since 1987 Insurance Currently providing services to 23 of the top 25 US life insurance carriers Communications One of the largest First-Class mailers in US 6

web-based account aggregation sources for advisors and broker-dealers (140,000 active advisors) Second largest subaccounting platform Healthcare Largest Medicare Part D pharmacy claims processor in

7 Market Position TA2000 Fast/iFast Vision FANMail SalesConnect FANWeb 75.7 M accts 20.7 M accts 140,000 advs Subaccounting Subserveo VisionPro BARS 12.4 M accts TRAC TRAC Web PlanSponsor Web myplannetwork RICC 4.8 M accts Percana Healthcare Lives 23.3 M Pharmacy Claims Paid M AMISYS Advance RxNova 7 Business Process Management Customer Communications Global IT Sourcing Hosting Solutions Data Centers Business Process Outsourcing 207,600 users 11.6 B images produced, 2.9 B items mailed Technology development, support, testing, processing and consulting Web, mainframe, content management and BPM hosting Robust infrastructure, communications network, business continuity and disaster recovery Cost-effective processing and infrastructure support

7 M AMISYS Advance RxNova 7 Business Process Management Customer Communications Global IT Sourcing Hosting Solutions Data Centers Business Process Outsourcing 207,600 users 11.

8 Financial Services Showcase ALPS #1 Ranked Administrator in North America by Global Custodian in 2008, 2009, 2010, 2011 & 2012 Asset Servicing Robust fund servicing model providing: Fund administration and accounting Transfer agency services Compliance Legal and tax administration Asset Gathering Provide distribution services ranging from consulting to active wholesaling and marketing Excel in creative product development and bringing new products to market Open End Funds Active Distribution Sponsored Closed End Funds Asset Servicing Hedge Funds Proprietary Products (Mgr of Mgr) Asset Gathering Closed End Fund IPOs Liberty All Star Funds 8 ETFs (Mgr of Mgr)

ranging from consulting to active wholesaling and marketing Excel in creative product development and bringing new products to market Open End Funds Active

9 Financial Services Showcase Brokerage SubAccounting Our investment gives us a function rich and cost effective platform. We continue to gain market share as clients and prospects realize our strengths in technology and service over our competitors. For 2013, we project new client conversions of approximately 5.2 million subaccounts, which validates our platform s position in the market. Independent Broker Dealer Market (IBD) The IBD market is still underserved from a technology and product availability perspective, making it ripe for innovative offerings that reduce costs and increase efficiency. We are expanding our presence with our new DST Prime platform, consisting of reporting, new account set up, business process management, compliance and data aggregation. This suite of tools will provide an efficient, robust, cost effective system for the IBDs that does not exist today. Compliance Demand for Compliance surveillance products continues to grow as new regulatory mandates are adopted. 9

2 million subaccounts, which validates our platform s position in the market.

10 Financial Services Showcase Healthcare DST is the largest Medicare Part D pharmacy claims processor in the industry. Claims paid during Q increased by 13.6% over Q ,000 baby boomers turn 65 each day (3.7 million per year). An aging population results in increased healthcare needs and claims processing volumes. Passage of the Affordable Care Act will also increase enrollment and claim volumes as more Americans obtain healthcare coverage. DST HealthCare signed two new full service clients during Q which are expected to increase covered lives processed by approximately 100,000 in Q

An aging population results in increased healthcare needs and claims processing volumes.

11 Customer Communications Showcase 2012 Performance Approx billion images produced and 2.9 billion items mailed North American images increased by 4.4% and items mailed increased by 9.3% 100% retention of top clients in NA and UK 1.0 billion U.S. electronic statements presented in 2012 Trends and Future Plans We are seeing a growing interest in outsourcing customer communications Multi channel document delivery (with an emphasis on Mobile platforms) and Electronic Adoption continue to dominate discussions with clients and prospects. 11

3% 100% retention of top clients in NA and UK 1.0 billion U.S.

12 DST s Growth Strategy Client retention and organic growth Strategic acquisitions Product expansion through adjacencies and new markets Global expansion Building solution sets for five key vertical markets 12

through adjacencies and new markets Global

13 Delivering Value to Shareholders Capital allocation priorities Prudently monetize Return capital to shareholders Invest in our operating businesses Increase Return to Shareholders Share re-purchases During Q4, 2012 DST spent $73.7 million to repurchase 1.25 million shares of stock. Shares outstanding at year end 2012 were 44.3 million. On Jan. 30, 2013 the Board authorized a new $250 million share repurchase plan Cash dividends Initiated semi-annual cash dividend in 2010 Increased frequency to quarterly dividend beginning in 2013 Increased dividend amount from $0.40 semi-annually to $0.30 quarterly in 2013

Shares outstanding at year end 2012 were 44.3 million. On Jan. 30, 2013 the Board authorized a new $250 million share repurchase plan.

14 DST Systems Summary Leadership position in industries serviced. Committed to returning capital and enhancing value for shareholders, while continuing to position the company for future growth. Strong affiliate income from IFDS and BFDS as well as high growth potential in ALPS, subaccounting and Healthcare segments. DST Financial Highlights (Consolidated) * Excludes out of pocket reimbursements 12/31/2012 % Increase (Decrease) vs. 12/31/11 Operating Revenues* $1.9 B 8.5% Net Income (GAAP) $324 M 77.0% Net Income (non GAAP) $182 M <4.1%> Diluted Shares Outstanding 45.8 M <1.1%> Diluted EPS (GAAP) $ % Diluted EPS (non GAAP) $3.98 <2.7%> 14

Strong affiliate income from IFDS and BFDS as well as high growth potential in ALPS, subaccounting and Healthcare segments.

15 DST s Condensed Balance Sheet ($ in Millions) 12/31/12 12/31/11 Current assets $ $ Investments ,072.8 Unconsolidated affiliates Other non-current assets 1, ,218.1 Total assets $ 3,392.5 $ 3,428.6 Debt $ 1,011.6 $ 1,380.3 Other current liabilities Other long term liabilities Stockholders' equity 1, Total liabilities and S/E $ 3,392.5 $ 3,

1 Total assets $ 3,392.5 $ 3,428.6 Debt $ 1,011.6 $ 1,380.3 Other current liabilities 859.1 752.

Big Data at DST. Bill Nixon, Matt Crouch

Big Data at DST. Bill Nixon, Matt Crouch Big Data at DST Bill Nixon, Matt Crouch 2013 DST Systems, Inc. 2013 All rights DST Systems, reserved. Inc. All rights reserved. The enclosed materials are highly sensitive, proprietary and confidential.