Exhibit 99.1

Federated Investors, Inc. Reports Fourth Quarter and Year-End 2012 Earnings

• Equity and bond assets increase $11 billion during 2012 to a record $95 billion

• 2012 equity and bond net sales reach $6 billion

• Q4 2012 net income increases by 34 percent compared to Q4 2011

• Board declares $0.24 per share quarterly dividend

(PITTSBURGH, Pa., Jan. 24, 2013) — Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.44 for the quarter ended Dec. 31, 2012 as compared to $0.36 for the same quarter last year. Q4 2012 EPS reflects a $0.04 reduction due to the application of the two-class method of computing EPS in connection with the special dividend paid in Q4 2012. Net income was $49.6 million for Q4 2012 compared to $36.9 million for Q4 2011. Federated reported 2012 EPS of $1.79 compared to $1.45 for 2011 and net income of $188.1 million for 2012 compared to $150.9 million for 2011.

Federated's total managed assets were $379.8 billion at Dec. 31, 2012, up $10.1 billion or 3 percent from $369.7 billion at Dec. 31, 2011 and up $15.7 billion or 4 percent from $364.1 billion reported at Sept. 30, 2012. Average managed assets for Q4 2012 were $368.7 billion, up $10.4 billion or 3 percent from $358.3 billion reported for Q4 2011 and up $7.6 billion or 2 percent from $361.1 billion reported for Q3 2012. Net sales of equity and fixed-income funds and separate accounts were $685 million for Q4 2012.

"In 2012, Federated's range of income-oriented investment strategies proved to be highly attractive options for investors," said J. Christopher Donahue, president and chief executive officer.  "On the equity side, assets in our strategic-value dividend strategies increased more than 35 percent during the year to $14 billion, while on the fixed-income side, Federated had record sales of nearly $22 billion in our funds and separate accounts." 

Federated's board of directors declared a quarterly dividend of $0.24 per share. The dividend is payable on Feb. 15, 2013 to shareholders of record as of Feb. 8, 2013. During Q4 2012, Federated paid a regular quarterly dividend of $0.24 per share and a special dividend of $1.51 per share. In 2012, the company paid total dividends in the amount of $2.47 per share. During Q4 2012, Federated purchased 50,000 shares of Federated class B common stock for $1.0 million.  In 2012, the company purchased 321,687 shares of Federated class B common stock for $6.3 million.

Federated's equity assets were $35.0 billion at Dec. 31, 2012, up $4.1 billion or 13 percent from $30.9 billion at Dec. 31, 2011 and down $0.4 billion or 1 percent from $35.4 billion at Sept. 30, 2012. Top-selling equity funds during Q4 2012 on a net basis were Federated Capital Income Fund, Federated International Strategic Value Dividend Fund, Federated Managed Volatility Fund II, Federated Muni and Stock Advantage Fund and Federated Clover Small Value Fund.

Federated's fixed-income assets were a record $52.7 billion at Dec. 31, 2012, up $7.9 billion or 18 percent from $44.8 billion at Dec. 31, 2011 and up $1.3 billion or 3 percent from $51.4 billion at Sept. 30, 2012. Fixed-income assets in liquidation portfolios were $7.3 billion at Dec. 31, 2012. Fixed-income sales during Q4 2012 were driven by strong net flows into Federated's short-duration products, Federated Total Return Bond Fund and Federated Institutional High Yield Bond Fund.

MEDIA:	MEDIA:	ANALYSTS:
Meghan McAndrew 412-288-8103	J.T. Tuskan 412-288-7895	Ray Hanley 412-288-1920

Federated Reports Q4 and Year-End 2012 Earnings Page 2 of 11

Money market assets in both funds and separate accounts were $284.7 billion at Dec. 31, 2012, down $0.4 billion from $285.1 billion at Dec. 31, 2011 and up $15.1 billion or 6 percent from $269.6 billion at Sept. 30, 2012. Money market mutual fund assets were $255.7 billion at Dec. 31, 2012, down $0.2 billion from $255.9 billion at Dec. 31, 2011 and up $10.9 billion or 4 percent from $244.8 billion at Sept. 30, 2012. The Q4 2012 increase in money market assets reflects a variety of factors including the ongoing confidence of clients in money market funds as an investment vehicle, favorable market conditions and seasonality.

Financial Summary

Q4 2012 vs. Q4 2011

Revenue increased by $28.4 million or 13 percent due primarily to a decrease in voluntary fee waivers related to certain money market funds in order for these funds to maintain positive or zero net yields. The reduction in fee waivers was primarily the result of improved yields available on securities held by money market funds. In addition, revenue increased due to an increase in average fixed-income and equity assets. See additional information about voluntary fee waivers in the table at the end of this financial summary.

During Q4 2012, Federated derived 52 percent of its revenue from equity and fixed-income assets (30 percent from equity assets and 22 percent from fixed-income assets), 47 percent from money market assets and 1 percent from other products and services.

Operating expenses increased $7.1 million or 5 percent primarily as a result of an increase in distribution expense related to reduced fee waivers and an increase in compensation and related expense. These increases were partially offset by a reduction in professional service fees due to the recognition of insurance proceeds in Q4 2012.

Nonoperating expenses, net, increased $0.9 million due primarily to a $3.0 million impairment charge in Q4 2012 related to a change in the value of a minority interest investment, partially offset by an increase in investment income.

Q4 2012 vs. Q3 2012

Revenue increased by $6.4 million or 3 percent primarily due to an increase in total average assets.

Operating expenses increased by $13.2 million or 9 percent primarily related to an increase in professional service fees due to a decrease in the recognition of insurance proceeds.

Nonoperating expenses, net, increased $2.4 million due primarily to the aforementioned impairment charge.

YTD 2012 vs. YTD 2011

Revenue increased by $50.6 million, or 6 percent primarily due to a decrease in the aforementioned voluntary fee waivers mainly as a result of improved yields available on securities held by money market funds and an increase in average fixed-income assets.

Federated derived 52 percent of its revenue from equity and fixed-income assets (31 percent from equity assets and 21 percent from fixed-income assets), 47 percent from money market assets and 1 percent from other products and services.

Operating expenses decreased by $4.5 million or 1 percent. The decrease primarily reflects lower professional service fees due to the recognition of insurance proceeds in 2012 and nonrecurring legal expenses incurred in Q1 2011. This decrease was

Federated Reports Q4 and Year-End 2012 Earnings Page 3 of 11

partially offset by increases in distribution expenses related to reduced fee waivers and increased average fixed-income assets and an increase in compensation and related expenses.

Nonoperating expenses, net, decreased by $7.0 million or 63 percent. The decrease reflects an increase in investment income primarily as a result of realized and unrealized gains on investments and a reduction in debt expense. These decreases were partially offset by the aforementioned impairment charge.

Federated's level of business activity and financial results are dependent upon many factors including market conditions, investment performance and investor behavior. These factors and others including asset levels, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers and expenses can impact Federated's activity levels and financial results significantly. Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission.

Fee waivers to maintain positive or zero net yields could vary significantly in the future as they are contingent on a number of variables including, but not limited to, changes in assets within the money market funds, available yields on instruments held by the money market funds, actions by the Federal Reserve, the U.S. Department of the Treasury, the Financial Stability Oversight Council and other governmental entities, changes in expenses of the money market funds, changes in the mix of money market customer assets, Federated’s willingness to continue the fee waivers and changes in the extent to which the impact of the waivers is shared by third parties.

Money Market Fund Yield Waiver Impact to Consolidated Statements of Income

(in millions)

	Quarter Ended						Change Q4 2011 to Q4 2012			Quarter Ended			Change Q3 2012 to Q4 2012			Year Ended						Change 2011 to 2012
	Dec. 31, 2012			Dec. 31, 2011						Sept. 30, 2012						Dec. 31, 2012			Dec. 31, 2011
Investment advisory fees	$	(40.0	)	$	(58.8	)	$	18.8		$	(41.2	)	$	1.2		$	(177.2	)	$	(201.6	)	$	24.4
Other service fees	(30.7		)	(30.2		)	(0.5		)	(28.3		)	(2.4		)	(113.8		)	(119.1		)	5.3
Total Revenue	$	(70.7	)	$	(89.0	)	$	18.3		$	(69.5	)	$	(1.2	)	$	(291.0	)	$	(320.7	)	$	29.7
Less: Reduction in distribution expense	54.9			61.9			(7.0		)	52.9			2.0			218.5			232.3			(13.8		)
Operating income	$	(15.8	)	$	(27.1	)	$	11.3		$	(16.6	)	$	0.8		$	(72.5	)	$	(88.4	)	$	15.9
Less: Reduction in noncontrolling interest	0.3			1.0			(0.7		)	0.3			0.0			1.3			6.5			(5.2		)
Pre-tax impact	$	(15.5	)	$	(26.1	)	$	10.6		$	(16.3	)	$	0.8		$	(71.2	)	$	(81.9	)	$	10.7

Federated will host an earnings conference call at 9 a.m. Eastern on Jan. 25, 2013. Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time. The call may also be accessed in real time on the Internet via the About Federated section of FederatedInvestors.com. A replay will be available after 12:30 p.m. and through Feb. 1, 2013 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering access code 407161.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $379.8 billion in assets as of Dec. 31, 2012. With 137 funds and a variety of separately managed account options, Federated provides comprehensive investment management to approximately 4,700 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Federated ranks in the top 2 percent of money market fund managers in the industry, the top 7 percent of equity fund managers and the top 8 percent of fixed-income fund managers¹. For more information, visit FederatedInvestors.com.

###

Federated Reports Q4 and Year-End 2012 Earnings Page 4 of 11

1 Strategic Insight, Nov. 30, 2012. Based on assets under management in open-end funds.

Federated Securities Corp. is distributor of the Federated funds.

Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling and Federated MDTA LLC, each a registered investment adviser.

Certain statements in this press release, such as those related to the level of fee waivers incurred by the company, product demand and asset flows constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.  Other risks and uncertainties include the ability of the company to predict the level of fee waivers in future quarters, which could vary significantly depending on a variety of factors identified above, and include the ability of the company to sustain product demand and asset flows, which could vary significantly depending on market conditions, investment performance and investor behavior.  Other risks and uncertainties also include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission.  As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

Federated Reports Q4 and Year-End 2012 Earnings Page 5 of 11

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
	Quarter Ended						% Change Q4 2011 to Q4 2012		Quarter Ended			% Change Q3 2012 to Q4 2012
	Dec. 31, 2012			Dec. 31, 2011					Sept. 30, 2012
Revenue
Investment advisory fees, net	$	166,813		$	138,225		21	%	$	160,306		4	%
Administrative service fees, net	57,372			56,830			1		55,879			3
Other service fees, net	19,818			20,249			(2	)	21,421			(7	)
Other, net	821			1,102			(25	)	862			(5	)
Total Revenue	244,824			216,406			13		238,468			3
Operating Expenses
Distribution	65,278			58,740			11		64,146			2
Compensation and related	63,211			60,620			4		65,131			(3	)
Professional service fees	6,549			9,567			(32	)	(7,864		)	183
Office and occupancy	6,349			6,254			2		6,108			4
Systems and communications	6,100			5,839			4		6,532			(7	)
Travel and related	3,837			3,673			4		2,913			32
Advertising and promotional	3,611			3,524			2		3,559			1
Intangible asset related	951			1,243			(23	)	799			19
Other	5,746			5,085			13		7,111			(19	)
Total Operating Expenses	161,632			154,545			5		148,435			9
Operating Income	83,192			61,861			34		90,033			(8	)
Nonoperating Income (Expenses)
Investment income, net	4,343			2,538			71		3,706			17
Debt expense	(3,506		)	(3,860		)	(9	)	(3,534		)	(1	)
Other, net	(3,112		)	(103		)	2,921		(29		)	10,631
Total Nonoperating (Expenses) Income, net	(2,275		)	(1,425		)	60		143			1,691
Income before income taxes	80,917			60,436			34		90,176			(10	)
Income tax provision	28,961			21,811			33		31,983			(9	)
Net income including noncontrolling interest in subsidiaries	51,956			38,625			35		58,193			(11	)
Less: Net income attributable to the noncontrolling interest in subsidiaries	2,375			1,682			41		2,420			(2	)
Net Income	$	49,581		$	36,943		34	%	$	55,773		(11	)%
Amounts Attributable to Federated
Earnings Per Share1
Basic and diluted	$	0.44		$	0.36		22	%	$	0.54		(19	)%
Weighted-average shares outstanding
Basic and diluted	100,374			100,264					100,417
Dividends declared per share	$	1.75		$	0.24				$	0.24

1) Unvested share-based payment awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $5.7 million, $1.2 million and $2.0 million available to unvested restricted shares for the quarterly periods ended Dec. 31, 2012, Dec. 31, 2011 and Sept. 30, 2012, respectively, was excluded from the computation of earnings per share.

Federated Reports Q4 and Year-End 2012 Earnings Page 6 of 11

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
	Year Ended						% Change
	Dec. 31, 2012			Dec. 31, 2011
Revenue
Investment advisory fees, net	$	630,834		$	586,340		8	%
Administrative service fees, net	225,529			220,356			2
Other service fees, net	85,902			85,385			1
Other, net	3,441			3,033			13
Total Revenue	945,706			895,114			6
Operating Expenses
Compensation and related	257,622			245,439			5
Distribution	253,445			235,670			8
Systems and communications	25,716			22,971			12
Office and occupancy	24,828			24,689			1
Professional service fees	18,925			53,737			(65	)
Advertising and promotional	13,413			13,413			0
Travel and related	12,838			12,174			5
Intangible asset related	2,593			7,915			(67	)
Other	23,733			21,651			10
Total Operating Expenses	633,113			637,659			(1	)
Operating Income	312,593			257,455			21
Nonoperating Income (Expenses)
Investment income, net	13,667			6,259			118
Debt expense	(14,441		)	(17,047		)	(15	)
Other, net	(3,308		)	(296		)	1,018
Total Nonoperating Expenses, net	(4,082		)	(11,084		)	(63	)
Income before income taxes	308,511			246,371			25
Income tax provision	110,883			91,288			21
Net income including noncontrolling interest in subsidiaries	197,628			155,083			27
Less: Net income attributable to the noncontrolling interest in subsidiaries	9,540			4,177			128
Net Income	$	188,088		$	150,906		25	%
Amounts Attributable to Federated
Earnings Per Share1
Basic and diluted	$	1.79		$	1.45		23	%
Weighted-average shares outstanding
Basic	100,313			100,609
Diluted	100,313			100,632
Dividends declared per share	$	2.47		$	0.96

1) Unvested share-based payment awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $8.4 million and $4.9 million available to unvested restricted shares for the years ended Dec. 31, 2012 and Dec. 31, 2011, respectively, was excluded from the computation of earnings per share.

Federated Reports Q4 and Year-End 2012 Earnings Page 7 of 11

Unaudited Condensed Consolidated Balance Sheets
(in thousands)	Dec. 31, 2012			Dec. 31, 2011
Assets
Cash and other investments	$	258,628		$	322,317
Other current assets	41,434			44,194
Intangible assets, net and goodwill	727,857			720,926
Other long-term assets	62,142			63,419
Total Assets	$	1,090,061		$	1,150,856
Liabilities and Equity
Current liabilities	$	181,134		$	178,486
Long-term debt	276,250			318,750
Other long-term liabilities	128,733			110,437
Equity excluding treasury stock	1,263,966			1,315,664
Treasury stock	(760,022		)	(772,481		)
Total Liabilities and Equity	$	1,090,061		$	1,150,856

Federated Reports Q4 and Year-End 2012 Earnings Page 8 of 11

Changes in Equity and Fixed-Income Fund and Separate Account Assets

(in millions)

	Quarter Ended									Year Ended
	Dec. 31, 2012			Sept. 30, 2012			Dec. 31, 2011			Dec. 31, 2012			Dec. 31, 2011
Equity Funds
Beginning assets	$	23,658		$	22,671		$	20,140		$	21,930		$	22,626
Sales	1,415			1,454			2,185			6,221			7,633
Redemptions	(1,866		)	(1,527		)	(1,771		)	(7,377		)	(7,461		)
Net (redemptions) sales	(451		)	(73		)	414			(1,156		)	172
Net exchanges	(47		)	(14		)	(32		)	(70		)	(76		)
Acquisition-related	0			190			0			190			463
Market gains and losses/reinvestments1	(8		)	884			1,408			2,258			(1,255		)
Ending assets	$	23,152		$	23,658		$	21,930		$	23,152		$	21,930
Equity Separate Accounts2
Beginning assets	$	11,697		$	10,550		$	7,831		$	8,957		$	8,176
Sales3	893			1,062			873			4,252			2,861
Redemptions3	(605		)	(503		)	(549		)	(2,291		)	(2,530		)
Net sales3	288			559			324			1,961			331
Net exchanges	1			0			26			(8		)	54
Market gains and losses/reinvestments1	(128		)	588			776			948			396
Ending assets	$	11,858		$	11,697		$	8,957		$	11,858		$	8,957
Total Equity2
Beginning assets	$	35,355		$	33,221		$	27,971		$	30,887		$	30,802
Sales3	2,308			2,516			3,058			10,473			10,494
Redemptions3	(2,471		)	(2,030		)	(2,320		)	(9,668		)	(9,991		)
Net (redemptions) sales3	(163		)	486			738			805			503
Net exchanges	(46		)	(14		)	(6		)	(78		)	(22		)
Acquisition-related	0			190			0			190			463
Market gains and losses/reinvestments1	(136		)	1,472			2,184			3,206			(859		)
Ending assets	$	35,010		$	35,355		$	30,887		$	35,010		$	30,887
Fixed-Income Funds
Beginning assets	$	41,547		$	39,494		$	35,620		$	37,241		$	31,933
Sales	4,848			5,120			4,696			20,426			17,990
Redemptions	(4,268		)	(3,770		)	(3,417		)	(15,664		)	(15,844		)
Net sales	580			1,350			1,279			4,762			2,146
Net exchanges	141			(92		)	38			(1,520		)	1,873
Acquisition-related	0			144			0			144			132
Market gains and losses/reinvestments1	210			651			304			1,851			1,157
Ending assets	$	42,478		$	41,547		$	37,241		$	42,478		$	37,241
Fixed-Income Separate Accounts2
Beginning assets	$	9,842		$	9,474		$	7,263		$	7,573		$	8,772
Sales3	393			309			415			1,546			1,698
Redemptions3	(125		)	(202		)	(195		)	(1,128		)	(1,443		)
Net sales3	268			107			220			418			255
Net exchanges	0			1			1			1,593			(1,806		)
Market gains and losses/reinvestments1	123			260			89			649			352
Ending assets	$	10,233		$	9,842		$	7,573		$	10,233		$	7,573
Total Fixed Income2
Beginning assets	$	51,389		$	48,968		$	42,883		$	44,814		$	40,705
Sales3	5,241			5,429			5,111			21,972			19,688
Redemptions3	(4,393		)	(3,972		)	(3,612		)	(16,792		)	(17,287		)
Net sales3	848			1,457			1,499			5,180			2,401
Net exchanges	141			(91		)	39			73			67
Acquisition-related	0			144			0			144			132
Market gains and losses/reinvestments1	333			911			393			2,500			1,509
Ending assets	$	52,711		$	51,389		$	44,814		$	52,711		$	44,814

1) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.

2) Includes separately managed accounts, institutional accounts and sub-advised funds and other managed products.

3) For certain accounts, Sales, Redemptions or Net sales (redemptions) are calculated as the remaining difference between beginning and ending assets after the calculation of Market gains and losses/reinvestments.

Federated Reports Q4 and Year-End 2012 Earnings Page 9 of 11

Changes in Liquidation Portfolios

(in millions)

	Quarter Ended									Year Ended
	Dec. 31, 2012			Sept. 30, 2012			Dec. 31, 2011			Dec. 31, 2012			Dec. 31, 2011
Liquidation Portfolios1
Beginning assets	$	7,718		$	8,124		$	9,144		$	8,856		$	10,708
Sales2	0			0			0			0			2
Redemptions2	(372		)	(406		)	(289		)	(1,509		)	(1,854		)
Net redemptions2	(372		)	(406		)	(289		)	(1,509		)	(1,852		)
Market gains and losses/reinvestments3	0			0			1			(1		)	0
Ending Assets	$	7,346		$	7,718		$	8,856		$	7,346		$	8,856

1) Liquidation portfolios include portfolios of distressed fixed-income securities. Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period. Management-fee rates earned from these portfolios are lower than those of traditional separate account mandates.

2) Sales, Redemptions or Net redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of Market gains and losses/reinvestments.

3) Reflects the approximate changes in the fair value of the securities held by the portfolios, and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.

Federated Reports Q4 and Year-End 2012 Earnings Page 10 of 11

MANAGED ASSETS (in millions)	Dec. 31, 2012		Sept. 30, 2012		June 30, 2012		March 31, 2012		Dec. 31, 2011
By Asset Class
Equity	$	35,010	$	35,355	$	33,221	$	34,117	$	30,887
Fixed-income	52,711		51,389		48,968		46,221		44,814
Money market	284,704		269,622		265,548		274,704		285,140
Liquidation portfolios1	7,346		7,718		8,124		8,583		8,856
Total Managed Assets	$	379,771	$	364,084	$	355,861	$	363,625	$	369,697
By Product Type
Funds:
Equity	$	23,152	$	23,658	$	22,671	$	23,612	$	21,930
Fixed-income	42,478		41,547		39,494		38,526		37,241
Money market	255,689		244,826		238,610		245,232		255,857
Total Fund Assets	$	321,319	$	310,031	$	300,775	$	307,370	$	315,028
Separate Accounts:
Equity	$	11,858	$	11,697	$	10,550	$	10,505	$	8,957
Fixed-income	10,233		9,842		9,474		7,695		7,573
Money market	29,015		24,796		26,938		29,472		29,283
Total Separate Accounts	$	51,106	$	46,335	$	46,962	$	47,672	$	45,813
Total Liquidation Portfolios1	$	7,346	$	7,718	$	8,124	$	8,583	$	8,856
Total Managed Assets	$	379,771	$	364,084	$	355,861	$	363,625	$	369,697
AVERAGE MANAGED ASSETS	Quarter Ended
(in millions)	Dec. 31, 2012		Sept. 30, 2012		June 30, 2012		March 31, 2012		Dec. 31, 2011
By Asset Class
Equity	$	35,016	$	34,429	$	32,993	$	32,827	$	29,965
Fixed-income	52,211		50,195		47,747		45,792		43,980
Money market	273,943		268,573		271,507		282,801		275,295
Liquidation portfolios1	7,559		7,948		8,353		8,703		9,030
Total Avg. Assets	$	368,729	$	361,145	$	360,600	$	370,123	$	358,270
By Product Type
Funds:
Equity	$	23,209	$	23,133	$	22,642	$	23,075	$	21,451
Fixed-income	42,156		40,579		38,901		38,128		36,546
Money market	248,534		243,111		243,454		251,825		249,324
Total Avg. Fund Assets	$	313,899	$	306,823	$	304,997	$	313,028	$	307,321
Separate Accounts:
Equity	$	11,807	$	11,296	$	10,351	$	9,752	$	8,514
Fixed-income	10,055		9,616		8,846		7,664		7,434
Money market	25,409		25,462		28,053		30,976		25,971
Total Avg. Separate Accounts	$	47,271	$	46,374	$	47,250	$	48,392	$	41,919
Total Avg. Liquidation Portfolios1	$	7,559	$	7,948	$	8,353	$	8,703	$	9,030
Total Avg. Managed Assets	$	368,729	$	361,145	$	360,600	$	370,123	$	358,270

1) Liquidation portfolios include portfolios of distressed fixed-income securities. Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period. Management-fee rates earned from these portfolios are lower than those of traditional separate account mandates.

Federated Reports Q4 and Year-End 2012 Earnings Page 11 of 11

AVERAGE MANAGED ASSETS	Year Ended
(in millions)	Dec. 31, 2012		Dec. 31, 2011
By Asset Class
Equity	$	33,816	$	30,560
Fixed-income	48,986		42,573
Money market	274,206		271,501
Liquidation portfolios1	8,141		9,753
Total Avg. Assets	$	365,149	$	354,387
By Product Type
Funds:
Equity	$	23,015	$	22,071
Fixed-income	39,941		34,455
Money market	246,731		242,187
Total Avg. Fund Assets	$	309,687	$	298,713
Separate Accounts:
Equity	$	10,801	$	8,489
Fixed-income	9,045		8,118
Money market	27,475		29,314
Total Avg. Separate Accounts	$	47,321	$	45,921
Total Avg. Liquidation Portfolios1	$	8,141	$	9,753
Total Avg. Managed Assets	$	365,149	$	354,387

1) Liquidation portfolios include portfolios of distressed fixed-income securities. Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period. Management-fee rates earned from these portfolios are lower than those of traditional separate account mandates.