COMPUTERSHARE LIMITED. — AGM Information 2023

Nov 14, 2023

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Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile 61 3 9473 2500 www.computershare.com

MARKET ANNOUNCEMENT

ARKET ANN	Telephone 61 3 941 Facsimile 61 3 947 www.computershar UNCEMENT
Date:	15 November 2023
To:	Australian Securities Exchange
Subject:	2023 AGM presentations

Attached are the presentations to be delivered by the Chairman, Paul Reynolds and the CEO, Stuart Irving at Computershare’s AGM to be held at 10am on Wednesday, 15 November 2023.

For further information contact: Michael Brown Investor Relations Ph +61 (0) 400 24 8080 michael.brown@computershare.com.au

This announcement was authorised for release to the ASX by the Group CEO.

For more information, visit www.computershare.com

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Wednesday 15 November

ANNUAL GENERAL MEETING

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ANNUAL GENERAL MEETING
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FY23 Results

Record results, Management EPS +89% versus pcp

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Management Revenue Management EPS Margin Income (MI)
$3.3bn $792.1m
109.7 cps
Up 27.2% Up 89.3% Up 323.4%
Return on Invested Management EBIT ex. MI Final dividend per share (AUD)
Capital (ROIC)
22.7% $258.4m 40 cps [1]
Up 1,050bps Down 24.9% Up 33% [2]
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Notes: All figures in this presentation are presented in USD millions and in constant currency, unless otherwise stated. 1 Unfranked; Total dividend per share for FY23 is AUD 70 cps (FY22 AUD 54 cps); 2 Compared to FY22 final dividend per share of AUD 30.0 cents per share (cps).

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Long term shareholder returns

Financial Performance AUD

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25.0% 180
22.7%
160
161
20.0%
140
17.7%
16.7%
120
15.0%
12.2% 12.2% 100
98
10.9%
80
10.0% 82 83 80
70
68 60
54
5.0% 44 46 46 40
40
20
0.0% 0
FY18 FY19 FY20 FY21 FY22 FY23
Dividend per share (AU cents) ROIC (%) Mgt EPS (AU cps)
ROIC
AU cents
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Numbers at actual fx rates.

Since FY18…

• Management EPS CAGR 14.4%

• Average ROIC 15.4%, new peak of 22.7% in FY23

• Dividend Per Share CAGR 11.8%

• AU$1.6bn distributions paid

• AU$82.6m spent on buybacks; recently announced AUD buyback underway

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Working towards our ESG goals

Doing the right thing by shareholders, customers, employees and communities

Environment	Carbon footprint for FY23: 110,521 t CO2 down by ~2% against baseline year*	Created our first five-year decarbonisation action plan (to reduce our Scope 3 emissions by 17.5%) on our path to Net Zero by 2042	Continued to identify further opportunities to help our clients with their digital opportunities, to support their own carbon reduction goals
Social	People	Diversity and inclusion	Community
	Increased our Employee Engagement	40/40/20 gender targets	Donated AU$651,598 to community
	Index score to 71% (+7% vs. 2022)	Board: 43% female (+ 5% vs. 2022)	projects in FY23
	Increased our D&I employee score to	CEO Direct Reports: 24% female (no	Supported 12 community organisations
	82% (+3% vs. 2022)	change)	in 11 countries
		Company executive:
		31% female (no change)
Governance
	Published second annual ESG Report and first ESG Policy	Released our first supplier Code of Conduct and published our third Modern Slavery Statement	ESG strategy approved by the Computershare Board

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5 * Our baseline year is CY20 for Scopes 1 and 2 and CY21 for Scope 3. FY23 includes full year of CCT impact.

ANNUAL GENERAL MEETING CEO’s address

Stuart Irving Chief Executive Officer and President

Computershare’s integrated business model

Portfolio of recurring core fees, cyclical and transaction based revenues and margin income provides strong earnings growth

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Total Revenue and EBIT Margin Vs. PCP
3,500 3,304 35.0%
3,000 30.0%
2,597
2,500 2,301 2,357 2,281 2,323 1,765 25.0%
2,000 20.0%
1,549
1,348 1,328 1,278 1,285 +13.9%
1,500 15.0%
747
1,000 10.0%
-13.3%
774 782 804 931 861
500 5.0%
792
0 180 246 199 107 187 +323% 0.0%
FY18 FY19 FY20 FY21 FY22 FY23
@ CC
Margin Income Event and Transactional fee revenue Core fee revenue EBIT Margin %
USD M
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Revenue definitions

• › Event based businesses include Corporate Actions, Stakeholder Relationship Management, Bankruptcy and Class Actions

• › Transactional revenue fees are inclusive of Registry Maintenance (holder/broker paid), Plans transactional fees, US Mortgage Servicing (servicing related fees and other fees).

• › Core fee revenues are inclusive of Register Maintenance (Issuer paid), Governance Services, UK and US Mortgage Servicing (base servicing), Plans & Vouchers (excluding Plans transactional), Corporate Trust including CCT, CCS & Utilities and Corporate and Technology Revenue. FY18 and FY19 includes Karvy; FY22 includes 8 months of CCT, FY23 includes 10 months of Bankruptcy & Class Actions

Numbers translated at actual fx rates with the exception of FY23 which is translated at the FY22 YTD average fx rate.

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Simplifying Computershare to high quality, global growth businesses Execution underway

Core businesses

Managed

Outcomes

Issuer Services

Register maintenance, corporate actions, stakeholder relationship management, corporate governance services

Employee Share Plans

Corporate Trust

Trust and agency Administration and services in related services for connection with the employee share and administration of option plans debt securities

Mortgage Services Claims Administration + Others

Mortgage administration and related services. Rental Deposit services. Class Action and Bankruptcy Claims administration Digital design and print and mail services.

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*Proforma results reflect the disposal of US Mortgage Services and Claims Administration businesses effective 30 June 2022.

Key statistics

37.5m

25,000+ 37.5m Clients Shareholder accounts

171.5k Entities under management

$5.3tn Debt under administration

$218bn $78bn Employee Share Plan Client balances under Assets under management administration

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8 Note: Corporate Trust includes CCT and the Canadian Corporate Trust business.

Improving the consistency of our earnings

$1.4bn of total hedged margin income “locked in” through disciplined hedging programme – executing plan to reinvest maturing hedges

Total Hedged Margin Income ($m)

Hedged Book as a % of Exposed Balances FY19 to FY24E

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$1.4bn FY19 to FY24E
77% of total hedged margin income 12
($1.05bn) to be delivered in next 5
$0.2bn
years. Replacement of run-off 52% 57%
increases it to ($1.33bn)
9 36%
17 17 20 37 6
20 87 Ending
147 hedge
$1.2bn 20 book 24% 30% 23% 16%
250 230 210 20 to deliver expected 3
160
100 ~$280-
330m of
MI in
Total Hedge MI FY24 FY25 FY26 FY27 FY28 FY25 -
FY24 - FY33 FY19 FY20 FY21 FY22 FY23 FY24E FY24E Ex CLS
Notional replacement of run-off MI - New trades executed YTD FY24 MI - existing hedge book at 30 June 23 Avg. Swaps Avg. Fixed Rate TDs Avg Hedged
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• FY19 through FY23 translated at actual rates. FY24E and beyond are translated at the FY23 June average FX rate.

• Margin income impact represents the fixed leg on interest rate swaps plus fixed rate term deposits.

• Existing hedge book margin income is certain assuming total balances stay above hedge book levels, there are no counterparty failures, and CPU does not amend or cancel any hedges.

• Hedged Margin Income is provided for indicative purposes and forms part of margin income key assumptions.

• Notional replacement run off is for illustrative purposes only (scenario above assumes new trades executed at the same rates and no change to balances). Our strategy is to replace maturing trades with new hedges to ensure consistent levels of protection. Maturing trades will be booked at the prevailing market rates at the time of execution.

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FY24 year to date trading update Group performing in line with expectations

Better than we expected in August

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Employee share plans’ transactional volumes continue to strengthen Corporate Action volumes and legacy client balances exceeding expectations

CCT performance excluding Margin Income tracking favourably due to timing of cost saves and completion of TSA

In line with August’s expectations

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Overall Group operating expenses in line with plan

Q1 Margin Income outcome as anticipated. Overall $840m MI guidance for FY24 affirmed

US Mortgage Servicing earnings improvement. Sale process to Rithm tracking to plan for Q4 close

Behind August’s expectations

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Although CCT overall balances c. $1bn higher, MI is behind plan. New issuance of debt products that generate greatest MI cyclically lower, i.e. Mortgage Backed Securities

US Mortgage Services balances impacted by lower prepayment levels

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FY24 Outlook

Guidance affirmed; Management EPS expected to be up around 7.5%

Guidance

• › In constant currency, for FY24 we expect:

• Management EPS to be up around 7.5%, to around 116 cps[1]

Key assumptions and sensitivities

Management EPS (FY13 – 23 at Actual rates)

• › Margin Income revenue to be around $840m. Sensitivity driven by quantum and mix of balances.

• › Equity markets in line with current market conditions.

• › Fee revenue sensitivity driven by level of Corporate Actions and other event based revenues, as well as Transaction Fee income across Registry, Employee Share Plans and Mortgage Services.

• › Full 12 months ownership of US Mortgage Services

• › Group tax rate to be between 26.0% - 28.0%

• › For constant currency comparisons, FY23 average exchange rates are used to translate the FY24 earnings to USD[2]

10-year CAGR 6.7%

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• › Weighted average number of shares (WANOS) unchanged at 603,729,336 – share buyback not included

Notes:[1 ] For comparative purposes FY23 Management EPS is 108.01 cents per share in FY23 constant currency.[2] Refer to slide 57 of FY23 ASX Market presentation for constant currency conversion rates.

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Financial strength

Strong balance sheet facilitates growth investments and return to shareholders

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Balance Sheet Capacity
$2.5bn of
capacity by end
$ 1.40 1 66.2m Up 42.4% FY24 post buyback 3,000
Mar1.20 g in 2,500
1.00 31.5% Up 630bps
2,000
0.80
1,500
0.60
1,000
0.40
500
0.20
0.00 0
1H23 A 2H23 A 1H24 E 2H24 E
M&A Firepower Leverage ratio excluding non-recourse SLS Advance debt
$m
Net Debt / EBITDA (x)
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Investment priorities

1. Strategic M&A in core businesses to add scale, enhance offer and build market share

2. Balanced returns to shareholders including dividends and buybacks

3. Investments in technology to drive operational efficiencies and improved customer experience

Scenario assumes 5% EBITDA growth in FY24 vs. pcp and includes impact of share buyback and sale of US Mortgage Services.

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Computershare’s commitments

We will continue to invest in technology and strategic M&A to strengthen our core businesses

We will improve the quality and consistency of earnings by executing a prudent hedging programme through the cycle

We will maintain a strong financial position and balance growth investments with returns to shareholders

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Important notice

Summary information

• › This announcement contains summary information about Computershare and its activities current as at the date of this announcement.

• › This announcement is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Computershare’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of a particular investor or a potential investor. Before making an investment decision, a prospective investor should consider the appropriateness of this information having regard to his or her own objectives, financial situation and needs and seek specialist professional advice.

Financial data

• › Management results are used, along with other measures, to assess operating business performance. The company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying operating performance.

• › Management adjustments are made on the same basis as in prior years.

• › The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards.

• › All amounts are in United States dollars, unless otherwise stated.

Past performance

• › Computershare’s past performance, including past share price performance and financial information given in this announcement is given for illustrative purposes only and does not give an indication or guarantee of future performance.

Future performance and forward-looking statements

• › This announcement may contain forward-looking statements regarding Computershare’s intent, belief or current expectations with respect to Computershare’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices.

• › When used in this announcement, the words ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘should’, ‘could’, ‘objectives’, ‘outlook’, ‘guidance’ and similar expressions, are intended to identify forwardlooking statements. Indications of, and guidance on, plans, strategies, management objectives, sales, future earnings and financial performance are also forward-looking statements.

• › Forward-looking statements are provided as a general guide only and should not be relied upon as a guarantee of future performance. They involve known and unknown risks, uncertainties, contingencies, assumptions and other important factors that are outside the control of Computershare.

• › Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. Computershare makes no representation or undertaking that it will update or revise such statements.

Disclaimer

• › No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Computershare or its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence.

Not intended for foreign recipients

• › No part of this announcement is intended for recipients outside Australia. Accordingly, recipients represent and warrant that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

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