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COMPUTERSHARE LIMITED. Annual Report 2022

Aug 8, 2022

64696_rns_2022-08-08_db8f0049-4930-4167-a1d2-b5cac3e2b28e.pdf

Annual Report

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1

FY22 Results

Results ahead of expectations, margin income beginning to rise

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Management Revenue Management EBIT ROIC
$2.6bn $530.9m 12.2%
Up 12.2% Up 19.0% Up 130bps
Margin Income (MI) Management EPS Final Dividend Per Share (AUD)
$186.5m 58.03 cps 30.0 cps [3]
Legacy Total Group
Up 74.3% Up 2.1% [1] Up 10.6% [2] Up 30% [4]
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Notes: All figures in this presentation are presented in USD millions and in constant currency, unless otherwise stated. Reconciliation of statutory to management results can be found on slide 52.

1 The Legacy business for FY22 is defined as Computershare excluding the Computershare Corporate Trust (CCT) contribution. The +2.1% is the change between FY22 Legacy Management EPS of 53.57 cps and FY21 Management EPS of 52.46 cps. This growth is calculated on a pre-rights issue basis. The weighted average number of shares (WANOS) for this calculation was 540,879,593.

2 The +10.6% is the change between FY22 Management EPS (including CCT) of 58.03 cps assuming a WANOS of 603,729,336 vs FY21 Management EPS of 52.46 cps assuming a WANOS of 540,879,593.

3 Unfranked; 4 Compared to FY21 final dividend per share of 23.0 cps.

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2

FY22 Summary

Key growth businesses deliver solid results, transaction and events revenues subdued, margin income boosts Q4

Ongoing growth in Register Maintenance and Governance Services. Positive outlook retained

Strong margin income growth in Q4 with further rate rises to drive improved FY23, more than offsetting inflationary pressures

Event activity and market driven revenues impacted by lower activity levels and economic uncertainty

UK Mortgage Services, back to profit with cost out. Sale process underway

Employee Share Plans organic growth continues; 2H transaction revenues impacted by equity market volatility

CCT continues to exceed expectations. Rising rates driving out performance. Integration on track

Balance sheet repair ahead of schedule. Leverage below bottom of neutral zone and dividend improved

US Mortgage Services disappointing results, impacted by slowing originations in 2H. Outlook more positive

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3

FY22 Management EPS

Positive organic earnings growth, and CCT acquisition enhances EPS

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Legacy FY CPU EPS +2.1% 5.58
10.04
58.03 ~ 57.0
6.38 0.34 53.57
52.46
6.38
3.56
0.22
4.85 1.01 1.94
FY21 Impact of Impact BEAT 2 Net non Margin Income Interest Cost out Market FY22 CCT Impact of FY22 FY22
Management event based of inflation recurring impact Expense program related Management FY21 Management Management
EPS businesses 1 items 3 impact savings 4 earnings EPS rights issue EPS EPS
(pre rights) (Legacy CPU) guidance
USD cps
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*Impact of higher interest rates.

1 Event based businesses include Corporate Actions, Stakeholder Relationship Management, Bankruptcy and Class Actions. 2 Base Erosion and Anti-Abuse Tax for the US. 3 Net increase to Management EBIT of $14.6m driven by net expenses of $9.9m in FY21 (regulatory levy and a provision against a receivable for Class Actions) and $4.7m net gains in FY22 (largely an insurance claim receipt).[4 ] Includes $42.9m of cost savings and $0.6m revenue synergies.

4

2H22 Management EPS guidance bridge

2H Management EPS up 15% on pcp with cost saves offsetting inflation

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CPU 2H EPS +15.0% vs. pcp
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3.07
8.87 35.27 ~ 34.3
0.29 2.92 3.41
30.67 2.36
0.75 3.85 29.46
2.90
1.73
2H21 Impact of Impact BEAT Net non Margin Income Interest Cost out Market 2H22 CCT Impact of 2H22 2H22
Management event based of inflation recurring impact Expense program related Management FY21 Management Management
EPS businesses items impact savings earnings EPS rights issue EPS EPS
(pre rights) (Legacy CPU) guidance
USD cps
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  • Impact of higher interest rates.

5

FY23 Outlook

Management EPS guidance expected to be up around 55%

Guidance

FY23 Tailwinds

  • › In constant currency, for FY23 we expect:

  • Management EPS to be up around 55%[1]

Key Assumptions

  • › Margin Income revenue to be around $520m. Please refer to slide 10 for interest rate and balance assumptions

  • › Equity markets in line with current market conditions

  • › Significant growth in margin income, driven by global rising rate environment

  • › Full year contribution of CCT, including delivery of year 2 expected synergies and improved Money Market Fund fees

  • › Growing contribution from Governance Services businesses

  • › 2H Recovery in Bankruptcy volumes

  • › Ongoing focus on cost-out

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

  • › For constant currency comparisons, FY22 average exchange rates are used to translate the FY23 earnings to USD[2]

  • › Weighted average number of shares (WANOS) unchanged at 603,729,336

FY23 Risks

  • › Challenging macro environment expected to continue:

  • › Corporate Actions volumes anticipated to be lower

  • › Employee Share Plans transaction volumes to remain volatile

  • › Cost pressures across all our business lines

  • › Mortgage origination volumes subdued

  • › Timing and extent of rate rises may differ to our assumptions

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Notes:[1 ] For comparative purposes FY22 Management EPS is 57.95 cents per share in FY22 constant currency.[2] Refer to slide 63 for constant currency conversion rates.

6

FY23 Management EPS bridge

Management EPS expected to be up around 55% on pcp

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1.0
6.5 1.9 ~ 90.0
3.5 ~
1.8
41.4
57.95 9.0
FY22 Impact Margin income Interest expense Cost out CCT CPU legacy Tax FY23
Management EPS of inflation program savings improvement growth Management EPS
USD cps
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  • Excludes impact of Margin Income net interest expense and inflationary increases. FY23 includes additional 4 months contribution. Note; EPS breakdown is provided for indicative purposes and forms part of EPS key assumptions.

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7

Margin Income Margin income doubled in 2H FY22

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140.0
125.2 125.0
100.0 121.2
116.0
120.0
80.0
100.0
83.4
80.0
60.0
62.1
55.5 60.0
51.5
40.0
40.0
20.0 39.3
20.0
27.9
21.0 20.1
16.1 16.8 17.6 17.6
0.0 0.0
1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22
Average balances ($bn) Margin Income ($m)
USD million
USD billion
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Margin Income and Balances translated at Actual fx rates. FY22 Margin Income in constant currency is $186.5m. 1H22 includes CCT Margin Income and balances for 2 months ($27.9bn is the weighted average balance for 1H22).

8

Client balances and yields

$39bn of average balances and $47bn of money market funds in 2H FY22

Total Group Legacy CPU CCT
FY22 Actual 1H22
2H22
FY22		 1H22
2H22
FY22		 1H22
2H22
FY22
Margin Income
$m		 62.1
125.0
187.1		 54.7
76.9
131.6		 7.5
48.0
55.5
Avg balances - exposed
$bn		 17.8
23.7
20.7		 14.8
14.5
14.6		 3.0
9.2
6.1
Avg balances - non exposed
$bn		 10.1
15.6
12.8		 6.7
6.8
6.7		 3.4
8.9
6.1
Avg balances - Total
$bn		 27.9
39.3
33.6		 21.4
21.2
21.3		 6.4
18.1
12.2
Exposed MI yield
%		 0.62%
0.84%
0.75%		 0.68%
0.95%
0.82%		 0.29%
0.68%
0.59%
Total MI yield
%		 0.45%
0.64%
0.56%		 0.51%
0.73%
0.62%		 0.23%
0.53%
0.45%
MMF fee revenue
$m		 2.2
17.8
20.0		 2.2
17.8
20.0
MMF avg balances
$bn		 16.5
47.3
31.9		 16.5
47.3
31.9
MMF yield
%		 0.03%
0.08%
0.06%		 0.03%
0.08%
0.06%

The Margin income yield reflects the margin income generated from the cash balances only (exposed and non-exposed).

Money market fund fees are classified as fee revenue and included in EBIT excluding margin income. Money market fees increased to 0.10% effective May 22.

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9 Margin Income and Balances translated at Actual fx rates. 1H22 includes CCT Margin Income and balances for 2 months ($6.4bn is the weighted average balance for 1H22).

FY23 Margin Income outlook

Margin income expected to be around $520m

FY23 Avg FY23 Avg FY22 Avg FY23 MI
Client Weighted Weighted outlook
Balances Yield (%) Yield (%) ($m)
($bn)
Exposed: Non - hedged 16.4 2.02% 0.41% 332
Exposed: Non – hedged (Legacy) 8.7 1.77% 0.39% 154
Exposed: Non – hedged (CCT) 7.7 2.30% 0.47% 178
Exposed: Hedged1 5.2 2.40% 2.45% 125
Exposed 21.6 2.11% 0.75% 457
Non-Exposed 16.4 0.38% 0.25% 63
Total 38.0 1.37% 0.56% 520

1 Hedges have increased by $600m (and now $5.8bn hedged) since 30 June 22, impact to the average weighted hedged yield is immaterial.

Cash rate assumptions FY23 Exposed
Q1 Q2 Q3 Q4 non-hedged
Balances ($bn)
USD 2.34% 3.21% 3.50% 3.45% 11.7
AUD 1.72% 2.58% 3.07% 3.35% 0.2
GBP 1.65% 2.46% 2.78% 3.00% 2.2
CAD 2.50% 3.25% 3.50% 3.43% 1.4
Other 0.9
Weighted Avg 2.19% 3.06% 3.36% 3.35% 16.4

Margin Income forecast profile by quarter ($m)

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520
140
140
130
110
80
FY22 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
Additional benefit of $50-75m in
FY24 due to improved yield on
exposed balances from end of CCT
TSA, MMF recapture and change to
US Mortgage Services banking
arrangements
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  • Quarterly average of daily rates. Source: Bloomberg – World Interest Rate Probability as at 4th August 2022. 10

FY22 Management results summary Higher client paid revenues, lower events and transactions volumes, MI begins to rise

Legacy FY22A
(at FY21 CC)		 CCT FY22A
(at FY21 CC)		 FY22 Actual
(at FY21 CC)		 FY21 Actual Variance FY22 Actual
Total revenue ex Margin Income $2,138.9
$280.4		 $2,419.3
$2,215.8
+9.2%		 $2,410.3
Margin Income $131.0
$55.5		 $186.5
$107.0
+74.3%		 $187.1
Total revenue $2,269.8
$336.0		 $2,605.8
$2,322.8
+12.2%		 $2,597.4
Operating costs $1,639.8
$245.9		 $1,885.8
$1,695.0
+11.3%		 $1,877.7
Share of net profit/(loss) of associates and jv $0.6
$0.0		 $0.6
$0.4
+50.0%		 $0.5
EBITDA $630.5
$90.0		 $720.6
$628.2
+14.7%		 $720.2
Depreciation $67.8
$3.7
$118.2
$0.0		 $71.4
$75.0
-4.8%
$118.2
$107.1
+10.4%		 $71.0
$118.1
Amortisation
EBIT $444.5
$86.4		 $530.9
446.1
+19.0%		 $531.1
EBIT ex Margin Income $313.6
$30.9		 $344.4
$339.1
+1.6%		 $344.0
EBIT ex Margin Income margin (%)
Interest expense		 14.7%
11.0%
$56.0
$3.7		 14.2%
15.3%
-110bps
$59.7
$54.9
+8.7%		 14.3%
$60.0
Profit Before Tax $388.5
$82.6		 $471.2
$391.2
+20.4%		 $471.0
Income tax expense $98.7
$22.0		 $120.7
$107.2
+12.6%		 $121.1
Management NPAT $289.7
$60.6		 $350.3
$283.7
+23.5%		 $349.9
Management EPS (cents)1 47.99
10.04		 58.03
52.46
+10.6%		 57.95

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11 Notes:[1 ] FY21 assumes a WANOS of 540,879,593 and FY22 assumes a WANOS of 603,729,336.

Issuer Services

Momentum in Registry and Governance Services, market based revenues down

Management EBIT

Down 4.3% $264.4m Margin 26.9% Down 70bps

Revenue breakdown
Register Maintenance*		 FY22 CC
$678.5		 FY21 Actual
$663.9		 CC Variance
+2.2%
Corporate Actions*
Stakeholder Relationship Management		 $99.5
$60.1		 $129.4
$86.7		 -23.1%
-30.7%
Governance Services $97.5 $75.1 +29.8%
Margin Income $48.2 $44.2 +9.0%
Total revenue $983.7 $999.3 -1.6%
Mgmt EBITDA $267.4 $279.3 -4.3%
Mgmt EBITDA margin 27.2% 28.0% -80bps
  • Revenue excluding Margin Income

FY22 key priorities

Global managed shareholder accounts (millions)

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Ongoing front office investment to leverage client relationships

Investment in product innovation and client experience

Drive organic growth in new market segments

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FY18 FY19 FY20 FY21 FY22
Registry Global
293 354 195 281 292
Net Wins [1]
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  • Continued net growth in registry wins

  • Virtual and hybrid meeting offering rolled out in 10 countries with 2490 meetings held

  • Registered Agent units under management up 16% with new clients and growth of existing clients. Strong Company Secretarial pipeline

  • Private REITS platform and sales offering enhanced in the US

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39.0
38.4
38.5 38.2 38.3
38.1
37.9
38.0
37.5
37.0 36.7
36.5
36.5
36.0
35.5
FY19Q4 FY20Q2 FY20Q4 FY21Q2 FY21Q4 FY22Q2 FY22Q4
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1 Excludes uncontrollable losses (eg Delisting, M&A).

12

Issuer Services outlook – positive structural trends

Growth drivers

Increasing regulatory complexity driving stronger corporate focus on governance and compliance Increasing demand for digitised solutions Outsourcing facilitates access to better technology, lower cost and a higher quality solution

Market share gains in Register
Maintenance. Ongoing momentum in
Governance Services revenues
Corporate Actions volumes expected to
be lower
Strength in margin income as rates
continue to rise but some challenges
from inflationary cost pressures
FY23 outlook		 Ongoing investment in front office
capabilities to leverage long standing
client relationships across a range of
products and services
Investment in digital innovation to create
market leading client and end-user
experience and reduce carbon footprint
Drive organic growth in our adjacent
market segments to broaden product
offering and expand share of wallet:
• Registered Agent
• Company Secretarial services
• Private markets
FY23 key priorities
1
2
3		 Organic medium term outlook
Revenue ex MI
0-3% p.a.
EBIT ex MI
0-5% p.a.
EBIT ex MI Margin
Improving

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13

Employee Share Plans

Market share gains and revenue growth despite market volatility in 2H

Management EBIT

$75.5m Up 2.9% Margin Stable 22.9%

Revenue breakdown FY22 CC FY21 Actual CC Variance
Fee revenue $152.5 $144.6 +5.5%
Transactional revenue $160.7 $159.9 +0.5%
Other revenue
Margin income		 $12.9
$4.1		 $12.4
$4.1		 +4.0%
Flat
Total revenue $330.3 $321.0 +2.9%
Mgmt EBITDA $81.0 $78.9 +2.7%
Mgmt EBITDA margin 24.5% 24.6% -10bps

FY22 key priorities

Outstanding shares and options under administration

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Ongoing front office investment to leverage client relationships

Investment in product innovation and client experience

Drive organic growth in new market segments

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New client wins and upsell on products driving over 5% fee growth

EquatePlus. Europe upgrade complete, Australia is 85% complete. Preparing for NA rollout

2H Transactional revenues down 16% on pcp impacted by market volatility

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AuA Shares/Options/Units
300 30
250 25
200 20
150 15
100 10
50 5
0 0
AuA ($bn)
Shares/Options/Units (Bn)
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*figure adjusted for 2.14bn unit consolidation in HK

  • › Volume of outstanding shares/options/units under administration increased 4.5% YoY to 28.7bn.

  • › Value under administration impacted by market volatility impacting 2H transactional revenues.

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14

Employee Share Plans outlook – increasing use of equity in employee remuneration

Growth drivers

Equitization of remuneration as our clients issue more equity as compensation deeper into their organisations Technology solutions and employee access and ease of use

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Globalisation of workforces and increasingly complex regulation are driving corporates to seek global service partners to provide compliant and
consistent solutions
FY23 outlook FY23 key priorities Organic medium term outlook
Recent client wins driving improvement Complete roll out of EquatePlus platform
1 Revenue ex MI 3 - 6% p.a.
in fee revenue in Australia and commence in North
America
Equatex synergies to be generated as
Europe Program winds down and at Investment in product innovation and
the end of North American program 2 service excellence to create market EBIT ex MI 4 - 8% p.a.
leading customer and user experience
Growth in volume of units under
administration underpins growth in Continue to drive organic growth and
3 EBIT ex MI Margin Improving
future trading revenues penetration at the client level, increasing
participant numbers and units under
administration
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15

Mortgage Services Disappointing US result. UK back to profit.

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Management EBIT [2]
N/M
$-6.3m
Margin
-1.2% Down 100bps
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Revenue breakdown
US Mortgage Services*		 FY22 CC
$422.8		 FY21 Actual
$446.4		 CC Variance
-5.3%
US Mortgage Services Margin Income
UK Mortgage Services		 $3.3
$115.7		 $3.7
$132.5		 -10.8%
-12.7%
Total revenue $541.8 $582.6 -7.0%
Mgmt EBITDA1 $108.1 $102.9 +5.1%
Mgmt EBITDA margin 20.0% 17.7% +230bps
  • Revenue excluding Margin Income

FY22 key priorities

US impacted by prior period loan refinancings and weaker origination volumes. Portfolio shifting to capital light

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Executed seven capital recycling transactions to drive sub-servicing volume

New loan origination system implemented. Origination volumes impacted by rising rates

UK cost out program returned business to profit, sale process ongoing.

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UPB increased $22.4bn
Sub-servicing portfolio
(up 51%)
UPB recycled into
$15.3 Billion, 68% of overall
sub-servicing
sub-servicing growth
Change in invested
Down 4.7%
capital
MSR spend as a % of
amortisation expense Down to 65%
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140.0
120.0
100.0
80.0
60.0
40.0
20.0
-
Total UPB ($) Sub-servicing UPB ($)
UPB ($bn)
Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22
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16 1 UK Mortgage Services EBITDA $7.8m in FY22 and ($6.1m) in FY21. 2 FY22 UK Mortgages EBIT $7.8m, US Mortgages EBIT ($14.1m), margin -3.3%.

Mortgage Services outlook

Growth drivers

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Higher mortgage rates slowing prepayment speeds and improving underlying portfolio value. Continue shift from owned MSR to subserviced and sell MSR to capital light MSR buyers Sharply slowing housing market combined with potential for recession and rising unemployment expected to create special servicing demand Record levels of home equity expected to create Home Equity Line of Credit servicing opportunities

FY23 outlook FY23 key priorities Organic medium term outlook Use of automation and self service 1 Revenue ex MI 5 - 10% p.a. tools continue to drive efficiencies in Complete sale of UK business loan services Changing economic conditions create Complete onboarding of pipeline of loan EBIT 5 - 10% p.a. 2 potential for opportunities in the servicing opportunities while maintaining special servicing market while a best in class compliance approach to regulatory environment creates servicing Post tax Free Cash concerns across the industry Flow Return on Target 12-14% Execute on business improvement and invested capital 3 Increase in interest rates puts pressure cost-out program to increase digitisation on co-issue and fulfilment businesses and drive operational efficiencies, with origination volume down to multireducing cost per loan in fulfillment and decade lows servicing

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17

Business Services

Bankruptcy market subdued; Corporate Trust impacted by sale of Private Capital Solutions

Management EBIT

Down 24.6% $38.5m Margin 23.0% Down 130bps

Revenue breakdown FY22 CC FY21 Actual CC Variance
Corporate Trust* $52.3 $56.3 -7.1%
Bankruptcy* $26.8 $64.6 -58.5%
Class Actions* $58.4 $59.9 -2.5%
Margin Income $30.1 $29.4 2.4%
Total revenue $167.7 $210.2 -20.2%
Mgmt EBITDA $40.1 $52.9 -24.2%
Mgmt EBITDA margin 23.9% 25.2% -130bps
  • Revenue excluding Margin Income

FY22 key priorities

Corporate Trust Canada, positive long-term trends

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Continue to add corporate trust mandates

Improve Class Actions and Bankruptcy growth and profitability

Focus on global and large scale Class Action opportunities

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Strong mandate renewal rates. Sold Private Capital Solutions in the period

Low case filing levels impacted Bankruptcy and Class Actions performance. Q4 win value on target

We continue to manage several large Class Action projects

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Fee Revenue
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Debt under Administration

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2,500 10- year CAGR 3.5% 10- year CAGR 4.2%
10-year CAGR 3.5% 50,000
2,000 45,000
40,000
1,500 35,000
30,000
25,000
1,000
20,000
15,000
500 10,000
5,000
- 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
$CAN Bn
USD '000s
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FY22 Fee Revenue impacted by divesture of Private Capital Solutions business

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18

Business Services outlook

Growth drivers

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Enhanced technology solutions driving increased demand for escrow and title custody services in Corporate Trust

Bankruptcy filings expected to increase due to expected deterioration in economic environment Class Actions targeting growth from Consumer and Securities sectors

FY23 outlook Return to organic growth in Canadian Corporate Trust Class Actions, improved profit, efficiency, and quality from staff realignments and system enhancements Bankruptcy case wins expected to increase by 68% from change in market conditions

Leverage new business opportunities and
streamline operations nationally in our
Corporate Trust business
Realise benefits in Class Actions from
revised operating structure, process
automation and systems enhancements
while growing backlog of client wins
Investment in our front office skills and
capabilities across Business Services to
ensure we are properly positioned to
execute on the market opportunities as
they arise
FY23 key priorities
1
2
3		 Organic medium term outlook
Revenue ex MI
4 - 7% p.a.
EBIT ex MI
3 - 5% p.a.
EBIT ex MI Margin
Improving

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19

Computershare Corporate Trust (CCT)

Results exceeding expectations, integration underway and synergies being delivered

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Management EBIT
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$86.1m
Margin
25.6%
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Revenue breakdown
MMF Fee Revenue
Other Fee Revenue
Margin Income		 FY22 CC
$20.0
$259.5
$55.5
Total revenue $336.0
Mgmt EBITDA
Mgmt EBITDA margin		 $89.8
26.7%

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Trust Fees ($m)
10- year CAGR 4.6%
450
400
350 389
364
300 321 318 324 335 349
250 284
260
200 241
150
100
50
-
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
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N.B. Trust Fees excludes the leasing business.

FY22 key priorities

CCT Cost Synergy Plan – benefits reaffirmed

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Launch and begin delivery on 2-year integration plan for the acquired business

Maximise client retention

Maintain high quality service levels in a challenging labour market

Majority of staff and functions transitioned with some support still being provided under TSA

Robust communication and client engagement strategy developed and delivered

Developed recruitment strategy to secure targeted staffing levels and skills for front, middle and back office

Cumulative Synergies ($m)

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100
80
74
58
50
37
15
10 7
0
8 Months FY22 FY23 FY24 FY25 FY26 FY27
Actual Planned
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Forecast execution expenses of US$210m to transition and integrate the business, incurred over the TSA period, plus US$21m of transformation costs to achieve synergies (all pre tax) incurred over 5 years. These costs continue to be refined.

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20 CCT acquisition completion on 1[st] November 2021. FY22 results reflects 8 months contribution.

Computershare Corporate Trust outlook

Growth drivers

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Increasing interest rate environment combined with strong client retention
New deals/wins in RMBS, CLO and loan agency segments
Enhancing product innovation post transition services agreement
FY23 outlook FY23 key priorities Organic medium term outlook
Continued strength in margin income Continue to deliver on plan to separate
1 Revenue ex MI 5 - 7% p.a.
and mutual fund fees as rates continue from Wells Fargo and integrate processes
to rise and technology in CPU
Rising interest rates expected to Fully leverage opportunities from the
2 EBIT ex MI 15+% p.a.
impact debt issuance volumes, margin increasing rate environment and in the
income expected to more than offset management of client balances
Inflationary cost pressures in
ROIC 15+%
operational centres in key markets Deliver targeted synergies
3
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21

FY22 Operating expense analysis

Cost out program savings offset underlying inflation

Inflationary
Impact		 Pricing Power Other offsets
Wage inflation
5%+		 CPI clauses in a
range of contracts		 Margin Income
Vendor contract
increases		 Event based pricing Ongoing cost out
Return of travel &
entertainment		 Transactional
pricing flexibility		 Stage 4 program
being prepared

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USD M
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1,885.8
401.7
1,695.0
11.1
422.4 Legacy CPU BAU Opex -0.5%
1,484.0
239.0
9.9
42.5 35.9
1,262.6 1,256.1
2
FY21 total Less FY21 Less FY21 FY21 operating Cost out program Underlying BAU cost base CCT Delayed FY22 operating Add FY22 FY22 total
operating costs cost of sales one off costs expenses savings 1 inflation recruitment expenses cost of sales operating costs
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1 Cost out program savings of $42.9m of which $42.5m is operating expense and $0.4m cost of sales. 2 Total operating costs of $245.9m of which $239.0m is operating expenses and $6.9m cost of sales.

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22

Cost out programs – FY22

Over $40m of gross savings achieved in FY22

$M Benefit realisation (cumulative)
Activity
Total cost
savings
estimates		 FY21A
FY22A
FY22 change vs.
last disclosure2
FY23E
FY24E
FY25
(New)
FY26
(New)		 Total change vs. last
disclosure2
Stage 1 Total
25 - 30
Stage 2 Total
60 - 70
Stage 3 Total
40 - 75		 28.1
28.1
►
0.0
28.1
28.1
28.1
28.1
64.3
66.2
▼
(0.2)
66.2
66.2
66.2
66.2
35.6
43.1
▲
0.8
50.3
58.9
68.1
74.3		 COMPLETE
COMPLETE
▲5.0m
Total estimate
125 - 175		 128.0
137.4
▲
0.6
144.6
153.2
162.4
168.6		 ▲5.0m
Equatex synergies
40
UK Mortgage Services1
85-90		 12.6
19.9
▲
1.9
22.9
28.5
30.6
37.9
54.1
80.9
▼
(0.6)
84.7
87.4
88.8
87.4		 ►no change
▲6.5m
Total cost savings
250-305		 194.7
238.2
▲
1.9
252.2
269.1
281.8
293.9		 ▲11.5m
Cost to achieve (post tax)3 146.2
179.4
▼
5.6
210-220
255-260
280-285
280-285		 ▲55-60m

  • › Stage 3 total change vs last disclosure reflects benefit expected in FY25 and FY26 related to Operations transformation program. This was not previously disclosed. Slight delay in benefit realisation related to Finance and People transformation program.

  • › Extension of UK Mortgage Services cost out program to FY26, with a further $6.5m of cost savings targeted.

  • › Equatex: No change to overall expected total savings of $40m which includes synergies expected from the rest of the world. Increased cost to deliver due to regulatory complexities.

  • › This excludes CCT synergies and costs to achieve.

  • › An additional $56m of savings to be achieved between FY23-26. $100-105m of cost to achieve.

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Notes:[1] This does not include the GBP27.0m of IT costs that ceased post migration to single platform.[2 ] Last disclosure at 1H22 and included cumulative benefits up to FY24.[3] Costs to achieve are cumulative.

23

Cash flow and leverage

Leverage ratio of 1.64x, below target range

Cashflow Waterfall

Net Debt / EBITDA[1] (x)

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Free cash flow
438.4
$322.6m
-42.8
-73.0 -206.3
-621.4
-737.7
Net operating Capex Net MSR spend Net acquisitions Dividends Net cash flow
cash flow and disposals
(ex SLS advances)
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2.25x
Leverage
target range
1.75x
2.24x
2.02x
1.64x
1.07x
1H21 FY21 1H22 FY22
1,316.6 673.7 [^] 1,342.2 1,180.3
Net Debt (USD M)
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1 Excludes non-recourse SLS Advance debt.

  • Net cash payments for MSR purchases of $73.0m in FY22 (purchases of $251.3m and sales of $178.3m). **Includes CCT acquisition and disposal of Private Capital Solutions and Milestone. The FY21 leverage ratio of 1.07x includes proceeds of rights issue which was deployed on the CCT acquisition in 1H22.[^] $620.2m of gross proceeds received for rights issue.

FY22 leverage ratio of 1.64x assumes 8 months EBITDA contribution from CCT. If we were to include 4 months pre acquisition EBITDA of $16.7m, the leverage ratio would have been 1.60x. The net debt calculation of $1,180.3m includes $29.9m of cash classified as an “asset held for sale”.

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24

Conclusions

FY22 Earnings ahead of expectations with margin income beginning to rise

  • › Growth in client fee income has offset weaker transaction revenues. With strong cost controls, we were able to manage the impact of inflation as we benefited from rising interest rates.

  • › The investments in our high-quality global businesses are delivering growth. Issuer Services and Employee Share Plans continue to win market share. Market and Event based revenues were impacted by lower activity levels.

  • › Our acquisition of CCT in November 2021 continues to exceed expectations. We are making good progress integrating the business and delivering the expected synergy benefits.

FY23 Outlook – Around 55% Management EPS growth

We have a confident outlook. Management EPS is expected to increase by around 55% in FY23. While inflationary pressures are impacting our operating businesses, and costs are expected to rise in FY23, margin income, estimated to be around $520m this year is driving strong earnings growth. We will continue to invest in our businesses and simplify our structure to improve the quality of our earnings and deliver long term returns for shareholders

Executing our strategy to build strong, efficient businesses with greater scale and leverage to positive growth trends and increased optionality

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25

APPENDICES

1. Constant currency analysis

2. Analysis at actual fx rates

  • Key Financial Indicators

  • Computershare Profit and Loss

  • Group summary by Business Segment

  • Business Segment Profit and Loss

  • Employee Share Plans Profit and Loss

  • UK and US Mortgage Services Profit and Loss, including UPB and number of loans

  • US Mortgage Services - Invested capital

  • Regional and Country split of Revenue

  • Revenue, EBITDA and EBIT by Region

  • Revenue excluding acquisitions and disposals

  • Statutory results and management adjustments

  • Other expenditure

  • Client balances and Margin Income

  • Profile of our swap and fixed rate deposit book and floating rate deposits

  • Margin Income sensitivity analysis

  • Debt Facility Maturity Profile

  • Balance Sheet

  • Cash Flow

  • Exchange Rates

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26

FY22 Management results – constant currency and actual rates

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USD M At CC At Actual fx
Total Revenue ex MI 2,419.3 2,410.3
Margin Income 186.5 187.1
Total Management Revenue 2,605.8 2,597.4
Operating expenditure 1,885.8 1,877.7
Share of net profit/(loss) of associates and jv 0.6 0.5
Management EBITDA 720.6 720.2
Depreciation 71.4 71.0
Amortisation 118.2 118.1
Depreciation & Amortisation 189.7 189.1
Management EBIT 530.9 531.1
Management EBIT ex MI 344.4 344.0
Management EBIT Margin 20% 20%
Management EBIT ex MI Margin 14% 14%
Interest Expense 59.7 60.0
Management PBT 471.2 471.0
Management Income Tax Expense 120.7 121.1
OEI -0.1 -0.1
Management NPAT 350.3 349.9
Management EPS including rights issue (cps) 58.03 57.95
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Revenue Margin Income
At CC At Actual fx At CC At Actual fx
Issuer Services 983.7 979.5 48.2 48.4
Mortgage Services & Property Rental Services 587.6 587.2 48.5 48.4
Employee Share Plans & Voucher Services 342.3 340.0 4.1 4.2
Business Services 167.7 169.3 30.1 30.6
Communication Services & Utilities 183.7 180.6 0.0 0.0
Corporate & Technology 4.8 4.8 0.0 0.0
Computershare Corporate Trust 336.0 336.0 55.5 55.5
Total 2,605.8 2,597.4 186.5 187.1
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EBITDA EBIT
At CC At Actual fx At CC At Actual fx
Issuer Services 267.4 266.6 264.4 263.7
Mortgage Services & Property Rental Services 139.7 139.6 25.3 25.2
Employee Share Plans & Voucher Services 89.8 89.8 84.3 84.5
Business Services 40.1 41.0 38.5 39.5
Communication Services & Utilities 34.2 33.9 29.5 29.3
Corporate & Technology 59.6 59.5 2.7 2.8
Computershare Corporate Trust 89.8 89.8 86.1 86.2
Total 720.6 720.2 530.9 531.1
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CC = Constant Currency. FY22 numbers have been translated to USD at FY21 average fx rates.

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27

Revenue, Margin Income, EBITDA and EBIT – constant currency

Revenue FY21
FY22
999.3
983.7
609.0
587.6
333.0
342.3
210.2
167.7
169.7
183.7
1.7
4.8
0.0
336.0
2,322.8
2,605.8
FY21
FY22
44.2
48.2
29.3
48.5
4.2
4.1
29.4
30.1
0.0
0.0
0.0
0.0
0.0
55.5
107.0
186.5
FY21
FY22
279.3
267.4
114.8
139.7
87.6
89.8
52.9
40.1
30.8
34.2
62.8
59.6
0.0
89.8
628.2
720.6
FY21
FY22
276.2
264.4
10.0
25.3
82.1
84.3
51.1
38.5
26.0
29.5
0.7
2.7
0.0
86.1
446.1
530.9		 FY21
FY22
999.3
983.7
609.0
587.6
333.0
342.3
210.2
167.7
169.7
183.7
1.7
4.8
0.0
336.0
2,322.8
2,605.8
FY21
FY22
44.2
48.2
29.3
48.5
4.2
4.1
29.4
30.1
0.0
0.0
0.0
0.0
0.0
55.5
107.0
186.5
FY21
FY22
279.3
267.4
114.8
139.7
87.6
89.8
52.9
40.1
30.8
34.2
62.8
59.6
0.0
89.8
628.2
720.6
FY21
FY22
276.2
264.4
10.0
25.3
82.1
84.3
51.1
38.5
26.0
29.5
0.7
2.7
0.0
86.1
446.1
530.9		 FY22 v 21
Issuer Services 999.3 983.7 -1.6%
Mortgage Services & PropertyRental Services 609.0 587.6 -3.5%
Employee Share Plans & Voucher Services 333.0 342.3 2.8%
Business Services 210.2 167.7 -20.2%
Communication Services & Utilities 169.7 183.7 8.2%
Corporate & Technology 1.7 4.8 182.4%
Computershare Corporate Trust 0.0 336.0 0.0%
Total Revenue 2,322.8 2,605.8 12.2%
Margin Income
FY22 v 21
Issuer Services 44.2 48.2 9.0%
Mortgage Services & PropertyRental Services 29.3 48.5 65.5%
Employee Share Plans & Voucher Services 4.2 4.1 -2.4%
Business Services 29.4 30.1 2.4%
Communication Services & Utilities 0.0 0.0 0.0%
Corporate & Technology 0.0 0.0 0.0%
Computershare Corporate Trust 0.0 55.5 0.0%
Total Margin Income 107.0 186.5 74.3%
EBITDA
FY22 v 21
Issuer Services 279.3 267.4 -4.3%
Mortgage Services & PropertyRental Services 114.8 139.7 21.7%
Employee Share Plans & Voucher Services 87.6 89.8 2.5%
Business Services 52.9 40.1 -24.2%
Communication Services & Utilities 30.8 34.2 11.0%
Corporate & Technology 62.8 59.6 -5.1%
Computershare Corporate Trust 0.0 89.8 0.0%
Total EBITDA 628.2 720.6 14.7%
EBIT
FY22 v 21
Issuer Services 276.2 264.4 -4.3%
Mortgage Services & PropertyRental Services 10.0 25.3 153.0%
Employee Share Plans & Voucher Services 82.1 84.3 2.7%
Business Services 51.1 38.5 -24.7%
Communication Services & Utilities 26.0 29.5 13.5%
Corporate & Technology 0.7 2.7 -285.7%
Computershare Corporate Trust 0.0 86.1 0.0%
Total EBIT 446.1 530.9 19.0%

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CEU ANZ
4% 9%
Asia
UCIA 4%
19%
Revenue
Canada $2,605.8m
7%
USA
57%
EBITDA
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----- Start of picture text -----

CEU ANZ
4% 3% Asia
7%
UCIA
17%
EBITDA
Canada $720.6m
12%
USA
57%
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28

ACTUAL FX RATE ANALYSIS

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29

High quality core industrial drives consistent operating performance

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25.7%
4,000 25.0%
24.7%
24.4%
24.1% 25%
22.9% 23.0% 22.8%
3,500 21.8%
20.4%
19.2% 20%
3,000
2,597
2,323
2,500 2,357
2,301 2,281
504 15%
2,114
2,025 2,023
1,976 1,974 542
2,000 1,819 529 509 560
465
567 506 454 474
1,500 546 10%
2,094
1,000
1,772 1,815 1,772 1,762
1,458 1,517 1,522 1,500 1,649 5%
1,273
500
0 0%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Recurring Non recurring EBIT Margin
USD M
Total Revenue EBIT Margin %
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30

Key Financial Indicators

1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22		 1H18
2H18
1H19
2H19
1H20
2H20
1H21
2H21
1H22
2H22
Total Management Revenue
Operating expenditure		 1,127.8
1,173.1
1,127.8
1,228.7
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
835.2
843.4
795.4
885.3
787.8
847.3
825.1
869.9
857.4
1,020.3
Management EBITDA 293.4 329.3 331.4 343.4 336.6 309.7 277.7 350.5 314.4 405.9
Management EBIT 260,838.7 293,789.8 291.3 298.8 265.9 232.2 190.8 255.3 221.4 309.6
Management EBIT ex Margin Income 181,248.3 193,865.7 166.1 177.5 149.9 148.8 135.2 203.8 159.3 184.7
EBIT Margin %
EBIT ex MI Margin %
Management Profit Before Tax		 23.1%
25.0%
25.8%
24.3%
23.6%
20.1%
17.3%
20.9%
18.9%
21.7%
17.3%
18.1%
16.6%
16.0%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%
232.2
260.3
258.8
264.6
229.7
202.0
163.1
228.0
194.2
276.8
Management NPAT 166.8 177.9 189.9 191.5 157.0 146.9 117.9 165.9 139.5 210.4
Management EPS (US cps) 30.62 32.76 34.97 35.27 28.96 26.61 21.58 29.13 23.10 34.85
Management EPS (AU cps) 39.38 42.31 48.03 49.84 42.35 40.39 30.44 37.83 31.47 48.24
Statutory NPAT 171.2 128.9 259.4 156.4 124.7 108.0 72.6 116.4 92.1 135.6
Statutory EPS (US cps) 31.43 23.74 47.77 28.80 23.00 19.55 13.28 20.49 15.25 22.46
Revenue split - Recurring
Revenue split - Non Recurring
 74%
76%
76%
78%
78%
77%
76%
76%
79%
82%
26%
25%
24%
22%
22%
23%
24%
24%
21%
18%
Weighted average number of shares1 544,778,652
543,874,751
542,955,868
542,955,868
541,956,213
546,780,636
546,234,027
559,519,258
603,729,336
603,729,336
Net operating cash flows excluding SLS advances
Operating cash to EBITDA conversion ratio
Days Sales Outstanding
Dividend(AU cents)
Franking(%)
Dividend payout ratio
ROE2
ROIC2
Net debt to EBITDA3		 199.3
253.7
176.6
235.0
250.3
344.1
124.1
251.3
203.3
235.1
0.7
0.8
0.5
0.7
0.7
1.1
0.4
0.7
0.6
0.6
57
59
65
60
61
58
57
53
50
51
19
21
21
23
23
23
23
23
24
30
0%
100%
30%
30%
30%
30%
100%
60%
40%
0%
48%
50%
44%
47%
54%
58%
76%
59%
76%
62%
26.4%
26.8%
26.5%
26.2%
23.0%
19.2%
16.6%
14.7%
15.9%
15.6%
16.0%
17.7%
16.3%
16.7%
13.8%
12.2%
10.2%
10.9%
10.4%
12.2%
1.58 1.33 1.88 1.84 1.97 1.93 2.24 1.07 2.02 1.64

1 Weighted average number of ordinary shares used as denominator in calculating basic earnings per share as at December (1H) or June (FY). The 2H EPS is the difference between FY and 1H EPS. 2 As at Dec (1H) and June (2H).

3 Ratio excluding non-recourse SLS Advance debt and lease liabilities (the latter effective from 1H20).

Notable acquisitions: Equatex Group Holding AG (9th Nov 18), LenderLive Financial Services, LLC (31st Dec 18), Corporate Creations (28th February 20), Verbatim LLC (1st July 20), Wells Fargo Corporate Trust Services (1st November 2021).

Notable divestments: INVeSHARE (16th Sep 16), Karvy – 50% interest (17th Nov 18), Milestone – 20% interest (1st Oct 21).

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31

Computershare Profit & Loss

USD M (at actual rates)
1H20
2H20
1H21
2H21
1H22
2H22
Total Revenue ex MI
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9
Margin Income
116.0
83.4
55.5
51.5
62.1
125.0
Total Management Revenue
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
Operating expenditure
787.8
847.3
825.1
869.9
857.4
1,020.3
Share of net profit/(loss) of associates and jv
0.2
0.1
0.4
0.0
0.2
0.3
Management EBITDA
336.6
309.7
277.7
350.5
314.4
405.9
Depreciation
38.0
39.5
38.3
36.8
34.3
36.7
Amortisation
32.8
38.1
48.7
58.4
58.6
59.5
Depreciation & Amortisation
70.8
77.6
87.0
95.2
92.9
96.2
Management EBIT
265.9
232.2
190.8
255.3
221.4
309.6
Management EBIT ex MI
149.9
148.8
135.2
203.8
159.3
184.7
Management EBIT Margin
23.6%
20.1%
17.3%
20.9%
18.9%
21.7%
Management EBIT ex MI Margin
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%
Interest Expense
36.2
30.1
27.6
27.2
27.2
32.8
Management PBT
229.7
202.0
163.1
228.0
194.2
276.8
Management Income Tax Expense
72.6
55.2
45.3
61.9
54.7
66.4
OEI
-0.1
0.0
0.1
-0.3
-0.1
0.0
Management NPAT
157.0
146.9
117.9
165.9
139.5
210.4
Management Adjustments (after tax)1
Amortisation
-20.8
-21.8
-21.4
-21.3
-20.4
-43.0
Acquisitions and Disposals
-5.9
0.0
-4.7
-19.8
-20.4
-24.7
Other
-5.5
-17.2
-19.2
-8.3
-6.6
-7.1
Total Management Adjustments
-32.3
-39.0
-45.3
-49.4
-47.4
-74.8
Statutory NPAT
124.7
108.0
72.6
116.4
92.1
135.6
Management EPS (cps)
28.96
26.61
21.58
29.13
23.10
34.85
Statutory EPS (cps)
23.00
19.55
13.28
20.49
15.25
22.46
Mgt ETR
31.6%
27.3%
27.8%
27.1%
28.2%
24.0%
Stat ETR
32.8%
22.1%
30.5%
29.6%
29.9%
23.8%		 FY20
FY21
FY22
2,081.8
2,215.8
2,410.3
199.4
107.0
187.1
2,281.2
2,322.8
2,597.4
1,635.1
1,695.0
1,877.7
0.2
0.4
0.5
646.4
628.2
720.2
77.5
75.0
71.0
70.8
107.1
118.1
148.3
182.2
189.1
498.0
446.1
531.1
298.7
339.1
344.0
21.8%
19.2%
20.4%
14.3%
15.3%
14.3%
66.3
54.9
60.0
431.7
391.2
471.0
127.8
107.2
121.1
-0.1
-0.2
-0.1
303.8
283.7
349.9
-42.6
-42.7
-63.4
-5.9
-24.5
-45.1
-22.7
-27.5
-13.7
-71.2
-94.8
-122.2
232.7
189.0
227.7
55.57
50.71
57.95
42.55
33.77
37.71
29.6%
27.4%
25.7%
28.2%
30.0%
26.4%

==> picture [106 x 21] intentionally omitted <==

1 Refer to slide 53 for detail on management adjustments.

32

Summary – Revenue and Margin Income

USD M (at actual rates)

Revenue 1H20
2H20
1H21
2H21
1H22
2H22
424.3
470.4
465.0
534.3
463.0
516.5
343.9
321.3
297.8
311.2
294.4
292.8
148.8
155.8
143.0
190.0
163.4
176.6
120.8
122.8
114.4
95.7
84.9
84.4
83.1
85.7
81.4
88.3
84.5
96.1
3.3
0.9
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
76.7
259.2
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
1H20
2H20
1H21
2H21
1H22
2H22
44.4
34.3
22.1
22.1
18.3
30.1
32.3
20.8
15.5
13.8
23.1
25.3
6.4
5.0
2.3
1.9
1.2
2.9
32.9
23.4
15.7
13.7
12.0
18.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
7.5
48.0
116.0
83.4
55.5
51.5
62.1
125.0		 1H20
2H20
1H21
2H21
1H22
2H22
424.3
470.4
465.0
534.3
463.0
516.5
343.9
321.3
297.8
311.2
294.4
292.8
148.8
155.8
143.0
190.0
163.4
176.6
120.8
122.8
114.4
95.7
84.9
84.4
83.1
85.7
81.4
88.3
84.5
96.1
3.3
0.9
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
76.7
259.2
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
1H20
2H20
1H21
2H21
1H22
2H22
44.4
34.3
22.1
22.1
18.3
30.1
32.3
20.8
15.5
13.8
23.1
25.3
6.4
5.0
2.3
1.9
1.2
2.9
32.9
23.4
15.7
13.7
12.0
18.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
7.5
48.0
116.0
83.4
55.5
51.5
62.1
125.0		 1H20
2H20
1H21
2H21
1H22
2H22
424.3
470.4
465.0
534.3
463.0
516.5
343.9
321.3
297.8
311.2
294.4
292.8
148.8
155.8
143.0
190.0
163.4
176.6
120.8
122.8
114.4
95.7
84.9
84.4
83.1
85.7
81.4
88.3
84.5
96.1
3.3
0.9
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
76.7
259.2
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
1H20
2H20
1H21
2H21
1H22
2H22
44.4
34.3
22.1
22.1
18.3
30.1
32.3
20.8
15.5
13.8
23.1
25.3
6.4
5.0
2.3
1.9
1.2
2.9
32.9
23.4
15.7
13.7
12.0
18.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
7.5
48.0
116.0
83.4
55.5
51.5
62.1
125.0		 1H20
2H20
1H21
2H21
1H22
2H22
424.3
470.4
465.0
534.3
463.0
516.5
343.9
321.3
297.8
311.2
294.4
292.8
148.8
155.8
143.0
190.0
163.4
176.6
120.8
122.8
114.4
95.7
84.9
84.4
83.1
85.7
81.4
88.3
84.5
96.1
3.3
0.9
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
76.7
259.2
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
1H20
2H20
1H21
2H21
1H22
2H22
44.4
34.3
22.1
22.1
18.3
30.1
32.3
20.8
15.5
13.8
23.1
25.3
6.4
5.0
2.3
1.9
1.2
2.9
32.9
23.4
15.7
13.7
12.0
18.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
7.5
48.0
116.0
83.4
55.5
51.5
62.1
125.0		 1H20
2H20
1H21
2H21
1H22
2H22
424.3
470.4
465.0
534.3
463.0
516.5
343.9
321.3
297.8
311.2
294.4
292.8
148.8
155.8
143.0
190.0
163.4
176.6
120.8
122.8
114.4
95.7
84.9
84.4
83.1
85.7
81.4
88.3
84.5
96.1
3.3
0.9
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
76.7
259.2
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
1H20
2H20
1H21
2H21
1H22
2H22
44.4
34.3
22.1
22.1
18.3
30.1
32.3
20.8
15.5
13.8
23.1
25.3
6.4
5.0
2.3
1.9
1.2
2.9
32.9
23.4
15.7
13.7
12.0
18.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
7.5
48.0
116.0
83.4
55.5
51.5
62.1
125.0		 1H20
2H20
1H21
2H21
1H22
2H22
424.3
470.4
465.0
534.3
463.0
516.5
343.9
321.3
297.8
311.2
294.4
292.8
148.8
155.8
143.0
190.0
163.4
176.6
120.8
122.8
114.4
95.7
84.9
84.4
83.1
85.7
81.4
88.3
84.5
96.1
3.3
0.9
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
76.7
259.2
1,124.3
1,156.9
1,102.5
1,220.3
1,171.5
1,425.8
1H20
2H20
1H21
2H21
1H22
2H22
44.4
34.3
22.1
22.1
18.3
30.1
32.3
20.8
15.5
13.8
23.1
25.3
6.4
5.0
2.3
1.9
1.2
2.9
32.9
23.4
15.7
13.7
12.0
18.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
-0.0
0.0
0.0
0.0
0.0
7.5
48.0
116.0
83.4
55.5
51.5
62.1
125.0		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Issuer Services 424.3 470.4 465.0 534.3 463.0 516.5 894.7 999.3 979.5
Mortgage Services & Property Rental Services 343.9 321.3 297.8 311.2 294.4 292.8 665.1 609.0 587.2
Employee Share Plans & Voucher Services 148.8 155.8 143.0 190.0 163.4 176.6 304.6 333.0 340.0
Business Services 120.8 122.8 114.4 95.7 84.9 84.4 243.6 210.2 169.3
Communication Services & Utilities 83.1 85.7 81.4 88.3 84.5 96.1 168.8 169.7 180.6
Corporate & Technology 3.3 0.9 0.9 0.7 4.6 0.2 4.2 1.7 4.8
Computershare Corporate Trust 0.0 0.0 0.0 0.0 76.7 259.2 0.0 0.0 336.0
Total Revenue 1,124.3 1,156.9 1,102.5 1,220.3 1,171.5 1,425.8 2,281.2 2,322.8 2,597.4
Margin Income
FY20
FY21
FY22
Issuer Services 44.4 34.3 22.1 22.1 18.3 30.1 78.7 44.2 48.4
Mortgage Services & Property Rental Services 32.3 20.8 15.5 13.8 23.1 25.3 53.1 29.3 48.4
Employee Share Plans & Voucher Services 6.4 5.0 2.3 1.9 1.2 2.9 11.4 4.2 4.2
Business Services 32.9 23.4 15.7 13.7 12.0 18.6 56.2 29.4 30.6
Communication Services & Utilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Corporate & Technology 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -0.0
Computershare Corporate Trust 0.0 0.0 0.0 0.0 7.5 48.0 0.0 0.0 55.5
Total Margin Income 116.0 83.4 55.5 51.5 62.1 125.0 199.4 107.0 187.1
Revenue excluding Margin Income 1H20
2H20
1H21
2H21
1H22
2H22
380.0
436.1
442.9
512.2
444.7
486.4
311.5
300.5
282.2
297.4
271.3
267.5
142.4
150.8
140.7
188.1
162.2
173.7
88.0
99.4
98.7
82.0
72.9
65.8
83.1
85.7
81.4
88.3
84.5
96.1
3.3
1.0
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
69.3
211.2
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9		 1H20
2H20
1H21
2H21
1H22
2H22
380.0
436.1
442.9
512.2
444.7
486.4
311.5
300.5
282.2
297.4
271.3
267.5
142.4
150.8
140.7
188.1
162.2
173.7
88.0
99.4
98.7
82.0
72.9
65.8
83.1
85.7
81.4
88.3
84.5
96.1
3.3
1.0
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
69.3
211.2
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9		 1H20
2H20
1H21
2H21
1H22
2H22
380.0
436.1
442.9
512.2
444.7
486.4
311.5
300.5
282.2
297.4
271.3
267.5
142.4
150.8
140.7
188.1
162.2
173.7
88.0
99.4
98.7
82.0
72.9
65.8
83.1
85.7
81.4
88.3
84.5
96.1
3.3
1.0
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
69.3
211.2
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9		 1H20
2H20
1H21
2H21
1H22
2H22
380.0
436.1
442.9
512.2
444.7
486.4
311.5
300.5
282.2
297.4
271.3
267.5
142.4
150.8
140.7
188.1
162.2
173.7
88.0
99.4
98.7
82.0
72.9
65.8
83.1
85.7
81.4
88.3
84.5
96.1
3.3
1.0
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
69.3
211.2
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9		 1H20
2H20
1H21
2H21
1H22
2H22
380.0
436.1
442.9
512.2
444.7
486.4
311.5
300.5
282.2
297.4
271.3
267.5
142.4
150.8
140.7
188.1
162.2
173.7
88.0
99.4
98.7
82.0
72.9
65.8
83.1
85.7
81.4
88.3
84.5
96.1
3.3
1.0
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
69.3
211.2
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9		 1H20
2H20
1H21
2H21
1H22
2H22
380.0
436.1
442.9
512.2
444.7
486.4
311.5
300.5
282.2
297.4
271.3
267.5
142.4
150.8
140.7
188.1
162.2
173.7
88.0
99.4
98.7
82.0
72.9
65.8
83.1
85.7
81.4
88.3
84.5
96.1
3.3
1.0
0.9
0.7
4.6
0.2
0.0
0.0
0.0
0.0
69.3
211.2
1,008.3
1,073.5
1,046.9
1,168.9
1,109.4
1,300.9		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Issuer Services 380.0 436.1 442.9 512.2 444.7 486.4 816.1 955.1 931.1
Mortgage Services & Property Rental Services 311.5 300.5 282.2 297.4 271.3 267.5 612.0 579.7 538.8
Employee Share Plans & Voucher Services 142.4 150.8 140.7 188.1 162.2 173.7 293.2 328.9 335.9
Business Services 88.0 99.4 98.7 82.0 72.9 65.8 187.4 180.8 138.7
Communication Services & Utilities 83.1 85.7 81.4 88.3 84.5 96.1 168.8 169.7 180.6
Corporate & Technology 3.3 1.0 0.9 0.7 4.6 0.2 4.2 1.7 4.8
Computershare Corporate Trust 0.0 0.0 0.0 0.0 69.3 211.2 0.0 0.0 280.4
Total Revenue excluding Margin Income 1,008.3 1,073.5 1,046.9 1,168.9 1,109.4 1,300.9 2,081.8 2,215.8 2,410.3

==> picture [106 x 21] intentionally omitted <==

33

Summary – EBITDA

USD M (at actual rates)

EBITDA 1H20
2H20
1H21
2H21
1H22
2H22
129.2
131.3
127.9
151.4
118.1
148.5
82.1
59.1
53.6
61.2
71.3
68.3
31.8
33.9
23.9
63.7
40.4
49.4
41.7
46.5
29.5
23.4
20.1
20.9
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.1
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
9.5
80.3
336.6
309.7
277.7
350.5
314.4
405.9
1H20
2H20
1H21
2H21
1H22
2H22
84.8
97.0
105.8
129.3
99.9
118.3
49.8
38.3
38.1
47.4
48.1
43.0
25.4
28.9
21.6
61.8
39.2
46.5
8.8
23.1
13.8
9.7
8.1
2.3
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.2
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
2.0
32.3
220.6
226.3
222.2
299.0
252.2
280.9
1H20
2H20
1H21
2H21
1H22
2H22
22.3%
22.2%
23.9%
25.2%
22.5%
24.3%
16.0%
12.8%
13.5%
15.9%
17.7%
16.1%
17.8%
19.2%
15.4%
32.9%
24.2%
26.8%
10.0%
23.3%
14.0%
11.8%
11.2%
3.5%
16.8%
19.6%
13.4%
22.5%
15.6%
21.6%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
3.0%
15.3%
21.9%
21.1%
21.2%
25.6%
22.7%
21.6%		 1H20
2H20
1H21
2H21
1H22
2H22
129.2
131.3
127.9
151.4
118.1
148.5
82.1
59.1
53.6
61.2
71.3
68.3
31.8
33.9
23.9
63.7
40.4
49.4
41.7
46.5
29.5
23.4
20.1
20.9
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.1
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
9.5
80.3
336.6
309.7
277.7
350.5
314.4
405.9
1H20
2H20
1H21
2H21
1H22
2H22
84.8
97.0
105.8
129.3
99.9
118.3
49.8
38.3
38.1
47.4
48.1
43.0
25.4
28.9
21.6
61.8
39.2
46.5
8.8
23.1
13.8
9.7
8.1
2.3
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.2
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
2.0
32.3
220.6
226.3
222.2
299.0
252.2
280.9
1H20
2H20
1H21
2H21
1H22
2H22
22.3%
22.2%
23.9%
25.2%
22.5%
24.3%
16.0%
12.8%
13.5%
15.9%
17.7%
16.1%
17.8%
19.2%
15.4%
32.9%
24.2%
26.8%
10.0%
23.3%
14.0%
11.8%
11.2%
3.5%
16.8%
19.6%
13.4%
22.5%
15.6%
21.6%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
3.0%
15.3%
21.9%
21.1%
21.2%
25.6%
22.7%
21.6%		 1H20
2H20
1H21
2H21
1H22
2H22
129.2
131.3
127.9
151.4
118.1
148.5
82.1
59.1
53.6
61.2
71.3
68.3
31.8
33.9
23.9
63.7
40.4
49.4
41.7
46.5
29.5
23.4
20.1
20.9
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.1
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
9.5
80.3
336.6
309.7
277.7
350.5
314.4
405.9
1H20
2H20
1H21
2H21
1H22
2H22
84.8
97.0
105.8
129.3
99.9
118.3
49.8
38.3
38.1
47.4
48.1
43.0
25.4
28.9
21.6
61.8
39.2
46.5
8.8
23.1
13.8
9.7
8.1
2.3
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.2
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
2.0
32.3
220.6
226.3
222.2
299.0
252.2
280.9
1H20
2H20
1H21
2H21
1H22
2H22
22.3%
22.2%
23.9%
25.2%
22.5%
24.3%
16.0%
12.8%
13.5%
15.9%
17.7%
16.1%
17.8%
19.2%
15.4%
32.9%
24.2%
26.8%
10.0%
23.3%
14.0%
11.8%
11.2%
3.5%
16.8%
19.6%
13.4%
22.5%
15.6%
21.6%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
3.0%
15.3%
21.9%
21.1%
21.2%
25.6%
22.7%
21.6%		 1H20
2H20
1H21
2H21
1H22
2H22
129.2
131.3
127.9
151.4
118.1
148.5
82.1
59.1
53.6
61.2
71.3
68.3
31.8
33.9
23.9
63.7
40.4
49.4
41.7
46.5
29.5
23.4
20.1
20.9
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.1
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
9.5
80.3
336.6
309.7
277.7
350.5
314.4
405.9
1H20
2H20
1H21
2H21
1H22
2H22
84.8
97.0
105.8
129.3
99.9
118.3
49.8
38.3
38.1
47.4
48.1
43.0
25.4
28.9
21.6
61.8
39.2
46.5
8.8
23.1
13.8
9.7
8.1
2.3
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.2
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
2.0
32.3
220.6
226.3
222.2
299.0
252.2
280.9
1H20
2H20
1H21
2H21
1H22
2H22
22.3%
22.2%
23.9%
25.2%
22.5%
24.3%
16.0%
12.8%
13.5%
15.9%
17.7%
16.1%
17.8%
19.2%
15.4%
32.9%
24.2%
26.8%
10.0%
23.3%
14.0%
11.8%
11.2%
3.5%
16.8%
19.6%
13.4%
22.5%
15.6%
21.6%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
3.0%
15.3%
21.9%
21.1%
21.2%
25.6%
22.7%
21.6%		 1H20
2H20
1H21
2H21
1H22
2H22
129.2
131.3
127.9
151.4
118.1
148.5
82.1
59.1
53.6
61.2
71.3
68.3
31.8
33.9
23.9
63.7
40.4
49.4
41.7
46.5
29.5
23.4
20.1
20.9
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.1
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
9.5
80.3
336.6
309.7
277.7
350.5
314.4
405.9
1H20
2H20
1H21
2H21
1H22
2H22
84.8
97.0
105.8
129.3
99.9
118.3
49.8
38.3
38.1
47.4
48.1
43.0
25.4
28.9
21.6
61.8
39.2
46.5
8.8
23.1
13.8
9.7
8.1
2.3
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.2
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
2.0
32.3
220.6
226.3
222.2
299.0
252.2
280.9
1H20
2H20
1H21
2H21
1H22
2H22
22.3%
22.2%
23.9%
25.2%
22.5%
24.3%
16.0%
12.8%
13.5%
15.9%
17.7%
16.1%
17.8%
19.2%
15.4%
32.9%
24.2%
26.8%
10.0%
23.3%
14.0%
11.8%
11.2%
3.5%
16.8%
19.6%
13.4%
22.5%
15.6%
21.6%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
3.0%
15.3%
21.9%
21.1%
21.2%
25.6%
22.7%
21.6%		 1H20
2H20
1H21
2H21
1H22
2H22
129.2
131.3
127.9
151.4
118.1
148.5
82.1
59.1
53.6
61.2
71.3
68.3
31.8
33.9
23.9
63.7
40.4
49.4
41.7
46.5
29.5
23.4
20.1
20.9
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.1
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
9.5
80.3
336.6
309.7
277.7
350.5
314.4
405.9
1H20
2H20
1H21
2H21
1H22
2H22
84.8
97.0
105.8
129.3
99.9
118.3
49.8
38.3
38.1
47.4
48.1
43.0
25.4
28.9
21.6
61.8
39.2
46.5
8.8
23.1
13.8
9.7
8.1
2.3
14.0
16.8
10.9
19.9
13.2
20.8
37.8
22.2
31.9
30.9
41.7
17.8
0.0
0.0
0.0
0.0
2.0
32.3
220.6
226.3
222.2
299.0
252.2
280.9
1H20
2H20
1H21
2H21
1H22
2H22
22.3%
22.2%
23.9%
25.2%
22.5%
24.3%
16.0%
12.8%
13.5%
15.9%
17.7%
16.1%
17.8%
19.2%
15.4%
32.9%
24.2%
26.8%
10.0%
23.3%
14.0%
11.8%
11.2%
3.5%
16.8%
19.6%
13.4%
22.5%
15.6%
21.6%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
3.0%
15.3%
21.9%
21.1%
21.2%
25.6%
22.7%
21.6%		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Issuer Services 129.2 131.3 127.9 151.4 118.1 148.5 260.5 279.3 266.6
Mortgage Services & Property Rental Services 82.1 59.1 53.6 61.2 71.3 68.3 141.2 114.8 139.6
Employee Share Plans & Voucher Services 31.8 33.9 23.9 63.7 40.4 49.4 65.7 87.6 89.8
Business Services 41.7 46.5 29.5 23.4 20.1 20.9 88.2 52.9 41.0
Communication Services & Utilities 14.0 16.8 10.9 19.9 13.2 20.8 30.8 30.8 33.9
Corporate & Technology 37.8 22.1 31.9 30.9 41.7 17.8 60.0 62.8 59.5
Computershare Corporate Trust 0.0 0.0 0.0 0.0 9.5 80.3 0.0 0.0 89.8
Total EBITDA 336.6 309.7 277.7 350.5 314.4 405.9 646.4 628.2 720.2
EBITDA excluding Margin Income
FY20
FY21
FY22
Issuer Services 84.8 97.0 105.8 129.3 99.9 118.3 181.8 235.1 218.2
Mortgage Services & Property Rental Services 49.8 38.3 38.1 47.4 48.1 43.0 88.1 85.5 91.2
Employee Share Plans & Voucher Services 25.4 28.9 21.6 61.8 39.2 46.5 54.3 83.4 85.7
Business Services 8.8 23.1 13.8 9.7 8.1 2.3 32.0 23.5 10.4
Communication Services & Utilities 14.0 16.8 10.9 19.9 13.2 20.8 30.8 30.8 33.9
Corporate & Technology 37.8 22.2 31.9 30.9 41.7 17.8 60.0 62.8 59.5
Computershare Corporate Trust 0.0 0.0 0.0 0.0 2.0 32.3 0.0 0.0 34.3
Total EBITDA excluding Margin Income 220.6 226.3 222.2 299.0 252.2 280.9 447.0 521.2 533.1
EBITDA excluding Margin Income Margin
FY20
FY21
FY22
Issuer Services 22.3% 22.2% 23.9% 25.2% 22.5% 24.3% 22.3% 24.6% 23.4%
Mortgage Services & Property Rental Services 16.0% 12.8% 13.5% 15.9% 17.7% 16.1% 14.4% 14.8% 16.9%
Employee Share Plans & Voucher Services 17.8% 19.2% 15.4% 32.9% 24.2% 26.8% 18.5% 25.4% 25.5%
Business Services 10.0% 23.3% 14.0% 11.8% 11.2% 3.5% 17.1% 13.0% 7.5%
Communication Services & Utilities 16.8% 19.6% 13.4% 22.5% 15.6% 21.6% 18.2% 18.2% 18.8%
Corporate & Technology n/a n/a n/a n/a n/a n/a n/a n/a n/a
Computershare Corporate Trust 0.0 0.0 0.0 0.0 3.0% 15.3% 0.0 0.0 12.2%
Total EBITDA excluding Margin Income Margin 21.9% 21.1% 21.2% 25.6% 22.7% 21.6% 21.5% 23.5% 22.1%

==> picture [106 x 21] intentionally omitted <==

34

Summary – EBIT

USD M (at actual rates)

EBIT 1H20
2H20
1H21
2H21
1H22
2H22
127.7
130.8
126.2
150.0
116.7
146.9
46.8
23.6
5.3
4.7
14.3
10.9
29.2
32.9
21.2
60.9
37.7
46.8
41.2
46.1
28.6
22.5
19.3
20.1
12.2
15.2
8.6
17.4
10.8
18.5
8.8
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
9.1
77.1
265.9
232.2
190.8
255.3
221.4
309.6
1H20
2H20
1H21
2H21
1H22
2H22
83.3
96.5
104.1
127.9
98.5
116.8
14.5
2.8
-10.2
-9.1
-8.8
-14.4
22.8
27.9
18.9
59.0
36.4
43.9
8.3
22.7
12.9
8.8
7.3
1.5
12.2
15.2
8.6
17.4
10.8
18.5
8.7
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
1.6
29.0
149.9
148.8
135.2
203.8
159.3
184.7
1H20
2H20
1H21
2H21
1H22
2H22
21.9%
22.1%
23.5%
25.0%
22.1%
24.0%
4.6%
0.9%
-3.6%
-3.0%
-3.3%
-5.4%
16.0%
18.5%
13.5%
31.4%
22.5%
25.3%
9.5%
22.9%
13.1%
10.7%
10.1%
2.3%
14.7%
17.7%
10.6%
19.7%
12.7%
19.3%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
2.3%
13.7%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%		 1H20
2H20
1H21
2H21
1H22
2H22
127.7
130.8
126.2
150.0
116.7
146.9
46.8
23.6
5.3
4.7
14.3
10.9
29.2
32.9
21.2
60.9
37.7
46.8
41.2
46.1
28.6
22.5
19.3
20.1
12.2
15.2
8.6
17.4
10.8
18.5
8.8
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
9.1
77.1
265.9
232.2
190.8
255.3
221.4
309.6
1H20
2H20
1H21
2H21
1H22
2H22
83.3
96.5
104.1
127.9
98.5
116.8
14.5
2.8
-10.2
-9.1
-8.8
-14.4
22.8
27.9
18.9
59.0
36.4
43.9
8.3
22.7
12.9
8.8
7.3
1.5
12.2
15.2
8.6
17.4
10.8
18.5
8.7
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
1.6
29.0
149.9
148.8
135.2
203.8
159.3
184.7
1H20
2H20
1H21
2H21
1H22
2H22
21.9%
22.1%
23.5%
25.0%
22.1%
24.0%
4.6%
0.9%
-3.6%
-3.0%
-3.3%
-5.4%
16.0%
18.5%
13.5%
31.4%
22.5%
25.3%
9.5%
22.9%
13.1%
10.7%
10.1%
2.3%
14.7%
17.7%
10.6%
19.7%
12.7%
19.3%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
2.3%
13.7%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%		 1H20
2H20
1H21
2H21
1H22
2H22
127.7
130.8
126.2
150.0
116.7
146.9
46.8
23.6
5.3
4.7
14.3
10.9
29.2
32.9
21.2
60.9
37.7
46.8
41.2
46.1
28.6
22.5
19.3
20.1
12.2
15.2
8.6
17.4
10.8
18.5
8.8
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
9.1
77.1
265.9
232.2
190.8
255.3
221.4
309.6
1H20
2H20
1H21
2H21
1H22
2H22
83.3
96.5
104.1
127.9
98.5
116.8
14.5
2.8
-10.2
-9.1
-8.8
-14.4
22.8
27.9
18.9
59.0
36.4
43.9
8.3
22.7
12.9
8.8
7.3
1.5
12.2
15.2
8.6
17.4
10.8
18.5
8.7
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
1.6
29.0
149.9
148.8
135.2
203.8
159.3
184.7
1H20
2H20
1H21
2H21
1H22
2H22
21.9%
22.1%
23.5%
25.0%
22.1%
24.0%
4.6%
0.9%
-3.6%
-3.0%
-3.3%
-5.4%
16.0%
18.5%
13.5%
31.4%
22.5%
25.3%
9.5%
22.9%
13.1%
10.7%
10.1%
2.3%
14.7%
17.7%
10.6%
19.7%
12.7%
19.3%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
2.3%
13.7%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%		 1H20
2H20
1H21
2H21
1H22
2H22
127.7
130.8
126.2
150.0
116.7
146.9
46.8
23.6
5.3
4.7
14.3
10.9
29.2
32.9
21.2
60.9
37.7
46.8
41.2
46.1
28.6
22.5
19.3
20.1
12.2
15.2
8.6
17.4
10.8
18.5
8.8
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
9.1
77.1
265.9
232.2
190.8
255.3
221.4
309.6
1H20
2H20
1H21
2H21
1H22
2H22
83.3
96.5
104.1
127.9
98.5
116.8
14.5
2.8
-10.2
-9.1
-8.8
-14.4
22.8
27.9
18.9
59.0
36.4
43.9
8.3
22.7
12.9
8.8
7.3
1.5
12.2
15.2
8.6
17.4
10.8
18.5
8.7
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
1.6
29.0
149.9
148.8
135.2
203.8
159.3
184.7
1H20
2H20
1H21
2H21
1H22
2H22
21.9%
22.1%
23.5%
25.0%
22.1%
24.0%
4.6%
0.9%
-3.6%
-3.0%
-3.3%
-5.4%
16.0%
18.5%
13.5%
31.4%
22.5%
25.3%
9.5%
22.9%
13.1%
10.7%
10.1%
2.3%
14.7%
17.7%
10.6%
19.7%
12.7%
19.3%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
2.3%
13.7%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%		 1H20
2H20
1H21
2H21
1H22
2H22
127.7
130.8
126.2
150.0
116.7
146.9
46.8
23.6
5.3
4.7
14.3
10.9
29.2
32.9
21.2
60.9
37.7
46.8
41.2
46.1
28.6
22.5
19.3
20.1
12.2
15.2
8.6
17.4
10.8
18.5
8.8
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
9.1
77.1
265.9
232.2
190.8
255.3
221.4
309.6
1H20
2H20
1H21
2H21
1H22
2H22
83.3
96.5
104.1
127.9
98.5
116.8
14.5
2.8
-10.2
-9.1
-8.8
-14.4
22.8
27.9
18.9
59.0
36.4
43.9
8.3
22.7
12.9
8.8
7.3
1.5
12.2
15.2
8.6
17.4
10.8
18.5
8.7
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
1.6
29.0
149.9
148.8
135.2
203.8
159.3
184.7
1H20
2H20
1H21
2H21
1H22
2H22
21.9%
22.1%
23.5%
25.0%
22.1%
24.0%
4.6%
0.9%
-3.6%
-3.0%
-3.3%
-5.4%
16.0%
18.5%
13.5%
31.4%
22.5%
25.3%
9.5%
22.9%
13.1%
10.7%
10.1%
2.3%
14.7%
17.7%
10.6%
19.7%
12.7%
19.3%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
2.3%
13.7%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%		 1H20
2H20
1H21
2H21
1H22
2H22
127.7
130.8
126.2
150.0
116.7
146.9
46.8
23.6
5.3
4.7
14.3
10.9
29.2
32.9
21.2
60.9
37.7
46.8
41.2
46.1
28.6
22.5
19.3
20.1
12.2
15.2
8.6
17.4
10.8
18.5
8.8
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
9.1
77.1
265.9
232.2
190.8
255.3
221.4
309.6
1H20
2H20
1H21
2H21
1H22
2H22
83.3
96.5
104.1
127.9
98.5
116.8
14.5
2.8
-10.2
-9.1
-8.8
-14.4
22.8
27.9
18.9
59.0
36.4
43.9
8.3
22.7
12.9
8.8
7.3
1.5
12.2
15.2
8.6
17.4
10.8
18.5
8.7
-16.4
0.9
-0.2
13.5
-10.7
0.0
0.0
0.0
0.0
1.6
29.0
149.9
148.8
135.2
203.8
159.3
184.7
1H20
2H20
1H21
2H21
1H22
2H22
21.9%
22.1%
23.5%
25.0%
22.1%
24.0%
4.6%
0.9%
-3.6%
-3.0%
-3.3%
-5.4%
16.0%
18.5%
13.5%
31.4%
22.5%
25.3%
9.5%
22.9%
13.1%
10.7%
10.1%
2.3%
14.7%
17.7%
10.6%
19.7%
12.7%
19.3%
n/a
n/a
n/a
n/a
n/a
n/a
0.0
0.0
0.0
0.0
2.3%
13.7%
14.9%
13.9%
12.9%
17.4%
14.4%
14.2%		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Issuer Services 127.7 130.8 126.2 150.0 116.7 146.9 258.5 276.2 263.7
Mortgage Services & Property Rental Services 46.8 23.6 5.3 4.7 14.3 10.9 70.4 10.0 25.2
Employee Share Plans & Voucher Services 29.2 32.9 21.2 60.9 37.7 46.8 62.1 82.1 84.5
Business Services 41.2 46.1 28.6 22.5 19.3 20.1 87.3 51.1 39.5
Communication Services & Utilities 12.2 15.2 8.6 17.4 10.8 18.5 27.4 26.0 29.3
Corporate & Technology 8.8 -16.4 0.9 -0.2 13.5 -10.7 -7.7 0.7 2.8
Computershare Corporate Trust 0.0 0.0 0.0 0.0 9.1 77.1 0.0 0.0 86.2
Total EBIT 265.9 232.2 190.8 255.3 221.4 309.6 498.0 446.1 531.1
EBIT excluding Margin Income
FY20
FY21
FY22
Issuer Services 83.3 96.5 104.1 127.9 98.5 116.8 179.8 232.0 215.2
Mortgage Services & Property Rental Services 14.5 2.8 -10.2 -9.1 -8.8 -14.4 17.3 -19.3 -23.2
Employee Share Plans & Voucher Services 22.8 27.9 18.9 59.0 36.4 43.9 50.7 77.9 80.3
Business Services 8.3 22.7 12.9 8.8 7.3 1.5 31.1 21.7 8.9
Communication Services & Utilities 12.2 15.2 8.6 17.4 10.8 18.5 27.4 26.0 29.3
Corporate & Technology 8.7 -16.4 0.9 -0.2 13.5 -10.7 -7.7 0.7 2.8
Computershare Corporate Trust 0.0 0.0 0.0 0.0 1.6 29.0 0.0 0.0 30.7
Total EBIT excluding Margin Income 149.9 148.8 135.2 203.8 159.3 184.7 298.7 339.1 344.0
EBIT excluding Margin Income Margin
FY20
FY21
FY22
Issuer Services 21.9% 22.1% 23.5% 25.0% 22.1% 24.0% 22.0% 24.3% 23.1%
Mortgage Services & Property Rental Services 4.6% 0.9% -3.6% -3.0% -3.3% -5.4% 2.8% -3.3% -4.3%
Employee Share Plans & Voucher Services 16.0% 18.5% 13.5% 31.4% 22.5% 25.3% 17.3% 23.7% 23.9%
Business Services 9.5% 22.9% 13.1% 10.7% 10.1% 2.3% 16.6% 12.0% 6.4%
Communication Services & Utilities 14.7% 17.7% 10.6% 19.7% 12.7% 19.3% 16.2% 15.3% 16.2%
Corporate & Technology n/a n/a n/a n/a n/a n/a n/a n/a n/a
Computershare Corporate Trust 0.0 0.0 0.0 0.0 2.3% 13.7% 0.0 0.0 10.9%
Total EBIT excluding Margin Income Margin 14.9% 13.9% 12.9% 17.4% 14.4% 14.2% 14.3% 15.3% 14.3%

==> picture [106 x 21] intentionally omitted <==

35

Issuer Services Profit & Loss

USD M (at actual rates) 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20
Register Maintenance 300.9 324.2 306.4 357.5 322.1 352.9
Corporate Actions 48.5 44.9 66.4 63.0 51.0 48.3
Stakeholder RelationshipManagement 18.1 40.6 35.5 51.2 26.5 33.1
Governance Services 12.5 26.4 34.6 40.5 45.1 52.2
Total Revenue ex MI
Margin Income
Total Management Revenue
Operating expenditure
Share of net profit/(loss) of associates and jv
Management EBITDA
Depreciation
Amortisation
Depreciation & Amortisation
Management EBIT
Management EBIT ex MI
EBIT Margin
EBIT ex MI Margin
Register Maintenance revenue breakdown
Issuerpaid 204.8 236.6 219.1 258.4 219.4 250.0
Holder/Brokerpaid 96.1 87.6 87.3 99.1 102.7 102.8
Register Maintenance MI 20.0 17.9 11.4 9.4 8.2 14.0
Total Register Maintenance 320.9 342.1 317.8 366.9 330.3 366.8

==> picture [193 x 396] intentionally omitted <==

----- Start of picture text -----

Canada ANZ
9% 12%
Asia
8%
FY22
revenue UCIA
$979.5m 11%
CEU
USA
6%
54%
Canada ANZ
8% 12%
Asia
12%
FY21
revenue
$999.3m UCIA10%
USA
52% CEU
6%
----- End of picture text -----

Issuer Services comprise register maintenance, corporate actions, stakeholder relationship management, corporate governance and related services. Note - UCIA includes United Kingdom, Channel Islands, Ireland and South Africa.

==> picture [106 x 21] intentionally omitted <==

36

Mortgage Services & Property Rental Services Profit & Loss

==> picture [691 x 383] intentionally omitted <==

----- Start of picture text -----

USD M (at actual rates) 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
Total Revenue ex MI 311.5 300.5 282.2 297.4 271.3 267.5 612.0 579.7 538.8
Margin Income 32.3 20.8 15.5 13.8 23.1 25.3 53.1 29.3 48.4
Total Management Revenue 343.9 321.3 297.8 311.2 294.4 292.8 665.1 609.0 587.2
Operating expenditure 261.8 262.2 244.2 250.0 223.1 224.5 523.9 494.2 447.7
Share of net profit/(loss) of associates and jv 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Management EBITDA 82.1 59.1 53.6 61.2 71.3 68.3 141.2 114.8 139.6
Depreciation 4.5 -0.6 2.1 1.9 1.6 0.8 3.9 4.0 2.4
Amortisation 30.8 36.1 46.2 54.6 55.4 56.6 66.9 100.8 112.0
Depreciation & Amortisation 35.3 35.5 48.3 56.5 57.0 57.4 70.8 104.8 114.4
Management EBIT 46.8 23.6 5.3 4.7 14.3 10.9 70.4 10.0 25.2
Management EBIT ex MI 14.5 2.8 -10.2 -9.1 -8.8 -14.4 17.3 -19.3 -23.2
EBIT Margin 13.6% 7.3% 1.8% 1.5% 4.9% 3.7% 10.6% 1.6% 4.3%
EBIT ex MI Margin 4.6% 0.9% -3.6% -3.0% -3.3% -5.4% 2.8% -3.3% -4.3%
Mortgage Services revenue breakdown
Base Servicing Fees 103.8 110.3 107.9 101.6 94.1 89.0 214.1 209.5 183.2
Servicing related fees 23.5 23.4 29.8 49.4 26.4 31.5 47.0 79.2 57.9
Other service fees 82.1 71.4 75.4 82.3 92.3 89.5 153.4 157.7 181.8
US Mortgage Services MI 17.9 6.3 2.1 1.7 1.2 2.1 24.2 3.7 3.3
US Mortgage Services Revenue 227.3 211.4 215.2 235.0 214.0 212.1 438.7 450.1 426.1
UK Mortgage Services Revenue 101.6 95.0 68.7 63.8 58.2 57.2 196.6 132.5 115.4
----- End of picture text -----

==> picture [182 x 370] intentionally omitted <==

----- Start of picture text -----

UCIA
27%
FY22
revenue
$587.2m
USA
73%
UCIA
26%
FY21
revenue
$609.0m
USA
74%
----- End of picture text -----

Mortgage Services & Property Rental Services comprise mortgage servicing and related activities, together with tenancy deposit protection services in the UK.

==> picture [106 x 21] intentionally omitted <==

37

Employee Share Plans & Voucher Services Profit & Loss

USD M (at actual rates) 1H20
2H20
1H21
2H21
1H22
2H22
135.3
143.5
134.4
182.5
156.6
167.3
7.1
7.3
6.3
5.7
5.6
6.4
6.4
5.0
2.3
1.9
1.2
2.9
148.8
155.8
143.0
190.0
163.4
176.6
117.0
121.9
119.1
126.3
123.0
127.2
0.0
0.0
0.0
0.0
0.0
0.0
31.8
33.9
23.9
63.7
40.4
49.4
0.9
-0.7
0.9
0.9
0.9
0.8
1.7
1.7
1.8
1.9
1.8
1.8
2.6
1.0
2.7
2.8
2.7
2.6
29.2
32.9
21.2
60.9
37.7
46.8
22.8
27.9
18.9
59.0
36.4
43.9
19.6%
21.1%
14.8%
32.0%
23.1%
26.5%
16.9%
19.5%
14.1%
32.3%
23.3%
26.2%
66.5
66.7
69.8
74.8
75.0
76.5
61.9
71.3
58.7
101.2
74.6
84.9
7.0
5.5
5.9
6.4
7.0
5.9
6.3
4.9
2.3
1.9
1.2
2.9
141.6
148.5
136.7
184.4
157.8
170.2		 1H20
2H20
1H21
2H21
1H22
2H22
135.3
143.5
134.4
182.5
156.6
167.3
7.1
7.3
6.3
5.7
5.6
6.4
6.4
5.0
2.3
1.9
1.2
2.9
148.8
155.8
143.0
190.0
163.4
176.6
117.0
121.9
119.1
126.3
123.0
127.2
0.0
0.0
0.0
0.0
0.0
0.0
31.8
33.9
23.9
63.7
40.4
49.4
0.9
-0.7
0.9
0.9
0.9
0.8
1.7
1.7
1.8
1.9
1.8
1.8
2.6
1.0
2.7
2.8
2.7
2.6
29.2
32.9
21.2
60.9
37.7
46.8
22.8
27.9
18.9
59.0
36.4
43.9
19.6%
21.1%
14.8%
32.0%
23.1%
26.5%
16.9%
19.5%
14.1%
32.3%
23.3%
26.2%
66.5
66.7
69.8
74.8
75.0
76.5
61.9
71.3
58.7
101.2
74.6
84.9
7.0
5.5
5.9
6.4
7.0
5.9
6.3
4.9
2.3
1.9
1.2
2.9
141.6
148.5
136.7
184.4
157.8
170.2		 1H20
2H20
1H21
2H21
1H22
2H22
135.3
143.5
134.4
182.5
156.6
167.3
7.1
7.3
6.3
5.7
5.6
6.4
6.4
5.0
2.3
1.9
1.2
2.9
148.8
155.8
143.0
190.0
163.4
176.6
117.0
121.9
119.1
126.3
123.0
127.2
0.0
0.0
0.0
0.0
0.0
0.0
31.8
33.9
23.9
63.7
40.4
49.4
0.9
-0.7
0.9
0.9
0.9
0.8
1.7
1.7
1.8
1.9
1.8
1.8
2.6
1.0
2.7
2.8
2.7
2.6
29.2
32.9
21.2
60.9
37.7
46.8
22.8
27.9
18.9
59.0
36.4
43.9
19.6%
21.1%
14.8%
32.0%
23.1%
26.5%
16.9%
19.5%
14.1%
32.3%
23.3%
26.2%
66.5
66.7
69.8
74.8
75.0
76.5
61.9
71.3
58.7
101.2
74.6
84.9
7.0
5.5
5.9
6.4
7.0
5.9
6.3
4.9
2.3
1.9
1.2
2.9
141.6
148.5
136.7
184.4
157.8
170.2		 1H20
2H20
1H21
2H21
1H22
2H22
135.3
143.5
134.4
182.5
156.6
167.3
7.1
7.3
6.3
5.7
5.6
6.4
6.4
5.0
2.3
1.9
1.2
2.9
148.8
155.8
143.0
190.0
163.4
176.6
117.0
121.9
119.1
126.3
123.0
127.2
0.0
0.0
0.0
0.0
0.0
0.0
31.8
33.9
23.9
63.7
40.4
49.4
0.9
-0.7
0.9
0.9
0.9
0.8
1.7
1.7
1.8
1.9
1.8
1.8
2.6
1.0
2.7
2.8
2.7
2.6
29.2
32.9
21.2
60.9
37.7
46.8
22.8
27.9
18.9
59.0
36.4
43.9
19.6%
21.1%
14.8%
32.0%
23.1%
26.5%
16.9%
19.5%
14.1%
32.3%
23.3%
26.2%
66.5
66.7
69.8
74.8
75.0
76.5
61.9
71.3
58.7
101.2
74.6
84.9
7.0
5.5
5.9
6.4
7.0
5.9
6.3
4.9
2.3
1.9
1.2
2.9
141.6
148.5
136.7
184.4
157.8
170.2		 1H20
2H20
1H21
2H21
1H22
2H22
135.3
143.5
134.4
182.5
156.6
167.3
7.1
7.3
6.3
5.7
5.6
6.4
6.4
5.0
2.3
1.9
1.2
2.9
148.8
155.8
143.0
190.0
163.4
176.6
117.0
121.9
119.1
126.3
123.0
127.2
0.0
0.0
0.0
0.0
0.0
0.0
31.8
33.9
23.9
63.7
40.4
49.4
0.9
-0.7
0.9
0.9
0.9
0.8
1.7
1.7
1.8
1.9
1.8
1.8
2.6
1.0
2.7
2.8
2.7
2.6
29.2
32.9
21.2
60.9
37.7
46.8
22.8
27.9
18.9
59.0
36.4
43.9
19.6%
21.1%
14.8%
32.0%
23.1%
26.5%
16.9%
19.5%
14.1%
32.3%
23.3%
26.2%
66.5
66.7
69.8
74.8
75.0
76.5
61.9
71.3
58.7
101.2
74.6
84.9
7.0
5.5
5.9
6.4
7.0
5.9
6.3
4.9
2.3
1.9
1.2
2.9
141.6
148.5
136.7
184.4
157.8
170.2		 1H20
2H20
1H21
2H21
1H22
2H22
135.3
143.5
134.4
182.5
156.6
167.3
7.1
7.3
6.3
5.7
5.6
6.4
6.4
5.0
2.3
1.9
1.2
2.9
148.8
155.8
143.0
190.0
163.4
176.6
117.0
121.9
119.1
126.3
123.0
127.2
0.0
0.0
0.0
0.0
0.0
0.0
31.8
33.9
23.9
63.7
40.4
49.4
0.9
-0.7
0.9
0.9
0.9
0.8
1.7
1.7
1.8
1.9
1.8
1.8
2.6
1.0
2.7
2.8
2.7
2.6
29.2
32.9
21.2
60.9
37.7
46.8
22.8
27.9
18.9
59.0
36.4
43.9
19.6%
21.1%
14.8%
32.0%
23.1%
26.5%
16.9%
19.5%
14.1%
32.3%
23.3%
26.2%
66.5
66.7
69.8
74.8
75.0
76.5
61.9
71.3
58.7
101.2
74.6
84.9
7.0
5.5
5.9
6.4
7.0
5.9
6.3
4.9
2.3
1.9
1.2
2.9
141.6
148.5
136.7
184.4
157.8
170.2		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Employee Share Plans
Vouchers
Margin Income
Total Management Revenue
Operating expenditure
Share of net profit/(loss) of associates and jv
Management EBITDA
Depreciation
Amortisation
Depreciation & Amortisation		 278.9
316.9
323.9
14.4
12.0
12.0
11.4
4.2
4.2
304.6
333.0
340.0
238.9
245.4
250.2
0.0
0.0
0.0
65.7
87.6
89.8
0.1
1.8
1.7
3.5
3.7
3.6
3.6
5.5
5.4
Management EBIT 62.1
82.1
84.5
Management EBIT ex MI
EBIT Margin
EBIT ex MI Margin		 50.7
77.9
80.3
20.4%
24.7%
24.8%
18.2%
24.6%
24.8%
Employee Share Plans revenue breakdown
Fee revenue 66.5 66.7 69.8 74.8 75.0 76.5 133.2 144.6 151.5
Transactional revenue 61.9 71.3 58.7 101.2 74.6 84.9 133.2 159.9 159.5
Other revenue 7.0 5.5 5.9 6.4 7.0 5.9 12.5 12.4 12.9
Employee Share Plans MI 6.3 4.9 2.3 1.9 1.2 2.9 11.2 4.1 4.1
Employee Share Plans Revenue 141.6 148.5 136.7 184.4 157.8 170.2 290.1 321.0 328.0

Employee Share Plans & Voucher Services comprise the provision of administration and related services for employee share and option plans, together with Childcare Voucher administration in the UK.

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Canada ANZ
6% 4%
Asia
USA 12%
16%
FY22
CEU 3% revenue
$340.0m
UCIA
59%
Canada ANZ
6% 4%
Asia
USA 13%
17%
FY21
CEU 3% revenue
$333.0m
UCIA
57%
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38

Business Services Profit & Loss

USD M (at actual rates) 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20
Corporate Trust 24.2 30.6 25.8 30.4 27.7 25.7
Bankruptcy 18.5 28.8 41.3 23.4 16.3 10.5
Class Actions 45.3 40.0 31.6 28.3 28.9 29.6
Karvy 0.0 0.0 0.0 0.0 0.0 0.0
Total Revenue ex MI
Margin Income
Total Management Revenue
Operating expenditure
Share of net profit/(loss) of associates and jv
Management EBITDA
Depreciation
Amortisation
Depreciation & Amortisation
Management EBIT
Management EBIT ex MI
EBIT Margin
EBIT ex MI Margin

Business Services comprises the provision of bankruptcy and class actions administration services and the legacy corporate trust operations in Canada and the US.

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UCIA
6%
Canada FY22
42%
revenue
$169.3m
USA
52%
UCIA
4%
Canada
34%
FY21
revenue
$210.2m
USA
62%
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39

Communication Services & Utilities Profit & Loss

USD M (at actual rates) 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20		 1H20
2H20
Communication Services 79.4 82.1 77.9 83.6 80.1 91.9
Utilities 3.7 3.6 3.5 4.7 4.3 4.2
Margin Income
Total Management Revenue
Operating expenditure
Share of net profit/(loss) of associates and jv
Management EBITDA
Depreciation
Amortisation
Depreciation & Amortisation
Management EBIT
Management EBIT ex MI
EBIT Margin

Communication Services and Utilities operations comprise document composition and printing, intelligent mailing, inbound process automation, scanning and electronic delivery.

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Canada
8%
USA
23% FY22
ANZ
revenue 46%
$180.6m
CEU
18% UCIA
5%
Canada
5%
USA
23%
FY21
revenue ANZ
49%
$169.7m
CEU
18%
UCIA
5%
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40

Corporate & Technology Profit & Loss

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USD M (at actual rates) 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
Total Revenue ex MI 3.3 1.0 0.9 0.7 4.6 0.2 4.2 1.7 4.8
Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Management Revenue 3.3 0.9 0.9 0.7 4.6 0.2 4.2 1.7 4.8
Operating expenditure -34.6 -21.5 -31.2 -30.5 -37.1 -17.5 -56.1 -61.7 -54.6
Share of net profit/(loss) of associates and jv -0.1 -0.3 -0.2 -0.3 0.0 0.0 -0.4 -0.6 0.0
Management EBITDA 37.8 22.1 31.9 30.9 41.7 17.8 60.0 62.8 59.5
Depreciation 28.8 38.3 30.9 29.7 27.4 28.0 67.2 60.6 55.4
Amortisation 0.2 0.2 0.2 1.4 0.8 0.5 0.5 1.6 1.2
Depreciation & Amortisation 29.1 38.6 31.1 31.1 28.2 28.4 67.6 62.2 56.6
Management EBIT 8.8 -16.4 0.9 -0.2 13.5 -10.7 -7.7 0.7 2.8
Management EBIT ex MI 8.7 -16.4 0.9 -0.2 13.5 -10.7 -7.7 0.7 2.8
EBIT Margin 265% -1743% 94% -29% 295% -4568% -180% 40% 59%
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*IFRS16/AASB 16 (Leases) came into effect from 1[st] July 2019 (FY20). There is a favourable impact to EBITDA of $47.9m in FY20 and $49.3m in FY21 and conversely, an adverse impact to Depreciation of $41.9m in FY20 and $43.1m in FY21. The credit against operating expenditure reflects the recharge of the Groupwide Property rental expense which is allocated out to our business lines, with the depreciation line in this P&L incorporating the expense associated with the Group’s property leases.

Corporate & Technology includes shared service functions including Risk, Internal Audit, People, Facilities, Global Information Security and Corporate. Computershare allocates out all corporate expenses to our business lines. The residual Corporate and Technology revenues reflect some third-party technology revenues, rental income, interest income and other corporate related transaction income.

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ANZ
4%
UCIA
26%
FY22
revenue
$4.8m
USA CEU
68% 1%
USA Canada ANZ Asia
6% 1% 2% 1%
CEU
0%
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FY21
revenue
$1.7m
UCIA
90%
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41

Computershare Corporate Trust

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USD M (at actual rates) 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
Total Revenue ex MI 0.0 0.0 0.0 0.0 69.3 211.2 0.0 0.0 280.4
Margin Income 0.0 0.0 0.0 0.0 7.5 48.0 0.0 0.0 55.5
Total Management Revenue 0.0 0.0 0.0 0.0 76.7 259.2 0.0 0.0 336.0
Operating expenditure 0.0 0.0 0.0 0.0 67.2 178.9 0.0 0.0 246.1
Share of net profit/(loss) of associates and jv 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Management EBITDA 0.0 0.0 0.0 0.0 9.5 80.3 0.0 0.0 89.8
Depreciation 0.0 0.0 0.0 0.0 0.4 3.2 0.0 0.0 3.7
Amortisation 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation & Amortisation 0.0 0.0 0.0 0.0 0.4 3.2 0.0 0.0 3.7
Management EBIT 0.0 0.0 0.0 0.0 9.1 77.1 0.0 0.0 86.2
Management EBIT ex MI 0.0 0.0 0.0 0.0 1.6 29.0 0.0 0.0 30.7
EBIT Margin 0% 0% 0% 0% 12% 30% 0% 0% 26%
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FY22
revenue
$336.0m
USA
100%
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Computershare Corporate Trust comprises trust and agency services in connection with the administration of debt securities in the US.

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42

Employee Share Plans Profit & Loss

USD M (at actual rates) 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
Fee revenue 66.5 66.7 69.8 74.8 75.0 76.5 133.2 144.6 151.5
Transactional revenue 61.9 71.3 58.7 101.2 74.6 84.9 133.2 159.9 159.5
Other revenue 7.0 5.5 5.9 6.4 7.0 5.9 12.5 12.4 12.9
Margin Income 6.3 4.9 2.3 1.9 1.2 2.9 11.2 4.1 4.1
Total Management Revenue 141.6 148.5 136.7 184.4 157.8 170.2 290.1 321.0 328.0
Operating expenditure 114.6 119.7 117.4 124.7 121.4 125.6 234.3 242.1 247.0
Share of net profit/(loss) of associates and jv 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Management EBITDA 27.1 28.8 19.3 59.6 36.5 44.5 55.8 78.9 81.0
Management EBITDA ex MI 20.8 23.8 17.1 57.7 35.2 41.6 44.6 74.8 76.9
EBITDA Margin 19% 19% 14% 32% 23% 26% 19% 25% 25%
Depreciation 0.9 -0.8 0.9 0.9 0.9 0.8 0.1 1.8 1.7
Amortisation 1.7 1.7 1.8 1.9 1.8 1.8 3.5 3.7 3.6
Depreciation & Amortisation 2.6 1.0 2.7 2.8 2.7 2.6 3.6 5.5 5.3
Management EBIT 24.5 27.8 16.6 56.8 33.7 41.9 52.2 73.4 75.7
Management EBIT ex MI 18.2 22.8 14.3 55.0 32.5 39.0 41.0 69.3 71.5
EBIT Margin 17.3% 18.7% 12.1% 30.8% 21.4% 24.6% 18.0% 22.9% 23.1%
EBIT ex MI Margin 13.4% 15.9% 10.7% 30.1% 20.8% 23.3% 14.7% 21.9% 22.1%

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43

UK Mortgage Services Profit & Loss

USD M (at actual rates) 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
UKAR Fixed Fee 27.4 23.3 4.0 0.1 0.0 0.0 50.6 4.1 0.0
Other fee revenue 74.2 71.7 64.7 63.7 58.2 57.2 146.0 128.4 115.4
Margin Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Management Revenue 101.6 95.0 68.7 63.8 58.2 57.2 196.6 132.5 115.4
Operating expenditure 102.2 100.9 69.4 69.3 53.0 54.6 203.0 138.6 107.6
Share of net profit/(loss) of associates and jv 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Management EBITDA -0.6 -5.9 -0.7 -5.5 5.2 2.6 -6.4 -6.1 7.8
EBITDA Margin -1% -6% -1% -9% 9% 5% -3% -5% 7%
Depreciation 1.0 -1.0 0.0 0.1 0.1 -0.5 0.1 0.1 -0.4
Amortisation 0.7 0.4 0.4 0.4 0.4 0.0 1.1 0.9 0.4
Depreciation & Amortisation 1.7 -0.6 0.5 0.5 0.5 -0.5 1.1 1.0 0.0
Management EBIT -2.3 -5.3 -1.1 -6.0 4.7 3.1 -7.6 -7.1 7.8
EBIT Margin -2.2% -5.6% -1.6% -9.3% 8.0% 5.5% -3.9% -5.3% 6.8%
Performing
Non-
performing
Total
FY20		 Performing
Non-
performing
Total
FY20		 Performing
Non-
performing
Total
FY20		 Performing
Non-
performing
Total
FY20		 FY21 FY21 FY21 FY22 FY22 FY22
Performing
Non-
performing
Total		 Performing
Non-
performing
Total
UK UPB £bn* 44.5 4.5 49.0 40.4 3.5 43.9 36.8 2.9 39.7
Number of loans(k)* 339.0 33.0 372.0 286.0 26.0 312.0 248.0 22.0 270.0

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44

US Mortgage Services Profit & Loss

USD M (at actual rates)
1H20
2H20
1H21
2H21
1H22
2H22
Base Servicing Fees
103.8
110.3
107.9
101.6
94.1
89.0
Servicing related fees
23.5
23.4
29.8
49.4
26.4
31.5
Other service fees
82.1
71.4
75.4
82.3
92.3
89.5
Margin Income
17.9
6.3
2.1
1.7
1.2
2.1
Total Management Revenue
227.3
211.4
215.2
235.0
214.0
212.1
Operating expenditure
150.8
154.2
167.5
173.6
163.3
162.5
Share of net profit/(loss) of associates and jv
0.0
0.0
0.0
0.0
0.0
0.0
Management EBITDA
76.4
57.3
47.7
61.4
50.7
49.6
Management EBITDA ex MI
58.6
50.9
45.6
59.7
49.5
47.5
EBITDA Margin
34%
27%
22%
26%
24%
23%
Depreciation
3.4
0.4
2.1
1.8
1.5
1.3
Amortisation
29.5
35.0
45.1
53.9
54.9
56.7
Depreciation & Amortisation
32.9
35.4
47.2
55.7
56.4
57.9
Management EBIT
43.6
21.8
0.5
5.7
-5.7
-8.4
Management EBIT ex MI
25.7
15.5
-1.6
4.0
-6.9
-10.4
EBIT Margin
19.2%
10.3%
0.2%
2.4%
-2.7%
-3.9%
EBIT ex MI Margin
12.3%
7.6%
-0.7%
1.7%
-3.3%
-5.0%		 FY20
FY21
FY22
214.1
209.5
183.2
47.0
79.2
57.9
153.4
157.7
181.8
24.2
3.7
3.3
438.7
450.1
426.1
305.0
341.1
325.8
0.0
0.0
0.0
133.7
109.0
100.3
109.5
105.3
97.0
30%
24%
24%
3.8
3.9
2.8
64.5
99.0
111.6
68.3
102.9
114.4
65.4
6.2
-14.1
41.2
2.4
-17.4
14.9%
1.4%
-3.3%
9.9%
0.5%
-4.1%

Revenue definitions

  • Base fees – Fees received for base servicing activities. Fees are generally assessed in bps for owned or structured deals, while subservicing is usually paid as a $ fee. Subservicing fees vary by loan delinquency or category.

  • Servicing related fees – Additional fees received from servicing a loan. This includes Loss mitigation fees e.g. for loan modifications and ancillary Fees e.g. late fees.

  • Other service fees - includes valuation, real estate disposition services, loan fulfilment services and CMC Coop Service.

  • Margin Income Interest received on mortgagor funds prior to distribution.

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45

US Mortgage Services - UPB and number of loans

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FY21 FY22 FY22 v FY21
Non- Non- Non-
UPB and number of loans Performing Total Performing Total Performing Total
performing performing performing
UPB $bn 31.3 7.8 39.1 26.6 6.6 33.2 -15.0% -15.4% -15.1%
Fully owned MSR's
Number of loans (k) 151.5 62.3 213.8 122.0 54.0 176.0 -19.5% -13.3% -17.7%
UPB $bn 13.1 15.8 28.9 8.3 12.7 21.0 -36.6% -19.6% -27.3%
Part owned MSR's
Number of loans (k) 70.8 86.9 157.7 50.0 73.0 123.0 -29.4% -16.0% -22.0%
UPB $bn 35.5 8.4 43.9 59.9 6.4 66.3 68.7% -23.8% 51.0%
Subservicing
Number of loans (k) 212.4 78.0 290.4 308.0 55.0 363.0 45.0% -29.5% 25.0%
UPB $bn 79.9 32.0 111.9 94.8 25.7 120.5 18.6% -19.7% 7.7%
Total USA
Number of loans (k) 434.7 227.2 661.9 480.0 182.0 662.0 10.4% -19.9% 0.0%
USA
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Key Definitions

  • Performing servicing: Servicing of a mortgage which is less than 30 days delinquent. Typically loans that meet the criteria of the Government Sponsored Entities e.g. “Fannie Mae”, “Freddie Mac”.

  • Non-performing servicing: Servicing of a mortgage that is over 30 days delinquent up to management of the foreclosure process. Typically, nonperforming servicing is performed over loans that are part of a securitization arrangement.

  • Mortgage servicing rights (MSR): Intangible assets representing an ownership right to service the mortgage for a fee for the life of the mortgage. The owner of the MSR can either service the loan itself or appoint a sub-servicer to do so. A fully owned MSR is where CPU owns the MSR outright.

  • Servicing advances: The owner of the MSR is required to fund various obligations required to protect a mortgage if the borrower is unable to do so. Advances receive a priority in any liquidation and are often financed in standalone non-recourse servicing advance facilities.

  • Part owned MSR’s

  • CPU has sold part of the MSR to a third party investor.

  • An Excess Strip Sale refers to the sale of a stream of cash flows associated with the servicing fee on a performing MSR. The seller of the servicing strip has the ability to service the mortgage.

  • An SPV deal refers to the sale of the rights to the MSR and associated servicing advances into an SPV. CPU typically takes a 20% equity stake in the SPV and performs all servicing on the loans via a sub-servicing fee for service relationship.

  • Subservicing: Servicing performed on a contractual basis.

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46

US Mortgage Services - Invested Capital

USD M (at actual rates) 1H20 FY20 1H21 FY21 1H22 FY22
Dec Jun Dec Jun Dec Jun
Net Loan Servicing Advances1 101.0 88.8 91.5 119.0 136.3 106.4
Net MSR intangible asset2 440.0 458.2 489.7 512.9 470.3 496.9
Investment in SPVs3 34.0 35.6 32.8 30.3 32.1 26.3
Other intangible assets4 72.1 70.2 68.8 67.5 66.3 65.3
Total invested capital 647.1 652.8 682.8 729.6 705.0 694.9
Net cash payments for MSR purchases5 139.3 185.0 65.9 123.6 9.5 73.0
MSR amortisation6 29.5 64.5 45.1 99.0 54.9 111.6

1 FY22 Annual report reference: Note 14 Borrowings on SLS non-recourse lending facility and Note 16 Loan servicing advances.

2 FY22 Annual report reference: Note 9 Intangible assets on Mortgage servicing rights and Note 25 Mortgage servicing related liabilities.

3 FY22 Annual report reference: Note 13 Financial assets and liabilities at fair value through profit or loss regarding Investment in structured entities.

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4 Other intangibles are largely goodwill and acquired client lists related to acquisitions.

5 Refer to Cashflow statement: Investing cash flow - Payments for intangible assets including MSRs. Net cash payments for MSR purchases of $73.0m in FY22 (purchases of $251.3m and sales of $178.3m).

6 Amortisation for all servicing rights is calculated using the straight line method over their estimated useful lives of eight years for the interest-sensitive portfolio and nine years for the non interest-sensitive portfolio.

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47

FY22 Revenue by Business Unit and Geography

USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total		 USD M(at actual rates)
ANZ
Asia
UCIA
CEU
USA
Canada
Total
Register Maintenance 97.1
55.4
70.1
51.0
361.0
62.7
697.2
Corporate Actions 22.3
14.0
10.8
0.0
57.4
21.1
125.5
Stakeholder RelationshipManagement 2.4
4.7
16.2
0.0
36.3
0.0
59.6
Governance Services 1.1
0.6
14.2
3.3
75.5
2.7
97.3
Issuer Services 122.8
74.7
111.2
54.3
530.1
86.4
979.5
US Mortgage Services 0.0
0.0
0.0
0.0
426.1
0.0
426.1
UK Mortgage Services 0.0
0.0
161.1
0.0
0.0
0.0
161.1
Mortgage Services & Property Rental Services 0.0
0.0
161.1
0.0
426.1
0.0
587.2
Employee Share Plans 13.7
42.2
187.8
9.1
54.2
21.0
328.0
Employee Share Plans & Voucher Services 13.7
42.2
199.8
9.1
54.2
21.0
340.0
Corporate Trust 0.0
0.0
0.0
0.0
9.6
65.9
75.5
Bankruptcy 0.0
0.0
0.0
0.0
29.3
0.0
29.3
Class Actions 0.0
0.0
9.6
0.0
50.1
4.8
64.5
Business Services 0.0
0.0
9.6
0.0
89.0
70.7
169.3
Communication Services & Utilities 83.5
0.0
8.6
32.2
41.6
14.6
180.6
Corporate & Technology 0.2
0.0
1.3
0.0
3.3
-0.0
4.8
Computershare Corporate Trust 0.0
0.0
0.0
0.0
336.0
0.0
336.0
Total Revenue 220.1
116.9
491.6
95.7
1,480.2
192.8
2,597.4

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48

FY22 Revenue by Country (USD and Local Currency)

USD M(at actual rates) Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other Total
Register Maintenance 87.9 55.4 50.7 7.7 12.9 18.1 361.0 62.7 40.9 697.2
Corporate Actions 20.3 14.0 8.1 0.0 2.1 0.0 57.4 21.1 2.6 125.5
Stakeholder RelationshipManagement 2.4 4.7 8.4 0.0 0.0 0.0 36.3 0.0 7.8 59.6
Governance Services 1.1 0.6 13.3 0.0 0.7 0.6 75.5 2.7 2.9 97.3
Issuer Services 111.6 74.7 80.4 7.7 15.6 18.8 530.1 86.4 54.1 979.5
Mortgage Services & PropertyRental Services 0.0 0.0 161.1 0.0 0.0 0.0 426.1 0.0 0.0 587.2
Employee Share Plans & Voucher Services 13.8 42.0 101.9 91.2 0.2 0.1 55.2 21.0 14.6 340.0
Business Services 0.0 0.0 9.6 0.0 0.0 0.0 89.0 70.7 0.0 169.3
Communication Services & Utilities 83.5 0.0 8.6 0.0 0.0 32.2 41.6 14.6 0.0 180.6
Corporate & Technology 0.2 0.0 1.3 0.0 0.0 0.0 3.3 -0.0 -0.1 4.8
Computershare Corporate Trust 0.0 0.0 0.0 0.0 0.0 0.0 336.0 0.0 0.0 336.0
Total Revenue in USD 209.0 116.7 363.0 98.9 15.9 51.1 1,481.2 192.8 68.6 2,597.4
Australia Hong Kong UK & Offshore Switzerland South Africa Germany USA Canada Other
AUD
HKD
GBP
CHF
RAND
EUR
USD
CAD
USD
Register Maintenance 120.9 432.0 37.9 7.2 196.5 16.0 361.0 79.1 40.9
Corporate Actions 27.9 109.1 6.1 0.0 31.5 0.0 57.4 26.6 2.6
Stakeholder RelationshipManagement 3.2 36.6 6.3 0.0 0.0 0.0 36.3 0.0 7.8
Governance Services 1.5 4.7 9.9 0.0 10.2 0.6 75.5 3.4 2.9
Issuer Services 153.5 582.4 60.1 7.2 238.2 16.5 530.1 109.1 54.1
Mortgage Services & PropertyRental Services 0.0 0.0 120.5 0.0 0.0 0.0 426.1 0.0 0.0
Employee Share Plans & Voucher Services 18.9 327.6 76.2 84.6 3.7 0.1 55.2 26.6 14.6
Business Services 0.0 0.0 7.2 0.0 0.0 0.0 89.0 89.3 0.0
Communication Services & Utilities 114.8 0.0 6.4 0.0 0.0 28.4 41.6 18.5 0.0
Corporate & Technology 0.3 0.2 1.0 0.0 0.2 0.0 3.3 -0.0 -0.1
Computershare Corporate Trust 0.0 0.0 0.0 0.0 0.0 0.0 336.0 0.0 0.0
Total Revenue in local currency 287.5 910.1 271.5 91.8 242.0 45.1 1,481.2 243.5 68.6

Equatex Revenue of $93.520m has been split between Switzerland $88.8m, USA $1.0m and Other $3.72m. This revenue is classified as UCIA consistent with prior periods. In addition, Switzerland includes revenue for Register Maintenance $7.7m and Employee Share Plans $2.4m.

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49

Revenue, EBITDA and EBIT by Region

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USD M (at actual rates)
Revenue 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
ANZ 107.7 88.7 111.4 102.0 116.9 103.2 196.4 213.4 220.1
Asia 52.4 60.1 76.8 84.6 61.2 55.7 112.5 161.3 116.9
UCIA 258.7 268.3 215.8 254.2 234.8 256.8 527.0 470.0 491.6
CEU 36.8 50.7 42.4 58.5 37.5 58.1 87.5 100.9 95.7
USA 576.6 595.4 574.5 622.5 630.6 849.6 1,172.0 1,197.0 1,480.2
Canada 92.1 93.7 81.6 98.6 90.5 102.3 185.8 180.2 192.8
Total Revenue 1,124.3 1,156.9 1,102.5 1,220.3 1,171.5 1,425.8 2,281.2 2,322.8 2,597.4
EBITDA 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
ANZ 16.9 5.2 8.7 14.9 15.7 6.8 22.1 23.7 22.4
Asia 21.3 23.0 39.1 32.0 27.9 21.0 44.3 71.1 48.9
UCIA 41.1 50.4 33.2 56.1 59.3 39.0 91.5 89.4 98.3
CEU 7.8 2.9 4.5 13.9 5.6 47.5 10.7 18.4 53.0
USA 202.0 190.3 156.6 186.1 161.5 247.5 392.3 342.7 409.1
Canada 47.4 38.1 35.6 47.5 44.5 44.1 85.5 83.1 88.6
Total EBITDA 336.6 309.7 277.7 350.5 314.4 405.9 646.4 628.2 720.2
EBIT 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
ANZ 11.5 0.1 3.1 8.7 10.3 1.5 11.6 11.7 11.9
Asia 19.5 21.2 37.2 29.9 25.9 19.4 40.7 67.1 45.3
UCIA 28.8 37.5 20.7 44.4 48.3 35.3 66.4 65.1 83.6
CEU 5.7 0.6 2.4 11.7 3.6 39.5 6.3 14.1 43.1
USA 154.9 136.6 93.7 115.4 90.9 171.7 291.6 209.2 262.6
Canada 45.4 36.1 33.7 45.2 42.5 42.2 81.5 78.9 84.6
Total EBIT 265.9 232.2 190.8 255.3 221.4 309.6 498.0 446.1 531.1
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50

Revenue excluding acquisitions and disposals

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USD M (at actual rates) 1H20 2H20 1H21 2H21 1H22 2H22 FY20 FY21 FY22
Management Revenue 1,124.3 1,156.9 1,102.5 1,220.3 1,171.5 1,425.8 2,281.2 2,322.8 2,597.4
Less acquisitions 43.4 11.6 20.3 11.0 76.7 259.2 55.1 31.2 336.0
Less disposals 2.5 2.3 2.0 2.4 1.9 0.0 4.7 4.4 1.9
Less UKAR fixed fee 27.4 23.3 4.0 0.1 0.0 0.0 50.6 4.1 0.0
Less Margin Income 115.2 82.9 55.2 51.2 54.4 76.9 198.1 106.4 131.4
Management Revenue excluding acquisitions and
disposals, UKAR fixed fee and MI 935.8 1,036.8 1,021.0 1,155.7 1,038.4 1,089.7 1,972.7 2,176.6 2,128.1
----- End of picture text -----*

* Reflects first 12 months revenue contribution.

Acquisitions: Equatex Group Holding AG (9th Nov 18), LenderLive Financial Services, LLC (31st Dec 18), Corporate Creations (28th Feb 20), Verbatim LLC (1st Jul 20), Wells Fargo Corporate Trust Services (1st Nov 21).

Disposals: Karvy – 50% interest (17th Nov 18), Private Capital Solutions client accounts in Canada (31st Dec 21).

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51

Statutory results

USD M (at actual rates)

USD M (at actual rates)
Statutory results FY21 FY22 FY22 v 21 • Management results are used, along with other measures, to ass
Total revenue from continuing operations 2,283.2 2,565.1 12.3% operating business performance. The Company believes that exc
Other income 50.9 51.4 1.0% of certain items permits better analysis of the Group’s performan
Total Revenue 2,334.1 2,616.5 12.1% a comparative basis and provides a better measure of underlying
Total Expenses 2,064.3 2,307.6 11.8% operating performance. These items are typically non-recurring c
Statutory Net Profit (post NCI) 189.2 227.8 20.4% associated with significant restructuring programs and integratio
Earnings per share (post NCI) 33.77 37.71 11.7% acquisitions and profits and losses arising from the sale of busine
and investments.
Reconciliation of Statutory Revenue to Management Results
Total Revenue per statutory results		 FY22
2,616.5		 • Management adjustments are made on the same basis as in prio
years.
Management Adjustments
Gain on disposal of the Group's investment in Milestone Group Pty Ltd
Gain on the sale of Private Capital Solutions client accounts in Canada
Marked to market adjustments - derivatives		 -19.1
-16.4
-2.1
-0.6		 • Non-cash management adjustments include significant amortisat
identified intangible assets from businesses acquired in recent ye
which will recur in subsequent years, asset disposals and other o
off charges.
Total Revenue per management results 2,597.4 • Cash adjustments are predominantly expenditure on acquisition-
related and other restructures and will cease once the relevant
Reconciliation of Statutory NPAT to Management Results FY22 acquisition integrations and restructures are complete.
Net profit after tax per statutory results 227.8 • A description of the current financial year’s management adjustm
Management Adjustments (after tax) is included on the next slide.
Amortisation 63.4 • The non-IFRS financial information contained within this docume
Acquisitions and Disposals 45.1 has not been reviewed or audited in accordance with Australian
Other
Total Management Adjustments		 13.7
122.2		 Auditing Standards.
Net profit after tax per management results
Management Earnings per share (cps)		 350.0
57.95
  • 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. These items are typically non-recurring costs associated with significant restructuring programs and integration of acquisitions and profits and losses arising from the sale of businesses and investments.

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

  • Non-cash management adjustments include significant amortisation of identified intangible assets from businesses acquired in recent years, which will recur in subsequent years, asset disposals and other oneoff charges.

  • A description of the current financial year’s management adjustments is included on the next slide.

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

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52

Management adjustment items

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USD M (at actual rates) 1H20 FY20 1H21 FY21 1H22 FY22
Management adjustments items (net of tax)
Amortisation 20.8 42.6 21.4 42.7 20.4 63.4
Amortisation of acquisition related intangible assets 20.8 42.6 21.4 42.7 20.4 63.4
Acquisitions and Disposals 5.9 5.9 4.8 24.5 20.4 45.1
Acquisition and disposal related expenses 8.1 15.7 13.7 33.6 33.4 12.2
One-off tax expense on Equatex IP restructure -1.1 -1.1
Acquisition accounting adjustments -1.1 -1.0
Benefits of tax losses not previously recognised on Equatex acquisition -7.7
Gain on Disposal of the Group's shareholding in Euroclear Holding SA/NV -8.9 -9.1
Gain on the disposal of the Group's investment in Milestone Group Pty Ltd -12.5 -12.4
Gain on the sale of Private Capital Solutions client accounts in Canada -0.4 -1.5
Acquisition related integration expenses 46.8
Other 5.5 22.7 19.2 27.5 6.6 13.7
Major restructuring costs 6.6 19.9 19.3 29.2 3.7 13.1
Marked to market adjustments - derivatives -1.1 2.8 -0.1 1.6 1.9 -0.5
Reversal of provisions -3.2
Voucher Services impairment 1.1 1.1
Total Management Adjustments 32.3 71.2 45.3 94.8 47.4 122.2
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53

Other expenditure

USD M (at actual rates)

USD M (at actual rates)
Operating costs 1H20
2H20
1H21
2H21
1H22
2H22
171.2
200.6
202.9
219.6
191.3
207.6
489.9
514.4
502.3
534.3
553.8
674.2
465.8
490.4
485.4
516.1
535.1
645.6
24.1
24.0
16.9
18.2
18.7
28.7
16.1
16.6
17.5
13.8
13.9
15.8
60.6
57.7
58.9
55.4
51.8
66.2
50.0
57.9
43.5
46.8
46.6
56.4
616.6
646.6
622.2
650.3
666.1
812.7
787.8
847.3
825.1
869.9
857.4
1,020.3		 FY20
FY21
FY22
Cost of Sales 171.2 200.6 202.9 219.6 191.3 207.6 371.8 422.4 398.9
Personnel 489.9 514.4 502.3 534.3 553.8
674.2		 1,004.3 1,036.6 1,228.1
Fixed/Perm 465.8 490.4 485.4 516.1 535.1
645.6
18.7
28.7		 956.2 1,001.5 1,180.7
Variable/Temp 24.1 24.0 16.9 18.2 48.1 35.1 47.4
Occupancy
Other Direct
Computer/External Technology		 16.1 16.6 17.5 13.8 13.9
15.8
51.8
66.2
46.6
56.4		 32.7 31.3 29.7
60.6 57.7 58.9 55.4 118.4 114.3 118.0
50.0 57.9 43.5 46.8 107.9 90.3 103.0
Total Operating Expenses 616.6 646.6 622.2 650.3 666.1 812.7 1,263.3 1,272.5 1,478.8
Total Operating Expenditure 787.8 847.3 825.1 869.9 857.4 1,020.3 1,635.1 1,695.0 1,877.7

Note 1: Computer/External technology includes hardware, software licenses, network and voice costs, 3rd party vendor fees and data centre costs.

Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 Technology Costs
1H20
2H20
1H21
2H21
1H22
2H22
Development
47.7
51.5
48.5
52.2
54.3
64.1
Infrastructure
57.3
59.0
55.2
57.0
56.4
59.3
Maintenance
29.6
26.2
22.1
20.0
21.0
21.7
Admin
7.6
7.2
6.4
6.7
7.5
12.1
Total Technology Costs
142.2
144.0
132.3
135.9
139.2
157.2
Technology costs as a % of revenue
12.6%
12.4%
12.0%
11.1%
11.9%
11.0%		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Development 47.7 51.5 48.5 52.2 54.3 64.1 99.2 100.7 118.4
Infrastructure 57.3 59.0 55.2 57.0 56.4
59.3		 116.3 112.2 115.7
Maintenance 29.6 26.2 22.1 20.0 21.0
21.7		 55.9 42.2 42.7
Admin 7.6 7.2 6.4 6.7 7.5
12.1		 14.8 13.1 19.6
Total Technology Costs 142.2 144.0 132.3 135.9 139.2 157.2 286.1 268.2 296.4
Technology costs as a % of revenue 12.6% 12.4% 12.0% 11.1% 11.9% 11.0% 12.5% 11.5% 11.4%

Note 2: Technology costs include personnel, occupancy and other direct costs attributable to technology services. No internal development cost is capitalised.

Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 Capex breakdown
1H20
2H20
1H21
2H21
1H22
2H22
Information Technology
9.0
7.8
6.6
11.7
9.1
27.2
Communication Services Facilities
0.2
3.6
1.5
2.6
0.5
2.1
Occupancy
4.1
1.0
2.3
1.0
3.1
2.4
Other
0.4
0.7
0.1
1.1
0.3
0.1
Total Capex
13.6
13.2
10.6
16.4
12.9
31.8		 FY20
FY21
FY22		 FY20
FY21
FY22		 FY20
FY21
FY22
Information Technology 9.0 7.8 6.6 11.7 9.1 27.2 16.8 18.3 36.3
Communication Services Facilities 0.2 3.6 1.5 2.6 0.5
2.1		 3.8 4.1 2.6
Occupancy 4.1 1.0 2.3 1.0 3.1
2.4		 5.1 3.3 5.5
Other 0.4 0.7 0.1 1.1 0.3
0.1		 1.1 1.3 0.4
Total Capex 13.6 13.2 10.6 16.4 12.9 31.8 26.8 27.0 44.7

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54

Breakdown of average client balances

Average exposed balances prior to hedging

Legacy
CCT
Total
Legacy
CCT
Total
Legacy
CCT		 Total
Total
FY22
FY21
33.6
18.8
20.7
13.6
3.4
3.1
3.3
3.0
0.1
0.0
3.4
3.1
0.0
0.0
0.5
0.5
1.7
1.7
1.2
0.9
17.3
10.5
15.8
9.5
1.5
1.0
17.3
10.5
0.7
0.4
1.4
1.5
2.3
2.1
12.4
6.0
0.5
0.5
12.8
5.2
1H22
1H22
1H22
2H22
2H22
2H22
FY22
FY22
Total Balances ($bn)
21.4
6.4
27.9
21.2
18.1
39.3
21.3
12.2
Exposed Balances
14.8
3.0
17.8
14.5
9.2
23.7
14.6
6.1
Exposed: Hedged balances
By Profile
2.8
0.0
2.8
3.4
0.6
4.0
3.1
0.3
Fixed rate deposits
2.8
0.0
2.8
3.2
0.6
3.8
3.0
0.3
Fixed rate swaps
0.0
0.0
0.0
0.2
0.0
0.2
0.1
0.0
Split by Currency
2.8
0.0
2.8
3.4
0.6
4.0
3.1
0.3
AUD
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
CAD
0.5
0.0
0.5
0.6
0.0
0.6
0.5
0.0
GBP
1.7
0.0
1.7
1.7
0.0
1.7
1.7
0.0
USD
0.7
0.0
0.7
1.1
0.6
1.7
0.9
0.3
Exposed: Non - hedged balances
By Profile
11.9
3.0
14.9
11.1
8.6
19.7
11.5
5.8
Non - hedged balances
10.7
3.0
13.8
9.2
8.6
17.8
10.0
5.8
Natural hedge floating rate debt
1.2
0.0
1.2
1.9
0.0
1.9
1.5
0.0
Split by Currency
11.9
3.0
14.9
11.1
8.6
19.7
11.5
5.8
AUD
0.6
0.0
0.6
0.9
0.0
0.9
0.7
0.0
CAD
1.4
0.0
1.4
1.3
0.0
1.3
1.4
0.0
GBP
2.5
0.0
2.5
2.1
0.0
2.1
2.3
0.0
USD
6.9
3.0
9.9
6.3
8.6
14.9
6.6
5.8
Other
0.6
0.0
0.6
0.4
0.0
0.4
0.5
0.0
Non-Exposed Balances
6.7
3.4
10.1
6.8
8.9
15.6
6.7
6.1

==> picture [106 x 21] intentionally omitted <==

Note: Non-exposed balances are not hedged. Includes CCT balances for 2 months in 1H22. ($27.9bn is the weighted average balance for 1H22).

55

Breakdown of Margin Income


Legacy
CCT
Total
Legacy
CCT
Total
Legacy
CCT		 Total
Total
FY22
FY21
187.1
107.0
154.9
94.8
83.4
63.8
74.9
57.6
8.5
6.1
83.4
63.8
0.4
0.2
14.0
11.8
37.1
24.1
31.9
27.6
71.5
31.0
71.5
31.0
n/a
n/a
71.5
31.0
0.4
0.5
6.5
4.1
13.1
5.4
49.1
19.2
2.4
1.8
32.2
12.2
187.1
107.0
154.9
94.8
32.2
12.2
0.56%
0.57%
0.75%
0.70%
2.45%
2.09%
0.41%
0.30%
0.25%
0.23%
2.27%
1.89%
At actual rates
1H22
1H22
1H22
2H22
2H22
2H22
FY22
FY22
Total Margin Income
54.7
7.5
62.1
76.9
48.0
125.0
131.6
55.5
Exposed
50.6
4.3
54.9
68.5
31.5
99.9
119.1
35.8
Exposed: Hedged
By Profile
32.8
0.0
32.8
41.9
8.7
50.5
74.7
8.7
Fixed rate deposits
29.7
0.0
29.7
36.5
8.7
45.2
66.2
8.7
Fixed rate swaps
3.1
0.0
3.1
5.4
0.0
5.4
8.5
0.0
Split by Country
32.8
0.0
32.8
41.9
8.7
50.5
74.7
8.7
Australia
0.1
0.0
0.1
0.3
0.0
0.3
0.4
0.0
Canada
6.1
0.0
6.1
7.9
0.0
7.9
14.0
0.0
UK
18.0
0.0
18.0
19.1
0.0
19.1
37.1
0.0
US
8.7
0.0
8.7
14.6
8.7
23.2
23.2
8.7
Exposed: Non - hedged
By Profile
17.8
4.3
22.1
26.6
22.8
49.4
44.4
27.1
Non - hedged
17.8
4.3
22.1
26.6
22.8
49.4
44.4
27.1
Natural hedge floating rate debt1
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Split by Country
17.8
4.3
22.1
26.6
22.8
49.4
44.4
27.1
Australia
0.0
0.0
0.0
0.4
0.0
0.4
0.4
0.0
Canada
2.6
0.0
2.6
3.9
0.0
3.9
6.5
0.0
UK
5.3
0.0
5.3
7.7
0.0
7.7
13.1
0.0
US
9.0
4.3
13.3
13.0
22.8
35.8
22.0
27.1
Other
0.9
0.0
0.9
1.6
0.0
1.6
2.4
0.0
Non-Exposed
4.0
3.2
7.2
8.5
16.6
25.0
12.5
19.7
Total Margin Income ($m)
54.7
7.5
62.1
76.9
48.0
125.0
131.6
55.5
Exposed Margin Income
50.6
4.3
54.9
68.5
31.5
99.9
119.1
35.8
Non-Exposed Margin Income
4.0
3.2
7.2
8.5
16.6
25.0
12.5
19.7
Average annualised yield
0.51%
0.23%
0.45%
0.73%
0.53%
0.64%
0.62%
0.45%
Exposed
0.68%
0.29%
0.62%
0.95%
0.68%
0.84%
0.82%
0.59%
Exposed: Hedged
2.32%
0.00%
2.32%
2.48%
2.87%
2.54%
2.41%
2.87%
Exposed: Non - hedged
0.30%
0.29%
0.30%
0.48%
0.53%
0.50%
0.39%
0.47%
Non-exposed
0.12%
0.19%
0.14%
0.25%
0.37%
0.32%
0.19%
0.32%
Exposed: Hedged (underlying)2
2.11%
0.00%
2.11%
2.31%
2.87%
2.39%
2.22%
2.87%

Margin Income contribution from exposed hedged balances

==> picture [189 x 362] intentionally omitted <==

----- Start of picture text -----

Australia
1% Canada
17%
US
38%
FY22
UK
44%
Australia
0% Canada
19%
US
43%
FY21
UK
38%
----- End of picture text -----

==> picture [106 x 21] intentionally omitted <==

1 Interest on debt is recorded separately to Margin Income. However, the floating rate debt balances provide a natural offset to the interest rate exposure from exposed client balances for the Group.

2 The lower adjusted yield reflects the removal of the benefit of hedges unwound in June 2020. $5.96m in FY22 (1H22 $3.00m).

56

Exposed and non-exposed average balances by business

Exp
Non-Exp
2.2
0.7
37.9
1.6
1.8
40.7
3.8
2.5
78.7
1.3
0.2
11.4
FY20 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.2
0.7
37.9
1.6
1.8
40.7
3.8
2.5
78.7
1.3
0.2
11.4
FY20 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.2
0.7
37.9
1.6
1.8
40.7
3.8
2.5
78.7
1.3
0.2
11.4
FY20 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.2
0.7
37.9
1.6
1.8
40.7
3.8
2.5
78.7
1.3
0.2
11.4
FY20 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.7
0.2
20.9
2.2
2.1
23.3
4.9
2.3
44.2
1.3
0.1
4.2
FY21 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.7
0.2
20.9
2.2
2.1
23.3
4.9
2.3
44.2
1.3
0.1
4.2
FY21 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.7
0.2
20.9
2.2
2.1
23.3
4.9
2.3
44.2
1.3
0.1
4.2
FY21 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
2.7
0.2
20.9
2.2
2.1
23.3
4.9
2.3
44.2
1.3
0.1
4.2
FY21 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
FY22 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
FY22 Balances
(USDbn)
Margin
Income
(USDm)		 Exp
Non-Exp
FY22 Balances
(USDbn)
Margin
Income
(USDm)
Register Maintenance 2.2 0.7 37.9 3.2 0.3 22.2
Corporate Actions 1.6 1.8 40.7 3.4 3.1 26.2
Issuer Services 3.8 2.5 78.7 6.7 3.3 48.4
Employee Share Plans & Voucher Services 1.2
0.0
4.2
Business Services 2.4 3.2 56.2 3.0 2.8 29.4 2.6 3.3 30.6
Mortgage Services & PropertyRental Services 3.8
0.0
53.1		 4.4
0.0
29.3		 4.2
0.1
48.4
Computershare Corporate Trust 6.1 6.1 55.5
Totals 11.4bn 5.8bn 199.4m 13.6bn 5.2bn 107.0m 20.7bn 12.9bn 187.1m
Total average balances 176.3m
23.1m
1.55%
0.40%
17.2bn		 94.8m
12.2m
0.70%
0.23%
18.8bn		 33.6bn
Margin Income 176.3m 23.1m 94.8m 12.2m 154.9m 32.2m
Average annualisedyield 1.55% 0.40% 0.70% 0.23% 0.75% 0.25%

==> picture [106 x 21] intentionally omitted <==

57 *Includes CCT balances and Margin Income for 8 months in FY22. CCT excludes MMF balances of $31.9bn for FY22.

Profile of our swap and fixed rate deposit book and floating rate deposits

1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26 1H27 2H27
Exposed: Hedged balances ($bn)
By Profile 5.4 5.0 4.8 4.7 4.5 4.4 4.4 3.7 2.8 1.7
Fixed rate deposits 4.0 3.7 3.4 3.4 3.1 3.0 3.0 2.4 1.4 0.5
Fixed rate swaps 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.3 1.3
Split by Currency 5.4 5.0 4.8 4.7 4.5 4.4 4.4 3.7 2.8 1.7
AUD 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0
CAD 0.5 0.5 0.5 0.5 0.3 0.3 0.3 0.3 0.3 0.1
GBP 2.0 1.8 1.5 1.5 1.5 1.4 1.4 0.7 0.1 0.1
USD 2.9 2.7 2.7 2.7 2.6 2.6 2.6 2.6 2.4 1.5
Average Weighted Hedged Yield 2.41% 2.39% 2.42% 2.35% 2.33% 2.37% 2.38% 2.51% 2.75% 2.87%
Exposed: Non-hedged (floating rate term deposits) ($bn)
By Profile 2.6 2.0 1.6 1.3 1.2 1.1 1.0 0.8 0.7 0.6
Floating rate deposits 2.6 2.0 1.6 1.3 1.2 1.1 1.0 0.8 0.7 0.6
Split by Currency 2.6 2.0 1.6 1.3 1.2 1.1 1.0 0.8 0.7 0.6
AUD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
CAD 1.5 1.1 0.9 0.9 0.8 0.7 0.7 0.6 0.6 0.6
GBP 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0
USD 1.1 0.8 0.6 0.3 0.3 0.2 0.2 0.2 0.1 0.0

  • Figures represent average notional balances for each half as at 30 June 2022.

  • CPU manages client balances in line with internal policies around counterparty credit risk, concentration of deposit risk and minimum levels of hedging.

  • Replacement/additional fixed rate deposits/swaps have been deployed since 30 June 2022 (totalling $600m) and will continue to be implemented throughout FY23 and beyond.

==> picture [106 x 21] intentionally omitted <==

58

Key sensitivities on FY22 Margin Income (excluding CCT)

==> picture [871 x 197] intentionally omitted <==

----- Start of picture text -----

Interest Rate and Balance Sensitivity Currency Sensitivity
USD M Interest Rates 1 USD M GBP FX rate
At actual rates -25bps Base Case +25bps At actual rates -10% Base Case +10%
-10% 86.3 119.7 153.1 -10% 124.2 128.7 133.3
Base Base
94.5 131.6 168.7 127.0 131.6 136.2
Case Case
10% 102.7 143.5 184.3 +10% 129.9 134.4 139.0
2
CAD
Exposed Balances FX Rate
----- End of picture text -----

1 Assumes movements in short term floating rates impact entire non-hedged exposed balances. Note - FY22 Base Case non-hedged exposed balances are $11.5bn of which a 25bps movement in floating rates equates to $37.1m for the full year.

2 Assumes exposed yield is maintained on increased or decreased balances.

  • If interest rates were 25 basis points higher in FY22, Margin Income and Management EBIT would have been $37.1m higher.

  • If interest rates were 25 basis points lower and exposed balances were 10% lower in FY22, Margin Income would have been $28.9m lower at $102.7m.

  • If interest rates were 25 basis points higher and exposed balances were 10% higher in FY22, Margin Income would have been $52.7m higher at $184.3m.

  • Sensitivities applied to legacy balances only and excludes CCT. CCT average exposed balances for 2H22 were $9.2bn.

  • If the CAD and GBP fx rates (relative to USD) were 10% weaker in FY22, Margin Income would have been $7.4m lower at $124.2m.

  • If the CAD and GBP fx rates (relative to USD) were 10% stronger in FY22, Margin Income would have been $7.4m higher at $139.0m.

  • Note CPU retains 90% of the rate rise benefit.

==> picture [106 x 21] intentionally omitted <==

59

Debt Facilities Maturity Profile and Composition – at 30 June 2022

Maturity Profile

Composition of drawn debt facilities

==> picture [901 x 373] intentionally omitted <==

----- Start of picture text -----

Undrawn bank
•
facilities: $252m $801m in Public Bond issuances 7%
undertaken in 1H22
30%
1000 • This resulted in the average
weighted maturity of our drawn
900 debt increasing from 3.1 to 4.4 $2,510.0m 32%
years
800 • Diverse sources of debt now in
the portfolio with public and
700 220.0 private bonds combined with 31%
Bank facilities
600
64.3
500
188.0
400
385.7
300 584.3
200 362.0
350.0
100 200.0 216.8
171.7
0 17.3
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32
SLS non-recourse advance facilities drawn Drawn Bank Debt Undrawn Bank Debt USPP Debt Capital Markets
USD Million
----- End of picture text -----

– Note: Average debt facility maturity was 4.1 years as at 30 June 2022. Excludes undrawn SLS advance facilities. Total debt drawn 0% fixed and 100% floating.

  • Total drawn debt at 30 June 2022 was $2,510.0m: 86% USD and 14% GBP. AMTN and EMTN proceeds swapped to USD debt at issuance.

==> picture [106 x 21] intentionally omitted <==

60

Balance Sheet

Balance Sheet
At actual rates 1H20 FY20 1H21 FY21 1H22 FY22
Dec Jun Dec Jun Dec Jun
Current Assets USD M 1,468.4 1,432.0 1,491.1 1,718.7 1,946.7 2,007.9
Non Current Assets USD M 3,448.7 3,557.8 3,663.6 3,533.2 4,149.5 4,085.5
Total Assets USD M 4,917.1 4,989.7 5,154.7 5,251.9 6,096.2 6,093.4
Current Liabilities USD M 834.6 1,024.6 837.3 995.7 1,156.2 1,270.1
Non Current Liabilities USD M 2,520.2 2,374.8 2,689.7 1,976.6 2,721.3 2,628.8
Total Liabilities USD M 3,354.8 3,399.4 3,527.0 2,972.3 3,877.5 3,898.9
Total Equity USD M 1,562.3 1,590.3 1,627.7 2,279.6 2,218.8 2,194.5
Net debt includingnon-recourse SLS Advance debt1 USD M 1,549.1 1,432.5 1,561.6 893.2 1,542.2 1,371.6
Net debt to EBITDA ratio Times 2.28 2.22 2.66 1.42 2.32 1.90
Net debt excludingnon-recourse SLS Advance debt1 USD M 1,340.1 1,244.9 1,316.6 673.7 1,342.2 1,180.3
Net debt to EBITDA ratio excludingnon-recourse SLS Advance debt Times 1.97 1.93 2.24 1.07 2.02 1.64
EBITDA Interest Coverage ratio Times 9.3 9.7 10.1 11.5 11.6 12.0
ROE2 % 23.0% 19.2% 16.6% 14.7% 15.9% 15.6%
ROIC3 % 13.8% 12.2% 10.2% 10.9% 10.4% 12.2%

1 Effective Dec 2019 (1H20), Net debt excludes lease liabilities ($7.7m as at Jun 19).

2 Return on equity (ROE) = rolling 12 month Mgt NPAT/Equity*

3 Return on invested capital (ROIC) = (Mgt EBITDA less depreciation & amortisation less income tax expense)/(net debt + total equity).

The FY21 leverage ratio of 1.07x includes proceeds of rights issue which was deployed on the CCT acquisition in 1H22. $620.2m of gross proceeds received for rights issue. The net debt calculation in 1H22 and FY22 includes $33.0m and $29.9m of cash classified as an “asset held for sale” respectively. * Includes the average of the opening and closing position.

==> picture [106 x 21] intentionally omitted <==

61

Cash flow summary

Cash flow summary
USD M(at actual rates) 1H20 FY20 1H21 FY21 1H22 FY22
Net operatingreceipts andpayments 312.2 688.1 238.9 543.6 277.7 592.8
Net interest and dividends -33.3 -50.4 -38.2 -75.3 -38.8 -78.2
Income taxespaid -28.6 -43.3 -76.6 -92.9 -35.6 -76.2
Netoperating cash flows excluding SLS advances 250.3 594.4 124.1 375.4 203.3 438.4
Cash outlayon business capital expenditure -14.0 -24.0 -8.0 -16.3 -12.3 -42.8
Net cash outlayon MSRpurchases – Maintenance1and sales* -29.7 -64.5 -45.1 -99.0 -9.5 -73.0
Free cash flow excluding SLS advances 206.6 505.9 71.0 260.1 181.5 322.6
SLS advance fundingrequirements2 -41.5 -29.3 -2.7 -27.5 -3.5 28.0
Cash flowpost SLS advance funding2 165.1 476.6 68.3 232.6 178.0 350.6
Investing cash flows
Net cash investment on MSR(purchases)1 -109.6 -120.5 -20.8 -24.6
Acquisitions(net of cash acquired) -6.8 -159.1 -7.5 -21.8 -729.7 -730.6
Disposal of Euroclear HoldingSA/NV 12.1
Disposal of Karvy
Disposal of Milestone 16.7 15.9
Other 4.6 4.2 12.7 2.3 0.2 -15.6
Total investing cash flows -111.8 -275.4 -15.6 -32.0 -712.8 -730.4
Netoperating and investing cash flows 53.3 201.2 52.7 200.6 -534.8 -379.8

1 Maintenance MSR capex assumed to be equivalent to the amortisation charge for the period. FY21 reflects a change in the amortisation period for interest rate-sensitive MSRs from 9 to 8 years for US Mortgage Services. 1H22 expense is $54.9m and FY22 expense is $111.6m. 2 Net operating and financing cash flows.

  • Net MSR spend of $73.0m in FY22 (purchases of $251.3m and sales of $178.3m) and $9.5m in 1H22 (purchases of $124.3m and sales of $114.8m).

==> picture [106 x 21] intentionally omitted <==

62

Exchange Rates

==> picture [670 x 337] intentionally omitted <==

----- Start of picture text -----

Currenc 1H20 FY20 1H21 FY21 1H22 FY22
y
USD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
AUD 1.4623 1.4889 1.3971 1.3464 1.3622 1.3755
HKD 7.8321 7.7999 7.7504 7.7550 7.7805 7.8003
NZD 1.5504 1.5683 1.4975 1.4428 1.4326 1.4653
INR 70.4405 71.9578 74.2471 73.7286 74.3249 75.0340
CAD 1.3203 1.3391 1.3315 1.2921 1.2549 1.2625
GBP 0.7993 0.7931 0.7711 0.7461 0.7310 0.7481
EUR 0.8999 0.9030 0.8529 0.8397 0.8555 0.8821
RAND 14.7507 15.5385 16.5396 15.5863 15.0063 15.2427
RUB 64.2928 66.6767 75.2164 75.0158 72.8569 74.5346
AED 3.6729 3.6729 3.6730 3.6730 3.6729 3.6729
DKK 6.7192 6.7424 6.3501 6.2480 6.3617 6.5614
SEK 9.6044 9.6389 8.8445 8.6095 8.6824 9.0871
CHF 0.9888 0.9782 0.9174 0.9109 0.9189 0.9282
----- End of picture text -----

==> picture [106 x 21] intentionally omitted <==

63

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 forward-looking 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.

==> picture [106 x 21] intentionally omitted <==

64

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