COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2008

Feb 12, 2008

Computershare Limited Half Year Results 2008 Presentation

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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart Crosby President & CEO

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Introduction
Results Highlights
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› Management EPS of 27.36 cents, up 53%

› Management Net Profit After OEI of $155.8m, up 46%

› Free cash flows of $187.4m, up 44%

• › Total Operating Revenues of $788.2m, up 14%

• › Operating Costs of $532.4m, up 5%

• › Interim Dividend of 10 cents (AUD) per share, up 25%

• › Return to dividend franking – 20% franked

Note: all results are in USD except for dividend; all comparisons with 1H07

*20% franked

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Introduction
Global Interest Rate Market
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% UK % US
8 8
6 6
4 4
2 2
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008
%
Canada
8
6
4
2
0
2000 2001 2002 2003 2004 2005 2006 2007 2008
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Introduction
Computershare Strengths
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• › More than 70% of Revenue recurring in nature

› Global Diversification – across 17 countries including growth engines China, India and Russia

• › Proven technology capabilities and innovation

• › Demonstrated ability to acquire and integrate businesses

› Strong and sustained earnings and cashflow growth

• › Unique cross-border transaction capacities

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Outlook Introduction
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In light of the excellent half year result and despite recent equity and interest rate market conditions, we expect Management EPS to be approximately 40% higher than last year.

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Introduction Financial
CEO’s Report
Results
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Financial
Results
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Tom Honan CFO

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Financial
Group Financial Performance – US$m Results
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	Group Financial Performance – US$m Financial Results
	1H08 1H07 Variance Sales Revenue 779.8 687.9 13% Interest & Other Income 8.5 6.1 39% Total Revenue 788.2 694.0 14% Operating Costs 532.4 506.3 (5%) Share of Net (Profit)/Loss of Associates (1.6) (1.0) Management EBITDA 257.4 188.7 36% Management Adjustments - Revenue/(Expense) 0.9 10.3 Reported EBITDA 258.3 199.0 30% Management EPS 27.36 17.86 53%

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Financial
Results
Drivers behind financial performance
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• Corporate action environment

• Higher balances

• Revenue enhancements

• New clients

• Acquisitions

• Cost control

• Operating efficiency

• Balance sheet improvements

• Acquisition synergies

• Foreign exchange

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Management EPS Performance Financial
Results
Rolling 12 months
US cents
50
40
30
20
10
0
1H05 1H06 1H07 1H08
12
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Financial
EPS Growth FY05 to FY10 Results
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Rolling 12 months Management EPS
US cents
60
50
40
30
20
10
0
FY05 1H06 FY06 1H07 FY07 1H08 FY08 1H09 FY09 1H10 FY10
EPS projected from FY05 at 20% p.a. Rolling 12 months Actual EPS
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Analysis of Management EPS – Financial
Half Year Comparison Results
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US cents
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1H05 2H05 1H06 2H06 1H07 2H07 1H08
6.60 9.52 8.82 13.92 17.86 18.83 27.36
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Financial
1H08 NPAT Analysis Results
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$USm
180
17.8 2.4
4.8
160
16.9 13.2 0.4
1 EBITDA - AP
140
2 EBITDA - EMEA
3 EBITDA - NA
34.0
120
4 Depn & Amort
5 Interest
155.8
100
6 Tax
107.0
7 OEI
80
60
1H07 NPAT 1 2 3 4 5 6 7 1H08 NPAT
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Financial
Results
Net Operating Cash Flows
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$USm
Operating Cash Flow Vs. Capital Expenditure
240
206.2
210
183.5
180
150 137.5
117.8
120
90
65.8
60
30 14.6 17.9 18.8
10.4 7.8
0
1H06 2H06 1H07 2H07 1H08
Operating Cash Flows Capital Expenditure
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Financial
Results
Free Cash Flow – up 44% on 1H07
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$USm
Operating Cash Flows less Capital Expenditure
200 187.4
Free Cash Flow: 165.6
-
3 year 1H CAGR 96%
- 4 year CAGR 71%
150
129.7
107.4
100
51.3
50
0
1H06 2H06 1H07 2H07 1H08
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Financial
Half Year Comparisons – Revenue & EBITDA
Results
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$USm $USm
900 300.0
257.4
750 250.0
R 600 188.7 181.7 200.0 E
e B
v I
e 140.4 T
n 450 150.0 D
u A
e 99.7
300 100.0
150 50.0
694.0
588.1 626.7 724.4 788.2
0 0.0
1H06 2H06 1H07 2H07 1H08
Total Revenue M anagement EBITDA
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Financial
Results
Half Year Comparisons – Revenue & EBITDA
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$USm 1st Half $USm $USm 2nd Half $USm
800 300 800 200
181.7
257.4
700 700
250
600 600 140.4 150
188.7
200
500 500
400 788.2 150 400 93.1 100
724.4
694.0
99.7 626.7
300 300
100
455.9
200 200 50
588.1 50
100 100
0 0 0 0
1H06 1H07 1H08 2H05 2H06 2H07
Revenue Management EBITDA Revenue Management EBITDA
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Financial
Management EBITDA Margin
Results
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35.0%
32.7%
30.0%
27.2%
25.0%
22.4%
25.1%
20.4%
18.5%
20.0%
17.0%
15.0%
10.0%
1H05 2H05 1H06 2H06 1H07 2H07 1H08
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Financial
Revenue Breakdown – US$m Results
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Register Maintenance Corporate Actions Fund Services Stakeholder Relationship Mgt Employee Share Plans Communication Services Technology & Other Revenues Total Revenue	1H08 406.5 169.4 41.7 39.9 59.0 44.4 27.3 788.2	1H07 350.1 119.7 74.2 34.2 58.2 37.2 20.4 694.0	Variance 16% 42% (44%) 17% 1% 19% 34%
			14%

Note: Included in the revenue results are $123.4m of Margin Income (1H07: $84.0m) and $116.3m of Recoverable Income (1H07: $132.9m).

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Margin Income analysis Financial
Results
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US$m
140
123.4
120
100
89.7
84.0
80
65.3
60 52.1
40
20
0
1H06 2H06 1H07 2H07 1H08
Average Interest rates:
UK 4.55% 4.50% 4.78% 5.31% 5.71%
US 3.70% 4.66% 5.25% 5.25% 4.85%
Canada 2.79% 3.77% 4.25% 4.25% 4.45%
Average balances (US$bn) * 6.4 6.4 6.4 7.0 8.7
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*Note: some balances attract no interest or a set margin for Computershare

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Financial
Results
Regional Analysis – 1H08 Revenue & EBITDA
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Total Revenue Breakdown

EBITDA Breakdown

30% 48% 22% Asia Pacific EMEA North America

28% 50% 22% Asia Pacific EMEA North America

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Financial
Results
Half Year Comparisons – Operating Costs
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$USm
600
500
139.7
137.0
138.9
144.5 133.2
400
300
200 404.9 395.4
345.0 355.2 367.4
100
0
1H06 2H06 1H07 2H07 1H08
Operating Costs excl. COS Cost of Sales (COS)
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Financial
Results
Technology Costs – Establishing Global Platform
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%
US$m
100.0 12.0%
90.0 10%
10% 10%
9%
80.0 9%
77.1
70.0
70.3 8.0%
60.0
61.7
59.1
56.4
50.0
40.0
4.0%
30.0
20.0
10.0
0.0 0.0%
1H06 2H06 1H07 2H07 1H08
Total Technology costs Technology costs as a % of sales revenue
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Financial
Results
Analysis of 1H08 Technology Costs
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4%
28%
40%
Total Costs US$77.1m
Development Costs US$30.3m
28%
Development Infrastructure Maintenance Administration
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Financial
Balance Sheet as at 31 December 2007 Results
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	Dec-07 US$'000s 369,763 1,520,793 1,890,556 332,971 874,854 1,207,825 682,731	Jun-07 US$'000s 368,891 1,366,224 1,735,115 338,550 563,990 902,540 832,575	Variance 0% 11%
Current Assets Non Current Assets
Total Assets Current Liabilities Non Current Liabilities Total Liabilities Total Equity After buy-back of US$297.5m.			9%
			2% (55%)
			(34%)
			(18%)

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Financial
Key Financial Ratios Results
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EBITDA interest coverage Net Financial Indebtedness to EBITDA
times times
14 3.0
12.1 11.9 12.2 2.48
12 2.5
10 8.7 2.0 1.68
8 1.46
1.5
6 0.94
1.0
4
0.5
2
0 0.0
FY05 FY06 FY07 1H08 FY05 FY06 FY07 1H08
Funds Flow to Total Debt
%
Gearing (Net Debt / Net Debt +
Equity) 80% 76%
%
48%
50%
60% 53%
41%
40% 37% 43%
29% 40%
30%
27%
20%
20%
10%
0% 0%
FY05 FY06 FY07 1H08 FY05 FY06 FY07 1H08
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Financial
Computershare Borrowings Results
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Cash Interest Bearing Liabilities Net Debt Management EBITDA Net debt to Management EBITDA Average Tenor of drawn debt is 4 years ** Rolling 12 months	Dec-07 US$m 108.0 747.4 639.4 439.1 1.46	Jun-07 US$m 86.8 435.1 348.3 370.5 0.94	Variance 24% (72%)
			(84%)
			19%
			(55%)

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Debt Facility Maturity Profile
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US$m
FY08 Nil
600 FY09 $160.0m
FY10 Nil
490.0
500
FY11 $490.0m
400 FY12 $123.0m
FY13 Nil
300 FY14 Nil
FY15 $124.5m
200 160.0
123.0 124.5 FY16 Nil
100 FY17 $21.0m
21.0
Total $918.5m
0
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
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Financial
Capital Expenditure Results
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$USm
20.0 Capital Expenditure Vs. Depreciation 0.6
0.6
3.0
0.8
15.0
7.9
2.2 2.2
Depreciation
0.5
10.0
4.1 1.6
3.8 1.1
1.4
12.1
0.9
5.0
2.3 8.8
7.6
5.0
2.9
0.0
1H06 2H06 1H07 2H07 1H08
Information Technology Communication Services Facilities Occupancy Other
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Financial
Results
Working Capital Management
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Days Sales Outstanding
Days
60
53
50
45 45
43
40 37
30
20
10
0
1H06 FY06 1H07 FY07 1H08
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Financial
Results
Return On Invested Capital Vs. WACC
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Increased returns, Cost of Capital flat
AGAAP AIFRS
20%
18%
16%
14%
12%
10%
8%
6%
FY03 FY04 FY05 FY06 FY07 1H08
WACC ROIC
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Financial
Results
Return on Equity Vs. Return on Assets
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AGAAP AIFRS
40%
30%
20%
10%
0%
FY03 FY04 FY05 FY06 FY07 1H08
ROA ROE
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Financial
Results
Equity Management – Interim Dividend of 10 cps (AU)
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• › EPS – Basic

› EPS – Management

US 27.20 cents US 27.36 cents

› Interim Dividend (20 % franked)

AU 10 cents

• › Current Yield*

2.5%

• Based on 12 month dividend and share price of A$7.56 (close 12 February 2008)

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Equity Management – Ordinary Share Buy-back

› Acquired 45,000,000 ordinary shares

• › Average price AUD $9.91

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Financial Summary – Final Remarks Financial
Results
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› Continued strong EPS growth - 53%

› Free cash flow up 44%

› Record revenues

› Maintained strong balance sheet

› Return on equity > 35%

› Dividend increased to 10 cents (AUD) per share, 20% franked

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Market Financial
CEO’s Report
Overview Results
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CEO’s
CEO Presentation Report
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Stuart Crosby President & CEO

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Group Strategy CEO’s
Report
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Focus unchanged:

1. Continue to drive operations quality and efficiency through measurement, benchmarking and technology

2. Improve our front office skills to protect and drive revenue

3. Continue to seek acquisition and other growth opportunities where we can add value and enhance returns for our shareholders

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Taking advantage of M&A opportunities in a CEO’s
changed environment Report
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Year to date transactions include:

› Datacare

› UMB

• › Administar

• › RSS

› VEM

› QMT

• › In total, over US$300m in 8 transactions YTD after nearly US$100m in 7 transactions last year

› Strong cash-flows and balance sheet, position us to take full advantage of opportunities that emerge from current business environment

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Specific initiatives – quality differentiation CEO’s
and shareholder communications Report
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• › Over the past few years, we have made many significant improvements to client and stakeholder servicing

• › We’re now investing in taking service excellence to a new level

• › The timing is ideal for this exercise, as increasing numbers of issuers and employers see untapped value in the relationships with their investors/employees that Computershare manages for them

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Specific initiatives – quality differentiation CEO’s
and shareholder communications Report
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• › In parallel, the introduction of e-communication initiatives in a range of markets offers much more efficient channels of communication with these stakeholders

• › Computershare is a thought leader in e-communication developments, which are generating meaningful new revenues and assisting in strengthening client relationships

• › The Georgeson consulting and solicitation offering rounds out our investor communications offering – we are reshaping the market face of Georgeson to fit evolving requirements

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Electronic shareholder communications
CEO’s
– around the grounds Report
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• › USA – notice and access reforms in first year; better than expected uptake of the products we’d prepared

› Australia – only 10% of shareholders electing to receive hard copy annual reports, with good uptake of integrated Computershare on-line report and hosting services

• › UK - into second year of the deemed consent regime, with good uptake of new products

• › Canada, HK, Ireland, SA, NZ, Japan – watch developments in other markets with great interest but no change implemented as yet.

Generally – we are ideally placed to lever our data and experience of the wide range of regulatory approaches across different markets

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North America update - USA CEO’s
Report
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Investor Services

• › Client retention remains strong off the back of robust service delivery

• › Corporate action pipeline changing shape, but holding up better than many predicted

• › Good returns from investment in “business as usual” capacities over past 12 to 18 months

Other

• › Fund Services - continues to win vast majority of work, but lower volumes than recently

• › Plans – rolling out new options technology

• › IML (wireless voting), GSC (subsidiary management and governance services), RSS (insider dealing program management) cross sell strong

• › Encouraging pipeline for Administar (class action and bankruptcy admin)

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North America update - Canada CEO’s
Report
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Investor Services

• › Strong local and cross-border corporate actions deal flow continues, but deals generally smaller in size

• › Operations efficiency being enhanced by deployment of CPU best practice

• › Quality client relationships

Corporate Trust

• › Steady business with excellent margin

• › No adverse effect as yet from Sub-prime

Proxy

• › Georgeson dominates the Canadian proxy market

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EMEA update – UK, Russia, Germany, Ireland CEO’s
and South Africa Report
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UK

• › Market more rational on price post ownership change at main competitor

• › Deposit Protection Scheme continues to exceed expectations

• › Investment in adviser relationships in the IPO/DI sector continues to bear fruit

• › Change in corporate actions mix, but good pipeline still

• › Good new business prospects in Plans space

Russia

• › CPU continues to drive consolidation – now 65% NRC and 40% NIKoil

Germany

• › VEM acquisition nearly complete, materially extending the range of our service offering to German corporates

Other:

• › Ireland - Improving margins and good revenue growth, esp. in ETF space

• › IML – rolling up distribution network globally – acquisitions complete in Australia, Belgium; other jurisdictions in progress

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Asia Pacific update - Asia CEO’s
Report
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Hong Kong and China

• › IPO pipeline continues to hold up much better than expected – continue to monitor market conditions

• › PRC opportunities continue to take shape. Plans still the most developed; other areas remain interesting but rate of progress hard to predict

• › Beijing office now established

Japan

• › Joint venture with MUTB continues to perform well

• › Working on expanding range of cooperation

India

• › Reliance Power (we processed 6M IPO applications in 8 days) is the largest (in applications) IPO ever!

• › UTI MF book also won and migrated

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Asia Pacific update – Australia and CEO’s
New Zealand Report
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Investor Services

• › Good news continues: better margins, a range of positive pricing outcomes

Communication Services

• › QM takeover offers opportunity to take CCS Australia to a new level in a rationalised industry

Plans

• › Organic growth continues. Strong support for China and other regional business development

Fund Services

• › Now has a solid platform and well positioned to grow into Asia as well as Australia

Proxy

• › Georgeson remains market leader in proxy services

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Looking forward to 2008 CEO’s
Report
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Computershare has a strong operational and financial platform for continued growth:

• › Healthy revenues

• › Strong understanding of cost structures and margins

• › Strong balance sheet to support acquisitions and capital management

• › Well positioned to take on new business lines (eg, Administar in US)

The strategic focus remains unchanged:

• › Continue to drive operations quality and efficiency through measurement, benchmarking and technology

• › Improve our front office skills to protect and drive revenue

• › Continue to seek acquisition and other growth opportunities where we can add value and enhance returns for our shareholders

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Specific current priorities and expectations CEO’s
Report
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• › Continue to take advantage of M&A opportunities

• › Strong focus on taking service quality to next level

• › Lever shareholder communications opportunities from regulatory change

EPS growth expectations for FY 08 upgraded to approximately 40%

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Computershare Limited Half Year Results 2008 Presentation

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Appendix:

Half Year Results 2008 Presentation

13 February 2008

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Appendix 1: Group Comparisons
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Group Comparisons

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Financial
Behind the Headline – NPAT IMPACT Results
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Net profit after tax at 31 December 2007	US$000’s
	154,934
	(272) 1,546 710 (1,113)
Acquisition provisions no longer required
Intangible assets amortisation
US property rationalisation
Marked to market adjustments - derivatives
Management adjusted profit after tax at 31 December 2007
	155,805

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Financial
CPU Revenues Results
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Revenue Type
3%
6%
7%
Register Maintenance
Corporate Actions
5%
Fund Services
Stakeholder Relationship Management
5%
Employee Share Plans
53%
Communication Services
Technology & Other Revenue
21%
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Financial
Results
Regional Analysis – 1H08 Revenue
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$USm
250.0
211.4
200.0
150.0
97.0 98.0 `
100.0
73.9
71.3
50.0
28.8 31.4 30.3
24.2
16.0 17.8 19.5
11.9 6.1 8.2 9.7 4.3 7.9 4.4 12.0
1.0
0.0
Register Maintenance Corporate Actions Fund Services Stakeholder Employee Share Communication Technology & Other
Relationship Plans Services Revenue
Management
Asia Pacific EMEA North America
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Financial
Results
Half Year Comparisons - Revenue
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$USm
450.0
400.0
350.0
300.0
250.0
200.0
150.0
100.0
50.0
0.0
Register Corporate Funds Services Stakeholder Employee Share Communication Technology &
Maintenance Actions Relationship Plans Services Other Revenue
Management
1H06 2H06 1H07 2H07 1H08
406.5
375.8
350.1
341.7
298.0
169.4
132.8
119.7
92.2
79.6
67.9 74.2
52.7 51.7 58.2 58.9 59.0
42.5 41.8 41.7 35.4 54.9 34.2 39.9 44.2 31.7 31.5 37.2 38.5 44.4 31.2 20.4 23.8 27.3
12.3
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Financial
Results
Half Year Comparisons – Operating Costs
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$USm
250
200
150
100
50
0
Cost of Sales Personnel Occupancy Other Direct T echnology Corporate
1H06 2H06 1H07 2H07 1H08
240.5 239.7
220.7 218.8
210.4
144.5
133.2 138.9 139.7 137.0
76.7
70.1
58.0 61.3
55.7
41.9
35.6 35.4 34.2 35.3
26.0 30.2 28.9 30.5 27.4 23.4
20.9
15.3 14.4 16.5
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Financial
Results
Underlying Effective Tax Rate
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%
35.0
28.5
28.0
30.0
23.9
25.0
19.4
20.0
15.0
10.0
5.0
0.0
FY05 FY06 FY07 1H08
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Interest Rate Sensitivity Financial
Results
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US$m PBT 80
Impact
60
40
20
0
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
-20
-40
-60
Exposure
Hedged exposure
-80
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Risk Management - Interest Rate Sensitivity Financial
Results
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Interest Rate Hedging
No
-
exposure Strategy: Protect downside risk in current interest rate
22% environment
-
Policy: Minimum hedge of 25% / Maximum hedge of 100%
-
Exposure to Minimum term 1 year / Maximum term 5 years
interest rates
-
Current hedging: 37%
41%
Effective
hedging in
place - both
natural &
synthetic
37%
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Risk Management – Average Funds Balances
Financial
for year ending 31 December 2007 Results
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By Category By Country
Sharesave/
Employee
Dividend Australia
Plans
16% 2%
11%
US
Dissenter Broker Trust 29%
3%
14%
Canada
48%
Regular
Trust
17%
Corporate UK
Actions 21%
39%
Average funds balance US$8.7b
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Financial
Results
Appendix 2: Country Summaries
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Country Summaries

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Financial
Results
Appendix 2: Country Summaries
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Asia Pacific

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Financial
Australia Half Year Comparison Results
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Total Revenue $Am Revenue Breakdown
$Am
200.0
80.0 76.7
174.6
70.0 66.8
63.2
150.0 143.6 139.9 60.0
120.0
115.9 50.0
100.0 40.0
35.7 35.0
30.0 28.1 28.7
24.7
21.0
20.0
50.0
10.3
10.0 6.9 8.6 8.2 8.7 7.6 8.8
4.9 5.6
3.0 3.0 2.8
0.0
0.0 Register Corporate Fund Services Stakeholder Employee Communication Technology &
1H06 2H06 1H07 2H07 1H08 Maintenance Actions Relationship Share Plans Services Other Revenue
Management
1H07 2H07 1H08
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Financial
Results
New Zealand Half Year Comparison
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$NZm Total Revenue $NZm Revenue Breakdown
9.7
10
8.0
8.6 7.0
8.1
8 7.7 6.3
6.9 6.0 5.9
6
4.0
4
2.0 1.8
1.6
2
1.0
0.0
0
Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Hong Kong Half Year Comparison Results
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Revenue Breakdown
Total Revenue
$HKm
$HKm
350.0
500
450 441.1 300.3
300.0
400
250.0
350
300 200.0
235.4
250
227.1
150.0 140.7
126.0 123.4
200
109.4
103.5
145.2 100.0
150 120.6
100
50.0
50
0.0
0
Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
India Half Year Comparison Results
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Revenue Breakdown
Total Revenue
INRm
INRm
900 400.0 381.2
812.2
796.6
800 350.0
309.8
700 300.0 287.0
270.6
261.8
600 540.8 582.2 533.2 250.0
216.3
500
200.0
400
150.0
121.2
300
100.0
200
46.3
50.0 33.4
100
0.0
0
Register Maintenance Corporate Actions Fund Services
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Appendix 2: Country Summaries Results
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North America

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Financial
Results
United States Half Year Comparison
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Total Revenue $USm Revenue Breakdown
$USm
296.7
299.4 200.0
300.0 282.5
282.0
263.2
157.2
250.0
150.0
136.7
133.7
200.0
100.0
150.0
66.2
100.0 50.0 45.5 45.4 44.4
33.1
28.8 27.9 25.9 24.9
21.6
50.0 12.7 13.7 9.9 9.7 11.6
3.5 3.7 3.1
0.0
Register Main Corp Actions Fund Services Stakeholder Employee Communication Technology &
0.0 Relationship Share Plans Services Other Revenue
Management
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Results
Canada Half Year Comparison
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Total Revenue
$CAm
Revenue Breakdown
$CAm
130 90.0
120 114.6 116.1
80.0 76.0 76.4
110
70.0
100 97.7 96.2 63.6
90 60.0
80 73.4
50.0
70
40.0
60
30.0 27.5
50 24.1
21.4
40 20.0
30
10.0 6.7 7.9 6.6
5.1 4.1
2.9
20 1.5 1.5 1.2 0.1 0.1 0.4
0.0
10
Register Corporate Stakeholder Employee Share Communication Technology &
0 Maintenance Actions Relationship Plans Services Other Revenue
Management
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Results
Appendix 2: Country Summaries
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EMEA

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Financial
Results
United Kingdom Half Year Comparison
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GBPm Revenue Breakdown
Total Revenue
40.0 38.6
GBPm
70.0
33.9
60.8 32.3
60.0
56.2 54.0 30.0
50.0 48.3
40.0 35.9
20.0
30.0
10.6
20.0 9.4 9.8 9.3
10.0 8.6
10.0 4.7
2.7
1.8 1.6 1.1 1.5 0.8 1.0 1.4 1.8
0.0
0.0
1H06 2H06 1H07 2H07 1H08
Register Corporate Actions Stakeholder Employee Share Communication Technology &
Maintenance Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08
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Financial
Results
Ireland Half Year Comparison
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Total Revenue EURm
EURm Revenue Breakdown
4.4
4.5 4
4.1
3.4
3.0
3.4
3
3.0 2.7
3.0
3.0
2
1.5 1
0.7 0.7 0.7
0.5
0.2
0
Register Maintenance Corporate Actions Funds Services Technology & Other
0.0
Revenue
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Results
Germany Half Year Comparison
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EURm Total Revenue
Revenue Breakdown
24.8
EURm
25
23.9 10 9.8
9 8.6
20 19.3 8 7.7
7.2
17.4 7 7.0
15.5
6 5.7 5.7
15
5
4.1
4
10 3 2.9
2
1 0.7
5 0.5 0.4 0.4 0.3 0.3
0.1 0.1 0.1
0
Register Corporate Stakeholder Employee Share Communication Technology &
Maintenance Actions Relationship Plans Services Other Revenue
0
Management
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Results
South Africa Half Year Comparison
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Total Revenue
ZARm
140 ZARm Revenue Breakdown
110
102.3
120 115.2
100
99.4 99.7 90 87.6
100 81.5
92.8 80
87.7
70
80
60
60 50
40
40
30
20
12.1 12.9
20
10 6.3
0
0
Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07 1H08
1H07 2H07 1H08
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Financial
Results
Appendix 3: Assumptions
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Assumptions

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Assumptions: Exchange Rates Financial
Results
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Average exchange rates used to translate profit and loss to US dollars.

CAD USD ZAR EUR GBP INR NZD HKD AUD	1.02133 1.0000 6.92475 0.71329 0.49185 44.07212 1.32490 7.78792 1.15385

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