COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2010

Feb 9, 2010

Computershare Limited Half Year Results 2010 Presentation

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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart Crosby President & Chief Executive Officer

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Introduction
Results Highlights
Management Adjusted Results
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Note: all results are in USD millions unless otherwise indicated

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Introduction
Computershare Strengths
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• › Strong balance sheet, low gearing and continued robust cash generation

• › Diversification into counter and non cyclical businesses continues to strengthen revenue and profit base

• › More than 70% of revenue recurring in nature

• › Demonstrated ability to acquire and integrate businesses

• › Global footprint (in all major markets and 20 plus countries including China, India, Russia) supports unique cross-border transaction capabilities

• › Consistent investment in R&D and product development, even through the depths of the GFC

• › Sustained record for delivering service and product innovation, quality improvements, operational efficiencies and cost reductions

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Outlook Introduction
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Since the start of 2010, markets globally have been less buoyant than they were late last year, and there is no certainty that some of the larger transactions behind the strong first half result will be matched in the second half. These factors, combined with the fact that over the past few years the first half has been stronger than the second, leave us anticipating management earnings per share growth for the full 2010 financial year of between 10% and 15%. This guidance assumes that equity, interest rate and FX market conditions remain broadly consistent with current levels for the rest of the financial year.

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Introduction Financial
CEO’s Report
Results
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Financial
Results
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Peter Barker Chief Financial Officer

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Drivers Behind 1H 2010 Financial Performance

• › Strong corporate action [CA] activity in Australia (secondary capital raisings) and Hong Kong (IPOs) significantly offsets the reduction in UK CA (the UK having had record CA activity in 2H08 and 1H09)

• › Strong stakeholder relationship management activity in the USA

• › Increased importance of counter and non-cyclical businesses

• › Benefits of the cost reductions and operating efficiencies made in the prior three halves reflected in the healthy gross margin

• › Interest rate levels and client balances

• › Some ‘green shoots’ but continued market softness in ‘traditional’ transfer agent and associated businesses

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Group Financial Performance
Financial
Results
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Note: all results are in USD millions unless otherwise indicated

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Analysis of Management EPS Financial
Results
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1H 2010 Management NPAT Analysis Financial
Results
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Free Cash Flows
Financial
Results
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Note: of the USD 49.7m Capital expenditure in 1H10, USD 34.7m is related to the acquisition of Land and Buildings in the UK and USD 4.9m is related to finance lease agreements entered into during 1H 2010.

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Revenue & EBITDA
Financial
Half Year Comparisons Results
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Revenue Breakdown
Financial
Results
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Note: All results are in USD millions. Included in the revenue results are $74.5m of Margin Income (1H09: $86.4m) and $122.6m of Recoverable Income (1H09: $116.4m)

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FY10 Regional Analysis & Revenue Financial
Results
Breakdown
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Regional Reporting

Previous Structure	Current Structure
North America Asia Pacific Europe, Middle East & Africa	USA Canada Australia & NZ Asia Europe, Middle East & Africa

Revenue Segments

Previous Structure	Current Structure
Register Maintenance	Register Maintenance
Corporate Actions	Corporate Actions
Fund Services	Business Services*
Stakeholder Relationship Management	Stakeholder Relationship Management**
Employee Share Plans	Employee Share Plans
Communication Services	Communication Services
Technology & Other	Technology & Other

• Business Services – KCC, Administar, IML events (from Corporate Actions), Computershare Voucher Services & Deposit Protection Scheme (from Registry Maintenance)

** Fund Services now incorporated primarily in Stakeholder Relationship Management

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Margin Income Analysis Financial
Results
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Average Market Interest Rates	Average Market Interest Rates
UK	5.71%	5.19%	4.16%	0.82%	0.50%
US	4.85%	2.67%	1.53%	0.27%	0.25%
Canada	4.45%	3.51%	2.58%	0.64%	0.25%
Australia	6.52%	7.12%	6.23%	3.35%	3.24%

• Note: some balances attract no interest or a set margin for Computershare.

• Source: UK – Bank of England MPC Rate; US – Federal Reserve Fed Funds Rate; Canada – Bank of Canada Overnight Target Rate; Australia – Reserve Bank of Australia Cash Rate

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1H 2010 Revenue & EBITDA
Financial
Regional Analysis Results
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Total Revenue breakdown

EBITDA breakdown

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Operating Costs Financial
Half Year Comparisons Results
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Technology Costs Financial
Continued Investment to Maintain Strategic Advantage Results
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Balance Sheet as at 31 December 2009
Financial
Results
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Key Financial Ratios Financial
Results
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EBITDA Interest Coverage

Net Financial Indebtedness to EBITDA

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Debt Facility Maturity Profile Financial
Results
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Capital Expenditure vs. Depreciation Financial
Results
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Working Capital Management Financial
Results
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Return On Invested Capital Vs. WACC and Financial
Results
Return on Equity
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Equity Management – Interim Dividend Financial
Results
of 14 cps (AU)
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Financial Summary – Final Remarks Financial
Results
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• › Record revenue, EBITDA, gross margin, operating cash flow and management EPS

• › The results of decisions made in the past two years (strategic acquisitions, combined with disciplined cost and capital expenditure management) are evidenced in the revenue, EBITDA, cashflow and EPS result

• › Maintained conservative balance sheet

• › Interim dividend of AU 14 cents per share, franked to 50%

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

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Group Strategy and Priorities CEO’s
Report
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Our group strategy remains as it has been:

• › 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

In addition, we continue to commit priority resources in two areas:

• › continuing to lift our market position

• › engaging with a range of proposals and projects around the globe that look to change the legal and/or operational structure of securities ownership and of communications between issuers and investors (we refer to these matters as “market structure”)

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Delivery Against Strategy CEO’s
Report
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Delivering on the first two limbs of the strategy (cost and revenue) has been a key factor in growing our profits:

• › operational productivity (and therefore margin) continues to trend upwards across the globe

• › returns from revenue initiatives have partially off-set revenue losses from GFC related client losses, lower interest rates and reduced transaction (dealing and M&A) volumes

• › our position at the top of independent service surveys supports client retention and pricing

We continued to pursue inorganic growth, having acquired HBOS Employee Equity Solutions in the UK, I-nvestor in Denmark and the former National City Bank transfer agency business in the USA. We continue to examine a broad range of acquisition opportunities, and our strong balance sheet and robust cashflows enable us to move quickly when we identify worthwhile opportunities

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Priority - Lifting our Market Position
CEO’s
Report
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• › We continue to enhance the quality of our operational and client directed processes

• › We continue to release a range of new and enhanced products across the full range of our businesses

• › Third party shareholder and issuer satisfaction surveys, as well as our own market research, continue to show that the market recognises the edge that our quality and product innovation give us

• › The future ownership of a range of our competitors is uncertain, with some preparing for the exit of private equity and other non-strategic owners

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Priority - Market Structure Projects CEO’s
Report
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• › We continue to work on a range of market structure projects around the world

• some are driven by brokers’ and custodians’ desire for back-office efficiencies - in these cases, the interests of our clients (issuers of securities) are often at risk, as the targeted back office efficiency comes at significant cost to transparency and communication between issuers and investors

• others are driven by issuers responding to increasing investor power and activism by seeking better visibility of who owns their securities and better ways to communicate with them

• › Examples include the ECB’s Target 2 Securities project and the “proxy plumbing” enquiries of the US SEC - similar exercises are underway in Russia, Hong Kong and the UK

• › In all cases, our global experience gives us a unique and widely-valued perspective, and we are active and influential participants in the debate

• › We work to deliver our clients better transparency of their ownership and more effective communication channels with their investors

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USA Update CEO’s
Report
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• › Excellent service levels and quality are being maintained across all businesses

• › The Computershare Fund Services mutual fund solicitation business had a very strong first half

• › The performance of the KCC bankruptcy administration business continues to exceed expectations, but volumes are off their late 2009 peaks

• › M&A remains quiet, hurting corporate actions revenues, but rule 452 changes are helping the corporate proxy solicitation business

• › The “proxy plumbing” reforms are proceeding, with an SEC concept paper expected later this half

• › Low interest rates and general economic conditions continue to drag on revenues

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Canada Update CEO’s
Report
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• › The corporate trust business is performing well, with balances showing strong growth and encouraging levels of bond issuance

• › M&A has been very slow, impacting both investor services and proxy solicitation. There have been some signs of improvement over the past quarter, with volume improving but values are still down

• › The investor services business is seeing improvement in transactional revenues

• › Good progress is being made on a range of market efficiency initiatives in cooperation with Canadian Depository for Securities

• › On top of lower deal flows, the proxy solicitation business is being impacted by increased competition

• › The plans business is doing well, with encouraging take up of tax-free savings account product

• › The Communication Services business continues to perform well with increasing external revenues

• › Low interest rates drag across a range of the Canadian businesses

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EMEA Update CEO’s
Report
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• › Investor Services UK competing strongly and revenues holding up well despite GFC-related client losses and reduced corporate actions - IPO activity increasing and winning more than our share

• › HBOS Employee Equity Solutions acquisition complete and now clear leader in UK Plans - integration underway and seeing good flows of new business

• › Move to 100% ownership of our long-standing Jersey JV also completed

• › New system implemented at Voucher Services and UK government support for childcare voucher system confirmed

• › New Russian management team in place to integrate NRC and Nikoil once buyout of remaining stake in Nikoil finalised (only regulatory approval outstanding)

• › I-nvestor integration complete and “go forward” teams in place in Copenhagen and Stockholm.

• › Depressed UK property prices let us take control of our key UK operations centre – will initiate refit and may consider sale and lease-back down the track

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Asia Update CEO’s
Report
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• › HK IPOs were the highlight for Asia – good volumes and reasonable participation levels drove strong revenues

• › Better capture of related revenue streams (eIPO, corporate actions, print management, etc) also helped

• › Market structure developments to reduce the reliance on paper in the HK market are progressing well, with the regulator issuing a consultation paper in late December 2009

• › China plans business continues to grow profitably

• › Indian IPO activity is returning

• › Indian mutual fund administration business continues to grow through client wins and AUM increases

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Australia & New Zealand Update CEO’s
Report
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• › Strong levels of capital raising generally drove good corporate actions revenues and the Myer IPO was a highlight

• › Communication Services business had a disappointing mid 2009 but much more encouraging recently

• › The Government retreated from proposed tax changes that would have hurt our Plans Management business severely (and had strongly negative impacts in many much broader ways)

• › Ongoing focus on quality risk, and continuous improvement led to our Operations area being a recipient of the prestigious Australian Business Excellence award

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Computershare Limited Half Year Results 2010 Presentation

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Appendix: Half Year Results 2010 Presentation

10 February 2010

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Appendix 1: Group Comparisons
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Group Comparisons

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CPU Revenues
Financial
Results
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1H 2010 Revenue
Financial
Regional Analysis Results
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Revenue
Financial
Half Year Comparisons Results
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Operating Costs
Financial
Half Year Comparisons Results
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Underlying Effective Tax Rate Financial
Results
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Hedge Lifecycles Financial
Results
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Hedging of Long Term Sustainable Balances

100% 80% 60% 40% 20% 0% Jan-10 Jan-11 Jan-12 Jan-13 Total Hedging (derivatives, term deposits and floating rate debt)

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Impact

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Interest Rate Sensitivity Financial
Results
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US$m PBT
80
Impact
Reflects estimated contribution of derivatives and
fixed deposits over the next twelve months 60
assuming cash rates remain unchanged.
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
Represents cash rates for USD, CAD, GBP and
AUD as at balance date.
-40
-60
Exposure Hedged exposure
-80
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This graph outlines the sensitivity of interest rate changes when measured against core client balances (long term sustainable balances), adjusted by the impact of floating rate debt, corporate cash balances and derivative positions.

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Interest Rate Hedging Financial
Risk Management Results
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Interest Rate Hedging

Current Strategy

Continue to monitor medium term swap rates with the intention of accumulating cover should rates rise

Policy

• Minimum hedge of 25% / Maximum hedge of 100% - Minimum term 1 year / Maximum term 5 years - Current hedging of balances exposed to interest rates: 45%

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Risk Management – Average Funds Balances
Financial
for half year ending 31 December 2009 Results
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*** Average funds balance US$8.2b**

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Appendix 2: Country Summaries Financial
Results
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Country Summaries

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Australia
Financial
Half Year Comparison Results
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New Zealand
Financial
Half Year Comparison Results
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Hong Kong Financial
Half Year Comparison Results
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India
Financial
Half Year Comparison Results
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United States
Financial
Half Year Comparison Results
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Canada
Financial
Half Year Comparison Results
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United Kingdom Financial
Half Year Comparison Results
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Ireland
Financial
Half Year Comparison Results
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Germany Financial
Half Year Comparison Results
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South Africa
Financial
Half Year Comparison Results
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Russia
Financial
Half Year Comparison Results
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Appendix 3: Assumptions Financial
Results
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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

USD AUD HKD NZD INR CAD GBP EUR ZAR RUB AED CNY DKK SEK	1.00000 1.15886 7.75017 1.44504 47.67861 1.08927 0.60997 0.68995 7.65754 30.42774 3.67258 6.82944 5.13507 7.16533

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