COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2013

Feb 12, 2013

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COMPUTERSHARE LIMITED (ASX:CPU)

FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2012

13 February 2013

NOTE: All figures (including comparatives) are presented in US Dollars unless otherwise stated.

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

Copies of the 1H13 Results Presentation are available for download at: http://www.computershare.com/au/about/ir/financials/Pages/results.aspx

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MARKET ANNOUNCEMENT

Melbourne, 13 February 2013 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per Share (eps) of 17.02 cents for the six months ended 31 December 2012, a decrease of 15.2% on the prior corresponding period (pcp – being the six months ended 31 December 2011). Management Adjusted Earnings per Share was 26.87 cents, an increase of 16.4% on the pcp. Statutory Net Profit after Non-Controlling Interest (NCI) fell 15.2% on pcp to $94.6 million whilst Management Adjusted Net Profit after NCI climbed 16.4% to $149.3 million.

Total operating revenues were 26.4% higher than pcp at $987.6 million. Operating cash flows fell 8.9% versus 1H12 to $133.3 million.

An interim dividend of AU 14 cents per share, 20% franked, has been declared. The interim dividend is unchanged from the final dividend paid in September 2012, however the franked percentage has dropped from 60% to 20%.

Headline Statutory results for 1H13 (see Appendix 4D) as follows:

	1H13		Versus 2H12	Versus 1H12
				(pcp)
Earnings per Share (Post NCI)	17.02 cents		Up 54.1%*	Down 15.2%*
Total Revenues and Other Income	$987.6m		Down 7.7%	Up 25.4%
Total Expenses	$895.0m		Down 9.2%	Up 38.8%
Statutory Net Profit (Post NCI)	$94.6m		Up 54.1%*	Down 15.2%*

*refer to the restatement in note 2 of the Appendix 4D announcement

Headline Management Adjusted results for 1H13 as follows:

	1H13		Versus 2H12	Versus 1H12		1H13 at 1H12	1H13 at 1H12
				(pcp)		exchange	exchange rates
						rates	versus 1H12
Management Earnings per Share	26.87 cents		Up 3.3%	Up 16.4%		27.26 cents	Up 18.1%
(Post NCI)
Total Operating Revenues	$987.6m		Down 4.8%	Up 26.4%		$1,003.4m	Up 28.4%
Operating Expenses	$746.3m		Down 5.6%	Up 30.9%		$758.9m	Up 33.2%
Management Earnings before	$241.4m		Down 2.4%	Up 14.1%		$244.6m	Up 15.7%
Interest, Tax, Depreciation and
Amortisation (EBITDA)
EBITDA margin	24.4%		Up 60bps	Down 270bps		24.4%	Down 270 bps
Management Net Profit after NCI	$149.3m		Up 3.3%	Up 16.4%		$151.5m	Up 18.1%
Cash Flow from Operations	$133.3m		Down 29.2%	Down 8.9%
Free Cash Flow	$109.7m		Down 30.6%	Down 19.6%
Days Sales Outstanding (DSO)	48 days		Up 5 days	Up 6 days
Capital Expenditure	$23.9m		Down 36.9%	Down 1.2%
Net Debt to EBITDA ratio	2.72 times		Down 0.14	Down 0.20
			times	times
Interim Dividend	AU 14 cents		Flat	Flat
Interim Dividend franking amount	20%		Down from	Down from
			60%	60%

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MARKET ANNOUNCEMENT

Reconciliation of Statutory results to Management Adjusted results

	1H13 USD 000’s
Net profit after tax as per Statutory results Management Adjustments (after tax) Intangible assets amortisation Provision for tax liability Acquisition costs Indian acquisition put option liability Marked to market adjustments on derivatives Total Management Adjustments Net profit after tax as per Management Adjusted results	94,587 33,029 439 20,883 794 (431)
	54,714
	149,301

Management Adjustments

The Company will continue to provide a summary of post tax Management Adjustments. Management Adjusted 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 Company’s performance on a comparative basis and provides a better measure of underlying operating performance. The items excluded from the Management Adjusted results in 1H13 were as follows:

• Customer contracts and other intangible assets are recognised separately from goodwill on acquisition and amortised over their useful life in the Statutory results. The amortisation of these intangibles for the six month period was $33.0 million.

• Provision of $439,000 for a potential tax liability associated with prior year business activities.

• Integration costs of $20.9 million related to the Shareowner Services acquisition.

• Put option liability re-measurement expense of $794,000 related to the Karvy acquisition in India (refer to Note 2 in the Appendix 4D Announcement and the related restatement in the financial accounts).

• Derivatives that have not received hedge designation are marked to market at reporting date and taken to profit and loss in the Statutory results. The valuations, resulting in a gain of $431,000 relate to future estimated cash flows.

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MARKET ANNOUNCEMENT

Commentary (based on Management Adjusted results)

Computershare delivered Management Earnings per Share of 26.87 cents, up 16.4% on the 1H12 result. 1H13 revenues were 26.4% higher at $987.6 million largely as result of acquisitions that occurred during 1H12. Management EBITDA was $241.4 million, up 14.1% on pcp whilst Management NPAT rose 16.4% to $149.3 million. EBITDA margin was 270bps lower than 1H12 at 24.4%, reflecting the continued softening in highermargin transactional based revenues. Operating expenses grew 30.9% on pcp, again driven by 1H12 acquisitions. Cash flow from operations was 8.9% lower than 1H12 at $133.3 million.

The Specialized Loan Servicing (SLS), Serviceworks and Shareowner Services acquisitions during 1H12 drove the material uplift in revenue, operating expenses and earnings over pcp. Existing businesses continued to find market conditions challenging, particularly transaction-driven revenue lines. Stakeholder relationship management revenue for the half was lower than any period since the acquisition of the Georgeson business in late 2003.

The business services segment was 63.1% higher than 1H12 due mostly to the SLS and Serviceworks six month contribution. In addition, the US bankruptcy administration, UK deposit protection scheme, Canadian corporate trust and Indian mutual fund businesses delivered higher revenues versus 1H12. Conversely, the US class actions and UK voucher services businesses were unable to match their 1H12 outcomes.

Average client balances continued to climb, 38% higher than pcp at $16.7 billion for 1H13 largely on the back of the Shareowner Services impact. Given the contribution from some large corporate actions and escrow balances during the half it is uncertain whether current client balance levels are sustainable. The balance uplift drove total margin income materially higher than pcp and aided the improvement in EBITDA.

Computershare’s CEO, Stuart Crosby, said, “We have witnessed a recent up-tick in equity markets as reflected in the higher index levels across the globe, however we are yet to see a demonstrable improvement in corporate actions globally. Global uncertainty and soft corporate confidence remain the impediment, but we are positioned to take advantage of any shift in attitude that results in more issuer activity. Interest rates remain at their recent lows, and the high levels of liquidity within financial institutions globally mean that we are starting to find it harder to achieve the premiums over reference rates that we have been able to achieve in the past. Fortunately client balances have continued to grow and support our margin income, but it is not possible to predict whether these balances can be sustained at these levels.

“The Shareowner Services integration and forecast synergies remain on track. The contributions from SLS and Serviceworks continue to meet expectations. But transaction based revenues remain challenged and we continue to rely heavily on our annuity revenue streams.

“In November we said that we expect Management eps to be between 10% and 15% higher than in FY12. Since November, there has been an increase in optimism about a range of the economies in which we operate and equity market price levels have risen. To date, we have seen no material flow through of these factors to our businesses. We continue to expect Management eps for FY13 to be between 10% and 15% higher than in FY12. As usual, our assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels.”

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MARKET ANNOUNCEMENT

Below is a summary of Statutory and Management eps performance since 1H09:

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Statutory & Management eps
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13
Stat US cents Mgmt US cents
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Regional Summary

Australia and New Zealand

Revenues in Australia & New Zealand increased 9.1% on 1H12 to $228.1 million whilst EBITDA increased 3.9% to $47.9 million. Higher revenues were underpinned by Serviceworks’ six month contribution this half versus four months in 1H12. The employee plans and communications business produced revenue growth on pcp. Register maintenance and transaction revenues were down mainly due to a reduction in holder numbers. Lower interest rates also impacted margin income for the half.

Operating costs were higher than 1H12, affected by both an increase in personnel numbers as Serviceworks continues to expand and a full six month impact from that acquisition. Revenue and expense growth was also impacted by the stronger AUD.

Asia

Revenue in Asia grew 3.3% on 1H12 to $57.3 million, however EBITDA fell 13.1% to $16.8 million. Relatively depressed IPO activity and continued soft application numbers for those transactions that are occurring continue to weigh on the HK business. In contrast, the Indian business fared better on pcp, underpinned by an increase in the value of assets under management and one-off project work in the mutual funds business.

United Kingdom, Channel Islands, Ireland & Africa (UCIA)

Revenues grew 0.6% to $145.7 million on pcp and EBITDA was flat at $53.3 million. Revenue in the UK investor services business was flat on pcp as corporate actions remain subdued. The overall revenue uplift was primarily driven by improved contributions from the employee plans and deposit protection scheme businesses and a higher margin income result. The Irish business was affected by lower corporate action revenue whilst the South African business improved on pcp.

Continental Europe

Revenues in the region fell 1.0% on pcp to $45.3 million but EBITDA increased 76.3% to $3.6 million. The Russian registry business delivered an improved outcome on 1H12 despite lower revenues. Servizio Titoli in Italy improved results on pcp but corporate proxy in Europe slowed. The German and Scandinavian businesses were relatively unchanged versus 1H12.

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MARKET ANNOUNCEMENT

United States

United States revenues increased 89.3% on 1H12 to $397.1 million and EBITDA was 91.0% higher at $72.0 million. The material increases on pcp were driven by the SLS and Shareowner Services acquisitions that occurred at the end of 1H12. The Shareowner Services’ business contributed to growth in register maintenance, corporate actions, employee plans and communication services revenues. This included a significant margin income contribution. The bankruptcy administration business recorded an improved performance on pcp, somewhat offset by a weaker class actions outcome for the half. The small shareholder programs/post-merger clean-up (SSP/PMC) business had a very strong half versus pcp whilst corporate proxy and mutual fund solicitation businesses were flat.

Canada

Canadian revenues were down 2.4% on pcp at $96.5 million and EBITDA fell 12.2% to $41.1 million. This was largely as a result of reduced transactional activity in the registry business, partially offset by a marginal improvement in the Corporate Trust business. The SSP/PMC and corporate proxy businesses were unable to match the 1H12 performance.

Dividend

The Company announces an interim dividend of AUD 14 cents per share, 20% franked, payable on 19 March 2013 (record date of 25 February 2013). This follows the final dividend of AUD 14 cents per share, 60% franked, paid in September 2012.

In January 2013, the Company announced that it has introduced a Dividend Reinvestment Plan (DRP). The DRP pricing period for this dividend will be from 27 February 2013 to 12 March 2013 (inclusive). No discount will apply to the DRP price. DRP participation elections received after 5pm (Melbourne time) on the dividend record date will not be effective in respect of this interim dividend payment but will apply to future dividend payments.

Capital Management

The Company’s issued capital was unchanged during the half. There were 555,664,059 issued ordinary shares outstanding as at 31 December 2012.

Balance Sheet Overview

Total assets grew $70.0 million to $3,751.6 million at 31 December 2012. Shareholder’s equity increased $33.9 million to $1,188.3 million over the same period.

Net borrowings increased 1.2% to $1,328.8 million (from $1,313.0 million at 30 June 2012). Gross borrowings at 31 December 2012 totalled $1,771.3 million (from $1,754.4 million at 30 June 2012).

The maturity of total debt facilities now averages 5.0 years. The SLS Advance Facility of $150.0 million that was due 1 January 2013 has been refinanced with another counterparty and now matures 31 December 2014. The next debt maturity falls due in October 2013.

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MARKET ANNOUNCEMENT

The debt maturity profile is outlined in the table below:

Maturity Dates	Maturity Dates	Debt Drawn	Committed Debt Facilities		Bank Debt Facility	Private Placement Facility
FY13		Nil	Nil		Nil	Nil
FY14	Oct-13	245.7m	250.0m		250.0m
FY15	Mar-15	124.5m	124.5m			124.5m
FY16	Oct-15	295.9m	300.0m		300.0m
FY17	Oct-16	150.8m	250.0m		250.0m
	Mar-17	21.0m	21.0m			21.0m
FY18	Feb-18	40.0m	40.0m			40.0m
FY19	Jul-18	235.0m	235.0m			235.0m
	Feb-19	70.0m	70.0m			70.0m
FY22	Feb-22	220.0m	220.0m			220.0m
FY24	Feb-24	220.0m	220.0m			220.0m
Total		$1,622.9m*	$1,730.5m		$800.0m	$930.5m

* Variance from gross debt represents finance leases ($52.3m), SLS advance facility ($72.7m) and fair value hedge adjustment on USD senior notes and amortised cost adjustment ($23.4m).

The Company’s Net Debt to Management EBITDA ratio, the key gearing metric, fell from 2.86 times at 30 June 2012 to 2.72 times at 31 December 2012.

Capital expenditure for 1H13 was down 1.2% on pcp to $23.9 million and down 36.9% on 2H12.

The Group’s Days Sales Outstanding (DSO) was up 5 days on 2H12 to 48 days.

Technology Costs

Total technology spend for 1H13 was $129.4 million, 43.9% higher than 1H12. Technology costs included $31.2 million (1H12:$34.7 million) in research and development expenditure, which was expensed during the period. The technology cost to sales revenue ratio was 13.1% for 1H13 (1H12: 11.5%). As advised at the time of the release of results for FY12, this ratio is expected to be elevated until the technology synergies are realised from the Shareowner Services acquisition. As well, we have centralised a range of technology people and functions that previously sat within relevant business units, which will result in higher reported technology cost (but no difference in real costs) going forward.

Foreign Exchange Impact

Management EBITDA would have been $244.6 million, or 1.3% higher than actual 1H13, if average exchange rates from 1H12 were applied.

Taxation

The management effective tax rate for 1H13 was 18.3% (1H12: 25.1%).

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MARKET ANNOUNCEMENT

Outlook for Financial Year 2013

In November 2012 at the Annual General Meeting, the Company said that it expected Management eps to be between 10% and 15% higher than FY12.

Since November, there has been an increase in optimism about a range of the economies in which the Company operates and equity market price levels have risen. To date, the Company has seen no material flow through of these factors to its businesses.

The Company continues to expect Management eps for FY13 to be between 10% and 15% higher than in FY12.

As usual, the Company’s assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels.

Please refer to the Half Year Results 2013 Presentation for detailed financial data.

About Computershare Limited (CPU)

Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. We also specialise in corporate trust, mortgage, bankruptcy, class action, utility and tax voucher administration, and a range of other diversified financial and governance services.

Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world’s leading organisations use us to help streamline and maximise the value of relationships with their investors, employees, creditors and customers.

Computershare is represented in all major financial markets and has over 12,000 employees worldwide.

For more information, visit www.computershare.com

Certainty Ingenuity Advantage

For further information:

Mr Darren Murphy Head of Treasury and Investor Relations Tel: +61-3-9415 5102 Mobile: +61-418 392 687

Computershare Limited Half Year Results 2013 Presentation

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Introduction
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CEO’s
Report
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2

Introduction

Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER

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Results Summary Introduction
Statutory Results
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		1H13	Vs 2H12	Vs 1H12 (pcp)		Management adjusted results are used, along with other measures, to assess operating business performance. The
	Earnings per share (post NCI)	17.02 cents	54.1%*	(15.2%)*		Company believes that exclusion of certain items permits better
						analysis of the Company’s performance on a comparative basis
	Total Revenues	$987.6m	(7.7%)	25.4%		and provides a better measure of underlying operating
	Total Expenses	$895.0m	(9.2%)	38.8%		performance.
	Statutory Net Profit (post NCI)	$94.6m	54.1%*	(15.2%)*		Management adjustments are made on the same basis as in prior
						years. They are predominantly non-cash items.
	Reconciliation of Statutory results to Management Adjusted results			1H13		This year’s non-cash management adjustments include significant amortisation of identified intangible assets from businesses
						acquired in recent years, which will recur in subsequent years,
	Net profit after tax per statutory results			$94.6m		and one-off charges.
	Management Adjustments (after tax)					Cash adjustments are predominantly expenditure on acquisition- related and other restructures, and will cease once the relevant
	Recurring – Amortisation – Intangibles			33.0		acquisition integrations and restructures are complete.
	Recurring – Marked to Market			(0.4)		A full description of all management adjustment items is included
	Recurring – Indian acquisition put option liability			0.8		in the ASX Appendix 4D Note 8.
	Non Recurring – Acquisition costs			20.9		The non-IFRS financial information contained within this
	Non Recurring – Provision for tax liability			0.4		document has not been reviewed or audited in accordance with
	Total Management Adjustments			$54.7m		Australian Auditing Standards.
	Net Profit after tax per Management Adjusted results			$149.3m

*** Prior period Statutory results were restated due to re-measurement of put option liability. Refer to ASX Appendix 4D Note 2 Note: all figures in this presentation are in USD M unless otherwise indicated**

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Results Summary Introduction
Management Adjusted Results
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	Results Summary Management Adjusted Results Introduction
	Note: all results are in USD M unless otherwise indicated 1H 2013 2H 2012 v 2H 2012 1H 2012 v 1H 2012 1H 2013 @ 1H 2012 exchange rates Management Earnings per share (post NCI) US 26.87 cents US 26.00 cents Up 3.3% US 23.09 cents Up 16.4% US 27.26 cents Total Revenue $987.6 $1,037.3 Down 4.8% $781.4 Up 26.4% $1,003.4 Operating Costs $746.3 $790.2 Down 5.6% $569.9 Up 30.9% $758.9 Management Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) $241.4 $247.5 Down 2.4% $211.5 Up 14.1% $244.6 EBITDA Margin 24.4% 23.9% Up 60 bps 27.1% Down 270 bps 24.4% Management Net Profit after NCI $149.3 $144.5 Up 3.3% $128.3 Up 16.4% $151.5 Days Sales Outstanding 48 days 43 days Up 5 days 42 days Up 6 days Cash Flow from Operations $133.3 $188.2 Down 29.2% $146.4 Down 8.9% Free Cash Flow $109.7 $158.1 Down 30.6% $136.4 Down 19.6% Capital Expenditure $23.9 $37.9 Down 36.9% $24.2 Down 1.2% Net Debt to EBITDA ratio 2.72 times 2.86 times Down 0.14 times 2.92 times Down 0.20 times Interim Dividend AU 14 cents AU 14 cents Flat AU 14 cents Flat Interim Dividend franking amount 20% 60% Down from 60% 60% Down from 60%

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5

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Drivers Behind 1H13 Financial Performance
Introduction
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› Revenue in transactional business lines, especially corporate actions, remain depressed. Proxy solicitation (corporate and mutual fund) still suffering.

› Register maintenance revenues better, but still soft due to lower activity based fees and holder attrition.

› Continued strong cost focus in traditional business lines, to some extent masked by technology investment and capex to support integration. A simple example – if all synergies expected from the Shareowner Services integration were already realised, EBITDA margin would be nearly 3% higher.

› Employee share plans continue to perform strongly, with continuing realisation of benefits from the HBOS EES acquisition (migrations almost completed).

› Margin balances remain strong, but today’s liquidity environment puts pressure on what banks will pay for deposits and therefore on yields on rolled hedges. › Serviceworks group continues to track well and ahead of plan.

› SLS continues to win business but growth has slowed as some on-boardings have been delayed by external factors. We remain very confident about the business going forward, but are realising that growth can be quite lumpy.

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6

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Computershare Strengths Introduction
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› Leading market position in all major markets for equity investor record-keeping and employee stock plan administration based on:

› sustainable advantages in technology, operations, domain knowledge and product development;

› sustained quality excellence and operational efficiency; and

› a joined-up global platform (20+ countries including China, India and Russia), and seamless development and execution of cross-border solutions.

› Demonstrated track record for successfully moving into new business lines with similar operational and market profiles, and integrating and delivering synergies from acquisitions in existing business lines.

› Well over 70% of revenues recurring in nature.

› Long track record of excellent cash realisation from operations.

› Balance sheet remains strong and gearing remains prudent, with average maturity 5 years and no more than USD 305M maturing in any one financial year.

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Guidance
Introduction
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• › In November 2012 at the AGM we said that we expect Management eps to be between 10% and 15% higher than in FY12.

• › Since November, there has been an increase in optimism about a range of the economies in which we operate and equity market price levels have risen. To date, we have seen no material flow through of these factors to our businesses.

• › We continue to expect Management eps for FY13 to be between 10% and 15% higher than in FY12.

• › As usual, our assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels.

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Introduction
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CEO’s
Report
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9

Financial Results

PETER BARKER CHIEF FINANCIAL OFFICER

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Group Financial Performance Financial
Results
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	Group Financial Performance Financial Results
	Note: all results are in USD M unless otherwise indicated 1H 2013 2H 2012 % variance to 2H 2012 1H 2012 % variance to 1H 2012 Sales Revenue $974.7 $1,030.6 (5.4%) $772.0 26.3% Interest & Other Income $12.9 $6.7 92.6% $9.4 37.2% Total Revenue $987.6 $1,037.3 (4.8%) $781.4 26.4% Operating Costs $747.6 $790.2 (5.4%) $569.9 31.2% Share of Net (Profit)/Loss of Associates ($1.4) ($0.3) ($0.1) Management EBITDA $241.4 $247.5 (2.4%) $211.5 14.1% Statutory NPAT $94.6 $61.4 54.1% $111.5 (15.2%) Management NPAT $149.3 $144.5 3.3% $128.3 16.4% Management EPS (US cents) 26.87 26.00 3.3% 23.09 16.4% Statutory EPS (US cents) 17.02 11.04 54.1% 20.06 (15.2%)

Note: all results are in USD M unless otherwise indicated

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Management EPS Financial
Results
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70
60 57.80
55.67
49.09
50
40
31.38
28.71
30 26.42 26.96 26.00 26.87
23.09
20
10
0
2010 2011 2012 2013
1H 2H FY
US Cents
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12

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1H13 Management NPAT Analysis Financial
Results
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180
170
9.6
160 5.7 14.7
1.8 0.0 2.5 1.6 0.5
3.4
150 0.4
34.3
140
130
149.3
120
128.3
110
100
1H12 EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - Tax Interest Dep'n & NCI 1H13
NPAT USA Canada ANZ UCIA ASIA CEU Tech & Expense Expense Amort NPAT
Corp
USD M
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13

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Revenue & Management EBITDA Financial
Results
Half Year Comparisons
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1,200 60%
1,037.3
987.6
1,000 50%
837.6
807.5 812.1
781.0 781.4
800 40%
34.0%
31.5%
29.1% 29.6%
600 30%
27.1%
23.9% 24.4%
400 20%
274.8
236.1 246.0 247.6 247.5 241.4
211.5
200 10%
0 0%
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Revenue Management EBITDA Operating Margin
Revenue & EBITDA USD M Operating Margin %
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14

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Revenue Breakdown
Financial
Results
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	Revenue Breakdown Financial Results
	Note: all results are in USD M unless otherwise indicated Revenue Stream 1H 2013 2H 2012 % variance to 2H 2012 1H 2012 % variance to 1H 2012 Register Maintenance $394.7 $440.6 (10.4%) $334.2 18.1% Corporate Actions $92.8 $88.7 4.7% $67.4 37.7% Business Services $241.8 $234.7 3.0% $148.3 63.1% Stakeholder Relationship Mgt $31.2 $52.2 (40.2%) $34.6 (9.9%) Employee Share Plans $112.5 $112.3 0.1% $85.0 32.3% Communication Services $98.3 $91.7 7.3% $90.3 8.9% Technology & Other Revenue $16.3 $17.2 (5.0%) $21.5 (24.3%) Total Revenue $987.6 $1,037.3 (4.8%) $781.4 26.4%

Note: all results are in USD M unless otherwise indicated

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15

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Revenue & Management EBITDA – Regional Analysis Financial
Half Year Comparisons Results
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Revenue Breakdown

EBITDA Breakdown

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1,200 300
1,037.3
987.6 246.0 247.6 247.5
241.4
1,000 250
110.5
97.0
837.6 48.4 52.2 211.5 50.8 45.1
781.0 781.4
800 200
111.7
94.5 99.4 53.6
452.5
407.2
66.2
69.1
77.6
600 266.4 150 90.2
217.7
258.5 43.2
2.2
12.4
58.1 45.1 62.9 41.1 3.1 4.0
400 34.3 100 56.8 7.4
150.4
141.2 162.9 147.9 156.9 62.4 60.7 60.7
56.9
59.7
200 68.3 57.5 57.1 54.0 50 30.8
18.1
19.9 19.4
15.0
184.3 180.9 214.1 200.7 232.2 41.6 31.6 31.6 27.2 36.0
0 0
1H11 2H11 1H12 2H12 1H13 1H11 2H11 1H12 2H12 1H13
Australia & NZ Asia UCIA Continental Europe USA Canada Australia & NZ Asia UCIA Continental Europe USA Canada
USD M USD M
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Margin Income Analysis Financial
Results
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----- Start of picture text -----

200 16.7 18
15.4
180 16
160
14
12.1
140 11.2
12
117.4 120.0
120
9.2
8.8 10
8.2
100 87.0 89.0
84.5 8
77.5
80 74.5
6
60
4
40
20 2
0 0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Margin Income Average balances
Average Market Interest rates
1H10 2H10 1H11 2H11 1H12 2H12 1H13
UK 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
US 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Canada 0.25% 0.29% 0.88% 1.00% 1.00% 1.00% 1.00%
Australia 3.24% 4.10% 4.58% 4.76% 4.64% 4.05% 3.34%
USD Billion
USD Million
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Note 1: Some balances attract no interest or a set margin for Computershare Note 2: Analysis includes Shareowner Services client funds from 2H12 * UK – Bank of England MPC Rate; US – Fed Funds Rate; Canada – Bank of Canada Overnight Target Rate; Australia – RBA Cash Rate

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1H13 Client Balances – Financial
Results
Interest Rate Exposure
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Average funds (USD 16.7b) held during 1H13

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No exposure
22% ($3.6b)
Exposure to
interest rates
48% ($8.1b)
Effective
hedging:
natural
6% ($0.9b)
Effective
hedging:
derivative /
fixed rate
24% ($4.0b)
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CPU had an average of USD16.7b of client funds under management during 1H13.

For 22% ($3.6b) of the 1H13 average client funds under management, CPU had no exposure to interest rate movements either as a result of not earning margin income, or receiving a fixed spread on these funds.

The remaining 78% ($13.1b) of funds were “exposed” to interest rate movements. For these funds:

 24% had effective hedging in place (being either derivative or fixed rate deposits).  6% was naturally hedged against CPU’s own floating rate debt.

The remaining 48% was exposed to changes in interest rates.

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18

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1H13 Client Balances – Financial
Results
Interest Rate Exposure and Currency
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“Exposed Funds” by Currency (1H13 Average Balances)

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Total Exposed Funds Non-hedged Exposed
(both hedged and non-hedged) Funds
Other AUD Other AUD
3% ($0.3b) 3% ($0.3b)
4% ($0.5b) 5% ($0.4b)
CAD
19% ($2.5b)
CAD
28% ($2.3b)
USD
USD
44% ($3.5b)
49% ($6.5b) GBP
25% ($3.3b)
GBP
20% ($1.6b)
Average exposed funds balance prior to any Average exposed funds balance net of
hedging hedging
US$13.1b US$8.1b
(US$16.7b x 78%) (US$16.7b x 48%)
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19

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Client Balances – Forward view of Hedges Financial
Results
Fixed Rate Deposits and Derivatives in place at 31 Dec 2012
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4,500
Hedging (fixed rate deposits) Hedging (derivatives)
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Policy:
Minimum hedge of 25% / Maximum hedge of 100%
Minimum term 1 year / Maximum term 5 years
(some exceptions permitted under the Board policy)
Current Strategy:
Continue to monitor medium term swap rates with the intention of accumulating cover should rates rise materially
USD M Total hedges
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20

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Total Management Operating Costs Financial
Results
Half Year Comparisons
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900
790.2
800
746.3
700
196.8
168.3
590.4
600 575.7 569.9
535.6 535.1
154.2
500 148.6 132.0
138.8 139.6
400
300 593.4 577.9
427.1 436.2 437.9
200 396.8 395.4
100
0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Controllable Costs (excl COS) Cost of Sales (COS)
USD M
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Management Operating Costs Financial
Half Year Comparisons Results
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450
400
350
300
250
200
150
100
50
0
Cost of Sales Personnel Occupancy Other Direct Technology
1H10 2H10 1H11 2H11 1H12 2H12 1H13
365.9 361.6
293.4 290.4
283.7
263.7
256.1
196.8
USD M
168.3
154.2
148.6
138.8 139.6
132.0 129.4
122.6
89.9
80.0 81.8 80.7 79.3
60.6
44.3 47.7
30.3 34.8 33.9 34.6 36.9 39.2 22.7 26.8 24.6 28.9 20.7
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*** Corporate operating costs have been allocated and reported under the five main cost categories – cost of sales, personnel, occupancy, other direct and technology. Technology costs includes personnel, occupancy and other direct costs attributable to technology services.**

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22

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Technology Costs Financial
Results
Continued Investment to Maintain Strategic Advantage
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13.1%
160
11.8%
11.5% 12%
140
129.4
10.3%
10.0% 10.1% 122.6 5.7
120 9.5% 7.2 10%
100 44.2
89.9
8%
45.9
80.0 81.8 80.7 79.3 2.9
80 3.9 3.4 4.1 2.7
30.5 6%
19.0
19.9
27.6 26.1
60
48.4
23.3 26.3 21.8 46.5 4%
40 20.2 23.9
2%
20
32.9 33.0 28.8 26.6 34.7 31.2
23.0
0 0%
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Development Infrastructure Maintenance Admin Technology costs as a % of revenue
USD M
Technology costs as a % of revenue
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23

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Free Cash Flows Financial
Results
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----- Start of picture text -----

250
206.7 207.7
200 188.2
171.2
148.4 146.4
150
133.3
100
49.7
50
30.1
23.6
15.4
7.3 8.0 10.0
0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Operating Cash Flows Cash outlay on Capital Expenditure
USD M
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Note 1: 1H10 US$49.7m includes acquisition of Land and Buildings in the UK (US$34.7m) Note 2: Excludes assets purchased through finance leases which are not cash outlays

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24

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1H13 Operating Cash Flows Analysis Financial
Results
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200
180
160
42.1
49.6
140 16.5
120
46.4
35.5
100
80
146.4
133.3
60
40
20
0
Net Operating Statutory Profit Non-Cash P&L Increase in Increase in Increase in Net Operating
Cash Flow 1H12 after Tax Items Assets Loan Servicing Payables, Cash Flow 1H13
Advances Provisions &
Tax
USD M
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25

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

Balance Sheet as at 31 December 2012
Financial
Results
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		Dec-12	Jun-12	Variance
		USD M	USD M	Dec-12 to Jun-12
	Current Assets	$992.0	$956.6	3.7%
	Non Current Assets	$2,759.7	$2,725.0	1.3%
	Total Assets	$3,751.6	$3,681.7	1.9%
	Current Liabilities	$767.1	$550.9	39.3%
	Non Current Liabilities	$1,796.2	$1,976.5	(9.1%)
	Total Liabilities	$2,563.3	$2,527.3	1.4%
	Total Equity	$1,188.3	$1,154.3	2.9%

See CPU interim Financial Statements Appendix 4D as at 31 December 2012 for full details. Dec-12 current liabilities includes the USD 250M club debt facility which matures in October 2013.

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Key Financial Ratios Financial
Results
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EBITDA Interest Coverage Net Financial Indebtedness to EBITDA
25
3.5
3.0
20
2.5
15
2.0
22.1 22.3
10 1.5 2.92 2.86 2.72
17.0
15.1
13.2 1.0
5 9.5 1.42 1.40 1.42 1.35
7.3 0.5
0 0.0
1H10 2H10 1H11 2H11 1H12 2H12 1H13 1H10 2H10 1H11 2H11 1H12 2H12 1H13
Dec‐12 Jun‐12 Variance
USD M USD M Dec‐12 to Jun‐12
Interest Bearing Liabilities $1,771.3 $1,754.4 1.0%
Less Cash ($442.4) ($441.4) 0.2%
Net Debt $1,328.8 $1,313.0 1.2%
Management EBITDA (rolling 12 months) $488.8 $459.0 6.5%
Net Debt to Management EBITDA 2.72 times 2.86 times Down 0.14 times
Times
Times
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27

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

Debt Facility Maturity Profile
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	Debt Facility Maturity Profile
	Note: Average debt facility maturity is now 5.0 years Maturity Dates USD M Debt Committed Bank Private Placement Drawn Debt Facilities Debt Facility Facility FY13 Nil Nil Nil Nil FY14 Oct-13 245.7m 250.0m 250.0m FY15 Dec-14 72.7m 150.0m Mar-15 124.5m 124.5m 124.5m FY16 Oct-15 295.9m 300.0m 300.0m FY17 Oct-16 150.8m 250.0m 250.0m Mar-17 21.0m 21.0m 21.0m FY18 Feb-18 40.0m 40.0m 40.0m FY19 Jul-18 235.0m 235.0m 235.0m Feb-19 70.0m 70.0m 70.0m FY22 Feb-22 220.0m 220.0m 220.0m FY24 Feb-24 220.0m 220.0m 220.0m TOTAL $1,695.6m $1,880.5m $800.0m $930.5m 124.5 21.0 235.0 40.0 70.0 220.0 220.0 150.0 72.7 250.0 300.0 250.0 245.7 295.9 150.8 0 50 100 150 200 250 300 350 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 USD M USPP New USPP SLS Advance Facility SLS Advance Facility drawn Syndicated Debt Facility Syndicated Debt drawn

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28

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Capital Expenditure vs. Depreciation Financial
Results
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----- Start of picture text -----

60
49.7
50
3.0
44.2
3.0
40 37.9
0.9
30
35.9
30.0 23.5 24.2 23.9
23.7
1.8 3.2 2.0
20 2.5
3.9
4.6
12.9
2.1
0.8 8.7
10 1.7
17.2
2.0 14.6 2.7
1.0
9.2 10.4 1.0 11.1
6.4
4.7
0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Information Technology Communication Services Facilities Occupancy Other Depreciation
USD M
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Notes:

1H10 US$49.7m includes acquisition of UCIA HQ building in Bristol, UK.

2H10 US$44.2M includes conversion of group HQ building in Melbourne, Australia from operating lease to finance lease.

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29

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Working Capital Management Financial
Results
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----- Start of picture text -----

Days Sales Outstanding
50 48
45 43
42
41 41
40
40 38
35
30
25
20
15
10
5
0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
No. Of Days
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30

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

Return On Invested Capital vs. WACC and Financial
Results
Return on Equity
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----- Start of picture text -----

35%
31.44%
30%
26.93%
24.28%
25%
22.34%
19.90%
18.45%
20%
14.37% 14.73%
15% 17.36% 16.94%
13.57% 13.61%
10%
10.41%
9.83%
8.61% 8.63%
5%
0%
FY10 FY11 FY12 1H13
WACC ROIC (Previous) ROIC (Revised) * ROE
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*** ROIC = (EBITDA less Depreciation less Income Tax expense)/(Total Debt add Total Equity less Cash) The FY12 ROIC calculation included a full year proforma for Serviceworks, SLS and Shareowner Services**

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Equity Management Financial
Results
Interim Dividend of 14 cents (AU)
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EPS ‐ Statutor y

US 17.02 cents

EPS ‐ Mana ement US 26.87 cents g Interim Dividend AU 14 cents (20% franked) Current Yield* 2.8%

*** Based on 12 month dividend and share price of AU$10.07 (close 8th Feb 2013)**

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Financial Summary – Final Remarks Financial
Results
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• › We continue to experience generally difficult trading conditions across most business lines.

• › However, ongoing disciplined expense and capital expenditure management continue to drive solid results and cash flow.

• › The Serviceworks and SLS acquisitions are both performing well and are anticipated to be future growth engines.

• › The Shareowner Services acquisition is also performing well with integration and synergy realisation on track.

• › DRP further diversifies options for future sources of funding.

• › Maintained strong and conservative balance sheet.

• › Interim dividend unchanged at AUD 14 cents per share, franked to 20% (down from 60%).

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

CEO’s
Report
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34

CEO’s Report

Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION

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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 three areas:

• › Integration of recent acquisitions.

• › Lifting our market position.

• › Engaging with regulatory developments and market structure change in the many jurisdictions in which we operate.

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Delivery against strategy CEO’s
Report
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Delivering on the first two limbs of the strategy (cost & revenue) is as always a key priority:

› Our processes of measuring and benchmarking operational and shared services costs continue to deliver benefits. Over the next period, the Shareowner Services business’s off-shore capabilities are expected to bring meaningful quality benefits and savings when deployed to the legacy US client base, into other geographies, and beyond operations (e.g. for technology).

• › Our position at the top of independent service surveys across the world evidences our quality achievements.

• › Revenue initiatives continue to deliver benefits, and there is some evidence of pricing benefits from the sustained quality and innovation we have delivered, but these are being overpowered by revenue drag from shareholder attrition and soft transactional volumes.

Our search for inorganic growth opportunities in existing business areas (including some of the newer business services lines) is quite active.

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Acquisitions update – Shareowner Services CEO’s
Report
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• › While revenues remain softer than originally expected (as with most of our investor services assets around the world), the integration has been very smooth, with accompanying client benefits (many major clients re-signed or resigning), and migrations and synergy realisation are running on or ahead of plan.

• › Post migration management structure agreed and announced.

• › Client attrition remains within our acquisition assumptions.

Synergies expected (as at Aug 12) USD M	FY12	FY13	FY14	FY15		Costs to realise USD M	Costs to realise USD M
Said we expected	9.3	25.0	35.0	5.0		Said we expected	50.0
Cumulative expected		34.3	69.3	74.3
						To date (as at Dec 12)	23.4
Synergies (current expectations)	FY12	FY13	FY14	FY15		Expect to come	30.1
Delivered	9.3	11.0				Increase	3.5
Incremental expected		15.7	36.8	5.0
Cumulative expected		36.0	72.8	77.8

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USA Update CEO’s
Report
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• › Encouraging new business outcomes across the combined US TA business, winning the majority of IPOs and several competitive tenders, but M&A activity is still weak.

• › Employee Plans is also winning business and revenue for the Shareowner Services Plans business is tracking well.

• › Fund Services activity continues to plumb new depths. Headcount has been reduced by a further 33%.

• › Corporate Proxy continues to win a majority of the opportunities from the Shareowner Services book. M&A activity remains pretty flat.

• › KCC Corporate Restructuring maintains its leadership in both the total and mega case market. KCC Class Actions is yet to achieve ideal name recognition with some law firms in chasing the mega deals in specific areas. However it is winning more deals overall and, through our major company relationships, being added to the tender panels of major class action targets.

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Canada Update CEO’s
Report
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• › The Canadian market continues to be competitive so client retention remains a priority.

• › Transactional activity continues to be down from prior years, however, client revenues holding up well.

• › Corporate Actions remain soft, however, we have benefitted from larger transactions in the mining and commodities sector.

• › Employee Plans and Fixed Income see revenue growth against 1H12.

• › Communication Services continues to win commercial mandates through financial institution relationships.

• › Operational costs continue to see year over year reduction driven by lower transactional activity and efficiency programs.

• › Working closely with all major participants in continued market structure debate.

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40

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UCIA Update CEO’s
Report
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• › Employee Plans business continues to perform well with good new client wins and up-sell to its existing client base. Recovery in equity markets has helped improve transactional revenue although this remains volatile.

• › The tenancy deposit franchise continues to grow. In addition to DPS in England and Wales and LPS Scotland, a new scheme set to launch in Northern Ireland as well as a new complimentary insurance scheme in England and Wales

• › Investor Services business is stable with no immediate signs of material uplift in corporate actions activity. Anticipating market structure changes in the UK and Ireland driven by new EU legislation which will impact in the medium term.

• › Voucher Services is performing satisfactorily, and operational restructure and relocation to our main UK facility is helping to unlock further efficiencies. We continue to track and influence the public policy debate that may impact this service in the future.

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Continental Europe Update CEO’s
Report
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• › Flat markets in most of CEU region, but the IPO pipeline in the Nordics and in Germany starting to fill up.

• › Germany saw largest IPO for the last 5 years (Telefonica Germany). We run the register and will provide meeting services. Spin-off of Osram from Siemens will happen in April, CPU chosen as registrar and meeting services provider.

• › Strong performances by Servizio Titoli in Italy due to extraordinary meetings.

• › Less market activity and weak 1H13 for Corporate Proxy in Southern Europe.

• › Russian business performing well and running corporate actions with high visibility (eg, share buy-back of Baltika Breweries). We have moved from 80% to 100% ownership of the former NRC.

• › Continue to look for growth opportunities in an uncertain market environment. EU initiatives (i.e. T2S, CSD-R, SLD) gain momentum and will change the industry with upside potential.

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Asia Update CEO’s
Report
----- End of picture text -----

• › HK IPO activities were still subdued in 1H13, but some signs of improvement this year. The pipeline is still healthy so with a recovery in market sentiment these deals will come through.

• › Other corporate action activity has also been subdued due to market uncertainty.

• › Registry revenue remained stable.

• › Planning for dematerialisation of the HK equities market slipped further with possible implementation moving into 2016.

• › Chinese Employee Plans and Proxy businesses continue with healthy growth in both mandates and revenue. The new AGM administration business in China continues to do well and win clients.

• › In India a small number of IPOs have got away while the improvement in stock market performance boosted the AUM and therefore fees for the mutual fund services business.

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Australia & New Zealand Update CEO’s
Report
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• › Our quality, service and client retention levels remain excellent across all our businesses.

• › Our Investor Services businesses in Australia and NZ continue to maintain their market leading positions. The corporate actions market remains subdued but we won our share – eg, Woolworths/SCA and Fonterra transactions.

• › Although the Communication Services market remains tough we continue to see opportunities, especially in leveraging our inbound capabilities.

• › The Plan Managers business continues to grow satisfactorily.

• › Serviceworks continues to grow revenue in Australia. Serviceworks has also had a small US presence for nine months with encouraging early signs.

• › In December 2012 we increased our investment in Digital Post Australia to 80%. During the last half we conducted a successful private launch and look forward to the public launch in the coming months.

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44

Computershare Limited Half Year Results 2013 Presentation

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Appendix: Half Year Results 2013 Presentation

13 February 2013

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46

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Appendix 1: Group Comparisons
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Group Comparisons

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47

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CPU Revenues Financial
Results
Half Year Comparisons
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100% 4% 4% 3% 3% 3% 2% 2%
9% 10%
10% 10% 11% 10% 12%
90%
6% 11%
9% 9% 10% 11%
80% 11%
10% 5% 3%
10% 5% 7% 4%
70%
60% 17% 17% 17% 16% 19% 23% 24%
50%
12% 10%
14% 9% 9% 9%
9%
40%
30%
20% 39% 42% 42% 44% 43% 42% 40%
10%
0%
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue
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48

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Revenue by Product Financial
Results
Half Year Comparisons
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1,200
1,037.3
17.2 987.6
1,000
91.7 16.3
98.3
837.6
807.5 812.1 112.3
781.0 23.6 781.4 112.5
800 28.8 28.8 52.2
24.1 87.5 21.5
78.1 80.9 31.2
84.7 90.3
49.6 70.1 83.6
74.0 85.0 234.7
600 81.6 81.9 57.6 241.8
39.5 34.6
134.9
139.8 136.5 131.2 148.3 88.7
92.8
400 82.7
112.2 71.0 96.8 67.4
440.6
200 394.7
367.7
317.3 342.9 330.8 334.2
0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue
US D M
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49

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

Revenue Financial
Results
Half Year Comparisons
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500
450
400
350
300
250
200
150
100
50
0
Register Corporate Actions Business Services Stakeholder Employee Share Communication Tech & Other
Maintenance Relationship Plans Services Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
440.6
394.7
367.7
342.9
330.8 334.2
317.3
241.8
234.7
USD M
148.3
139.8 136.5 131.2 134.9
112.2 112.3 112.5
71.0 96.8 82.7 67.4 88.7 92.8 81.6 81.9 70.1 74.0 83.6 85.0 78.1 80.9 84.7 87.5 90.3 91.7 98.3
57.6
52.2 49.6
39.5
34.6 31.2 28.8 28.8 24.1 23.6 21.5 17.2 16.3
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50

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1H13 Revenue Financial
Results
Regional Analysis
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200
180
160
140
120
100
80
60
40
20
0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
ANZ Asia UCIA CEU USA Canada
184.9
107.0
77.9
74.4
USD M
55.4
50.7 48.8
40.3 38.8
34.8 33.3
30.6
26.3
20.0 20.6 21.2 19.8
14.2
5.6 5.0 2.1 10.6 1.3 1.4 2.4 1.2 5.4 1.0 3.9 0.5 7.8 0.0 2.2 9.4 9.7 2.6 3.3 0.3 2.6 2.4 6.3 1.4
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51

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Effective Tax Rate - Statutory & Management Financial
Results
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30%
27.8%
27.0%
26.6%
25.6%
25.1%
25%
22.3%
20%
18.3%
15%
10%
5%
-2.5%
0%
-5%
FY10 FY11 FY12 1H13
Statutory Management
Tax Rate %
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The Group’s effective tax rate is negative 2.5% for the half-year ended 31 December 2012. The Group’s effective tax rate for the comparative six month period was 20.8%. Deductible interest expense and intangible asset amortisation has increased in the US as a result of its major acquisitions (which were debt funded) in November and December 2011. Consequently, the US is anticipated to be in a tax loss position which gives rise to a negative tax expense. As the US has a relatively higher statutory tax rate compared to other countries, the credit has the impact of reducing the Group’s overall effective tax rate.

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52

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Appendix 2: Country Summaries
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Country Summaries

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53

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Australia
Financial
Half Year Comparison Results
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Total Revenue Revenue Breakdown

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90
250
80
200
70
60
150
50
40
100
30
20
50
10
0 0
Register Corporate Business Stakeholder Employee Communication Tech & Other
Maintenance Actions Services Relationship Share Plans Services Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
217.3 218.3 80.0
74.7
198.1 73.5 71.0 73.1 70.9 72.4 71.9
192.6 187.9 67.8
63.9
61.6
165.2 167.4 59.9
56.5
54.4
45.8
38.8
AUD M AUD M 35.3
24.2
21.5
20.4
19.3
18.3
17.2 16.3
13.7
11.8 12.6
9.1 8.9 9.6 10.0 9.4
6.2 7.0
3.6 4.2 1.8 1.5 2.7 1.4 3.2 3.1 1.8 0.9 1.4 4.1 4.4 2.5 3.2
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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New Zealand
Financial
Half Year Comparison Results
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Total Revenue

Revenue Breakdown

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9 7
8
6
7
5
6
4
5
4 3
3
2
2
1
1
0 0
Register Maintenance Corporate Actions Business Services
1H10 2H10 1H11 2H11 1H12 2H12 1H13
8.3
8.0
7.8
7.4 7.5 5.8 5.7 5.8
7.2 5.6 5.5 5.5
5.2
6.4
NZD M NZD M
2.3
2.1
2.0 2.0
1.8
1.5
0.9
0.2 0.3 0.2
0.1 0.1
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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55

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

Hong Kong Financial
Half Year Comparison Results
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----- Start of picture text -----

Total Revenue Revenue Breakdown
400 200
180
350
160
300
140
250
120
200 100
80
150
60
100
40
50
20
0 0
Register Corporate Business Stakeholder Employee
Maintenance Actions Services Relationship Share Plans
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
172.0
327.6
155.1 153.8 157.7 159.3 156.0
151.5
297.0 147.9
135.3
253.9
234.1
226.8 225.0
210.3
HKD M HKD M
72.5
62.4
52.2
46.2
40.3
20.8
14.5 16.0 16.1
1.0 2.3 0.6 0.4 3.3 3.8 2.9 5.6 4.2 7.1 3.0 4.4 1.3 4.5 0.0 0.0 0.0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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India
Financial
Half Year Comparison Results
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Total Revenue

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Revenue Breakdown
1,600 1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
0 0
Register Maintenance Corporate Actions Business Services
1H10 2H10 1H11 2H11 1H12 2H12 1H13
1,451.3
1,140.5
1,134.2
1,101.7
1,060.1 1,074.4
1,018.5
998.0
798.4
771.6
714.2
687.8
660.0
INR M INR M 632.5
356.1
330.6
301.6 278.7 290.5 292.7
235.3
135.2
61.0 69.8
26.5 7.4 29.9 18.2
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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United States
Financial
Half Year Comparison Results
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Total Revenue Revenue Breakdown

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500 250
450
400 200
350
300 150
250
200 100
150
100 50
50
0
0
Register Corporate Business Stakeholder Employee Communication Tech & Other
Maintenance Actions Services Relationship Share Plans Services Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
452.5
215.1
407.2
184.9
312.2
297.1
138.8
135.8
266.4
258.3 126.4
117.4
112.5 112.0
USD M 217.7 USD M 107.0
65.8 65.4
58.3
48.8 48.1 51.4
45.2
39.8 40.0 37.8
34.4
31.6 30.6
21.3 21.3 22.3 23.3 17.9 22.7 19.4 19.8 17.5 17.8 16.5 14.9 13.3 5.3 9.1 6.5 9.0 6.8 8.9 9.7 11.6 11.6 12.4 5.7 7.8 5.2 6.3
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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Canada
Financial
Half Year Comparison Results
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Total Revenue Revenue Breakdown

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

115 60
110 50
105 40
100 30
95 20
90 10
85 0
Register Corporate Business Stakeholder Employee Communication Tech & Other
Maintenance Actions Services Relationship Share Plans Services Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
110.2
109.5
109.0 48.3
46.7
45.9
38.3 37.8 38.1 38.7
37.0 36.1 36.3 36.1 36.8
34.8
32.0
98.6
CAD M 97.7 CAD M
96.9
94.3
14.0
12.6 13.0 12.2 12.3
11.0 10.6
7.2 8.0 7.2 8.5 7.6 8.6 7.8
1.3 1.6 1.5 1.6 1.1 2.2 1.0 1.8 1.7 1.7 1.9 2.0 2.3 2.6 1.0 2.1 1.1 0.5 1.0 1.3 1.4
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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United Kingdom & Channel Islands Financial
Half Year Comparison Results
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Total Revenue Revenue Breakdown

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

40
90
80 35
70
30
60
25
50
20
40
15
30
10
20
5
10
0
0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
82.0 82.5
79.8
77.7
76.1 33.6 33.7
73.5
67.4
28.7
27.0
26.1
24.3 24.2
23.2
20.2 19.9 19.7 21.0 20.1 19.6 20.6 20.7 19.2 20.5 21.4
GBP M 17.2
GBP M
9.6
9.0
7.1
5.8
3.5
2.5 2.8 2.3 1.8 2.2 1.7 2.6 1.4 2.2 0.6 1.0 1.3 1.1 1.5 1.1 1.6 1.4 2.1 2.6 1.9 1.9 2.0 2.1 1.3
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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Ireland
Financial
Half Year Comparison Results
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Total Revenue Revenue Breakdown

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

4
6
4
5
3
4
3
3 2
2
2
1
1
1
0 0
Register Corporate Actions Employee Share Tech & Other
Maintenance Plans Revenue
1H10 2H10 1H11 2H11 1H12 2H12 1H13
5.7
5.5 5.4 3.6
3.5
3.4 3.3 3.4
3.3
4.7 3.2
4.5
4.4
4.2
EUR M
EUR M
1.3
1.2
1.1
1.0
0.8 0.8 0.8 0.8
0.7 0.7 0.7
0.3
0.1 0.1 0.1 0.1 0.1 0.1 0.1
0.0 0.0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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61

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South Africa
Financial
Half Year Comparison Results
----- End of picture text -----

Total Revenue Revenue Breakdown

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

145 140
140 120
135 100
130 80
125 60
120 40
115 20
110 0
Register Corporate Business Stakeholder Employee
Maintenance Actions Services Relationship Share Plans
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
142.5
128.1
123.6
118.4 117.7
138.0 111.5 113.5
109.9
132.6
130.3
127.7
RAND M 123.5 125.7 RAND M
9.1 9.4 6.3 7.8 9.0 7.2 7.5 7.8
2.5 2.6 3.8 3.5 2.3 2.4 3.3 2.4 2.3 2.6 2.9
0.7 0.5 0.4 0.3 0.5 0.4 0.3
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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----- Start of picture text -----

Germany Financial
Half Year Comparison Results
----- End of picture text -----

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

Total Revenue Revenue Breakdown
12
30
25 10
20 8
15 6
10 4
5 2
0 0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
10.9
27.1
10.4 10.4
24.2
22.9
8.4
7.4
16.8 7.0
16.3 16.0
6.2
14.8 6.0
5.5
EUR M 5.2
EUR M 4.8 4.8
4.5
3.7
3.5 3.4 3.6
3.0
2.4
2.2 2.1 2.3 2.2
1.7 1.7 1.7
1.4 1.4 1.4
1.2 1.3 1.2
1.0
0.8 0.8
0.0 0.0 0.0 0.3 0.3 0.4 0.3 0.5 0.2 0.2 0.2 0.1 0.2 0.1
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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63

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Italy Financial
Half Year Comparison Results
----- End of picture text -----

Total Revenue Revenue Breakdown

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

6
8
7
5
6
4
5
3
4
3
2
2
1
1
0 0
Register Maintenance Stakeholder Relationship Tech & Other Revenue
M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
5.3
5.1
6.9
6.8
4.5
5.8
5.5 4.0
EUR M EUR M
1.6
1.4
1.3 1.3
1.6
1.0
1.1
0.6 0.5 0.6 0.5
0.6
0.4
0.2
0.0 0.0 0.0 0.1 0.0 0.0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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64

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Russia
Financial
Half Year Comparison Results
----- End of picture text -----

Total Revenue Revenue Breakdown

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

450 450
400 400
350 350
300 300
250 250
200 200
150 150
100
100
50
50
0
0
Register Maintenance Business Services Stakeholder
Relationship M'ment
1H10 2H10 1H11 2H11 1H12 2H12 1H13
418.5
402.1 393.5
373.8 371.3
363.4
353.3
340.1
312.1
293.2
RUB M 182.1 RUB M 175.3
135.3 129.2
17.7 26.8 25.0 23.3 20.5
6.2 6.8 1.2 4.0 0.0 0.0 0.0
1H10 2H10 1H11 2H11 1H12 2H12 1H13
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Appendix 3: Assumptions Financial
Results
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Assumptions

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66

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Assumptions: 1H13 Exchange Rates Financial
Results
----- End of picture text -----

Average exchange rates used to translate profit and loss to US dollars

USD	1.0000
AUD	0.9666
HKD	7.7534
NZD	1.2323
INR	54.8980
CAD	0.9997
GBP	0.6290
EUR	0.7890
RAND	8.4619
RUB	31.8425
AED	3.6728
DKK	5.8775
SEK	6.7229

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67