COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2017

Feb 14, 2017

ASX HALF-YEAR REPORT

Computershare Limited

ABN 71 005 485 825

31 December 2016

Lodged with the ASX under Listing Rule 4.2A

This information should be read in conjunction with the 30 June 2016 Annual Report.

Contents

Contents
Results for Announcement to the Market(Appendix 4D item 2)	1
Half-year report_(ASX Listing rule 4.2A1)_	6
Supplementary Appendix 4D information_(Appendix 4D items 3 to 9)_	24
Corporate Directory	26

This half-year report covers the consolidated entity consisting of Computershare Limited and its controlled entities. The interim financial report is presented in United States dollars (unless otherwise stated).

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES HALF-YEAR ENDED 31 DECEMBER 2016 (Previous corresponding period half-year ended 31 December 2015)

RESULTS FOR ANNOUNCEMENT TO THE MARKET

					$000
Revenuefrom ordinary activities	up	7.0%		to	999,124
(Appendix 4D item 2.1)
Profit/(loss)after tax attributable to members	up	78.2%		to	150,153
(Appendix 4D item 2.2)
Net profit/(loss)for the period attributable to members	up	78.2%		to	150,153
(Appendix 4D item 2.3)
Dividends	Amount per	security	Franked amount per security
(Appendix 4D item 2.4)
Interim dividend	AU 17 cents				30%
Final dividend (prior year)	AU 17 cents				20%
Record datefor determining entitlements to the interim dividend_(Appendix 4D item 2.5)_			27	February	2017

Explanation of Revenue (Appendix 4D item 2.6)

Total revenue for the half year was $999.1 million, a 7% increase over the corresponding period. The main driver was growth in business services underpinned by the full period impact of the UKAR loan service contract win in the UK. US loan servicing also registered strong revenue growth aided by the 2016 acquisition of CMC and increased investment in mortgage servicing rights. Register maintenance revenues were slightly down and employee share plans benefited from higher transactional volumes. Corporate action revenue was weaker during the period following subdued activity across most markets. Margin income fell during the period notwithstanding stronger client balances. The weaker Great British Pound relative to the prior period reduced the translated contribution from the UK businesses.

Explanation of Profit/(loss) from ordinary activities after tax (Appendix 4D item 2.6)

Net statutory profit after tax attributable to members was $150.2 million, an increase of 78.2% over the corresponding period. The increase was driven largely by profits realised on the sale of the Company’s headquarters in Melbourne, Australia and to a lesser extent, the disposal of the Company’s investment in INVeSHARE. The result also benefited from a reduction in amortisation expense for a number of intangible assets which are now fully amortised and the non-recurrence of accounting losses associated with the disposal of assets in the prior period. Net profit after tax was also supported by an improved operating performance led by growth in UK loan services and an improved performance by the employee share plans business across most markets. Register maintenance profits increased led by improved performance in the USA and Canada, but corporate action profits were lower across all markets. Lower yields on client balances impacted a number of businesses, most significantly the Deposit Protection Scheme and the materially weaker Great British Pound impacted the translation of profits generated from businesses in the UK.

The Group’s income tax expense for the six months ended 31 December 2016 was only modestly higher than the previous corresponding period despite the significantly higher profit before related income tax expense. The statutory effective tax rate benefited primarily from the utilisation of carried forward capital losses that were applied against the capital gain on the disposal of the Company’s Melbourne headquarters.

Explanation of Net Profit/(loss) (Appendix 4D item 2.6)

Please refer above.

Explanation of Dividends (Appendix 4D item 2.6)

The Company has announced an interim dividend for the current financial year of AU 17 cents per share. This dividend is franked to 30%.

• 1 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES

INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 December 2016

Contents
Directors’ report	3
Auditor’s independence declaration	5
Consolidated statement of profit or loss and other comprehensive income	6
Consolidated statement of financial position	7
Consolidated statement of changes in equity	8
Consolidated cash flow statement	9
Notes to the consolidated financial statements	10
Directors’ declaration	20
Statement to the Board of Directors	21
Independent auditor’s review report to the members	22

This interim financial report does not include all the notes of the type normally included in the annual financial statements. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2016 and any public announcements made by Computershare Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the Australian Securities Exchange Listing Rules.

• 2 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT

The Board of Directors of Computershare Limited (the Company) present their report in respect of the financial half-year ended 31 December 2016.

DIRECTORS

The names of the directors of the Company in office during the whole of the half-year and up to the date of this report, unless otherwise indicated, are:

Non-executive

Simon David Jones (Chairman) Tiffany Lee Fuller Markus Erhard Kerber Penelope Jane Maclagan Christopher John Morris Arthur Leslie Owen Joseph Mark Velli

Executive

Stuart James Irving (President and Chief Executive Officer)

PRINCIPAL ACTIVITIES

The principal activities of the consolidated entity during the course of the half-year were the operation of investor services, plan services, communication services, business services, stakeholder relationship management services and technology services.

• The investor services operations comprise the provision of registry maintenance and related services.

• The plan services operations comprise the provision of administration and related services for employee share and option plans.

• The communication services operations comprise document composition and printing, intelligent mailing, inbound process automation, scanning and electronic delivery.

• The business services operations comprise the provision of bankruptcy, class action and utilities administration services, voucher services, corporate trust services and mortgage servicing activities.

• The stakeholder relationship management services group provides investor analysis, investor communication and management information services to companies, including their employees, shareholders and other security industry participants.

• Technology services includes the provision of software, specialising in share registry and financial services.

Computershare has a range of regulated businesses around the world, including transfer agencies, licensed dealers, corporate trusts and mortgage servicers.

REVIEW OF OPERATIONS

Statutory basic earnings per share have increased by 80.6% to 27.48 cents. The Group has recorded a profit before tax of $182.5 million for the half-year ended 31 December 2016 (2015: $114.8 million). Total revenue has increased to $999.1 million (2015: $933.4 million) and operating cash flows have increased by $210.3 million to $185.0 million (2015: -$25.3 million) mainly due to a substantial increase in loan servicing advances in the prior reporting period. Excluding loan servicing advances, operating cash flows increased by $14.8 million (2015: decreased $10.9 million).

The significant improvement in profit before tax was driven largely by profits realised on the sale of the Company’s headquarters in Melbourne, Australia and to a lesser extent, the disposal of the Company’s investment in INVeSHARE. A reduction in amortisation expense for a number of intangible assets which are now fully amortised and the non-recurrence of accounting losses associated with the disposal of assets in the prior period also benefited the result.

The improved operating performance was led by growth in UK loan services and an improved performance by the employee share plans business across most markets. Register maintenance profits increased led by improved performance in the US, Canada and Italy which more than offset slightly weaker outcomes in the UK, Australia and Hong Kong. Corporate action profits were lower across all markets following subdued activity levels, which combined with lower proxy activity, also negatively impacted Communication Services. The Group also continued to make good progress during the period on its operational and process efficiency programs.

Lower yields on client balances negatively impacted a number of businesses, most significantly the Deposit Protection Scheme and the materially weaker Great British Pound negatively impacted the translation of profits generated from businesses in the UK.

• 3 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ REPORT

CONSOLIDATED PROFIT

The profit of the consolidated entity for the half-year was $150.2 million (2015: $84.3 million) after deducting income tax and non-controlling interests.

DIVIDENDS

The following dividends of the consolidated entity have been paid, declared or recommended since the end of the preceding financial year:

Ordinary shares

• A final dividend in respect of the year ended 30 June 2016 was declared on 10 August 2016 and paid on 13 September 2016. This was an ordinary dividend of AU 17 cents per share, franked to 20%, amounting to AUD 92,863,589 ($70,036,626).

• An interim ordinary dividend declared by the directors of the Company in respect of the current financial year, to be paid on 22 March 2017, of AU 17 cents per share, franked to 30% and amounting to AUD 92,875,422 based on shares on issue as at 15 February 2017. The dividend was not declared until 15 February 2017 and accordingly no provision has been recognised at 31 December 2016.

ROUNDING OF AMOUNTS

The Group is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission. In accordance with that legislative instrument, amounts in the interim financial report and the Directors’ Report have been rounded to the nearest thousand dollars unless specifically stated to be otherwise.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s signed independence declaration as required under section 307C of the Corporations Act 2001 is provided immediately after this report.

Signed in accordance with a resolution of the Directors.

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SD Jones Chairman

SJ Irving

Chief Executive Officer

15 February 2017

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Auditor’s Independence Declaration

As lead auditor for the review of Computershare Limited for the half-year ended 31 December 2016, I declare that to the best of my knowledge and belief, there have been:

• (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (b) no contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Computershare Limited and the entities it controlled during the period.

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Anton Linschoten Partner PricewaterhouseCoopers

Melbourne 15 February 2017

PricewaterhouseCoopers, ABN 52 780 433 757

2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001

T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

• 5 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the half-year ended 31 December 2016

COMPREHENSIVE INCOME For the half-year ended 31 December 2016
		Half-year
	Note	2016	2015
		$000	$000
Revenue from continuing operations
Sales revenue		996,598	931,913
Other revenue		**2,526 **	1,534
Total revenue from continuing operations		999,124	933,447
Other income	10	58,274	8,027
Expenses
Direct services		690,314	661,081
Technology costs		147,489	127,419
Corporate services		11,138	11,394
Finance costs		**26,392 **	26,073
Total expenses		875,333	825,967
Share of net profit/(loss) of associates and joint ventures accounted for using
the equity method		446	(681)
Profit before related income tax expense		182,511	114,826
Income tax expense/(credit)		29,511	28,558
Profit for the halfyear		**153,000 **	86,268
Other comprehensive income that may be reclassified to profit or loss
Available-for-sale financial assets		6	(94)
Cash flow hedges		(543)	(177)
Exchange differences on translation of foreign operations		(28,690)	(28,438)
Income tax relatingto components of other comprehensive income		(3,270)	436
Total other comprehensive income for the halfyear, net of tax		(32,497)	(28,273)
Total comprehensive income for the halfyear		**120,503 **	57,995
Profit for the half year attributable to:
Members of Computershare Limited		150,153	84,255
Non-controllinginterests		2,847	2,013
		153,000	86,268
Total comprehensive income for the half year attributable to:
Members of Computershare Limited		117,611	56,857
Non-controllinginterests		2,892	1,138
		**120,503 **	57,995
Basic earnings per share (cents per share)	2	27.48 cents	15.22 cents
Diluted earnings per share (cents per share)	2	27.46 cents	15.19 cents

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

• 6 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2016

As at 31 December 2016
	31 December 30 June
Note	2016 2016
	$000 $000
CURRENT ASSETS
Cash and cash equivalents	579,430 526,575
Bank deposits	6,131 20,174
Receivables	387,636 425,343
Loan servicing advances	243,474 255,139
Available-for-sale financial assets	375 591
Other financial assets	22,015 18,655
Inventories	4,024 4,512
Current tax assets	8,107 6,423
Derivative financial instruments	11,302 1,952
Other current assets	36,220 29,694
Assets classified as held for sale 10	2,085 26,128
Total current assets	1,300,799 1,315,186
NON-CURRENT ASSETS
Receivables	855 876
Investments accounted for using the equity method	12,561 27,357
Available-for-sale financial assets	30,956 17,487
Property, plant and equipment	109,005 116,535
Deferred tax assets	181,638 178,644
Derivative financial instruments	22,832 48,035
Intangibles	2,310,968 2,273,628
Total non-current assets	2,668,815 2,662,562
Total assets	3,969,614 3,977,748
CURRENT LIABILITIES
Payables	378,400 382,921
Interest bearing liabilities	225,985 260,088
Current tax liabilities	30,318 29,131
Provisions	46,137 40,688
Derivative financial instruments	2,074 1,238
Deferred consideration	10,946 12,402
Other liabilities	58,047 69,869
Total current liabilities	751,907 796,337
NON-CURRENT LIABILITIES
Payables	4,914 9,740
Interest bearing liabilities	1,569,440 1,603,217
Deferred tax liabilities	244,172 232,100
Provisions	28,347 29,129
Deferred consideration	63,368 65,969
Derivative financial instruments	5,924 5,500
Other liabilities	150,061 127,023
Total non-current liabilities	2,066,226 2,072,678
Total liabilities	2,818,133 2,869,015
Net assets	1,151,481 1,108,733
EQUITY
Contributed equity 7	- -
Reserves	(121,732) (81,472)
Retained earnings	1,256,806 1,176,690
Total parent entity interest	1,135,074 1,095,218
Non-controllinginterests	16,407 13,515
Total equity	1,151,481 1,108,733

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

• 7 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the half-year ended 31 December 2016

Attributable to members of Computershare Limited

						Non-
		Contributed		Retained		controlling	Total
	Note	Equity	Reserves	Earnings	Total	Interests	Equity
		$000	$000	$000	$000	$000	$000
Total equity at 1 July 2016		-	(81,472)	1,176,690	1,095,218	13,515	1,108,733
Profit for the half-year		-	-	150,153	150,153	2,847	153,000
Available-for-sale financial assets		-	6	-	6	-	6
Cash flow hedges		-	(543)	-	(543)	-	(543)
Exchange differences on translation
of foreign operations		-	(28,735)	-	(28,735)	45	(28,690)
Income tax(expense)/credits		-	(3,270)	-	(3,270)	-	(3,270)
Total comprehensive income for
the half-year		-	(32,542)	150,153	117,611	2,892	120,503
Transactions with owners in their
capacity as owners:
Dividends provided for or paid		-	-	(70,037)	(70,037)	-	(70,037)
Share buy-back	7	-	(3,468)	-	(3,468)	-	(3,468)
Cash purchase of shares on market		-	(13,788)	-	(13,788)	-	(13,788)
Share based remuneration		-	9,538	-	9,538	-	9,538
Balance at 31 December 2016		-	(121,732)	1,256,806	1,135,074	16,407	1,151,481

Attributable to members of Computershare Limited

				Attributable to members of Computershare Limited
				Contributed Equity Reserves Retained Earnings Total Non- controlling Interests
				$000 $000 $000 $000 $000
	Total equity at 1 July 2015			35,703 (19,362) 1,147,906 1,164,247 13,394
	Profit for the half-year			- - 84,255 84,255 2,013
	Available-for-sale financial assets			- (94) - (94) -
	Cash flow hedges			- (177) - (177) -
	Exchange differences on translation of foreign operations			- (27,563) - (27,563) (875)
	Income tax(expense)/credits			- 436 - 436 -
	Total comprehensive income for the half-year			- (27,398) 84,255 56,857 1,138
	Transactions with owners in their capacity as owners:
	Dividends provided for or paid			- - (64,286) (64,286) (1,431)
	Share buy-back			(35,703) (20,885) - (56,588) -
	Transactions with non-controlling interests			- - - - (561)
	Cash purchase of shares on market			- (9,086) - (9,086) -
	Share based remuneration			- 7,513 - 7,513 -
	Balance at 31 December 2015			- (69,218) 1,167,875 1,098,657 12,540

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

• 8 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED CASH FLOW STATEMENT For the half-year ended 31 December 2016

	CONSOLIDATED CASH FLOW STATEMENT For the half-year ended 31 December 2016
		Note	Half-year
			2016 2015
			$000 $000
	CASH FLOWS FROM OPERATING ACTIVITIES
	Receipts from customers		1,059,119 990,871
	Payments to suppliers and employees		(828,913) (774,070)
	Loan servicing advances (net)		11,665 (183,803)
	Dividends received from associates, joint ventures and equity securities		1,224 614
	Interest paid and other finance costs		(27,532) (26,540)
	Interest received		1,443 1,226
	Income taxespaid		(32,026) (33,553)
	Net operating cash flows	5	184,980 (25,255)
	CASH FLOWS FROM INVESTING ACTIVITIES
	Payments for purchase of controlled entities and businesses (net of cash acquired) and intangible assets including MSRs		(70,278) (43,342)
	Proceeds from sale of property, plant and equipment		62,227 -
	Proceeds from disposal of associates and joint ventures		23,769 1,498
	Proceeds from/ (payments for) investments		5,562 14,861
	Payments for property, plant and equipment		(13,466) (9,767)
	Proceeds from sale of subsidiaries and businesses,net of cash disposed		- (5,666)
	Net investing cash flows		7,814 (42,416)
	CASH FLOWS FROM FINANCING ACTIVITIES
	Payments for purchase of ordinary shares - share based awards		(13,788) (9,086)
	Proceeds from borrowings		367,044 157,562
	Repayment of borrowings		(360,750) (141,452)
	Loan servicing borrowings (net)		(8,993) 110,458
	Dividends paid - ordinary shares (net of dividend reinvestment plan)		(63,765) (61,499)
	Purchase of ordinary shares - dividend reinvestment plan		(6,272) (2,787)
	Dividends paid to non-controlling interests in controlled entities		- (1,431)
	Payments for on-market share buy-back		(3,468) (56,588)
	Repayment of finance leases		(25,686) (3,495)
	Net financing cash flows		(115,678) (8,318)
	Net increase/(decrease) in cash and cash equivalents held		77,116 (75,989)
	Cash and cash equivalents at the beginning of the financial year		526,575 604,092
	Exchange rate variations on foreign cash balances		(24,261) (29,234)
	Cash and cash equivalents at the end of the half-year		579,430 498,869

The above consolidated cash flow statement should be read in conjunction with the accompanying notes.

• 9 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

1. BASIS OF PREPARATION

The interim financial report for the half-year reporting period ended 31 December 2016 includes the condensed financial statements for the consolidated entity consisting of Computershare Limited and its controlled entities, referred to collectively as the “consolidated entity”, “the Group” or “Computershare”.

The interim financial report is a general purpose financial report prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 . The interim financial report also complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), including IAS 34 Interim Financial Reporting .

The interim financial report does not include all the notes of the type normally included in annual financial statements. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2016 and any public announcements made by Computershare Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the Australian Securities Exchange Listing Rules.

Where necessary, comparative figures have been adjusted to comply with the changes in presentation in the current period.

The accounting policies adopted are consistent with those of the previous financial year and the corresponding interim reporting period.

2. EARNINGS PER SHARE

Half-year ended 31 December 2016	Basic EPS	Diluted EPS	Management	Management
			Basic EPS	Diluted EPS
Earnings per share (cents per share)	27.48 cents	27.46 cents	25.74 cents	25.71 cents
Reconciliation of earnings	$000	$000	$000	$000
Profit for the half-year	153,000	153,000	153,000	153,000
Non-controlling interest (profit)/loss	(2,847)	(2,847)	(2,847)	(2,847)
Add back management adjustment items(see below)	-	-	(9,541)	(9,541)
Net profit attributable to the members of
Computershare Limited	150,153	150,153	140,612	140,612
Weighted average number of ordinary shares used as denominator in calculating earnings per share	546,335,793	546,843,418	546,335,793	546,843,418

• 10 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

Half-year ended 31 December 2015	Basic EPS	Diluted	EPS	Management	Management	Management
				Basic EPS		Diluted EPS
Earnings per share (cents per share)	15.22 cents	15.19 cents		25.98	cents	25.93 cents
Reconciliation of earnings	$000	$000			$000	$000
Profit for the half-year	86,268	86,268		86,268		86,268
Non-controlling interest (profit)/loss	(2,013)	(2,013)		(2,013)		(2,013)
Add back management adjustment items(see below)	-		-	59,560		59,560
Net profit attributable to the members of
Computershare Limited	84,255	84,255		143,815		143,815
Weighted average number of ordinary shares used as denominator in calculating earnings per share	553,612,565	554,537,565		553,612,565		554,537,565

Reconciliation of weighted average number of shares used as the denominator:
	2016	2015
	Number	Number
Weighted average number of ordinary shares used as the denominator in calculating basic
earnings per share	546,335,793	553,612,565
Adjustments for calculation of diluted earnings per share:
Performance rights	**507,625 **	925,000
Weighted average number of ordinary shares and potential ordinary shares used as the
denominator in calculating diluted earnings per share	546,843,418	554,537,565

For the half-year ended 31 December 2016 management adjustment items include the following:

			Gross Tax effect Net of tax
			$000 $000 $000
	Amortisation
	Amortisation of intangible assets		(33,091) 11,723 (21,368)
	Acquisitions and disposals
	Gain on disposals		52,893 (3,837) 49,056
	Acquisition accounting adjustments		1,333 (263) 1,070
	Acquisition related restructuring costs		(243) 78 (165)
	Acquisition related expenses		(163) 58 (105)
	Other
	Major restructuring costs		(15,894) 6,601 (9,293)
	Voucher Services impairment		(8,073) - (8,073)
	Marked to market adjustments - derivatives		(948) 283 (665)
	Put option liabilityre-measurement		(916) - (916)
	Total management adjustment items		(5,102) 14,643 9,541

• 11 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

Management Adjustment Items

Management adjustment items net of tax for the half-year ended 31 December 2016 were as follows:

Amortisation

• Customer contracts and other intangible assets that are recognised on business combinations or major asset acquisitions are amortised over their useful life in the statutory results but excluded from management earnings. The amortisation of these intangibles in the half year ended 31 December 2016 was $21.4 million. Amortisation of intangibles purchased outside of business combinations (e.g. mortgage servicing rights) is included as a charge against management earnings.

Acquisitions and disposals

• Disposals of the Australian head office premises and the investment in INVeSHARE Inc. resulted in a profit of $39.6 million and $9.5 million respectively.

• A benefit of $1.1 million was recorded on finalisation of acquisition accounting for assets taken over under the mortgage servicing contract with UK Asset Resolution Limited.

• Restructuring costs of $0.2 million were incurred associated with the Gilardi and HML acquisitions.

• Expenses related to the Gilardi and RicePoint acquisitions amounted to $0.1 million.

Other

• Costs of $9.3 million were incurred in relation to the major operations rationalisation underway in Louisville, USA and the stage 2 of the global structural cost review initiative.

• Due to the previously announced implementation of the new UK Tax Free childcare scheme (see ASX Market Announcement of 30 July 2014), which has the effect of progressively reducing the earnings of Computershare’s Voucher Services business, an impairment charge of $8.1 million was booked against goodwill related to this business. It is expected that the remaining goodwill of $17.6 million associated with Voucher Services will be written off over the coming years.

• Derivatives that have not received hedge designation are marked to market at the reporting date and taken to profit and loss in the statutory results. The marked to market valuation resulted in a loss of $0.7 million.

• The put option liability re-measurement resulted in an expense of $0.9 million related to the Karvy joint venture arrangement in India.

For the half-year ended 31 December 2015 management adjustment items include the following:

			Gross Tax effect Net of tax
			$000 $000 $000
	Amortisation
	Amortisation of intangible assets		(45,561) 15,265 (30,296)
	Acquisitions and disposals
	Loss on finalisation of disposal accounting		(25,390) - (25,390)
	Acquisition and disposal related expenses		(2,092) 571 (1,521)
	Acquisition accounting adjustments		1,672 (679) 993
	Gain on disposal		323 - 323
	Acquisition related restructuring costs		(377) 127 (250)
	Other
	Major restructuring costs		(8,211) 3,334 (4,877)
	Marked to market adjustments - derivatives		2,473 (764) 1,709
	Put option liabilityre-measurement		(251) - (251)
	Total management adjustment items		(77,414) 17,854 (59,560)

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COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

3. SEGMENT INFORMATION

The operating segments presented reflect the manner in which the Group has been internally managed and the financial information reported to the chief operating decision maker (CEO) in the current financial year. The Group has determined the operating segments based on the reports reviewed by the CEO that are used to make strategic decisions and assess performance.

There are seven operating segments. Six of them are geographic: Asia, Australia and New Zealand, Canada, Continental Europe, UCIA (United Kingdom, Channel Islands, Ireland & Africa) and the United States of America. In addition, Technology and Other segment comprises the provision of software specialising in share registry and financial services. It is also a research and development function, for which discrete financial information is reviewed by the CEO.

In each of the six geographic segments the consolidated entity offers a combination of its core products and services: investor services, business services, plan services, communication services and stakeholder relationship management services. Investor services comprise the provision of registry maintenance and related services. Business services comprise the provision of bankruptcy class action and utilities administration services, voucher services, corporate trust services and mortgage servicing activities. Plan services comprise the provision of administration and related services for employee share and option plans. Communication services comprise laser imaging, intelligent mailing, inbound process automation, scanning and electronic delivery. Stakeholder relationship management services comprise the provision of investor analysis, investor communication and management information services to companies, including their employees, shareholders and other security industry participants.

Corporate function includes entities whose main purpose is to hold intercompany investments and conduct financing activities. It is not considered an operating segment and includes activities that are not allocated to other operating segments.

OPERATING SEGMENTS

	Asia Australia & New Zealand Canada Continental Europe Technology & Other UCIA United States Total
	$000 $000 $000 $000 $000 $000 $000 $000
December 2016
Total segment revenue and other income	69,376 135,920 82,084 34,152 116,962 222,522 454,310 1,115,326
External revenue and other income	67,347 135,355 81,216 33,952 7,690 220,574 452,444 998,578
Intersegment revenue	2,029 565 868 200 109,272 1,948 1,866 116,748
Management adjusted EBITDA	24,614 25,576 36,659 2,131 13,251 43,541 92,749 238,521
December 2015
Total segment revenue and other income	63,710 134,013 80,592 29,688 118,710 170,515 450,656 1,047,884
External revenue and other income	61,933 133,509 79,649 29,659 7,807 169,250 449,493 931,300
Intersegment revenue	1,777 504 943 29 110,903 1,265 1,163 116,584
Management adjusted EBITDA	23,831 24,813 33,925 (765) 20,827 48,105 86,229 236,965

• 13 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2016

Segment revenue

The revenue reported to the CEO is measured in a manner consistent with that of the statement of comprehensive income. Sales between segments are included in the total segment revenue, whereas sales within a segment have been eliminated from segment revenue. Sales between segments are at normal commercial rates and are eliminated on consolidation.

Segment revenue reconciles to total revenue from continuing operations as follows:

	Half-year
	2016 2015
	$000 $000
Total operating segment revenue and other income	1,115,326 1,047,884
Intersegment eliminations	(116,748) (116,584)
Corporate revenue and other income	546 2,147
Total revenue from continuing operations	999,124 933,447

Management adjusted EBITDA

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

A reconciliation of management adjusted EBITDA to operating profit before income tax is provided as follows:

	Half-year
	2016 2015
	$000 $000
Management adjusted EBITDA - operating segments	238,521 236,965
Management adjusted EBITDA - corporate	2,749 5,323
Management adjusted EBITDA	241,270 242,288
Management adjustment items (before related income tax expense):
Amortisation of intangible assets	(33,091) (45,561)
Gain on disposals	52,893 323
Acquisition and disposal accounting adjustments	1,333 1,672
Acquisition related restructuring costs	(243) (377)
Acquisition and disposal related expenses	(163) (2,092)
Loss on finalisation of disposal accounting	- (25,390)
Major restructuring costs	(15,894) (8,211)
Voucher Services impairment	(8,073) -
Marked to market adjustments - derivatives	(948) 2,473
Put option liabilityre-measurement	(916) (251)
Total management adjustment items (note 2)	(5,102) (77,414)
Finance costs	(26,392) (26,073)
Other amortisation and depreciation	(27,265) (23,975)
Profit before income tax from continuing operations	182,511 114,826

• 14 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

4. DIVIDENDS

4. DIVIDENDS
	2016	2015
	$000	$000
Ordinary shares
Dividends provided for or paid during the half-year	70,037	64,286
Dividends not recognised at the end of the half-year

In addition to the above dividends, since the end of the half-year the directors have declared the payment of an interim dividend of AU 17 cents per fully paid ordinary share, franked to 30%. As the dividend was not declared until 15 February 2017, a provision has not been recognised as at 31 December 2016.

5. RECONCILIATION OF NET PROFIT AFTER TAX TO CASH FLOWS FROM OPERATING ACTIVITIES

ACTIVITIES
	Half-year
	2016 2015
	$000 $000
Net profit after income tax	153,000 86,268
Adjustments for non-cash income and expense items:
Depreciation and amortisation	60,356 69,536
Net (gain)/loss on asset disposals and asset write-downs	(52,608) 25,099
Share of net (profit)/loss of associates and joint ventures accounted for using equity method	(446) 681
Employee benefits – share based expense	8,421 8,162
Impairment charge – Voucher Services	8,073 -
Fair value adjustments	1,866 (3,872)
Gain on acquisition	(1,333) -
Changes in assets and liabilities:
(Increase)/decrease in receivables	1,446 17,018
(Increase)/decrease in inventories	402 (1,867)
(Increase)/decrease in loan servicing advances	11,665 (183,803)
(Increase)/decrease in other current assets	(8,287) 643
Increase/(decrease) in payables and provisions	4,940 (38,125)
Increase/(decrease)in tax balances	(2,515) (4,995)
Net cash and cash equivalents from operating activities	184,980 (25,255)

• 15 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2016

6. BUSINESS COMBINATIONS

• (a) On 31 August 2016, Computershare acquired RicePoint Administration Inc., an independent class action administrator based in London, Canada. Total consideration was $3 million. This business combination did not materially contribute to the total revenue of the group.

Details of the acquisition were as follows:

	$000
Cash consideration	1,551
Contingent consideration	1,451
Total purchase consideration	3,002
Less fair value of identifiable assets acquired	(387)
Provisional goodwillon consolidation*	2,615

*Identification and valuation of net assets acquired will be completed within the 12 month measurement period in accordance with the Group’s accounting policy.

In accordance with the accounting policy, the acquisition accounting for Capital Markets Cooperative, LLC (CMC), UK Asset Resolution Limited (UKAR), SyncBASE Inc. (SyncBASE), PR im Turm HV-Service AG (PR im Turm) and Altavera, LLC (Altavera) has been finalised. Intangible assets of $28.3 million for CMC, $8.0 million for SyncBASE, $3.1 million for PR im Turm and $1.5 million for Altavera have been reclassified out of goodwill.

7. CONTRIBUTED EQUITY

On 18 August 2015, Computershare announced an on-market buy-back of shares with an aggregate value of AUD 140.0 million for capital management purposes. The on-market share buy-back ended on 31 August 2016, with 9,877,069 ordinary shares purchased and cancelled at a total cost of AU$105.2 million (US$76.6 million).

From 1 July 2016 until 31 August 2016, the Company purchased and cancelled 500,000 ordinary shares at a total cost of AU$4.6 million (US$3.5 million) with an average price of AU$9.20 and a price range from AU$9.03 to AU$9.33.

Since the effect of share buy-backs over the years has reduced contributed equity to nil, a reserve has been created to reflect the excess value of shares bought over the original amount of subscribed capital.

There has been no issue of ordinary shares during the half-year ended 31 December 2016.

Movement in contributed equity
	Number of
	shares $000
Balance at 1 July 2016	546,826,010 -
Share buy-back	(500,000) (3,468)
Transfer to share buy-back reserve	- 3,468
Balance at 31 December 2016	546,326,010 -

• 16 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

8. FAIR VALUE MEASUREMENTS

The fair value of financial assets and liabilities must be estimated for recognition and measurement or for disclosure purposes. The measurement hierarchy used is as follows:

Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period for identical assets and liabilities. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at the end of each reporting period. This includes inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Such instruments include derivative financial instruments and the portion of borrowings included in the fair value hedge.

Specific valuation techniques used to value financial instruments are as follows:

• Quoted market prices or dealer quotes are used for similar instruments.

• The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.

• The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date.

• The fair value of cross currency swaps is a combination of the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date (for the final principal exchange) and the use of quoted market prices or dealer quotes for similar instruments (for the basis valuation).

• The fair value of interest rate swaptions is calculated using the Black-Scholes formula and quoted market prices.

Level 3: Valuation methodology of the asset or liability uses inputs that are not based on observable market data (unobservable inputs). This is the case of investments in unconsolidated structured entities, which are included in the available-for-sale financial assets.

The fair value of the investment in structured entities is determined by reference to the equity interest in net assets of these entities, which approximate their fair values. As profits are realised and dividends are paid to equity investors, the net assets of these entities decrease and so does the fair value of the Group’s investment.

The following tables present the Group’s financial assets and liabilities measured and recognised at fair value at 31 December 2016. The comparative figures are also presented below.

• 17 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the half-year ended 31 December 2016

As at 31 December 2016	Level 1	Level 2	Level 3	Total
	$000	$000	$000	$000
Assets
Derivative financial instruments	-	34,134	-	34,134
Available-for-sale financial assets	1,495	-	29,836	31,331
Total assets	**1,495 **	34,134	29,836	65,465
Liabilities
Borrowings	-	496,538	-	496,538
Derivative financial instruments	-	7,998	-	7,998
Total liabilities	-	504,536	-	504,536
As at 30 June 2016	Level 1	Level 2	Level 3	Total
	$000	$000	$000	$000
Assets
Derivative financial instruments	-	49,987	-	49,987
Available-for-sale financial assets	1,761	-	16,317	18,078
Total assets	1,761	49,987	16,317	68,065
Liabilities
Borrowings	-	452,451	-	452,451
Derivative financial instruments	-	6,738	-	6,738
Total liabilities	-	459,189	-	459,189

The following table presents the changes in level 3 items for the periods ended 31 December 2016 and 31 December 2015:

					2016	2015
					$000	$000
	Opening balance at 1 July				16,317	6,034
	Additions				14,895	-
	Return of capital				(1,091) (274)
	Gains/(losses)recognised in theprofit or loss				(285) -
	Closing balance at 31 December				29,836 5,760

Net fair value of financial assets and liabilities

The carrying amounts of cash and cash equivalents, receivables, payables, non-interest bearing liabilities, finance leases and loans approximate their fair values for the Group except for the unhedged portion of USD Senior Notes of $325.0 million (30 June 2016: $395.0 million), where the fair value was $332.9 million as at 31 December 2016 (30 June 2016: $419.8 million).

9. CONTINGENT LIABILITIES

(a) Guarantees, indemnities and other contingent liabilities

There have been no material changes to guarantees, indemnities and other contingent liabilities since the last reporting date.

(b) Legal and regulatory matters

Due to the nature of operations, certain commercial claims in the normal course of business have been made against the consolidated entity in various countries. An inherent difficulty in predicting the outcome of such matters exists, but in the opinion of the Group, based on current knowledge and in consultation with legal counsel, we do not expect any material liability to the Group to eventuate. The status of all claims is monitored on an ongoing basis, together with the adequacy of any provisions recorded in the Group’s financial statements.

• 18 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half-year ended 31 December 2016

10. OTHER SIGNIFICANT INFORMATION

On 9 September 2016, Computershare completed the sale of the land and building housing its Australian head office. A gain of $41.0 million has been recognised in other income in the consolidated statement of comprehensive income during the reporting period. The land and building were classified as held for sale at 30 June 2016.

11. COMMITMENTS

An overseas subsidiary performing loan servicing activities is obliged, in certain circumstances, to make payments on behalf of mortgagors related to taxes, insurance, principal and interest. The amount of these advance payments fluctuates over time as it depends on the type of loans being serviced and their performance. There has been no material change to the nature of this commitment since 30 June 2016.

As part of an MSR transaction completed in this reporting period, the overseas subsidiary undertook to purchase in 24 months any previously advanced amounts related to this MSR that remain uncollected at that point in time at fair value, rather than acquire the advances upon the MSR acquisition as is customary. The overseas subsidiary will have the responsibility to fund any new advances associated with this portfolio of loans.

12. SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE

No matter or circumstance has arisen since the reporting date which is not otherwise reflected in this report that has significantly affected or may significantly affect the operations of the consolidated entity.

• 19 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES DIRECTORS’ DECLARATION

Directors’ Declaration

In the directors’ opinion:

• (a) the financial statements and notes set out on pages 6 to 19 are in accordance with the Corporations Act 2001, including:

• (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

(ii) giving a true and fair view of the consolidated entity's financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

(b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Note 1 confirms that the financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board.

This declaration is made in accordance with a resolution of the directors.

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SD Jones

Chairman

SJ Irving

Director

Melbourne

15 February 2017

• 20 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES STATEMENTS OF THE CEO AND CFO

Statement to the Board of Directors of Computershare Limited

The Chief Executive Officer and Chief Financial Officer state that:

• (a) the financial records of the consolidated entity for the half-year ended 31 December 2016 have been properly maintained in accordance with section 286 of the Corporations Act 2001 ; and

• (b) the financial statements, and the notes to the financial statements, of the consolidated entity, for the half-year ended 31 December 2016:

• (i) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

• (ii) give a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and of their performance for the half-year ended on that date.

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SJ Irving Chief Executive Officer

MB Davis

Chief Financial Officer

15 February 2017

• 21 -

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Independent auditor's review report to the members of Computershare Limited

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Computershare Limited (the company), which comprises the consolidated statement of financial position as at 31 December 2016, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the half-year ended on that date, selected explanatory notes and the directors' declaration for Computershare Limited Group (the consolidated entity). The consolidated entity comprises the company and the entities it controlled during that half-year.

Directors' responsibility for the half-year financial report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement whether due to fraud or error. In note 1, the directors also state that the consolidated financial statements comply with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board.

Auditor's responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Australian Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Computershare Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

PricewaterhouseCoopers, ABN 52 780 433 757

2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001

T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au

Liability limited by a scheme approved under Professional Standards Legislation.

• 22 -

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Computershare Limited:

• (a) is not in accordance with the Corporations Act 2001 including:

• (i) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date;

• (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

• (b) does not comply with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board as disclosed in note 1.

PricewaterhouseCoopers

Anton Linschoten Partner

Melbourne 15 February 2017

• 23 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4D INFORMATION

NTA Backing (Appendix 4D item 3)

NTA Backing(Appendix 4D item 3)
		31 December	31 December
		2016	2015
Net tangible asset backing per ordinary share		(2.48)	(2.19)
Controlled entities acquired or disposed of(Appendix 4D item 4)
Acquired	Date control gained
RicePoint Administration Inc.	31 August 2016

Additional dividend information (Appendix 4D item 5)

Details of dividends declared or paid during or subsequent to the half-year ended 31 December 2016 are as follows:

Record date	Payment date	Type	Amount per security	Total dividend (AUD)	Franked amount per security	Conduit foreign income amount per security
17 August 2016	13 September 2016	Final	AU 17 cents	92,863,589	AU 3.4 cents	AU 13.6 cents
27 February2017	22 March 2017	Interim	AU 17 cents	92,875,422	AU 5.1 cents	AU 11.9 cents

Dividend reinvestment plans (Appendix 4D item 6)

Computershare operates a Dividend Reinvestment Plan (DRP) which provides eligible shareholders with the opportunity to elect to take all or part of dividends in the form of shares in accordance with the DRP plan rules. Shares are provided under the plan free of brokerage and other transaction costs and will rank equally with all other ordinary shares on issue.

The DRP will apply to the interim dividend declared in respect of the current financial year on 15 February 2017. Applications or notices received after 5.00pm (Melbourne time) on 28 February 2017 will not be effective for payment of this interim dividend but will be effective for future dividend payments.

The DRP price for the interim dividend will be equal to the arithmetic average of the daily volume weighted average market price (rounded to the nearest cent) of all shares sold through a normal trade on the ASX automated trading system during the DRP pricing period for this dividend, being 2 March 2017 to 15 March 2017 (inclusive). No discount will apply to the DRP price.

• 24 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4D INFORMATION

Associates and joint venture entities (Appendix 4D item 7)

	Name	Place of incorporation Principal activity Ownership interest Consolidated carrying amount	Place of incorporation Principal activity Ownership interest Consolidated carrying amount	Place of incorporation Principal activity Ownership interest Consolidated carrying amount	Place of incorporation Principal activity Ownership interest Consolidated carrying amount
		Dec Jun Dec Jun
		2016 2016 2016 2016
		% % $000 $000
	Joint Ventures	Mauritius Investor Services 60 60 - - Ghana Investor Services 60 60 - - Ghana Investor Services 60 60 - - United Kingdom Investor Services 50 50 - - Germany Investor Services 66 66 98 104 United Kingdom Investor Services 25 25 5,656 6,045 Australia Technology Services 20 20 5,742 5,623 Australia Investor Services 49 49 1,051 1,244 United States Investor Services - 40 - 14,326 Italy TechnologyServices 30 30 14 15
	Computershare Pan Africa Holdings Ltd
	Computershare Pan Africa Ghana Ltd
	Computershare Pan Africa Nominees Ghana Ltd
	Asset Checker Ltd
	VisEq GmbH
	Associates
	Expandi Ltd
	Milestone Group Pty Ltd	Australia
	The Reach Agency Pty Ltd	Australia
	INVeSHARE Inc.1	United States
	Mergit s.r.l.	Italy
					12,56127,357

1 INVeSHARE Inc. was disposed during the reporting period. A post-tax gain of $9.5 million was recorded on the disposal.

The share of net profit/(loss) of associates and joint ventures accounted for using the equity method for the half-year ended 31 December 2016 is a profit of $0.4 million (31 December 2015: $0.7 million loss).

Foreign Entities (Appendix 4D item 8)

For foreign entities, International Financial Reporting Standards are used in compiling the half-year consolidated report.

• 25 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4D INFORMATION

CORPORATE DIRECTORY

DIRECTORS

Simon David Jones (Chairman) Stuart James Irving (President and Chief Executive Officer) Tiffany Lee Fuller Markus Erhard Kerber Penelope Jane Maclagan Christopher John Morris Arthur Leslie Owen Joseph Mark Velli

COMPANY SECRETARY Dominic Matthew Horsley

REGISTERED OFFICE

Yarra Falls 452 Johnston Street Abbotsford VIC 3067

Telephone +61 3 9415 5000 Facsimile +61 3 9476 2500

STOCK EXCHANGE LISTING

Australian Securities Exchange

SHARE REGISTRY

Computershare Investor Services Pty Limited Yarra Falls 452 Johnston Street Abbotsford VIC 3067

PO BOX 103 Abbotsford VIC 3067

Telephone 1300 307 613 (within Australia) + 61 3 9415 4222 Facsimile + 61 3 9473 2500

INVESTOR RELATIONS

Yarra Falls 452 Johnston Street Abbotsford VIC 3067

Telephone +61 3 9415 5000 Facsimile +61 3 9476 2500

Email

investor.relations@computershare.com.au

Website

www.computershare.com

SOLICITORS

Minter Ellison Level 23, Rialto Towers 525 Collins Street Melbourne VIC 3000

AUDITORS

PricewaterhouseCoopers 2 Riverside Quay Southbank VIC 3006

• 26 -