COMPUTERSHARE LIMITED. — Investor Presentation 2006

Aug 15, 2006

Computershare Limited Full Year Results 2006 Presentation

Chris Morris Tom Honan

16 August 2006

INGENUITY ADVANTAGE CERTAINTY

Tom Honan Chief Financial Officer

• Management EPS of 30.44 cents, up 41% $\rightarrow$
• Management Net Profit After OEI of A\$181.4m, up 49% $\rightarrow$
• Total Revenue of A\$1,626.1m, up 50% $\blacktriangleright$
• Operating Cash Flows of A\$245.8m, up 67% $\left\langle \right\rangle$
• Operating Costs of A\$1,309.0m, a 50% increase $!!>$
• Days Sales Outstanding at 54 days, down 8 days $\rightarrow$
• Final Dividend of 7 cents per share. $\geq$

CPU Revenues continue to diversify

Revenue Type $4%$ 9% $5\%$ $8%$ 50% $8%$ 16%

Register Maintenance

2 Corporate Actions

Stakeholder Relationship Management

Employee Share Plans

Document Services

Fund Services

El Technology & Other Revenue

Global Equities Market

Historical Equity Issuance Data

Annual M & A Book to Bill Ratio

Introduction

Biography and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues and Continues a

Global Interest Rate Market

Computershare Strengths

• Recurring Revenue $-70%$ of revenue is of a recurring nature $\blacktriangleright$
• Global Diversification Across 17 countries $\mathbf{\Sigma}$
• Exposure to northern hemisphere interest rates $\mathbf{\mathbf{b}}$
• Technological innovation and capabilities $-$ enhanced by acquisitions $\sum$
• Integration of businesses Equiserve ahead of schedule $\blacktriangleright$
• Continued strong EPS growth. $\geq$

Group Financial Performance - A\$m

	AIFRS FY06	AIFRS FY05	Variance
Sales Revenue	1,604.1	1,057.7	52%
Interest & Other Income	22.0	25.5
Total Revenue	1,626.1	1,083.2	50%
Operating Costs	1,309.0	873.1	$(50\%)$
Share of Net (Profit)/Loss of Associates	(4.2)	(1.8)
Management EBITDA	321.3	211.9	52%
Management Adjustments - Revenue/(Expense)	(2.4)	(12.7)
Reported EBITDA	318.9	199.2	60%

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Financial
Results

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NPAT - FY05 AGAAP to AIFRS - Full Year	Financial Results

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	A\$'000s
Net profit after tax under AGAAP 30 June 2005		101,462 Basic EPS AGAAP	17.91 cents
Write back of goodwill amortisation	41,707
Share based remuneration expense	(9, 971)
Business combinations	(5, 394)
Other	(2, 413)
Net profit after tax under AIFRS 30 June 2005		125,391 Basic EPS AIFRS	22.19 cents
Management Adjustments
- Profit on sale	(9,003)
- Business combinations	5,394
Management profit after tax under AIFRS 30 June 2005 121,782 Management EPS AIFRS 21.54 cents

Behind the Headline - NPAT IMPACT

Net profit after tax under AIFRS at 30 June 2006	182,558
Derivatives marked to market	1,344
Intangibles amortisation	948
UK Redundancies	5,208
Profit on sale of Markets Technology	(9,867)
UK Property Sale Adjustment	1,268
Georgeson tax losses recognised	(1,507)
Acquisition Adjustments Equiserve CDS Germany	(208) 1,637
Management Adjusted profit after tax at 30 June 2006	181,381

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Financial
Results

Management EPS Performance

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Financial
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Analysis of Management EPS - Half Year Comparison Financial
Results

Full Year Comparisons - Revenue & EBITDA

Financial
Results

Half Year Comparisons - Revenue & EBITDA

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Financial
Results

FY06 NPAT Analysis

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Financial^®
- Results

Williams

Half Year Comparisons - Operating Costs

Financial
Results Technology Costs - Establishing Global Platform

Total Technology costs - Technology costs as a % of sales revenue

Analysis of FY06 Technology Costs

Total Costs	\$Am	154.7
Development Costs	\$Am	54.2

□ Development ■ Infrastructure ■ Maintenance ■ Admin incl. External Bureau

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Net Operating Cash Flows

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-Results

Free Cash Flow - up 84% on FY05

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-Results

Balance Sheet as at 30 June 2006

	AIFRS FY06 A\$'000s	AIFRS FY05 A\$'000s	Variance
Current Assets	457,646	495,224	$(8\%)$
Non Current Assets	1,709,463	1,546,037	11%
Total Assets	2,167,109	2,041,261	$6\%$
Current Liabilities	359,140	485,003	26%
Non Current Liabilities	861,690	764,660	(13%)
Total Liabilities	1,220,830	1,249,663	2%
Total Equity	946,279	791,598	20%

All Communication Communication

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Financial^®
⊳Results

Computershare Borrowings

* Average Tenor of drawn debt is 5.2 years

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Capital Expenditure

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Working Capital Management

Days Sales Outstanding

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Return On Invested Capital Vs. WACC

Increased returns, Cost of Capital increases slightly

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Return on Equity Vs. Return on Assets

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• Results

Interest Rate Sensitivity

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Financial^®
- Results

• Final Dividend (unfranked)

• Current Yield*

$1.7%$

7.0 cents

* Based on 12 month dividend and share price of \$7.45 (close 15th Aug 06)

Financial Summary - Final Remarks

$\frac{1}{2}$ Continued strong EPS growth - 41%

after 5 years of growth $> 20\%$ CAGR

• Free cash flow up $84\%$

• $\angle$ Record revenues

• Maintained strong balance sheet lowering earnings to debt coverage by 32%

• Final dividend increased to 7 cents per share

Chris Morris CEO

WEIGHT THE REAL PROPERTY

34

Key Challenges over the past year

• Equiserve Integration $\qquad \qquad \bullet$

• Conversions ahead of schedule

• Synergies ahead of forecast

• United Kingdom

• Restructure of the entire business

• The right people

• Results turnaround

• Global Operations

• 24/7 Call Centre

• Cross border Workflow capability

Key Challenges over the past year (continued)

• Constant Review of Business Profitability $\bullet$

• All businesses (eg. US and UK Plans)

• Customer profitability analysis

• Divestment where it makes sense $\mathbf{y}$
  • Markets Technology $\geq$
  • Analytics $\geq$
• Shared Services focus

• Centralised regionally

• All costs allocated

• User pays system

• Know your client

Financial Highlights - FY06

• Exceeded our EPS guidance of at least 29c, 41% up on last year $\bullet$
• Grew:

• Revenue by 50% to over \$1.6 billion

• EBITDA by 52% to \$321.3 million

• Operating cash flows by 67% to \$246 million

Computershare the only global provider Extract from a tender for global registry and plans services

• In particular, our proposed solution produces tangible and unique $\sum$ benefits for XYZ:

• Certainty and reliability across all service components provided by Computershare

• Cost and time savings through the consolidation of service providers

• Mitigation of risk through our streamlined and integrated business processes

• Enhanced market knowledge and investor insight for XYZ, through linking shareholder and employee information on one technology platform

• Computershare is the only company with the partnerships, global $\sum$ presence, capability and proven integrated technology systems to meet all of XYZ's requirements, both now and in the future.

A sample of some Major Deals

• $\bullet$ Asia Pacific

• Bank of China IPO

• NRMA Meeting Services

• Industrial and Commercial Bank of China IPO

EMEA

• Standard Life demutualisation

• BAA takeover by Ferrovial Consortium

• Unilever and British American Tobacco registry wins

• North America

• AT&T Inc. and SBC merger, followed by BellSouth merger

• United AirLines reorganisation

• Over 90% of Mutual Fund Proxy transactions in FY06

Growth Opportunities

• Asia Pacific

• Japan

• China

• EMEA $\bullet$

• Continental Europe

• UK business

• North America

• Mutual Funds

• Further Transfer Agent consolidation

• Globally $\bullet$

• Plans

• Related businesses

Executive Management changes

(effective 16^th November 2006)

• The Chairman, Sandy Murdoch, is to resign as Chairman but continue as a $\bullet$ Non-Executive Director following this year's AGM (held on 15^th Nov 2006)
• CEO & President, Chris Morris, is to become Executive Chairman
• Chief Operating Officer, Stuart Crosby, is to become CEO and President of Computershare Limited and a Director per the Company's Constitution

Management remains comfortable with its target of long term Earnings per Share growth of around 20% per annum*

* On the assumption that equity, interest rate and FX market conditions remain relatively stable

QUESTIONS ?

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Appendix: Full Year Results 2006 Presentation

16 August 2006

Group Comparisons

Regional Analysis - FY06 Revenue

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Financial
Results

Half Year Comparisons - Revenue

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Financial
Results

Half Year Comparisons - Operating Costs

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Revenue Breakdown - A\$m

Note: Included in the revenue results are \$157.3 m of Margin Income (FY05: \$79.6 m) and \$328.8m of Recoverable Income (FY05: \$202.3 m).

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Underlying Effective Tax Rate

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Financial
Results

Key Financial Ratios

Risk Management - Interest Rate Sensitivity

Interest Rate Hedging

	Strategy: - Protect downside risk in current rising interest rate environment
Policy:	- Minimum hedge of 25% / Maximum hedge of 75%
	- Minimum term 1 year / Maximum term 5 vears
	- Current hedging: 31%

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Risk Management - Average Funds Balances for year ending 30 June 2006

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Australia Half Year Comparison

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New Zealand Half Year Comparison

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Hong Kong Half Year Comparison

Total Revenue

Revenue Breakdown SHKm $110 -$

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Financial^®
-Results

North America

Financial Results

59

United States Half Year Comparison

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Financial^®
-Results

Canada Half Year Comparison

United Kingdom Half Year Comparison

■ 1H05

$2H05$

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■ 2H06

■ 1H06

Ireland Half Year Comparison

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Financial
Results

Germany Half Year Comparison

Financial
Results

South Africa Half Year Comparison

Financial
^-Results

Total Revenue