COMPUTERSHARE LIMITED. — Investor Presentation 2009

Sep 9, 2009

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MARKET ANNOUNCEMENT

Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile 61 3 9473 2500 www.computershare.com

Date:	Thursday, 10thSeptember 2009
To:	Australian Securities Exchange
Subject:	Investor Roadshows Presentation

Attached is the presentation to be delivered at a number of Investor Roadshows in London, New York, Hong Kong and Singapore throughout September 2009.

For further information contact:

Mr Darren Murphy Head of Treasury and Investor Relations Ph +61-3-9415-5102 darren.murphy@computershare.com.au

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 services, tax voucher solutions, bankruptcy administration and a range of other diversified financial and governance services.

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

Computershare is represented in all major financial markets and has over 10,000 employees worldwide.

For more information, visit www.computershare.com

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Investor Roadshow Presentation
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Stuart Crosby President & Chief Executive Officer September 2009

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About Computershare
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› Com p utershare ( ASX:CPU ) is the g lobal leader in transfer a g enc y and share registration, employee equity plans & proxy solicitation. We also specialise in corporate trust services, tax voucher solutions, bankruptcy administration and a range of other diversified financial, communications and governance services. › Since floating in 1994, Computershare has grown, mostly by acquisition, along the value chain (from software to full service provision), laterally and geographically, nearly 100 fold.

› We now serve more than 14,000 corporations and 100 million shareholder and employee accounts in over 20 countries across five continents .

• › We have over 11,000 employees globally.

• › Our market capitalisation is approximately US$5 billion , ranking us in the top 50 Australian listed companies.

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About Computershare
Where we
operate
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Computershare Strengths
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• › Strong balance sheet, low gearing and continued robust cash generation.

• › Revenues, cash-flows and margins holding up well despite the challenging environment.

• › More than 70% of revenue recurring in nature.

• › Diversification geographically and into counter-cyclical and non-cyclical businesses protects revenue and profit base.

• › Unique cross-border transaction capabilities .

• › Continued investment in R&D and product development (10% of revenue spent on technology).

• › Strong cost focus and R&D spend drive efficiencies.

• › Demonstrated ability to acquire and integrate businesses.

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Revenue, EBITDA and Margin
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US$m Margin %
50%
788.2 794.3 783.0
800
728.7 45%
724.4
694.0
700
40%
626.7
600 588.1 35%
30%
500
456.0
25%
400
354.5
20%
300
257 . 4
238.6 236.9
221.8 15%
188.7 181.7
200
140.4 10%
93.1 99.7
1 00 65 . 4 5%
0 0%
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
R evenue M anagement EBITDA M arg n % i
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Cash Flow and Capex
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$USm
240
206.2
210
183.5 181.6
180
159.9
150 137.5 141.1
117.8
120
90
73.1
65.8
60
36.7
24 . 0
30 17.9 18 . 8
11.8 11.9 14.6 10.4 7.8 12.6 10.3
0
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
O p eratin g Cash Flows Ca p ital Ex p enditure
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Key Gearing Ratios
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Net Financial Indebtedness to EBITDA

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EBITDA Interest Coverage
times
times
13.3
14
12.1 11.9
11.5 3.0
12
2.48
10 8.7 2.5
8 2.0 1.68 1.64 1.67
6 1.5
0.94
4 1.0
2 0.5
0 0.0
FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09
FY09 (US$m)US$m FY08 (US$m)US$m Jun-09 to Jun-08Variance
Cash 180.4 124.2 45%
Interest Bearing Liabilities * 974.3 910.9 7%
Net Debt 793 9. 786 7. 1%
Management EBITDA 475.5 479.2 (1%)
Net Debt to Management EBITDA 1.67 1.64 2%
Average Tenor of drawn debt at 30 June 2009 was 4.2 years.
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Drivers Behind FY2009 Financial Performance
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• › Cor p orate action environment , shift from M&A and IPO’s to secondar y ca p ital raisings.

• › Significant ongoing cost reductions and operating efficiencies.

• › Continued investments in , and growing importance of , counter and non cyclical businesses.

• › Interest rates and client balances.

• › Market softness in ‘traditional’ transfer agent and associated businesses.

• › Foreign exchange rates.

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Group Strategy and Priorities
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• › Our group strategy remains as it has been:

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

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

  • .

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

• › In addition, we are committing priority resources in two areas:

• › Continuing to lift our market position.

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

• to these matters as market structure ) .

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Delivery Against Strategy
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• › Deliverin g on the first two limbs of the strate gy ( cost and revenue ) remains a key factor in protecting our profits and margins in these tough times:

• › Operational productivity continues to improve across the globe.

• › Pay - off from revenue initiatives mitigates the declines that we would otherwise be seeing.

• › Our position at the top of independent service surveys supports client re t en ti on an d pr c ng. i i

• › Non-cyclical and counter-cyclical acquisitions during the year also protect our profits and margin across the business cycle.

• › Our strong balance sheet and robust cash flows allow us to look at any opportunities that emerge.

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Acquisitions
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	Acquisitions Jl2007d	Acquisitions Jl2007d	Acquisitions Jl2007d
		uy onwar
		Name Cost (USD m) Country Type of Business
		Name Cost (USD m) Country Type of Business
		Datacare 17.6 Ireland Governance software
		UMB 8.9 USA Investor Services
		Administar 33.4 USA Class action administration
		RSS 14.0 USA Governance software
		VEM 92.3 Germany Corporate actions bank
		Four Points small UK Audience interaction
		Ezicomms small Australia Audience interaction
		QMT 142.6 Australia Communication Services
		Machine Dreams small USA Audience interaction
		Strand 9.8 UK Electoral Services
		Audience Alive small South Africa Audience interaction
		NRC (+15%) small Russia Investor Services
		Busy Bees 175.0 UK Voucher administration
		KCC 95.0 – 140.0 USA Bankruptcy administration
		National City 16.2 – 21.6 USA Investor Services
		I-nvestor 12.4 Denmark / Sweden Investor Services

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Acquisitions
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• › Some recent ac q uisitions have been non-market c y clical ( QMT , Bus y Bees , Datacare) or counter-cyclical (Administar / KCC) businesses along with typical Registry assets such as National City and I-nvestor.

• › These have all been comfortabl y earnin g s p er share accretive on ac q uisition , with material synergies and/or growth on top.

• › Our internal acquisition hurdles are now materially higher for both strategy fit and valuation, but interesting opportunities continue to emerge and be pursued.

• › Our strong financial position allows us to look at any opportunities that .

• emerge

• › We would not hesitate to tap the equity markets to fund the right acquisition rather than risk over-gearing.

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Priority - Lifting our Market Position
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• › We continue to enhance the ualit of our o erational and client directed q y p

• processes.

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

• range

• › Third party shareholder and issuer satisfaction surveys, as well as our own market research, continue to show that the market is recognising our edge in quality and product innovation .

• › We expect our differentiation from our competitors to increase - the differentiation should be even clearer as some competitors work to address funding concerns , and others prepare for the exit of private equity and other non-strategic owners.

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Priority - Market Structure Projects
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• › A range of market structure projects are underway around the world:

• › Some are driven by brokers’ and custodians’ desire for back-office efficiencies - in these cases, the interests of our clients (issuers of securities) are often at

• risk, as back office efficiency comes at significant cost to transparency and commun cat on etween ssuers an i i b i d i nvestors.

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

• › Examples include the ECB’s Target 2 Securities project and the “proxy plumbing” en q uiries of the US SEC - similar exercises are underwa y in Canada , Russia , Hon g Kong and the UK.

• › We are actively engaged in all cases, and in all cases:

• › Our global experience gives us a unique and widely - valued perspective , and we are active and influential participants in the debate.

• › We work to deliver our clients better transparency of their ownership and more e ff ec ti ve commun ca i ti on c h anne s w l ith th e r nves i i t ors.

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Outlook
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• › We antici ate USD mana ement earnin s er share for financial ear 2010 to p g g p y

• be similar to 2009.

› Our outlook assumes that equity, interest rate and FX market conditions remain broadly consistent with levels at the time of our results release for the financial year.

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