COMPUTERSHARE LIMITED. — Investor Presentation 2010

May 5, 2010

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Computershare Limited

MARKET ANNOUNCEMENT

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, 6thMay 2010
To:	Australian Securities Exchange
Subject:	Presentation for Macquarie Australia Conference

Attached is the presentation to be delivered to the Macquarie Australia Conference today, 6[th] May 2010.

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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Computershare Limited
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Stuart Crosby Chief Executive Officer & President

Macquarie Australia Conference 6 May 2010 S d y ney

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About Computershare:
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• › Com p utershare ( ASX:CPU ) is a g lobal leader in transfer a g enc y 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.

• › Since floating in 1994, Computershare has grown, mostly by acquisition, along the value chain (from software to full service provision), laterally and geographically, 100 fold.

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

• › We have over 11 , 000 em p lo y ees g loball y .

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About Computershare: Where we operate

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Historical Financials:
Strong long term growth; profits maintained during GFC
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1,800
Revenue & EBITDA
1,600
(USD millions)
1 , 400
1,200
1,000
800
600
400
200
0
'94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09
Fina nc ia l Ye a r
Revenue EBITDA
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Historical Financials:
EPS & dividend growth
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60
Cents
Earnings per Share (US cents)
50 Dividend (AU cents)
40
30
20
10
0
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09
Financial Year
EPS Dividend
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Historical Financials: EBITDA margin

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Latest Results:
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	Latest Results:	Latest Results:	Latest Results:	Latest Results:	Latest Results:
	Highlights 1H 10 –
		1H 10 vs 2H 09 vs 1H 09
		1H 10	vs 2H 09
	Management earnings per share	31.38 cents	up 21%	up 20%
		$807.5m up11% up3% $535.6m up9% down 2%
	Operatingrevenues	$807.5m	up11%	up3%
	Operatingcosts	$535.6m	up9%	down 2%
	Management EBITDA	$274.8m	up16%	up15%
	EBITDA margin	34.0%	up from 325%	up from 305%
			.	.
	Management netprofit after OEI	$174.4m	up21%	up20%
	Cash flow from Operations	$206.7m	up14%	up29%
	Interim Dividend	AU 14 cents	up3 cents	up3 cents
	Dividend franking	50%	Flat	vs 40%
	Note: all results are in USD except for dividend

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1H 2010 Revenue & EBITDA
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Total Revenue breakdown

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EBITDA breakdown

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Interest Rate Sensitivity
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US$m PBT
80
Impact
Reflects estimated contribution of derivatives and
fixed deposits over CY10 assuming cash rates 60
remain unchanged.
40
20
0
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
-20
Represents cash rates for USD, CAD, GBP and
AUD as at 31 December 2009 .
-40
-60
Exposure Hedged exposure
-80
This graph outlines the sensitivity of interest rate changes when measured against core client
balances (long term sustainable balances) , adjusted by the impact of floating rate debt , corporate
cash balances and derivative positions.
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Hedge Lifecycles
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Hedging of Long Term Sustainable Balances 100% 80% 60% 40% 20% 0% Jan-10 Jan-11 Jan-12 Jan-13 Total Hedging (derivatives, term deposits and floating rate debt)

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Balance Sheet As at 31 December 2009

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Debt Facility Maturity Profile As at 31 December 2009

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Key Financial Ratios
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›
EBITDA Interest Coverage Net Financial Indebtedness to EBITDA
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Acquisitions:
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	Acquisitions:	Acquisitions:	Acquisitions:
		CY2008 onward
		Name Cost (USD m) Country Type of Business
		Name Cost (USD m) Country Type of Business
		QMT 142.6 Australia Communication Services
		Machine Dreams small USA Audience interaction
		St d 9 8 UK El t l S i ran . ec ora erv ces
		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 USA Investor Services
		I-nvestor 12.4 Denmark/Sweden Investor Services
		HBOS Employee Equity 56.5 UK/Channel Islands Employee Plans

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Acquisitions:
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• › Ac uisition activit has slowed over the ast 12 months – the challen e bein q y p g g

• fewer opportunities, not reduced appetite

• › The National City transfer agent acquisition continues our strategy of consolidation in the US investor services’ s p ace , but anti-trust is an issue

• › The I-nvestor acquisition in Denmark & Sweden broadens our European investor services footprint and supports a range of current client relationships

• › The HBOS Employee Equity Solutions purchase has resulted in Computershare becoming the market leader in the UK in employee plans administration

• › Our strong balance sheet positions us well for any opportunities that may arise

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Environment:
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• › Stron recurrin revenue and eo ra hic diversit continue to under in g g g g p y p

• performance

• › Client attrition through GFC related insolvency, bail-out and takeover, and reductions in mar g in income ( mostl y from the run-off of hed g es ) continues to drag on our annuity revenue

• › Corporate actions pipeline lighter:

• › Balance sheet repair largely complete outside China

• › Some M&A and lots of talk, but no real volume yet

• › Lots of IPO prospects in all markets, but investor appetite seems fragile at best

• › Cost management remains a key focus however there is also some cost catch up to come in salaries (frozen last year), deferred capex, etc.

• › Forex rates (especially weak GBP and Euro) also drag a bit

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Our strategic focus:
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• › Continue to drive operations quality and efficiency through measurement, benchmarking and technology

• › Improve front office skills to protect and drive revenue

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

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

• › Continuing to lift our market position

• › Engaging with a range of proposals and projects around the globe that look to change the legal and/or operational structure of securities ownership and of communications between issuers and investors (referred to as “ market structure” issues). Our global experience gives us a unique and widelyvalued perspective, and we are active and influential participants in the various debates

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