COMPUTERSHARE LIMITED. — Investor Presentation 2012

Mar 21, 2012

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 MARKET ANNOUNCEMENT www.computershare.com

Date:	Thursday 22 March 2012
To:	Australian Securities Exchange
Subject:	Computershare Investor & Analyst Briefing 2012

Attached are the materials that are being presented to investors and analysts today at Computershare's annual business briefing session.

A copy of these materials will also be posted on the Computershare website (www.computershare.com.au).

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, 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

Investor & l i fi & Analyst Briefing Computershare Limited

INVESTOR & ANALYST BRIEFING

W l & I t d ti Welcome In troduction

Stuart Crosby Crosby

President & Chief Executive Officer22 March 2012

Investor & Analy g st Briefing

Business Overview: Australia and New Zealand

Scott CameronHead of Computershare Australia and New Zealand

Regional Overview: Australia and New Zealand Scott Cameron

Biog py ra p hy

• ›Former Tax Partner at Ernst & Young in area of Financial Services
• ›Joined CPU in 2005 as Head of Global Taxation & Accounting
• › 2008 –2011 CFO for CPU s' Asia Pacific region
• ›June 2011 appointed Regional Director for Australia & NZ

Regional Overview: Australia and New Zealand Investor ServicesServices - Australia

State of p y la

• ›Continue to lead market in Australia (60% plus of ASX 50/ASX 200)
• › M&A market subdued but winning those corporate actions that arise – Fosters/TWL demerger, Barrick Gold s' acquisition of Equinox Minerals hybrid note issues appointed for Minerals, issues, for upcoming Genworth IPO
• ›Provided thought leadership over AGM season on "2 strikes" reforms

• › Clients rate Computershare number one in the Australian Registry Service Provider Survey Service 2012

• ›Market conditions and lack of IPO pipeline

• ›Ensure we are well positioned for eventual market turn around
• ›Identifying and rolling out new revenue lines
• ›Realisation of savings from operational efficiency initiatives

Regional Overview: Australia and New Zealand Investor ServicesServices - New Zealand

State of p y la

• ›Market leader with 70% of NZX 50
• ›Business has held up well despite flat corporate activity during FY12

• › Won the IPO work for NZ Treasury's Mixed Ownership Model (sale of SOE) program. Full suite of services – Reach, Call Centre, Application Processing and Mail House

• ›SOE Program

• ›Identifying new revenue streams e.g. Kiwisaver

Regional Overview: Australia and New Zealand Communication ServicesCommunication

State of p y la

• › A leading provider of specialised inbound and outbound communication services that integrate print, mail and electronic solutions
• › Continuous inkjet colour printers:
• ›Melbourne and Sydney sites
• ›Migration of volumes ahead of schedule
• › St th i i b d Strong growth in in bounC t it ap turepoin toff i d t hi ith l di b k t ffering an d par tnerships with leadi ng banks to offer locked box receivable processing

• ›Won Superpartners inbound and outbound work

• ›Traditional print and mail volumes and margins remain under pressure and volumes

• ›Maximising inbound solutions pipeline

Regional Overview: Australia and New Zealand Plan Managers

State of p y la

• ›Continues to be the market leader in Australia
• › Reputation for ability to roll-out global plans enhanced with successful launch of Fletcher Buildings plan across multiple jurisdictions and thousands of participants

• › Production of more than 200,000 tax statements within 9 business days as part of ATO's end of financial year reporting requirements

• › Conversion of g p pp lobal plans opportunities into client wins

• ›Continued focus on process improvement and efficiencies

Regional Overview: Australia and New Zealand Proxy Solicitation

State of p y la

• ›Ongoing market leader in Australia

• › Engaged in most major recent corporate actions requiring solicitation e.g. Fosters takeover by SAB Miller Miller, Barrick Gold s' acquisition of Equinox Minerals

• ›Subdued M&A activity

• ›Identifying new sources of non-traditional revenue

Regional Overview: Australia and New Zealand Fund Services

State of p y la

• › Specialist in unit trust and unlisted investment product registry administration. Moved business away from investment administration and fund accounting to focus on core unit registry
• › Development of key partnerships within the custodial, asset and funds management market
• › Custodial relationships in particular now providing pipeline of work and future opport iti un es
• › Development of new distribution channels, such as AQUA II, and broader industry automation initiatives remain strategically important

Challenges & opportunities

› Ma ^s g oppo tu t es ^a d success ^u y g at g p pe ^{e o} sa es ^{e o} ts past ximi sin rtunitiesn successfull y mi ratinpipelin e from salesefforts in 12 months

Regional Overview: Australia and New Zealand Serviceworks Group (SWG) (SWG)

Background

• ›SWG established 11 years ago
• › Comprises 3 businesses:
• › Serviceworks (SW) – a provider of solutions to retail utilities (electricity, gas and water) sector in Australia ranging from consulting services to full end to end back office administration e.g. customer activation, billing, collection, communication
• › ConnectNow (CN) – a provider of home utility connection services largely via partnering with real estate agents
• › S it h i witcwise – pri i b it f t il f l t i it t ice comparison we site for retail users ogas, elect ricity e tc
• ›Acquired by CPU effective 1 September 2011

Regional Overview: Australia and New Zealand Serviceworks Group

Strategic rationale

• › Non-core but has similarities to our business e.g. high volume BPO providing link between Utility Retailers (Issuers) and their Customers (Securityholders)
• › Global partner required to maximise opportunities both within Australia and offshore to take business to next level
• › Acquiring CN and Switchwise provide customer acquisition channels and strategic business intelligence for SW business
• › Deal not based on synergies but they are a likely by-product e.g. upside with general op p gy erations disci plines and our broader technology suite

Regional Overview: Australia and New Zealand Serviceworks Group

State of p y la

• ›Excellent engagement from management and staff since acquisition
• ›Integration milestones being achieved
• › Since acquisition, SWG growth from existing clients and new client on-boarding projects has exceeded expectations. There are also a number of significant new long term utilities services opportunities in the pipeline
• ›Initial international expansion strategy well progressed
• ›Revenue generation for other CPU service lines e.g. Communication Services is occurring

Regional Overview: Australia and New Zealand Serviceworks Group

• ›Ongoing integration
• ›Operational and client on-boarding efficiencies
• ›Product and technology development e.g. customer self service
• ›Tier 1 retailers
• ›Maximisation of CN and Switchwise as feeders of customers
• › Take offering into overseas markets using Computershare's global footprint and client base

Regional Overview: Australia and New Zealand Digital Post Australia (DPA)

State of p y la

• ›DPA is Australia's first digital mail service
• ›Launched 14 March 2012
• ›JV between CPU (40%) (40%), Salmat (40%) and Zumbox (20%)
• ›DPA has separate management team that reports to DPA Board
• › Our Communication Services business will be a feeder into DPA but it is available to all communications service providers in Australia service
• › Once online customers can easily access other online tools, leveraging the technologies Computershare and our clients have invested in
• › A ti i t d li d t f nticipa te live date for consumers –2H12

Digital Postal Mail – Making Mail Easier... And accessible from anywhere!

Regional Overview: Australia and New Zealand Digital Post Australia (DPA)

What is DPA

• ›A nationwide paperless postal system for consumers
• › unlike email a closed system, restricted to verified mailers and individually verified consumers nsumers linked to aphysical hysical mailing address
• › A system that is accessed via a single log on – unlike email – reducing the need for multiple passwords and log-ons
• › A system that is accessible across major mobile platforms including major iPhone, iPad and Android devices
• › A personal assistant, notifying users when payments are due and organising documents in a sing g y , gg le secure di gital vault where the y can be stored, tagged and searched for
• ›A permanent archive for consumers of their essential communications
• ›A system that has access to payment gateways
• › A communication channel for service providers that leads to paper suppression cost and sustainability savings
• ›A free service for consumers

Investor & Analy g st Briefing

Question Time

S C cottameron Head of Computershare Australia and New Zealand

Investor & Anal y g st Briefin

Business Overview: Asia

J W ames Wong Head of Computershare Asia

Regional Overview: Asia Hong Kong

State of p y la

• ›Fund raising and corporate actions remain active but investors more risk averse
• › Listed products and corporate actions getting increasingly complex, further highlighting our leading position
• › Worked with HKEx Listing Division on RMB IPO structure and how to make listing of international companies easier
• › D fti f Drafti ng o S il crpless l i l ti li d N t t d t 2014 legi slation slippe d. New targ edate
• ›First RMB IPO launched and more products in the pipeline
• › Plans team relocation to HK/Beijg p g in g com plete with new dealin g model

• ›Plans and Shareholder Analytics increased our touch surface with issuers

• › More sophisticated product demand and more sophisticated personnel, posin g challenges on recruitment and training

• › New players (Boardroom, BNP Paribas) joined the market but signs of industry consol d / ll b l lidation / coll aboration also emergin g

Regional Overview: Asia China

State of p y la

• › Relocation of Sydney based Plans personnel completed and local recruits reached critical mass
• ›Meeting services for Chinese listed companies has been successful since launch
• ›Effectively utilized our presence in China to stay close to our important customers

Ch ll & i i allenges & opportunities

• › Gradual opening up of Plans opportunities for domestic companies, now building local sales capabilities
• › Sudden changes in tax re gulations still an on goin g issue
• ›International Board still waiting for policy window

Regional Overview: Asia India

State of p y la

• › Changes in Mutual Funds regulations making fund products a less attractive cash investment alternative
• › Hostile regulatory egulato ry environment nvironment
• › New IPOs emerging but both flow and application volume subdued with price competition keen

• ›Local inflation and election year also dampened investment appetite

• › India JV acquired a re gistry business in Bahrain as a sta gin g post to service the Middle East

• ›Acquired business of a small local registry in Hyderabad
• ›Continue to look for new business opportunities and product extension

Regional Overview: Asia Japan

State of p y la

• ›Activist shareholders and opportunistic funds got fingers burned
• ›Corporate fear level subsides, and price pressure on IR business in general
• ›Need to move from fear to IR focus focus

• ›Obtained ID business from other MUFG companies and other group affiliates

• › Japan-based global companies increasingly interested in exploring overseas M&A and listing opportunities, especially for listing in HK

• ›A "HK IPO Group" formed. First HK listing of Japanese company already in our pipeline
• › Listed first Japanese company in HK via Hong Kong Depositary Receipt. Others looking at direct listing gg in Hon g Kon g

Investor & Anal y g st Briefin

Question Time

J W ames Wong Head of Computershare Asia

Investor & Analy g st Briefing

Business & Integration Overview

M kD i &S I i Mark Davis & Stuart Irving Co-Heads of Shareowner Services

Regional Overview: Shareowner Services Shareowner ServicesServices - US

Recap of the transaction

• ›Cost \$550m
• ›Clearance received on 4 November 2011
• › Transaction close achieved 31 December 201131
• ›We are 11 weeks in...

Recap of the opportunity

• ›Synergies at \$72.5M
• ›First six months small and building from there small
• ›Outsourcing, Insourcing and Cross Selling

Regional Overview: Shareowner Services Shareowner ServicesServices - US

Statistics - combined

Regional Overview: Shareowner Services Shareowner ServicesServices - US

Regional Overview: Shareowner Services Other Benefits

Other benefits

• ›Outsourcing opportunities broader group
• ›Best practice opportunities
• › Cross Sell
• ›Communication Services
• ›Georgeson
• ›KCC
• ›Governance Services
• ›Global Solutions

Regional Overview: Shareowner Services Key Risks

Client attrition

• ›Client engagement has been high initial priority
• ›Strong client management governance and framework exists
• ›Client response to acquisition thus far has been very positive
• ›Some client attrition experienced during calendar 11 post announcement, pre close

Legacy challenges

• ›Clean Book
• › Strong contractual protections on key risk items such as risk
• ›Escheatment / Unreported Property
• ›Register Out of Proof conditions
• › I i i t f l ti iti Issues arising ou t of pre close acti vities

Regional Overview: Shareowner Services Key Risks

Service q y ualit

• ›No conversions during 2012 Tax and Proxy Season
• ›Strong focus on service delivery to ensure consistent CPU USA service experience
• ›CPU US service quality and satisfaction at record highs at

Shareowner Services Organization

1. Investor & Analyst Briefing - Computershare Limited.

Regional Overview: Shareowner Services Investor Services

Summary pg j of core pro gram objectives

1. Investor & Analyst Briefing - Computershare Limited.

Regional Overview: Shareowner Services Investor Services

Regional Overview: Shareowner Services Synergies

How we will achieve sy g ner gies

• ›Technology
• ›Operations Rationalisation
• ›Facilities Rationalisation
• ›Staff
• › I i nsourcing

Regional Overview: Shareowner Services Synergies

Sy gy ner timelines

	F Y 1 2	F Y 1 3	F Y 1 4	F Y 1 5
I I l l E E d d S S i i t t t t n c r e m e n a x p e c e y n e r g e s	2 5. m	2 5 0. m	3 5 0. m	1 0 0. m
C l i E d S i t t u m u a v e x p e c e y n e r g e s		2 7. 5 m	6 2 5 m	7 2 5 m

Costs to realise synergies

We anticipate one off costs of about \$50M to realise these synergies. These costs include: IT and IT capex, facilities build-out and rationalisation, and staff costs. They will be incurred between FY12 and FY15, with the majority anticipated in FY13 and FY14.

Investor & Analy g st Briefing

Question Time

M kD i &S I i Mark Davis & Stuart Irving Co-Heads of Shareowner Services

Investor & Analy g st Briefing

Business Overview: Canada

Wayne N li ew ng Head of Computershare Canada

Regional Overview: Canada

Investor Services

State of p y la

• ›Focus remains on client retention/new business/cost control
• ›Re-signing major clients to multi year contracts
• ›Corporate Actions activity remains depressed

• ›Client satisfaction remains high

• ›Competitors continuing to target CPU clients with aggressive pricing

• ›Low interest rates continuing to impact margin income to impact
• › Although overall M&A activity slow, CPU well positioned in the Oil/Gas/Mining sectors, which dominated 2011 activity and is expected to continue into 2012

Regional Overview: Canada Corporate Trust

State of play

• › Strong activity in resid l b k d ld l dential mortg age baced securities continues to yield stron g results
• › Debt activity has been consistent over the past year with new and existing issuances, we continue to hold a strong market position nationally
• › Default levels stable, drivin g revenue (debt restructurin g, etc.)
• › Focus continues to be on client retention, new business, cost control and margin enhancement across all areas of this business

• › Volatility in commodity prices positively affectin g Oil & Gas Royalties

• › Structured finance and other traditional issuances remain slower due to market conditions

• ›Growth of balances remains an opportunity
• ›Ongoing low interest rate environment adversely affecting earnings
• ›Pricing pressures still exist from regional competitors

Regional Overview: Canada Communication ServicesCommunication

State of p y la

• ›Core transactional revenue continues to grow steadily
• › Gaining traction in Financials with two new clients finalising contracts and good organic growth within existing accounts
• ›Strong quality and SLA management has been increasing net promoter scores

• ›Good cost management continues to underpin EBITDA growth

• › Capabilities and differentiation provide a good match to market needs but sales and implementation cycles are long

• ›Penetration of existing client base remains low with good upside potential
• ›New inbound capabilities may provide additional growth opportunities

Regional Overview: Canada Plan Managers

State of p y la

• ›Continue to win large ESPP mandates
• ›Business continues to do well post disposal of Stock Options business
• ›Extremely scaleable driven by robust ESPP technology

• ›Client satisfaction remains at all time high

• ›Looking to partner with benefit providers whose clients want one stop shop

• ›Differentiating by being seen as high quality provider
• ›Pricing pressure
• ›Slow transaction activity

Regional Overview: Canada Corporate Proxy

State of p y la

• ›Lack of M&A activity impacting on Proxy business
• ›Average dollar value of deals has declined due to competition

• ›Still winning our market share in a soft market

• ›Competitive landscape remains congested

• ›Focusing on lawyers/investment bankers as sources of referrals
• ›Continuing to win mandates on the larger deals that have occurred
• ›Cost base realigned to reflect revenues

Investor & Analy g st Briefing

Question Time

Wayne N li ew ng Head of Computershare Canada

Investor & Analy g st Briefing

Business Overview: United States of America

Steven R thbl o oomHead of Computershare USA

Regional Overview: United States of America Investor Services

State of p y la

• › Client satisfaction strong, with highest scores to date for relationship management, operations and business-wide overall across multiple surveys
• › Client retention strong, with over 150 contracts renewed or extended over the last half the year
• ›Client losses due to bankruptcy and acquisition have abated
• › Continued focus on additional sales to existing clients, including new shareholder new programs and cross-selling other businesses such as class action and corporate proxy

• ›IPO activity picking up, with many in the pipeline waiting to execute

• ›M&A activity levels continue to track below expectations

• › Despite competitive pressure including banking relationships and some aggressive pressure, and pricing, retention has never been better
• › Market conditions driving variability in transaction levels and associated fees; continued low interest rate environment

Regional Overview: United States of America Corporate Proxy Solicitation & Fund Services (CFS)

State of p y la

• › Q2 FY12 saw a reduction in M&A activity which reflects the August S&P downgrade and European economic issues; however, Georgeson won several significant transactions
• › Georgeson ^s rgeson' proxy fight activity is flat period-over-period, while our advisory assignments on unsolicited M&A are up marginally year-over-year
• › CFS continues to win a high percentage of the deals that come to market but the deal flow in the industry remains at record lows

• › CFS proxy volume continues at a steady pace for small- to medium-sized projects with very few large (USD\$5m+) projects anticipated for FY12

• ›Weak M&A and proxy fight marketplace

• ›Cross-selling Georgeson proxy services to Shareowner Services clients selling
• ›Continue to grow assignments in compensation/governance consulting

Regional Overview: United States of America Plan Managers

State of p y la

• ›Strong client loyalty and retention, with no competitive losses
• ›Focused on supporting clients with regulatory compliance
• › Driving revenue via additional sales to existing clients including new products and existing clients, products complimentary services
• › Continue to work with specific financial institutions on private label Employee Stock Purchase Plans

Challenges & opportunities

› To remain thl d f l k h l h k he largest provi der of Employee Stoc k Purchase Plans services in the market even while new deals in the industry are affected overall by the market slow down

Regional Overview: United States of America Communication ServicesCommunication

State of p y la

› Significant business opportunities with CPU's core business such as the Shareowner Services integration, and the non-core businesses (e.g. bankruptcy, class actions, and SLS) as well as commercial opportunities

• › CCS US integration project team established and highly engaged in recapturing all recapturing shareowner communications/services outsourced by the former BNY Mellon Shareowner Services business
• ›Re-certified all US CCS facilities ISO 9001:2008; achieved AT101 attestation certified ISO

Regional Overview: United States of America Bankruptcy and Class Action Administration (KCC)

State of play

• › 31% ll k t h i b k t d i i t ti i CY2011 (1 t i k t) 31% overall mar et share in bankrup tcy a ministration in s in maret)
• ›33% of "mega" market share in bankruptcy administration (1st in market)
• › Recently won two of the largest bankruptcies (Kodak and Hostess) to hit the market this won bankruptcies the year
• › Market activity in class action continues to be brisk. KCC is bidding on double the amount of deals by leveraging the Computershare family of businesses Computershare
• › Three large class action cases won totalling 30 million members. Won large class action from Shareowner Services business as well

Challenges & opportunities

• › Seeing a pickup in bankruptcy volume after the downturn in activity following the boom in restructuring
• ›Class action, seeing industry-wide major opportunities and large volume deals

• › Consolidated all class action businesses under the KCC banner, while utilising the core TA operations infrastructure

• Analyst Briefing of Computershare Limited.

Regional Overview: United States of America Mortgage Servicing (SLS)

State of p y( , ) la y (since Dec 1, 2011

• › Servicing portfolio Unpaid Principal Balance (UPB) has increased over 30% in the first three months, largely due to winning two new sub-servicing clients
• › Achieved servicing rating upgrades from rating agencies Fitch and Moody Fitch s' which is , very encouraging

Ch ll & t iti allenges & oppor tunities

• › Significant special servicing opportunities as banks and risk holders actively look for outsourcing mortgage servicing solutions
• › Maintaining compliance with constantly evolving regulatory environment, i.e. new servicing standards associated with national bank settlement
• › Recent reform from the Government likely to result in additional remodifications / work to / for SLS
• › Succession planning – senior management are locked in for three years per the earn out.CPU working to develop the next layer of management

Investor & Anal y g st Briefin

Question Time

Steven R thbl o oomHead of Computershare USA

Investor & Analy g st Briefing

Business Overview: Continental Europe

St ff e en H f ther urth

Head of Computershare Continental Europe

Regional Overview: Continental Europe Ourcurrent footprint

Regional Overview: Continental Europe Investor ServicesRussia

State of play

• ›Business units performed in accordance with expectations
• ›Two registrars owned by CPU in Russia cumulatively have the largest market share
• › Successful growth of the client base
• ›Integration of processes and functions well underway

• › "Technological break Technological break-through through" project with the goal to offer enhanced online services to issuers and investors has been launched

• ›Legal merger and negotiation with Rosbank to acquire their 20% stake

• ›Transfer of shareholder accounts to one technology platform
• ›Reinforcement of marketing and business development
• ›Market infrastructure reform and re-positioning of the core business
• › Development of custody, specialised depository and brokera ge services

Regional Overview: Continental Europe Investor ServicesDenmark

State of p y la

• › Core registration and AGM business has underperformed due to fewer market transactions and increasing bankruptcies among major bank clients in 2011
• ›High client satisfaction among registry clients
• ›Strong combined product offering is unique in the market
• ›Launched mobile portal end of 2011 with per-user payment

• › Georg yg eson shareholder anal ysis offerin gs introduced to the market

• ›Still intense competition with local CSD

• › R d d b f li t d i d t b k t i d d educed number o sted companies due to bankrup tcies, mergers an de-li ti sng
• › IPOs have been postponed. If market conditions allows, then 4 to 8 IPOs are expected in 2012
• › International Proxy voting increased last year due to the new company act and is company expected to increase this year as well
• › Displacement from paper forms to electronic registration will continue and creates new transaction streams with low cost of sales

Regional Overview: Continental Europe Plan Managers Denmark

State of p y la

• ›Market leader for LTIP schemes (options, warrants, phantoms etc.)
• ›Successful implementation of first large client in Ireland
• › Mig ^a g ^o ga y y ( ) ^{o a} g p ^{a o} ratin g clients from lega cy system (SPM1) to Sh are Register platform
• ›IFRS 2 compliant
• ›Steady growth in clients

• ›First client using our system for management of cash schemes

• ›Competitors are lowering prices

• › Plans dealing solution in Danish market with VEM
• ›Share Plans in Germany
• ›Share Plans in Russia
• › Explorin g opportunities to offer sel f-service LTIPs management across Europe

Regional Overview: Continental Europe Investor ServicesSweden

State of p y la

• ›Successfully retained our role as one of the market leaders of AGM services
• › Strong competition by local CSD (Euroclear Sweden) who provides various issuer services including meeting services services,

• › Growing the proxy tabulation services for companies with their legal seat outside Sweden

• ›Offering new service to issuers for administration of proxies from nominee banks

• ›Opportunities for Plans following the success of delivering the Ericsson share plan
• › BoardWorkslatest iPad App v2.0 has been introduced to the Swedish market

Regional Overview: Continental Europe Investor ServicesGermany

State of p y la

• ›For Issuer services the German market is still dominated by banks
• ›CPU well positioned as registrar of choice for SME market
• › CPU g y ^{o a} da 0 Re gistry won first DAX m ndate in 2011
• ›Market leader in German AGM space. Working for 26 of top 30 DAX clients

• › Only provider in Germany that offers online-participation at shareholder meetings for investors

• › Due to changes in legal framework registered shares became more attractive for issuers 2 more DAX issuers switched to registered shares issuers.

• › DAX30 companies are increasingly owned by foreign investors (65% on average). Foreign investors only shown as nominees in register
• › CPU is the only provider that offers an on on-line disclosure process to identify beneficial line holders behind nominee accounts
• › Failed merger of Deutsche Boerse/NYSE might lead to re-positioning of German CSD ( ) Clearstream)

Regional Overview: Continental Europe Communication Services CommunicationGermany

State of p y la

• › Printing market declining (Offset more than Digital) > Margins declining but starting to rationalise
• ›Cost per unit increasing (fixed structures) > Positive trend to outsourcing (slow)
• ›Colour printing volumes increasing > CCS participating (4x monochrome margins)

• › Digital mail introduced by Deutsche Post and few Internet-Providers (DE-Mail Law) > CCS cooperating

• ›Smaller job runs, lower print volume > CCS efficiency programme (auto workflow)

• › Colour printing ^> Increased from 0 to 2 million A4 p ^a p.a.
• › Operating on lean structure, processing complex jobs > sustainable position in competitive environment
• › Regional market leader ^> focussing on regional financial service clients (competitive advantage recognised by targeted clients)

Regional Overview: Continental Europe VEMGermany

State of p y la

• › Uncertain outlook for German and EU-Zone economy, long-term interest rates at record low, large caps with good performance at beginning of the year
• › European debt crisis still alienates market participants, ongoing concerns about banking capitalisation and write offs
• ›Thus, IPO activity as well as trading liquidity in small caps very low
• › VEM in a leading position regarding rights issues and admissions in Germany by number of transactions

• › Currently, VEM has >100 paying agency mandates for shares (approx. 7.6% market share) and 41 sponsored market making mandates (approx. 5.0% market share)

• ›Strong equity markets could bolster ECM and placement business

• › VEM inv^o ed pub ^c y d ^s bu ed C ^a sac ^{o s} lved in publi cly distributed DCM transactin
• › Current projects: distribution of CPM products to mid and large cap issuers; ETF issuers in Germany still target clients
• › Increasing gg g p bankin g re gulation and stron g com petition in SME market

Regional Overview: Continental Europe Servizio Titoli (ST) Italy

State of p y la

• › All-in-all ST is positively reacting to negative impact of Italian economy/finance: growth of business linked to blue chips extraordinary events is balancing revenue pressure by competitors and client's negotiations
• › Stable market share, i.e. ST is likely to benefit from Unipol/Premafin reorganisation but will lose Benetton
• › Issuers are still in the middle of downsizing and cost reduction strategies with pressure on ST b t E l h tl fi d 3 t t ST revenues, uEnel has recently confirme d a 3 year con tract

• › Extraordinary capital increases and AGMs are positively impacting on ST business due to unique know-how, i.e. new contract with BP Etruria for multi-site AGM

• ›2012/13 unclear if high level of extraordinary activities will remain

• › ST strategy: move move-up the value chain (i ^e proxy business); introduce new services (to up (i.e. companies facing insolvency conditions, to consorzio-fidi/loan pooling), penetrate with CPU services (share plans)
• › More demand for on-line services ( g g) meetin g and voting)

Regional Overview: Continental Europe Corporate Proxy Southern Europe

State of p y la

• › Strong half year for Intelligence products (i.e. Shareholder ID). Clients recognise superior quality and are ready to pay us a premium
• ›Increasing client base in Italy and Spain
• ›Banking sector picking up as revenue contributors because of "Capital Ratios" issues
• › Launched first combined sales and marketing activities to the combined Servizio Titoli and Georgeson Srl client base

• ›New Italian regulation on Proxy Fight drives increase in revenue

• › Extending beyond pure Proxy Business (30% of new business during last 12 months don't even mention the word "Proxy")

• › Strong and positive perception of the Georgeson brand as the trusted player in Co po ^{a e} Go ^{e a} ce Co su ^a cy rpo rate vernnce nsultancy
• ›New growth opportunities in Corporate Social Responsibility space
• ›Growth opportunities in Latin America

Investor & Analy g st Briefing

Question Time

St ff e en H f th er urth Head of Computershare Continental Europe

Investor & Analy g st Briefing

Business Overview: United Kingdom, Channel Islands, Ireland & Africa (UCIA)

Naz SarkarHead of UCIAUCIA

Regional Overview: UCIA Registry UK

State of p y la

• ›No. 1 again in Capital Analytics Survey 2011/12 – 4 years in a row!
• ›High client retention rates as major clients renew contracts
• › In ^a thin market we continue to win largest share of new IPOs IPOs
• ›Maintaining very strong market share in Depositary Interests

• ›Market for core offering remains highly competitive

• ›Continuing to win dealing mandates, for example Dividend Re mandates, Re-investment plans investment

• ›Glencore, Evraz and Polymetal all entered FTSE100 and underline strength of CPU offer
• ›Offshore business strongly compliments our UK based business
• › N UK 't i k' l t i i i t New 'twin peak' re g ulatory regime imminen

Regional Overview: UCIA Ireland

State of p y la

• ›Market share remains high and solid
• ›Now administering over 240 ETF funds – up from 200 last year

• › G^o p opo ^{a a} ou d ^a pa d ^{a a a} d vernment ropo sals that would have impacte d Irish Share Plans later reverse

• › Sl d i ETF i 1H12 fl t d k t ti t b t i Slowdown in ETFs in 1H12 reflected maret sentimenut now seeing some recovery

• ›Opportunity to improve regional and global ETF offer to clients
• ›Ireland continues to attract companies as a regional hub for re-domiciling
• › R i i il i l i d E d l Remain vigilant in relation to any a dverse Euro developments

Regional Overview: UCIA Business Services

State of p y la

• › Low interest rate environment and growing private rental market driving continued growth in DPS deposit pool
• ›Structured Products business line has slowed due to challenging market conditions
• ›Gilts (UK Government Bonds) activity remains buoyant

C ^{a e} ges & oppo tu t es h allnges rtunities

• ›Scottish Deposit Protection Scheme – due to launch later this year
• ›Ireland consulting on Custodial Tenancy Deposit Scheme
• ›Advising Northern Ireland on Deposit Protection Scheme
• › England & Wales Deposit Protection Scheme (Insurance) – licence due September this year for launch March 2013

Regional Overview: UCIA Computershare Voucher Services (CVS)

State of p y la

• ›Government has reiterated support for childcare vouchers
• ›CVS continues to be the market leader but operating in a highly competitive market
• ›Childcare Voucher Providers Association is building up its influence (CVS founding member) member)

• › Tax limit changes in April 2011 resulted in increased participation levels but some offset as average voucher values fell

• › CVS playing a leading role in building Government support for extension to self-employed, backed by the influential Conservative Women's Forum

• › Online usage has increased with hi gh uptake of Employer Online
• › Continuing to focus on increasing market size, by driving up participation rates; and through deeper penetration of wider CPU client-base
• › E l i t hi t iti ith thi d t id t ll t CVS Explorin g par tnership oppor tunities with rd par ty providers to allow access to product on their employee benefits portal
• ›Fragmented market may provide acquisition opportunities

Regional Overview: UCIA Communication ServicesCommunication

State of p y la

• ›New MD with 15 yrs experience within UK's largest communications businesses
• › Focus remains on delivering high quality reliable services to internal business units and developing stand alone commercial opportunities

• › Created sector specific value propositions, which offer more integrated solutions, leveraging our market leading USPs (technology, online solutions, auditability/control)

• › Communication Services well positioned for cross sales following recent Plans and other business unit wins

• ›Regional communications market is highly competitive highly
• ›Leveraging knowledge from other regional CCS businesses to extend product pipeline
• › Wider opportunity through development of strategic partnerships with other market leade ^s enabling ^s to jointl pitch fo la ge comme cial cont acts rs, enabling u to jointly for rger rcial contracts

Regional Overview: UCIA South Africa

State of p y la

• ›M&A activity remains below historical norms but some signs of recovery
• ›Maintaining market share through strong relationships
• › Focus remains on quality and effective cost management in the context of overall in market wide inflationary pressures

Ch ll d i i allenges an d opportunities

• › Continue to seek to grow African JV in light of market structure developments however opportunities may be longer term
• › New dividend tax has been legislated in South Africa – we act as Re gulated Intermediary effective 1 April 2012
• ›New CSDP licences awarded and this may over time bring new competitive tension

Regional Overview: UCIA Georgeson Corporate Proxy Solicitation

State of p y la

• › Shareholder Activism is materially up and expected to increase as we enter the shareholder meeting season
• › Dutch market continues to perform well with increased number of clients and longer term contracts

• › Smaller M&As continue to support our revenue mix, with most M&A coming out of the UK

• › Competition has ramped up significantly in UK and across Europe for proxy solicitation services

• › UK market movement to make Remuneration votes mandatory and increasing vote requirements
• › R i l h ki li i i lik l Russia law change maki ng proxy soli citation more ely

Regional Overview: UCIA Channel Islands

State of p y la

• › Offshore business continues to perform strongly with some recent major wins including Evraz, Randgold, Rolls-Royce and Rio Tinto
• › Successful cross selling y activity between business units
• ›High volume of re-domiciling in Registry

• ›Initial SCRIP migrations has enabled new dealing and FX mandates

• ›Jersey market remains buoyant and competition for skilled personnel is high

• ›Opportunities to grow offshore business streams from within global CPU network within
• › Other offshore jurisdictions (e.g. Guernsey and Isle of Man) also performing well and investigating growth opportunities

Regional Overview: UCIA Plan Managers

State of p y la

• ›Business is strong and stable with a number of cross-sell and new client wins
• ›Dealing and FX revenues continue to be strong
• ›Increased size of business has led to lower marginal costs of servicing clients Increased size

• ›80% of the ex-HBOS EES book of clients now migrated with no client losses

• ›Investment in people is showing increased capability and capacity for new work

• › Competitors are clearly facing challenges making the necessary investment to remain competitive
• › Good portfolio of plans ranging from those exposed to interest rates and those based on fee income and all with dealing and FX potential
• ›Remaining ex ex-EES clients are complex but provide good upside potential after migration EES

Investor & Anal y g st Briefin

Question Time

Naz S k ar arHead of UCIA

Investor & l i fi & Analyst Briefing Computershare Limited

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