COMPUTERSHARE LIMITED. — Investor Presentation 2015

Aug 11, 2015

Computershare Limited 2015 Full Year Results Presentation

Stuart Irving Mark Davis 12 August 2015

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V1DIS
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Financial CEO’s
Introduction
Results Report
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Introduction

Stuart Irving PRESIDENT & CHIEF EXECUTIVE OFFICER

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V1DIS
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Introduction

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Results Summary Statutory Results

FY15 Vs FY14	FY15 Vs FY14	FY15 Vs FY14	FY15 Vs FY14
Earnings per share (post NCI)	27.61 cents		Down 38.9%
Total Revenues	$1,984.0m		Down 3.2%
Total Expenses	$1,738.5m		Up 1.0%
Statutory Net Profit (post NCI)	$153.6m		Down 38.9%
Reconciliation of Statutory Revenue to Management Results		FY15
Total Revenue per statutory results Management Adjustments Gain on disposals Bargain purchase gain Total Management Adjustments Total Revenue per Management Results		$1,984.0m (7.3) (0.7)
		($8.0) $1,976.1m
Reconciliation of Statutory NPAT to Management Results		FY15
Net profit after tax per statutory results Management Adjustments (after tax) Amortisation Acquisitions and Disposals Other (including Voucher Services impairment) Total Management Adjustments Net Profit after tax per Management Results		$153.6m 58.5 (0.1) 120.7
		$179.2m
		$332.7m

Note: all figures in this presentation are in USD millions unless otherwise indicated.

Management results are used, along with other measures, to assess operating business performance. The Company 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.

Management adjustments are made on the same basis as in prior years.

Non-cash management adjustments include significant amortisation of identified intangible assets from businesses acquired in recent years, which will recur in subsequent years, asset disposals and other one off charges.

Cash adjustments are predominantly expenditure on acquisition-related and other restructures, and will cease once the relevant acquisition integrations and restructures are complete.

A full description of all management adjustments is included in the ASX Appendix 4E Note 3.

The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards.

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Management Results Summary

Introduction

			FY 2015 @ FY	FY 2015 @ FY
	FY 2015	FY 2014	v FY 2014 2014 exchange
			rates
Management Earnings per share (post NCI)	US 59.82 cents	US 60.24 cents	Down 0.7%	US 61.39 cents
Total Operating Revenue	$1,976.1	$2,022.6	Down 2.3%	$2,051.8
Operating Costs	$1,419.7	$1,480.9	Down 4.1%	$1,480.3
Management Earnings before Interest, Tax, Depreciation and
Amortisation (EBITDA)	$554.1	$540.6	Up 2.5%	$569.1
EBITDA Margin	28.0%	26.7%	Up 130 bps	27.7%
Management Net Profit post NCI	$332.7	$335.0	Down 0.7%	$341.4
Cash Flow from Operations	$372.1	$409.3	Down 9.1%
Free Cash Flow	$343.7	$392.8	Down 12.5%
Days Sales Outstanding	48 days	45 days	Up 3 days
Capital Expenditure	$38.6	$19.8	Up 94.9%
Net Debt to EBITDA ratio	2.10 times	2.13 times	Down 0.03 times
Final Dividend	AU 16 cents	AU 15 cents	Up 1 cent
Final Dividend franking amount	25%	20%	Up from 20%

Note: all results are in USD millions unless otherwise indicated.

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Drivers Behind FY15 Financial Performance

Introduction

• › Given a range of known headwinds entering FY15, underlying operating performance was sound with Management EBITDA up 2.5% against FY14 in actual terms and up 5.3% in constant currency. Management revenue was down 2.3% but up 1.4% in constant currency. The revenue benefit from the net impact of acquisitions and disposals was partially offset by the headwinds.

• › Register maintenance revenues were down 2.8% in actual terms and 1.4% higher in constant currency, benefiting from recent acquisitions in Canada and the US. Corporate Actions revenues fell to their lowest level in many years, impacted by reductions in Canadian and Australian cash rates and the maturity of the USD deposit facility in FY14.

• › Employee plans revenue fell 4.6% in FY15 and was 1.8% lower in constant currency terms. Lower margin income contribution and weaker transactional volumes impacted the segment.

• › Business services experienced overall revenue growth. Australian revenues were impacted by the loss of Serviceworks’ largest client due to takeover. UCIA benefited from the HML acquisition and a pick-up in voucher services revenue. Class actions administration grew but was more than offset by weaker revenues in bankruptcy administration. US mortgage servicing grew marginally, offsetting revenue losses from the sale of Highlands Insurance in June 2014 and the loss of a material subservicing contract in March 2014.

• › Stakeholder relationship management revenues fell significantly as a result of the sale of the Pepper Group in June 2014. Communication services revenues were also down, further impacted by currency translation due to the significant AUD revenues in this segment.

• › Costs were down 4.1% benefiting from the stronger USD. Expenses were flat in constant currency terms notwithstanding the increased costs associated with recently acquired businesses.

• › The Management effective tax rate for FY15 was higher at 26.1%.

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Computershare Strengths

Introduction

• › Leading market position in all major markets for equity investor record-keeping and employee stock plan administration based on:

• sustainable advantages in technology, operations, domain knowledge and product development;

• quality excellence and operational efficiency; and

• a joined-up global platform and seamless execution of cross-border solutions.

• › Consolidating position and continuing to extract synergies from acquisitions within our chosen business lines.

• › More generally:

• over 70% of revenues recurring in nature;

• long track record of excellent cash realisation from operations; and

• strong balance sheet and prudent gearing, with average maturity of debt facilities of 3.8 years.

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Guidance

Introduction

• › Looking to the year ahead, the Company expects underlying business performance to be broadly similar to FY15, however, the translation impact of the stronger USD and the anticipated lower yields on client balances are again expected to be significant earnings headwinds. The business is also anticipating some increased costs including those associated with investments in product development and efficiency initiatives. Taking all factors into account the Company expects Management EPS for FY16 to be around 7.5% lower than FY15.

• › This assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels and that corporate action activity is similar to FY15, and is also subject to the important notice on slide 65 regarding forward looking statements.

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Financial CEO’s
Introduction
Results Report
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Financial
Results
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Mark Davis CHIEF FINANCIAL OFFICER

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V1DIS
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Financial Results

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Group Financial Performance

FY 2015 **FY 2014 **	% variance to FY 2014	2H 2015 1H 2015 2H 2014 1H 2014
Sales Revenue $1,966.2 $2,011.4	(2.3%)	$1,011.8 $954.4 $1,040.3 $971.1
Interest & Other Income $9.9 $11.2	(11.7%)	$4.7 $5.1 $5.4 $5.8
Total Management Revenue $1,976.1 $2,022.6	(2.3%)	$1,016.5 $959.5 $1,045.7 $976.9
Operating Costs $1,419.7 $1,480.9	4.1%	$720.7 $699.0 $771.7 $709.2
Share of Net (Profit)/Loss of Associates $2.3 $1.1		$1.1 $1.2 $0.5 $0.7
Management EBITDA $554.1 $540.6	2.5%	$294.8 $259.3 $273.6 $267.0
Statutory NPAT $153.6 $251.4 Management NPAT $332.7 $335.0	(38.9%) (0.7%)	$138.1 $15.5 $112.0 $139.4 $172.1 $160.7 $171.5 $163.6
Management EPS (US cents) 59.82 60.24	(0.7%)	30.94 28.88 30.83 29.41
Statutory EPS (US cents) 27.61 45.20	(38.9%)	24.82 2.79 20.13 25.07

Note: all results are in USD millions unless otherwise indicated.

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Management EPS

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Financial
Results
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70
60.24 59.82
60
54.85
50
40
30.83 30.94
29.41 28.88
30 26.87 27.98
20
10
0
2013 2014 2015
1H 2H FY
US Cents
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FY15 Management NPAT Analysis

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Financial
Results
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355
350
345
14.0
340 0.9
21.1
4.8
5.1
335
11.0 0.6
18.1
330 8.0
325
5.5
1.5
320 335.0
332.7 332.7
315
321.1
310
305
FY14 EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - Tax Interest Dep'n & NCI FY15
NPAT USA Canada ANZ UCIA ASIA CEU Tech & Expense Expense Amort NPAT
Corp
USD M
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Management Revenue & EBITDA Half Year Comparisons

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Financial
Half Year Comparisons Results
1,200 60%
1,037.5 1,045.7
1,016.5
987.6
976.9
1,000 959.5 50%
800 40%
29.0%
600 30%
27.3% 27.0%
25.9% 26.2%
24.4%
400 20%
294.8
268.4 267.0 273.6 259.3
241.4
200 10%
0 0%
1H13 2H13 1H14 2H14 1H15 2H15
Revenue Management EBITDA Operating Margin
Operating Margin %
Revenue & EBITDA USD M
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Financial Results

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Management Revenue Breakdown

Management Revenue Breakdown Financial Results	Management Revenue Breakdown Financial Results
Revenue Stream FY 2015 FY 2014 % variance to FY 2014	2H 2015 1H 2015 2H 2014 1H 2014
Register Maintenance $798.9 $821.9 (2.8%) $411.6 $387.3 $432.3 $389.5
Corporate Actions $144.2 $154.2 (6.5%) $71.4 $72.8 $77.0 $77.2
Business Services $519.1 $487.9 6.4% $273.3 $245.8 $241.0 $246.9
Stakeholder Relationship Mgt $58.2 $74.7 (22.0%) $37.2 $21.1 $46.7 $28.0
Employee Share Plans $247.6 $259.5 (4.6%) $126.0 $121.6 $134.6 $124.9
Communication Services $179.8 $194.8 (7.7%) $83.1 $96.7 $100.0 $94.8
Technology & Other Revenue $28.2 $29.7 (5.1%) $13.9 $14.3 $14.1 $15.6
Total Revenue $1,976.1 $2,022.6 (2.3%) $1,016.5 $959.5 $1,045.7 $976.9
Total Revenue at FY14 rates $2,051.8 1.4%

Note: all results are in USD millions unless otherwise indicated.

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Management Operating Revenue Analysis

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Financial
Results
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2,100
2,080
15.5
2,060 40.7 1.9 1.8 0.0 9.8
2,040
0.9
14.5
2,020
75.7
2,000
1,980
2,051.8
1,960 2,022.6
1,940
1,976.1
1,920
1,900
USD M
FX
Actions
Register Corporate Employee rates
Revenue Maintenance Share Plans Services Revenue
FY14 Operating Business Services Stakeholder Relationship Mgt Communication Technology & Other Revenue Margin Income FY15 Operating Revenue @ LY FY15 Operating
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Management Revenue & EBITDA – Regional Analysis Half Year Comparisons

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Financial
Results
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Revenue Breakdown

EBITDA Breakdown

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1,200 350
1,037.5 1,045.7
1,016.5 294.8
987.6 976.9 300
1,000 102.2 99.5 959.5 89.2 268.4 267.0 273.6
97.0 90.0 259.3 39.1
96.7
250 241.4 43.6
44.3 43.5
800 48.9
45.1
455.3 468.0
407.2 472.4 200
437.9 409.3
139.5
600 102.0 104.2
108.0
90.3
77.6
150
41.1
61.8 66.7
40.6 46.9 66.2
400 4.0 12.9 0.8 14.2 1.6
150.4 21.9
160.2 150.8 177.1 166.7 100
195.0 60.7 63.7 71.1
59.7 72.6 73.0
58.3 56.9
200 57.0 59.2 64.5
63.2 50 18.1
20.4
232.2 23.4
199.7 200.7 177.4 180.7 18.2 20.9
130.6 36.0 30.6 22.5
18.4 17.6 24.0
0 0 7.3
1H13 2H13 1H14 2H14 1H15 2H15 1H13 2H13 1H14 2H14 1H15 2H15
Australia & NZ Asia UCIA Continental Europe USA Canada Australia & NZ Asia UCIA Continental Europe USA Canada
USD M USD M
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Margin Income Analysis

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Financial
Results
200 18
16.7
180 15.1 15.2 16
14.4
14.0
160 13.6
14
140
12
120.0
120
104.9 105.8 10
100
89.4
86.8 86.4
8
80
6
60
4
40
2
20
0 0
1H13 2H13 1H14 2H14 1H15 2H15
Margin Income Average balances
USD Billion
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AVERAGE	MARKET	CASH	RATES
	1H13	2H13	1H14	2H14	1H15	2H15
UK	0.50%	0.50%	0.50%	0.50%	0.50%	0.50%
USA	0.25%	0.25%	0.25%	0.25%	0.25%	0.25%
Canada	1.00%	1.00%	1.00%	1.00%	1.00%	0.78%
Australia	3.34%	2.93%	2.55%	2.50%	2.50%	2.22%

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FY15 Client Balances Interest Rate Exposure

Average funds (USD 15.2b) held during FY15

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Exposure to
interest rates
38% ($5.7b) No exposure
31% ($4.7b)
Effective
hedging:
natural
7% ($1.1b)
Effective
hedging:
derivative /
fixed rate
24% ($3.7b)
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Financial
Results
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CPU had an average of USD15.2b of client funds under management during FY15.

For 31% ($4.7b) of the FY15 average client funds under management, CPU had no exposure to interest rate movements either as a result of not earning margin income, or receiving a fixed spread on these funds.

The remaining 69% ($10.5b) of funds were “exposed” to interest rate movements. For these funds:

 24% had effective hedging in place (being either derivative or fixed rate deposits).  7% was naturally hedged against CPU’s own floating rate debt.

The remaining 38% was exposed to changes in interest rates.

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FY15 Client Balances Interest Rate Exposure and Currency

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Financial
Results
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Exposed Funds by Currency (FY15 Average Balances)

Average exposed funds balance net of hedging

Average exposed funds balance prior to hedging

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AUD
Other Other AUD
5% ($0.4b) 2% ($0.2b) CAD 6% ($0.3b) 4% ($0.2b)
15% ($1.6b)
CAD
22% ($1.3b)
USD
43% ($4.6b) USD
GBP 44% ($2.5b)
35% ($3.7b) GBP
24% ($1.4b)
US$10.5b US$5.7b
(US$15.2b x 69%) (US$15.2b x 38%)
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Client Balances
Financial
Fixed and Floating Rate Term Deposits Results
7,000
Floating Rate Deposits Fixed Rate Deposits
6,000
5,000
4,000
3,000
2,000
1,000
0
Jul-15 Jul-16 Jul-17 Jul-18 Jul-19
Fixed Rate Derivatives
2,000
Derivatives
1,500
1,000
500
0
Jul-15 Jul-16 Jul-17 Jul-18 Jul-19
USD M
USD M
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Total Management Operating Costs Half Year Comparisons

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Financial
Results
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900
800 768.9 771.6
746.3
720.7
709.2
699.0
700
196.2 193.4
168.3
164.9 181.2
165.0
600
500
400
300
577.9 572.7 578.3
544.3 534.0 539.5
200
100
0
1H13 2H13 1H14 2H14 1H15 2H15
Controllable Costs (excl COS) Cost of Sales (COS)
USD M
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Management Operating Costs Half Year Comparisons

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Financial
Results
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450
400
350
300
250
200
150
100
50
0
Cost of Sales Personnel Occupancy Other Direct Technology
1H13 2H13 1H14 2H14 1H15 2H15
373.2 370.4
361.6 352.1 351.5
342.4
USD M 196.2 193.4
181.2
168.3 164.9 165.0
129.4 131.9 117.8 123.1 118.8 117.3
39.2 37.3 37.1 41.4 38.3 39.6 47.7 37.4 43.3 34.5 31.0
30.3
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• Corporate operating costs have been allocated and reported under the five main cost categories – cost of sales, personnel, occupancy, other direct and technology. Technology costs includes personnel, occupancy and other direct costs attributable to technology services.

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Technology Costs Continued Investment to Maintain Strategic Advantage

Financial Results

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14%
13.1%
12.7%
160 12.4%
12.1%
11.8% 11.5%
12%
140 131.9
129.4
123.1
5.7 6.2 117.8 118.8 117.3
120 4.9 10%
5.6
8.9 8.6
32.4
100 44.2 31.6
32.2 8%
30.2 30.3
80
6%
56.6 46.8
60 39.8 39.2
48.4 44.3
4%
40
2%
20 31.2 36.7 34.4 39.8 41.2 39.2
0 0%
1H13 2H13 1H14 2H14 1H15 2H15
Development Infrastructure Maintenance Admin Technology costs as a % of revenue
USD M
Technology costs as a % of revenue
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FY15 Operating Cash Flow Analysis

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Financial
Results
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420
410
400
36.8
390
380
409.3 3.6
370 10.2
8.3
1.4
360
372.1
350
340
Net Operating Net Receipts & Loan Servicing Dividends & Interest Paid & Income Taxes Net Operating
Cash Flow FY14 Payments Advances Interest Other Finance Paid Cash Flow FY15
Received Costs
USD M
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Capital Expenditure vs. Depreciation
Financial
Results
30
25.6 25.6
25 23.9 1.6 1.7
2.0
5.6
7.8
20
3.8
12.9 0.8
15
13.0
0.6
0.9
10.3
9.5 1.3
10 0.3
1.5 0.6
0.9 1.3
2.7 15.3
14.6
2.6
5 10.2
7.6
6.4
4.9
0
1H13 2H13 1H14 2H14 1H15 2H15
Information Technology Communication Services Facilities Occupancy Other Depreciation
USD M
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Free Cash Flow

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Financial
Results
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250
224.4
217.4
200.8
200 191.9
147.7
150
133.3
100
50
23.6
20.2 18.1
10.2 10.3
6.3
0
1H13 2H13 1H14 2H14 1H15 2H15
Operating Cash Flows Cash outlay on Capital Expenditure
USD M
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Note: Excludes assets purchased through finance leases which are not cash outlays.

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Balance Sheet at 30 June 2015

		Jun-15	Jun-14	Variance
		USD M	USD M	Jun-15 to Jun-14
	Current Assets	$1,227.8	$1,117.5	9.9%
	Non Current Assets	$2,573.6	$2,690.7	(4.3%)
	Total Assets	$3,801.5	$3,808.2	(0.2%)
	Current Liabilities	$723.7	$834.6	(13.3%)
	Non Current Liabilities Total Liabilities	$1,900.1 $2,623.8	$1,706.4 $2,541.0	11.4% 3.3%
	Total Equity	$1,177.6	$1,267.2	(7.1%)

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Financial
Results
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See ASX Appendix 4E as at 30 June 2015 for full details.

• › Current assets increased due to higher cash balances and an increase in SLS receivables.

Goodwill and intangible assets increased due to acquisitions but largely offset by CVS impairment.

• ›

• Current liabilities decreased as current debt was refinanced.

• ›

Total equity was impacted by the CVS impairment and balance sheet translation at 30 June 2015 exchange rates.

›

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Key Financial Ratios

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Financial
Results
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	Jun‐15	Jun‐14	Variance
	USD M	USD M	Jun‐15 to Jun‐14
Interest Bearing Liabilities	$1,769.1	$1,659.3	6.6%
Less Cash	($604.1)*	($509.0)*	18.7%
Net Debt	$1,165.0	$1,150.2	1.3%
Management EBITDA	$554.1	$540.6	2.5%
Net Financial Indebtedness to EBITDA	2.10 times	2.13 times	Down0.03 times

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12
EBITDA Interest Coverage
10
8
6
10.7
10.2
4 7.3 7.7 8.4 8.6
2
0
1H13 2H13 1H14 2H14 1H15 2H15
Cash includes cash that is classified as an asset held for sale.
Times
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Net Financial Indebtedness to EBITDA

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3.0 2.72
2.47
2.5 2.26 2.28
2.13 2.10
2.0
1.5
2.57
2.33
1.0 2.09 1.96 2.10 1.86
0.5
0.0
1H13 2H13 1H14 2H14 1H15 2H15
Net debt (excl. non-recourse SLS Advance debt) to EBITDA ratio
Net debt to EBITDA ratio
Times
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29

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Debt Facility Maturity Profile

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Financial
Results
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Maturity Dates USD M	Debt	Committed		Bank	Private Placement
	Drawn	Debt Facilities		Debt Facility	Facility
FY16 Dec-15 Apr-16 FY17 Mar-17 FY18 Jul-17 Feb-18 FY19 Jul-18 Feb-19 FY20 Jul-19 FY22 Feb-22 FY24 Feb-24	141.0 25.9 21.0 445.0 40.0 235.0 70.0 291.5 220.0 220.0	150.0 50.0 21.0 450.0 40.0 235.0 70.0 450.0 220.0 220.0		450.0 450.0	21.0 40.0 235.0 70.0 220.0 220.0
TOTAL	1,709.4	1,906.0		900.0	806.0

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500.0
450.0
445.0 450.0
450.0
400.0
350.0
300.0 291.5
250.0 235.0
220.0 220.0
200.0
200.0
166.9
150.0
100.0
70.0
50.0 40.0
21.0
0.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
SLS non-recourse Advance Facility drawn SLS non-recourse Advance Facility USPP Syndicated Debt drawn Syndicated Debt Facility
Note: Average debt facility maturity is 3.8 years as at 30-Jun-15.
USD M
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30

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Working Capital Management

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Financial
Results
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Days sales outstanding

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50 48 48
46
45 45
45
42
40
35
30
25
20
15
10
5
0
1H13 2H13 1H14 2H14 1H15 2H15
No. Of Days
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31

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Return On Invested Capital vs. WACC and Return on Equity

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Financial
Results
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35%
30% 28.01% 28.62%
25.80%
25%
20%
16.38% 16.48%
15.84%
15%
10%
9.51% 9.46%
8.97%
5%
0%
FY13 FY14 FY15
WACC ROIC ROE
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• ROIC = (Mgt EBITDA less Depreciation less Income Tax expense)/(Total Debt add Total Equity less Cash).

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32

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Equity Management Final Dividend of 16 cents (AU)

Financial Results

EPS - Statutory	US 27.61 cents
EPS - Management	US 59.82 cents
Interim Dividend	AU 15 cents (20% franked)
Final Dividend	AU 16 cents (25% franked)
Current Yield*	2.6%

• Based on 12 month dividend and share price of AU$11.96 (close 6th Aug 2015).

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33

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Financial Summary – Final Remarks

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Financial
Results
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• › Group earnings held up well in FY15 in the context of known headwinds, translation impact of strengthening USD and higher effective tax rate.

• › Overall revenue growth remained challenging, especially in context of unconventional monetary policy persisting globally.

• › Cost management continued to support the result and new cost control measures initiated during reporting period.

• › Conservative balance sheet maintained and with DRP we have added flexibility to accommodate funding needs.

• › Final dividend up 1 cent to AU 16 cents per share, franked to 25% (up from 20%).

• › Total dividends up 2 cents to AU 31 cents per share.

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34

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Financial CEO’s
Introduction
Results Report
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35

CEO’s Report

Stuart Irving PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION

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V1DIS
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CEO’s Report

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Group Strategy and Priorities

Our group strategy remains:

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

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

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

• We continue to prioritise our focus on those areas that best assure our future by:

• › Protecting profitability in mature businesses via new revenue and cost initiatives.

• › Investing in growth initiatives for businesses that offer that potential.

• › Evaluating new business opportunities but with disciplined investment hurdle thresholds.

• › Taking the opportunity to simplify the business where we can.

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37

CEO’s Report

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Delivery Against Strategy and Priorities

• › Further refinements to our business portfolio were achieved with the HML acquisition opening up new opportunities in the UK mortgage servicing sector and the Valiant acquisition further strengthening our Canadian market position.

• › Divestitures of non-strategic assets were also achieved following the completion of the disposals of VEM, ConnectNow and our Russian business.

• › We are investing in a number of front office initiatives, using improved data measurement metrics across all business lines to develop opportunities, identify areas for improvements and enhance the customer experience in pursuit of organic growth.

• › While the competitive landscape remains challenging, we continue to achieve high levels of customer satisfaction and client retention and our investments in integrated products helped us win a number of new clients across the group.

• › We remain cost disciplined, and have continued to add volume to our Global Service Model. The US operations centralisation project investment phase is underway.

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38

CEO’s Report

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USA Update

• › Registry revenue was down impacted by both lower margin income and shareholder transaction volumes partially offset by the benefits of the Registrar and Transfer Company acquisition.

• › Client retention in all our businesses continues to be strong reflecting high client satisfaction, market leading product suite and operational reputation.

• › In the second half of the year, M&A activity increased in terms of deal count; however low interest rates continue to affect corporate actions revenue, along with other margin income earning businesses.

• › We continue to make progress on our SLS growth strategy including acquiring MSR product and building our performing agency credibility. Delivering further scale and operational efficiencies remains a priority. The incremental cost of regulatory compliance continues to be a headwind but the investment should position us for future growth.

• › The Class Action administration business recorded its best year and its reputation in the market continues to strengthen.

• › We have opened our Louisville office and have commenced operational functions, as part of our multi-year centralisation project. Project milestones continue to be met. Further project investment is currently planned for FY16 and FY17. One off and duplicated operating costs will continue to be management adjusted. As previously noted, net project benefits are not expected to be realised until post FY17.

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39

CEO’s Report

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Canada Update

• › Investor Services achieved strong client retention and recent acquisitions helped underpin revenue growth, however IPO activity remains subdued and well below historical levels.

• › Significant cross border M&A activity benefited Corporate Actions in FY15.

• › The Valiant Trust Company and SG Vestia Systems acquisition integrations continue to be on target including the realisation of synergies.

• › Lower interest rate levels continue to impact yield on client balances and challenges in the resource and energy sectors are impacting transactional and new business activities across the region.

• › The Corporate Trust business saw strong activity in the Mortgage Backed Securities area and is well positioned to take advantage of the Quebec Immigrant Investor loan program.

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40

CEO’s Report

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UCIA Update

• › UK Investor Services was voted number one in this year’s independent Capital Analytics survey of UK registrars underpinned by our heightened focus on front office initiatives.

• › With the Employee Share Plans recent European acquisitions now behind us, our focus has moved to investing in service, product and systems to preserve and extend our market leading global offering. Equity market volatility and the timing of scheme maturities negatively impacted on revenues during the period but pleasingly the business registered a number of new client wins.

• › Corporate Actions and IPO activity remains sluggish, although other market activity remained positive in respect of Exchange Traded Fund activity in Ireland.

• › The integration of Homeloan Management Limited (HML) remains on track and realising expected synergies, with some significant opportunities to grow the business.

• › The Deposit Protection Scheme deposit pool continues to grow reflecting a strong UK rental housing sector. The UK Government has concluded its tender process for the DPS and has notified Computershare that it has been successful and will continue to operate its existing Deposit Protection Scheme. Two additional licences to operate new deposit schemes were also issued.

• › Received final confirmation from the UK Government that Tax Free Childcare, which replaces the current Voucher Scheme, will proceed.

• › Regulatory compliance continues to put pressure on the UK cost base.

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41

CEO’s Report

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Continental Europe Update

• › The Employee Share Plans business continued to win clients across the region benefiting from the increased sales focus following the European organisational restructure.

• › The Italian Investor Services business performed well and also benefited from the successful integration of the small Istifid business acquired in January 2015.

• › The economic downturn in Russia resulted in an increase in market activity, resulting in improved earnings performance year on year. However, post year end we disposed of our Russian business due to the political instability in the market and the increasing regulatory pressure on foreign registrars. The business was sold to a group of Russian investors.

• › Post year end, we have agreed to acquire SIX SAG, a Swiss share registry and AGM business, further enhancing our market leading position in the region. The acquisition is expected to complete in 1H FY16.

• › The previously disclosed agreement to sell VEM was completed in July 2015.

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42

CEO’s Report

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Asia Update

• › The Investor Services business has seen continued growth due to new clients from recent period IPOs and higher meeting services revenues.

• › The Employee Share Plans business continued its strong growth trajectory, winning new clients and benefiting from increased trading activities.

• › Our Shareholder Analytics and Proxy business in China gained new clients and was helped by the increased level of corporate actions.

• › The Registry business of our Indian JV remained steady while the Funds business benefited from higher assets under management due to the stronger performance of the Indian stock market.

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43

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Australia & New Zealand Update

CEO’s Report

• › The Australian Investor Services business continued to hold its market leading position in FY15 in a highly competitive market.

• › During the year a number of high profile and complex corporate actions were successfully executed including the A$5.7billion Medibank IPO, the Wesfarmers capital management initiative, the Fox delisting and sale facility, BHP’s demerger of South 32, and NAB’s A$5.5billion rights issue.

• › The NZ Investor Services business again achieved solid outcomes and FY15 saw completion of the final work associated with the NZ Government asset IPOs.

• › The Employee Share Plans business was instrumental in securing new client wins such as QBE in both registry and employee plans services.

• › The focus of Serviceworks has been on right sizing its cost base and re-signing key clients. The ConnectNow business was disposed of at year end following the CEO review of the Serviceworks group.

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44

Computershare Limited 2015 Full Year Results Presentation

Stuart Irving Mark Davis 12 August 2015

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V1DIS
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Appendix: 2015 Full Year Results Presentation

12 August 2015

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46

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Group Comparisons

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47

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Management Revenue Half Year Comparisons

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Financial
Results
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100% 2% 1% 2% 1% 1% 1%
10% 10% 10% 10% 10% 8%
90%
12%
11% 12% 13% 13% 13%
80%
3% 4% 3% 4% 2% 4%
70%
60% 24% 24% 25% 23% 26% 27%
50%
9% 7% 8% 7% 8% 7%
40%
30%
20% 40% 41% 40% 41% 40% 40%
10%
0%
1H13 2H13 1H14 2H14 1H15 2H15
Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue
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48

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Management Revenue by Product Half Year Comparisons

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Financial
Results
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1,200
1,037.5 1,045.7
1,016.5
987.6 14.5 976.9 14.1
1,000 959.5 13.9
16.3 99.8 15.6 100.0 14.3 83.1
98.3 94.8
96.7
124.6 134.6 126.0
112.5
800 124.9
121.6
45.4 46.7 37.2
31.2
28.0
21.1
247.3 241.0 273.3
600 241.8 246.9 245.8
76.6 77.0
92.8 71.4
77.2 72.8
400
200 394.7 429.4 389.5 432.3 387.3 411.6
0
1H13 2H13 1H14 2H14 1H15 2H15
Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue
USD M
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49

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Management Revenue Half Year Comparisons

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Financial
Results
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500
450
400
350
300
250
200
150
100
50
0
Register Corporate Actions Business Services Stakeholder Employee Share Communication Tech & Other
Maintenance Relationship Plans Services Revenue
M'ment
1H13 2H13 1H14 2H14 1H15 2H15
429.4 432.3
411.6
394.7
389.5 387.3
273.3
241.8 247.3 246.9 241.0 245.8
USD M
134.6
124.6 124.9 121.6 126.0
112.5
92.8 98.3 99.8 94.8 100.0 96.7
83.1
76.6 77.2 77.0 72.8 71.4
45.4 46.7
37.2
31.2 28.0
21.1
16.3 14.5 15.6 14.1 14.3 13.9
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50

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FY15 Management Revenue Regional Analysis

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Financial
Results
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450
400
350
300
250
200
150
100
50
0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
ANZ Asia UCIA CEU USA Canada
402.3
256.0
USD M
128.1
110.2 108.1 110.9
97.0
70.4 68.5 68.8
60.3 58.7 62.5
45.0
31.8 34.9 30.9 35.0
13.3 12.4 20.5 18.7 14.9 19.4 17.8 21.4 12.3
3.7 0.8 1.6 2.1 4.0 5.0 0.6 0.0 7.0 5.5 3.3 0.8 5.2 4.1 2.5
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51

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Effective Tax Rate Statutory & Management

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40%
35.3%
35%
30%
26.1%
25%
22.6% 22.4%
21.8%
20%
16.6%
15%
10%
5%
0%
FY13 FY14 FY15
Statutory Management
Tax Rate %
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Financial
Results
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The increase in the Group’s statutory effective tax rate from 21.8% to 35.3% is primarily driven by the asset impairment of US$109.5m, which is not tax deductible.

The increase in the Group’s management effective tax rate from 22.4% to 26.1% is driven by a number of factors, including the impact of profit mix on higher EBITDA year on year, one off tax benefits (e.g. refunds) which occurred in FY14, changes to thin cap rules resulting in some nondeductible interest and changes in intra-regional group arrangements (e.g. higher royalties paid from lower tax jurisdictions to Australia).

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52

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Country Summaries

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53

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Australia Half Year Comparison

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Financial
Results
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Total Revenue Revenue Breakdown
250
80
70
200
60
150 50
40
100
30
20
50
10
0 0
Register Corporate Business Stakeholder Employee Communication Tech & Other
Maintenance Actions Services Relationship Share Plans Services Revenue
M'ment
1H13 2H13 1H14 2H14 1H15 2H15
218.3 211.3 71.0 71.9 71.5 69.3 69.7
68.2
66.2
193.5 64.5
189.0 188.5 62.4
163.8 55.7 55.0
53.0
38.8 39.2
37.0
AUD M AUD M 35.8
22.1
18.3 18.9 19.3
16.1 16.7 15.7
14.1 13.7 13.8
12.9 12.1 12.4
9.9
3.2 3.8 3.3
1.4 0.8 0.9 1.1 0.8 1.1 1.9 0.4 0.5
1H13 2H13 1H14 2H14 1H15 2H15
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54

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Hong Kong Half Year Comparison

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Financial
Results
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Revenue Breakdown

Total Revenue

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200
400
180
350
160
300
140
250
120
200 100
80
150
60
100
40
50
20
0 0
Register Maintenance Corporate Actions Business Services Stakeholder Employee Share Plans
Relationship M'ment
1H13 2H13 1H14 2H14 1H15 2H15
183.8 183.3
177.9
160.8 161.2
156.6
292.8
282.6
264.6
247.6
231.7
225.0
HKD M HKD M
57.2
50.6
48.1
46.0 44.5
42.1
40.3
36.5 36.1
31.3
28.0
20.8
8.6 7.8
2.9 4.3 4.5 2.0 4.5 4.6
0.0 0.0 0.0 0.0
1H13 2H13 1H14 2H14 1H15 2H15
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55

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India

Half Year Comparison

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Financial
Results
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1,400
Total Revenue Revenue Breakdown
1,600
1,200
1,400
1,000
1,200
1,000 800
800
600
600
400
400
200
200
0 0
Register Maintenance Corporate Actions Business Services
1H13 2H13 1H14 2H14 1H15 2H15
1,451.3
1,414.8 1,140.5
1,299.1 1,041.8
1,255.4 1,246.3
1,127.5 940.0
895.8
870.1
723.0
INR M INR M
336.0 334.8 328.1
292.7 292.9
260.0
110.4
68.5
55.4 41.5 44.9
18.2
1H13 2H13 1H14 2H14 1H15 2H15
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56

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United States Half Year Comparison

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Financial
Results
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Total Revenue Revenue Breakdown
600
250
500
200
400
150
300
100
200
50
100
0 0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
1H13 2H13 1H14 2H14 1H15 2H15
212.9
208.8 210.4
468.1 472.4
455.2 196.0
189.4
437.9 184.9
407.2 409.3
134.5
131.1 131.2
121.4
USD M USD M 116.7
107.0
48.8
37.9 37.9 31.3 28.5 34.0 34.1 33.2 29.3 30.6 34.3 35.0 38.8 32.2 36.6
19.8 18.8 15.6 17.6 13.4 18.0 16.4 18.6
9.7
6.3 5.9 5.6 5.1 5.8 6.5
1H13 2H13 1H14 2H14 1H15 2H15
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Canada

Half Year Comparison

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Financial
Results
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Revenue Breakdown

Total Revenue

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120 50
45
100
40
35
80
30
60 25
20
40
15
10
20
5
0 0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
1H13 2H13 1H14 2H14 1H15 2H15
110.3 46.3 46.6
108.8
106.6
103.5 43.2
41.3
96.9 40.2
94.0 38.7 39.0 38.7
37.2
35.6
34.8
32.7
CAD M CAD M
15.0
11.2
10.6
9.5 9.5 9.6
8.7 9.0 8.9 7.8 8.5 8.2
3.1 3.2 3.3
2.6 2.7 2.3
1.0 1.0 0.3 0.5 0.6 0.2 1.4 1.4 1.5 1.4 1.4 1.5
1H13 2H13 1H14 2H14 1H15 2H15
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58

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United Kingdom & Channel Islands Half Year Comparison

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Financial
Results
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Revenue Breakdown

Total Revenue

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60
140 50
120
40
100
30
80
60
20
40
10
20
0 0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
1H13 2H13 1H14 2H14 1H15 2H15
49.2
114.5 40.6
39.6 39.1
94.0 33.7 33.3
87.8 89.2 31.9 31.3
82.4
79.8
GBP M GBP M
24.0
21.5 21.5
20.1 20.5 20.3 20.5 20.5
17.9 17.6
6.7
5.1
2.3 2.4 1.5 1.8 0.6 0.9 0.6 1.2 0.7 1.3 1.4 1.7 1.5 1.9 2.3 2.1 1.3 1.3 1.3 2.0 0.8 2.1
1H13 2H13 1H14 2H14 1H15 2H15
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South Africa Half Year Comparison

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Financial
Results
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Total Revenue Revenue Breakdown
140
200
180
120
160
100
140
120
80
100
60
80
60
40
40
20
20
0 0
Register Maintenance Corporate Actions Business Services Stakeholder Employee Share Plans
Relationship M'ment
1H13 2H13 1H14 2H14 1H15 2H15
130.3
128.1 128.3
124.9
112.4
108.2
142.5 144.5 144.0
135.8
125.4
119.0
RAND M RAND M
5.4 6.0 4.8 7.8 7.1 7.2 7.4 7.8 7.7
3.5 3.5 2.4 2.9 3.4
0.0 0.0 0.0 0.0 0.3 0.3 0.2 0.3 0.4 0.6
1H13 2H13 1H14 2H14 1H15 2H15
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60

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Germany Half Year Comparison

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Financial
Results
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Revenue Breakdown

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Total Revenue Revenue Breakdown
14
30
12
25
10
20
8
15
6
10
4
5
2
0 0
Register Corporate Business Stakeholder Employee Share Communication Tech & Other
Maintenance Actions Services Relationship Plans Services Revenue
M'ment
1H13 2H13 1H14 2H14 1H15 2H15
12.9
27.7
12.4
25.7 25.7 11.6
9.5 9.5
8.4 8.3 8.2
16.0 7.4
15.4
EUR M 12.9 EUR M
3.4
2.9
2.3 2.3 2.3 2.2
2.1 2.0
1.9
1.7 1.7
1.5
1.2 1.2 1.1 0.9
0.4 0.5 0.7 0.8 0.7 0.6
0.3
0.1 0.1 0.1 0.1
0.0 0.0 0.0 0.0 0.0 0.0
1H13 2H13 1H14 2H14 1H15 2H15
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Russia

Half Year Comparison

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Financial
Results
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Total Revenue Revenue Breakdown
700
700
600
600
500
500
400
400
300
300
200
200
100
100
0 0
Register Maintenance Business Services Employee Share Plans
1H13 2H13 1H14 2H14 1H15 2H15
636.4
612.4
532.2
511.5
450.3
421.2 430.6
403.5
373.8
361.2
353.3
342.5
RUB M RUB M
20.5 17.7 18.7 19.7 17.9 20.3
2.9 3.8
1H13 2H13 1H14 2H14 1H15 2H15
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Assumptions

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Financial
Results
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Assumptions: Exchange Rates

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Financial
Results
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Average exchange rates used to translate profit and loss to US dollars

	FY15	FY14
USD	1.0000	1.0000
AUD	1.19208	1.09422
HKD	7.75359	7.75614
NZD	1.28103	1.21756
INR	61.87461	61.56622
CAD	1.16655	1.07060
GBP	0.63239	0.61811
EUR	0.82950	0.73834
RAND	11.31205	10.35299
RUB	48.53311	33.86180
AED	3.67292	3.67313
DKK	6.18363	5.50849
SEK	7.70114	6.53662

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Important Notice

Forward looking statements

› This announcement may include 'forward-looking statements'. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance' and similar expressions. Indications of plans, strategies, management objectives, sales and financial performance are also forward-looking statements.

› Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Computershare. Actual results, performance or achievements may vary materially from any forward-looking statements. Readers are cautioned not to place undue reliance on forwardlooking statements, which are current only as at the date of this announcement.

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