COMPUTERSHARE LIMITED. — Investor Presentation 2016

Sep 1, 2016

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MARKET ANNOUNCEMENT

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

Date:	2 September 2016
To:	Australian Securities Exchange
Subject:	Investor Conferences – UK and US September 2016

Attached is the presentation to be delivered at investor conferences in the United Kingdom and the United States during September 2016

For further information contact:

Mr Darren Murphy Group Treasurer 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, mortgage servicing, proxy solicitation and stakeholder communications. We also specialise in corporate trust, bankruptcy, class action 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 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 16,000 employees worldwide.

For more information, visit www.computershare.com

COMPUTERSHARE LIMITED

Positioning for sustained earnings growth

UK and US Equity Conferences Presentation September 2016

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Robust underlying business performance continues

Management EBITDA excluding both margin income and the impact of exchange rate movements has grown 46.1% since FY13

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400 35%
379.3
350 364.4
30%
327.2
300
25%
250
259.7
21.4% 20%
20.8%
19.6%
200
16.4% 15%
150
10%
100
5%
50
0 0%
FY13 FY14 FY15 FY16
Mgt EBITDA (excluding MI) EBITDA margin (excluding MI)
EBITDA Margin
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2[Management EBITDA translated at FY16 average exchange rates and excludes margin income ]

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Overview: Positioning for sustained earnings growth

› FY16: Resilient performance

• Total management revenue $2,074.7m, +5.0%[1 ]

• Management EBITDA $557.1m, +0.5% (26.9% margin) and Management EBITDA excluding margin income $394.4m, +4.3%[1 ]

• Management EPS 55.09 cents, -7.9%, in line with guidance (around -7.5%) and -4.3% in CC

• Free cash flow (excluding SLS advances) $347.4m, -10.5%

• ROE 26.9%

• Register maintenance and corporate actions EBITDA $277.5m, +2.6%[1 ]

• Business services EBITDA $153.6m, +13.9%[1 ]

• Plan Managers EBITDA $58.9m, -20.8%[1] due primarily to a substantial reduction in transaction volumes following a period of sustained market volatility

› Positioning for sustained earnings growth

Investing for growth

• › Execution of mortgage servicing strategy well on track: UKAR and CMC

• › Investing to strengthen market leading position in Plans

• Sustain leading position in Registry with ongoing operational efficiencies

• Structural group wide cost review underway supported by external cost out specialists

› Capital management and enhanced shareholder returns

• Net debt to EBITDA ratio (excluding non-recourse SLS Advance debt) 2.12x remains within Board policy range

• • Recycling capital to drive growth, scale and improved returns - Corporate headquarters sold

• Disciplined acquisition strategy focused on near verticals and core competencies

• Clear capital management policy AU$105.2m of shares bought back to date. FY16 dividend up by 6.5%

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1 Figures are quoted in constant currency (CC). CC equals FY16 results translated to USD at FY15 average exchange rates All figures throughout this presentation are in USD million unless otherwise stated

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FY17 outlook

Guidance statement provided on 10 August 2016

• › In constant currency, Computershare expects FY17 Management EPS to be slightly up on FY16 with a further update to be provided at the AGM

Assumptions

• › This outlook assumes that equity markets remain at current levels and interest rate markets perform broadly in line with current market expectations and that FY17 corporate action revenue is similar to FY16

• › Our constant currency guidance assumes that FY16 average exchange rates are used to translate FY17 earnings to USD

• › Also subject to the important notice on slide 30 regarding forward-looking statements

Change in approach to guidance

• › FY17 guidance is given in constant currency terms to better illustrate Group underlying performance

• › For comparative purposes, the base Management EPS for FY16 is 55.09 cents

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Company overview

A leading global provider of administration services in our selected markets

Who we are

• › Global market leader in transfer agency and share registration, employee equity plan administration, proxy solicitation and stakeholder communications

• › Also specialise in mortgage servicing, corporate trust, bankruptcy, class action administration and a range of other business services

Our capabilities

• › Renowned for our expertise in high integrity data management, high volume transaction processing, reconciliation, payments and stakeholder communications

• › Many of the world’s leading organisations use Computershare’s services to streamline and maximise the value of relationships with their investors, employees, customers and other stakeholders

Our strategy and model

• › Our strategy is to be the leading provider of services in our selected markets by leveraging our core competencies to deliver outstanding client outcomes from engaged staff

• › We focus on new products and services to reinforce market leadership in established markets and invest in technology and innovation to deliver productivity gains and improve cost outcomes

• › We have a combination of annuity and activity based revenue streams, strong free cash flow and high ROE

Growth drivers

• › Organic: Investment in mortgage servicing and employee share plans and enterprise wide cost out program coupled with property rationalisation benefits to drive growth and improved returns

• › Macro: Leverage to rising interest rates on client balances, corporate action and equity market activity

• › Structural: Emerging trend of new non-share registry outsourcing due to rising compliance, technology complexity and requirement for efficient processing, payments and reconciliations

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FY16 Computershare - at a glance

Management revenue @ CC

Management EBITDA @ CC

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Canada ANZ
ANZ Canada
9% 15% 14% 8% Asia
8%
Asia
6%
$2,074.7m $557.1m UCIA
UCIA 22%
USA
19%
47%
USA
CEU
CEU 45%
3%
4%
Communicati Technology & Communicati Technology &
on Services other on Services other
9% 2% 9% 2%
Employee Employee
Share Plans Share Plans
11% 10%
Stakeholder
Stakeholder Register Relationship Maintenance Register
Relationship Maintenance Mgt
& Corporate
Mgt $2,074.7m 37% 1% $557.1m Actions
4%
50%
Business
Business
Services Corporate Services
30% Actions 28%
7%
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Figures are quoted in constant currency (CC). CC equals FY16 results translated to USD at FY15 average exchange rates

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• Mortgage Services revenue is $321.1m in constant currency

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Results summary

Total Management Revenue Operating Costs Management EBITDA EBITDA Margin % Management Profit Before Tax	Total Management Revenue Operating Costs Management EBITDA EBITDA Margin % Management Profit Before Tax	Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
		FY16@ CC 1	FY15 Actual	CC Variance		FY16 Actual
		$2,074.7	$1,976.1 Up 5.0% $1,974.2 $1,419.7 Up 6.8% $1,440.2
		$1,516.3
		$557.1	$554.1	Up 0.5%		$532.6
		26.9%	28.0% Down 110bps 27.0% $455.3 Down 1.9% $427.2
		$446.7
Management NPAT		$315.3	$332.7	Down 5.2%		$303.5
Management EPS (US cents)		57.22	59.82	Down 4.3%		55.09
Statutory EPS (US cents) Management EPS (AU cents) Free cash flow2 Net debt to EBITDA ratio3 Final Dividend (AU cents) Final Dividend franking amount
		FY16 Actual	FY15 Actual	Variance
		28.55 75.74 $347.4 2.12 17.00 20%	27.61 Up 3.4% 71.31 Up 6.2% $388.3 Down 10.5% 1.86 Up 0.26 times 16.00 Up 1 cent 25% Down from 25%

• 1 Constant currency (CC) equals FY16 results translated to USD at FY15 average exchange rates

2 Free cash flow has been calculated excluding operating cash flow requirements for SLS advances. The comparative period has been restated. Cash flows related to SLS are detailed on slide 28

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• 3 Excludes non-recourse SLS advance debt

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FY16 management NPAT analysis Underlying resilience of operating business

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Controllable External
360
16.1
350
340 5.6
6.0 0.8
330 332.7
13.0
320
8.1 315.3
310
11.7
300 303.5
290
280
FY15 Mgt EBITDA Interest Dep'n & NCI MI Tax FY16 NPAT FX FY16 NPAT
NPAT (ex MI) Amort @ CC
USD million
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8 Constant currency (CC) equals FY16 results translated to USD at FY15 average exchange rates

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Management revenue breakdown

		Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
Revenue stream		FY16@ CC	FY15 Actual	CC Variance		FY16 Actual
Register Maintenance		$764.1 $798.9 Down 4.4% $727.8 $147.5 $144.2 Up 2.3% $140.5 $629.3 $519.1 Up 21.2% $605.7 $234.3 $247.6 Down 5.4% $222.2 $193.4 $179.8 Up 7.6% $174.4 $71.2 $58.2 Up 22.3% $70.1 $34.9 $28.2 Up 23.8% $33.4
Corporate Actions
Business Services
Employee Share Plans
Communication Services
Stakeholder Relationship Mgt
Technology & Other Revenue
Total Management Revenue		$2,074.7	$1,976.1	Up 5.0%		$1,974.2

• › Register maintenance impacted largely by the disposal of Russian business. Adverse impact in the US due to M&A, pricing and shareholder activity but client wins strong. Improved performance in UK, Hong Kong and Australia

• › Corporate actions benefited from stronger US M&A activity

• › Business services stronger largely due to full period contribution from HML, growth in US mortgage services, bankruptcy, India mutual funds, UKAR and acquisitions – Gilardi and CMC

• › Weaker share prices of large energy and resource clients driving lower transactional activity in employee share plans and lower margin income

• › Communication services benefited from increased volumes in Australia and USA

• › Stakeholder relationship management revenue was driven by large recoverable income (postage)

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Management revenue bridge 5% revenue growth (pre FX impact)

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2,100
6.7
13.6
13.0
117.6 13.0
2,074.7
9.8
2,050
$20.0m
Russian
business
2,000 disposal
1,976.1 100.5 1,974.2
1,950 2.7
32.1
1,900
1,850
10
USD million
FX
Actions
Revenue Register Corporate Employee Share Plans Services Revenue Revenue
Maintenance Tech & Other
Stakeholder
FY15 Total Mgt Business Services Relationship Mgt Communication Margin Income FY16 Total Mgt Revenue @ CC FY16 Total Mgt
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Client balances and margin income Continued growth in balances

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18
16
15.7 Effective hedging - natural 8%
15.2 15.2 ($1.2bn)
14
14.2
12 Effective hedging - derivative
/ fixed rate 26%
($4.1bn)
10
224.9
8 192.6 Exposure to interest rates 30%
($4.7bn)
175.8
6 153.3
4
No exposure 36%
2 ($5.7bn)
0
FY13 FY14 FY15 FY16
Average balances (USD billion) Margin income (USD million)
USD billion Pre-hedged exposure
Client Balances
Not exposed
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Note: Margin income and balances translated at actual average rates for the year

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Client balances Strong leverage to rising rates

FY16 exposed balances ($4.7bn) CPU would generate an additional $47m annualised EBITDA

3.00% balances ($4.7bn) CPU would generate an additional $47m 2.50% annualised EBITDA 2.00% 1.50% 1.00% 0.50% 0.00% 1 2 3 Achieved Yield Market Yield Futures Yield

1 Achieved yield = annualised total margin income divided by the average balance for each reporting period 12 2 Market yield = avg. cash rate weighted according to the client balance currency composition for each reporting period 3 Futures yield = avg. implied rates weighted according to the client balance currency composition at 30 Jun 16

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EBITDA by business stream

		Comparison in constant currency	Comparison in constant currency	Comparison in constant currency	Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
		FY16 @ CC	FY15 Actual	CC Variance		FY16 Actual	FY16 Actual EBITDA Margin %
Register Maintenance & Corporate Actions		$277.5 $270.5 Up 2.6% $266.0 30.6% $153.6 $134.9 Up 13.9% $145.3 24.0% $58.9 $74.4 Down 20.8% $56.5 25.4% $49.3 $38.7 Up 27.4% $46.2 26.5% $6.9 $9.0 Down 23.3% $6.5 9.3% $11.1 $26.6 Down 58.3% $12.1 n/a
Business Services
Employee Share Plans
Communication Services
Stakeholder Relationship Mgt
Technology & Other
Total Management EBITDA		$557.1	$554.1	Up 0.5%		$532.6	27.0%

• › Despite lower revenue, Register Maintenance and Corporate Actions EBITDA modestly higher. Adverse impact of US register maintenance and disposal of Russia offset by US corporate actions activity and improved performance in UK, Hong Kong and Australia

• › Employee Share Plans results were significantly impacted by lower transactional volumes for key clients and lower margin income. Increased regulatory costs and investments in service, product and systems also impacted outcomes

• › Business Services benefited from growth in US mortgage services, bankruptcy, class actions and India mutual funds administration

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Operating costs bridge BAU OPEX including non recurring items up 1.8%

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1,540
76.1
1,520
1,516.3
1,500
1,480
1,460
52.3
1,440
18.0 1,440.2
1,420
1,419.7 26.3
1,400
1,380
1,360
USD million
FX
costs items) costs
FY15 Operating BAU OPEX (including non recurring Acquisitions net of disposals Cost associated with revenue related activity FY16 Operating costs @ CC FY16 Operating
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› BAU OPEX includes investment in product development and innovation, increases in regulatory risk and compliance costs, salary increases and non Louisville related rightsizing costs.

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Structural cost review commenced

Group wide cost review a key priority

• › External consultants appointed to review:

• Process automation

• Supplier costs

• Productivity; and

• Business simplification measures

Louisville update – net benefits upgraded

						Prior estimate $m	Prior estimate $m	Prior estimate $m	Current estimate $m	Current estimate $m	Actual % complete	Actual % complete	Actual % complete			Future estimate % complete at end of FY	Future estimate % complete at end of FY	Future estimate % complete at end of FY	Future estimate % complete at end of FY	Future estimate % complete at end of FY	Future estimate % complete at end of FY
												Act co	ual % mplete
												F	Y16	FY17			FY1	8	FY19		FY20
O E	ne-off project costs to achieve 85-90 xpected annual cost savings 25-30	roje an	ct costs to achiev nual cost savings	e			8 2	5-90 5-30	80 unch	-85 nge	31% 75% Nil 15%	3	1% 75% Nil 15%			90% 55%	90% 55%		100% 70%

• › One-off project costs to achieve benefits include the additional operating costs of dual processing, severance and capital expenditure for impacted US facilities together with the related technology requirements

• › Initial FTE target on track with >300 FTE currently in Louisville, targeting >600 FTE by 30 Jun 2017

• › Expected FY17 post-tax management adjustment of USD 16-18 million; FY18 management adjustment project costs are expected to be significantly lower

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Cash flows

Strong cash flows fund growth and return strategies

	FY16 Actual	FY15 Actual
Net operating receipts and payments Net interest and dividends Income taxes paid Loan servicing advances (net) Statutory operating cash flows Add back: Loan servicing advances (net) Net operating cash flowsexcludingSLS advances Cash outlay on capital expenditure	$480.2 $523.8 ($50.5) ($47.7) ($57.0) ($59.5) ($68.1) ($44.5)
	$304.6 $372.1 $68.1 $44.5
	$372.7 $416.7 ($25.3) ($28.4)
Free cash flowexcluding SLS advances	$347.4	$388.3
SLS advance funding requirements Cash flow post SLS advance funding Investing cash flows Net cash outlay on MSR purchases and equity investment Net acquisitions & disposals Other Net operating and investing cash flows	($26.7) $31.8
	$320.7 $420.0 ($62.4) ($59.0) ($122.2) ($103.2) ($7.8) ($15.1)
	($192.4) ($177.3)
	$128.3 $242.7

Operating cash flows reflect:

• › Underlying free cash flow of $347.4m in FY16

• › Loan servicing advances sold to a capital partner in 2H16

• › Refer to slide 28 for detailed discussion on SLS cash flows

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Balance sheet

Optimising the balance sheet to enhance future returns

	Jun 16	Jun 15	Variance
Current Assets
Non-Current Assets
Total Assets	$3,977.7	$3,801.5	Up 4.6%
Current Liabilities
Non-Current Liabilities
Total Liabilities	$2,869.0	$2,623.8	Up 9.3%
Total Equity	$1,108.7	$1,177.6	Down 5.9%
Net debt1 Net debt to EBITDA ratio1 ROE2 **ROIC3 **

• ^ Includes cash that is classified as an asset held for sale

• 1 Excluding non-recourse SLS Advance debt

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• 3 Return on invested capital (ROIC) = (Mgt EBITDA less depreciation less income tax expense)/(net debt + total equity)

2 Return on equity (ROE) = rolling 12 month Mgt NPAT/rolling 12 mth avg Total Equity

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Capital management A sign of confidence in our business and future

Share buy-back

• › The Company announced on 18 August 2015 an on-market buy-back having an aggregate value of up to AUD 140 million

• › As at 30 June 2016, the Company had acquired 9,377,069 ordinary shares for a total consideration of AUD 100.6 million at an average price of AUD 10.73 per share

Recycling capital - Sale and leaseback of our global headquarters

• › The Company’s global headquarters in Melbourne was sold during June 2016 in a sale and leaseback arrangement that is expected to complete in September 2016. The gain on sale, net of costs, is circa $40m and will be excluded from management earnings in FY17

Dividend

• › Final dividend of AU 17 cents franked at 20%, makes full year dividend of AU 33 cents up 6.5%, at an average franking of 58.8%

• › A new dividend franking policy was communicated during the year providing shareholders access to maximum allowable franking credits

• › Our short-term franking rate is expected to be in the range of 20% to 30%

• › Full year dividend payout ratio is 43.6%

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Strategies and Execution

Aims and Strategy

FY16 Scorecard

FY17 Priorities

• Maintain underlying business › 73% of the Dow, 60% of the S&P 500, › Maintain market share and profitability and free cashflows 55% of Fortune 500 external / internal quality scores 1. Preserve market leading share › Over 3300 clients, with lost clients to › Execute on Front Office competitors < 1.5% p.a. initiatives (pricing initiatives/ cross sell)

• 1. Win net new business › Average client contract term > 18 years › Drive efficiency initiatives to

• › New client wins from IPO / Competitors improve operating margin

• 1. Cross sell additional services to exceed losses > 2 to 1 (Louisville Project / Cost Out) strong and loyal customer base › 43% of clients purchase services from › Targeting Private Markets with more than one business line our product base to target non listed emerging growth

• › Increased average revenue per customer customers

• Maintain market share and external / internal quality scores Execute on Front Office initiatives (pricing initiatives/ cross sell)

US Registries

• US Mortgage Build a significantly larger mortgage › Commenced the program to Servicing services business to drive profitability integrate CMC and build the Coand enhanced returns on capital Issue Program to drive scale and mix at competitive prices

• 1. Grow Portfolio Size › UPB increased by $17.6bn to $52.9bn
• 1. Drive optimal mix of MSR, subservicing, ancillary and › Completed 4 excess strip up/downstream services in the transactions totaling ~ $15bn mortgage chain of UPB
• 1. Optimise the portfolio by › 1 non-performing MSR ($4.2bn managing run off, delinquencies, UPB / $220M in advance debt) advance levels and cost / revenue sold into an off-balance sheet per loan SPV
• 1. Enhance returns on capital › Management restructure implemented to drive growth of expanded business

• › Drive growth in UPB to deliver greater scale - Target Monthly net new MSR purchases of $500m UPB - Execute pipeline of non performing MSR opportunities

• › Expand capital light businesses: - Fulfilment - Mortgage Solutions

• • Subservicing
• • CMC ‘Services’

• › Improve operating efficiency: - Process automation - Global Service model - Business simplification

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FY17 Priorities

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Strategies and Execution

Aims and Strategy

FY16 Scorecard

UK Mortgage Servicing	Build the leading UK mortgage servicing business while delivering synergies across the enlarged business	UKAR appointment - servicing GBP 30bn book with an additional GBP 11bn of assets purchased by Cerebus	› ›	Execute UKAR business and technology integration Improve operating efficiency:
		› Increased share from 40% with HML to		- Process automation
	1. Build market share by attracting bank /non bank lenders and mortgage book opportunities coming to the market	60% post UKAR › Secured two new clients who will originate mortgages driving organic growth	›	- Global service model - Business simplification Increase profitability and cash flow by delivering synergies but
	2. Plan and commence delivery of synergies across the UKAR business 3. Drive profitability	› Fully delivered HML integration plan realising planned savings › Capital light servicing model	›	grow platform to replace UKAR revenues over time Support UK Government sales process

Employee Share Plans	To build a global full service Employee Plans business to benefit from the structural trend of equity based remuneration	›	Growth in client mandates despite competitor activity. Number of underlying units under administration has increased	›	Continue to redefine our operational model to increase automation, especially around regulatory reconciliation
	1. Invest in product and services to grow market share	› ›	New Financial Reporting, Tax Mobility, and mobile device solutions being rolled out Double digit revenue growth in Asia and	›	Drive higher value from post vest assets either by retaining them or partnering with wealth management / broker providers
	2. Maintain an effective compliance regime in a low cost manner	›	Canada Transaction volumes continue to be	›	Continue the technology refresh roll out
	3. Increase automation to drive operational gearing and improve		impacted especially for clients in the resource sector in UK and Australia	›	Improve customer satisfaction
	costs
		›	UK Interest rates negatively impacting
	4. Diversify client base to minimise		UK SAYE Plans
	sector exposure

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Hot Topics

Computershare has a measured and considered approach to Blockchain.

Blockchain

In the near to medium term, we will continue to pursue a dual track approach in terms of assessing the commercial value of introducing innovative blockchain services in market adjacencies, while also rigorously defending our existing role and overall market positioning.

In Australia, for example, we are cognisant that ASX’s monopoly on clearing is coming to an end and have been consulting a cross section of the Australian market, including market participants and regulators on the feasibility and demand for potential settlement solutions. Notwithstanding this, we continue to evaluate how best to work with the ASX on an overall technology model to replace CHESS that will benefit the market as a whole, including our core Issuers and their shareholders.

We continue to believe some commentary that blockchain is automatically “bad for Computershare” is ill informed, reflects incomplete analysis and a fundamental misunderstanding of the technology’s impact to our role in the market. Our global presence makes us an attractive partner to blockchain solutions providers and gives us access to a wide range of potential commercial blockchain opportunities.

On 23 June 2016, the UK voted to leave the European Union. It remains unclear exactly when the formal exit process will be triggered or when it will take effect or the terms that will apply post-exit. In the meantime, all the applicable rules and the basis on which our UK businesses operate in the region remain unchanged.

Brexit

In the wake of the vote to the leave the European Union, Sterling has weakened against a range of currencies including the US dollar. The Base Rate of interest in the UK was cut to 0.25% on 4[th] August reflecting concern on the growth prospects for the UK economy.

Whilst these are headwinds, our UK business fundamentals remain the same and we continue to hold good and improving positions in our chosen markets including registry, plans and mortgage services.

Also, whilst there may be some future changes to “passporting rules” that currently enable our UK business to undertake regulated business in the EU, we have other regulated entities in the EU that could undertake that activity and skill sets that are transportable if required to do so in the future.

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Conclusions

• › Resilient FY16 performance with Management EPS in line with guidance

• Total management revenue up 5.0%[1 ]

• Management EBITDA excluding margin income up 4.3%[1 ]

• › Continued track record of robust underlying profitability

• Management EBITDA excluding both margin income and the impact of exchange rate movements has grown 46.1% since FY13[2]

• › Positioning for sustained earnings growth

• Investing for growth – mortgage servicing strategy well on track, strengthening Plans

• Sustain leading position in Registry with ongoing operational efficiencies

• Structural group wide cost review underway coupled with property rationalisation benefits

• › Shareholder focused capital management

• Free cash flow (excluding SLS advances) $347.4m

• AU$105.2m of shares bought back to date. FY16 dividend up by 6.5%

• › Growth outlook – In constant currency, Computershare expects FY17 Management EPS to be slightly up on FY16 with a further update to be provided at the AGM

• › Simpler, more transparent and disciplined CPU emerging with focus on building and protecting scale in core markets to drive operating leverage, profitable growth and improved returns

• › Next steps: Structural cost review and trading updates at AGM

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1 FY16 results translated to USD at FY15 average exchange rates 22 2 Translated at FY16 average exchange rates and excludes Margin Income

APPENDICES

Financial performance by half year at actual rates Management revenue by region Client balances Key financial ratios SLS (US mortgage servicing) cash flows US and UK Mortgage Servicing – UPB and number of loans

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Financial performance by half year at actual rates

	2H16	1H16	2H15	1H15	2H14	1H14	2H13	1H13
Total Management Revenue	$1,035.5 $938.7 $1,016.5 $959.5 $1,045.7 $976.9 $1,037.5 $987.6
Operating Costs	$744.5 $695.7 $720.7 $699.0 $771.7 $709.2 $767.6 $747.6
Management EBITDA	$290.3	$242.3	$294.8	$259.3	$273.6	$267.0	$268.4	$241.4
EBITDA Margin %	28.0% 25.8% 29.0% 27.0% 26.2% 27.3% 25.9% 24.4%
Management Profit Before Tax	$235.0 $192.2 $244.2 $211.1 $220.9 $215.0 $213.7 $184.9
Management NPAT	$159.7	$143.8	$172.1	$160.6	$171.5	$163.6	$155.6	$149.3
Management EPS (US cents)	29.11	25.98	30.94	28.88	30.83	29.41	27.98	26.87
Management EPS (AU cents)	39.78	35.96	39.28	32.03	33.93	31.98	27.30	25.97
Statutory EPS (US cents)	13.33	15.22	24.82	2.79	20.13	25.07	11.23	17.02
Net operating cash flows^ Free cash flow^ Days Sales Outstanding Net debt to EBITDA*	$214.5 $158.2 $247.3 $169.4 $221.7 $223.7 $189.5 $170.5 $199.0 $148.4 $229.2 $159.1 $211.6 $217.5 $169.3 $146.9 56 53 48 46 45 42 45 48 2.12 2.06 1.86 2.10 1.96 2.09 2.33 2.57

^ Excluding SLS advances

• Ratio excluding non-recourse SLS Advance debt

Significant acquisitions: Morgan Stanley GSPS (1[st] Jun 13), Olympia Finance Group Inc (7[th] Oct 13), Registrar and Transfer Company (1[st] May 14), Homeloan Management Limited (17[th] Nov 14), Valiant (1[st] May 15), Gilardi & Co. LLC (28[th] Aug 15), SyncBASE Inc (1[st] Feb 16), Capital Markets Cooperative LLC (29[th] Apr 16).

Significant divestments: IML (30[th] Jun 13), Highland Insurance (27[th] Jun 14), Pepper (30[th] Jun 14), ConnectNow (30[th] Jun 15), Closed Joint Stock Company "Computershare Registrar" and Computershare LLC Russia (16[th] Jul 15), VEM Aktienbank AG (31[st] Jul 15).

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FY16 Management revenue Regional Analysis

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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
378.0
337.4
USD million
150.5
104.7
97.5 95.5
89.8
78.0
61.1 59.6 61.6 63.6
55.0
36.0 38.1
31.8
23.5 11.3 9.6 0.1 17.9 24.4 0.0 1.6 2.4 7.0 4.2 0.0 14.0 17.3 18.5 18.9 0.0 6.0 20.0 5.6 8.0 0.6 5.7 2.3 15.0 1.8
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ANZ Asia UCIA CEU USA Canada

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FY16 client balances

Exposed funds by currency (FY16 average balances)

Average exposed funds balance prior to hedging

Average exposed funds balance net of hedging

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Other
AUD
5% Other AUD
2%
CAD 8% 5%
12%
CAD
17%
USD 9.9bn USD 4.6bn
USD
USD
45% (USD 15.7bn x 64%) (USD 15.7bn x 30%)
41%
GBP
36%
GBP
29%
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Key financial ratios

	Jun 16	Jun 15	Variance
	USD m	USD m	Jun 16 to Jun 15
Interest Bearing Liabilities	$1,863.3	$1,769.1	5.3%
Less Cash	($526.6)	($604.1)*	(12.8%)
Net Debt	$1,336.7	$1,165.0	14.7%
Management EBITDA	$532.6	$554.1	(3.9%)
Net Financial Indebtedness to EBITDA	2.51 times	2.10 times	Up 0.41 times
Net Financial Indebtedness to EBITDA#	2.12 times	1.86 times	Up 0.26 times

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12.0 EBITDA Interest Coverage Net Financial Indebtedness to EBITDA
3.0
10.0 10.7 2.57
10.2 2.51
9.8 2.5 2.28
9.3
2.10
8.0
2.0 2.10 2.12
2.06
6.0 1.86
1.5
4.0
1.0
2.0
0.5
0.0 0.0
1H15 2H15 1H16 2H16 1H15 2H15 1H16 2H16
Net debt (excl. non-recourse SLS Advance debt) to EBITDA ratio
Cash includes cash that is classified as an asset held for sale
Net debt to EBITDA ratio
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Times Times
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excludes non-recourse SLS advance debt

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SLS (US mortgage servicing) cash flows

Cash flows have different statutory classifications and can fall across different reporting periods

	FY16 Actual	FY15 Actual	Notes
Loan Servicing Advances (net) Loan Servicing Borrowings (net) SLS advance funding (outflow)/inflow Net cash outlay on MSR purchases and SPV investments Net SLS investment during period	($68.1) ($44.5) Operating cash flow (outflow)/inflow > Loan servicing advances are a working capital requirement of SLS. > Loan servicing advances sold to a capital partner in 2H16. > As the advances are sold to capital partners the working capital will be returned to CPU. $41.4 $76.3 Financing cash flow (outflow)/inflow > Loan servicing advances are funded through a non-recourse borrowing facility. > $35m was drawn down late FY15 which funded 1H16 advance purchases. ($26.7) $31.8 The timing of the financing cash flows and the operating cash flows for a transaction can occur in different reporting periods. ($62.4) ($59.0) Investing cash flow (outflow) > MSR investments are disclosed net of excess strip sales. > An excess strip sale does not always occur in the same reporting period as the MSR purchase. > An SPV deal refers to the sale of the rights to the MSR and associated servicing advances into an SPV in which CPU typically takes a 20% equity stake. ($89.1) ($27.2)
	($89.1)	($27.2)

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US and UK Mortgage Servicing - UPB and number of loans

Performing

Non-performing

US Mortgage Servicing

At 30 Jun 16 At 30 Jun 15

At 30 Jun 16

At 30 Jun 15

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$4.9BN $5.0BN $8.8BN $8.1BN
24K Loans 21K Loans 92K Loans 97K Loans
Excess strip deals No excess strip SPV deals SPV deals
$14.1BN deals $13.6BN $9.6BN
60K Loans 55K Loans 37K Loans
Minimal $0.5M $0.1BN $11.0BN $12.5BN
1K Loans 0.2K Loans 97K Loans 116K Loans
£64.9BN £28.8BN £6.2BN £5.9BN
574K Loans 121K Loans 51K Loans 29K Loans
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Fully-Owned MSRs[1 ] Part-Owned MSRs[2 ] Subservicing[3 ]

UK Mortgage Servicing

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Fee for Service [3 ]
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1 CPU owns the MSR outright

• 2 CPU has sold part of the MSR to a third party investor

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3 Servicing performed on a contractual basis

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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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