COMPUTERSHARE LIMITED. — Investor Presentation 2016

Mar 6, 2016

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Computershare Limited

MARKET ANNOUNCEMENT

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

Date:	7 March 2016
To:	Australian Securities Exchange
Subject:	Investor Conferences – UK, US and Asia – March 2016

Attached is the presentation to be delivered at various investor conferences in the United Kingdom, the United States and Asia during March 2016.

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 and utility 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 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 15,000 employees worldwide. For more information, visit www.computershare.com

COMPUTERSHARE LIMITED

UK, US and Asian Equity Conferences Presentation

March 2016

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1H16 overview

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

› Resilient performance

• Total management revenue $1,007.6m, +5.0% ($959.5m pcp)

• Management EBITDA $258.2m, -0.4% ($259.3m pcp) (25.6% margin) and Management EBITDA excluding margin income $173.0m, +1.8% ($169.9 pcp)

• ROE 28.1%

› Encouraging operating performances with growth in largest business units

• Register maintenance and corporate actions EBITDA $133.1m, +4.6% ($127.3m pcp)

• Business services EBITDA $71.7m, +7.7% ($66.6m pcp)

› Executing strategies to address challenges and improve productivity – on track

• Investment in employee share plans – service, product and systems to maintain market position and address intensifying competition in European markets

• Cost initiatives: underway and ongoing

• US: property rationalisation tracking to plan

• UK: vouchers services run off as expected, DPS retained but challenges with yield outcomes

› Growth, execution and capital management

• ROIC exceeds WACC, conservative balance sheet with debt leverage comfortably within Board policy, share buy-back

• Disciplined acquisition strategy focused on near verticals and core competencies

• Executing mortgage servicing growth strategy to build scale and enhanced returns (UKAR and CMC)

• Recycling capital to drive growth, scale and improved returns

• Investment in compelling opportunities and, where appropriate, capital management to drive shareholder returns

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All figures on this slide are quoted in constant currency 2 All figures throughout this presentation are in USD million unless otherwise stated

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Executive summary Results overview

Total management revenue

Constant Currency[1] $1,007.6m

Actual $938.7m

5.0%

2.2%

Management earnings per share (EPS)

Actual

Constant Currency 27.17 cents

25.98 cents

10.0%

5.9%

Management EBITDA

Actual Constant Currency $242.3m $258.2m

0.4%

6.6%

Statutory earnings per share (EPS)

Actual

15.22 cents

445.5%

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1 Constant currency (CC) equals 1H16 results translated to USD at 1H15 exchange rates

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FY16 outlook

Guidance statement provided on 10 February 2016

• › We previously said that we expected the Group’s underlying business performance to be broadly similar to FY15 but we anticipated Management EPS would be around 7.5% lower than FY15 primarily due to the dual effects of the stronger USD and lower yields on client balances. We reiterate our guidance. However, we are seeing some softening in the operating environment.

Changes since initial guidance provided in August

• › Share buy-back commenced

• › Gilardi acquisition completed

• › Ongoing strengthening of the USD (but no impact to constant currency comparisons)

• › Deterioration in global equity markets driving weaker transactional activity, particularly amongst energy and mining employee share plan clients

• › Weaker interest rate outlook, however any further changes in cash rates are expected to be immaterial to FY16 results

Assumptions

• › This assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels and that FY16 corporate action activity is similar to FY15

• › Our guidance assumes that any potential contribution from the recently announced Capital Markets Cooperative, LLC acquisition and the UK Asset Resolution transaction will be immaterial in FY16

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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 ROIC >WACC

Growth drivers

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

• › Investment in mortgage servicing and employee share plans to drive growth and improved returns

• › 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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1H16 Computershare - at a glance

Management revenue

Management EBITDA

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Canada ANZ
ANZ Canada
9% 7%
15% 16% Asia
10%
Asia
7%
$938.7m $242.3m
UCIA
UCIA
USA 24%
18%
48% USA
CEU 43% CEU
3% 0%
Communication Technology & other Communication Technology & other
Services 2% Services 5%
9% 7%
Employee Employee
Share Plans Share Plans
11% 9%
Stakeholder
Stakeholder
Register Relationship Register
Relationship Maintenance Mgt Maintenance
Mgt 36% 0% & Corporate
3% $938.7m $242.3m Actions
52%
Business
Services
Business Corporate
27%
Services Actions
31% 8%
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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	1H16 Actual $938.7 $695.7 $242.3 25.8% $192.2	1H16 Actual $938.7 $695.7 $242.3 25.8% $192.2	Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
				1H16@ CC 1	1H15 Actual	CC Variance
				$1,007.6	$959.5 Up 5.0%
				$748.8	$699.0 Up 7.1%
				$258.2	$259.3	Down 0.4%
				25.6%	27.0% Down 140bps
				$204.4	$211.1 Down 3.2%
Management NPAT		$143.8		$150.4	$160.6	Down 6.4%
Management EPS (US cents)		25.98		27.17	28.88	Down 5.9%
Statutory EPS (US cents) Management EPS (AU cents) Free cash flow2 Net debt to EBITDA ratio3 Interim Dividend (AU cents) Interim Dividend franking amount
		1H16 Actual			1H15 Actual	CC Variance
		15.22 35.96 $148.4 2.06 16.00 100%			2.79 Up 445.5% 32.04 Up 12.2% $159.1 Down 6.7% 2.10 Down 0.04 times 15.00 Up 1 cent 20% Up from 20%

1 Constant currency (CC) equals 1H16 results translated to USD at 1H15 exchange rates

2 Free cash flow has been calculated excluding operating cash flow requirements for SLS advances. The comparative period has been restated.

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3 Excludes non-recourse SLS advance debt

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Management EPS FX impact Management EPS – USD vs. AUD

• › In all operating jurisdictions our revenue currency matches our cost currency

• › Reporting in USD inherently reduces FX translation volatility, given material contribution of US businesses to the Group

• › For Australian investors, AUD equivalent EPS remains key and the weaker AUD has driven an increase in this metric over recent years

Management EPS (AUD)

Management EPS (USD)

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1.0297
120
0.9139
100 0.8389
100
0.7224
80
80
~ 76.60
71.31
60
60 65.92
60.24 59.82
54.85 ~ 55.33
53.27
40
40
20 20
0 0
FY13A FY14A FY15A FY16E FY13A FY14A FY15A FY16E
AUD/USD avg. exchange rate
Cents per share Cents per share
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• FY16 estimate is based upon guidance of around 7.5% reduction in USD EPS from FY15 and the FY16 DEC YTD AUD/USD average exchange rate.

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Management revenue breakdown

				Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
Revenue stream		1H16 Actual		1H16@ CC	1H15 Actual	CC Variance
Register Maintenance		$342.0		$367.1 $387.3 Down 5.2%
Corporate Actions		$76.9		$82.6 $72.8 Up 13.5%
Business Services		$287.9		$302.5 $245.8 Up 23.1%
Employee Share Plans		$104.8		$112.4 $121.6 Down 7.6%
Communication Services		$80.7		$94.9 $96.7 Down 1.9%
Stakeholder Relationship Mgt		$31.2		$31.8 $21.1 Up 50.7%
Technology & Other Revenue		$15.2		$16.2 $14.3 Up 13.3%
Total Management Revenue		$938.7		$1,007.6	$959.5	Up 5.0%

• › Register maintenance impacted largely by the disposal of Russian business and weaker US shareholder activity

• › Corporate actions benefited from stronger US activity

• › Business services stronger largely due to full period contribution from HML, growth in US mortgage services and Gilardi acquisition

• › Weaker equity markets impacting share prices of large clients driving lower transactional activity in employee share plans

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

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Client balances and margin income Yield pressure continues but balances remain steady

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18
16 16.7
Effective hedging natural 8%
15.1 15.2 15.0
14 ($1.2bn)
14.4
14.0
13.6
Effective hedging derivative
12 / fixed rate 29%
120.0 ($4.3bn)
10
104.9
105.8
Exposure to interest
8
rates 28%
($4.2bn)
6 89.4
86.8 86.4
79.0
4
No exposure 35%
($5.3bn)
2
0
1H13 2H13 1H14 2H14 1H15 2H15 1H16
Average balances (USD billion) Margin income (USD million)
Pre-hedged exposure
exposed
Not
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Client balances

Yield comparison

achieve an increase of 100bps in

3.0% yield in future periods, an additional $150m of EBITDA per annum would be earned 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 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

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2 Market yield = avg. cash rate weighted according to the client balance currency composition for each reporting period

3 Futures yield = avg. quarterly implied rates weighted according to the client balance currency composition at 31 Dec 15

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EBITDA by business stream

				Comparison in constant currency	Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
		1H16 Actual		1H16 @ CC	1H15 Actual	CC Variance	1H16 EBITDA Margin %
Register Maintenance & Corporate Actions		$125.2		$133.1 $127.3 Up 4.6% 29.9%
Business Services		$66.2		$71.7 $66.6 Up 7.7% 23.0%
Employee Share Plans		$22.6		$23.9 $33.4 Down 28.4% 21.6%
Communication Services		$15.8		$17.8 $17.5 Up 1.7% 19.5%
Stakeholder Relationship Mgt		($0.5)		($0.4) ($0.8) Up 50.0% (1.6%)
Technology & Other		$13.0		$12.2 $15.3 Down 20.3% n/a
Total Management EBITDA		$242.3		$258.2	$259.3	Down 0.4%	25.8%

• › Overall Register Maintenance EBITDA modestly higher and Corporate Actions EBITDA benefited from US activity.

• › 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 SLS and US class actions. New revenue opportunities for HML (excluding UKAR) are emerging but have been slower than expected.

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Operating costs analysis

Costs in line with expectations with new initiatives underway

				Comparison in constant currency	Comparison in constant currency	Comparison in constant currency
		1H16 Actual		1H16@ CC	1H15 Actual	CC Variance
Cost of sales		$164.0		$177.0 $165.0 Up 7.3%
Controllable costs
Personnel		$342.9		$367.3 $342.4 Up 7.3%
Occupancy		$37.9		$40.8 $38.3 Up 6.5%
Other Direct		$35.8		$37.0 $34.5 Up 7.2%
Technology		$115.1		$126.7 $118.8 Up 6.7%
Total Costs		$695.7		$748.8	$699.0	Up 7.1%
Total Cost / Income Ratio		74.1%		74.3%	72.9%

• › Increase in cost of sales is offset by an increase in recoverable income.

• › As highlighted in FY16 guidance in August, costs are up as expected. This is largely due to acquisitions (HML > 1,000 FTE) but also the combined effect of investment in product development and innovation, regulatory cost and efficiency initiatives.

• › New cost initiatives launched in UK and US (in addition to US property rationalisation).

Note: Corporate operating costs have been allocated and reported under the five main cost categories – cost of sales, personnel, 13 occupancy, other direct and technology. Technology costs include personnel, occupancy and other direct costs attributable to technology services.

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Operating costs analysis

US premises rationalisation – project on track

Current Louisville migration - estimate of cost savings and one-off project costs to achieve

• › Expected project costs - USD 85-90 million

• › Expected annual cost savings - USD 25-30 million

• › Anticipated payback period - circa three years

Key assumptions

• › Currently have > 200 FTE in Louisville and targeting 320 FTE by 30 Jun 2016

• › Cost savings will be progressively realised from FY17 to FY19, with all savings expected to be fully realised in FY20

• › 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

• › Ongoing evaluation of our US property options may impact the above with the potential for further upside

• › Expected FY16 post-tax management adjustment of USD 8-10 million

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Cash flows

1H16 operating cash flows broadly in line with pcp

	1H16 Actual	1H15 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	$216.8 $225.6 ($25.0) ($23.9) ($33.6) ($32.4) ($183.8) ($21.7)
	($25.6) $147.7 $183.8 $21.7
	$158.2 $169.4 ($9.8) ($10.3)
Free cash flowexcluding SLS advances	$148.4	$159.1
SLS advance funding requirements Cash flow post SLS advance funding Investing cash flows Net cash outlay on MSR purchases Net acquisitions & disposals Other Net operating and investing cash flows	($73.3) ($19.0)
	$75.1 $140.1 ($13.6) ($17.5) ($21.0) ($94.1) $2.3 $4.5
	($32.3) ($107.1)
	$42.8 $33.0

Operating cash flows reflect:

• › Material short-term increase in SLS advances relates to a legacy non-performing MSR transaction in December

• › Underlining free cash flow of $148.4m in 1H16

• › Refer to slide 19 for detailed discussion on SLS cash flows

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Balance sheet

Conservative with targeted gearing levels

	Dec 15	Jun 15	Variance
Current Assets
Non-Current Assets
Total Assets	$3,794.1	$3,801.5	Down 0.2%
Current Liabilities
Non-Current Liabilities
Total Liabilities	$2,682.9	$2,623.8	Up 2.3%
Total Equity	$1,111.2	$1,177.6	Down 5.6%
Net debt 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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• 2 Return on equity (ROE) = rolling 12 month MgtNPAT/rolling 12 mthavg Total Equity

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

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Capital management

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 31 December 2015, the Company had acquired 7,196,706 ordinary shares for a total consideration of AUD 78.3 million at an average price of AUD 10.88 per share.

• › Looking ahead, we intend to maintain our gearing level such that net debt/EBITDA is between 1.75x – 2.25x (excluding the non-recourse SLS advance facility debt), with flexibility to temporarily go above this range to take advantage of compelling investment opportunities. We will pursue capital management to maintain leverage within this target band.

• › We do not intend to resume buying back shares until UKAR negotiations are concluded one way or another.

Dividend

• › Interim dividend of AU 16 cents franked at 100%.

• › Fully franking the March 2016 dividend to 100% reflects a new policy of providing shareholders with access to franking credits to the maximum extent possible.

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

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Growth opportunities and execution priorities

Growth Strategy potential

Execution Capital priorities employed

• › Optimise client satisfaction › Improve returns driven by scale, costs initiatives and productivity gains

• › We understand “blockchain” technologies – CPU as Registry has a sustainable position in the industry value chain

• › Reduce processing costs – Louisville facility on track

• Low › Reinforce leading market position by broadening the product and services suite

• › Minimise impact of shareholder attrition

Low

US Registries

• › Focus on market share gains from new IPOs

• High › Drive scale benefits in a fragmented market

• › Complete, integrate and execute CMC strategy

Potential to deploy c$200m+ in incremental capital over the next 3 to 4 years with anticipated increasing rates of return

US Mortgage Servicing

• › CPU knows mortgage servicing industry well and is ideally suited given core strengths

  • Secure legacy product opportunities Regulatory & compliance commitment Drive efficiencies through technology and operations Service CMC MSR

• › ›

• ›

• › Grow servicing of UPB and optimise mix of owned/subserviced and performing/nonperforming product

MSR servicing, sub servicing and sales of excess strips to enhance ROIC to c25%

• ›

• › Execute on sub-servicing revenue opportunities from CMC Patrons

• › SLS/CMC revenue split maintained at MSR ~60% and sub-servicing ~40%

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Growth opportunities and execution priorities

UK Mortgage Servicing	High Growth potential	› Leverage recent wins and new opportunities to drive revenue growth › Continue to drive cost synergies › Develop relationships with new mortgage origination entrants Strategy	› Complete and integrate UKAR › Realise remaining HML acquisition synergies › Complete systems development for future opportunities Execution priorities	Capital employed
				Minimal other than HML acquisition earn-out
UK Business Services	Vouchers declining Deposit Protection Scheme (DPS) short- term challenges	› Manage run off of Vouchers business › Transition to new contract in DPS. Reduction in margin income. Profit level rebased down	› Focus on managing costs to ensure maximum free cash flow – book in run off › Continue to grow DPS participant numbers › Update DPS technology platform	Low Low

Employee Share Plans	Short-term challenges – longer term	› ›	Investing for growth in fragmented market Build on successful Asian and Canadian plans growth	› › ›	Restructured European management team Focus on broadening client base Scope to build a single integrated global	Medium (potential acquisition capital)
	growth potential	›	Investment in service, product and systems to reinforce market leading offering	›	business Invest in technology to drive productivity and innovation
				›	Integrate financial reporting solution

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Growth opportunities and execution priorities

Growth Strategy Execution Capital potential priorities employed Margin Income High - › Continue to maintain and grow › Ensure ongoing compliance with Low exposed balances approved framework subject to › Optimise returns within approved › Monitor market rates for opportunity interest rates investment framework

• › Develop emerging opportunities from Medium CPU Garage (Innovation Lab) to redefine CPU, refresh products and services, increase competitiveness and productivity

• › Execute on US premises rationalisation project and newly initiated cost-out opportunities

• Innovation & Medium › Product innovation › Cost efficiencies

• Efficiency

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Extract from CMC acquisition presentation – 4 Feb 2016 Transaction summary - Strong strategic fit and financially compelling acquisition

Overview of CMC

Acquisition rationale

• › Secures regular flow of new origination MSR for CPU at below auction prices

• › Leading service provider to mortgage originator clients (known as Patrons) with substantial Mortgage Servicing Rights (MSR) co-issue program (refer to appendix II and glossary for definition)

• › ROIC enhanced through ability to buy at below auction prices and sell excess strip (refer to appendix I and glossary for definition) to financial investors to improve returns and reduce capital intensity

• › MSR co-issue program provides access to MSR from a growing base of 220 small mortgage originator clients (Patrons) at discounts to auction prices

• › Provides scale enabling CPU to build a growing and sustainable mortgage services business with sub-servicing and ancillary revenue streams

• › Clear value proposition to Patrons – service, scale and purchasing power enables Patrons to achieve better economic outcomes than they would on their own

• › Creates competitive advantage and efficiencies through creation of a single loan boarding channel:

• › Strong relationships with those investors who buy mortgage loans and require sub-servicing

• For Patrons, they can sell or sub-service loans to single provider through same channel

• › Track record of growth and profitability

   - CPU has access to service more loans from one source
  

• › Transaction EV $71.2m:

  • › $44.0m for CMC business

  • › $27.2m (post sale of excess strip) for an MSR portfolio with circa $5.4b Unpaid Principal Balances (UPB)

• › Expected monthly MSR purchases of $500m in UPB with potential to expand to $1b per month over the next 3 years

• Transaction Overview

• › Projected year 1 revenues of $27.2m and Return on Invested Capital ~15%

• › Immediately EPS accretive

• › Funded from existing cash and available debt facilities. Post transaction net debt/EBITDA ratio expected to remain within CPU’s neutral zone of 1.75 to 2.25x

• › Subject to approval of / notification to several federal agencies and states

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Extract from CMC acquisition presentation – 4 Feb 2016 Acquisition rationale

• › CMC’s co-issue program will be the upstream provider of a substantial and consistent flow of MSRs for CPU at discounts to auction prices

Mortgage servicing leverages CPU core strengths

Leading co-issue program and service provider to originators

• › Mortgage servicing leverages CPU core skills of effectively managing large volumes of complex financial data, communications and assets in a timely, accurate and trusted way

CMC clients represent approx. 8% share of all US  mortgage originations Purchase includes MSR portfolio of circa $5.4b in UPB  with monthly purchase opportunity of $500m+ Growing client base of 220 Patrons with none  contributing more than 10% of revenue

• › Market that CPU understands well and already has deep experience following acquisition of SLS in 2011

• › Strong management team with an established track record of growth and good returns on capital

• › Capacity, systems, processes and capital to support substantial growth

Strong network of preferred investors who buy loans  from Patrons and offer sub-servicing potential

• › Fragmented market structure where CPU can build scale to drive operating leverage and deliver sustainable profitable growth with strong returns

Well respected within industry. Strong IT systems,  compliance culture and disciplined risk process

• › Opportunity to deploy capital on an ongoing basis to secure large volumes of MSR and generate enhanced ROIC

Highly regarded and experienced management team,  aligned and incentivised to deliver growth and returns



Established in 2003. 60 staff based in Jacksonville, FL.

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Extract from CMC acquisition presentation – 4 Feb 2016 Enhancing returns

• › CPU provides CMC with capital and capability to service an increasing MSR purchasing program at enhanced ROIC

	FY17	FY18	FY19	FY20
Indicativemonthly MSR purchase volume	$500m	$750m	$1,000m	$1,000m
Indicativemonthly average incremental net capital employed (pre amortisation)	$1.8m	$2.7m	$3.6m	$3.6m
ROIC	circa 15%			circa 25%

• › ROIC benefits from anticipated additional capital light sub-servicing and scale benefits as UPB under management grows.

• › Assumes CMC able to continue purchasing MSR at similar prices to historic average.

• › Net operating cash after tax will not equal free cash flow available for distribution given the need to fund ongoing MSR purchases.

• › We expect growth rate (%) in net operating cash after tax to broadly align with NPAT growth rate (%).

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Changes to Board positions and committees Effective November 2015

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Simon Jones, formerly Lead Independent Director, appointed to the position of Chairman

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Tiffany Fuller replaced Simon Jones as Chair of the Risk and Audit Committee

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Joe Velli replaced Nerolie Withnall as Chair of the Remuneration Committee

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Conclusions

• › 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

• › Resilient underlying business performance with EBITDA growth in largest business units

• › Sustainable high margin/high returns, cash generative business model with recurring annuity style income streams

• › Executing strategies to drive growth, address challenges and improve productivity

• › FY16 earnings guidance reaffirmed around -7.5% vs. pcp, circa US 55.3 cps, with some softening in the operating environment

• › Next steps: CMC completion, UKAR finalised, Investor Strategy update in April

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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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