COMPUTERSHARE LIMITED. — Investor Presentation 2019

May 20, 2019

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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:	21 May 2019
To:	Australian Securities Exchange
Subject:	2019 Investor Day Presentations

Attached are the materials that are being presented to investors and analysts today at Computershare’s annual Investor Day.

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

For further information contact:

Michael Brown Investor Relations Ph +61-3-9415-5060 michael.brown@computershare.com.au

Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. We also specialise in corporate trust, mortgage, bankruptcy, class action, utility and tax voucher administration, and a range of other diversified financial and governance services.

Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world’s leading organisations use us to streamline and maximise the value of relationships with their investors, employees, creditors and customers.

Computershare is represented in all major financial markets and has over 12,000 employees worldwide.

For more information, visit www.computershare.com

INVESTOR DAY 2019 Building the next growth stage

STUART IRVING

Chief Executive Officer

21 May 2019

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Key CEO messages

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Designing and investing in long term growth strategies Enhancing growth engines, improving efficiencies, expanding the moats New global product aligned management structure to position for next growth stage Focus on new product development and evolving customer needs Disciplined execution of key priorities drives performance Generating strong free cash flow to self-fund growth and shareholder returns

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2

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Schedule

10:30 – 10:50 CEO Update Stuart Irving

10:50 – 11:35 Issuer Services Naz Sarkar

11:35 – 12:20 Mortgage Services Nick Oldfield

12:20 – 13:00 Lunch

13:00 – 13:45

Employee Share Plans Francis Catterall

• 13:45 – 14:00

Summary and question time Mark Davis and Stuart Irving

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Execution priorities

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Leverage our core Registry franchise to create and develop new complementary markets and growth opportunities Continued careful expansion of US Mortgage Services Migration and restructuring of UK Mortgage Services Integrating technologies and upgrading toolkit to drive growth in Employee Share Plans Disciplined cost management to drive operating leverage Capital management enhances shareholder returns

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Earnings guidance

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FY19 guidance affirmed

Consistent with what we said in February, we expect Management EPS for FY19 in constant currency to increase by around +12.5%

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Please refer to assumptions as per Feb 13[th] announcement

5

ISSUER SERVICES Leveraging strength into complementary new growth opportunities

NAZ SARKAR

CEO - Issuer Services

21 May 2019

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Contents

1	Introducing the new Issuer Services	p. 8
2	Register Maintenance – consistent, high-quality performance	p. 10
3	Re-energising the core business	p. 15
4	Client and market assessment – structural growth	p. 18
5	Positioning Issuer Services for the next stages of growth	p. 20
6	Execution roadmap	p. 25

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7

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Introducing the new Issuer Services

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Introducing the new Issuer Services

We are bringing together our current set of Registry and related services into a single, cohesive, global Issuer Services business positioned for growth

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The current business

• › Leading global provider of a range of services in all key markets

• › Strong and enduring client relationships

• › Register Maintenance delivers consistent, recurring revenues

• › Front office initiatives are re-energising the business

• › Investor offerings are strong and improving

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Developing new growth opportunities

• › Client and market needs are changing and generating new structural growth

• › Well positioned to take advantage of these opportunities

• › Clear opportunities to extend Issuer Services into new, growing markets

• › Execution roadmap to deliver

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Register Maintenance – consistent, high-quality performance

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Bringing together a new, cohesive Issuer Services business Strong product sets, enduring client relationships and opportunities for improved co-ordination, cross-sell and bundling

	Company/ Corporate Secretary	General Counsel	Investor Relations	CFO/ Treasurer	‘C Suite’	Board of Directors
Register Maintenance
Corporate Actions
Governance Services
Georgeson Proxy
Fund Proxy Services

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Unparalleled global capabilities

Uniquely positioned to guide Issuers through their most complex challenges

Large Australian company merging with US company

Praxair/Linde

Pepsi/SodaStream

CPU’s coverage across multiple jurisdictions for Irish Plc with ordinary shares listed in New York and Frankfurt

Digital platform to enable shareholder certification for Israel Tax Authority; new industry standard

Cross-border expertise and global footprint to guide compliance for NYSE-listed shares and ASX-listed CDIs

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Register Maintenance and Corporate Actions – recurring revenues and margin expansion

Since 1H17 combined revenue is up 9.8%, EBITDA is up by 30% and EBITDA margin is up by 5.7%

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600 36.9% 40%
33.6% 33.2%
31.9% 35%
500 31.2%
30%
454.9
400 439.7 438.6
416.0 25%
399.4
300 20%
15%
200
10%
162.0
150.8
100 140.4 139.6
124.6
5%
0 0%
1H17 2H17 1H18 2H18 1H19
Revenue EBITDA EBITDA Margin
EBITDA Margin %
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Numbers translated to USD at 1H18 average exchange rates

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The strength of our current Issuer Services business

Register Maintenance is part of a wider Issuer Services portfolio that is well established in key markets and has room for growth

$980m of an estimated $2.17bn total in chosen markets (45%)

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Corporate Actions Georgeson
$110m
$120m
$55m
$15m 50%
12.5%
Governance Services Fund Proxy Services
(US only)
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Register Maintenance
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Management estimates based on FY18 Revenues

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Re-energising the core business

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Front office initiatives delivering results

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Strong client retention rates and improvement in all major index market share

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Improving IPO win rates

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Notable competitive wins around the globe

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Extending the range of Business to Consumer services

Improving existing retail investor services by enhancing communications and channels and introducing new products

Range of direct retail investor services

Simple and affordable online DirectStock plan for existing and new US investors

Improving our Investor Trade service in Australia

• › Dividend Re-investment

In the past two years we have increased Number of users Value of deals 9% 46%

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• › DirectStock Purchase

• › Corporate Sponsored Nominee

• › Tax Reclaim

Over 300 new Averaging over Averaging over 1k DirectStock plansnew Investor 1k new Investor enrolments per enrolments per month. month

Around

Continuous improvement: mobile availability and social media marketing driving take up

8 million

Building a new Beneficiary Service

direct relationships

• › Simplified process allows the designation of multiple beneficiaries to a single account

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• › Allows Computershare to retain beneficiary accounts on our register post-decedent transfer

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Client and market assessment – structural growth

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Emerging market trends – structural growth

Increasing demand for integrated governance and compliance solutions

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Corporate transparency requirements continue to become more onerous

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Clients need to respond by building more robust governance and reporting frameworks

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These demands are driving emergence of new outsourced and RegTech Replace with chris’ examples icons on solutions the left

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Positioning Issuer Services for the next stages of growth

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Developing adjacent market opportunities

US Registered Agent

Customer		Corporate Secretary or the General Counsel
Over $600m market dominated by two large providers and a number of boutique firms Estimated market size Key driver is number of legal entities. In the US the number is growing between 10- 20% per annum Growth Computershare has established a new service, placing focus on improved technology, greater transparency, enterprise scale and integrated service offerings which is generating good new wins Current position
Current position		Computershare has established a new service, placing focus on improved technology, greater transparency, enterprise scale and integrated service offerings which is generating good new wins

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Developing adjacent market opportunities

Private Markets

Customer		Corporate Secretary, General Counsel or Chief Financial Officer
Over $1 billion, with upwards of 50% in the US Estimated market size Record investment from VC and PE continues to fuel the growth of private companies Growth Making it easier for companies of all sizes to select solutions that best meet their needs, seamlessly adding services as their business grows Current position
Current position		Making it easier for companies of all sizes to select solutions that best meet their needs, seamlessly adding services as their business grows

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Developing adjacent market opportunities

Corporate Services

Customer		Corporate Secretary, General Counsel or Chief Financial Officer
Over $1 billion. Market is serviced by a highly fragmented competitive landscape, including boutique teams at the Big 4, offshore corporate trust service firms, small regional advisory and services firms Estimated market size Estimated to be growing globally at 6% CAGR Growth Small regional practices in Hong Kong, South Africa and the Channel Islands; will continue to develop these and evaluate other opportunities to expand offerings and accelerate growth Current position
Current position		Small regional practices in Hong Kong, South Africa and the Channel Islands; will continue to develop these and evaluate other opportunities to expand offerings and accelerate growth

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Extending Issuer Services into adjacent, growing markets Size of adjacent markets estimated at more than 2.5 times existing Issuer Services business

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$2.17bn
$980m
(current market $1.0bn $1.0bn
share)
Current
Issuer
Services
$0.6bn
Private Markets Corporate Services
Registered
Agent
Services
Low High
GROWTH PROFILE
Global
GEOGRAPHY
Regional
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24 Available revenue indicated on this slide are management estimates

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Execution roadmap

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Execution roadmap

New talent and focus to drive Issuer Services growth

Building a new team

Product Growth Operational organisation initiatives transformation

Our new team will:

Execute on chosen adjacent market opportunities

Establish a global issuer services product and innovation capability

Initiate next phase of global operations transformation

• › Continue to re-energise the current portfolio of Issuer Services

• › Extend the range of Issuer Services and drive new growth

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Conclusions

Computershare Issuer Services is evolving to meet the growing needs of our global Issuer client base

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The current Issuer Services business is strong and continues to be re-energised

Clear and detailed insight into client and market dynamics helping to shape our future positioning Well placed to take advantage of new structural growth in adjacent markets

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Clear delivery plans owned by a new team with the skills, experience and capabilities to execute

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MORTGAGE SERVICES

US expansion, UK restructuring

NICK OLDFIELD

CEO - MORTGAGE SERVICES

21 May 2019

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Contents

1	Key messages	p. 30
2	Mortgage Services strategy	p. 32
3	UK integration and restructuring	p. 34
4	On-going US expansion	p. 43

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Key messages

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Key messages

Well positioned for further US growth, UK restructuring required

US Grown portfolio to $100bn target ($101.7bn at 30 April) Servicing and revenue mix remain important to achieving target returns Expect to continue steady, disciplined rate of growth

UK Brexit impacting buy-to-let originations Fixed-fee drop-off. UKAR integration delayed with cost out benefits deferred

Plan to substantially reduce cost base to position for future profitability

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Mortgage Services strategy

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Mortgage Services strategy

Expanding servicing channels to control growth and manage run-off

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2 Broker Recapture
& Refinancing
Loan
Co-Issue & Servicing Fulfillment &
1 3
Lender In A Box Platform Origination
Services
Prime Non-prime Property
subservicing subservicing Diligence Solutions
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UK integration and restructuring

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UKAR migration delayed 12 months

Significant cost impact in FY20, restructuring planning underway

System development		• •	Computershare platform development complete $16bn in UPB successfully migrated and further $14bn migrating over the next few months
		•	In last 12 months, there have been large scale and high profile IT failures in the UK banking
Client sensitivity to migration		•	sector, including clients who purchased UKAR assets Client capacity and willingness to migrate these mortgages to our platform has therefore been
			impacted
New approach to client migrations		• • •	Resultant testing requirements onerous and time consuming Phased approach from June 2019 Legal title assets ($14bn) to be migrated first with non-legal title assets ($15bn) to follow
Cost implications		•	The dual platform and programme costs (~$35m) in FY19 will continue through FY20

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UKAR fixed fee revenue profile

Embedded programme cost-out opportunity deferred

	FY19 ($m)	FY20 ($m)	FY21 ($m)
Fixed fee	~90.0	~50.0	0.0
Dual platform and programme cost	~35.0	~35.0	0.0

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Restructuring planning underway

Initial estimates identify potential ~$85m of cost benefits over three years

Source		Details	Total - $85m
Migration project		› Standing down the project team › Consolidation onto Computershare’s core platform	$35m
Standardised servicing model		› Remove duplication › Consistent servicing approach drives efficiency	$50m
Operating platform		› Automation and productivity initiatives
Support services		› Support functions, including IT, will reduce as the operation right-sizes
Site rationalisation		› Five current office locations › Potential to reduce to three
Business volumes / mix		› Run-off of complex, high cost to serve legacy book replaced with new, performing loans

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UK strategic priorities

Migrate, restructure, create platform for long-term growth options

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Complete UKAR integration. Migrate all assets onto Computershare’s platform to remove program cost and drive operational benefits

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Restructure business to drive out cost and deliver a long-term profitable and sustainable business

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Drive long term organic growth through new lender clients / Lender In A Box

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The UK mortgage market

Positioning for long-term growth

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25% market 25% market 25% market 25% market Link,
share share share share
1 lender 2 lenders 3 lenders 70+ lenders £4.1bn, 3%
Peratus,
Others Exact, £2.5bn, 2%
TSB Bank £5.4bn, 5%
Coventry Yorkshire BS
CYBG Pepper,
HSBC £9.8bn, 8%
Barclays
RBS
Target, Computershare,
Santander £11.4bn, £51.6bn, 43%
10%
Nationwide
Acenden,
£12.6bn,
Lloyds 11%
Capita,
£21.2bn,
18%
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New lending activity

Over $2.5bn in new challenger bank loans originated in FY19

0 200 400 600 800 1,000 1,200 1,400 1,600 $m	New Lending Volumes
	Client 1 Client 2 Client 3 Lender In A Box

• Subdued market impacting overall pace of development

• Whilst Client 1 is showing good volumes and average loan size relative to the market, Client 2 is behind expectations in both aspects

• Client 3 volumes are behind FY18 and average loan sizes reducing – but trending overall in line with market levels

• Our Lender In A Box solution launched in January. Healthy average loan sizes due to London focus at launch

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40

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Portfolio development and organic growth

We expect to start growing UPB organically by 2HFY20

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900 70.0
800
60.0
700
50.0
600 Bureau - UPB
Zephyr
40.0
500
New Lending
400 (exc. Zephyr) 30.0
300
20.0
200
10.0
100
Closed Book TPA - UPB
0 0.0
Assets Under Management (£bn)
Redemptions and New Lending (£m)
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• › Closed Book Third Party Administration (TPA) – UPB represents unpaid balance for clients where we provide a full end-to-end outsourced management solution

• › Bureau – UPB represents unpaid balance for clients who simply use the iConnect software solution

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• › Legal title targeted to be secured on approximately 70% of portfolio by end FY20

41

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Outlook

Restructuring to right size for growth

Completing the UKAR integration remains our number one priority

Positioned to service new originations for challenger banks and investors when markets recover

Restructuring program to create a leaner and more competitive outsourcing option for market

Financial headwinds in FY20 with restructuring planning underway. Improved profitability expected in FY21 as cost savings materialise

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On-going US expansion

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Stage one of the build is complete – $100bn UPB achieved

Positioned for continued, disciplined growth

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$100bn in servicing achieved with good mix of owned / sub-serviced

Returns improving and on track to meet expectations

Non-servicing revenues building and offer further growth potential

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Mandate to continue with disciplined growth plan

Opportunity to differentiate based on servicing quality and end-to-end offering

Proprietary channels in place to maintain and build scale

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44

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State of play

Progress across all our key objectives

Scale

Mix

Sub-servicing +35% $34bn , 34% since June of portfolio at 2018 end April

Portfolio +25% $101.7bn since June 2018 at end April

Loans serviced +27% c. 618k since June 2018

Non-performing +21% $43.8bn, 43% since June of portfolio at 2018 end April

Operating Model

Co-issue business delivered $8.5bn in new servicing YTD

Non-servicing related revenues 29%

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45

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Learnings and themes

Differentiators provide platform for our next stage of growth

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Strong Focus on
counterparty efficiency
A servicer, not Service quality,
an originator high ratings
Steady, Building
Capital use & diversified
disciplined
partnerships servicing supply
streams
growth
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46

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Market assessment

Scope for further growth

Top 25 Servicers

Top 10 Co-Issue Buyers

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800	0% 2% 4% 6% 8% 10% 12% 14% 16% Wells Fargo JP Morgan Nationstar BOA NRZ Quicken US Bank PennyMac Lakeview Loan Care Freedom Ocwen Flagstar SunTrust Ditech Caliber PNC Matrix Citi Pingora BB&T Shellpoint Computershare Citizens Bank RoundPoint 2018 2017 Market Share 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

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• The co-issue market is c. $130bn in volume per year

• Over $10tn of mortgages outstanding in the US

• Market volumes fluctuate according to interest rates, pricing and origination levels

• Our share is just less than 1% and we’re around the 23[rd] biggest servicer in the US, by UPB

• ‘Non-banks’ service approximately 40% of the market. Even amongst this segment, our share is very small

• In FY19, we have acquired c. $8.5bn in UPB through co-issue as at 30 April

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47

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Interest rate sensitivities

Gently rising rate environment is macro sweet-spot

Areas impacted	Business impact of interest rate moves	Business impact of interest rate moves
	Increase	Decrease
MSR valuation	+	-
Origination levels	-	+
Investor appetite for new products	+	-
Redemptions + run-off	+	-
Margin income on float balance	+	-
Delinquency levels	+	-

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48

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Market origination levels recovering from Q2 lows New product and market opportunities emerging

US New Mortgage Originations

• Outlook relatively flat for coming years

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4.0
3.5
3.0
2.5
$T 2.0
1.5
1.0
0.5
0.0
Purchase Re-finance
----- End of picture text -----

• Historic low rates of recent years expected to drive re-finance activity towards home equity products, rather than new mortgages – an expanded servicing opportunity Computershare has been investing in

• Since 2008, approximately 22% of the new origination market has been in GNMA / Government-backed mortgages, aimed at borrowers who have lower credit. Historically Computershare has not serviced this segment but has been building capability in this area in recent times

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Stage two expansion - on-going disciplined growth

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Building our own network of servicing opportunities to manage run-off and growth

Leveraging our special servicing skills to drive new sub-servicing growth

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Continued focus on margin improvement

Growing our non-servicing revenues to maximize returns

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Core special servicing skills create growth optionality

Ability to service non-conventional loans creates sub-servicing growth opportunities

		• Servicing UPB $2.5bn at 30 April • Strong pipeline of new business opportunity • Provide longer term recovery option based on historic behaviours		Largely sub-servicing opportunities, little capital requirement
Government loans		• Servicing $3bn UPB at 30 April • Small owned, largely current portfolio but expect large special servicing opportunity in time – more credit sensitive borrowers
Re-performing loans
Re-performing loans		• Loans require greater hand-holding than normal performing loans • Servicing UPB $13bn at 30 April • Significant investor demand for this product

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Expanding our network of servicing channels

Reduces the capital need, provides additional flow to support a larger business

Sell MSR to a capital Converts owned MSR Capital light Acquire MSR via partner on a ‘retained’ into a sub-servicing structure co-issue process basis relationship Patrons sell loans Investor loan product Patrons originate loans to investor, The new Co-Op distributed to patron and Computershare Computershare is base fulfils servicer Investor / originator Client also has need Computershare End to end appoints for someone to service provides end-to-end fulfilment Computershare to loans solution fulfil loans Computershare acts Borrower on Computershare fulfils as broker – arranges Recapture Computershare books loan – and lender loan on borrower seeks refinance appoints us to service behalf

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Growing our non-servicing revenue lines

Represent nearly 30% of our overall business – enhance returns and aiming to maintain ratio

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• •
Valuations, title & asset Collections of charged
management off assets
• •
Predominantly still Book in run-off and we
internal business but are focused on
Solutions Recovery
started to execute on replenishment
third-party opportunity
Fulfilment
•
LenderLive acquisition and Capital • CMC business
• Markets
Largely third party Diligence •
Secondary marketing
business but capability •
Co-issue program
key to development of
•
Valuation services
internal channels
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Continued focus on margin improvement

Target margins to be achieved in FY20

Process automation		• Approximately 40 FTE expected to have been saved by end FY19 – 24 in pipeline for FY20 • Roles reduced across a range of servicing-focused processes
		• Some 150 FTE expected to be within global service model by end FY19 – 60 in pipeline for FY20
Global Service Model		• Focused on document management and servicing back office to date
		• Potential for further expansion being evaluated
		• Significant new project commenced in April with view to reducing call centre cost
Call centre		• Focus on reducing incoming call volume, reducing handling times and increasing self-service levels
		• Important as performing servicing volumes grow
		• Review focused on 28 teams with 350 FTE
Productivity review		• Over 20% productivity improvements achieved over the period
		• Around 80 FTE reduced over FY18 and FY19

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54

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US conclusions

Setting the platform for our next stage of growth

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Grow our non-servicing revenue lines Valuations, fulfilment, diligence, title, recovery

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Improve our margins

Process and efficiency improvements, new system savings, call centre enhancements

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Secure new servicing flows Deliver current pipeline, HELOCs, non-QM, government loans

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Build out our network

Recapture, convert fulfilment opportunities, establish new Co-Op model, sale of MSRs on a retained service basis

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55

EMPLOYEE SHARE PLANS Enhancing our business to leverage global growth

FRANCIS CATTERALL

CEO – Employee Share Plans

21 May 2019

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Contents

1	Key messages	p. 58
2	Our business today	p. 59
3	Market assessment	p. 69
4	Growth strategies and execution priorities	p. 73

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57

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Key messages

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On-going structural growth in the Employee Share Plans market, and positive governance and remuneration trends driving demand for global plans market services

A leading global franchise that has high barriers to entry and brings advantage

Equatex successfully enhances our technology and capabilities and makes us the leading provider in Europe - integration on track, synergies affirmed

Moving to a global operating model with an upgraded toolkit

We see multiple opportunities for accelerated growth and margin expansion

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58

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Our business today

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Business today

We are the world’s largest global employee share plans provider

Leading global franchise Managing complex Trusted counterparty Significant Assets under Diversification that has high barriers to regulatory and technology Administration that provide = greater equity market Known for data security entry and brings environments material latent earnings resilience and trusted safe custody advantage of assets potential Equatex investment thesis Integration progressing Equate Plus evaluation Continue to retain Regionally structured, validated well complete – we are very and win clients repositioning to global impressed management Combination strengthens Synergies reaffirmed our business Moving European business onto solution

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60

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A strong global franchise that brings advantage

Recognised experts in compliance requirements and transactional capability

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Operating in 17 Serving participants Transacting in Across 24
countries from 170 countries 135 currencies exchanges
North America EMEA Asia & ANZ •
Global data security
•
557 87 627 180 347 40 Strict compliance
Clients Revenue Clients Revenue Clients Revenue regime
•
Transparency of a
large publicly listed
2.5m 60bn 1.8m 72bn 0.5m 27bn counterparty
Participants AUA Participants AUA Participants AUA
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Computershare has a compliant and scalable regulatory and transactional operating model that is difficult to replicate

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2018 actual revenues adjusted for pro-forma Equatex contribution

61

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Excellent retention and new client wins

Computershare services around 1500 Share Plan clients servicing approximately 4.7m

+2.9% Net movement in client base

participants

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Net movement adjusts for competitive wins and non-competitive losses such as takeovers and plan wind-up

62

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Launched one of Asia’s largest Employee Share Plans

Leveraging our data and expertise to design and implement market leading plans

Large financial services company

Advantage

Certainty

Ingenuity

• Using our global employee share plans database to deliver outcomes aligned to the company’s objectives

• Maximised participation

• Collaboration on design and implementation

• Achieved the Board and CEO’s strategic objectives

• Large multi-national ESPP requiring global coordination and communication services

• Significant engagement with in excess of 21,000 eligible employees over 6 jurisdictions

• Delivered across multiple jurisdictions in numerous languages

• Delivered impressive take-up at initial launch

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63

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Recognised as a leader

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Over the last three years, we’ve been recognised for our contribution and our clients have won over 78 industry awards, including:

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64

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Latent earnings potential

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$159bn of AUA drives future transaction revenues - $88bn actionable

Our AUA is heavily skewed to contributory and restricted stock

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Average duration of
vesting periods
3 years
Transaction fees are
recognised throughout the
lifecycle of a plan, including
being paid on transfer/sale,
complementing recurring
issuer paid fees
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77%
21%
is ‘long’ or vested 23%
Time based
options in the money or Subject to
restricted stock
restricted stock grants performance and
with only time hurdles time conditions
56%
In the ~$159bn
money
vested
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65

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High quality and diversified book

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Geographic diversification Skew to contributory plans Sector diversification
Real Estate Property, Resources
Construction on 1% 4%
AU
Other 5% Asia Non
15% 8% Contributory Healthcare Industrials
24% 16% 14%
CA
DE
7%
6%
Financial
Technology Services
Revenue Core fees 13% AUA 15%
US
CH 21%
16% Utilities
& Energy
12%
Consumer Goods
UK Contributory and Services 25%
22% 76%
Contributory participants
No one region makes
generally less economically No one sector makes up more
up more than 22% of
exposed to equity market than 25% of our book
our book
outcomes
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66

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Equatex six month scorecard, on target, synergies reaffirmed

Investment rationale validated – ahead of plan

Client response 100% positive about the upgraded solution

63% Interest in buying additional new products and services

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Year to date performance ahead of plan (revenue and EBITDA)

Business integration progressing well. Programme 6 months in

EquatePlus technology review completed – exceeded expectations First clients upgraded to new technology. Upgrades progressing to plan Additional revenue opportunities identified and being assessed Market positioning already improving with prospects interested in our enhanced solution

Timeline for synergy realisation

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$30m
12 months 24 months 36 months
10% realised 30% realised 100% realised
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Timeline for cost to achieve synergies

Business case reaffirmed. Synergies reaffirmed

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$47m
12 months 24 months 36 months
40% incurred 80% incurred 100% incurred
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We are now the leading Share Plans provider in Europe

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67

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Equatex technology enhances our capability Purpose-built employee share plan solution

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Full
mobile
offering
Financial All plan
Reporting types
Powerful
Data
granting
engine Client security
Participants
SaaS Digital
comms
solution
channels
Global Adjacent
tax Plan
mobility types
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Access the platform anytime, anywhere using our mobile app Enhanced tools • Portfolio views and price charts • Events overview • Communications library Ease of use • 2-step log in, facial recognition • State-of-the-art security • Digital contact centre • Transaction management Premium features • Language options • Grant acceptance • Push notifications Priority over next 18 months is to upgrade the European business platform and assess gaps for upgrading other regions	Enhanced tools	• Portfolio views and price charts • Events overview • Communications library
	Ease of use	• 2-step log in, facial recognition • State-of-the-art security • Digital contact centre • Transaction management
	Premium features	• Language options • Grant acceptance • Push notifications ean business
	pgrade the Europ

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68

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Market assessment

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Market assessment – emerging opportunities

We continue to see structural growth and market opportunities and are well-placed to address the trends

Ongoing

Emerging

• Cyber security, safe custody of assets, compliance and assurance becoming more important as companies focus on counterparty risk

• Continued structural growth in the Employee Share Plans market

• On-going evidence of further participation in Employee Share Plans

• Increasing focus on user experience

• Desire for data driven decisions and support in designing plans

• Complexity and governance focus for companies will drive further outsourcing and lead to additional product opportunities

• Opportunities following recently announced corporate actions

• Global presence as companies look for providers who can align with their growth strategies

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70

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On-going structural growth

The Employee Share Plan administration market is expected to continue to grow at rates in excess of GDP

Key drivers	Relevance	Impact	Trends / Forecast
Strateg				NA		Asia		Europe		ANZ
y Number of Listed and Private Companies using equity as part of remuneration	High	Impacts number of clients and number of Plans	Growth in new IPO and Private Market companies
Number of Participants (participation) Increasing propensity to use equity in rewards	High	Impacts participation rates and number of Plans	Participation
Regulation, taxation and market practice in remuneration (penetration)	High	Impacts participation rates and number of Plans	Change in tax incentives
Propensity to Outsource (burden of technology, reporting, compliance, regulation)	Medium	Drives revenue pool addressable by third- party providers	Propensity to outsource #
Average Total Market Growth >4%				>GDP		>10%		>GDP		GDP

Includes additional services for reporting, tax communication services

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71 Above ignores fluctuations in markets and impact on transactional revenues

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Trends in participation and issuance

Increasing levels of participation by employees in Employee Share Plans globally

More companies are using equity deeper into the organisation to align incentives with their businesses objectives

Generally companies maintain the total compensation amount attributed to equity issuance. As salaries rise so does the amount of equity issued

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+20%
Growth in
eligibility
of middle
management for
LTI packages
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+21% 5-8%
Growth in
Average of base
eligibility of
compensation
other key
employees
employees below
allocate to LTI
middle
management for
LTI packages
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+12%
Growth in
Restricted
Stock Grants
vs
Stock Options
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72 The Global Equity Insights Survey – 2014 - 2019. FW Cook – Top 250 report 2018.

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Growth strategies and execution priorities

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Growth strategies and execution priorities

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Revenue
growth
Margin
expansion
Service
quality
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Increase revenue per client

• Increase revenue per client by selling additional products and services

• Leverage our global scale and regional relationships to build deeper engagement with multi-national organisations

Maximise benefit from Equatex

• Complete the integration of Equatex

• Deliver the $30m in synergies

• Pursue additional revenue synergies

• Following further review deploy the upgraded toolkit to other regions

• Continue to invest in our product and innovation initiatives

Grow market share

• Win more clients, leveraging our data, enhanced toolkit and proven service culture

• Growth expected to accelerate after the deployment of the upgraded toolkit

Align under a global management model

• Align under a single global management model to give clear focus, leverage global expertise, enhance service quality and speed to market

• Move to best practice in all markets and streamline operational processes

• Harness our volume of transactions to drive more efficient partner relationships (brokerage, FX)

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74

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Adding products to drive revenue growth

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Global product initiatives

• Mobile offering

• Financial reporting

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+66% increase
in 20-29 age
demographic
+26%
Enrolment increase
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• Tax mobility and compliance

• Automated grant engine

• New plans being launched

• Communication support to drive Plan participation leveraging expertise and data

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75

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Scope for growth in market share

Large, addressable market with scope to improve our position

Computershare only global provider Competing against wealth managers ~$2.2bn+ and plan providers Computershare Total Addressable market leader Market Computershare ~$1.1bn market leader

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Global North America EMEA
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APAC
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Ignores post-trade wealth management, financial wellness and private markets and certain products and plan types reported in Issuer Estimated TAM = Total Addressable market in selected markets, Management estimates - 2020 market sizes, Revenue numbers are 2018 actuals adjusted for pro-forma Equatex contribution

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Aligning ourselves on a global basis

A global management structure will deliver tangible benefits

A consistent go-to market strategy

The ability to leverage global best practice and local expertise to support clients Streamlined activities with duplication eliminated (e.g. infrastructure, development activities) Unified solutions for international clients and participants with a consistent global toolkit Co-ordinated front office initiatives including reporting, benchmarking and analytics Product design, customer insights and revenue opportunities derived by harnessing global data Co-ordinated product development delivering enhanced speed to market and a focus on innovation

Global alignment will help position us for growth, deliver margin improvement and deploy capital more efficiently

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Conclusion – driving growth and market expansion Transitioning to the new model strengthens our growth engine

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A single strategic focus across previously independent regional businesses

Enhanced by moving to a global operating model

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Deploying a purpose built toolkit

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Clear growth strategies and execution priorities

Continuing to put the client at the heart of everything we do

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78

INVESTOR DAY 2019

Q & A

STUART IRVING

MARK DAVIS

Chief Executive Officer

Chief Financial Officer

21 May 2019

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INVESTOR DAY 2019 Summary

STUART IRVING

Chief Executive Officer

21 May 2019

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Computershare investment case

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Multiple growth drivers

• US Mortgage Services

• Employee Share Plans

• Issuer Services

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ESG commitments

• Purple people culture

• Improving diversity

• Developing people

• Environmental responsibilities

Quality business

• Broad, large base of long-term customer relationships

• Recurring revenues

• Consistent margin range through the cycle

• High returns on equity

Optionality

• Margin income

• Events based activity

• Transaction fees

• Acquisitions

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81

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Long term shareholder returns

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35% EBITDA margin Return on Equity
40%
25.2% - 31.5% 22.3% - 36.1%
30% 35%
25% 30%
25%
20%
20%
15%
15%
10%
10%
5% 5%
0% 0%
FY09 10 11 12 13 14 15 16 17 FY18 FY09 10 11 12 13 14 15 16 17 FY18
Free cash flow
Dividend per share
450 $3.4bn generated 45 $1.6bn distributions paid
400 40
350 35
300 30
250 25
200 20
150 15
100 10
50 5
0 0
FY09 10 11 12 13 14 15 16 17 FY18 FY09 10 11 12 13 14 15 16 17 FY18
82 Free Cash Flow excludes SLS advances
USD M
AUD cents
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Important notice

Summary information

• This announcement contains summary information about Computershare and its activities current as at the date of this announcement.

• This announcement is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Computershare’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of a particular investor or a potential investor. Before making an investment decision, a prospective investor should consider the appropriateness of this information having regard to his or her own objectives, financial situation and needs and seek specialist professional advice.

Financial data

• 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.

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

• All amounts are in United States dollars, unless otherwise stated.

Past performance

• Computershare’s past performance, including past share price performance and financial information given in this announcement is given for illustrative purposes only and does not give an indication or guarantee of future performance.

Future performance and forward-looking statements

• This announcement may contain forward-looking statements regarding Computershare’s intent, belief or current expectations with respect to Computershare’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices.

• When used in this announcement, the words ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘should’, ‘could’, ‘objectives’, ‘outlook’, ‘guidance’ and similar expressions, are intended to identify forward-looking statements. Indications of, and guidance on, plans, strategies, management objectives, sales, future earnings and financial performance are also forwardlooking statements.

• Forward-looking statements are provided as a general guide only and should not be relied upon as a guarantee of future performance. They involve known and unknown risks, uncertainties, contingencies, assumptions and other important factors that are outside the control of Computershare.

• Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. Computershare makes no representation or undertaking that it will update or revise such statements.

Disclaimer

• No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Computershare or its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence.

Not intended for foreign recipients

• No part of this announcement is intended for recipients outside Australia. Accordingly, recipients represent and warrant that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

83

INVESTOR DAY 2019 Building the next growth stage

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