COMPUTERSHARE LIMITED. — Annual Report 2009

Aug 11, 2009

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Computershare Limited Full Year Results 2009 Presentation

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Stuart Crosby
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12 August 2009
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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart rosbyC President & CEO

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Introduction
Results Highlights
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	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt	Introduction Results Highlights Mt Adtd Rlt
		anagemen ju	e esu		s
			FY09		FY08 FY09 versus FY08			FY09 at FY08 h FY09 at FY08 tFY08
			FY09		FY08	FY09 versus FY08		FY09 at FY08 h	FY09 at FY08 tFY08
								excange rates	**raes versus **
		Earnings per Share (Post OEI)	52.11 cents		51.61 cents	Up 1%		59.65 cents	Up 16%
		Total Operating Revenues	$1,511.6m		$1,582.5m	Down 4%		$1,680.1m	Up 6%
		Operating Expenses	$1,035.9m		$1,106.0m	Down 6%		$1,143.6m	Up 3%
		Earnings before Interest, Tax, Depreciation andAmortisation(EBITDA)	$475.5m		$479.2m	Down 1%		$536.5m	Up 12%
		EBITDA margin	31.5%		30.3%	+ 120 bps		32.0%	+ 170 bps
		Net Profit after OEI	$289.5m		$290.4m	Flat		$331.4m	Up 14%
		Days Sales Outstanding (DSO)	40 days		44 days	Down 4 days
		Cash Flow from Operations	$341.5m		$347.3m	Down 2%
		Free Cash Flow	$318.6m		$304.5m	Up 5%
		Capital Expenditure	$22.9m		$42.8m	Down 46%
		N D b EBITDA i et e t to rat o	i 1.67 t mes		i 1.64 t mes	i +0.03 t mes
		Final Dividend	AU11 cents		AU11 cents	Flat
		Dividend franking amount	50%		30%	Up by 20%
		Note: all results are in USD except for dividend

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Introduction
Computershare Strengths
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• › Strong balance sheet, low gearing and continued robust cash generation

› More than 70% of revenue recurring in nature

• › Revenues, cash-flows and margins holding up reasonably well despite the challenging environment

• › Diversification into counter and non cyclical businesses strengthen revenue and profit base

’ › s: Computershare

• › Globally diversified footprint (17 countries including China, India, Russia)

• › Unique cross-border transaction capabilities

• › Continued investment in R&D and product development

• › Ongoing operational efficiencies and significant cost reductions

• › Strong balance sheet and cash flow generation

• › Demonstrated ability to acquire and integrate businesses

Leave us well positioned for an eventual up turn in the global economy

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Outlook Introduction
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• › We antici ate USD mana ement earnin s er share for financial ear 2010 to p g g p y

• be similar to 2009

› Our outlook assumes that equity, interest rate and FX market conditions remain broadly consistent with current levels for the financial year

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Introduction Financial
CEO’s Report
Results
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Financial
Results
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Peter Barker CFO

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Drivers Behind FY2009 Financial Performance
Financial
Results
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• › Cor p orate action environment , shift from M&A and IPO’s to secondar y ca p ital raisings

• › Significant ongoing cost reductions and operating efficiencies

• › Continued investments in , and growing importance of , counter and non cyclical businesses

• › Interest rate levels and client balances

• › Market softness in ‘traditional’ transfer agent and associated businesses

› Foreign exchange

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Group Financial Performance – US$m
Financial
Results
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	Financial Results Group Financial Performance – US$m	Financial Results Group Financial Performance – US$m
		Variance
		FY09 FY08 FY09 to FY08 Sales Revenue 1,494.0 1,564.0 (4%)
		Interest & Other Income 17.6 18.6 (5%) Total Revenue 1,511.6 1,582.5 (4%) Operating Costs 1,035.9 1,106.0 (6%)
		Share of Net (Profit)/Loss of Associates 0.2 (2.7) Management EBITDA 475.5 479.2 (1%) Management Adjustments -
		Revenue/(Expense) (31.6) (7.3) Reported EBITDA 443.9 471.9 (6%) Statutory NPAT 252.5 282.0 (10%)
		Management NPAT 289.5 290.4 (0%) Management EPS 52.11 51.61 1% Statutory EPS 46.02 50.12 (8%)

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Analysis of Management EPS Financial
Results
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US cents

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30
25
20
15
10
5
0
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
HY 6.60 9.52 8.82 13.92 17.86 18.83 27.36 24.25 26.14 25.97
FY 16 . 12 22 . 74 36 . 68 51 . 61 52 . 11
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FY09 Management NPAT Analysis Financial
Results
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$USm
400
1 EBITDA - EMEA
380
5.7 2 OEI
1.9
3.0
360 65.5
7.9
3 De p n & Amort
340
26.7
4 Interest
320
5 Tax
300
290.4 289.5
42.5 6 EBITDA - AP
280
260 7 EBITDA - NA
FY08 NPAT 1 2 3 4 5 6 7 FY09 NPAT
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Free Cash Flows
Financial
Results
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Operating cash flow vs capital expenditure

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$USm
240
206.2
210
183.5 181.6
180
159.9
150 137.5 141.1
117.8
120
90
73.1
65.8
60
36.7
24 . 0
30 17.9 18 . 8
11.8 11.9 14.6 10.4 7.8 12.6 10.3
0
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
O p eratin g Cash Flows Ca p ital Ex p enditure
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Revenue & EBITDA
Financial
Half Year Comparisons Results
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Revenue EBITDA
$USm $USm
800 788.2 794.3 783.0 300
724.4 728.7
694 . 0
700
257.4
250
626.7 238.6
600 588.1 236.9
221.8
200
500 188.7
456.0
181.7
400 150
354.5 140.4
300 99.7
93.1 100
200
65.4
50
100
0 0
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
Revenue Management EBITDA
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Management EBITDA Margin Financial
Results
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EBITDA
margin
35%
32.7% 32.5%
30.5%
30%
27.2%
27.9%
25%
22 . 4%
25.1%
20.4%
18.5%
20%
17.0%
15%
10%
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
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Revenue Breakdown – US$m Financial
Results
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	Financial Results Revenue Breakdown – US$m	Financial Results Revenue Breakdown – US$m
		FY09 FY08 Variance FY09 to FY08
		Register Maintenance 736.2 817.6 (10%)
		Corporate Actions 313.4 303.6 3%
		Fund Services 83.9 91.3 (8%)
		Stakeholder Relationship Mgt 73.9 89.0 (17%)
		Employee Share Plans 98.4 119.0 (17%)
		Communication Services 146 6 105 3 39% . .
		Technology & Other Revenue 59.3 56.8 4%
	Total Revenue 1 511 6 1 582 5 (4%) , . , . Note – Included in the revenue results are $170.3m of Margin Income (FY08: $217.5m) and $242.4m of Recoverable Income (FY08: $255.8m)	Total Revenue 1 511 6 1 582 5 (4%) , . , .

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FY10 Regional Analysis & Revenue Breakdown
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–
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Regional Reporting

Current Structure Going Forward North America USA Asia Pacific Canada Europe, Middle East & Africa Australia & NZ Asia Europe, Middle East & Africa

Revenue Segments

	Current Structure	Going Forward
	Register Maintenance	Register Maintenance
	Corporate Actions	Corporate Actions
	Fund Services	Business Services*
	Stakeholder RelationshipManagement	Stakeholder RelationshipManagement**
	Employee Share Plans	Employee Share Plans
	Communication Services	Communication Services
	Technology & Other	Technology & Other
	* Business Services – KCC, Administar, IML events (from Corporate Actions), Computershare Voucher Services &
	Deposit Protection Scheme (from Registry Maintenance)
	** Fund Services now incorporated in Stakeholder	Relationship Management

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Margin Income Analysis Financial
Results
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	Average market interest	rates:
	UK	4.55%	4.49%	4.78%	5.30%	5.71%	5.19%	4.16%	0.82%
	US	3.70%	4.66%	5.25%	5.25%	4.85%	2.67%	1.53%	0.27%
	Canada	2.79%	3.77%	4.25%	4.25%	4.45%	3.51%	2.58%	0.64%
	Australia	5.50%	5.58%	6.03%	6.25%	6.52%	7.12%	6.23%	3.35%
	Average balances
	(US$bn)*	6 4 .	6 4 .	6 4 .	7 0 .	8 7 .	8 7 .	7 2 .	6 4 .
	*Note: some balances attract no interest or a set margin			for Computershare

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FY09 Revenue & EBITDA
Financial
Results
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Total Revenue breakdown

EBITDA breakdown

Asia Pacific EMEA North America

Asia Pacific EMEA North America

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Operating Costs Financial
Results
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$ USm
600
500
144.5 133.2 138.9 139.7 137.0 147.4 137 . 4 141.2
400
300
200 345.0 355.2 367.4 404.9 395.4 426.2 406.7 350.6
100
0
1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
Operating Costs excl. COS Cost of Sales (COS)
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Technology Costs Financial
Results
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$USm
10.1% 10.3%
9.6%
180 9.4% 10.0%
160 6.5 6.7
8.0%
140 6.5
41.3 38.2
120 3.6
6.0%
41.6
100
50.0 44.6 45.3
80
4.0%
40.6
60
21.4
40
2.0%
64.8 63.6
20 40.5 43.3
0 0.0%
FY06 FY07 FY08 FY09
Development Infrastructure Maintenance Admin Technology costs as a % of sales revenue
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Balance Sheet as at 30 June 2009
Financial
Results
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	Financial Results Balance Sheet as at 30 June 2009	Financial Results Balance Sheet as at 30 June 2009	Financial Results Balance Sheet as at 30 June 2009
			Variance Jun-09 Jun-08 US$'000s US$'000s Jun-09 to Jun-08
			537,013 516,129 4% 1,960,523 1,721,889 14%
		Current Assets
		Non Current Assets
		Total Assets	2,497,537 2,238,018 12% 414,934 436,912 (5%)
		Current Liabilities
		Non Current Liabilities	1,181,434 1,030,910 15% 1,596,369 1,467,822 9%
		Total Liabilities
		T t l E it o a qu y	901 168 770 196 17% , ,

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Key Financial Ratios Financial
Results
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Net Financial Indebtedness to EBITDA

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EBITDA Interest Coverage
times
times
13.3
14
12.1 11.9
11.5 3.0
12
2.48
10 8.7 2.5
8 2.0 1.68 1.64 1.67
6 1.5
0.94
4 1.0
2 0.5
0 0.0
FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09
US$m US$m Jun-09 to Jun-08
Cash 180.4 124.2 45%
Interest Bearing Liabilities * 974.3 910.9 7%
Net Debt 793 9. 786 7. 1%
Management EBITDA 475.5 479.2 (1%)
Net Debt to Management EBITDA 1.67 1.64 2%
Average Tenor of drawn debt at 30 June 2009 was 4.2 years.
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Debt Facility Maturity Profile Financial
Results
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	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results
							Committed Debt Facilities			Private Placement
				Maturity Dates		Debt Drawn	Committed Debt Facilities		Bank Debt	Private Placement
		US$m							F ilit ac y	F ilit ac y
				FY10
				FY11	Oct-10	390.6m	550.0m		550.0m
					Mar-11	50.0m	50.0m			50.0m
				FY12	Mar-12	123.0m	123.0m			123.0m
				FY13
				FY14
	700 500 600		600.0	FY15	Mar-15	124.5m	124.5m			124.5m
				FY16
				FY17	Mar-17	21.0m	21.0m			21.0m
				FY18
				FY19	Jul-18	235.0m	235.0m			235.0m
				Total		$944.1m*	$1,103.5m		$550.0m	$553.5m
	300 400		440 6 .				235.0		235.0
	100 200		123.0 123.0	124.5 124.5		21.0 21.0
	0	FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Debt drawn Committed debt facility
	$200M bank club facility, expiring Oct-09, cancelled by CPU 30-Jun-09

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Capital Expenditure Financial
Results
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Capital Expenditure Vs. Depreciation

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$USm
25
2.6
20 0.6
0.6 4.8
0.8 3.0
15 2.5
7 . 9
2.2 2.2 0.5
0.5 0.2
3.0
10
4.1 1.6 0.7
1.1 1.2
3.8 1.9
13.9
1.4 12.1
0.9
5
2.3 8.8 8.2
7.2
7.6 5.0
2.9
0
1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09
Information Technology Communication Services Facilities Occupancy Other Depreciation
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Working Capital Management Financial
Results
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Days sales outstanding
Days
50
45
44
45 43
40
40
35
30
25
20
15
10
5
0
FY06 FY07 FY08 FY09
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Return On Invested Capital Vs. WACC and Financial
Results
Return on Equity
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42% 40.20%
36 . 10%
36%
30%
26 . 40%
24%
19.64%
19.40%
17.62% 17.98%
18%
12.19%
12% 10.34% 10.20% 10.57%
10.24%
6%
FY06 FY07 FY08 FY09
WACC ROIC ROE
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Equity Management – Final Dividend
of 11 cps (AU)
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EPS – Basic US 46.02 cents EPS – Management US 52.11 cents Interim Dividend (40% franked) AU 11 cents Final Dividend (50% franked) AU 11 cents Current Yield* 2.2% * Based on 12 month dividend and share price of A$10.13 (close 10 August 2009)

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Financial Summary – Final Remarks Financial
Results
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• › Record mana ement EPS achieved in a ‘once-in-a- eneration’ difficult g g

• economic environment

• › Solid revenues, disciplined expense, cost and capital expenditure management have driven solid margins and generation of free cash flow

• › Maintained strong balance sheet

• › Return on equity >35%

› Final dividend maintained at AU 11 cents per share, franking lifted to 50%

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Market Financial
CEO’s Report
Overview Results
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CEO Presentation
CEO’s
Report
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Stuart Crosby President & CEO

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Group Strategy and Priorities CEO’s
Report
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• › Our group strategy remains as it has been:

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

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

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

› In addition, we are committing priority resources in two areas:

• › Continuing to lift our market position

• › Engaging with a range of proposals and projects around the globe that look to change the legal and/or operational structure of securities ownership and of communications between issuers and investors (we refer to these matters as “ market structure ” )

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Delivery Against Strategy CEO’s
Report
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• › Deliverin g on the first two limbs of the strate gy ( cost and revenue ) remains a key factor in protecting our profits and margins in these tough times:

• › Operational productivity continues to improve across the globe

• › Pay - off from revenue initiatives mitigates the declines that we would otherwise be seeing

• › Our position at the top of independent service surveys supports client re t en ti on an d pr c ng i i

• › Non-cyclical and counter-cyclical acquisitions during the year also protect our profits and margin across the business cycle

• › Our strong balance sheet and robust cashflows allow us to look at any opportunities that emerge

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Priority - Lifting our Market Position
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• › We continue to enhance the ualit of our o erational and client directed q y p

• processes

• › We continue to release a range of new and enhanced products across the full of our businesses

• range

• › Third party shareholder and issuer satisfaction surveys, as well as our own market research, continue to show that the market is recognising our edge in quality and product innovation

• › We expect our differentiation from our competitors to increase - the differentiation should be even clearer as some competitors work to address funding concerns , and others prepare for the exit of private equity and other non-strategic owners

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Priority - Market Structure Projects
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• › A range of market structure projects are underway around the world

• › Some are driven by brokers’ and custodians’ desire for back-office efficiencies - in these cases, the interests of our clients (issuers of securities) are often at

• risk, as back office efficiency comes at significant cost to transparency and commun cat on etween ssuers an i i b i d i nvestors

• › Others are driven by issuers responding to increasing investor power and activism by seeking better visibility of who owns their securities and better ways to communicate with them

• › Examples include the ECB’s Target 2 Securities project and the “proxy plumbing” en q uiries of the US SEC - similar exercises are underwa y in Canada , Russia , Hon g Kong and the UK

• › We are actively engaged in all cases, and in all cases:

• › Our global experience gives us a unique and widely - valued perspective , and we are active and influential participants in the debate

• › We work to deliver our clients better transparency of their ownership and more e ff ec ti ve commun ca i ti on c h anne s w l ith th e r nves i i t ors

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Other Key Points at a Group Level
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• › We acce t that volatile forei n exchan e markets will continue to brin noise p g g g

• to our reported results; we will continue to focus on local business profitability

• › Operating margins continue to hold up

• › Corporate actions revenue has also held up - but it remains lumpy

• › Non-cyclical and counter-cyclical businesses – Deposit Protection Scheme and Vouchers in the UK, bankruptcy and class action administration in the US, corpora t e rus t t i n ana C d a an d commerc a commun ca i l i ti on serv ces us nesses i b i everywhere – also help protect us from the immediate financial markets cycles

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36

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North America Update CEO’s
Report
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› Investor Services

• › Client retention remains strong off the back of strong service, but client insolvency having some impact

• › Revenues also hit by dividend reductions / cessation , and by record low transaction volumes and IPO activity

• › Strong cost management has more than covered falls in transactional fees, b u t marg n ncome a i i f ll s ar h d er o o t ff se t

• › Other

• › Fund services ram p in g u p for some ma j or p ro j ects

• › Plans also hurt by collapse in transaction volumes

• › Georgeson achieving good market share in “fights”; restructuring AGM service to meet rule 452 repeal opportunities

• › Bankruptcy admin – moving Administar into KCC and expanding infrastructure to take advantage of very buoyant market

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37

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North America Update CEO’s
Report
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• › Investor Services

• › Client retention strong but insolvency biting

• › Working on a range of industry efficiency initiatives

• › Corporate rustT

• › Strong business development and growth in a tough environment

• › Low interest rates drag against that growth

• › Looking to take some products (eg, escrow administration) to other markets – have already written escrow business in Aust and UK

• › Other

• › Plans - holding up well

• › Geor eson – hit b lower M&A levels but still market leader g y

• › CCS – good growth in value-added work (commercial and non-registry)

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38

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EMEA Update CEO’s
Report
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, , ,
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• › UK

• › Investor Services had a great FY09 – FY10 more challenging after large client losses through nationalisation, takeover, etc

• › More registry client acquisition opportunities as competitors struggle to maintain service standards in the tough environment

• › Deposit Protection Scheme and Vouchers going very well

• › Pl ans se lli ng awar d w nn ng g o i i l b a so u l l ti ons o arge mu t l lti na ti ona s l

• › Germany › VEM stabilised and focused on inte g ration across the CPU g rou p

• › Russia, Ireland and South Africa

• › Russian market heavily impacted by GFC

• › Ireland and South Africa tracking well in a difficult environment

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39

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Asia Pacific Update CEO’s
Report
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• › Hong Kong and China

• › Hong Kong IPO pipeline strong and starting to flow (hopefully)

• › Established as a credible provider of proxy services to PRC issuers (where no market for proxy services had previously existed)

• › Plans offering for foreign listed PRC issuers continues to attract clients

• › India

• › IPO market and mutual fund valuations bouncing back

• › Japan

• › IR an d l th h JSS w ith f i dit a bl i proxy sa es roug (JV MUTB) per orm ng cre y n a

• difficult environment

• › Continue to engage positively with MUTB on broader opportunities

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40

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Asia Pacific Update CEO’s
Report
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• › Investor Services

• › Very strong major client retention

• › Strong corporate action flows have offset lower activities in other areas

• › I nvestor se lf -serv ce eve s cont nue to ncrease i l l i i

• › Brought a wide range of new products to market (eg, custodian portal, a range of on-line voting tools for investors and issuers)

• › NZ – some capital raising activity, but otherwise subdued

• › Other

• › CCS – cu t s n scre i di ti onary spen d h ur ti ng commerc a revenues i l › CPM – proposed budget changes would have hurt most plans, and CPU played a strong role in addressing the threat

• › Georgeson – remain the market leader

• › Fund Services – integrated offering continues to attract clients

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41

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Computershare Limited Full Year Results 2009 Presentation

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Stuart Crosby
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12 August 2009
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Appendix: Full Year Results 2009 Presentation

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12 August 2009

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43

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Appendix 1: Group Comparisons
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Group Comparisons

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44

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----- Start of picture text -----

Behind the Headline – NPAT IMPACT
Financial
Results
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	Financial Results Behind the Headline – NPAT IMPACT	Financial Results Behind the Headline – NPAT IMPACT	Financial Results Behind the Headline – NPAT IMPACT
			255,733 US$000’s
		Netprofit after tax at 30 June 2009
		Redundancy provisions	12 689 , 2,524 12,573
		Restructuring provisions
		VEM asset write-downs
			(6,872) 940
		Profits on sales of controlled entities and business units
		Marked to market adjustments - derivatives
			11,946 289533
		Intangible asset amortisation
		Manaementadjustedrofitaftertax at30June 2009
		**g p **	,

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45

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CPU Revenues
Financial
Results
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Revenue Type Register Maintenance Corporate Actions Fund Services Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

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6%
5%
5%
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----- Start of picture text -----

Technology & Other Revenue
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46

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----- Start of picture text -----

FY09 Revenue
Financial
Results
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----- Start of picture text -----

$US m
450
400 386.2
350
300
250
200 184.1
166.0 `
150 133.0127.5
115 . 7
100
52.9 53.7
47.6
50 25.4 31.4 36.9 35.1 26.9
15.7 18.3 12.6 13.1 19.0
4.8 5.7
0
Register Corporate Actions Fund Services Stakeholder Employee Share Communication Technology &
Maintenance Relationship Plans Services Other Revenue
Management
Asia Pacific EMEA North America
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47

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----- Start of picture text -----

Revenue
Financial
Results
----- End of picture text -----

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----- Start of picture text -----

$ USm
900
800
700
600
500
400
300
200
100
0
Register Corporate Actions Funds Services Stakeholder Employee Share Communication Technology & Other
Maintenance Relationship Plans Services Revenue
Management
FY06 FY07 FY08 FY09
817.6
725.9 736.2
9.7
63
303.6 313.4
252.5
171.8 .5 .1 6 .1 7 9 3 . 46.61
110 11 91.3 83.9 90.3 86.9 89 73.9 95.8 11 11 98.4 63.2 75.7 105 56.8 59.2
43.5 44.2
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48

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----- Start of picture text -----

Operating Costs
Financial
Results
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----- Start of picture text -----

$USm
550
500
450
400
350
300
250
200
150
100
50
0
Cost of Sales Personnel Occupancy Other Direct Technology Corporate
FY06 FY07 FY08 FY09
501.6
475.2
459.4
31.1
4
27.7 7 8.627 4.4 8 2 8.62 7
3 56.4 3.5 5
113.7 131. 1 1
77.2
56.2 64.5 63.9 61.5 69.5 66.1
44.6 9.7 2 39.9 33.5 2 .5
2
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49

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----- Start of picture text -----

Revenue
Financial
Half Year Comparisons Results
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----- Start of picture text -----

$USm
450
400
350
300
250
200
150
100
50
0
Register Maintenance Corporate Actions Funds Services Stakeholder Relationship Employee Share Plans Communication Services Technology & Other
Management Revenue
1H07 2H07 1H08 2H08 1H09 2H09
406.5 411.1
1 350. 75.8 3 386.0 1 350.
169.4
155.2 159.7
132.8 134.2
119.7
83.5
74.2
41.8 41.7 49.6 36.2 46.2 34.2 52.7 39.9 49.1 35.9 38.1 58.2 58.9 59.0 60.0 54.1 44.2 37.2 38.5 44.4 60.9 63.2 20.4 23.8 27.3 29.5 32.0 27.2
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50

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----- Start of picture text -----

Operating Costs Financial
Results
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----- Start of picture text -----

$USm
300
250
200
150
100
50
0
Cost of Sales Personnel Occupancy Other Direct Technology Corporate
1H07 2H07 1H08 2H08 1H09 2H09
261.9
251.5
240.5 239.7 .7
8 3
218. 22
5
138.9 139.7 137.0 147. 137.4 141.2
76.7 79.7 82.2
71.3
70.1
61.3
28.9 35.6 30.5 33.4 31.7 9.8 2 41.9 35.3 7.4 2 38.6 .4 3 .2 5 .4 .9 9
2 21 16. 23 20 12.6 17.
4.6
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51

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----- Start of picture text -----

Underlying Effective Tax Rate Financial
Results
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----- Start of picture text -----

Tax rate
%
35.0
30.0 28.5
27.5
26.4
25.0 23.9
19.4
20.0
15.0
10.0
5.0
0.0
FY05 FY06 FY07 FY08 FY09
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52

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----- Start of picture text -----

Hedge Lifecycles Financial
Results
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Hedging of Long Term Sustainable Balances

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----- Start of picture text -----

100%
80%
60%
40%
20%
0%
Jul-09 Jul-10 Jul-11 Jul-12
Total Hedging
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53

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----- Start of picture text -----

Interest Rate Sensitivity Financial
Results
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----- Start of picture text -----

US$m PBT 80
Impact
60
40
20
0
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
-20
-40
-60
Exposure Hedged exposure
-80
This graph outlines the sensitivity of interest rate changes when measured against core client
balances (long term sustainable balances) , adjusted by the impact of floating rate debt , corporate
cash balances and derivative positions.
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54

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----- Start of picture text -----

Interest Rate Hedging Financial
Risk Management Results
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Interest Rate Hedging

• Strategy: Protect downside risk in current interest rate environment

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Policy:

• Minimum hedge of 25% / Maximum hedge of 100%

• Minimum term 1 year / Maximum term 5 years

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• Current hedging of balances exposed to interest rates: 52%

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55

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----- Start of picture text -----

Risk Management – Average Funds Balances
Financial
for year ending 30 June 2009 Results
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----- Start of picture text -----

By Category
Sharesave/
Employee
Plans
Dividend
8%
16%
Broker Trust
Dissenter
18%
3%
Corporate
Regular
Actions
Trust
34%
21%
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----- Start of picture text -----

By Country
Australia
US 5%
22%
C ana d a
49%
UK
24%
Average funds balance US$6.8b
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56

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----- Start of picture text -----

Appendix 2: Country Summaries Financial
Results
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Country Summaries

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57

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Appendix 2: Country Summaries Financial
Results
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Asia Pacific

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58

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----- Start of picture text -----

Australia
Financial
Half Year Comparison Results
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----- Start of picture text -----

Total Revenue
$Am $Am Revenue Breakdown
90
250
80
221.5
70
200
173.6
168.5 60
152.9
143.2
150 136.5 50
40
100
30
20
50
10
0 0
1H07 2H07 1H08 2H08 1H09 2H09 Register Corporate Actions Fund Services Stakeholder Employee Share Communication Technology &
Maintenance Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09 2H09
84.0
76.7 74.9
68.7
66.8
63.2
63.4
57.1
4
47.
35.7 35.0
34.0
24.7 2 25. 265 . .1 8 2 8.7 2
21.0
9.5 11.2
8.2
9 6 . .9 6 5 8.6 8.7 7.5 8.2 .2 7 .8 6 7.8
3.0 3.0 2.8 2.6 2.3 1.9 4. 5 2.9 5. 2.0 3.8 4.1
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59

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----- Start of picture text -----

Hong Kong Financial
Results
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----- Start of picture text -----

Total Revenue
Revenue Breakdown
$HKm $HKm
500
350
441.1
450
300.3
300
400
250
350
300
200
177.6 176.8
235.4
250 227.1 161.4
212.2
150 140.7
195.9 192.4
200 126.0 123.4
109 . 4
103.5
150 100
100 50.8
50
50 18.3 15.6
0
0
Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09 2H09
1H07 2H07 1H08 2H08 1H09 2H09
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60

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----- Start of picture text -----

India
Financial
Results
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----- Start of picture text -----

Revenue Breakdown
INRm
Total Revenue 650
INRm
600
1200
1,060.0 550
500
1000
450
836.1 834.4
812.2
800 400
350
582.2
600 300
533.2
250
400 200
150
200 100
50
0 0
1H07 2H07 1H08 2H08 1H09 2H09 Register Maintenance Corporate Actions Fund Services
1H07 2H07 1H08 2H08 1H09 2H09
.3
2
62
538.4
502.7
381.2
8 4 .
309. 317
287.0
276.9 270.6
257.9 261.8
216.3
.8
9
17
121.2
.4 6.3
33 4 8
20. 14.3
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61

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----- Start of picture text -----

New Zealand
Financial
Results
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----- Start of picture text -----

$NZm
Total Revenue $NZm Revenue Breakdown
10
8.6 8
8.4
8.1 8.1 7.0
8
7.5
6.4 6.4
6.3
6.9 6.1
5.9
6
6
4
4
2.0
2 1.8 1.7
2 1.6
1.4
1.0
0
0
1H07 2H07 1H08 2H08 1H09 2H09
Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09 2H09
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62

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Appendix 2: Country Summaries Financial
Results
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North America

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63

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----- Start of picture text -----

United States
Financial
Results
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----- Start of picture text -----

Total Revenue Revenue Breakdown
$USm
$USm
299.4
296 . 7
300 200
280.9
277.1
263.2
250
231 . 7
150
200
150 100
100
50
50
0
0
Register Main Corp Actions Fund Services Stakeholder Employee Share Communication Technology &
1H07 2H07 1H08 2H08 1H09 2H09
Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09 2H09
157.2 .4
9
14
136.7
133.7
128.1
125.7
66.2
61.2
45.5 45.4 44.4 42.6 38.4
32.9
33.1 28.8 30.5 27.9 25.9
24.9
20.8 21.6 21.3 20.9 20.6 19.1
2.7 1 13.7 1.81 16.0 3.5 3.7 3.1 5.2 3.9 6.1 9.9 9.7 1.61 11.3 2.1 1 1.91
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64

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----- Start of picture text -----

Canada
Financial
Results
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----- Start of picture text -----

$CAm
Total Revenue
130 $CAm Revenue Breakdown
120 116.1 90
114.6
108.5
110
104.1
102.6 80
96.2
100
70
90
80 60
70
50
60
40
50
40 30
30
20
20
10
10
0 0
1H07 2H07 1H08 2H08 1H09 2H09 Register Corporate Actions Stakeholder Employee Share Communication Technology &
Maintenance Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09 2H09
81.8
76.0 76.4 76.4
74.7
63.6
27.5
24.1
21.4
17.4
14.4 14.5
6.7 7.9 6.6 7.6 7.2 7.1
5.1
2.9 4.1 3.2 2.6 2.1 1.5 1.5 1.2 1.2 1.5 1.4 0.1 0.1 0.4 0.3 0.7 1.1
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65

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Appendix 2: Country Summaries Financial
Results
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EMEA

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66

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United Kingdom Financial
Results
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----- Start of picture text -----

GBP m
GBPm
Total Revenue Revenue Breakdown
50
100 96.4
90 86.5
40
80
70
57.1
60 53.7 55.5 30
50.4
50
40 20
30
20 10
10
0 0
1H07 2H07 1H08 2H08 1H09 2H09 Register Corporate Actions Stakeholder Employee Share Communication Technology & Other
Maintenance Relationship Plans Services Revenue
Management
1H07 2H07 1H08 2H08 1H09 2H09
45.0
377 .
33.6 34.0
32.5
30.4
29.7 29.6
.6 0 .4 1.8 1 .4 .3
1 10 9.4 9.8 9.3 10 10
8.2
4.7 4.0
1.82.7 1.6 2.4 2.7 1.8 1.1 1.5 0.8 1.4 1.0 1.3 1.0 1.4 1.8 1.5 2.1
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67

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Ireland
Financial
Results
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----- Start of picture text -----

Total Revenue
EURm
EURm Revenue Breakdown
6
4
4.9
4.5
4.4
4.5 4.2 3
4.1
3.4
3 2
1
1.5
0
0
Register Maintenance Corporate Actions Funds Services Technology & Other
1H07 2H07 1H08 2H08 1H09 2H09 Revenue
1H07 2H07 1H08 2H08 1H09 2H09
3.4
3.2
3.0
3.0
2.9
2.7
1.3
0.8
0.7 0.7 0.7
0.5 0.5 0.5
0.4
2 2
0. 0. 0.1 0.1 0.1
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68

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Germany Financial
Results
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----- Start of picture text -----

EURm Total Revenue EURm Revenue reaB kdown
12
35
31.2 11
30 10
26.3 9
24.8
25
8
19.3
7
20 19
17.4
6
15
5
4
10
3
5 2
1
0
1H07 2H07 1H08 2H08 1H09 2H09 0
Register Corporate Actions Stakeholder Employee Share Communication Technology &
Maintenance Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09 2H09
6
11.
10.1
9.8
8.6
8.2
7.7
7.4
7.2
7.0
6.8
5.7 5.7
5.5
5.2 5.2
5.0
4.1
.6 3 3. 4
2.9
1.8
07 . 0. 5 0.4 0. 5 0. 5 0.4 0.4 .8 0 6 0. 0.3 0.3 0.3
0.1 0.1 0.1
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69

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South Africa
Financial
Results
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----- Start of picture text -----

ZARm Total Revenue
Revenue reaB kdown
160 ZARm
120
112.8
140 136.1 107.9
110
102.3
100.5
123 . 4
100
120 115.2 113.1
87.6
90
99.7 81.5
100 80
87.7
70
80
60
50
60
40
40
30
23.3
20 15.5
20 12.1 12.9 12.6
10 6.3
0 0
1H07 2H07 1H08 2H08 1H09 2H09 Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09 2H09
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Russia
Financial
Results
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Total Revenue RUBm Revenue Breakdown
RUBm
292.9
300 300
284.5
277.4
272.6
255.6
247.7
250 250
200 200
179.8 179.8
150 128.5 150
128.5
103.0 102 . 8
100 100
50 50 36.8
17.0 15.6
0.3
0
0
1H07 2H07 1H08 2H08 1H09 2H09 Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09 2H09
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Appendix 3: Assumptions Financial
Results
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Assumptions

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Assumptions: Exchange Rates Financial
Results
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Average exchange rates used to translate profit and loss to US dollars

USD 1.00000 AUD 1.31946 HKD 7.76874 NZD 1.62827 INR 47.0214 CAD 1.14155 GBP 0 . 61234 EUR 0.71780 ZAR 8.77224 RUB 28.6471 AED 3.67288

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73