COMPUTERSHARE LIMITED. — Investor Presentation 2009

May 6, 2009

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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:	Thursday, 7thMay 2009
To:	Australian Securities Exchange
Subject:	Presentation for Macquarie Australia Conference

Attached is the presentation to be delivered to the Macquarie Australia Conference today, 7[th] May 2009.

For further information contact:

Mr Darren Murphy Head of Treasury and Investor Relations Ph +61-3-9415-5102 Mobile 0418 392 687 darren.murphy@computershare.com.au

About Computershare Limited (CPU)

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

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

Computershare is represented in all major financial markets and has over 10,000 employees worldwide.

For more information, visit www.computershare.com

Stuart Crosby Chief Executive Officer & President

Macquarie Australia Conference 7 May 2009 Sydney

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

• › Since floating in 1994, Computershare has grown, mostly by acquisition, along the value chain (from software to full service provision), laterally and geographically, nearly 100 fold.

• › We now serve 14,000 corporations and 100 million shareholder and employee accounts in 17 countries across five continents.

• › We have over 11,000 employees globally.

• › Our market capitalisation is approximately $5 billion, ranking us in the top 50 Australian listed companies.

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About Computershare: Where we operate

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Historical financials:
Strong revenue and EBITDA growth
1,800
Revenue & EBITDA
1,600
(USD millions)
1,400
1,200
1,000
800
600
400
200
0
'94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08
Fina nc ia l Ye a r
Revenue EBITDA
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Historical financials:
EPS & dividend growth
60
EPS & dividend history
50 (USD cents)
40
30
20
10
0
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08
Financial Year
EPS Dividend
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Historical financials:
ROIC vs WACC vs ROE
42%
36%
30%
24%
18%
12%
6%
FY06 FY07 1H08 FY08 1H09
WACC ROIC ROE
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Historical financials:
EBITDA margin
35%
32.7%
30.5%
30%
27.2%
27.9%
25%
22.4%
25.1%
20.4%
20% 18.5%
17.0%
15%
10%
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09
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Latest Results:
Highlights – 1H09
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	Latest Results: Highlights – 1H09
	Note: all results are in USD except for dividend - 220bps + 260bps 30.5% EBITDA margin up 2% down 5% $544.1m Operating costs down 1% down 1% $783.0m Operating revenues down 7% up 8% $145.2m Management net profit after OEI down 21% up 26% $147.3m Free cash flows up 10% flat AU 11 c Interim Dividend vs 1H 08 vs 2H 08 1H09 vs 20% vs 30% 40% Dividend franking down 7% up 8% $238.6m Management EBITDA down 4% up 8% 26.14 cents Management earnings per share

Note: all results are in USD except for dividend

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Latest Results:
Regional Analysis – 1H09 Revenue & EBITDA
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Total Revenue Breakdown EBITDA Breakdown
23%
30%
39%
42%
28% 38%
Asia Pacific EMEA North America Asia Pacific EMEA North America
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Margin Income:
Interest rate sensitivity on core balances
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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
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This graph outlines the sensitivity of northern hemisphere 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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Margin Income:
Hedge lifecycles
Hedging of client core balances
100%
80%
60%
40%
20%
0%
Jun '09 Jun '10 Jun '11 Jun '12
1 13 25 37
Total Hedging
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	Balance Sheet & Financing: as at 31 December 2008
	Current Assets Non Current Assets Total Assets Current Liabilities Non Current Liabilities Total Liabilities Total Equity	Dec-08 US$'000s 439,046 1,754,871 2,193,917 321,255 1,082,008 1,403,263 790,654				Dec-07 US$'000s 369,763 1,520,793 1,890,556 332,971 874,854 1,207,825 682,731	Variance 19% 15% 16% (4%) 24% 16% 16% Dec-08 to Dec-07
				Jun-08 US$'000s 516,129 1,721,889 2,238,018 436,912 1,030,910 1,467,822 770,196	Variance (15%) 2% (2%) (26%) 5% (4%) 3% Dec-08 to Jun-08

	Balance Sheet & Financing: Debt facility maturity profile and utilisation as at end 1H09
	0 100 200 300 400 500 600 700 US$m	402.7 123.0 124.5 21.0 235.0 235.0 21.0 124.5 123.0 200.0 600.0 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Debt Facility Maturity Profile Debt Facility Utilised	906.2 1303.5 Total 235.0 235.0 FY19 nil nil FY18 21.0 21.0 FY17 nil nil FY16 124.5 124.5 FY15 nil nil FY14 nil nil FY13 123.0 123.0 FY12 402.7 600.0 FY11 nil 200.0 FY10 nil nil FY09 Debt Facility utilised Debt Facility Maturity Profile (USD $m)

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Balance Sheet & Financing:
Key servicing metrics
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›

EBITDA interest coverage Net Financial Indebtedness to EBITDA

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times times
14 3.0
12.1 11.9
11.5 2.48
12
2.5
10.4
10
8.7 2.0
1.68 1.64 1.72
8
1.5
6
0.94
1.0
4
0.5
2
0 0.0
FY05 FY06 FY07 FY08 1H09 FY05 FY06 FY07 FY08 1H09
Rolling 12 months
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		Acquisitions: July 2007 onward
		Voucher administration UK 175.0 Busy Bees Bankruptcy administration USA 95.0 – 140.0 KCC Investor Services Russia small NRC (+15%) Audience interaction South Africa small Audience Alive Electoral Services UK 9.8 Strand Audience interaction USA small Machine Dreams Communication Services Australia 142.6 QMT Audience interaction Australia small Ezicomms Audience interaction UK small Four Points Corporate actions bank Germany 92.3 VEM Governance software USA 14.0 RSS Class action administration USA 33.4 Administar Investor Services USA 8.9 UMB Governance software Ireland 17.6 Datacare Type of Business Country Cost (USD m) Name

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Acquisitions:
Commentary
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• › Most recent acquisitions have been non-market cyclical (QMT, Busy Bees, Datacare) or counter-cyclical (Administar / KCC).

• › These have all been comfortably earnings per share accretive on acquisition, with material synergies and/or growth on top.

• › Our internal acquisition hurdles are now materially higher for both strategy fit and valuation, but interesting opportunities continue to emerge and be pursued.

• › Our strong balance sheet and robust cash-flows allow us to look at any opportunities that emerge.

• › We would not hesitate to tap the equity markets to fund the right acquisition rather than risk over-gearing.

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Environment:
Remains tough
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• › Our strong recurring revenue base offers significant protection, but we are starting to feel the effects of client attrition through takeover, bail-out and insolvency.

• › Margin income has been hit, but good treasury management and hedges will continue to cushion that impact through FY10.

• › Restructuring and recapitalisation transactions have been very beneficial in FY09. We expect these to continue, but they are very lumpy, their financial impact is difficult to predict (can be large or small) and there are no guarantees.

• › Our enterprise sales approach has never been more important.

• › Cost management has always been a major focus, especially since early 2008 - the full benefit of reductions is yet to be seen in reported results.

• › Non market cyclical and countercyclical businesses help stabilise profitability, but the impact of the “real economy” slowdown is also being felt in some nonmarket cyclical businesses.

• › US and UK/Euro-zone economies are hardest hit; we expect China and India to be first to emerge.

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Our strategic focus:
Remains the same
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• › Continue to drive operations quality and efficiency through measurement, benchmarking and technology.

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

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

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