COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2009

Feb 10, 2009

Computershare Limited Half Year Results 2009 Presentation

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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart Crosby President & CEO

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Introduction
Results Highlights
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	Introduction Results Highlights
	Note: all results are in USD except for dividend - 220bps + 260bps 30.5% EBITDA margin up2% down 5% $544.1m Operatingcosts 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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Introduction
Computershare Strengths
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› Strong balance sheet, low gearing and robust cash generation

› More than 70% of revenue recurring in nature

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

• › Continued strong investment in R&D and product development

• › Global diversification across 17 countries including long term growth engines China, India and Russia

• › Proven technology capabilities and innovation

› Demonstrated ability to acquire and integrate businesses

› Unique cross-border transaction capabilities

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Outlook Introduction
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Unchanged from the AGM – we expect USD management earnings per share for financial year 2009 to be about the same as last year, perhaps marginally behind.

This assumes equity, interest rate and FX market conditions remain broadly consistent with current levels for the rest of the financial year.

While USD guidance is flat on FY08, AUD guidance at current forex rates is now about 30% up on last year (at August 08 rates).

FY08 Mgt EPS USD 51.6 cps AUD/USD @ 8/08 0.87 AUD 59.3 cps AUD/USD @ 2/09 0.67 AUD 77.2 cps

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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 financial performance
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› Corporate action environment

› Interest rate levels

› Balances

› Acquisitions

› Cost reductions and operating efficiencies

› Foreign exchange

› Balance sheet management

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Group Financial Performance – US$m
Financial
Results
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	Financial Results Group Financial Performance – US$m
	1H09 2H08 Variance 1H09 to 2H08 1H08 Variance 1H09 to 1H08 Sales Revenue 772.7 784.2 (1%) 779.8 (1%) Interest & Other Income 10.3 10.1 2% 8.5 22% Total Revenue 783.0 794.3 (1%) 788.2 (1%) Operating Costs 544.1 573.6 (5%) 532.4 2% Share of Net (Profit)/Loss of Associates 0.3 (1.1) (1.6) Management EBITDA 238.6 221.8 8% 257.4 (7%) Management Adjustments - Revenue/(Expense) (16.1) (8.2) 0.9 Reported EBITDA 222.5 213.6 4% 258.3 (14%) Management EPS 26.14 24.25 8% 27.36 (4%)

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Management EPS Performance Financial
Results
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Rolling 12 months
US cents
60
50
40
30
20
10
0
1H05 1H06 1H07 1H08 1H09
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Analysis of Management EPS – Financial
Half Year Comparison Results
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US cents
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09
6.60 9.52 8.82 13.92 17.86 18.83 27.36 24.25 26.14
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HY09 Management NPAT Analysis Financial
Results
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$USm 1 EBITDA - EMEA 2 Tax 3 OEI 4 Depn & Amort 5 Interest 6 EBITDA - AP 7 EBITDA - NA

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Net Operating Cash Flows Financial
Results
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$USm
Operating Cash Flow Vs. Capital Expenditure
240
206.2
210
183.5
180
159.9
150 141.1
137.5
117.8
120
90
65.8
60
30 24.0
18.8
14.6 10.4 7.8 17.9 12.6
0
1H06 2H06 1H07 2H07 1H08 2H08 1H09
Operating Cash Flow s Capital Expenditure
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Free Cash Flow
Financial
Results
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$USm Operating Cash Flows less Capital Expenditure
200
Free Cash Flow: 187.4
- 3 year 1H CAGR 42%
- 5 year CAGR 55% 165.6
147.3
150
129.7
117.1
107.4
100
51.3
50
0
1H06 2H06 1H07 2H07 1H08 2H08 1H09
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Half Year Comparisons – Revenue & EBITDA Financial
Results
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$USm
900 300
257. 4
750 238. 6 250
R 221.8 E
e B
v 188.7 I
600 181. 7 200
e T
n D
u 450 140. 4 150 A
e
99. 7
300 100
150 50
588.1 626. 7 694.0 724. 4 788. 2 794.3 783. 0
0 0
1H06 2H06 1H07 2H07 1H08 2H08 1H09
Total Revenue M anagement EBITDA
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Half Year Comparisons – Revenue & EBITDA Financial
Results
$USm 1st Half $USm $USm 2nd Half $USm
800 300 800 300
257.4
700 238.6 700
250 250
221.8
600 600
188.7
200 181.7 200
500 500
400 150 400 140.4 150
300 300
100
100
200
200
694.0 788.2 783.0 50
50
100
100
626.7 724.4 794.3
0 0
0 0
1H07 1H08 1H09
2H06 2H07 2H08
Revenue Management EBITDA Revenue Management EBITDA
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Management EBITDA Margin Financial
Results
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35%
32.7%
30.5%
30%
27.2%
27.9%
25%
22.4%
25.1%
20.4%
18.5%
20%
17.0%
15%
10%
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09
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Revenue Breakdown – US$m Financial
Results
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1H09 Register Maintenance 386.0 Corporate Actions 155.2 Fund Services 36.2 Stakeholder Relationship Mgt 35.9 Employee Share Plans 54.1 Communication Services 83.5 Technology & Other Revenue 32.1 Total Revenue 783.0	2H08 411.1 134.2 49.6 49.1 60.0 60.9 29.5 794.3	Variance 1H09 to 2H08 (6%) 16% (27%) (27%) (10%) 37% 9% (1%)	1H08 406.5 169.4 41.7 39.9 59.0 44.4 27.3 788.2	Variance 1H09 to 1H08 (5%) (8%) (13%) (10%) (8%) 88% 18%
				(1%)

Note: Included in the revenue results are $86.4m of Margin Income (2H08: 94.1m; 1H08: $123.4m) and $116.4m of Recoverable Income (2H08:139.5m; 1H08: $116.3m).

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Margin Income analysis Financial
Results
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	Financial Results Margin Income analysis
	Note: some balances attract no interest or a set margin for Computershare 52.1 65.3 84.0 89.7 123.4 94.1 86.4 0 20 40 60 80 100 120 140 1H06 2H06 1H07 2H07 1H08 2H08 1H09 US$m Average interest rates: UK 4.55% 4.50% 4.78% 5.31% 5.71% 5.19% 4.16% US 3.70% 4.66% 5.25% 5.25% 4.85% 2.67% 1.53% Canada 2.79% 3.77% 4.25% 4.25% 4.45% 3.51% 2.58% Average balances(US$bn) 6.4 6.4 6.4 7.0 8.7 8.7 7.2

*Note: some balances attract no interest or a set margin for Computershare

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Regional Analysis – 1H09 Revenue & EBITDA Financial
Results
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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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Half Year Comparisons – Operating Costs Financial
Results
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$USm
600
500 147.4
139.7 137.4
137.0
138.9
144.5 133.2
400
300
426.2
200 404.9 395.4 406.7
345.0 355.2 367.4
100
0
1H06 2H06 1H07 2H07 1H08 2H08 1H09
Operating Costs excl. COS Cost of Sales (COS)
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Technology Costs – Continued Investment to
Financial
Maintain Strategic Advantage Results
US$m %
100 12%
11%
90 10% 10%
10% 10%
9%
80 9% 82.7
80.1
77.1
70
70.3 8%
60 61.7
59.1
56.4
50
40
4%
30
20
10
0 0%
1H06 2H06 1H07 2H07 1H08 2H08 1H09
Total Technology costs Technology costs as a % of sales revenue
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Analysis of 1H09 Technology Costs Financial
Results
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5% 22% 45% Total Costs US$82.7m Development Costs US$36.6m 28% Development Infrastructure Maintenance Administration

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Analysis of Technology Costs Financial
Results
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$USm
100
4.4
80 3.1
18.5
1.4 21.9
1.7
60
20.3
23.2
29.2
21.8
40
18.9
9.3
20
36.6
30.3
21.1
18.8
0
1H06 1H07 1H08 1H09
Development Infrastructure Maintenance Admin
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Balance Sheet as at 31 December 2008
Financial
Results
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	Financial Results Balance Sheet as at 31 December 2008
	Variance Variance Dec-08 Jun-08 Dec-07 US$'000s US$'000s US$'000s Current Assets 439,046 516,129 (15%) 369,763 19% Non Current Assets 1,754,871 1,721,889 2% 1,520,793 15% Total Assets 2,193,917 2,238,018 (2%) 1,890,556 16% Current Liabilities 321,255 436,912 (26%) 332,971 (4%) Non Current Liabilities 1,082,008 1,030,910 5% 874,854 24% Total Liabilities 1,403,263 1,467,822 (4%) 1,207,825 16% Total Equity 790,654 770,196 3% 682,731 16% Dec-08 to Jun-08 Dec-08 to Dec-07

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Key Financial Ratios Financial
Results
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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
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• Rolling 12 months

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Computershare Borrowings Financial
Results
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	Dec-08 US$m 155.7 947.2 791.6	Jun-08 US$m 124.2 910.9 786.7	Variance 25% 4% 1% Dec-08 to Jun-08	Dec-07 US$m 108.0 747.4 639.3	Variance 44% 27% Dec-08 to Dec-07
Cash
Interest Bearing Liabilities Net Debt Management EBITDA Net Debt to Management EBITDA*
					24%
					5%
	460.4	479.2	(4%)	439.1
	1.72	1.64	5%	1.46	18%

• Average Tenor of drawn debt at 31 December 2008 was 4.8 years.

** Rolling 12 months

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Debt Facility Maturity Profile Financial
Results
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	Financial Results Debt Facility Maturity Profile
	235.0 21.0 124.5 123.0 200.0 600.0 0 100 200 300 400 500 600 700 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 US$m 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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Capital Expenditure Financial
Results
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Capital Expenditure Vs. Depreciation

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$USm
25 2.6 Other
Occupancy
Communication Services Facilities
20 0.6
Information Technology
0.6 4.8
Depreciation
3.0
0.8
15 2.5
7.9
2.2 2.2 0.5
0.5
3.0
10
4.1 1.6
1.1
3.8 1.9
13.9
1.4
12.1
0.9
5
2.3 8.8
7.2
7.6
5.0
2.9
0
1H06 2H06 1H07 2H07 1H08 2H08 1H09
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Working Capital Management Financial
Results
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Days Sales Outstanding
Days
60
53
50
45 45
44
43
40 37 38
30
20
10
0
1H06 FY06 1H07 FY07 1H08 FY08 1H09
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Return On Invested Capital Vs. WACC and Financial
Results
Return on Equity
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42%
36%
30%
24%
18%
12%
6%
FY06 FY07 1H08 FY08 1H09
WACC ROIC ROE
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Equity Management – Interim Dividend Financial
Results
of 11 cps (AU)
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• › EPS – Basic

US 23.55 cents

› EPS – Management

• › Interim Dividend (40% franked)

US 26.14 cents AU 11 cents

• › Current Yield*

3.4%

• Based on 12 month dividend and share price of A$6.52 (close 10 February 2009)

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Financial Summary – Final Remarks Financial
Results
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› Maintained revenues, margins and EPS

› Continued solid generation of free cash flow

› Maintained strong balance sheet

› Disciplined cost management

› Return on equity >35%

› Dividend maintained at 11 cents (AUD) per share, 40% franked

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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 CEO’s
Report
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Long term strategy unchanged:

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

• › Improve our 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

But the current environment also offers a once in a generation opportunity to lift our market position. Our strong balance sheet and cash flows allow us to invest in further service enhancements and new products for our clients at a time when many of our competitors are having to focus on refinancing and basic survival. We intend to take maximum advantage of this opportunity.

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Delivery against long term strategy CEO’s
Report
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Delivering on the first 2 limbs of the long term strategy (cost and revenue) has been a key factor in protecting our profits and margins in these challenging times:

• › operational productivity continues to improve across the globe (eg, increasing self service, some specialised off-shoring);

• › pay-off from revenue initiatives, especially in business as usual, continues to accelerate; and

• › operational improvements are putting us on top in independent service surveys everywhere they’re offered, protecting our pricing power and strengthening our client retention.

We continue to be interested in value accretive acquisitions, but we will remain prudent about gearing in a world where we expect debt and equity capital to be scarce and expensive. We will carefully monitor our debt maturities and refinancing profile.

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Delivery on the opportunity to lift our market
position
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• › We are consolidating our leading market position by releasing a range of new and enhanced products around the world.

• › We continue to invest in R&D (1H09 R&D spend USD 36.6M, up 20% on 1H08).

• › Third party shareholder and investor satisfaction surveys, as well as our own market research, show that the market is recognising our growing quality edge.

• › We expect this differentiation to increase as we continue to invest in and roll out service enhancements and new products, in an environment where many competitors are distracted by balance sheet and business viability issues.

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Other key points at a group level
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• › The strong US dollar continues to drag on non-US markets contribution to reported earnings (GBP and AUD down > 20%, CAD down > 12% since August 08).

• › Credit spreads have reduced, cutting slippage in interest rate hedges (natural and synthetic).

• › Operating margin has held up well at 30% despite the reduction in margin income.

• › Corporate action revenues have held up well but remain lumpy.

• › Less market cycle related businesses – Busy Bees vouchers in UK; Administar class actions in US; Canadian Corporate Trust; commercial CCS businesses generally – also help.

• › Acquisition hurdles are now materially higher for both strategy fit and valuation, but some interesting opportunities are emerging.

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North America update - USA CEO’s
Report
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Investor Services

• › Client retention remains strong off the back of robust service delivery

• › Benefiting from investment in and rationalisation of “business as usual” capacities over past 12 to 18 months

• › Strong cost management materially mitigates the collapse in transactional revenue streams

• › Revamped web portal with enhanced reporting tools for issuers well received

• Other

• › Fund Services - continues to win vast majority of (limited) available work; pipeline promising

• › Plans – also hurt by collapse of transaction volumes

• › Writing good business in Administar (class action and bankruptcy admin), but limited earnings impact until FY10

• › Proxy – very few M&A fights, but we are winning the majority of “name” friendly deals, eg, Merrill Lynch/Bank of America, Johnson & Johnson/Mentor and Omrix, IBM/ILOG and Abbott/Advanced Medical Optics

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North America update - Canada CEO’s
Report
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Investor Services

• › BCE not proceeding reduced 1H09 result

• › Strong cost management and delivery of operational improvements protecting performance

• › Benefiting from quality client relationships

Corporate Trust

• › Steady business with excellent margin, and holding up well in this tough environment

• › New ABS programs emerging

Plans

• › Good take up of new Tax Free Saving Account product

• Proxy

• › Georgeson continues to be the leading proxy provider in Canada

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EMEA update – UK, Russia, Germany, Ireland CEO’s
and South Africa Report
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UK

• › CIS performing strongly, with good revenues from recapitalisation transactions

• › Deposit Protection Scheme continues to exceed expectations

• › Busy Bees integration going well – targets being met or exceeded

• › Plans – market leader and good pipeline

• › HBOS takeover by Lloyds will impact annuity revenues

• › Gilts register very active

Germany

• › VEM balance sheet reviewed; operations stabilised – focus on the strategic integration

Russia, Ireland and South Africa

• › Tracking creditably given the difficult business environment

• › Exchange rates hurt SA and Russia

Dubai

• › Representative and sales office opened

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Asia Pacific update - Asia CEO’s
Report
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Hong Kong and China

• › HK IPOs have dried up

• › Working to expand service offering to investors

• › Beijing office now established and PRC Plans service being relocated there from Sydney

Japan

• › Joint venture with MUTB continues to perform well

• › Working on expanding range of cooperation

India

• › Strong cost management mitigating revenue damage from collapse of mutual fund AUM-based revenues and lack of IPOs

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Asia Pacific update – Australia and CEO’s
New Zealand Report
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Investor Services

• › Good news continues: better margins, a range of positive pricing outcomes › OK corporate action flows, but most capital raising in placements, not broader offers

• › Steady flow of new product being well received – custodian portal, meetings tools; issuer reporting tools

Communication Services

• › QM integration successful – some premises rationalisation to be completed

• › Investment in inbound processing technology paying dividends

Plans

• › Organic growth continues, with new options technology now being rolled out

• › Strong support for China and other regional business development

• Fund Services

• › Revenue line hurts as assets under management falls

• › Now has a solid platform and well positioned to grow

Proxy

• › Georgeson remains market leader in proxy services

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Computershare Limited Half Year Results 2009 Presentation

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Appendix:

Half Year Results 2009 Presentation

11 February 2009

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Appendix 1: Group Comparisons
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Group Comparisons

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Behind the Headline – NPAT IMPACT
Financial
Results
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Net profit after tax at 31 December 2008	US$000’s
	130,871
Redundancy provisions Acquisition provisions no longer required	4,813 (642) 14,025 (6,857) 844 2,192
VEM asset write-downs
Profits on sales of controlled entities and business units
Marked to market adjustments - derivatives
Intangible asset amortisation
Management adjusted profit after tax at 31 December 2008
	145,246

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CPU Revenues
Financial
Results
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Revenue Type
4%
11%
7% Register Maintenance
Corporate Actions
Fund Services
5% Stakeholder Relationship Management
48%
Employee Share Plans
Communication Services
5% Technology & Other Revenue
20%
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Regional Analysis – 1H09 Revenue Financial
Results
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$USm
250
200 194.6
150
96.8 `
100 94.6
69.0 68.8
54.5
50
31.8
25.7
20.8 17.2 19.6
13.8 1.6 4.4 14.2 8.9 9.4 5.3 9.2 6.6 12.7
0
Register Corporate Actions Fund Services Stakeholder Employee Share Communication Technology & Other
Maintenance Relationship Plans Services Revenue
Management
Asia Pacific EMEA North America
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Half Year Comparisons - Revenue Financial
Results
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$USm
450
400
350
300
250
200
150
100
50
0
Register Corporate Funds Services Stakeholder Employee Share Communication Technology &
M aintenance Actions Relationship Plans Services Other Revenue
M anagement
1H07 2H07 1H08 2H08 1H09
406.5 411.1
386.0
375.8
350.1
169.4
155.2
132.8 134.2
119.7
83.5
74.2
41.8 41.7 49.6 36.2 34.2 52.7 39.9 49.1 35.9 58.2 58.9 59.0 60.0 54.1 37.2 38.5 44.4 60.9 20.4 23.8 27.3 29.5 32.0
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Half Year Comparisons – Operating Costs Financial
Results
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$USm
300
250
200
150
100
50
0
Cost of Sales Personnel Occupancy Other Direct Technology Corporate
1H07 2H07 1H08 2H08 1H09
261.9
251.5
240.5 239.7
218.8
147.5
138.9 139.7 137.0 137.4
79.7 82.2
76.7
70.1
61.3
41.9
28.9 35.6 30.5 33.4 31.7 35.3 27.4 38.6
23.4 16.5 23.4 20.9 17.9
12.6
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Underlying Effective Tax Rate Financial
Results
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%
35.0
30.0 28.5
26.4
25.0
23.9
25.0
19.4
20.0
15.0
10.0
5.0
0.0
FY05 FY06 FY07 FY08 1H09
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Interest Rate Sensitivity Financial
Results
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US$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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Risk Management - Interest Rate Sensitivity Financial
Results
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Interest Rate Hedging

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No
-
Strategy: Protect downside risk in current interest rate
exposure
environment
27%
-
Policy: Minimum hedge of 25% / Maximum hedge of
Exposure to
100%
interest
rates * Board approved
35%
-
Minimum term 1 year / Maximum term 5 years
-
Current hedging of balances exposed to interest
rates: 52%
Effective
hedging in
place - both
natural &
synthetic
38%
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Risk Management – Average Funds Balances
Financial
for the six months ending 31 December 2008 Results
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By Category
Sharesave/
Employee
Dividend
Plans
17%
9%
Dissenter
Broker
3% Trust
17%
Regular
Corporate
Trust
Actions
22%
32%
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By Country

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Australia
US 3%
22%
Canada
50%
UK
25%
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Average funds balance US$7.2b

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Appendix 2: Country Summaries Financial
Results
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Country Summaries

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Appendix 2: Country Summaries Financial
Results
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Asia Pacific

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Australia Half Year Comparison Financial
Results
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Total Revenue
$Am
$Am Revenue Breakdown
250
90
221.5
80
200
70
173.6
152.9 60
150 143.2
136.5
50
40
100
30
20
50
10
0
0
Register Corporate Fund Services Stakeholder Employee Share Communication Technology &
1H07 2H07 1H08 2H08 1H09
Maintenance Actions Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09
84.0
76.7
74.9
66.8
63.2 63.4
47.4
35.7 35.0
34
28.1 28.7
24.7 25.2
21.0
11.2
6.9 8.6 8.2 8.7 7.5 9.5 7.2 6.8 7.8
4.9 5.6 5.5
3.0 3.0 2.8 2.6 2.3 2.9 3.8
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Hong Kong Half Year Comparison Financial
Results
Total Revenue
Revenue Breakdown
$HKm $HKm
500
350
450 441.1
300
400
350 250
300
200
250 227.1
235.4
212.2
150
195.9
200
150 100
100
50
50
0
0
1H07 2H07 1H08 2H08 1H09 Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09
300.3
177.6
161.4
140.7
126.0 123.4
109.4
103.5
50.8
18.3
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India Half Year Comparison Financial
Results
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Total Revenue Revenue Breakdown
INRm INRm
1200 650
1,060.0 600
1000 550
500
836.1
812.2
450
800
400
582.2 350
600
533.2
300
250
400
200
150
200
100
50
0
0
1H07 2H07 1H08 2H08 1H09
Register Maintenance Corporate Actions Fund Services
1H07 2H07 1H08 2H08 1H09
622.3
538.4
381.2
309.8
287.0
276.9 270.6
257.9 261.8
216.3
179.8
121.2
46.3
33.4
20.8
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New Zealand Half Year Comparison Financial
Results
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$NZm Total Revenue $NZm Revenue Breakdown
10
8
8.6
7.0
8.4
8.1 8.1 6.4 6.4
8 6.3
5.9
6
6.9
6
4
4
2.0
2 1.8
1.7
1.6
2
1.0
0
0 Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09
1H07 2H07 1H08 2H08 1H09
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Appendix 2: Country Summaries Financial
Results
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North America

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United States Half Year Comparison Financial
Results
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Total Revenue
$USm
$USm Revenue Breakdown
299.4
300 296.7
280.9 200
263.2
250
231.7
150
200
150
100
100
50
50
0 0
1H07 2H07 1H08 2H08 1H09 Register Main Corp Actions Fund Services Stakeholder Employee Share Communication Technology &
Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09
157.2
149.4
136.7
133.7
125.7
66.2
45.5 45.4 44.4 42.6
38.4
33.1
28.8 30.5 27.9 25.9 24.9
20.8 21.6 21.3 20.6 19.1
12.7 13.7 11.8 9.9 9.7 11.6 11.3 12.1
3.5 3.7 3.1 5.2 3.9
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Canada Half Year Comparison Financial
Results
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$CAm Total Revenue
130 $CAm Revenue Breakdown
90
120
116.1
114.6
108.5
110 80
104.1
96.2
100
70
90
60
80
70 50
60
40
50
30
40
30 20
20
10
10
0
0 Register Corporate Actions Stakeholder Employee Share Communication Technology &
1H07 2H07 1H08 2H08 1H09 Maintenance Relationship Plans Services Other Revenue
Management
1H07 2H07 1H08 2H08 1H09
81.8
76.0 76.4
74.7
63.6
27.5
24.1
21.4
17.4
14.4
6.7 7.9 6.6 7.6 7.2
5.1
4.1
2.9 3.2 2.6
1.5 1.5 1.2 1.2 1.5 0.1 0.1 0.4 0.3 0.7
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Appendix 2: Country Summaries Financial
Results
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EMEA

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United Kingdom Half Year Comparison Financial
Results
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Revenue Breakdown
Total Revenue GBPm
GBPm
40
90 86.5
80
30
70
57.1
60
53.7 55.5
50.4
50
20
40
30
10
20
10
0 0
1H07 2H07 1H08 2H08 1H09 Register Corporate Actions Stakeholder Employee Share Communication Technology & Other
Maintenance Relationship Plans Services Revenue
Management
1H07 2H07 1H08 2H08 1H09
37.7
33.6
32.5
30.4
29.7 29.6
11.8
10.6 10.4 10.4
9.8
9.4 9.3
8.2
4.7
1.8 2.7 1.6 2.4 2.7 1.1 1.5 0.8 1.4 1 1.0 1.4 1.8 1.5 2.1
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Ireland Half Year Comparison Financial
Results
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Total Revenue
EURm
EURm Revenue Breakdown
6
4
4.9
4.5 4.4
4.2 3
4.1
3.4
3 2
1.5 1
0 0
Register Maintenance Corporate Actions Funds Services Technology & Other Revenue
1H07 2H07 1H08 2H08 1H09
1H07 2H07 1H08 2H08 1H09
3.4
3.2
3.0
2.9
2.7
0.8
0.7 0.7 0.7
0.5 0.5 0.5
0.4
0.2
0.1 0.1
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Germany Half Year Comparison Financial
Results
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Revenue Breakdown
EURm Total Revenue
EURm
12
35
31.2 11
30 10
9
24.8
25
8
19.3 7
20 19
17.4 6
15 5
4
10
3
2
5
1
0 0
1H07 2H07 1H08 2H08 1H09 Register Corporate Actions Stakeholder Employee Share Communication Technology & Other
Maintenance Relationship Plans Services Revenue
Management
1H07 2H07 1H08 2H08 1H09
11.6
9.8
8.6
8.2
7.7
7.4
7.2
7.0
5.7 5.7
5.5
5.2
5.0
4.1
3.6
2.9
1.8
0.7 0.5 0.4 0.5 0.5 0.4 0.8 0.6 0.3 0.3
0.1 0.1 0.1
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South Africa Half Year Comparison Financial
Results
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Total Revenue
Revenue Breakdown
ZARm
ZARm
160
120
110
140 136.1
100
120
115.2 113.1 90
99.7 80
100
87.7
70
80 60
50
60
40
40 30
20
20
10
0 0
1H07 2H07 1H08 2H08 1H09 Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09
11 2 .8
1 0 2 .3
1 0 0.5
87 .6
8 1 .5
2 3 .3
1 2 .1 12 .9 1 2.6
6 .3
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Russia Half Year Comparison Financial
Results
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Total Revenue
RUBm Revenue Breakdown
RUBm
292.9
300
284.5 300
272.6
250
250
200
200
179.8
150 150
128.5
100 100
50 50
0 0
1H07 2H07 1H08 2H08 1H09 Register Maintenance Corporate Actions
1H07 2H07 1H08 2H08 1H09
2 77 .4
2 5 5 .6
2 47 .7
17 9 .8
1 2 8 .5
3 6 .8
1 7.0 1 5 .6
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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.

CAD USD ZAR RUB EUR GBP INR NZD HKD AUD	1.08330 1.0000 8.39167 24.96159 0.69183 0.55332 45.13201 1.48857 7.78347 1.22137

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