COMPUTERSHARE LIMITED. — Annual Report 2010

Aug 10, 2010

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COMPUTERSHARE LIMITED (ASX:CPU)

FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2010

11 August 2010

NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated).

Copies of the FY10 Results Presentation are available for download at: www.computershare.com.au/results

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MARKET ANNOUNCEMENT

An excellent result despite challenging conditions

Melbourne, 11 August 2010 – Computershare Limited (ASX:CPU) today reported Management Adjusted Earnings per Share of 57.80 cents for the twelve months ended 30 June 2010, an increase of 10.9% over the prior corresponding period (pcp). The final dividend has been declared at AU 14 cents, up AU 3 cents on the final dividend of last year.

Management Adjusted Net Profit after Outside Equity Interest (OEI) increased to $321.2 million. Total revenues grew 7.1% on FY09 to $1,619.6 million and Operating Cash Flows grew 21.4% to $414.5 million.

On a reported statutory basis for FY10, Net Profit after OEI was $294.8 million and Basic Earnings per Share were 53.05 cents (see Appendix 4E).

Headline Management Adjusted Results (in USD unless otherwise stated) for FY10 as follows:

		FY10		FY09	FY10 versus		FY10 at FY09	FY10 at FY09
					FY09		exchange	rates versus
							rates	FY09
Management Earnings per	Share	57.80 cents		52.11 cents	Up 10.9%		55.74 cents	Up 7.0%
(Post OEI)
Total Operating Revenues		$1,619.6m		$1,511.6m	Up 7.1%		$1,552.5m	Up 2.7%
Operating Expenses		$1,111.3m		$1,035.9m	Up 7.3%		$1,060.8m	Up 2.4%
Management Earnings	before	$510.9m		$475.5m	Up 7.4%		$493.4m	Up 3.8%
Interest, Tax, Depreciation and
Amortisation (EBITDA)
EBITDA margin		31.5%		31.5%	flat		31.8%	+ 30 bps
Management Net Profit after OEI		$321.2m		$289.5m	Up 10.9%		$309.7m	Up 7.0%
Cash Flow from Operations		$414.5m		$341.5m	Up 21.4%
Free Cash Flow		$357.4m		$318.6m	Up 12.2%
Days Sales Outstanding (DSO)		41 days		40 days	Up 1 day
Capital Expenditure		$93.9m		$22.9m	Up 310%
Net Debt to EBITDA ratio		1.40 times		1.67 times	Down 0.27 x
Final Dividend		AU14 cents		AU11 cents	Up 3 cents
Final Dividend franking amount		60%		50%	Up by 10 %

The Directors and Management have determined that the exclusion of certain items permits more appropriate and meaningful analysis of the Company’s underlying performance on a comparative basis. Internally the organisation focuses on the adjusted financial outcomes known as Management Adjusted Results and these are outlined in the table below. The adjusted results differ from those reported in the statutory EPS calculation in accordance with Australian Accounting Standards requirements.

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Page 2 of 8 Full Year Results 11 August 2010

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MARKET ANNOUNCEMENT

Reconciliation – Statutory Results to Management Adjusted Results

FY10 USD 000’s	FY10 USD 000’s
Net profit after tax as per Statutory Results Management Adjustments (after tax) Restructuring provisions no longer required (net) Intangible assets amortisation Redundancy provisions Marked to market adjustments on derivatives Acquisition related costs Total Management Adjustments Net profit after tax as per Management Adjusted Results (details of the management adjustment items can be found on page 7)	294,757 (153) 22,622 4,290 (821) 477
	26,415
	321,172

Commentary

Computershare delivered another strong result with a robust first half lifting management earnings per share for FY10 to 57.80 cents, up 10.9% on FY09. On a pcp basis the key metrics were all favourable, supported by a full year contribution from the Computershare Voucher Services (CVS) and Kurtzman Carson Consultants LLC (KCC) bankruptcy administration business acquisitions (both purchased in FY09) and the National City (US Transfer Agent), I-nvestor (Denmark & Sweden investor services) and HBOS Employee Equity Solutions (UK Employee Plans) purchases made during FY10. Revenues grew 7.1%, Management EBITDA was up 7.4% and Management NPAT up 10.9% on FY09. EBITDA margin was flat at 31.5%. Operating expenses grew 7.3% on FY09, impacted along with all financial metrics by the generally weaker US dollar. Cash flow from operations was also up a healthy 21.4%, continuing the trend of high earnings to cash conversion rates.

The financial year was largely a tale of two halves. The second half saw business volumes not sustaining the heights achieved during the first half, as the levels of corporate action activity witnessed in HK, India, and Australia early in the financial year slowed and, as anticipated, the strong USA Mutual Fund proxy contribution of 1H10 did not recur. Similarly, the exceptional 1H10 volumes from KCC did not continue in the second half as the number of Chapter 11 filings fell. In year on year terms, FY10 saw many businesses exceed FY09 earnings. In particular, Australia, HK, India, Ireland and the US fared better. The UK, expectedly, was unable to match FY09, which saw unprecedented secondary market activity, especially in the financial services sector last year. Canada was marginally higher year on year.

Computershare’s CEO, Stuart Crosby, said, “The business continues to evolve. Our business services line, which basically consists of non-equity related services, now accounts for 16% of total revenues, supporting the Group at a time when activity in the more traditional investor services areas has slowed. This factor was particularly evident in the second half.

“Especially pleasing is the excellent earnings to cash conversion, with cash flow from operations hitting a new high.

“In a difficult environment, FY10 was an excellent achievement that our 11,000 strong work force should be very proud of.

____________________ Page 3 of 8 Full Year Results 11 August 2010

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MARKET ANNOUNCEMENT

“Looking to the future, it is not clear when transactional activity will return to more typical levels. Revenue lines that we expect to be particularly affected during FY11 include corporate actions, mutual fund proxy solicitation, bankruptcy administration and trading.

“Adding to the head winds, net margin income has declined as hedges roll off. Client attrition through insolvency, bail-out and takeover will also continue to drag on annuity revenue.

“Cost management remains a key focus. But there will be some cost catch up in FY11, for example, salary increases and non-contracted variable compensation (largely frozen / not paid last year) and capex. Interest costs will also increase as a result of higher margins on bank facilities renewed.

“Despite the revenue softness, we plan to maintain our investment in technology. We see this as vital to ensuring we are positioned to execute on the growth opportunities, organic and inorganic, that we continue to look for.

“In summary, in the absence of a pick up in transactional opportunities or a material acquisition, we believe that matching the FY10 EPS result will be difficult. We anticipate management EPS being 5% to 10% lower in FY11.

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

Below is a summary of annual Management EPS performance over the past six years:

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US cents Management EPS
51.61 52.11 57.80
60.00
50.00
36.68
40.00
22.74
30.00
16.12
20.00
10.00
FY05 FY06 FY07 FY08 FY09 FY10
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Regional Summary

Australia and New Zealand

Australia & NZ delivered a favourable outcome in FY10 with EBITDA climbing 29.3% on FY09 to $84.1 million whilst revenue grew 13.5% to $335.3 million. The result was underpinned by a particularly strong first half on the back of continued secondary capital raisings and the stronger Australian dollar. The second half saw corporate actions slow materially. Margin income was substantially higher than FY09 as balances and interest rates increased. Operating costs were 9% above FY09, substantially lower than revenue growth, driven by continued productivity gains in the region.

Asia

The Asian region delivered the largest increase in revenue and earnings over FY09, with EBITDA increasing 84.2% to $50.7 million. As with Australia and New Zealand, this was skewed to the first half. Hong Kong revenues grew 26.1% on FY09 to $65.0 million whilst Indian revenues were up 32.4% to $47.1 million. The uplift was driven by strong IPO activity in both Hong Kong and India during FY10. India also benefited from improved stock market valuations, driving revenue generated on assets under management in the mutual funds business higher.

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Page 4 of 8 Full Year Results 11 August 2010

MARKET ANNOUNCEMENT

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Heightened focus on controllable costs also assisted the significant improvement in the Indian business. The employee plan business in China continued to grow appreciably whilst Japan was flat, although both are immaterial from a Group wide perspective.

Europe, Middle East & Africa

As expected, the EMEA region was unable to sustain the record outcomes of FY09. Revenues fell 16.3% against FY09 to $369.4 million whilst EBITDA was 30.0% lower at $128.0 million, the result not helped by the weakening GBP against the US Dollar. Reduced levels of capital raising, particularly rights issues, and the loss of some registry contracts, primarily through insolvency and takeover drove the fall in comparative terms. The UK investor services business was able to mitigate revenue losses to some extent through diligent cost control and significant reductions in headcount. The Deposit Protection Scheme business exceeded last year’s performance whilst Computershare Voucher Services was marginally better than FY09 despite initial migration issues. The German market remains challenging despite a positive contribution from the VEM business, whilst Russia’s result was significantly lower than FY09 due to reduced shareholder activity. Similarly, Governance Services and IML were lower year on year, impacted by the discretionary nature of their offerings. Smaller businesses such as Ireland performed better than FY09 with corporate actions revenue higher and cost improvement as a result of lower headcount whilst South Africa improved earnings, assisted by a stronger Rand.

United States

The US delivered a 20.3% increase in revenue to $593.3 million and 49.1% EBITDA growth to $143.1 million versus FY09. The key drivers, most apparent during the first half, were the contribution of KCC, the bankruptcy administration business acquired in April 2009, and a substantial uplift in mutual fund proxy solicitation work - where transactional revenues are typically volatile. Prolonged low interest rates during FY10 negatively impacted investor services, with lower margin income from corporate actions and dividends in particular. Improved equity market conditions resulted in increased employee plan trading activity however the region experienced reduced small stockholder program and post merger clean-up projects compared to FY09.

Canada

Following an improved second half and an appreciating Canadian dollar the region saw revenue grow 4.6% to $190.4 million and EBITDA climb 3.2% to $85.8 million versus FY09. Despite persistent low Canadian interest rates throughout FY10 affecting the business, particularly the investor services division, a continued focus on controllable costs was instrumental in maintaining earnings. The Canadian Employee Plans business showed improvement over FY09 as employee trading activity re-emerged with equity markets picking up.

Dividend

The Company announces a final dividend of AUD 14 cents per share, 60% franked, payable on 14 September 2010 (record date of 23 August 2010). This follows the interim dividend of AUD14 cents per share, 50% franked, paid in March 2010.

Capital management

10,000 ordinary shares were issued during FY10 related to options exercised. These options had been issued as part consideration for an acquisition in 2005. The company’s capital was otherwise unchanged during the year and there were 555,664,059 issued ordinary shares outstanding as at 30 June 2010.

Balance Sheet Overview

Total assets grew $192.9 million from 30 June 2009 to $2,690.5 million. Shareholder’s equity increased $171.8 million to $1,073.0 million over the same period.

Net borrowings fell to $715.4 million (from $793.9 million at 30 June 2009). Gross borrowings at 30 June 2010 amounted to $994.0 million, 2% higher than twelve months earlier.

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MARKET ANNOUNCEMENT

During May 2010 the Company re-financed the $550.0 million bank debt facility that was to mature in October 2010. The new syndicated facility comprises a 3 year tranche of $300.0 million and a 4 year tranche of $300.0 million with margins having increased markedly from those we had been paying. The lender group was increased from 5 to 8 banks. Debt facilities maturity averages 4.3 years (average maturity on drawn debt is 4.4 years).

The debt maturity profile is outlined in the table below:

Maturity Dates	Maturity Dates	Debt Drawn	Committed Debt Facilities		Bank Debt Facility	Private Placement Facility
FY11	Mar-11	50.0m	50.0m			50.0m
FY12	Mar-12	123.0m	123.0m			123.0m
FY13	May-13	265.9m	300.0m		300.0m
FY14	May-14	105.0m	300.0m		300.0m
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		$924.4m*	$1,153.5m		$600.0m	$553.5m

* Variance from gross debt represents finance leases ($37.0m) and fair value hedge adjustment on USD senior notes ($32.6m).

The Company focuses primarily on the Net Debt to Management EBITDA ratio from a gearing perspective and this measure fell from 1.67 times at 30 June 2009 to 1.40 times at 30 June 2010.

Capital expenditure for FY10 was up 310% on FY09 to $93.9 million, largely as a result of the UK property purchase for $35 million and conversion of the Abbotsford property from an operating lease to a finance lease.

The Group’s Days Sales Outstanding (DSO) remained stable, rising 1 day to 41 days at 30 June 2010.

Operating Costs - Overview

Operating costs were 7.3% higher than FY09, in line with revenue growth. Part of the increase related to higher variable compensation following substantial constraints placed on variable compensation during FY09. Average headcount actually fell by 207 employees despite acquisitions during FY10. Costs, on a pcp basis, were well contained and up just 2.4% year on year when constant exchange rates are applied.

Total technology spend for FY10 was $161.7 million, which was 5.1% higher than FY09. Technology costs included $65.9 million (FY09; $63.6 million) in research & development expenditure, which was expensed during the period. The technology cost to sales revenue ratio was flat at 10.1% for FY10.

Foreign Exchange Impact

Management EBITDA would have been $493.4 million or 3.4% lower than FY10 actual if average exchange rates from FY09 were applied.

Taxation

The normalised effective tax rate for FY10 was 26.6% (FY09; 27.5%).

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MARKET ANNOUNCEMENT

Management Adjustments

The Company will continue to provide a summary of Post Tax Management Adjustments in an effort to assist Investors in understanding the comparative operating performance of the business. The adjustments for FY10 were as follows:

• Restructuring provisions ($0.2 million) no longer required. Combination of provisions not required from the QMT acquisition in Australia and the Busy Bees acquisition in the UK. Partly offsetting this were provisions raised for Communication Services in Germany.

• Costs ($0.5 million) related to the VEM (Germany), National City (US), I-nvestor (Denmark/Sweden) and HBOS EES (UK) acquisitions that must be expensed under the new Accounting Standards for acquisitions.

• Redundancy provisions ($4.3 million) relating predominantly to Canadian, EMEA, and US employees.

• Derivatives that have not received hedge designation are marked to market at reporting date and taken to profit & loss. As the valuations (gain of $0.8 million) relate to future estimated cash flows they are excluded from underlying financial analysis.

• Customer contracts and other intangible assets are recognised separately from goodwill on acquisition and amortised over their useful life. The amortisation of these intangibles for the 12-month period ($22.6 million) is added back to earnings. The increase on FY09 is largely attributable to the KCC bankruptcy administration business acquisition.

Outlook for Financial Year 2011

In the absence of a pick-up in transactional opportunities or a material acquisition, we believe that matching the FY10 EPS result will be difficult. We anticipate management EPS being 5% to 10% lower in FY11.

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

Please refer to the Full Year Results 2010 Presentation for detailed financial data.

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

Certainty Ingenuity Advantage

____________________ Page 7 of 8 Full Year Results 11 August 2010

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MARKET ANNOUNCEMENT

For further information:

Mr Darren Murphy Head of Treasury and Investor Relations Tel: +61-3-9415 5102 Mobile: +61-418 392 687

____________________ Page 8 of 8 Full Year Results 11 August 2010

Computershare Limited Full Year Results 2010 Presentation

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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart Crosby

President & Chief Executive Officer

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Introduction
Results Highlights
Management Adjusted Results
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	Introduction Results Highlights Management Adjusted Results
	Note: all results are in USD millions unless otherwise indicated FY 2010 FY 2009 v FY 2009 FY 2010 @ FY 2009 exchange rates Management Earnings per share (post OEI) US 57.80 cents US 52.11 cents Up 11% US 55.74 cents Total Revenue $1,619.6 $1,511.6 Up 7% $1,552.5 Operating Expenses $1,111.3 $1,035.9 Up 7% $1,060.8 Management Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) $510.9 $475.5 Up 7% $493.4 EBITDA Margin 31.5% 31.5% Flat 31.8% Management Net Profit after OEI $321.2 $289.5 Up 11% $309.7 Days Sales Outstanding (DSO) 41 days 40 days Up 1 day Cash Flow from Operations $414.5 $341.5 Up 21% Free Cash Flow $357.4 $318.6 Up 12% Capital Expenditure $93.9 $22.9 Up 310% Net Debt to EBITDA ratio 1.40 times 1.67 times -0.27 times Full Year Dividend AU 28 cents AU 22 cents Up AU 6 cents Average Dividend franking amount 55% 45% Up by 10%

Note: all results are in USD millions unless otherwise indicated

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

• › Diversification into counter and non cyclical businesses gives stability to revenue and profit base.

• › More than 70% of revenue recurring in nature.

• › Demonstrated ability to acquire and integrate businesses that add to shareholder value.

• › Global footprint (in all major markets and 20 plus countries including China, India, Russia) supports unique cross-border transaction capabilities.

• › Consistent investment in R&D and product development provides strong platform for the future.

• › Sustained record for delivering service and product innovation, quality improvements, operational efficiencies and cost reductions.

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Outlook Introduction
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• › As anticipated, transactional revenues have been subdued and there is no clarity when more typical levels will return. Revenue lines affected include corporate actions, mutual fund proxy solicitation, bankruptcy administration and trading.

• › Net margin income has declined as hedges roll off. Client attrition through insolvency, bail-out and takeover also drags on annuity revenue.

• › Cost management remains a key focus. But there will be some cost catch up in FY11, for example, salary increases and non-contracted variable compensation (largely frozen / not paid last year) and capex. Interest costs will also increase as a result of higher margins on bank facilities renewed.

• › Despite the revenue softness, we plan to maintain our investment in technology. We see this as vital to our capacity to execute on inorganic growth opportunities.

• › In the absence of a pick up in transactional opportunities or a material acquisition, we believe that matching the FY10 eps result will be difficult. We anticipate management eps being 5% to 10% lower in FY11.

• › This guidance assumes that equity, interest rate and FX market conditions remain broadly consistent with current levels for the rest of 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 Chief Financial Officer

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Drivers Behind FY 2010 Financial Performance
Financial
Results
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• › Strong delivery of recurring revenues across both the year and across business lines and geographies, good client retention (post GFC losses) and solid performance from non-equity market businesses (Corporate Trust, Deposit Protection Scheme, Voucher Services, Bankruptcy and Class Action Administration) showing the benefit of recent diversification.

• › Continued cost discipline, however some one-off GFC benefits not repeated, eg accrued discretionary compensation, made some (previously deferred) IT capex, opportunistic UK property purchase.

• › For transactional activity, 2010 was a year of “two halves”:

• › H1 continued the strong performance of FY09 with good revenues from corporate actions (especially capital–raisings), strong contribution from KCC, large mutual fund solicitation projects.

• › H2 saw abatement in a range of these areas.

• › Excellent maintenance of client balance levels.

• › Margin income down and our own interest costs also reduced (however

• interest cost will increase in 2011 as spreads from refinancing kick in).

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Group Financial Performance
Financial
Results
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	FY10	FY09	% variance to FY 2009
Sales Revenue	$1,599.6	$1,494.0	7%
Interest & Other Income	$20.0	$17.6	13%
Total Revenue	$1,619.6	$1,511.6	7%
Operating Costs	$1,111.3	$1,035.9	7%
Share of Net (Profit)/Loss of Associates	($2.6)	$0.2
Management EBITDA	$510.9	$475.5	7%
Management Adjustments - Revenue/(Expense)	($5.7)	($31.6)
Reported EBITDA	**$505.2 **	$443.9	14%
Statutory NPAT	$294.8	$255.7	15%
Management NPAT	$321.2	$289.5	11%
Management EPS	US 57.80 cents	US 52.11cents	11%
Statutory EPS	US 53.05 cents	US 46.02 cents	15%

Note: all results are in USD millions unless otherwise indicated

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Analysis of Management EPS Financial
Results
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FY 2010 Management NPAT Analysis Financial
Results
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Free Cash Flows
Financial
Results
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Notes

1. • US$ 49.7m includes acquisition of Land and Buildings in the UK (US$ 34.7m)

2. Conversion of Melbourne HQ from operating lease to finance lease not reflected here as not a cash outlay

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Revenue & EBITDA
Financial
Half Year Comparisons Results
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Revenue Breakdown
Financial
Results
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	Financial Results Revenue Breakdown
	Note: All results are in USD millions. Included in the FY 2010 revenue results are $152.0m of Margin Income (FY09: $170.3m) and $264.6m of Recoverable Income (FY09: $242.4m) Revenue Stream FY 2010 1H 2010 2H 2010 FY 2009 1H 2009 2H 2009 FY 2010 variance to FY 2009 (%) Register Maintenance $641.8 $312.6 $329.2 $629.3 $335.0 $294.3 2% Corporate Actions $215.0 $116.9 $98.1 $273.5 $145.6 $127.9 (21%) Business Services $262.9 $139.8 $123.1 $176.9 $76.0 $100.9 49% Stakeholder Relationship Mgt $163.5 $81.6 $81.9 $127.6 $56.6 $71.1 28% Employee Share Plans $119.8 $49.6 $70.1 $98.4 $54.1 $44.3 22% Communication Services $159.0 $78.1 $80.9 $146.6 $83.5 $63.2 8% Technology & Other Revenue $57.5 $28.8 $28.8 $59.2 $32.2 $27.0 (3%) Total Revenue $1,619.6 $807.5 $812.1 $1,511.6 $782.9 $728.7 7%

Note: All results are in USD millions. Included in the FY 2010 revenue results are $152.0m of Margin Income (FY09: $170.3m) and $264.6m of Recoverable Income (FY09: $242.4m)

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FY 2010 Regional Analysis & Revenue Financial
Results
Breakdown
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Regional Reporting

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

Revenue Segments
Previous Structure	Current Structure
Register Maintenance	Register Maintenance
Corporate Actions	Corporate Actions
Fund Services	Business Services*
Stakeholder Relationship	Stakeholder Relationship Management**
Management
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)

** USA Fund Services now incorporated in Stakeholder Relationship Management, other regions reflected in Register Maintenance

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Margin Income Analysis Financial
Results
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Average Market	Interest Rates
UK	5.71%	5.19%	4.16%	0.82%	0.50%	0.50%
US	4.85%	2.67%	1.53%	0.27%	0.25%	0.25%
Canada	4.45%	3.51%	2.58%	0.64%	0.25%	0.29%
Australia	6.52%	7.12%	6.23%	3.35%	3.24%	4.10%

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

• Source: UK – Bank of England MPC Rate; US – Federal Reserve Fed Funds Rate; Canada – Bank of Canada Overnight Target Rate; Australia – Reserve Bank of Australia Cash Rate

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FY 2010 Revenue & EBITDA
Financial
Regional Analysis Results
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Total Revenue breakdown

EBITDA breakdown

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Operating Costs Financial
Half Year Comparisons Results
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Technology Costs Financial
Continued Investment to Maintain Strategic Advantage Results
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Balance Sheet as at 30 June 2010
Financial
Results
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	Financial Results Balance Sheet as at 30 June 2010
	Jun-10 Jun-09 Variance US$'000 US$'000 Jun-10 to Jun-09 Current Assets $653,512 $537,014 22% Non Current Assets $2,036,943 $1,960,524 4% Total Assets $2,690,455 $2,497,538 8% Current Liabilities $497,347 $414,935 20% Non Current Liabilities $1,120,156 $1,181,434 (5%) Total Liabilities $1,617,503 $1,596,369 1% Total Equity $1,072,952 $901,169 19%

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Key Financial Ratios Financial
Results
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	Financial Results Key Financial Ratios
	EBITDA Interest Coverage Net Financial Indebtedness to EBITDA Jun-10 Jun-09 Variance US$ M US$ M Jun-10 to Jun-09 Interest Bearing Liabilities $994.0 $974.3 2% less Cash ($278.7) ($180.4) 54% Net Debt $715.4 $793.9 (10%) Management EBITDA $510.9 $475.5 7% Net Debt to Management EBITDA 1.40 1.67 (16%)

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Debt Facility Maturity Profile Financial
Results
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	Debt Facility Maturity Profile Financial Results
	Debt Total Synidcated Private Placement Drawn Debt Facilities Debt Facility Facility FY11 Mar-11 50.0 50.0 50.0 FY12 Mar-12 123.0 123.0 123.0 FY13 May-13 265.9 300.0 300.0 FY14 May-14 105.0 300.0 300.0 FY15 Mar-15 124.5 124.5 124.5 FY16 FY17 Mar-17 21.0 21.0 21.0 FY18 FY19 Jul-18 235.0 235.0 235.0 TOTAL 924.4 1,153.5 600.0 553.5 Maturity Dates

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Capital Expenditure vs. Depreciation Financial
Results
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Notes

• US$ 29.8M conversion of Australian HQ building from operating lease to finance lease

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Working Capital Management Financial
Results
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Return On Invested Capital Vs. WACC and Financial
Results
Return on Equity
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Equity Management – Final Dividend Financial
Results
of 14 cents (AU)
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EPS - Basic US 53.05 cents EPS - Mana ement US 57.80 cents g Interim Dividend AU 14 cents (50% franked) Final Dividend AU 14 cents (60% franked) Current ield* 2.4% y

*** Based on 12 month dividend and share price of AU$ 10.28 (close 9 August 2010)**

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Financial Summary – Final Remarks on FY10 Financial
Results
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• › Another record management EPS.

• › Diverse portfolio of revenues, disciplined expense, cost and capital expenditure management have driven solid margins and excellent free cash flow.

› Maintained strong and conservative balance sheet.

• › Full year dividend increased from AUD 22 cents per share (average franking 45%) to AUD 28 cents per share (average franking 55%).

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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 & Chief Executive Officer

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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.

• › 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.

In addition, we continue to commit 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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Delivering on the first two limbs of the strategy (cost and revenue) has been a key priority:

• › Operational productivity and quality continues to improve across the globe.

• › Revenue initiatives offset to some extent revenue losses from client losses, lower interest rates and reduced transaction (dealing and M&A) volumes.

• › Our position at the top of independent service surveys evidences our quality achievements, and supports client retention and pricing.

In H2, we bought the Rosenthal class action business in the USA and completed the HBOS EES purchase in the UK, having in H1 acquired I-nvestor in Denmark and the former National City TA business in the USA. Since the end of the year we have moved to 100% ownership of Registrar Nikoil in Russia.

We continue to examine a broad range of acquisition opportunities, and our strong balance sheet and robust cashflows enable us to move quickly when we identify worthwhile opportunities.

We also monitor the relevance of businesses we own, and since the end of the year we have disposed of our electoral software business in the UK.

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Priority - Lifting our Market Position
CEO‟s
Report
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• › We continue to enhance the quality of our operational and client directed processes, and during the year we rolled out platforms to make it easier for intermediaries (especially brokers and custodians) to deal with us.

• › We continue to develop and launch new and enhanced products across the full range of our businesses.

• › Third party shareholder and issuer satisfaction surveys, as well as our own market research, continue to show that the market recognises the edge that our quality and product innovation give us.

› The future ownership of a range of our competitors remains uncertain, with private equity active over the past period (selling in Australia, buying in Canada and generating a number of rumours in other markets).

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Priority - Market Structure Projects CEO‟s
Report
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• › We continue to work on a range of market structure projects around the world, for example the SEC‟s concept release on the US Proxy System and the ECB‟s Target 2 Securities project. Similar exercises are underway in China, Russia, Hong Kong and the UK.

• › 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 effective communication channels with their investors.

• › The SEC‟s Proxy concept release is very encouraging. The issues we believe to be important are all raised, and the concept release is framed in a fair and proportionate way. We expect a range of vested interests – beneficiaries of the inefficiencies and opaqueness of the current system – to oppose increased transparency and more effective communications. But we will be continuing to push for improvements and we are optimistic that we will be successful.

• › There have been significant positive developments in China, Russia and Hong Kong as well.

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USA Update CEO‟s
Report
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• › Excellent service levels and quality across all businesses.

• › Winning new clients – eg, Frontier (spin from Verizon).

• › Significantly reduced volumes of project-driven work at Funds Services and KCC (Resourcing reduced in parallel, but profits still hit).

• › Small class action acquisition (Rosenthal) – pushing into that space under the KCC banner, and seeing momentum pick up.

• › M&A remains quiet, hurting corporate actions and proxy revenues.

• › The SEC‟s “proxy plumbing” concept paper is out and does all we could have hoped.

• › Low interest rates and general economic conditions continue to drag on revenues.

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Canada Update CEO‟s
Report
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• › The corporate trust business won the State of Israel‟s global bond record keeping and paying agent work (being delivered in the US and UK as well as Canada), otherwise a slow market.

• › Corporate actions are very slow, impacting both investor services and proxy solicitation.

• › Major restructure of operations launched with significant savings expected.

• › Good progress is being made on a range of market efficiency initiatives in cooperation with the Canadian Depository for Securities.

• › Low interest rates and general economic conditions drag across a range of the Canadian businesses.

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EMEA Update CEO‟s
Report
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• › Migration and integration of the former HBOS Employee Equity Solutions business underway with a strong team assembled from around the world.

• › Voucher Services system migration complete.

• › now New Russian management team working to integrate NRC and Nikoil 100% ownership achieved.

• › VEM stabilised and „washing its face‟ in a tough market.

• › Investor Services businesses across the region (UK, Ireland, Germany, South Africa, Russia, Scandinavia) all pretty slow as fundraising has mostly dried up (outside Ireland) and M&A also quiet.

• › Low interest rates and general economic conditions dragging on all businesses.

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Asia Update CEO‟s
Report
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• › HK IPO – have good pipeline but retail demand off the boil – Agricultural Bank only generated 100K applications (vs ICBC with 960K).

• › Major Chinese banks recapitalising two complete, three to go.

• › China plans and proxy business continues to grow profitably.

› India quiet, with the mutual fund business hurt by big reduction in “liquid” fund balances (cash management trusts).

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Australia & New Zealand Update CEO‟s
Report
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• › Corporate action levels down significantly.

• › Winning a good share of what work there is – followed up Myer IPO role with Dulux and QR National IPO appointments.

• › Communication Services business winning new work, and final rationalisation post QMT acquisition (Sydney premises) underway.

• › Dealt well with complex new end of year reporting in the Plans space while competitors were in disarray.

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Computershare Limited Full Year Results 2010 Presentation

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Appendix: Full Year Results 2010 Presentation

11 August 2010

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Appendix 1: Group Comparisons
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Group Comparisons

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CPU Revenues
Financial
Results
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FY 2010 Revenue
Financial
Regional Analysis Results
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Revenue
Financial
Half Year Comparisons Results
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Operating Costs
Financial
Half Year Comparisons Results
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Underlying Effective Tax Rate Financial
Results
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Hedge Lifecycles Financial
Results
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Hedging of Long Term Sustainable Balances

100%

80% 60% 40% 20% 0% Jul-10 Jul-11

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Jul-12 Jul-13

Total Hedging (derivatives, term deposits and floating rate debt)

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Impact of Interest Rates on Profit Before Tax Financial
Results
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US$m PBT
This point is the estimated contribution Impact
(+$34m) that derivatives and fixed deposits 90
will make to PBT over the next twelve months
assuming cash rates remain at current levels
70
1% up contributes circa $12m
50
30
10
-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%
-10
Represents USD, CAD, GBP and AUD cash rates
levels as at 30 June 2010
These lines (change in PBT) flatten as rates fall. -30
This largely reflects low interest rates in the
Northern Hemisphere which are close to zero
Exposure Hedged exposure
-50
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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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Interest Rate Hedging Financial
Risk Management Results
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Interest Rate Hedging

Current Strategy:Continue to monitor medium term swap rates with the intention of accumulating cover should rates rise

Policy:

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

• Minimum term 1 year / Maximum term 5 years

• Current hedging of balances exposed to interest rates: 47%

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Appendix 2: Country Summaries Financial
Results
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Country Summaries

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Australia
Financial
Half Year Comparison Results
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New Zealand
Financial
Half Year Comparison Results
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Hong Kong Financial
Half Year Comparison Results
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India
Financial
Half Year Comparison Results
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United States
Financial
Half Year Comparison Results
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Canada
Financial
Half Year Comparison Results
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United Kingdom Financial
Half Year Comparison Results
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Ireland
Financial
Half Year Comparison Results
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Germany Financial
Half Year Comparison Results
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South Africa
Financial
Half Year Comparison Results
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Russia
Financial
Half Year Comparison Results
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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 FY10 profit & loss to USD

USD	1.00000
AUD	1.13825
HKD	7.75900
NZD	1.43208
INR	46.73583
CAD	1.06571
GBP	0.63073
EUR	0.71745
ZAR	7.58359
RUB	30.21408
AED	3.67289
DKK	5.33968
SEK	7.25558

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