COMPUTERSHARE LIMITED. — Regulatory Filings 2011

Mar 15, 2011

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Investor & Analyst Briefing Computershare Limited 16 March 2011

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W e come l & I n t ro d uc ti on

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President & Chief Executive Officer
16 March 2011
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B us ness verv ew: i O i Australia & New Zealand

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Head of Computershare, Australia & New Zealand
16 March 2011
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Regional Overview: Australia & New Zealand
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• › State of play

• › Continue to lead market in Australia (60% ASX 50 / ASX 200)

• › Further market consolidation now unlikely

• › Acted as registrar in respect of 94% of IPO capital raised YTD

• › Awarded Gold at the Australian Business Excellence Awards

• › Playing active market role on thought leadership and regulatory reform initiatives

• › Challenges & opportunities

• › Optimistic about new client opportunities with IPO pipeline backlog

• › Implementation of a range of efficiency initiatives

• › Ongoing realisation of benefits from new products

• › Market conditions

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Australia & New Zealand
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• › State of play

• › Market leadership continues with 74% of NZX 50 market share

• › Investment in technology has kept offering at forefront of market with further off new

• opportunities to leverage global capabilities

• › Challenges & opportunities

• › Weak IPO outlook but utility privatisations may be catalyst for improvement

• › Weak equity market conditions

• › with to take business forward in non - traditional areas . Quality operation ability eg Retail Guarantee Deposit Scheme and emerging opportunities for unlisted investment product administration

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Australia & New Zealand
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› State of play

• › A leading provider of specialised one to one communication solutions that integrate print, mail and electronic solutions

• › Significant investment has been made in new state of the art continuous colour digital printing equipment

• › Significant investment in new technology to capture new market inbound processing opportunities

• › Final site closure post QM acquisition to occur in the next few months

› Challenges oppor& tunities

• › Traditional print & mail remains under pressure

• › Continuous colour investment has put offering at forefront of market and will lead to significant operational efficiencies and new market opportunities

• › Inbound and electronic solutions performing well with a range of new business wins over the last 12 months and strong pipeline

• › Brisbane floods impact on Queensland operation

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Australia & New Zealand
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• › State of play

• › Remains clear market leader in Australia

• › Business has grown for 11[th] successive year

• › Global footprint and capabilities key to many large client successes

• › Challenges & opportunities

• › New regulatory compliance obligations

• › Dealing income continues to improve with market improvements

• › Range of new opportunities identified following review of Plan Manager businesses offshore

• › Essential Plans model

• › I mpor t an t diff eren ti a t or n en i t erpr se o i ff er ng i

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Australia & New Zealand
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• › State of play

• › Ongoing market leader in Australia

• › Offering continues to be highly valued and engaged in most major Australian corporate actions requiring solicitation eg . Westfield , AMP , Centennial Coal

• › Measured in historical terms, M&A activity has continued to be weak over last 12 months

• › Challenges & opportunities

• › Market conditions

• › Introduction of new campaign technologies

• › Offering as a component of the CPU service suite a strong advantage

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Australia & New Zealand
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› State of play

• › Specialist in unit trust and unlisted investment product registry administration

• › Competitors have historically been insourced solutions, custodians, registries with listed clients who have unlisted product requirements and technology vendors

• › Positive momentum achieved throughout last twelve months with a range of new business wins across a variety of unlisted product segments and new partnering initiatives with key third party administrators

• › Streamline business to unit registry away from investment administration and fund accounting

• › Challenges & opportunities

• › Capitalise on momentum throughout the custodian market

• › Brand becoming increasingly synonymous with this market segment

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1. Analyst Briefing of Computershare Limited.

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Q ues ti on Ti me

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Mark Davis
Head of Com utershare Australia & New Zealand
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16 March 2011
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B us ness verv ew: s a i O i A i

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James Wong
Head of Com utershare Asia
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16 March 2011
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Regional Overview: Asia
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• › State of play

• › Fund raising and corporate actions remain active but more subdued than previously

• › HK remains attractive for foreign companies to list

• › Listed Vale from Brazil as first HK Depository Receipt in Dec 2010

• › Listed products and corporate actions getting increasingly complex, further strengthening our leading position

• › Working with HKEx Listing Division on Best Practices on Corporate Actions

• › Working closely with HKEx re Scripless initiative driven by HK Government and SFC

• › First RMB IPO in pipeline as HK solidifies position as offshore centre for RMB

• › Plans team relocation to HK/Beijing in progress, strengthened our market position

• › Challenges & opportunities

• › More sophisticated product demand and more sophisticated personnel and system resources in an increasingly tight labour market

• › Perhaps some opportunities for industry consolidation / collaboration

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Asia
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› State of play

• › Relocation of Sydney based Plans personnel and local recruits reached critical mass

• › Continuing efforts on meeting services for domestic Chinese listed companies

• › Demand for shareholder analytics and proxy solicitation strong

› Challenges & opportunities

• › Gradual opening up of Plans opportunities for domestic companies

• › Sudden changes in tax regulations still an ongoing issue

• › International Board still waiting for policy window

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Asia
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› State of play

• › Changes in Mutual Funds regulations making fund products a less attractive cash investment alternative

• ’

• › N e w IP O s e m e r g in g but bot h fl o w a n d app li cat i o n v o l u m e subdued wi t h p ri ce competition keen

› Challenges & opportunities

• › New IPO process presents opportunities and investing in management team’s capacity to execute

• › W or ki ng on n i t ro d uc ng o i th er app li ca bl e CPU pro d uc t s

• › India JV looking to expand into Middle East, Africa and South Asia.

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Asia
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• › State of play

• › Decline in shareholder activism

• › Manifested as less demand for ID, fewer M&A, and price pressure on IR business in ge n e r a l

• › Working with Mitsubishi-UFJ to tap into other group entities for business

• › Challenges opportun& ities

• › New Tokyo Stock Exchange initiative creating opportunities for Meeting Services

• › First Japanese shareholder meeting using IML service likely this year

• › Japan-based global companies increasingly interested in exploring overseas M&A and listing opportunities, especially for listing in HK.

• › A “HK IPO Grou ” formed. First HK listin of Ja anese com an alread in our p g p p y y

• pipeline

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1. Analyst Briefing of Computershare Limited.

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Q ues ti on Ti me

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James Wong
Head of Com utershare Asia
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16 March 2011
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B us ness verv ew: i O i United States of America

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Head of Computershare USA
16 March 2011
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Regional Overview: United States of America
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› State of play

• › Client satisfaction very strong; significant increase in satisfaction scores on major industry survey

• › Won 50% of IPOs in last 6 months , including General Motors

• › Escrow business expanding with 12 transactions in past four months

• › ValueSelling program driving significant add-on revenue, including major wins in -

• Post Merger Clean up (BNSF , HP , Pfizer) and shareholder clean up (Verizon , IBM)

• › Sovereign Debt Service implemented (State of Israel)

• › Preparations complete to comply with US regulatory changes, including cost-basis ti d “ h ”

• repor ng an say w en on pay.

› Challenges & opportunities

• › Improvements in equity markets driving increased transactions and fees

• › Corporate action activity remains anemic, but with pent-up opportunity

• › Intense competitive pressure continues , especially related to banking

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: United States of America
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› State of play

• › Key corporate proxy wins: Coca Cola, Dr. Pepper Snapple, Prudential and Oracle; and solicitor for Duke Energy on merger with Progress Energy

• › Fund Services executing projects for Ameriprise (Columbia Funds) and Invesco , both product realignment projects

• › Fund Services continues to win more than 70% of all opportunities

› Challenges & opportunities

• › Market activity for Fund Services generally down compared to last year; competitors are pricing aggressively

• › Georgeson Securities Corporation: new combined broker-dealer entity

• › Strong pipelines for unclaimed asset and shareholder buyback (10B-18) programs

• › Corporate proxy advisory assignments on contested and hostile transactions down, but market share not lost in M&A or proxy contests

• › Com etitive landsca e: TAs ac uirin /ali nin with cor orate rox solicitors p p q g g g p p y

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: United States of America
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• › State of play

• › Established private-label ESPP services for Bank of America/Merrill Lynch

• › Won Dow Chemical plans business, other clients in pipeline

• › Cl ose d sa e o l f stoc k opt on p an a i l d m n strat on us ness an i i i b i d T ranscent ve so i f tware to Solium; account migration in progress

• › Launched Section 6039 compliance reporting product with higher-than-expected initial sales

• › Enhanced on-demand ESPP reporting available to clients online

› Challenges & opportunities

• › Leveraging BA/ML and Solium relationships for cross-sell opportunities

• › Maintain high retention of customers impacted by the Solium transaction

• › Continued changes in equity compensation regulatory requirements

• › Competitive pressure driven by price, functionality and commitment to equity compensation business

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: United States of America
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› State of play

• › Strong momentum continues in non-core commercial activity, especially banking

• › Bank processor partnership resulted in 15 signed accounts in FY2011. Strong trailing pipeline of 20+ accounts developing

• › Winning new business in partnership with KPMG on K-1 filing offering (print & mail, electronic delivery, call center support, on-demand archive)

• ›

• Upgraded to ISO 9001:2008 accreditation; achieved AT101 certification

› Challenges & opportunities

• › Facing increased competitive pressure in the proxy distribution space

• › Potential changes to the US proxy system, outlined in SEC’s July 2010 concept release, could p rovide si g nificant o pp ortunities

• › XBRL solution being developed for issuer clients required to meet new filing requirements

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: United States of America
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› State of play

• › 30% overall market share in 2010 versus 22.5% for Epiq

• › 38% of “mega” market share vs. 23% for Epiq

• › Market share up slightly versus 2009

• › New bankruptcy clients include Blockbuster and A&P

• › Won Nvidia (5 million class members), Hertz and TD Ameritrade class actions

› Challenges & opportunities

• › Closing of Jacksonville class action facility and integration of Rosenthal & Company – streamlined and strengthened the class action offering

• › Continue to see strong class-action sales potential

• › Continue to see bankruptcy pricing pressure . Overall Chapter 11 bankruptcies are significantly down with trend to pre-pack

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1. Analyst Briefing of Computershare Limited.

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Q ues ti on Ti me

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Steven Rothbloom
Head of Com utershare USA
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16 March 2011
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B us ness verv ew: ana i O i C d a

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Wayne Newling
Head of Com utershare Canada
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16 March 2011
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Regional Overview: Canada
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› State of play

• › Continuing to win mandates

• › Kinross Gold $7 billion

• › Dundee Wealth Inc. $3.2 billion

• › Goldcorp $3.6 billion

• › Holding market share – over 62% as at December 31, 2010

› Challenges & opportunities

• › Canadian Stock Transfer have acquired CIBC Mellon; targeting CPU clients with aggressive pricing

• › Continued consolidation of issuer companies could result in client loss

• › Continue to pursue acquisitions in local markets in both core and non core areas

• › Client satisfaction remains high

• › M & A activity; potential upside as there is continued demand for Canadian natural resources by Foreign Companies

• › Robust pipeline for Post Merger Clean-up services

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Canada
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› State of play

• › Debt activity has been increasing with new and existing issuances, we continue to hold a strong market position nationally

• › Debt under administration u p 11% y ear on y ear , to over $ 1.486 trillion ; winnin g most new business

• › Default levels stable, driving revenue (debt restructuring, etc)

• › Focus continues to be on client retention, new business, cost control and margin enhancement

• › Volatility in commodity prices positively affecting Oil & Gas Royalties

• › Up-tick in global activity (mostly debt related) based out of Canada in various industry sectors (SOI, cross-border defaults, etc.)

› Challenges & opportunities

• › Structured finance and growth of balances remain slow

• › Ongoing low interest rate environment adversely affecting earnings

• › Pricing pressures still exist

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Canada
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› State of play

• › Canadian IT infrastructure now in place and growing demand supports the short term cost impact

• › Stronger sales team now growing pipeline and beginning to deliver new deals

• › Strong service and SLA management is supporting organic growth from existing accounts

• › Ongoing systemic quality improvements to drive Certainty

› Challenges & opportunities

• › Significant changes underway in core financial services clients that provide opportunities but introduce new competitors in the Enterprise solution space

• › Capabilities and differentiation provide a good match to market needs but sales and implementation cycles are still long

• › Penetration of existing client base remains low

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Canada
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› State of play

• › Transactional activity continues to be robust particularly amongst our larger clients

• › Business has strong economies of scale and a very low cost structure

• › Focus will be mainly on broad - based contributory plans after sale of the Options business to Solium

› Challenges & opportunities

• › Opportunities exist to grow our high margin Trustee offering

• › Aggressive new entrant into the ESP space (CST) will put pressure on pricing

• › Robust ESP technology and service reputation will be effective differentiators

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: Canada
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› State of play

• › Leading industry with 45% market share, measured by deals signed

• › Deal flow has increased by 21% compared to last year

• › 4 significant vendors in Canada now – and Issuers are seeking multiple bidders resulting in pricing pressures

• › Canadian Securities regulators contemplating changes to proxy voting system to deal with transparency issues (over vote, empty voting, etc.) and mechanics

› Challenges & opportunities

• › New competitor (CST/Phoenix) will be aggressive to position themselves

• › Continuing demand for Canadian resources augers well for M&A activity

• › Expect shareholder activism to continue

• › Global & TeleVote will become differentiators of our platform important proxy

• service

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1. Analyst Briefing of Computershare Limited.

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Q ues ti on Ti me

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Wayne Newling
Head of Com utershare Canada
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16 March 2011
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Investor & Analyst Briefing
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Lunch

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16 March 2011
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T ec h no ogy verv ew: l O i Gl o b a l

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Stuart Irving
Chief Information Officer
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16 March 2011
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Technology Overview: Global
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• › Biography

• › Appointed Chief Information Officer (CIO) of Computershare Limited in January 2008, responsible for all aspects of Computershare’s global information technology ( IT ) infrastructure and line-of-business a pp lication develo p ment , su pp ort and maintenance.

• › Have worked for Computershare since 1998 and during that time have been l ocate d i n UK , out S h Af r ca, i USA , ana C d a, HK an d A ustra li a.

• › Integral part of all major acquisitions and ran the teams who have delivered material savings through IT and business integration synergies over the years .

• › Maintain direct relationship responsibility for some of our largest accounts globally.

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Technology Overview: Global
IT Organisation
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Simple / Replicated / Global Alignment

1. Analyst Briefing of Computershare Limited.

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Technology Overview: Global
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Global
CIO
Stuart
Irving
Oceania UCIA & CE Americas Global Global
CIO CIO CIO Development CTO
Glenn Car os l Irv n i Mark
Seaye Leira Steltz McDougall
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Carlos Leira

• › Background in large scale project delivery

• › Telecommunications industry

• › Focus on software development and business engagement

Irvin Steltz

• › 40 years o f IT exper ence i

• › Financial services industries

• › Focus on data management, transaction processing and infrastructure services

Glenn Seaye

• › Consulting background with large global software vendors

• › Aerospace and Defence industries

• › Focus on process excellence & service delivery

Mark McDougall

• › Background with large global management consulting firm and large Australian bank

• › Financial services industries

• › Focus on strategic planning, IT transformation & business innovation

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Global
IT Organisation (3)
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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Global
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IT SPEND AS A % OF REVENUE

IT SPEND PER EMPLOYEE

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22,000³
10.7 %
10.2% 10.3% 21,4004
10.0% 10.1%
9.9% 9.9%
$12,900
$12,500
5.9%¹ $11,400
5.2%²
1H’08 2H’08 1H ‘09 2H ‘09 1H’10 2H ‘10 1H’11 FY ‘08 FY ‘09 FY ’10
CTS is above industry sector benchmarks with This metric is often used to determine the amount of
res p ect to IT s p end as % of Revenue which is a IT su pp ort the avera g e com p an y em p lo y ee receives
sign of our investment in Technology. and appears on the lower quartile for a company
our size.
Source/ Notes: 1) Gartner 2010 “IT Key Metrics Data – Banking & Financial Services sector ”, $1B-10B in Group Revenue
2) Gartner 2010 “ IT Key Metrics Data – Banking & Financial Services sector ”, Fortune 500 company
3) Gartner 2010 “IT Key Metrics Data – Banking & Financial Services sector ”, 5 year average
4) Gartner 2010 “IT Key Metrics Data – Banking & Financial Services sector ”, $1B-10B in Group Revenue
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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Global
–
Expenditure (2) Capex
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INVESTMENT PROFILE – CTS

2010 CTS CAPEX BREAKDOWN

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35%
30%
25%
Capex, 20%
12%
15%
10%
5%
0%
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Capex,
12%
Opex,
88%
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Storage continues to require ongoing significant capital investment as the Computershare data increase outpaces the reduction in storage costs.

The Telephony investment is the final tranche of a multiyear platform standardisation initiative.

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Global
IT Strategy
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Business Priorities

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CTS Strategic Themes

Targeted Outcomes

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Business Alignment
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Overview

• › Proven re-use of key technology and business assets

• › L o w cost o f e n t r y in to n e w m a rk ets

• › Economies of scale

• › Re-use arbitrage

• › Core registry systems

• › Channel platforms

• › Operations technologies

• › Enterprise systems

• › Our Competitors typically run islands of Technology around the globe whereas Computershare integrates the new Businesses quickly to drive out synergies

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Business Alignment
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Overview

• › No single business has a monopoly on innovation or investment

• › IT has a seat at the table for all Mer er & g

• Acquisition activities – where we have a proven track record

• › Our key asset is our people and the combined culture since inception

• › No unnecessary formality and hierarchy that provides every employee with a voice

• › Effective Decision Making

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Workforce Optimisation
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CTS ATTRITION RATES¹ % INTERNAL STAFF BY INDUSTRY, 2010³
95%
Industry¹
84%
77%
15%
74%
64%
12.5%
10%
7 5%.
CPU²
5.0%
2.5 %
0
Telco Utilities Finance IT CTS ‘10
Q2’09 Q3’09 Q4’09 Q1’10 Q2’10 Q3‘10
CTS has a high level of retention of staff, CTS is well above industry benchmarks
and in particular senior staff , when with respect to the % of Internal Staff
compared against industry averages. versus insource staff
Source/ Notes: 1) AIM, average cross industry attrition rate, 10.3% voluntary & involuntary 5.2%
2 ) Com p utershare CTS Oceania & Global attrition rate
3) Gartner 2010 “IT Key Metrics Data
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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Strategy & Architecture
Development
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IC2
Employee
Self-Service
Investor
Self-Service Imaging &
Workflow
Single View Scanning and Web Content Content Mgt
of Investor Classification Management
Document
Issuer Self Middleware ESB
Service Storage
Single View
User Access Identity
of Company
Control Access Mgt
Process
Mobile
Automation
Strategy
eForms Intermediary
Self-Service
Unified
Messaging
360 View
Innovation Stage Growth Stage Maturity Stage Decline Stage Refresh Stage
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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Strategy & Architecture
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Overview

Diversification of Applications

• › Prioritisation is managed across the business

• › We will invest to mana e market g

• positioning, e.g. Intermediary Online now moving to the UK

• › Application refresh cycles are key to managing ongoing IT risk whilst continuing to deliver to the Business

• › The addition of new products, services and channels needs to be governed carefully to manage the ongoing run cost of the Business

• › Core Registry Systems

• › Deposit Protection Scheme

• › Voucher Processing

• › Bond Management System

• › xSettle cross border application

• › C ap t ure P o n i t i n b oun d process ng i

• › Real-time trading system

• › Order routing system

• › Intermediary Online

• › Document Content Publishing

• › Fund Accounting / Registry

• › Class Action – reuse of our stack

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Strategy & Architecture
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Overview

• › Three regional data centre nodes with a common footprint, SOE and a 100% virtualised internal cloud

• › Platform centralisation where possible, e.g. Financial Systems, Market Data Services etc.

• › Further consolidation is limited by data sovereignty requirements of both countries and customers

• › Cl ou d an d sourc ng opportun t es are i i i being investigated, however early findings are that we are a lower cost provider than outsourcers

• › Capex spend is low relative to other companies of our size

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Partnering & Innovation
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Overview

• › Our core businesses by definition requires we support;

• › Market se ments from le al a e to the g g g

• oldest of ages & all walks of life

• › Associated channels from paper to new emerging standards of communicating

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Market Segment

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Gen Z
Gen Y
Gen X
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Baby Boomers

• › Our innovation agenda will challenge;

• › how to add new and emerging technologies

• › maintaining our current operational cost base

• › and maintaining customer experience and satisfaction levels

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TBD
Mobile
email Gen Z
Web Gen Y Social
Call Centre
chat
Gen X
IVR
Mail Channel
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Baby Boomers
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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Partnering & Innovation
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Overview

R&D IT Investment, 2008-10

• › Computershare has invested hundreds of millions of dollars over time into

• Technology research and development to establish and innovate its core registry businesses

• › With the recent diversification, we are con ti nu ng o nves i t i t ;

• › Leverage previous R&D investment across the new businesses

• › E xp ore nnovat ons as new c l i i h anne s l and business models evolve

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33.5M
32.0M
433,000
28.6M
391,000
375,000
08’ hrs 08’ R&D 09’ hrs 09’ R&D 10’ hrs 10’ R&D
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• › The majority of the R&D activity takes place in Melbourne , although the ideas are in the truest sense global

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Technology Overview: Partnering & Innovation
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Overview

• › The sourcing model for our workforce is permanent staff to maximise IT’s knowledge of the business

• › IT services and software is a hybrid model, or right-sourcing, in that we will always look for opportunities To arbitrage cos t ;

• › Where technology becomes commoditised

• › Cl ou d , aa S S an d on-prem se ost ng i h i models

• › Leverage of our strategic partners but make sure we are not beholden to their IP or services staff

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Security & Risk Management
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Overview

› We are now operating in a changing world with a growing focus on risk and compliance

› Computershare’s technology group has always been great at delivering to the Business within a less regulated f ramewor k

› IT is now on a transformational journey to ensure the people, processes and tools - are in place to continue to deliver in accordance with the various risk regimes

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1. Analyst Briefing of Computershare Limited.

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Technology Overview: Security & Risk Management
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Overview

Data in Motion

• › Computershare has proactively invested in a number of key information security initiatives that provide us with a compet t ve a i i d vantage nc u i l di ng ata D Loss Prevention (DLP), Identity Governance and currently SIEM

Security Incident & Event Mgt

• › Objective of SIEM is to help companies respond to attacks faster and organize mountains of log data

• › SIEM technology provides real-time analysis of correlated security alerts generated by network hardware and applications

• › DLP inspection of email traffic and files transfers

• › Intrusion Detection S stem y

• › Penetration Testing

• › External Independent code verification ( Vericode )

Data at Rest

• › Personal computer encryption

• › Blackberry encryption

• › Email archival and encr tion yp

• › Endpoint protection, e.g. USB

• › Database scans

• › Shared scans Storage

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1. Analyst Briefing of Computershare Limited.

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Q ues ti on Ti me

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Stuart Irving
Chief Information Officer
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16 March 2011
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B us ness verv ew: i O i Continental Europe

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Head of Computershare Continental Europe
16 March 2011
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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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-
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› State of play

• › Successfully retained our role as one of the market leaders of AGM services with 45% market share

• › Leading provider of proxy tabulation services for companies with their legal seat outside Sweden

• › Strong footprint to market and cross-sell other global Computershare products in the Nordics

› Challenges & opportunities

• › New EU legislation for shareholder rights has been introduced

• › Likely to bring new opportunities for electronic voting with handsets

• › Potential to establish proxy voting in Sweden as this is currently not practised

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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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› State of play

• › German market better than 2009, but still calm. Only 16 IPOs in 2010 – volume EUR2.7 billion. Majority of issuers still in bearer shares

• › CPU well positioned as registrar of choice for SME market

• › Market leader in German AGM space. Working for 26 of top 30 DAX clients

› Challenges & opportunities

• › Registered shares to become more attractive due to new legislation. Market practise expected to be registering shares from 2015 onwards.

• › CPU realized first true online participation at German AGM (DAX client)

• › Offering automized disclosure process to identify beneficial holders behind nominee accounts

• › Transferring German AGM technology to other Continental European countries with bearer shares (i.e. Italy, Spain) due to early adaptation of EU legislation

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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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• › State of play

• › Two registrars owned by CPU in Russia cumulatively have the largest market share

• › Successful growth of the client base

• › Inte g r a ti o n o f p r o cesses a n d f u ncti o ns well u n d erw ay

• › Technological break-through project has been launched

• › Challenges & opportunities

• › Legal merger and negotiation with Rosbank to acquire their 20% stake

• › Transfer to the CPU platform

• › L ega l c h anges aroun d li a bili ty o f R eg strars cont nue w t i i i h t h e egu ator R l

• › Market infrastructure reform and future landscape of the registrar business

• › Expansion to the Specialized Depository segment

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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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› State of play

• › Core registration and AGM business performing as expected

• › Strong combined product suite

• › W o n 2 ou t o f 3 new listin g s in 2 0 1 0

• › New Company act has been implemented which will drive further revenues in AGM business

• › First cross-sell of CGS roducts to existin client base p g

› Challenges & opportunities

• › I n t ense compe titi on w ith l oca l CSD

• › Reduced number of listed companies due to mergers and de-listing

• › Improve cross-selling opportunities

• › Expect some new listings at NASDAQOMX in Denmark

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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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› State of play

• › Currently market leader for LTIP schemes

• › (options, warrants, phantoms etc.)

• › Gr o wth in d em a n d f o r LTIPs

• › Solution integrated into AGM and Registry system

• › IFRS 2 compliant solution

• › Flexible system that is able to handle LTIPs outside of Denmark

› Challenges & opportunities

• › Exploring opportunities to offer self-service LTIPs management across Europe

• › Increasing competition from financial institutions

• › Potential for some regulator changes to local LTIPs rules

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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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› State of play

• › Fragmented market dominated by 3 banks offering end to end solutions

• › CPU small player locally looking after existing client base

• › Still n o r o ve d t a x schemes like th o se in the U K app

• › VEM and CPU Denmark to combine administration and execution of stock options for Danish clients

› Challenges & opportunities

• › Combined offering with Jersey based CPU Trust Services and local VEM custody and transaction services

• › Clients looking after share programs rather than option programs which are more straight forward to handle and communicate

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REGIONAL OVERVIEW: CONTINENTAL EUROPE
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› State of play

• › CCS regaining traction after a period of challenges in 2009 and 1H 2010 (local consequences of GFC, shaken industry)

• › Maintaining existing client base, all contracts extended, 1 lost due to M&A

• › 5 renowned client-contract wins (2 major in the financial services sector) in the last 12 months

• › Ramping up own back-up facility in near-by CPU premises is a unique advantage as no such services are provided externally -> strong selling proposition in outsourcing market

› Challenges & opportunities

• › Only 30% of essential mail is outsourced, further growth expected

• › Com p etitors weakened b y late reaction to GFC ( in restructurin g)

• › Major challenge to manage expected additional output volume in next 12 months properly

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› State of play

• › Strong rebound of German economy and blue chip share index (DAX) after financial crisis

• › Still worries concerning write-offs by banks, higher capital requirements and Euro- Z one a b il -ou t r s i k s

• › Although SME market still weak VEM remained the market leader for rights issues and IPOs in Germany by number of transactions (since 2003)

• › Currently , VEM has 87 paying agency mandates for shares (approx . . 6 8% market share) and 46 sponsored market making mandates (approx. 4.2% market share)

› Challenges & opportunities

• › Tie-in with Computershare’s services progressing; VEM adds value

• › Current projects: servicing ETF issuers in Germany, SOP in Denmark

• › New as well as established banks are entering VEM core business in SME market

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Q ues ti on Ti me

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Steffen Herfurth
Head of Com p utershare Continental Euro p e
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16 March 2011
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B us ness verv ew: n i O i U it e d Ki ng d om, Channel Islands, Ireland & Africa (UCIA)

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Head of UCIA
16 March 2011
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Regional Overview: UCIA
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• › State of play

• › No. 1 again in Capital Analytics Survey 2010/11 – 3 years in a row!

• › High client retention rates as major clients renew without tender

• › Largest share of IPOs for the first time

• › Continuing to maintain market share in Depositary Interests

• › Challenges & opportunities

• › Supplemented new e-IPO with online Rights Issue/Open Offer functionality

• › Well positioned for Government sell - offs

• › New Escrow service going well

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Regional Overview: UCIA
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–
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• › Equiniti

• › Remains 3rd out of 3 in Capital Analytics Survey 2010/11

• › A number of successful switch wins from Equiniti including:

  • › Aviva

  • › Informa

  • › Henderson Far East

  • › Henderson Diversified

• › Capita

• › Credible com etitor but makin some ro ress on switch wins includin : p g p g g

  • › William Hill

  • › Sports Direct

• › Has also picked up business from Equiniti

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• › State of play

• › Market leader with 70% of Irish Market

• › Ongoing success with ETF Market now over 200 funds

• › Irish Banks Capital Raising still ongoing

• › Challenges opportun& ities

• › Improved regional and global ETF offer

• › hub for re - Regional domiciling

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Regional Overview: UCIA
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• › State of play

• › Deposit Protection Service (DPS) contract extended to 2016

• › DPS continues to increase market share through excellent service delivery and low interest rate environment

• › Structured Products (SP) business line shows continued growth and just signed major new client

• › Challenges & opportunities

• › Scottish Deposit Protection scheme – due to launch this year

• › Jersey Deposit Protection scheme – due to launch this year

• › England & Wales deposit protection scheme (insurance) licence due next year

• › Letting Protection Service – 2 new products

• › Structured approach to UK public sector opportunities.

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› State of play

• › Childcare Vouchers survived the UK Government Comprehensive Spending Review

• › Service levels are high-quality in a demanding and emotive market

• › CVS continues to be the market leader

• › New management team focused on cost management and growth

• › The Childcare Voucher Providers Association has been launched (CVS founding member )

• › Challenges & opportunities

• › New tax rules effective April limit savings levels for higher rate tax-payers

• › Government considering use of voucher-based initiatives to replace some tax credits

• › Launch of new Employer Online functionality will reduce delivery costs

• › Fra mented market rovides an o ortunit to ac uire ke com etitors g p pp y q y p

• › Focus on increasing market size, by driving up participation rates (c.5%); and through deeper penetration of wider CPU client-base

• › Assessin g feasibilit y of p roduct ex p ansion into other voucher markets ( e. g . c y cle )

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Regional Overview: UCIA
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• › State of play

• › Quality of output remains strong

• › Cost base remains very well controlled

• › Internal business opportunities converted; Plans migrations , Proxy Mailings, Corporate Action fulfilment

• › High value external client contracts renegotiated with retention of .

• existing terms

• › Challenges & opportunities

• › A n opportun ty to w i id en mar k et networ k an d acce erate externa l l sales growth

• › Inbound document processing on behalf of key broker client, paves the for similar service in the

• way offerings region

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: UCIA
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› State of play

• › M & A and general corporate activity is down

• › Pan-African opportunity real but progress is slow

• › Continue to enjoy very high registry market share and relationships and service delivery remains very strong

• › Challenges opportun& ities

• › Corporate activity still slow

• › BBBEE share trading board established – could provide opportunities for more transactions

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: UCIA
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› State of play

• › Register analysis service is up and running with 6 new clients since Nov ‘10 launch and another 4 prospects

• › M&A market picking up

• › Shareholder activism is already showing strong growth in H2

• › Office in the Netherlands has retained all previous clients and grown

• › Challenges & opportunities

• › Opportunity to combine components of proxy with CPU AGM offering

• › Hong Kong has been a strong growth market

• › Proxy solicitation market remains highly competitive

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: UCIA
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• › State of play

• › 13 months ago purchased two Employee Benefit Trust businesses from Lloyds Bank Group and bought out our joint venture business

• › All businesses have been integrated into one location and are run as one business

• › Taking advantage of our larger presence in attracting both cross-sell opportunities and new business

• › Challenges & opportunities

• › Bringing technology to a predominantly manual process driven environment in the EBT space

• › Further Dealing and FX opportunities

• › Investigate potential market for new corporate trust products

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: UCIA
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• › State of play

• › Dealing revenues continue to be strong

• › Focus is on existing book

• › Cross - sell remains strong

• › Costs remain under control

• › Challenges & opportunities

• › Integration of acquired business

• › Clear capability gap emerging in market with technology investment an d sca e w l ill b e ey k

• › Margin income remains under pressure

• › Requirements from larger clients becoming more complex, although thi s s o i b th a c h a ll enge an d an oppor t un it y

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1. Analyst Briefing of Computershare Limited.

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Regional Overview: UCIA
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› State of play

• › 13 months into integration of HBOS EES

• › Completed 10 out of 12 tranches of client migrations in Halifax

• › Started work on Purley migrations

• › Have reduced staff and technology costs faster than expected

• › Whilst a complex and difficult integration, going well with no client operational issues

• › Challenges & opportunities

• › Opportunities for increased revenue from dealing and FX is strong and running ahead of plan

› Technology will enable us to increase revenue opportunity from the l arger c li en t s

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1. Analyst Briefing of Computershare Limited.

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Q ues ti on Ti me

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Naz Sarkar
Head of UCIA
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16 March 2011
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Investor & Analyst Briefing
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Close

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16 March 2011
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