COMPUTERSHARE LIMITED. — Interim / Quarterly Report 2011

Feb 8, 2011

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COMPUTERSHARE LIMITED (ASX:CPU)

FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2010

9 February 2011

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

Copies of the 1H11 Results Presentation are available for download at: www.computershare.com.au/results

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MARKET ANNOUNCEMENT

Mixed business conditions negatively impact results

Melbourne, 9 February 2011 – Computershare Limited (ASX:CPU) today reported Management Adjusted Earnings per Share (EPS) of 26.96 cents for the six months ended 31 December 2010, a decrease of 14.1% over the prior corresponding period (pcp). The interim dividend has been declared at AU 14 cents, unchanged on the final dividend of last year.

Management Adjusted Net Profit after Non Controlling Interest (NCI) was $149.8 million. Total revenues fell 3.3% on 1H10 to $781.0 million and Operating Cash Flows fell 28.2% to $148.4 million.

On a reported statutory basis for 1H11, Net Profit after Non Controlling Interest was $116.9 million and Basic Earnings per Share were 21.03 cents (see Appendix 4D).

Headline Management Adjusted Results for 1H11 as follows:

		1H11		Versus 2H10	Versus 1H10		1H11 at	1H11 at	1H10
					(pcp)		1H10	rates versus
							exchange	1H10
							rates
Management Earnings per	Share	26.96 cents		Up 2.0%	Down 14.1%		26.63 cents	Down 15.1%
(Post NCI)
Total Operating Revenues		$781.0m		Down 3.8%	Down 3.3%		$771.3m	Down 4.5%
Operating Expenses		$535.0m		Down 7.1%	Down 0.1%		$528.3m	Down 1.4%
Management Earnings	before	$246.0m		Up 4.2%	Down 10.5%		$243.0m	Down 11.6%
Interest, Tax, Depreciation and
Amortisation (EBITDA)
EBITDA margin		31.5%		Up from	Down from		31.5%	Down	from
				29.1%	34.0%			34.0%
Management Net Profit after NCI		$149.8m		Up 2.0%	Down 14.1%		$148.0m	Down 15.1%
Cash Flow from Operations		$148.4m		Down 28.6%	Down 28.2%
Free Cash Flow		$140.4m		Down 28.2%	Down 13.3%
Days Sales Outstanding		38 days		Down 3 days	Down 2 days
Capital Expenditure		$8.7m		Down 80.3%	Down 82.5%
Net Debt to EBITDA ratio		1.42 times		Up 0.02x	Flat
Interim Dividend		AU14 cents		Flat	Flat
Interim Dividend franking amount		60%		Flat	Up from 50%

Commentary

Computershare’s first half result was in line with Company expectations, with management earnings per share at 26.96 cents. This result was down 14.1% on the record 1H10 result and 2.0% higher than the prior half (2H10). Economic conditions and equity markets globally have stabilised, however activity remains well below the peak, resulting in consolidated financial outcomes similar to the last half. As anticipated, 1H11 headline revenues for corporate actions, US mutual fund proxy solicitation and bankruptcy administration were lower than the very strong comparative performance of 1H10. Revenues fell 3.3%, Management EBITDA was down 10.5% and Management NPAT down 14.1% on 1H10. EBITDA margin was lower at 31.5% versus 34.0% during 1H10 but improved on the 29.1% margin outcome for 2H10. Operating expenses were flat on 1H10 but 7.1% lower than 2H10. Total Personnel spend fell 1.3% on pcp and 7.6% on 2H10. Cash flow from operations was also lower than 1H10 as expected, driven largely by a fall in earnings and significantly higher FY10 cash bonus payments made in 1H11.

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MARKET ANNOUNCEMENT

This half saw the Europe, Middle East and Africa (EMEA) region split into two segments. The new segments are United Kingdom, Channel Islands, Ireland & Africa (UCIA) and Continental Europe. The slowdown in corporate actions saw the Australian and United Kingdom registry businesses unable to match 1H10. In contrast the Hong Kong and United States registry businesses improved on 1H10. Integration of the HBOS Employee Equity Solutions (EES) acquisition in the UK continues and along with the consolidation of the Computershare Trustees business in the Channel Islands has lead to a substantial improvement in the contribution from the employee plans business in UCIA. Challenging conditions continue to heighten scrutiny on the Company’s controllable costs.

Computershare’s CEO, Stuart Crosby, said, “Equity market and general economic conditions, while perhaps less volatile than they have been in recent years, are still relatively unfriendly to Computershare’s business model. Interest rates are low, market and M&A transactional activity is slow, and the expected “second wave” of US bankruptcies has not yet hit. That said, strong annuity revenue continues to underpin our performance, and fund raising in Asia has been something of a bright spot.

“We are well placed to take full advantage of the inevitable upturn in the cycle whenever that arrives. We also continue to explore a broad range of acquisition and other growth opportunities, both in our current business lines and in new verticals.

“However, any acquisition or increase in transactional activity is unlikely to have a material impact this year and so we continue to anticipate management EPS being 5% to 10% lower in FY11 than it was in FY10.”

Below is a summary of Management EPS performance since 1H08:

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US cents Management EPS
40.00
31.38
35.00
27.36 24.25 26.14 25.97 26.42 26.96
30.00
25.00
20.00
15.00
10.00
1H08 2H08 1H09 2H09 1H10 2H10 1H11
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Regional Summary

Australia and New Zealand

The Australia & New Zealand region saw revenue fall 3.1% versus 1H10 to $179.9 million. EBITDA also fell, down 16.1% on 1H10 to $48.2 million, despite the stronger Australian dollar. This half continued the trend of 2H10, with corporate actions remaining slow. Communications Services and Corporate Proxy revenues in Australia were down marginally, as was the New Zealand business.

Asia

The Asia region replicated the strong result seen in 1H10, with revenue increasing 6.9% on pcp to $68.4 million and EBITDA up 1.4% on 1H10 to $30.0 million. Hong Kong in particular was impressive, growing revenue by 10.0% on the back of continued IPO activity as well as rights issues, predominantly in the Chinese banking sector. India’s revenues fell marginally, with increased redemptions from Indian mutual funds reducing assets under management, impacting the revenue model. Whilst somewhat smaller, the employee plan business in China continued to grow and the Japanese business was flat.

MARKET ANNOUNCEMENT

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United Kingdom, Channel Islands, Ireland & Africa (UCIA)

New segment reporting breaks out UCIA for the first time. The region grew 1H11 revenues by 2.3% over 1H10 to $135.1 million, underpinned by the HBOS EES acquisition (both in the UK and the Channel Islands) that occurred during January 2010. EBITDA on the other hand fell by 15.1% to $56.8 million, as higher margin corporate action revenues dropped. The UK investor services business continued to be impacted by the loss of some significant registry contracts, but was able to mitigate some of the shortfall through diligent cost control. The shift to Computershare’s proprietary software platform helped the Voucher Services business to perform better and the Deposit Protection Scheme business continues to deliver good returns. Ireland improved its results on the back of increased corporate actions work whilst South Africa grew revenue but at lower margins.

Continental Europe

Along with the UCIA region, results are reported for Continental Europe as a standalone segment for the first time. Revenues grew 10.4% on pcp to $36.0 million, driven largely by the consolidation (from 40% to 100% ownership) of Registrar Nikoil, one of our Russian registry businesses. Increased costs in Russia and lower activity in the German registry business drove the 38.7% fall in EBITDA to $2.0 million. The Scandinavian business grew revenue in 1H11, albeit from a low base.

United States (US)

US 1H11 revenues were 13.5% lower than 1H10 at $250.4 million, partly impacted by the sale of the employee options administration and Transcentive businesses in early November 2010. EBITDA also fell 13.2% to $60.4 million. Equity market conditions improved resulting in increased employee plan trading, shareholder transactional activity and a pick-up in small shareholder programs and post merger clean-up (SSP/PMC) projects. Despite this, the lack of any significant mutual fund proxy solicitation work (1H10 witnessed the largest single event with the American Funds assignment), a fall in Chapter 11 filings for the bankruptcy administration business and reduced corporate proxy work drove the result lower. Sustained low US interest rates and a fall in overall client balances also impacted the result.

Canada

The Canadian business was again able to grow revenues, increasing 9.5% on 1H10 to $94.3 million. In terms of EBITDA, the uplift was 15.3% on pcp to $45.5 million. An increase in Canadian interest rates early in 1H11 whilst retaining client balance levels assisted the region, particularly the Corporate Trust business, which again delivered strong results. The Canadian SSP/PMC business, whilst small, also performed well, growing substantially on pcp. M&A and IPO activity remained subdued, and along with lower registry maintenance revenues served to produce lower earnings in the registry business. Corporate Proxy and Employee Plans businesses both improved marginally during 1H11.

Dividend

The Company announces an interim dividend of AUD14 cents per share, 60% franked, payable on 15 March 2011 (record date of 21 February 2011). This follows the final dividend of AUD14 cents per share, 60% franked, paid in September 2010.

Capital management

The Company’s capital was unchanged during 1H11 with 555,664,059 issued ordinary shares outstanding as at 31 December 2010.

Balance Sheet Overview

During 1H11 total assets grew $25.5 million to $2,716.0 million as at 31 December 2010. Shareholder’s equity increased $68.9 million to $1,141.8 million over the same period.

Net borrowings fell to $683.4 million (from $715.4 million at 30 June 2010). Gross borrowings at 31 December 2010 were largely unchanged at $1,003.9 million.

Debt facilities maturity averages 3.76 years (average maturity on drawn debt is 3.85 years).

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MARKET ANNOUNCEMENT

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	297.8m	300.0m		300.0m
FY14	May-14	85.0m	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		$936.3m*	$1,153.5m		$600.0m	$553.5m

* Variance from gross debt represents finance leases ($39.4m) and fair value hedge adjustment on USD senior notes ($28.2m).

The Company focuses primarily on the Net Debt to Management EBITDA ratio from a gearing perspective and this measure was 1.42 times at 31 December 2010, up marginally from 1.40 times at 30 June 2010.

Capital expenditure for 1H11 was $8.7m, significantly down from $49.7m in 1H10. The prior period was impacted by the UK property purchase for $35 million.

The Group’s Days Sales Outstanding improved, falling 3 days to 38 days at 31 December 2010.

Operating Costs - Overview

Operating costs in 1H11 were 0.1% down on 1H10 and 7.1% down on 2H10. In comparing 1H11 to 1H10 this was a pleasing outcome as 1H11 included a full half of costs associated with the HBOS EES business (acquired in 2H10).

Total technology spend was $80.7 million. Technology costs included $30.5 million (1H10; $32.9 million) in research & development expenditure, which was expensed during the period. The technology cost to sales revenue ratio was 10.3% for 1H11.

Foreign Exchange Impact

Management EBITDA would have been $3.0 million or 1.2% lower than 1H11 actual if average exchange rates from 1H10 were applied.

Taxation

The underlying effective tax rate for 1H11 was 28.4% (1H10; 27.7%).

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MARKET ANNOUNCEMENT

Reconciliation – Statutory Results to Management Adjusted Results

1H11 USD 000’s	1H11 USD 000’s
Net profit after tax as per Statutory Results Management Adjustments (after tax) Redundancy provisions Intangible assets amortisation Net loss on disposal of businesses Acquisition related adjustments Total Management Adjustments Net profit after tax as per Management Adjusted Results	116,874 93 14,461 20,663 (2,284)
	32,933
	149,807

Management Adjustments

The Company continues 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 1H11 were as follows:

• Redundancy costs of $0.1 million related to Computershare’s Jersey operations.

• Loss of $19.8 million on disposal of the North American options administration and Transcentive self administration software businesses (as announced on 17 Aug 2010).

• Loss of $0.9 million on disposal of Computershare Electoral Management Services business in the UK.

• Fair value adjustments related to consolidation of previously held equity interests for Nikoil (Russia) and Computershare Offshore Services (Channel Islands) resulted in $2.5 million net revaluation gain.

• • Acquisition costs of $0.3 million related to Nikoil (Russia), VEM (Germany), and Computershare Pan Africa.

• • 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 six month period ($14.5 million) is added back to earnings.

Outlook for Financial Year 2011

We continue to anticipate that management EPS will be 5% to 10% lower in FY11 than it was in FY10.

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 Half Year Results 2011 Presentation for detailed financial data.

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MARKET ANNOUNCEMENT

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

For further information:

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

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Computershare Limited Half Year Results 2011 Presentation

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Stuart Crosby
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9 February 2011
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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart rosbyC

President & Chief Executive Officer

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Introduction
Results Highlights
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	Introduction Results Highlights Mt Adtd Rlt
	anagemen juse esus
	1H 2011 @ 1H 2010
	1H 2011 v 2H 2010 v 1H 2010 exchange rates Management Earnings per share (post NCI) US 26.96 cents Up 2.0% Down 14.1% US 26.63 cents
	Total Revenue $781.0 Down 3.8% Down 3.3% $771.3 Operating Expenses $535.0 Down 7.1% Down 0.1% $528.3 Management Earnings before Interest, Tax,
	$246 0 Depreciation and Amortisation (EBITDA) . Up 4.2% Down 10.5% $243.0 EBITDA Margin 31.5% Up from 29.1% Down from 34.0% 31.5% Management Net Profit after NCI $149.8 Up 2.1% Down 14.1% $148.0 Das Sales Outstandin 38 das Down3das Down2das
	y g y y y Cash Flow from Operations $148.4 Down 28.6% Down 28.2% Free Cash Flow $140.4 Down 28.2% Down 13.3% Capital Expenditure $8.7 Down 80.3% Down 82.5%
	Net Debt to EBITDA ratio 1.42 times up 0.02 times Flat Interim Dividend AU 14 cents Flat Flat Dividend franking amount 60% Flat Up from 50%
	N t ll lt i USD illi l th i i di t d o e: a resu s are n m ons un ess o erw se n ca e

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Introduction
Computershare Strengths
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• › Stron g balance sheet , low g earin g and lon g -term robust cash g eneration.

• › 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.

• › Gl o b a l f oo t pr n i t (i n a ll ma or mar j k e t s an d 20 p us coun l t r es nc u i i l di ng Chi na, India, Russia) supports unique cross-border transaction capabilities.

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

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

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Introduction
Trading environment
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• › Transactional revenues continue to be subdued and we have limited visibilit of y

• when the cycle will turn. Revenue lines affected include corporate actions, mutual fund proxy solicitation, bankruptcy administration and trading.

• › We are seein g a gg ressive com p etitive behaviour in investor services , es p eciall y in Canada (where our largest competitor was recently bought by private equity) and in the US (where some competitors are leveraging credit and other business relationships against us).

• › On the other hand, we are winning investor services and plans clients in competitive situations, especially in the UK and Russia.

• › Net margin income has held up well as quality institutions continue to offer significant premiums for committed balances. Hong Kong fundraisings is another bright spot.

• › Cost management remains a key focus . Operational transformation and cost projects continue across the globe.

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Investment and guidance
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• › Des p ite the revenue softness , we p lan to maintain our investment in technology, operational capabilities and new product. We see this as vital to our capacity to execute on growth opportunities.

• › The range of acquisition opportunities that we are exploring continues to expand. Some are in our existing business lines and some are in new areas.

• › In any case, any acquisition or increase in transactional activity is unlikely to have a material impact this financial year and so we continue to anticipate management eps being 5% to 10% lower in FY11 than it was in FY10.

• › 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 1H 2011 Financial Performance

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• › Revenues down 3% when com ared a ainst a stellar 1H10. This reflects the p g

• importance and generally solid performance of our annuity equity market businesses, and the current low levels of corporate action activity (except in Hong Kong).

• › Our non-equity market businesses (Corporate Trust, Deposit Protection Scheme, Voucher Services, Bankruptcy and Class Action Administration) also erformed solidl .

• p y

• › Continued cost discipline, with cost reductions and operating efficiencies offsetting the resumption of annual pay review cycles and a full six months of costs from our UK HBOS EES ac uisition. q

• › Continued investment in technology.

• › Margin income a bright spot with continued strong client balance levels and -

• increased deposit tenor offsetting the roll off of hedges .

• › As expected, our own interest costs increased reflecting new spreads from refinancing.

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Group Financial Performance
Financial
Results
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	Financial Results Group Financial Performance	Financial Results Group Financial Performance
		2H2010 1H 2011 1H2010 % variance % variance
		Sales Revenue $772.7 $801.3 (4%) $798.3 (3%) Interest&OtherIncome $83 $108 (22%) $92 (9%) to 2H 2010 to 1H 2010
		. . . Total Revenue $781.0 $812.1 (4%) $807.5 (3%) Operating Costs $535.0 $575.7 (7%) $535.6 (0%)
		Share of Net (Profit)/Loss of Associates $0.0 $0.3 ($3.0) Management EBITDA $246.0 $236.1 4% $274.8 (10%)
		M t Adj t t R /(E ) ($12 4) ($8 2) $2 4 anagemen us men s ‐ evenue xpense . . . Reported EBITDA $233.6 $227.9 2% $277.3 (16%) Statutory NPAT $116.9 $124.9 (6%) $169.9 (31%) Management NPAT $149.8 $146.8 2% $174.4 (14%)
		Management EPS US 26.96 cents US 26.42 cents 2% US 31.38 cents (14%) Statutory EPS US 21.03 cents US 22.48 cents (6%) US 30.57cents (31%)
	Note: all results are in USD millions unless otherwise indicated

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Analysis of Management EPS Financial
Results
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1H 2011 Management NPAT Analysis Financial
Results
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Free Cash Flows
Financial
Results
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* US 49.7m includes acquisition of Land and Buildings in the UK (US$ 34.7m)
Lower 1H11 cash flow reflects movements in the balance sheet over the period 30‐Jun‐10 through 31‐Dec‐10 plus payment of variable
compensation for the Y/E Jun‐10
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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	Financial Results Revenue Breakdown
		% variance to 1H 2010 Revenue Stream 1H 2011 2H 2010 % variance to 2H 2010 1H 2010
		$ $ ( ) $ Register Maintenance 325.8 329.2 1% 312.6 4% Corporate Actions $99.1 $98.1 1% $116.9 (15%) BusinessServices $1338 $1231 9% $1398 (4%)
		. . . Stakeholder Relationship Mgt $39.5 $81.9 (52%) $81.6 (52%) Employee Share Plans $74.0 $70.1 5% $49.6 49%
		Communication Services $84.7 $80.9 5% $78.1 8% Technology & Other Revenue $24.1 $28.8 (16%) $28.8 (16%)
		Total Revenue $781.0 $812.1 (4%) $807.5 (3%)

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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%	0.50%
	US	4 85% .	2 67% .	1 53% .	0 27% .	0 25% .	0 25% .	0 25% .
	Canada	4.45%	3.51%	2.58%	0.64%	0.25%	0.29%	0.88%
	Australia	6.52%	7.12%	6.23%	3.35%	3.24%	4.10%	4.58%
	•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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1H 2011 Revenue & EBITDA
Financial
Results
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Total Revenue breakdown

EBITDA breakdown 17% 20% 24% Australia & NZ Asia UCIA 13% 9% Continental Europe USA 27% Canada 18% 23% 4% 1% Regional Reporting Previous Structure Current Structure Australia & NZ Australia & NZ Asia Asia USA USA Canada Canada Europe, Middle East & Africa UCIA ( UK, Channel Islands , Ireland & Africa ) Continental Europe ( Germany, Scandinavia & Russia )

*** Group functions have been allocated and reported within the six regions.**

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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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The basis for calculating and classifying technology costs has been revised from 1 July 2011. Partly this reflects changes in reporting structures, where technolo gy workers p reviousl y embedded within business units are now p art of the g lobal technolo gy g rou p , and p artl y* it corrects some inconsistencies that had developed over time. While the aggregate spend does not change materially, the 1H11 numbers are compiled on the revised basis.

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Balance Sheet as at 31 December 2010
Financial
Results
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	Financial Results Balance Sheet as at 31 December 2010	Financial Results Balance Sheet as at 31 December 2010
		Dec‐10 Jun‐10 Variance US$'000 US$'000 Dec‐10 to Jun‐10
		Current Assets $644,200 $653,512 (1%) Non Current Assets $2,071,776 $2,036,943 2%
		Total Assets $2,715,976 $2,690,455 1% Current Liabilities $405,839 $497,347 (18%)
		Non Current Liabilities $1,168,327 $1,120,156 4% Tl Libilii $1 574 166 $1 617 503 3%
		ota ates () , , , , Total Equity $1,141,810 $1,072,952 6%

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Key Financial Ratios Financial
Results
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EBITDA Interest Coverage Net Financial Indebtedness to EBITDA

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			Dec‐10	Jun‐10	Variance
					Dec‐10 to
			US$ Mn	US$ Mn	Jun‐10
		Interest Bearing Liabilities	$1,003.9	$994.0	1%
		Less Cash	$ ( 320.5)	$ ( 278.7)	15%
		Net Debt	$683.4	$715.4	(4%)
		Management EBITDA (rolling 12 months)	$482.1	$510.9	(6%)
		Net Debt to Management EBITDA	1.42	1.40	1%

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Debt Facility Maturity Profile Financial
Results
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	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results	Debt Facility Maturity Profile Financial Results
		Debt Total Drawn Debt Facilities Maturity Dates					Private Placement Facility
		Maturity Dates	Debt Drawn	Total Debt Facilities		Club Debt Facility	Private Placement Facility
		FY11 Mar-11 FY12 Mar-12 FY13 May-13 FY14 May-14 FY15 Mar-15 FY16		50.0 123.0 300.0 300.0 124.5
			50.0				50.0
			123.0				123.0
			297.8			300.0
			85.0			300.0
			124.5				124.5
		FY17 Mar-17 FY18 FY19 Jul-18		21.0 235.0
			21.0				21.0
			235.0				235.0
		TOTAL	936.3	1,153.5		600.0	553.5

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Capital Expenditure vs. Depreciation Financial
Results
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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 – Interim Dividend Financial
Results
of 14 cents (AU)
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EPS ‐ Basic

US 21.03 cents

EPS ‐ Mana ement US 26.96 cents g Interim Dividend AU 14 cents (60% franked)

Current ield* 2.8% y

• Based on 12 month dividend and share price of AU$ 10.16 (close 3 February 2011)

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Financial Summary – Final Remarks Financial
Results
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• › A solid p erformance for the half , with results reflectin g both the stren g th of the underlying business and the current absence of Computershare’s traditional growth drivers

• › Diverse p ortfolio of revenues , on g oin g disci p lined ex p ense , cost and ca p ital expenditure management have driven solid margins and cashflow

• › Maintained strong and conservative balance sheet

• › Interim dividend of AUD 14 cents per share , franked to 60%

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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.

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

• .

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

In addition, we 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 refer to these matters as (we

• “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 pr or ty: i i

• › Operational productivity and quality continues to improve across the globe, evidenced by continued leadership in independent client and shareholder serv ce surveys n i i th e US , ana C d a, th e UK an d A us t ra li a.

• › Revenue initiatives offset to some extent client losses and reduced transaction (dealing and M&A) volumes.

During the half, we moved to 100% ownership of Registrar Nikoil in Russia. We also transferred our North American stock option administration business to Solium Capital in return for a 20% shareholding, and disposed of our electoral software b us ness n i i th e UK . 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 wor th w hil e oppor t un iti es.

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Priority - Lifting our Market Position
CEO’s
Report
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• › 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. This becomes all the more important as competition increases in a range of markets .

• › We obtain recognition for our clear leadership in market structure developments and our capacity to deploy cross-border solutions for our clients –

• and their investors both in corporate actions and in routine trading .

› For example, our xSettle product lets market participants move securities between markets quickly and easily. Since 2006, xSettle has processed over 125 , 000 cross border transactions between Australia , Jersey , UK , Ireland , US , Canada, Hong Kong and South Africa, materially increasing efficiency and lowering costs.

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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 US SEC’s review of the proxy voting system in that country and a range of European initiatives, including but by no means limited to the ECB’s Target 2 Securities project. Similar exercises are underway in a range of other markets .

• › 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.

• › We await the SEC’s res p onse to its consultation on the p rox y s y stem with g reat interest.

• › We have a dedicated group working on the detail of dematerialisation in the HK market.

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USA Update CEO’s
Report
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• › Excellent service levels and ualit across all businesses. q y

• › Winning some clients – eg, GM IPO – but also lost a couple of others to bundled credit offerings and “balance of trade” pitches.

• › Volumes remain low on transactional work – corporate actions , solicitation .

• › Realignment of plans offering (putting broad-based schemes with the TA and trading the options offering to Solium) producing encouraging early signs.

• › The KCC Chapter 11 administration business continues to do well, benefitting from an up-tick in volumes. We continue to expand our class action administration offering.

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

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Canada Update CEO’s
Report
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• › Loss of lar g est TA client ( Bell Canada ) to a revitalised com p etitor ( formerl y CIBC Mellon, now Canadian Stock Transfer) has galvanised the Canadian management team.

• ’

• › State of Israel s global bond record keeping and paying agent work (in the US and UK as well as Canada) is live and working well. Corporate Trust business otherwise slow.

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

• › Major restructure of operations delivering significant savings and quality en h ancemen t s.

• › 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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UCIA Update CEO’s
Report
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• › Won ma j or clients Aviva ( from E q uiniti ) and S p orts Direct ( from Ca p ita ) for both registry and plans – plans take-on puts additional pressure on the HBOS migration / integration.

• › Migration and integration of the former HBOS Employee Equity Solutions business continues with Jersey integrated and Sharesave migrations proceeding well.

• › Equity fundraising largely dried up and M&A also quiet , hitting corporate actions and solicitation revenues.

• › English DPS contract extended and Scottish scheme on the horizon.

• › Voucher Services management restructured.

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

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Continental Europe Update CEO’s
Report
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• › German AGM business doin g well , but the reduction in numbers of EGMs p ost GFC makes revenues soft.

• › New consolidated Moscow office provides the platform for the new Russian management team to integrate NRC and Nikoil .

• › VEM continues to ‘wash its face’ and increase market penetration in a tough environment.

• › Austria, Belgium, Denmark, Netherlands, Sweden and Switzerland all performing generally as expected.

• › Business develo ment resourcin for Continental Euro e enhanced and p g p

• refocused. Some very interesting opportunities (both acquisitions and service extensions) emerging.

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Asia Update CEO’s
Report
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• › Hon g Kon g business as usual runnin g well , and we are investin g alon g side HKEx in the HK dematerialisation project sponsored by the HK Government and regulator.

• › HK fund raising (primary and secondary) has been strong and is likely to continue. Also good levels of other corporate actions.

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

• › India quiet, with the mutual fund business hurt by mutual fund outflows, apparently from changed regulations making mutual funds less attractive.

• › Japan also quiet, with issuers reluctant to invest in Investor Relations related services in the current tough environment.

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Australia & New Zealand Update CEO’s
Report
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• › Market share and business as usual revenues in investor services holdin g u p well.

• › Transaction levels remain down, affecting corporate actions and solicitation revenues .

• › Winning a good share of large IPO appointments.

• › Communication Services business recovered well and quickly after the Brisbane floods.

• › Fund services continues to build its client base, but lead time on new revenues is long.

• › Won a Gold Australian Business Excellence award for operations.

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Computershare Limited Half Year Results 2011 Presentation

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Stuart Crosby
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9 February 2011
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Appendix: Half Year Results 2011 Presentation

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9 February 2011

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Appendix 1: Group Comparisons
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Group Comparisons

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Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue

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Tech & Other Revenue
13%
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1H 2011 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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• Corporate operating costs will be allocated and reported under the five main cost categories – cost of sales, personnel, occupancy, other direct and technology from the next reporting period .

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Underlying Effective Tax Rate Financial
Results
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Client Balances -
Financial
Results
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Sustainable Client Balance Hedges – snapshot as at 31-Dec-10
100%
80%
60%
40%
20%
0%
J an- 11 J an- 12 J an- 13 J an- 14
Total Hedging (derivatives, term deposits and floating rate debt)
Long term sustainable balances represented approximately half of total average balances in 1H11
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Impact of Interest Rates on Profit Before Tax Financial
Results
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US$m PBT
110
Impact
90
This point is the estimated contribution (+$28m)
that derivatives and fixed deposits will make to
PBT over the next twelve months assuming cash 70
rates remain at current levels
1% up contributes circa $19m
50
These lines (change in PBT) flatten as rates fall.
This largely reflects low interest rates in the
Northern Hemisphere which remain close to zero 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 rate
l eve s as a l t 31 D ecem b er 2010
-30
Exposure Hedged exposure
This graph outlines the sensitivity of interest rate changes on PBT based on core client balances only
‘ ’
(long term sustainable balances) . The hedged exposure line includes the offsetting impact of floating
rate debt and derivative hedge positions.
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Client Balances –
Financial
Results
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Based on avera e total funds held g* during 1H11

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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 total average balances exposed to interest rates: 46%

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*** Average funds balance US$9.2b**

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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 & Channel Islands 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 profit and loss to US dollars

	Assumptions: Exchange Rates Financial Results	Assumptions: Exchange Rates Financial Results	Assumptions: Exchange Rates Financial Results	Assumptions: Exchange Rates Financial Results
	Average exchange rates used to translate profit and loss to US dollars
		USD 1.00000 AUD 1.08022
		USD	1.00000
		AUD	1.08022
		HKD	7 76847 .
		NZD	1.37543
		INR	45.77128
		CAD	1.03601
		GBP	0.64200
		EUR	0.76332
		ZAR	7.23072
		RUB	30.75594
		AED	3.67303
		DKK	5.68780
		SEK	7.12775

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65