Computershare Limited Full Year Results 2009 Presentation...Net Profit after OEI $289.5m $290.4m Flat $331.4m Up 14% Days Sales Outstanding (DSO) 40 days 44 days Down 4 days Cash Flow

Computershare LimitedFull Year Results 2009 Presentation

Stuart CrosbyPeter BarkerPeter Barker

12 August 2009

Introduction FinancialResults

CEO’s ReportResults

2

Introduction

S C bStuart Crosby

President & CEO

3

IntroductionResults HighlightsManagement Adjusted ResultsManagement Adjusted Results

FY09 FY08 FY09 versus FY08 FY09 at FY08 exchange

FY09 at FY08 rates versus FY08exchange

rates rates versus FY08

Earnings per Share (Post OEI) 52.11 cents 51.61 cents Up 1% 59.65 cents Up 16%

Total Operating Revenues $1,511.6m $1,582.5m Down 4% $1,680.1m Up 6%

Operating Expenses $1,035.9m $1,106.0m Down 6% $1,143.6m Up 3%

Earnings before Interest, Tax, Depreciation

and Amortisation (EBITDA)

$475.5m $479.2m Down 1% $536.5m Up 12%

and Amortisation (EBITDA)

EBITDA margin 31.5% 30.3% + 120 bps 32.0% + 170 bps

Net Profit after OEI $289.5m $290.4m Flat $331.4m Up 14%

Days Sales Outstanding (DSO) 40 days 44 days Down 4 days

Cash Flow from Operations $341.5m $347.3m Down 2%

Free Cash Flow $318.6m $304.5m Up 5%

Capital Expenditure $22.9m $42.8m Down 46%

N D b EBITDA i 1 67 i 1 64 i 0 03 iNet Debt to EBITDA ratio 1.67 times 1.64 times +0.03 times

Final Dividend AU11 cents AU11 cents Flat

Dividend franking amount 50% 30% Up by 20%

4

Note: all results are in USD except for dividend

Computershare Strengths Introduction

› Strong balance sheet, low gearing and continued robust cash generation› More than 70% of revenue recurring in nature› Revenues, cash-flows and margins holding up reasonably well despite the

challenging environment› Diversification into counter and non cyclical businesses strengthen revenue and

profit base› Computershare’s:› Computershare s:

› Globally diversified footprint (17 countries including China, India, Russia)› Unique cross-border transaction capabilities › Continued investment in R&D and product development› Ongoing operational efficiencies and significant cost reductions› Strong balance sheet and cash flow generation› Strong balance sheet and cash flow generation› Demonstrated ability to acquire and integrate businesses

Leave us well positioned for an eventual up turn in the global economy

5

Outlook Introduction

› We anticipate USD management earnings per share for financial year 2010 to p g g p ybe similar to 2009

› Our outlook assumes that equity, interest rate and FX market conditions remain broadly consistent with current levels for the financial yearremain broadly consistent with current levels for the financial year

6

Introduction Financial CEO’s ReportResults

p

7

FinancialResults

kPeter Barker

CFO

8

Drivers Behind FY2009 Financial PerformanceFinancialResults

› Corporate action environment, shift from M&A and IPO’s to secondary capital p , y praisings

› Significant ongoing cost reductions and operating efficiencies› Continued investments in and growing importance of counter and non cyclical› Continued investments in, and growing importance of, counter and non cyclical

businesses› Interest rate levels and client balances› Market softness in ‘traditional’ transfer agent and associated businesses› Foreign exchange

9

FinancialResults

Group Financial Performance – US$m

VarianceFY09 FY08

Variance FY09 to

FY08

Sales Revenue 1,494.0 1,564.0 (4%)

Interest & Other Income 17.6 18.6 (5%)

Total Revenue 1,511.6 1,582.5 (4%)

Operating Costs 1,035.9 1,106.0 (6%)

Share of Net (Profit)/Loss of Associates 0.2 (2.7)

Management EBITDA 475.5 479.2 (1%)

Management Adjustments - Revenue/(Expense) (31.6) (7.3)

Reported EBITDA 443.9 471.9 (6%)

Statutory NPAT 252.5 282.0 (10%)

Management NPAT 289.5 290.4 (0%)

Management EPS 52.11 51.61 1%

Statutory EPS 46.02 50.12 (8%)

10

Analysis of Management EPS Half Year Comparison

FinancialResults

US cents

Half Year Comparison

25

30

20

10

15

0

5

0

1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09

HY 6.60 9.52 8.82 13.92 17.86 18.83 27.36 24.25 26.14 25.97FY 16 12 22 74 36 68 51 61 52 11

11

FY 16.12 22.74 36.68 51.61 52.11

FinancialResults

FY09 Management NPAT Analysis

1 EBITDA - EMEA

$USm

380

400

2 OEI

3 Depn & Amort

65.5 3.0 1.95.7

7.9360

380

p

4 Interest26.7320

340

5 Tax

6 EBITDA - AP

290.4

42.5

289.5

280

300

7 EBITDA - NA260

FY08 NPAT 1 2 3 4 5 6 7 FY09 NPAT

12

FinancialResults

Free Cash Flows

Operating cash flow vs capital e pendit e

240

$USmcapital expenditure

183.5

206.2

159.9

181.6180

210

117.8

137.5 141.1

120

150

36.7

73.1 65.8

18 8 24 030

60

90

11.8 11.9 14.6 10.4 7.817.9 18.8 24.0

12.6 10.3

0

30

1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09

Operating Cash Flows Capital Expenditure

13

p g p p

FinancialResults

Revenue & EBITDAHalf Year ComparisonsHalf Year Comparisons

694.0724.4

788.2 794.3 783.0

728.7

300800

EBITDA$USm

Revenue$USm

456.0

588.1626.7

694.0

188.7

257.4

221.8

238.6

236.9

200

250

500

600

700

354.5

93.199.7

140.4

181.7

100

150

300

400

65.4

0

50

0

100

200

1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09Revenue Management EBITDA

14

FinancialResults

Management EBITDA MarginHalf Year ComparisonHalf Year Comparison

32.7%

30.5%

32.5%35%

EBITDA margin

22 4%

27.2%

27.9%

25%

30%

18.5%20.4%

22.4% 25.1%

20%

17.0%15%

10%

1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09

15

FinancialResults

Revenue Breakdown – US$m

FY09 FY08Variance FY09 to

FY08

Register Maintenance 736.2 817.6 (10%)

Corporate Actions 313.4 303.6 3%

Fund Services 83.9 91.3 (8%)( )

Stakeholder Relationship Mgt 73.9 89.0 (17%)

Employee Share Plans 98.4 119.0 (17%)

Communication Services 146 6 105 3 39%Communication Services 146.6 105.3 39%

Technology & Other Revenue 59.3 56.8 4%

Total Revenue 1 511 6 1 582 5 (4%)Total Revenue 1,511.6 1,582.5 (4%)

Note – Included in the revenue results are $170.3m of Margin Income (FY08: $217.5m) and $242.4m of Recoverable Income (FY08: $255.8m)

16

FY10 Regional Analysis & Revenue Breakdown(effective 1H FY10 will include comparatives)(effective 1H FY10 – will include comparatives)

Regional Reporting

Current Structure Going Forward

North AmericaAsia Pacific

USACanada

Europe, Middle East & Africa Australia & NZAsiaEurope, Middle East & Africa

Revenue Segmentse e ue Seg e ts

Current Structure Going Forward

Register Maintenance Register MaintenanceCorporate Actions Corporate ActionsFund Services Business Services*Stakeholder Relationship Management Stakeholder Relationship Management**Employee Share Plans Employee Share PlansCommunication Services Communication ServicesTechnology & Other Technology & OtherTechnology & Other Technology & Other

* Business Services – KCC, Administar, IML events (from Corporate Actions), Computershare Voucher Services & Deposit Protection Scheme (from Registry Maintenance)

17

** Fund Services now incorporated in Stakeholder Relationship Management

FinancialResults

Margin Income Analysis

Average market interest rates:UK 4.55% 4.49% 4.78% 5.30% 5.71% 5.19% 4.16% 0.82%US 3.70% 4.66% 5.25% 5.25% 4.85% 2.67% 1.53% 0.27%Canada 2.79% 3.77% 4.25% 4.25% 4.45% 3.51% 2.58% 0.64%Australia 5.50% 5.58% 6.03% 6.25% 6.52% 7.12% 6.23% 3.35%

Average balances (US$bn)* 6 4 6 4 6 4 7 0 8 7 8 7 7 2 6 4

18

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

(US$bn) 6.4 6.4 6.4 7.0 8.7 8.7 7.2 6.4

FinancialResults

FY09 Revenue & EBITDARegional AnalysisRegional Analysis

Total Revenue EBITDATotal Revenue breakdown

EBITDAbreakdown

26%

17%

43%46%

40%

43%

28%

Asia Pacific EMEA North America Asia Pacific EMEA North America

19

FinancialResults

Operating Costs Half Year Comparisons

$USm

Half Year Comparisons

137 4500

600

$

144.5 133.2 138.9 139.7 137.0 147.4 137.4 141.2

400

345.0 355.2 367.4 404.9 395.4 426.2 406.7 350.6200

300

100

0

1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09

l f l ( )

20

Operating Costs excl. COS Cost of Sales (COS)

FinancialResults

Technology CostsContinued Investment to Maintain Strategic AdvantageContinued Investment to Maintain Strategic Advantage

$USm

6.5 6.7

9.6%9.4%

10.1% 10.3%10.0%

160

180

$USm

41.6

41.3 38.23.6

6.5

6.0%

8.0%

100

120

140

21.4

40.6

44.6 45.350.0

4.0%

0

60

80

100

40.5 43.364.8 63.6

0.0%

2.0%

0

20

40

FY06 FY07 FY08 FY09FY06 FY07 FY08 FY09

Development Infrastructure Maintenance Admin Technology costs as a % of sales revenue

21

FinancialResults

Balance Sheet as at 30 June 2009

Variance Jun-09 Jun-08US$'000s US$'000s

Jun-09 to Jun-08

Current Assets 537,013 516,129 4%

Non Current Assets 1,960,523 1,721,889 14%

Total Assets 2,497,537 2,238,018 12%

Current Liabilities 414,934 436,912 (5%)

Non Current Liabilities 1,181,434 1,030,910 15%

Total Liabilities 1,596,369 1,467,822 9%

T t l E it 901 168 770 196 17%Total Equity 901,168 770,196 17%

22

FinancialResults

Key Financial Ratios

EBITDA Interest Coverage Net Financial Indebtedness to EBITDA

12.1

8.7

11.9 11.513.3

10

12

14

timesEBITDA Interest Coverage

2.482.5

3.0

times

2

4

6

8 1.68

0.94

1.64 1.67

0.5

1.0

1.5

2.0

0

FY05 FY06 FY07 FY08 FY09

0.0


US$m US$m Jun-09 to Jun-08

Cash 180.4 124.2 45%

Interest Bearing Liabilities * 974.3 910.9 7%

Net Debt 793 9 786 7 1%Net Debt 793.9 786.7 1%

Management EBITDA 475.5 479.2 (1%)

Net Debt to Management EBITDA 1.67 1.64 2%

23

* Average Tenor of drawn debt at 30 June 2009 was 4.2 years.

Debt Facility Maturity Profile FinancialResults

Maturity Dates Debt Drawn CommittedDebt Facilities

Bank Debt

F ilit

Private Placement

F ilit

700US$m

Facility Facility FY10 FY11 Oct-10 390.6m 550.0m 550.0m

Mar-11 50.0m 50.0m 50.0m FY12 Mar-12 123.0m 123.0m 123.0m FY13 FY14

440 6

600.0

500

600

700 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 $944.1m* $1,103.5m $550.0m $553.5m 440.6

235.0 235.0300

400

123.0 124.5

21.0

123.0 124.5

21.0

0

100

200

0

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

Debt drawn Committed debt facility

24

$200M bank club facility, expiring Oct-09, cancelled by CPU 30-Jun-09

FinancialResults

Capital Expenditure

Capital Expenditure Vs. Depreciation$USm$USm

2.625

2.53.0

7 9

4.8

0.8

0.60.6

15

20

4.1

2.2

1.6

1.91.2

2.2

3.8

7.9

3.00.7

0.5

1.1

0.5

0.210

7.6 5.0

12.1

8.8

13.9

7.2 8.2

0.9

2.3

1.93.8

1.45

2.90

1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09

Information Technology Communication Services Facilities Occupancy Other Depreciation

25

FinancialResults

Working Capital Management

Days sales outstanding

4550

Days

y g

4543 44

40

35

40

45

25

30

10

15

20

0

5

FY06 FY07 FY08 FY09

26

FinancialResults

Return On Invested Capital Vs. WACC andReturn on EquityReturn on Equity

40.20%

36 10%

42%

26 40%

36.10%

30%

36%

17.62%19.64%

17.98%19.40%

26.40%

8

24%

10.24%10.34% 10.20% 10.57%12.19%12%

18%

6%

FY06 FY07 FY08 FY09WACC ROIC ROE

27

Equity Management – Final Dividend of 11 cps (AU)of 11 cps (AU)

EPS – Basic US 46.02 cents

EPS M t US 52 11 tEPS – Management US 52.11 cents

Interim Dividend (40% franked) AU 11 centsInterim Dividend (40% franked) AU 11 cents

Final Dividend (50% franked) AU 11 cents

Current Yield* 2.2%

* Based on 12 month dividend and share price of A$10.13 (close 10 August 2009)

28

FinancialResults

Financial Summary – Final Remarks

› Record management EPS achieved in a ‘once-in-a-generation’ difficult g geconomic environment

› Solid revenues, disciplined expense, cost and capital expenditure management have driven solid margins and generation of free cash flowhave driven solid margins and generation of free cash flow

› Maintained strong balance sheet› Return on equity >35%› Final dividend maintained at AU 11 cents per share, franking lifted to 50%

29

Market Financial CEO’s ReportOverview Results CEO s Report

30

CEO’s Report

CEO Presentation

Stuart CrosbyPresident & CEO

31

Group Strategy and PrioritiesCEO’s Report

› Our group strategy remains as it has been:› Continue to drive operations quality and efficiency through measurement,

benchmarking and technology› Improve our front office skills to protect and drive revenue› Improve our front office skills to protect and drive revenue› Continue to seek acquisition and other growth opportunities where we can

add value and enhance returns for our shareholders

› In addition, we are committing priority resources in two areas:› Continuing to lift our market position› Engaging with a range of proposals and projects around the globe that› Engaging with a range of proposals and projects around the globe that

look to change the legal and/or operational structure of securities ownership and of communications between issuers and investors (we refer to these matters as “market structure”)to these matters as market structure )

32

Delivery Against StrategyCEO’s Report

› Delivering on the first two limbs of the strategy (cost and revenue) remains a g gy ( )key factor in protecting our profits and margins in these tough times:

› Operational productivity continues to improve across the globe› Pay off from revenue initiatives mitigates the declines that we would› Pay-off from revenue initiatives mitigates the declines that we would

otherwise be seeing› Our position at the top of independent service surveys supports client

t ti d i iretention and pricing› Non-cyclical and counter-cyclical acquisitions during the year also protect our

profits and margin across the business cycle› Our strong balance sheet and robust cashflows allow us to look at any

opportunities that emerge

33

Priority - Lifting our Market Position

› We continue to enhance the quality of our operational and client directed q y pprocesses

› We continue to release a range of new and enhanced products across the full range of our businessesrange of our businesses

› Third party shareholder and issuer satisfaction surveys, as well as our own market research, continue to show that the market is recognising our edge in quality and product innovationquality and product innovation

› We expect our differentiation from our competitors to increase - the differentiation should be even clearer as some competitors work to address funding concerns and others prepare for the exit of private equity and otherfunding concerns, and others prepare for the exit of private equity and other non-strategic owners

34

Priority - Market Structure Projects

› A range of market structure projects are underway around the world › Some are driven by brokers’ and custodians’ desire for back-office efficiencies

- in these cases, the interests of our clients (issuers of securities) are often at risk, as back office efficiency comes at significant cost to transparency and

i i b i d icommunication between issuers and investors› Others are driven by issuers responding to increasing investor power and

activism by seeking better visibility of who owns their securities and better ways to communicate with them

› Examples include the ECB’s Target 2 Securities project and the “proxy plumbing” enquiries of the US SEC - similar exercises are underway in Canada, Russia, Hong q y , , gKong and the UK

› We are actively engaged in all cases, and in all cases:› Our global experience gives us a unique and widely valued perspective and› 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

ff ti i ti h l ith th i i t

35

more effective communication channels with their investors

Other Key Points at a Group Level

› We accept that volatile foreign exchange markets will continue to bring noise p g g gto our reported results; we will continue to focus on local business profitability

› Operating margins continue to hold up› Corporate actions revenue has also held up but it remains lumpy› Corporate actions revenue has also held up - but it remains lumpy› Non-cyclical and counter-cyclical businesses – Deposit Protection Scheme and

Vouchers in the UK, bankruptcy and class action administration in the US, t t t i C d d i l i ti i b icorporate trust in Canada and commercial communication services businesses

everywhere – also help protect us from the immediate financial markets cycles

36

North America UpdateUnited States

CEO’s ReportUnited States

› Investor Services› Client retention remains strong off the back of strong service, but client

insolvency having some impact› Revenues also hit by dividend reductions / cessation and by record low› Revenues also hit by dividend reductions / cessation, and by record low

transaction volumes and IPO activity › Strong cost management has more than covered falls in transactional fees,

b t i i f ll h d t ff tbut margin income falls harder to offset› Other

› Fund services ramping up for some major projectsp g p j p j› Plans also hurt by collapse in transaction volumes› Georgeson achieving good market share in “fights”; restructuring AGM

service to meet rule 452 repeal opportunitiesservice to meet rule 452 repeal opportunities› Bankruptcy admin – moving Administar into KCC and expanding

infrastructure to take advantage of very buoyant market

37

CEO’s Report

North America UpdateCanadaCanada

› Investor Services› Client retention strong but insolvency biting› Working on a range of industry efficiency initiatives

C T› Corporate Trust› Strong business development and growth in a tough environment› Low interest rates drag against that growthLow interest rates drag against that growth › Looking to take some products (eg, escrow administration) to other

markets – have already written escrow business in Aust and UKOthe› Other

› Plans - holding up well› Georgeson – hit by lower M&A levels but still market leaderg y› CCS – good growth in value-added work (commercial and non-registry)

38

EMEA UpdateUK Russia Germany Ireland & South Africa

CEO’s ReportUK, Russia, Germany, Ireland & South Africa

› UK› Investor Services had a great FY09 – FY10 more challenging after large

client losses through nationalisation, takeover, etc› More registry client acquisition opportunities as competitors struggle to› More registry client acquisition opportunities as competitors struggle to

maintain service standards in the tough environment› Deposit Protection Scheme and Vouchers going very well

Pl lli d i i l b l l ti t l lti ti l› Plans selling award winning global solutions to large multinationals › Germany

› VEM stabilised and focused on integration across the CPU groupg g p› Russia, Ireland and South Africa

› Russian market heavily impacted by GFC› Ireland and South Africa tracking well in a difficult environment

39

CEO’s Report

Asia Pacific Update AsiaAsia

› Hong Kong and Chinag g› Hong Kong IPO pipeline strong and starting to flow (hopefully)› Established as a credible provider of proxy services to PRC issuers (where

no market for proxy services had previously existed)no market for proxy services had previously existed) › Plans offering for foreign listed PRC issuers continues to attract clients

› India› IPO market and mutual fund valuations bouncing back

› JapanIR and p o sales th o gh JSS (JV ith MUTB) pe fo ming c editabl in a› IR and proxy sales through JSS (JV with MUTB) performing creditably in a difficult environment

› Continue to engage positively with MUTB on broader opportunities

40

Asia Pacific UpdateAustralia and New Zealand

CEO’s ReportAustralia and New Zealand

› Investor Services› Very strong major client retention› Strong corporate action flows have offset lower activities in other areas

I lf i l l i i› Investor self-service levels continue to increase› Brought a wide range of new products to market (eg, custodian portal, a

range of on-line voting tools for investors and issuers)› NZ – some capital raising activity, but otherwise subdued

› OtherCCS c ts in disc etiona spend h ting comme cial e en es› CCS – cuts in discretionary spend hurting commercial revenues

› CPM – proposed budget changes would have hurt most plans, and CPU played a strong role in addressing the threat

› Georgeson – remain the market leader› Fund Services – integrated offering continues to attract clients

41

Computershare LimitedFull Year Results 2009 Presentation

Stuart CrosbyPeter BarkerPeter Barker

12 August 2009

Appendix:Full Year Results 2009 Presentation

12 August 2009

43

Appendix 1: Group Comparisons

Group Comparisons

44

FinancialResults

Behind the Headline – NPAT IMPACT

Net profit after tax at 30 June 2009 255,733

Redundancy provisions 12 689

US$000’s

Redundancy provisions 12,689

Restructuring provisions 2,524

VEM asset write-downs 12,573,

Profits on sales of controlled entities and business units (6,872)

Marked to market adjustments - derivatives 940

Intangible asset amortisation 11,946

Management adjusted profit after tax at 30 June 2009 289 533Management adjusted profit after tax at 30 June 2009 289,533

45

FinancialResults

CPU Revenues

4% Revenue Type

6%

10% Register Maintenance

Corporate Actions

49%

5%

5%Fund Services

Stakeholder Relationship Management

21%

Employee Share Plans

Communication Services

21% Technology & Other Revenue

46

FinancialResults

FY09 RevenueRegional Analysis

$USm

Regional Analysis

386.2400

450

$USm

250

300

350

166.0

115 7

184.1

133.0127.5150

200

250

`

52.9

25.45.7

15.7

115.7

13.14.8

31.4 35.118.3 19.0

53.736.9

47.6

12.626.950

100

5.74.80

Register Maintenance

Corporate Actions Fund Services Stakeholder Relationship Management



Technology & Other Revenue

Asia Pacific EMEA North America

47

Asia Pacific EMEA North America

FinancialResults

RevenueFull Year Comparisons

$USm

Full Year Comparisons9.

7

725.

9

817.

6

736.

2

700

800

900

$

639

500

600

70017

1.8

0.5

252.

5

6.1

7.1

303.

6

9 .3

313.

4

146.

6

200

300

40011

0

90.3

95.8

63.2

43.5

116

86.9 11

7

75.7

44.291

.3

89

119

105.

56.883

.9

73.9 98

.4 1

59.2

0

100

Register Corporate Actions Funds Services Stakeholder Employee Share Communication Technology & OtherRegister Maintenance

Corporate Actions Funds Services Stakeholder Relationship Management




FY06 FY07 FY08 FY09

48

FinancialResults

Operating CostsFull Year Comparisons

$USm

Full Year Comparisons

431.

1 459.

4 501.

6

475.

2

450

500

55077

.7

4

8.6

84.4

78.6

350

400

27 27

3

28

56.4

27

53.5200

250

300

56.2

69.5

113.

7

29.7

64.5 77

.2

131.

3

39.963

.9

66.1

1

33.561

.5

44.6

1 5

2.5

50

100

150

2 22

0

50

Cost of Sales Personnel Occupancy Other Direct Technology Corporate

FY06 FY07 FY08 FY09

49

FinancialResults

RevenueHalf Year ComparisonsHalf Year Comparisons

1 375.

8 406.

5

411.

1

386.

0

1400

450

$USm

350.

1 3

350.

1

300

350

119.

7

132.

8 169.

4

134.

2 155.

2

159.

7

150

200

250

74.2

34.2 58

.2

37.2

20.441

.8

52.7 58

.9

38.5

23.841

.7

39.9 59

.0

44.4

27.349

.6

49.1 60

.0

60.9

29.5

36.2

35.9 54

.1

83.5

32.046

.2

38.1

44.2 63

.2

27.2

0

50

100

0

Register Maintenance Corporate Actions Funds Services Stakeholder Relationship Management

Employee Share Plans Communication Services Technology & Other Revenue

1H07 2H07 1H08 2H08 1H09 2H09

50

FinancialResults

Operating CostsHalf Year Comparisons

$USm

Half Year Comparisons

8

240.

5

239.

7

261.

9

251.

5

3.7250

300

218.

8

5

223

200

138.

9

139.

7

137.

0

147.

5

137.

4

141.

2

150

28.9 41

.9

61.3

5

35.6

35.3

70.1

.430.5

27.4

76.7

.933.4 38.6

79.7

31.7

3.4

82.2

929.8

.2

71.3

50

100

16.5 23

2

20

12.623

17.92

21

4.6

0

Cost of Sales Personnel Occupancy Other Direct Technology Corporate

51

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

Underlying Effective Tax Rate

Tax rate

30 0

35.0

%

23.9

28.5

26.427.5

25.0

30.0

19.4

15.0

20.0

5.0

10.0

0.0


52

Hedge Lifecycles FinancialResults

Hedging of Long Term Sustainable Balances

100%

Hedging of Long Term Sustainable Balances

80%

40%

60%

20%

0%

Jul-09 Jul-10 Jul-11 Jul-12

Total Hedging

53

Total Hedging

Interest Rate SensitivityFinancialResults

80US$m PBTImpact

40

60

0

20

-20

0-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%

-60

-40

Exposure Hedged exposure

This graph outlines the sensitivity of interest rate changes when measured against core client balances (long term sustainable balances) adjusted by the impact of floating rate debt corporate

-80

Exposure Hedged exposure

54

balances (long term sustainable balances), adjusted by the impact of floating rate debt, corporate cash balances and derivative positions.

Interest Rate HedgingRisk Management

FinancialResultsRisk Management

Interest Rate Hedging

Strategy: - Protect downside risk in current interest rate environment

Policy: - Minimum hedge of 25% / Maximum hedge of 100%

- Minimum term 1 year / Maximum term 5 years

- Current hedging of balances exposed to interest rates: 52%

55

Risk Management – Average Funds Balances for year ending 30 June 2009

FinancialResultsfor year ending 30 June 2009

By Category By Country

Sharesave/Employee

Plans8%Dividend

16%

Australia5%US

22%

Broker Trust18%

Dissenter3%

C d

Regular Trust21%

Corporate Actions34%

Canada49%

UK24%

Average funds balance US$6.8b

21%

56

FinancialResults

Appendix 2: Country Summaries

Country Summaries

57

FinancialResults


Asia Pacific

58

FinancialResults

Australia Half Year ComparisonHalf Year Comparison

76.7

74.9

84.0

80

90$Am Revenue Breakdown

221.5

250

$Am Total Revenue

66.8

63

.2

63.4

4

57.1

68.7

60

70

173.6

152.9

168.5

200

8.1

28.7

35.7

35.0

2

47.4

34.0

.5

40

50143.2

136.5

100

150

24.7

9 8.6

28

7.2

21.0

.6

8.2

2

6.8

6.9 8.

7

7.8

25.2

7.5

5

9.5

11.2

26.

8.2

10

20

30

50

3.0 4.

9 7

3.0 5. 6

2.8

6

2.6

2.9 3.8

2.3 5.

1.9

2.0 4.

1

0

10


Corporate Actions Fund Services Stakeholder Relationship Management




0

1H07 2H07 1H08 2H08 1H09 2H09

59

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

Hong Kong Half Year Comparison

$HKmTotal Revenue

$HKm Revenue Breakdown


441.1

400

450

500

300.3300

350

300

350

400

200

250

227.1 235.4

212.2195.9 192.4200

250

123.4126.0

109 4

140.7

161.4

177.6 176.8

150

200

100

150103.5 109.4

50.850

100

0

50

1H07 2H07 1H08 2H08 1H09 2H09

18.3 15.6

0

Register Maintenance Corporate Actions

60

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

India Half Year Comparison

2.3INRm

Revenue Breakdown


1,060.0

1200

INRmTotal Revenue 62

2

538.

4

502.

7550

600

650

812.2 836.1 834.4

800

1000

8

381.

2

.4

400

450

500

582.2

533.2600 28

7.0

261.

8

216.

3

270.

6309.

8

257.

9

9.8

276.

9 317.

250

300

350

200

400

.4 46.3

121.

2

179

8

100

150

200

0

1H07 2H07 1H08 2H08 1H09 2H09

33

4

20.8

14.3

0

50

Register Maintenance Corporate Actions Fund Services

1H07 2H07 1H08 2H08 1H09 2H09

61

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

New Zealand Half Year Comparison

$NZm Revenue Breakdown10

$NZmTotal Revenue


7.0

88.6

8.1

8.4

8.1

7.58

5.9

6.3 6.4 6.46.1

66.9

7.5

6

4

4

1.61.8

2.01.7

1.4

22

1.0

0


0

1H07 2H07 1H08 2H08 1H09 2H09

62


1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults


North America

63

FinancialResults

United States Half Year Comparison

$USmRevenue Breakdown

299.4 296 7

$USm Total Revenue


157.

2

9.4

200299.4 296.7

263.2

280.9

231.7

277.1

250

300

133.

7

136.

714

912

5.7

128.

1

150

231.7

200

66.2

61.2

100

100

150

45.5

12.7

27.9

9

45.4

33.1

21.6 25

.9

7

44.4

28.8

13.7

24.9

11.6

42.6

30.5

21.3

20.6

1.3

38.4

20.8

11.8 19

.1

12.1

32.9

20.9

16.0

11.9

50

50

100

1

3.5 9.

3.7 9.

3.1

1

5.2 11

3.9

1

6.1 1

0

Register Main Corp Actions Fund Services Stakeholder Relationship Management




1H07 2H07 1H08 2H08 1H09 2H09

0

1H07 2H07 1H08 2H08 1H09 2H09

64

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

Canada Half Year Comparison

$CAm Revenue Breakdown130

$CAm

Total Revenue


76.0

76.4

81.8

74.7 76

.4

80

90

$CAm Revenue Breakdown

96.2

114.6116.1

108.5

104.1 102.6110

120

130

63.6

60

70

80

90

100

40

50

50

60

70

21.4 24

.1 27.5

14.4 17

.414

.520

30

20

30

40

2.9

6.7

1.5

0.1

5.1 7.

9

1.5

0.1

4.1 6.

6

1.2

0.43.

2

7.6

1.2

0.32.

6

7.2

1.5

0.72.1

7.1

1.4

1.1

0

10


Corporate Actions Stakeholder Relationship




0

10

1H07 2H07 1H08 2H08 1H09 2H09

65

Maintenance Relationship Management

Plans Services Other Revenue

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults


EMEA

66

FinancialResults

United Kingdom Half Year Comparison

GBP


.745

.0

50Revenue Breakdown

GBPm

86.5

96.4

90

100

GBPm Total Revenue

29.7

30.4

33.6

29.6

37.

32.5 34

.0

30

40

53.7 55.557.1

60

70

80

0.6 .4 11.8

.4 .3

20

50.4

30

40

50

10

1.8

9.4

1.1

1.0

4.7

2.7

9.8

1.5

1.4

8.2

1.6

9.3

0.8 1.8

10

2.4

1

1.4

1.52.

7

10

1.0 2.

1

1.8

10

1.3

4.0

0

10

0

10

20

0


Corporate Actions Stakeholder Relationship Management




1H07 2H07 1H08 2H08 1H09 2H09

1H07 2H07 1H08 2H08 1H09 2H09

67

FinancialResults

Ireland Half Year Comparison

EURm Revenue BreakdownEURmTotal Revenue


3.4

3.2

4

4.9

6

2.7

3.0

2.9 3.0

3

3.4

4.1

4.44.2

4.54.5

1.3

23

0.7

0.7

0.5

0.7

2

0.4

0.8

0.5

0.5

2

11.5

0.2

0.1

0.10.

2

0.1

0

Register Maintenance Corporate Actions Funds Services Technology & Other Revenue

1H07 2H07 1H08 2H08 1H09 2H09

0

1H07 2H07 1H08 2H08 1H09 2H09

68

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

Germany Half Year Comparison

6EURm Re e e B e kdoEURm Total Revenue


9.8

11. 6

10.1

10

11

12Revenue Breakdown

31.2

30

35

EURm Total Revenue

7.2

7.0

8.6

7.7

8.2

7.4

6.8

7

8

9

19.3

24.8

19

26.3

20

25

4.1

5.7

5.7

5.5

5.0

3.6

5.2

5.2

44

5

617.4

19

15

20

.7 5

2.9

5 0.8

5

3

6

1.8

3.4

2

3

4

5

10

0.

0.1 0.30.5

0.1

0.10.

4

0.4

0.30.5 0

0.5 0.6

0.4

0.3

0

1


Corporate Actions Stakeholder Relationship Management




0

1H07 2H07 1H08 2H08 1H09 2H09

69

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

South Africa Half Year Comparison

R B kdZARm Total Revenue


102.3 100.5

112.8107.9110

120

ZARmRevenue Breakdown

136.1

123 4

140

160

81.5

87.6

80

90

100

87.7

99.7

115.2 113.1

123.4

100

120

50

60

70

60

80

12.1 12.9 12.6

23.3

15.520

30

40

20

40

6.3

0

10


0

1H07 2H07 1H08 2H08 1H09 2H09

70

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

Russia Half Year Comparison

RUBm Revenue BreakdownTotal Revenue


255.6

277.4

247.7

300

RUBm Revenue Breakdown

272.6

292.9

284.5300

RUBm

179.8

247.7

200

250

179.8200

250

128.5

102 8

150128.5

03 0

150

36.8

102.8

50

100103.0

50

100

17.0 15.6

0.30


1H07 2H07 1H08 2H08 1H09 2H09

0

1H07 2H07 1H08 2H08 1H09 2H09

71

1H07 2H07 1H08 2H08 1H09 2H09

FinancialResults

Appendix 3: Assumptions

Assumptions

72

Assumptions: Exchange Rates FinancialResults

Average exchange rates used to translate profit and loss to US dollars

USD 1.00000

AUD 1.31946

HKD 7.76874

NZD 1.62827

INR 47.0214

CAD 1.14155

GBP 0 61234GBP 0.61234

EUR 0.71780

ZAR 8.77224RUB 28.6471AED 3.67288

73

Documents

Computershare Limited Full Year Results 2009 Presentation...Net Profit after OEI $289.5m $290.4m Flat $331.4m Up 14% Days Sales Outstanding (DSO) 40 days 44 days Down 4 days Cash Flow