COMPUTERSHARE LI MI TED (ASX:CPU) FI NANCI AL RESULTS FOR THE HALF - - PDF document

SLIDE 1

COMPUTERSHARE LI MI TED (ASX:CPU) FI NANCI AL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2013 12 February 2014

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

The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards. Copies of the 1H14 Results Presentation are available for download at: http://www.computershare.com/au/about/ir/financials/Pages/results.aspx

SLIDE 2

MARKET ANNOUNCEMENT

Melbourne, 12 February 2014 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per

Share (eps) of 25.07 cents for the six months ended 31 December 2013, an increase of 47.3% on the prior corresponding period (pcp – being the six months ended 31 December 2012). Management Adjusted Earnings per Share was 29.41 cents, an increase of 9.5% on pcp. Statutory Net Profit after Non-Controlling Interest (NCI) grew 47.3% on pcp to $139.4 million whilst Management Adjusted Net Profit after NCI climbed 9.6% to $163.6 million. Total statutory revenues were 0.6% lower than pcp at $981.5 million. Operating cash flows increased 44.0% versus 1H13 to $191.9 million. The Company also announced that the CEO and President, Mr Stuart Crosby, has advised his intention to step down with effect from 30 June 2014. He will be succeeded by current Chief Information Officer and long term employee, Mr Stuart Irving (refer to today’s separate market announcement for more details). An interim dividend of AU 14 cents per share, 20% franked, has been declared. The interim dividend is unchanged from the final dividend paid in September 2013, and the franked percentage is unchanged.

Headline Statutory results for 1H14 (see Appendix 4D) as follows:

1H14

Versus 2H13

Versus 1H13 (pcp)

Statutory Earnings per Share (Post NCI)

25.07 cents

Up 123.2%

Up 47.3%

Total Revenues and Other Income

$981.5m

Down 7.3%

Down 0.6%

Total Expenses

$806.0m

Down 15.9%

Down 9.9%

Statutory Net Profit (Post NCI)

$139.4m

Up 123.4%

Up 47.4%

Headline Management Adjusted results for 1H14 as follows:

1H14

Versus 2H13

Versus 1H13 (pcp)

1H14 at 1H13 exchange rates 1H14 at 1H13 exchange rates versus 1H13 Management Earnings per Share (Post NCI)

29.41 cents

Up 5.1%

Up 9.5%

30.36 cents Up 13.0% Total Operating Revenues

$976.9m

Down 5.8%

Down 1.1%

$1,010.3m Up 2.3% Operating Expenses

$709.2m

Down 7.8%

Down 5.0%

$736.7m Down 1.3% Management Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA)

$267.0m

Down 0.5%

Up 10.6%

$268.9m Up 11.4% EBITDA margin

27.3%

Up 140bps

Up 290bps

26.6% Up 220bps Management Net Profit after NCI

$163.6m

Up 5.1%

Up 9.6%

$168.9m Up 13.1% Cash Flow from Operations

$191.9m

Down 4.4%

Up 44.0%

Free Cash Flow

$185.6m

Up 2.8%

Up 69.2%

Days Sales Outstanding (DSO)

42 days

Down 3 days

Down 6 days

Capital Expenditure

$10.3m

Down 59.8%

Down 57.0%

Net Debt to EBITDA ratio

2.26 times

Down 0.21 times

Down 0.46 times

Interim Dividend

AU 14 cents

Flat

Flat

Interim Dividend franking amount

20%

Flat

Flat

SLIDE 3

MARKET ANNOUNCEMENT

Reconciliation of Statutory Results to Management Results HY14 USD 000’s Net profit after tax per Statutory Results

139,436

Management Adjustments (after tax) Amortisation

Intangible assets amortisation 30,362

Strategic business initiatives

Adjustment to disposal accounting (2,599) Business closure - reversal Restructuring provisions (1,252) 78

One-off items

Acquisition related costs Foreign exchange gain 351 (2,330)

Other

Put option liability re-measurement Marked to market adjustments - derivatives 425 (916)

Total Management Adjustments

24,119

Net profit after tax per Management Results

163,555

Management Adjustments

Management Results are used, along with other measures, to assess operating business performance. The Company believes that exclusion of certain items permits better analysis of the Company’s performance on a comparative basis and provides a better measure of underlying operating performance. The items excluded from the Management Results in HY14 were as follows:

Amortisation 

Customer contracts and other intangible assets are recognised separately from goodwill on acquisition and amortised over their useful life in the Statutory Results. The amortisation expense of these intangibles for 1H14 was $30.4 million.

Strategic business initiatives 

The disposal accounting for the sale of Interactive Meetings Limited (IML), the interactive events technology group, was finalised, which reduced the loss on disposal recognised in June 2013 by $2.6 million.



The Australian Fund Services business was sold after an initial decision had been made to close it. Consequently, provisions for exit costs of $1.3 million were reversed.



Restructuring provisions of $0.1 million were raised related to Computershare’s German property leases.

One-off items 

Integration and acquisition costs totalling $0.4 million related to US, UK and Canadian acquisitions were incurred.



An accounting gain of $2.3 million was recorded as a result of foreign currency bank accounts translation.

Other 

The put option liability re-measurement, resulting in a charge against profit of $0.4 million, relates to the FX impact on the valuation of the joint venture arrangement in India.



Derivatives that have not received hedge designation are marked to market at the reporting date and taken to profit and loss in the Statutory Results. The valuations, resulting in a gain of $0.9 million relate to future estimated cash flows.

SLIDE 4

MARKET ANNOUNCEMENT

Commentary (based on Management Adjusted results)

Computershare delivered Management Earnings per Share of 29.41 cents, up 9.5% on the 1H13 result. Revenues in 1H14 were 1.1% lower at $976.9 million. Management EBITDA was $267.0 million, up 10.6% on pcp whilst Management NPAT rose 9.6% to $163.6 million. EBITDA margin was 290bps higher than 1H13 at 27.3%, reflecting the continued realisation of cost synergies from the Shareowner Services acquisition and cost management programs within the group that saw controllable costs drop 5.8% on pcp. Cash flow from operations was 44.0% higher than 1H13 at $191.9 million. Total revenue was marginally lower on pcp, largely as a result of the divestment of IML and the Australian Fund Services business as well as the broad based strengthening of the US dollar. Total revenue was positively impacted by the contribution from the acquisition of the Morgan Stanley EMEA employee plans business in May 2013 and growth in the loan servicing and class actions businesses during 1H14. The low interest rate environment and maturing deposits continue to place pressure on Computershare’s margin

• income. The record average client balances in 1H13 were not repeated, impacting the margin income contribution. In

addition corporate action revenues, whilst roughly flat on the June half, were 16.8% lower than 1H13 as IPO application numbers remained soft, secondary raisings were also relatively weak and M&A was patchy. Stakeholder relationship management revenues were 10.3% lower than pcp as US mutual fund solicitation and corporate proxy activity in the rest of the world remain subdued. Improved earnings and group EBITDA margin was primarily an outcome of lower controllable costs. This was driven by continued large cost synergies achieved from the completion of the Shareowner Services client migration to Computershare technology. The cost line remains a key focus as the group evaluates its capacity to further leverage its offshore processing capabilities for certain operating functions. Another period of strong performance by the employee plans business also made a positive contribution to earnings. Computershare’s CEO, Stuart Crosby, said, “Our challenge continues to be growing the revenue base, as it is for many companies, while maintaining our focus on managing the expense side of the ledger. We have been relatively successful in this regard, helped by the realisation of anticipated synergies from the Shareowner Services acquisition,

• ur recent increased utilisation of our offshore processing capabilities and a general cost focus throughout the group.

Employee share plans and loan servicing have again provided significant impetus to the business during the past six months, whilst corporate action revenues were lower, hindered, in part, by ongoing low interest rates and deal

• activity. A pleasing outcome was the improvement in some of our US businesses, with class actions and

communication services businesses in particular improving significantly in the first half. “At our AGM in November we said that our Management eps guidance for FY14 would remain at around 5% higher than FY13, despite some encouraging early signs that the operating environment may be improving. A few months further along and we are a little more confident. We are now saying that we anticipate Management eps growth on FY13 of between 5% and 10%.”

SLIDE 5

MARKET ANNOUNCEMENT Below is a summary of Statutory and Management eps performance since 1H11:

Regional Summary

Australia and New Zealand Revenues and EBITDA in Australia and New Zealand dropped 13.0% on 1H13 to $198.4 million and 15.5% to $40.5 million respectively. Corporate actions remained subdued despite recent IPO activity and divestment of the Fund Services business also contributed to the decline in total revenue on pcp. Registry maintenance, employee plans and communication services were largely flat in Australia whilst investor services revenues in New Zealand were pleasingly

• higher. Lower Australian dollar interest rates also negatively impacted margin income for the half.

Operating costs were marginally lower than 1H13 aided by reduced expenses in the utilities back office services business and as a result of the Fund Services business divestment. The significant weakening of the Australian dollar during 1H14 also affected revenue and expenses in comparative terms. Asia Revenues in Asia were 4.3% lower than 1H13 at $54.9 million, however EBITDA grew 7.1% to $18.0 million. A stronger performance by the Hong Kong business was offset by weaker revenues in India. Corporate actions and the employee plans business largely drove the better results in Hong Kong. India experienced growth in corporate actions revenue however this was more than offset by the fall in business services revenue in pcp terms. The fall in the Indian rupee also impacted the outcome for the half. United Kingdom, Channel Islands, Ireland & Africa (UCIA) Revenues and EBITDA increased 2.7% to $149.6 million on pcp and 4.4% to $55.7 million respectively. The acquisition of the Morgan Stanley EMEA employee plans business underpinned the region’s performance on pcp. The

• perating environment for traditional UK investor services businesses remain challenging and the deposit protection

scheme and voucher services business could not match 1H13 results. The Irish business had a strong half versus pcp whilst the South African business was flat. Continental Europe Revenues in the region fell 0.3% on pcp to $45.2 million and EBITDA decreased 88.3% to $0.4 million. The Russian and Italian registry businesses were unable to match their strong 1H13 performances. There were improved

• utcomes from the German and Scandinavian businesses on pcp.

United States United States revenues increased 8.1% on 1H13 to $429.4 million and EBITDA was 46.4% higher at $105.4 million. Strong growth in loan servicing, communication services and the class actions business contributed to higher revenues on pcp. The improved EBITDA result was underpinned by continued realisation of cost synergies from the Shareowner Service acquisition. Corporate actions revenue fell and the bankruptcy administration and post-merger clean-up businesses were unable to match 1H13 results. Soft mutual fund proxy solicitation activity saw stakeholder relationship management revenues lower than pcp.

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 Cents per share

Statutory & Management eps

Statutory US cents Management US cents

SLIDE 6

MARKET ANNOUNCEMENT Canada Canadian revenues were 6.5% down on pcp at $90.2 million and EBITDA fell 10.4% to $36.8 million. Reduced maintenance fees and corporate actions revenue in the registry business as well as market driven reductions in the communication services and corporate proxy businesses and one time investment in IT development in employee plans led to the overall fall in results for the region. Margin income was also lower than 1H13. The corporate trust business outperformed on pcp, as did the small shareholder programs/post-merger clean-up business.

Dividend

The Company announces an interim dividend of AUD 14 cents per share, 20% franked, payable on 18 March 2014 (record date of 24 February 2014). This follows the final dividend of AUD 14 cents per share, 20% franked, paid in September 2013. The DRP pricing period for this dividend will be from 26 February 2014 to 11 March 2014 (inclusive). No discount will apply to the DRP price. DRP participation elections received after 5pm (AEST) on the dividend record date will not be effective in respect of this interim dividend payment but will apply to future dividend payments.

Capital Management

The Company’s issued capital was unchanged during the half. There were 556,203,079 issued ordinary shares

• utstanding as at 31 December 2013.

Balance Sheet Overview

Total assets grew $69.0 million to $3,687.8 million at 31 December 2013. Shareholders’ equity increased $67.6 million to $1,198.5 million over the same period. Net borrowings decreased 3.7% to $1,211.4 million (from $1,257.3 million at 30 June 2013). Gross borrowings at 31 December 2013 totalled $1,721.0 million (from $1,711.7 million at 30 June 2013). The total debt facilities maturity now averages 4.3 years. There are no debt facility maturities during FY14. The loan servicing advance facility of $150.0 million matures 31 December 2014. The debt maturity profile is outlined in the table below: Maturity Dates Debt Drawn Committed Debt Facilities Bank Debt Facility Private Placement Facility FY14 Nil Nil Nil FY15 Mar-15 124.5m 124.5m 124.5m FY16 Oct-15 296.0m 300.0m 300.0m FY17 Oct-16 91.4m 250.0m 250.0m Mar-17 21.0m 21.0m 21.0m FY18 Jul-17 247.5m 250.0m 250.0m Feb-18 40.0m 40.0m 40.0m FY19 Jul-18 235.0m 235.0m 235.0m Feb-19 70.0m 70.0m 70.0m FY22 Feb-22 220.0m 220.0m 220.0m FY24 Feb-24 220.0m 220.0m 220.0m

Total $1,565.4m* $1,730.5m $800.0m $930.5m

* Variance from gross debt represents finance leases ($46.1m), loan servicing advance facility ($93.4m) and fair value hedge adjustment on USD senior notes and amortised cost adjustment ($16.1m).

The Company’s Net Debt to Management EBITDA ratio, the key gearing metric, fell from 2.47 times at 30 June 2013 to 2.26 times at 31 December 2013. Capital expenditure for 1H14 was 57.0% lower than 1H13 at $10.3 million. The Group’s Days Sales Outstanding (DSO) was 42 days, 3 days lower than 30 June 2013.

SLIDE 7

MARKET ANNOUNCEMENT

Technology Costs

Total technology spend for 1H14 was $117.8 million, 9.0% lower than 1H13. Technology costs included $34.4 million (1H13:$31.2 million) in research and development expenditure, which was expensed during the period. The technology cost to total operating revenue ratio was 12.1% for 1H14.

Foreign Exchange I mpact

Management EBITDA would have been $268.9 million, or 0.7% higher than actual 1H14, if average exchange rates from 1H13 were applied.

Taxation

The management effective tax rate for 1H14 was 23.2% (1H13:18.3%).

Outlook for Financial Year 2014

Having considered the results year to date and expectations for the balance of FY14, the Company is anticipating Management EPS for the full year FY14 to be between 5% and 10% higher than in FY13. As usual, the Company’s assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels.

Please refer to the Half Year Results 2014 Presentation for detailed financial data and the I mportant Notice on slide 66 regarding forward looking statements. 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, mortgage, bankruptcy, class action, utility and tax voucher administration, and a range of other diversified financial and governance services. Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world’s leading organisations use us to streamline and maximise the value of relationships with their investors, employees, creditors and customers. Computershare is represented in all major financial markets and has over 14,000 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 Darren.murphy@computershare.com.au

SLIDE 8 V1DIS

Computershare Limited

Half Year Results 2014 Presentation

Stuart Crosby Mark Davis 12 February 2014

SLIDE 9

2

Introduction Financial Results CEO’s Report

SLIDE 10 V1DIS

PRESI DENT & CHI EF EXECUTI VE OFFI CER

Stuart Crosby

Introduction

SLIDE 11

4

Results Summary Statutory Results

Note: all figures in this presentation are in USD M unless otherwise indicated.

Management results are used, along with other measures, to assess operating business performance. The Company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying

• perating performance.

Management adjustments are made on the same basis as in prior years. Non-cash management adjustments include significant amortisation of identified intangible assets from businesses acquired in recent years, which will recur in subsequent years, asset disposals and other one off charges. Cash adjustments are predominantly expenditure on acquisition-related and other restructures, and will cease

• nce the relevant acquisition integrations and restructures

are complete. A full description of all management adjustments is included in the ASX Appendix 4D Note 6. The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards.

Introduction

Reconciliation of Statutory Revenue to Management Results 1H14 Total Revenue per statutory results $981.5m Management Adjustments

Foreign exchange gain (3.3) Marked to Market adjustment on derivatives (1.3)

Total Management Adjustments

($4.6)

Total Revenue per Management Results $976.9m Reconciliation of Statutory NPAT to Management Results 1H14 Net profit after tax per statutory results $139.4m Management Adjustments (after tax)

Amortisation 30.4 Strategic Business initiatives (3.8) One-off items (2.0) Other (0.5)

Total Management Adjustments

$24.1m

Net Profit after tax per Management Results $163.6m 1H14 Vs 2H13 Vs 1H13 (pcp) Earnings per share (post NCI )

25.07 cents Up 123.2% Up 47.3%

Total Revenues

$981.5m Down 7.3% Down 0.6%

Total Expenses

$806.0m Down 15.9% Down 9.9%

Statutory Net Profit (post NCI )

$139.4m Up 123.4% Up 47.4%

SLIDE 12

5

Note: all results are in USD M unless otherwise indicated.

Results Summary Management Results

Introduction

1H 2014 2H 2013 v 2H 2013 1H 2013 v 1H 2013 1H 2014 @ 1H 2013 exchange rates Management Earnings per share (post NCI ) US 29.41 cents US 27.98 cents Up 5.1% US 26.87 cents Up 9.5% US 30.36 cents Total Operating Revenue $976.9 $1,037.5 Down 5.8% $987.6 Down 1.1% $1,010.3 Operating Costs $709.2 $768.9 Down 7.8% $746.3 Down 5.0% $736.7 Management Earnings before I nterest, Tax, Depreciation and Amortisation (EBI TDA) $267.0 $268.4 Down 0.5% $241.4 Up 10.6% $268.9 EBI TDA Margin 27.3% 25.9% Up 140 bps 24.4% Up 290 bps 26.6% Management Net Profit post NCI $163.6 $155.6 Up 5.1% $149.3 Up 9.6% $168.9 Cash Flow from Operations $191.9 $200.8 Down 4.4% $133.3 Up 44.0% Free Cash Flow $185.6 $180.6 Up 2.8% $109.7 Up 69.2% Days Sales Outstanding 42 days 45 days Down 3 days 48 days Down 6 days Capital Expenditure $10.3 $25.6 Down 59.8% $23.9 Down 57.0% Net Debt to EBI TDA ratio 2.26 times 2.47 times Down 0.21 times 2.72 times Down 0.46 times I nterim Dividend AU 14 cents AU 14 cents Flat AU 14 cents Flat I nterim Dividend franking amount 20% 20% Flat 20% Flat

SLIDE 13

Drivers Behind 1H14 Financial Performance

6

› Register maintenance revenues continue to be a little soft due to active competition in key markets and shareholder attrition, although the reported effect is exacerbated by the stronger US dollar reducing the roll up of non-US revenues. We are also starting to see some pick up in shareholder activity in some regions. There is no material 1H14 contribution from the Olympia Corporate & Shareholder Services acquisition in Canada. › Revenue in transactional business lines, especially corporate actions, remains subdued, with corporate activity effectively flat to last half. › Employee Share Plans continue to perform strongly in all markets, particularly in the UK and US, with organic growth aided by contributions from the integrated Shareowner Services plans and HBOS EES businesses, and the Morgan Stanley Global Stock Plan

• business. The integration of HBOS EES is complete, and the Morgan Stanley integration is

tracking as expected both in timing and in net contribution. › Average client balances were lower compared to 1H13 but up slightly on 2H13. While there are some signs of a more favourable short to medium term interest rate environment, pressure on deposit returns and yields on rolled hedges continues for now. › Contributions from Loan Servicing and Utility Back Office Services are meeting expectations, while Proxy Solicitation (Corporate and Mutual fund), Bankruptcy and Voucher Services have slipped. › The strong cost focus in all business lines continues, with clear benefits from a range of initiatives showing through, not least in continued improvement to EBITDA margins. Ongoing technology investment remains strategically important.

Introduction

SLIDE 14

Computershare Strengths

› Leading market position in all major markets for equity investor record-keeping and employee stock plan administration based on:

• sustainable advantages in technology, operations, domain knowledge and product

development;

• sustained quality excellence and operational efficiency; and
• a joined-up global platform (20+ countries including China, India and Russia),

and seamless development and execution of cross-border solutions. › Consolidating position and continuing to extract synergies from acquisitions within our chosen business lines. › Exciting growth opportunities within newer business lines. › More generally:

• ver 70% of revenues recurring in nature;
• long track record of excellent cash realisation from operations; and
• strong balance sheet and prudent gearing, with average maturity 4.3 years and

no more than USD 305M maturing in any one financial year.

7

Introduction

SLIDE 15

Management Succession

› Stuart Crosby is stepping down as President and CEO effective 30 June 2014. › He will be succeeded by current CIO and long term employee Stuart Irving. › Detail of Stuart Irving’s background and new employment arrangements are provided in the separate announcement released this morning. › This orderly and planned transition, which follows the appointment of Mark Davis as CFO effective July 2013, ensures the continuation of strong, stable and experienced management. › Stuart Crosby will continue to be available to advise and represent Computershare, in particular in relation to Asia.

8

Introduction

SLIDE 16

Guidance

› Having considered the year to date results and expectations for the balance of FY14, the Company is anticipating Management EPS for the full year FY14 to be between 5% and 10% higher than in FY13. › This assessment of the outlook assumes that equity, foreign exchange and interest rate markets remain at current levels, and is also subject to the important notice on slide 66 regarding forward looking statements.

9

Introduction

SLIDE 17

10

Introduction Financial Results CEO’s Report

SLIDE 18 V1DIS

CHI EF FI NANCI AL OFFI CER

Mark Davis

Financial Results

SLIDE 19

12

Group Financial Performance

Note: all results are in USD M unless otherwise indicated.

Financial Results

1H 2014 2H 2013 % variance to 2H 2013 1H 2013 % variance to 1H 2013

Sales Revenue $971.1 $1,041.1 (6.7%) $974.7 (0.4%) Interest & Other Income $5.8 ($3.5) 265.7% $12.9 (55.0%)

Total Management Revenue $976.9 $1,037.5 (5.8% ) $987.6 (1.1% )

Operating Costs $709.2 $767.6 7.6% $747.6 5.1% Share of Net (Profit)/Loss of Associates $0.7 $1.6 ($1.4)

Management EBI TDA $267.0 $268.4 (0.5% ) $241.4 10.6% Statutory NPAT $139.4 $62.4 123.4% $94.6 47.4% Management NPAT $163.6 $155.6 5.1% $149.3 9.6% Management EPS (US cents) 29.41 27.98 5.1% 26.87 9.5% Statutory EPS (US cents) 25.07 11.23 123.3% 17.02 47.3%

SLIDE 20

13

Management EPS

Financial Results

26.96 23.09 26.87 29.41 28.71 26.00 27.98 55.67 49.09 54.85

10 20 30 40 50 60

2011 2012 2013 2014 US Cents 1H 2H FY

SLIDE 21

14

1H14 Management NPAT Analysis

Financial Results

149.3 163.6 33.4 2.3 1.2 3.5 1.3 3.3 0.3 4.3 7.4 3.2 16.2

130 140 150 160 170 180 190 1H13 NPAT EBITDA - USA EBITDA - Canada EBITDA - ANZ EBITDA - UCIA EBITDA - ASIA EBITDA - CEU EBITDA - Tech & Corp Tax Expense Interest Expense Dep'n & Amort NCI 1H14 NPAT

USD M

SLIDE 22

15

Management Revenue & EBI TDA Half Year Comparisons

Financial Results

781.0 837.6 781.4 1,037.3 987.6 1,037.5 976.9 246.0 247.6 211.5 247.5 241.4 268.4 267.0 31.5% 29.6% 27.1% 23.9% 24.4% 25.9% 27.3%

0% 10% 20% 30% 40% 50% 60% 200 400 600 800 1,000 1,200

1H11 2H11 1H12 2H12 1H13 2H13 1H14 EBI TDA Margin % Revenue & EBI TDA USD M Revenue Management EBI TDA Operating Margin

SLIDE 23

16

Management Revenue Breakdown

Note: all results are in USD M unless otherwise indicated.

Financial Results

Revenue Stream 1H 2014 2H 2013 % variance to 2H 2013 1H 2013 % variance to 1H 2013

Register Maintenance

$389.5 $429.4

(9.3%)

$394.7

(1.3%) Corporate Actions

$77.2 $76.6

0.8%

$92.8

(16.8%) Business Services

$246.9 $247.3

(0.2%)

$241.8

2.1% Stakeholder Relationship Management

$28.0 $45.4

(38.3%)

$31.2

(10.3%) Employee Share Plans

$124.9 $124.6

0.2%

$112.5

11.0% Communication Services

$94.8 $99.8

(5.0%)

$98.3

(3.6%) Technology & Other Revenue

$15.6 $14.5

7.6%

$16.3

(4.3%)

Total Revenue $976.9 $1,037.5 (5.8% ) $987.6 (1.1% )

SLIDE 24

Management Revenue & EBI TDA – Regional Analysis Half Year Comparisons

17

Revenue Breakdown EBI TDA Breakdown

Financial Results

184.3 180.9 214.1 200.7 232.2 199.7 200.7 68.3 57.5 57.1 54.0 59.7 58.3 56.9 141.2 162.9 147.9 156.9 150.4 160.2 150.8 34.3 58.1 45.1 62.9 41.1 61.8 40.6 258.5 266.4 217.7 452.5 407.2 455.3 437.9 94.5 111.7 99.4 110.5 97.0 102.2 90.0 781.0 837.6 781.4 1,037.3 987.6 1,037.5 976.9 200 400 600 800 1,000 1,200 1H11 2H11 1H12 2H12 1H13 2H13 1H14

USD M

Australia & NZ Asia UCIA Continental Europe USA Canada

41.6 31.6 31.6 27.2 36.0 18.4 30.6 30.8 19.9 19.4 15.0 18.1 18.2 20.4 56.8 62.4 60.7 56.9 60.7 72.6 63.7 2.2 12.4 3.1 7.4 4.0 12.9 0.8 66.2 69.1 43.2 90.2 77.6 102.0 108.0 48.4 52.2 53.6 50.8 45.1 44.3 43.5 246.0 247.6 211.5 247.5 241.4 268.4 267.0

50 100 150 200 250 300

1H11 2H11 1H12 2H12 1H13 2H13 1H14

USD M

Australia & NZ Asia UCIA Continental Europe USA Canada

SLIDE 25

18

Margin I ncome Analysis

Note 1: Some balances attract no interest or a set margin for Computershare. Note 2: Analysis includes Shareowner Services client funds from 2H12. * UK – Bank of England MPC Rate; US – Fed Funds Rate; Canada – Bank of Canada Overnight Target Rate; Australia – RBA Cash Rate.

Financial Results

AVERAGE MARKET I NTEREST RATES * 1H11 2H11 1H12 2H12 1H13 2H13 1H14 UK 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% USA 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% Canada 0.88% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Australia 4.58% 4.76% 4.64% 4.05% 3.34% 2.93% 2.55%

84.5 87.0 89.0 117.4 120.0 104.9 105.8 9.2 11.2 12.1 15.4 16.7 13.6 14.4

2 4 6 8 10 12 14 16 18 50 100 150 200 250

1H11 2H11 1H12 2H12 1H13 2H13 1H14 USD Billion USD Million Margin I ncome Average balances

SLIDE 26

19

1H14 Client Balances I nterest Rate Exposure

Average funds (USD 14.4b) held during 1H14

No exposure 23% ($3.4b) Effective hedging: natural 6% ($0.9b) Effective hedging: derivative / fixed rate 26% ($3.7b) Exposure to interest rates 45% ($6.4b)

CPU had an average of USD14.4b of client funds under management during 1H14. For 23% ($3.4b) of the 1H14 average client funds under management, CPU had no exposure to interest rate movements either as a result of not earning margin income, or receiving a fixed spread on these funds. The remaining 77% ($11.0b) of funds were “exposed” to interest rate movements. For these funds:

• 26% had effective hedging in place (being

either derivative or fixed rate deposits).

• 6% was naturally hedged against CPU’s
• wn floating rate debt.

The remaining 45% was exposed to changes in interest rates.

Financial Results

SLIDE 27

1H14 Client Balances I nterest Rate Exposure and Currency

20

“Exposed Funds” by Currency (1H14 Average Balances)

Average exposed funds balance net of hedging US$6.4b (US$14.4b x 45% ) Average exposed funds balance prior to any hedging US$11.0b (US$14.4b x 77% )

Total Exposed Funds

(both hedged and non-hedged)

Non-hedged Exposed Funds

AUD 2% ($0.3b) CAD 18% ($2.0b) GBP 31% ($3.4b) USD 45% ($4.9b) Other 4% ($0.5b) AUD 4% ($0.2b) CAD 30% ($2.0b) GBP 31% ($2.0b) USD 30% ($1.9b) Other 5% ($0.3b)

Financial Results

SLIDE 28

Client Balances Fixed and Floating Rate Deposits in place

21

Policy: Minimum hedge of 25% / Maximum hedge of 100% Minimum term 1 year / Maximum term 5 years (some exceptions permitted under the Board policy) Current Strategy: Continue to monitor medium term swap rates with the intention of accumulating cover should rates rise materially. Note: In addition to the fixed and floating rate deposits, there is AUD 32M of fixed rate derivative.

Financial Results

1,000 2,000 3,000 4,000 5,000 6,000 7,000 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Floating Rate Deposits Fixed Rate Deposits

USD M

SLIDE 29

22

Total Management Operating Costs Half Year Comparisons

Financial Results

395.4 436.2 437.9 593.4 577.9 572.7 544.3 139.6 154.2 132.0 196.8 168.3 196.2 164.9 535.1 590.4 569.9 790.2 746.3 768.9 709.2

100 200 300 400 500 600 700 800 900

1H11 2H11 1H12 2H12 1H13 2H13 1H14 USD M

Controllable Costs (excl COS) Cost of Sales (COS)

SLIDE 30

23

Management Operating Costs Half Year Comparisons

* Corporate operating costs have been allocated and reported under the five main cost categories – cost of sales, personnel, occupancy, other direct and technology. Technology costs includes personnel, occupancy and other direct costs attributable to technology services.

Financial Results

139.6 256.1 33.9 24.6 80.7 154.2 293.4 34.6 28.9 79.3 132.0 290.4 36.9 20.7 89.9 196.8 365.9 44.3 60.6 122.6 168.3 361.6 39.2 47.7 129.4 196.2 373.2 37.3 30.3 131.9 164.9 352.1 37.1 37.4 117.8

50 100 150 200 250 300 350 400 450

Cost of Sales Personnel Occupancy Other Direct Technology USD M 1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 31

24

Technology Costs Continued I nvestment to Maintain Strategic Advantage

Financial Results

28.8 26.6 34.7 23.0 31.2 36.7 34.4 20.2 23.9 21.8 46.5 48.4 56.6 44.3 27.6 26.1 30.5 45.8 44.2 32.4 30.2 4.1 2.7 2.9 7.2 5.7 6.2 8.9 80.7 79.3 89.9 122.6 129.4 131.9 117.8 10.3% 9.5% 11.5% 11.8% 13.1% 12.7% 12.1%

0% 2% 4% 6% 8% 10% 12% 14% 20 40 60 80 100 120 140 160 180

1H11 2H11 1H12 2H12 1H13 2H13 1H14 Technology costs as a % of operating revenue USD M

Development Infrastructure Maintenance Admin Technology costs as a % of revenue

SLIDE 32

25

Free Cash Flow

Note: Excludes assets purchased through finance leases which are not cash outlays.

Financial Results

148.4 171.2 146.4 188.2 133.3 200.8 191.9 8.0 15.4 10.0 30.1 23.6 20.2 6.3

50 100 150 200 250

1H11 2H11 1H12 2H12 1H13 2H13 1H14 USD M Operating Cash Flows Cash outlay on Capital Expenditure

SLIDE 33

26

1H14 Operating Cash Flow Analysis

Financial Results

133.3 191.9 48.3 5.3 1.2 4.1 0.4

50 100 150 200 250 Net Operating Cash Flow 1H13 Net Receipts & Payments Loan Servicing Advances Dividends & Interest Received Interest Paid & Other Finance Costs Income Taxes Paid Net Operating Cash Flow 1H14

USD M

SLIDE 34

27

Balance Sheet at 31 December 2013

See CPU interim Financial Statements Appendix 4D as at 31 December 2013 for full details. › Current liabilities increased as the Loan Servicing borrowing facility became current.

Financial Results

Dec-13 Jun-13 Variance USD M USD M Dec-13 to Jun-13

Current Assets $1,016.6 $982.4 3.5% Non Current Assets $2,671.3 $2,636.5 1.3%

Total Assets $3,687.8 $3,618.9 1.9%

Current Liabilities $608.4 $501.3 21.4% Non Current Liabilities $1,881.0 $1,986.7 (5.3%)

Total Liabilities $2,489.3 $2,487.9 0.1% Total Equity $1,198.5 $1,130.9 6.0%

SLIDE 35

28

Key Financial Ratios

EBI TDA I nterest Coverage Net Financial I ndebtedness to EBI TDA

Financial Results

Dec-13 Jun-13 Variance USD M USD M Dec-13 to Jun-13

Interest Bearing Liabilities $1,721.0 $1,711.7 0.5% Less Cash ($509.6) ($454.4) 12.1%

Net Debt $1,211.4 $1,257.3 (3.7% )

Management EBITDA (rolling 12 months) $535.4 $509.8 5.0%

Net Financial I ndebtedness to EBI TDA 2.26 times 2.47 times Down 0.21 times

17.0 15.1 13.2 9.5 7.3 7.7 8.4

2 4 6 8 10 12 14 16 18

1H11 2H11 1H12 2H12 1H13 2H13 1H14 Times

1.42 1.35 2.92 2.86 2.72 2.47 2.26

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

1H11 2H11 1H12 2H12 1H13 2H13 1H14 Times

SLIDE 36

Debt Facility Maturity Profile

Maturity Dates USD M Debt Committed Bank Private Placement Drawn Debt Facilities Debt Facility Facility FY14 FY15 Dec-14 93.4 150.0 Mar-15 124.5 124.5 124.5 FY16 Oct-15 296.0 300.0 300.0 FY17 Oct-16 91.4 250.0 250.0 Mar-17 21.0 21.0 21.0 FY18 Jul-17 247.5 250.0 250.0 Feb-18 40.0 40.0 40.0 FY19 Jul-18 235.0 235.0 235.0 Feb-19 70.0 70.0 70.0 FY22 Feb-22 220.0 220.0 220.0 FY24 Feb-24 220.0 220.0 220.0 TOTAL 1,658.8 1,880.5 800.0 930.5 Note: Average debt facility maturity is 4.3 years as at 31-Dec-13.

Financial Results

29

93.4 150.0 124.5 21.0 235.0 40.0 70.0 220.0 220.0 296.0 91.4 247.5 300.0 250.0 250.0

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0

FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 USD M

SLS Advance Facility drawn SLS Advance Facility USPP Syndicated Debt drawn Syndicated Debt Facility

SLIDE 37

30

Capital Expenditure vs. Depreciation

Financial Results 4.7 14.6 17.2 11.1 6.4 14.6 7.6 1.0 4.6 3.9 2.1 2.7 3.8 0.9 1.0 2.5 3.2 23.7 12.9 5.6 1.5 2.0 1.8 0.9 2.0 1.6 0.3

8.7 23.5 24.3 37.8 23.9 25.6 10.3 5 10 15 20 25 30 35 40

1H11 2H11 1H12 2H12 1H13 2H13 1H14 USD M

Information Technology Communication Services Facilities Occupancy Other Depreciation

SLIDE 38

31

Working Capital Management

Financial Results

38 41 42 43 48 45 42

5 10 15 20 25 30 35 40 45 50

1H11 2H11 1H12 2H12 1H13 2H13 1H14

• No. Of Days

Days sales outstanding

SLIDE 39

32

Return On I nvested Capital vs. WACC and Return on Equity

• ROI C = (Mgt EBI TDA less Depreciation less I ncome Tax expense)/ (Total Debt add Total Equity less Cash).

Financial Results

9.83% 8.61% 8.97% 9.13% 18.45% 14.37% 15.84% 16.18% 26.93% 22.34% 25.80% 27.42% 0% 5% 10% 15% 20% 25% 30% FY11 FY12 FY13 1H14 WACC ROI C ROE

SLIDE 40

Equity Management I nterim Dividend of 14 cents (AU)

33 * Based on 12 month dividend and share price of AU$11.16 (close 10th Feb 2014).

EPS - Statutory US 25.07 cents EPS - Management US 29.41 cents Interim Dividend AU 14 cents (20% franked) Current Yield* 2.5%

Financial Results

SLIDE 41

34

Financial Summary – Final Remarks

› We continue to experience challenging trading conditions across many business lines. › However, ongoing disciplined expense and capital expenditure management continue to drive solid results and cash flow. › On track to deliver expected Shareowner Services synergies this year and other recent acquisitions are progressing positively. › The SLS and Serviceworks acquisitions continue to perform well albeit there are some short term challenges with both. › The Australian Fund Services business was disposed in 1H14, and we continue to review non-core and underperforming assets across the group. › Maintained strong and conservative balance sheet. DRP adds further flexibility to our funding options. › Interim dividend unchanged at AUD 14 cents per share, franked to 20%.

Financial Results

SLIDE 42

35

Introduction Financial Results CEO’s Report

SLIDE 43 V1DIS

PRESI DENT & CHI EF EXECUTI VE OFFI CER CEO PRESENTATI ON

Stuart Crosby

CEO’s Report

SLIDE 44

Group Strategy and Priorities

37

Our group strategy remains as it has been: › Continue to drive operations quality and efficiency through measurement, benchmarking and technology. › Improve our front office skills to protect and drive revenue. › Continue to seek acquisition and other growth opportunities where we can add value and enhance returns for our shareholders. While the heavy integration lifting on the Shareowner Services acquisition is done, we will continue to track and report synergy realisation until the end of this financial year. Nonetheless, our priorities are moving from executing on past transactions to the two things that will best assure our future: › protecting profitability in our mature businesses; and › driving growth in businesses that offer that potential, such as Loan Servicing, Utility Back Office Services and Share Plan administration. We have recently given priority to simplifying the range of businesses we undertake. While this will be an on-going task, we hope that the prioritised “clean up” will be finalised over the next little while. Across all our business lines and geographies, we continue to invest in and remain engaged with regulatory developments and market structure change.

CEO’s Report

SLIDE 45

38

Delivery against strategy and priorities

The first two limbs of our strategy (cost & revenue) remain key. Revenue is a defensive game in current conditions. Cost and service highlights include:

• The Shareowner Services business off-shore operations capabilities have started to

bring meaningful quality benefits and savings across the legacy US Transfer Agency client base, and other geographies.

• Third party off-shore IT development is supporting a range of our newer projects,
• ffering flexibility in resource commitment as well as cost savings.
• We continue to rate highly in independent service surveys across the world.

There are likely to remain some opportunities to commit capital to grow current business lines, either bolt on or in new jurisdictions. But probably not in the number or size we have seen historically. We have previously pointed out that Loan Servicing business raises different issues. Here the challenge is to access the working capital needed to grow quickly without diluting returns. We have undertaken a meaningful transaction with a financial partner based around specific asset groups. These are achieving very satisfactory returns. But their contribution will be

• ffset to some extent by the loss of some “non-sticky” sub-servicing work and reduced

revenues from changes to the way we deal with forced place insurance. We continue to be very excited about the potential offered by a range of asset specific and broader financing partnerships, which we believe will continue to allow us to commit capital to building the loan servicing book at very satisfactory returns.

CEO’s Report

SLIDE 46

Acquisitions update – Shareowner Services

39

Cumulative Cost Synergies (USD M) Cost to Realise Synergies (USD M)

Expected realisation of synergies At 30 June 2013 Update at 31 Dec 2013 FY12 $9.3 $9.3 Previous estimate (Jun-13) $57.5 FY13 $35.2 $35.2 Current estimate

$57.5

FY14 $77.3

$76.2

Spent to date $47.2 FY15 $79.9 $79.9 Expected to come $10.3

› Synergy realisation continues to track in line with expectation. › At 31 Dec 2013, 51% of the FY14 synergies have been achieved.

CEO’s Report

SLIDE 47

USA Update

40

› US interest rates remain low and merger and acquisition activity remains slow, but shareholder trading increased late in 2013 in line with the stock market. We are getting traction with new offerings to our clients and our shareholders. › Client retention remains strong in Transfer Agency and Employee Plans, with an upward trend in new business wins. › Synergies from the Shareowner Services integration continue to accrue with the rollout of the global service model. › Corporate proxy activity has picked up slightly, but mutual funds remains slow. › Communication Services continues to grow in both core and non-core businesses, including progress on our integrated offer with INVeSHARE. › The integration of the Loan Servicing business continues. On the revenue side, good new business wins will be offset going forward by some sub-servicing work moving with MSR trades, and changes to forced place insurance arrangements. › The Class Action business is doing better but that is unfortunately more than offset by very low levels of bankruptcy and restructuring activity.

CEO’s Report

SLIDE 48

Canada Update

› Corporate Trust debt under administration continues to grow. Major client contract renewals also provide a strong platform going forward. There is also encouraging revenue growth from structured finance and custody. › In the Transfer Agency business, deal flow remains soft with IPO activity down 40% year

• n year. The market for Transfer Agency services remains highly competitive,

characterised by aggressive pricing. In these circumstances, client retention continues to be the key priority, along with ongoing focus on cross and upselling Computershare products across the client base. › Expansion of offshore operational activities (both transaction types and clients covered) continues. › The Olympia integration underway and proceeding well. › Plan Managers continued to perform well, with the successful launch of the stock options platform built for the Shareowner Services book, and strong client wins. › In Communication Services, commercial revenue growth is being more than offset by the negative effect of the new Canadian notice and access regime.

CEO’s Report

41

SLIDE 49

CEO’s Report

42

UCI A Update

› The integration of the Morgan Stanley Global Stock Plan business acquired last year is progressing well and new extended contracts have been agreed with key clients. Improved market conditions in late 2013 translated into good transactional volumes and we are seeing more new equity plan offers amongst existing clients. › There has been an upturn in IPO and general corporate activity in UK, Ireland and

• Jersey. The Vodafone return to shareholders following its transaction with Verizon is

due to complete in the next month or two and may trigger further general market activity. › We acquired kidsunlimited’s childcare voucher book in November. The integration is progressing to plan. A key element of the transaction is a strategic partnership with Bright Horizons for exclusive introduction of parents to the new Tax-free Childcare Scheme due to launch in Autumn 2015. › Continuing growth in the Deposit Protection Scheme deposit pools reflects a buoyant UK rental housing sector. › The interest rate environment remains challenging despite an improving UK economy.

SLIDE 50

Continental Europe Update

› Whilst the larger European markets remain flat, there is an increase in IPO activity in the smaller markets like Denmark, Sweden and the Netherlands. › Our Danish business continued to increase its market share by winning clients from the competition and also picking up some interesting IPO mandates. › The Italian registry and meeting business could not match last year’s numbers due to lower corporate action volumes. The Continental European team worked with other regions and the global capital markets group to support the merger of FIAT Industrial and CNH (USA) in four jurisdictions (US, ITA, NL, UK). › The technology and operational integration of St. Petersburg based registry business Ediny has been completed. CPU Russia successfully launched new depository services to round out our service portfolio, especially for mutual funds. › The German issuer services business continues to grow organically and won some meaningful mandates following IPOs in early 2013. › Whilst the outcome of major European market infrastructure initiatives is still uncertain, we continue to look for growth opportunities flowing from them.

CEO’s Report

43

SLIDE 51

Asia Update

› IPO volumes in HK seem to be recovering and we expect reasonable activity levels for the rest of the fiscal year. › We are also seeing an increased number of EGMs and related corporate actions from M&A and corporate restructuring. This has also helped our proxy solicitation business in HK/China. › Growth in the employee share plan business remains robust. › Our Japanese shareholder ID JV has somewhat recovered from recent lows. › The Indian IPO market has remained quiet while corporate restructuring has brought forth some major corporate actions. Performance of the Mutual Fund administration business fluctuates with the Indian market. › Karvy Computershare is an important part of the build out of our off-shore data capture capacity.

CEO’s Report

44

SLIDE 52

Australia & New Zealand Update

› Our Australian Investor Services business maintained its market leading position and a number of key clients were recontracted. › We have recently undertaken a number of important corporate actions including work for Wesfarmers, NAB, IAG, News and Macquarie. We were also appointed to provide services for a number of IPOs. › Communication Services continues to build on inbound and outbound opportunities in the commercial market. › Another solid period by Plan Managers including a successful tax statement season, the winning of new clients and the renewal of many others. › The NZ Investor Services business had an excellent 6 months, the highlight being our work on the Meridian Energy IPO. › Utility Back Office Services continued expanding its client base and achieving operational

• efficiencies. However, the business’s major client APG will exit this half following its

takeover by AGL. › We sold the Australian Fund services business to OneVue in September 2013.

CEO’s Report

45

SLIDE 53 V1DIS

Computershare Limited

Half Year Results 2014 Presentation

Stuart Crosby Mark Davis 12 February 2014

SLIDE 54

Appendix: Half Year Results 2014 Presentation 12 February 2014

47

SLIDE 55

Group Comparisons

Appendix 1: Group Comparisons

48

SLIDE 56

Management Revenue Half Year Comparisons

Financial Results

49 42% 44% 43% 42% 40% 41% 40% 12% 10% 9% 9% 9% 7% 8% 17% 16% 19% 23% 24% 24% 25% 5% 7% 4% 5% 3% 4% 3% 9% 10% 11% 11% 11% 12% 13% 11% 10% 12% 9% 10% 10% 10% 3% 3% 3% 2% 2% 1% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1H11 2H11 1H12 2H12 1H13 2H13 1H14

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

SLIDE 57

Management Revenue by Product Half Year Comparisons

Financial Results

50 330.8 367.7 334.2 440.6 394.7 429.4 389.5 96.8 82.7 67.4 88.7 92.8 76.6 77.2 131.2 134.9 148.3 234.7 241.8 247.3 246.9 39.5 57.6 34.6 52.2 31.2 45.4 28.0 74.0 83.6 85.0 112.3 112.5 124.6 124.9 84.7 87.5 90.3 91.7 98.3 99.8 94.8 24.1 23.6 21.5 17.2 16.3 14.5 15.6

781.0 837.6 781.4 1,037.3 987.6 1,037.5 976.9

200 400 600 800 1,000 1,200

1H11 2H11 1H12 2H12 1H13 2H13 1H14 USD M

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

SLIDE 58

Financial Results

51

330.8 96.8 131.2 39.5 74.0 84.7 24.1 367.7 82.7 134.9 57.6 83.6 87.5 23.6 334.2 67.4 148.3 34.6 85.0 90.3 21.5 440.6 88.7 234.7 52.2 112.3 91.7 17.2 394.7 92.8 241.8 31.2 112.5 98.3 16.3 429.4 76.6 247.3 45.4 124.6 99.8 14.5 389.5 77.2 246.9 28.0 124.9 94.8 15.6

50 100 150 200 250 300 350 400 450 500 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue

USD M 1H11 2H11 1H12 2H12 1H13 2H13 1H14

Management Revenue Half Year Comparisons

SLIDE 59

Financial Results

52

67.3 16.6 34.1 0.8 12.7 65.8 3.5 26.2 8.3 14.4 2.6 5.1 0.0 0.3 49.0 4.1 28.2 1.3 63.5 2.3 2.3 19.7 2.0 0.6 4.1 0.6 11.1 2.5 196.0 37.9 131.1 18.8 35.0 13.4 5.6 31.3 8.3 38.5 0.3 7.9 2.2 1.5

50 100 150 200 250

Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue USD M ANZ Asia UCI A CEU USA Canada

1H14 Management Revenue Regional Analysis

SLIDE 60

Effective Tax Rate Statutory & Management

The Group’s effective statutory tax rate is 19.4% for the half year ended 31 December 2013. The Group’s effective statutory tax rate for the comparative prior period was -2.5%. In FY13, the US was in a tax loss position due to the full year impact of increased deductible interest expense, intangible asset amortisation and integration costs as a result

• f its major acquisitions (which

were debt funded) during FY12. Those businesses are now fully integrated and the increase in the group’s Statutory ETR reflects the contribution of taxable US profits in 1H14 vs. 1H13.

Financial Results

53

27.0% 22.3% 16.6% 19.4% 25.6% 25.1% 22.6% 23.2% 0% 5% 10% 15% 20% 25% 30% FY11 FY12 FY13 1H14 Tax Rate % Statutory Management

SLIDE 61

Country Summaries

Appendix 2: Country Summaries

54

SLIDE 62

Australia Half Year Comparison

Financial Results

55

192.6 167.4 198.1 187.9 218.3 189.0 211.3 50 100 150 200 250 1H11 2H11 1H12 2H12 1H13 2H13 1H14 AUD M

Total Revenue

80.0 21.5 1.8 3.2 9.6 72.4 4.1 59.9 24.2 1.5 3.1 10.0 61.6 7.0 74.7 17.2 20.4 1.8 11.8 67.8 4.4 56.5 16.3 35.3 0.9 12.6 63.9 2.5 71.0 18.3 38.8 1.4 13.7 71.9 3.2 55.7 14.1 39.2 0.8 12.9 64.5 1.9 68.2 16.1 37.0 0.9 13.8 71.5 3.8 10 20 30 40 50 60 70 80 90 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue AUD M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 63

Hong Kong Half Year Comparison

56

Financial Results 327.6 234.1 253.9 226.8 225.0 231.7 247.6

50 100 150 200 250 300 350 400 1H11 2H11 1H12 2H12 1H13 2H13 1H14 HKD M

Total Revenue

147.9 172.0 0.6 7.1 0.0 153.8 62.4 0.4 3.0 14.5 157.7 72.5 3.3 4.4 16.0 159.4 46.2 3.8 1.3 16.1 156.6 40.3 2.9 4.5 20.8 160.8 36.5 4.3 2.0 28.0 161.2 50.6 0.0 4.5 31.3 20 40 60 80 100 120 140 160 180 200 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans HKD M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 64

I ndia Half Year Comparison

Financial Results

57

1,101.7 1,074.4 998.0 1,018.5 1,451.3 1,255.4 1,299.1 200 400 600 800 1,000 1,200 1,400 1,600 1H11 2H11 1H12 2H12 1H13 2H13 1H14 I NR M

Total Revenue

278.7 135.2 687.8 290.5 69.8 714.2 330.6 7.4 660.0 356.1 29.9 632.5 292.7 18.2 1,140.5 260.0 55.4 940.0 292.9 110.4 895.8 200 400 600 800 1,000 1,200 1,400 Register Maintenance Corporate Actions Business Services I NR M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 65

United States Half Year Comparison

58

Financial Results 258.3 266.4 217.7 452.5 407.2 455.2 437.9

100 200 300 400 500 600 1H11 2H11 1H12 2H12 1H13 2H13 1H14 USD M

Total Revenue

126.4 22.3 51.4 22.7 16.5 6.5 12.4 135.8 23.3 39.8 37.8 14.9 9.0 5.7 112.5 17.9 40.0 19.4 13.3 6.8 7.8 215.1 45.2 112.0 34.4 31.6 8.9 5.2 184.9 48.8 107.0 19.8 30.6 9.7 6.3 208.8 37.9 116.7 34.1 34.3 17.6 5.9 196.0 37.9 131.1 18.8 35.0 13.4 5.6 50 100 150 200 250 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue USD M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 66

Canada Half Year Comparison

Financial Results

59

97.7 109.0 98.6 110.2 96.9 103.5 94.0 20 40 60 80 100 120 1H11 2H11 1H12 2H12 1H13 2H13 1H14 CAD M

Total Revenue

37.0 13.0 36.3 1.5 7.2 1.7 1.1 48.3 12.2 36.1 1.6 8.5 1.9 0.5 37.8 12.3 36.8 1.1 7.6 2.0 1.0 46.7 11.0 38.1 2.2 8.6 2.3 1.3 34.8 10.6 38.7 1.0 7.8 2.6 1.4 43.2 9.5 37.2 1.0 8.5 2.7 1.4 32.7 8.7 40.2 0.3 8.2 2.3 1.5 10 20 30 40 50 60 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue CAD M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 67

United Kingdom & Channel I slands Half Year Comparison

Financial Results

60

73.5 82.0 76.1 82.5 79.8 87.8 82.4 10 20 30 40 50 60 70 80 90 100 1H11 2H11 1H12 2H12 1H13 2H13 1H14 GBP M

Total Revenue

20.2 7.1 17.2 1.7 24.2 1.1 1.9 19.9 5.8 23.2 2.6 27.0 1.5 1.9 19.7 2.5 20.7 1.4 28.7 1.1 2.0 21.0 2.8 19.2 2.2 33.6 1.6 2.1 20.1 2.3 20.5 0.6 33.7 1.4 1.3 21.5 2.4 20.5 0.9 39.6 1.7 1.3 20.5 1.5 17.9 0.6 39.1 1.5 1.3 5 10 15 20 25 30 35 40 45 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue GBP M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 68

South Africa Half Year Comparison

Financial Results

61

127.7 132.6 130.3 138.0 142.5 144.5 135.8 20 40 60 80 100 120 140 160 1H11 2H11 1H12 2H12 1H13 2H13 1H14 RAND M

Total Revenue

109.9 6.3 3.3 0.4 7.8 118.4 2.5 2.4 0.3 9.0 117.7 2.6 2.3 0.5 7.2 123.6 3.8 2.6 0.4 7.5 128.1 3.5 2.9 0.3 7.8 128.3 5.4 3.4 0.3 7.1 124.9 3.5 0.0 0.2 7.2 20 40 60 80 100 120 140 160 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans RAND M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 69

Germany Half Year Comparison

Financial Results

62

16.8 24.2 14.8 27.1 16.0 25.7 15.4 5 10 15 20 25 30 1H11 2H11 1H12 2H12 1H13 2H13 1H14 EUR M

Total Revenue

2.2 1.7 0.0 5.5 0.2 6.0 1.3 10.9 1.2 0.3 3.0 0.2 7.0 1.7 2.1 1.4 0.3 3.5 0.1 6.2 1.2 10.4 2.2 0.4 4.8 0.2 8.4 0.8 2.3 1.7 0.3 3.4 0.1 7.4 0.8 11.6 2.1 0.4 2.0 0.1 8.4 1.1 2.3 1.5 0.0 2.2 0.1 8.3 0.9 2 4 6 8 10 12 14 Register Maintenance Corporate Actions Business Services Stakeholder Relationship M'ment Employee Share Plans Communication Services Tech & Other Revenue EUR M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 70

Russia Half Year Comparison

Financial Results

63

312.1 402.1 418.5 363.4 373.8 421.2 361.2 100 200 300 400 500 600 1H11 2H11 1H12 2H12 1H13 2H13 1H14 RUB M

Total Revenue

293.2 17.7 1.2 371.3 26.8 4.0 393.5 25.0 0.0 340.1 23.3 0.0 353.3 20.5 0.0 403.5 17.7 0.0 342.5 18.7 0.0 50 100 150 200 250 300 350 400 450 Register Maintenance Business Services Stakeholder Relationship M'ment RUB M

Revenue Breakdown

1H11 2H11 1H12 2H12 1H13 2H13 1H14

SLIDE 71

Assumptions

Appendix 3: Assumptions

Financial Results

64

SLIDE 72

Assumptions: 1H14 Exchange Rates

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

USD 1.0000

AUD 1.08746 HKD 7.75463 NZD 1.24547 INR 62.31423 CAD 1.04514 GBP 0.63533 EUR 0.74692 RAND 10.06150 RUB 32.74783 AED 3.67316 DKK 5.57050 SEK 6.54606

Financial Results

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SLIDE 73

Important Notice

Forward looking statements

› This announcement may include 'forward-looking statements'. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance' and similar expressions. Indications of plans, strategies, management objectives, sales and financial performance are also forward-looking statements. › Such statements are not guarantees of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are

• utside the control of Computershare. Actual results, performance or

achievements may vary materially from any forward-looking

• statements. Readers are cautioned not to place undue reliance on forward-

looking statements, which are current only as at the date of this announcement.

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