Computershare Limited Full Year Results 2008 Presentation Stuart - - PowerPoint PPT Presentation

Computershare Limited Full Year Results 2008 Presentation

Stuart Crosby Tom Honan 1 3 August 2 0 0 8

2

I ntroduction Financial Results CEO’s Report

3 Introduction

Stuart Crosby President & CEO

4

Results Highlights

› Management EPS of 51.61 cents, up 41% › Management Net Profit After OEI of $290.4m, up 32% › Operating cash flows of $347.3m, up 8% › Total Operating Revenues of $1,582.5m, up 12% › Operating Costs of $1,106.0m, up 5% › Final Dividend of 11 cents* (AUD) per share, up 22% › Dividend franking – 30% franked

Introduction

Note: all results are in USD except for dividend; all comparisons with FY07 *30% franked

5

Computershare Strengths

› Strong and sustained earnings and cashflow growth › More than 70% of Revenue recurring in nature › Diversified across business lines and globally – across 17 countries including growth engines China, India and Russia › 1st or 2nd in all registry markets we service › Demonstrated ability to acquire and integrate businesses › Proven technology capabilities and innovation › Long term client relationships › Only global provider, offering our clients and their investors unique cross-border transaction services

Introduction

6

Outlook

Introduction

Long-term growth in management EPS of 20% per year remains the target, to be achieved by a combination of organic growth and acquisitions, as well as balance sheet management. Looking to FY09 and having regard to current equity, foreign exchange and interest rate market conditions, we expect Management EPS to be approximately 10% higher than FY08.

7

I ntroduction Financial Results CEO’s Report

8

Tom Honan CFO

Financial Results

9

Group Financial Performance – US$m

FY08 FY07 Variance

Sales Revenue 1,564.0 1,404.2 11% Interest & Other Income 18.6 14.2 31%

Total Revenue 1,582.5 1,418.4 12%

Operating Costs 1,106.0 1,050.9 (5% ) Share of Net (Profit)/Loss of Associates (2.7) (3.0)

Management EBI TDA 479.2 370.5 29%

Management Adjustments - Revenue/(Expense) (7.3) 16.1

Reported EBI TDA 471.9 386.6 22% Management EPS 51.61 36.68 41%

Financial Results

10

FY08 NPAT Analysis

OEI

7

Tax

6

Interest

5

Depn & Amort

4

EBITDA - NA

3

EBITDA - EMEA

2

EBITDA - AP

1

$USm

Financial Results

10.4 1.1 19.4 35.4 39.5 33.9 219.4 290.4 6.9

150 200 250 300 350 FY07 NPAT 1 2 3 4 5 6 7 FY08 NPAT

11

Management EPS Performance

10 20 30 40 50 60

FY03 FY04 FY05 FY06 FY07 FY08 US cents

Financial Results

Rolling 12 months

12

0.00 5.00 10.00 15.00 20.00 25.00 30.00 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 US cents

Analysis of Management EPS – Half Year Comparison

Financial Results

6.60 9.52 8.82 13.92 17.86 18.83 27.36 24.26

13

Net Operating Cash Flows

Operating Cash Flow Vs. Capital Expenditure

109.8 183.6 321.0 347.3 42.8 25.7 25.0 23.7

50 100 150 200 250 300 350 FY05 FY06 FY07 FY08

$USm

Operating Cash Flows Capital Expenditure

Financial Results

14

Operating Cash Flows less Capital Expenditure

86.1 158.6 295.3 304.5

50 100 150 200 250 300 350 FY05 FY06 FY07 FY08 $USm Free Cash Flow:

• 3 year CAGR 52%
• 5 year CAGR 54%

Free Cash Flow

Financial Results

15

Full Year Comparisons – Revenue & EBI TDA

1 21 4.7 1 41 8.4 1 582.5 479.2 240.1 370.5 200 400 600 800 1 000 1 200 1 400 1 600 1 800 FY06 FY07 FY08 0.0 1 00.0 200.0 300.0 400.0 500.0 600.0 Total Revenue M anagement EBITDA

R e v e n u e E B I T D A

$USm $USm

Financial Results

16

2nd Half

794.3 724.4 626.7 221 .8 1 81 .7 1 40.4

100 200 300 400 500 600 700 800 2H06 2H07 2H08

$USm

50 100 150 200 250 300

$USm Revenue Management EBITDA

Half Year Comparisons – Revenue & EBI TDA

1st Half

788.2 694.0 588.1 99.7 1 88.7 257.4

100 200 300 400 500 600 700 800 1H06 1H07 1H08

$USm

50 100 150 200 250 300

$USm Revenue Management EBITDA

Financial Results

17

19.6% 19.8% 30.3% 26.1%

10.0% 15.0% 20.0% 25.0% 30.0% 35.0% FY05 FY06 FY07 FY08

Management EBI TDA Margin

Financial Results

18

Revenue Breakdown – US$m

FY08 FY07 Variance

Regist er Maint enance 817.6 725.9 13% Corporat e Act ions 303.6 252.5 20% Fund Services 91.3 116.1 (21% ) St akeholder Relat ionship Mgt 89.0 86.9 2% Employee Share Plans 119.0 117.1 2% Communicat ion Services 105.3 75.7 39% Technology & Ot her Revenues 56.8 44.2 29%

Tot al Revenue 1,582.5 1,418.4 12%

Note: Included in the revenue results are $217.5m of Margin Income (FY07: $173.7m) and $255.8m of Recoverable Income (FY07: $263.8m).

Financial Results

19

117.5 173.7 217.5 50 100 150 200 250 FY06 FY07 FY08 US$m

Margin I ncome analysis

Financial Results

5.45% 5.04% 4.52% UK 3.76% 5.25% 4.18% US 3.98% 6.82% 4.25% 6.25% 3.28% 5.54% Canada Australia 8.7 6.7 6.4 Average balances (US$bn) * Average Interest rates:

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

20

Regional Analysis – FY08 Revenue & EBI TDA

Total Revenue Breakdown

28% 48% 24%

Asia Pacific EMEA North America

EBITDA Breakdown

23% 26% 51% Asia Pacific EMEA North America

Financial Results

21

Full Year Comparisons – Operating Costs

700.2 772.3 821.4 277.7 278.6 284.4

100 200 300 400 500 600 700 800 900 1000 1100 1200 FY06 FY07 FY08

$USm

Operating Costs excl. COS Cost of Sales (COS)

Financial Results

22

Technology Costs – Focused on Revenue & Cost I nitiatives

157.2 132.0 115.5

9.4% 9.6% 10.1%

0.0 25.0 50.0 75.0 100.0 125.0 150.0 175.0 FY06 FY07 FY08 US$m 0.0% 4.0% 8.0% 12.0%

%

Total Technology costs Technology costs as a % of sales revenue

Financial Results

23

Analysis of FY08 Technology Costs

42% 28% 26% 4%

Development Infrastructure Maintenance Administration

Total Costs US$157.2m Development Costs US$64.8m

Financial Results

24

Analysis of Technology Costs

40.5 43.3 64.8 21.4 40.6 44.6

50.0 41.6 41.3 3.7 6.5 6.5

20 40 60 80 100 120 140 160 FY06 FY07 FY08

$USm

Development Infrastructure Maintenance Admin

Financial Results

25

Balance Sheet as at 30 June 2008

Jun-08 Jun-07 Variance

US$'000s US$'000s

Current Assets 516,129 368,891 40% Non Current Assets 1,721,889 1,366,224 26%

Total Assets 2,238,018 1,735,115 29%

Current Liabilities 436,911 338,551 (29% ) Non Current Liabilities 1,030,911 563,990 (83% )

Total Liabilities 1,467,823 902,541 (63% ) Total Equity* 770,195 832,574 (7% )

* After buy-back of US$297.5m.

Financial Results

26

Key Financial Ratios

EBI TDA interest coverage

12.1 8.7 11.9 11.5

2 4 6 8 10 12 14 FY05 FY06 FY07 FY08

times

Net Financial I ndebtedness to EBI TDA

2.48 1.68 0.94 1.64

0.0 0.5 1.0 1.5 2.0 2.5 3.0 FY05 FY06 FY07 FY08 times

Financial Results

27

Computershare Borrowings

Jun-08 Jun-07 Variance US$m US$m Cash 124.2 86.8 43% I nterest Bearing Liabilities * 910.9 435.1 (109% ) Net Debt 786.7 348.3 (126% )

Management EBITDA

479.2 370.5 29%

Net debt to Management EBITDA

1.64 0.94 (75% )

* Average Tenor of drawn debt at 30 June 2008 was 3.2 years.

Financial Results

28

Debt Facility Maturity Profile

Nil FY18 235.0m FY19 Nil FY16 Nil FY13 Nil FY14 $200.0m FY09 Nil FY10 $600.0m FY11 $123.0m FY12 $124.5m FY15 $21.0m FY17

$1,303.5m Total

600.0 123.0 124.5 21.0 235.0 200.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

US$m

Includes the US Private Placement (USPP) transaction for $235m completed on 29th July 2008, maturing July 2018.

Financial Results

29 15.0 4.1 12.6 22.7 4.5 5.1 6.0 4.4 12.7 1.3 1.7 3.2

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0

FY06 FY07 FY08 Information Technology Communication Services Facilities Occupancy Other

Capital Expenditure

Capital Expenditure Vs. Depreciation $USm Depreciation

Financial Results

30

Working Capital Management

Days Sales Outstanding

43 44 45

5 10 15 20 25 30 35 40 45 50 FY06 FY07 FY08

Days

Financial Results

31

Return On I nvested Capital Vs. WACC

I ncreased returns, lower Cost of Capital

6% 8% 10% 12% 14% 16% 18% 20% FY03 FY04 FY05 FY06 FY07 FY08 WACC ROIC AGAAP AI FRS

Financial Results

32

Return on Equity

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% FY03 FY04 FY05 FY06 FY07 FY08 ROE AGAAP AI FRS

Financial Results

33

Equity Management – Final Dividend of 11 cps (AU)

› EPS – Basic

US 50.12 cents

› EPS – Management

US 51.61 cents

› Final Dividend (30 % franked)

AU 11 cents

› Current Yield*

2.1%

* Based on 12 month dividend and share price of A$9.99 (close 12 February 2008)

Financial Results

34

› Acquired 45,000,000 ordinary shares › Average price AUD $9.91 › Commenced Dec-06, completed Oct-07

Equity Management – Ordinary Share Buy-back

Financial Results

35

Financial Summary – Final Remarks

Financial Results

› Continued strong EPS growth - 41% › Record revenues › Maintained strong balance sheet › Return on equity > 40% › Dividend increased to 11 cents (AUD) per share, 30% franked

36

Market Overview Financial Results CEO’s Report

37

CEO Presentation

Stuart Crosby President & CEO

CEO’s Report

38

Strategy

Unchanged:

• 1. Continue to drive operations quality and efficiency through

measurement, benchmarking and technology

• 2. Improve our front office skills to protect and drive revenue
• 3. Continue to seek acquisition and other growth opportunities

where we can add value and enhance returns for our shareholders

CEO’s Report

39

Strategy continues to deliver acquisition and

• perational leverage

Acquisitions continue to drive value and eps accretion

› spent $320m on 12 acquisitions in FY08 › Busy Bees voucher admin announced today – another $175m – and we expect opportunities to continue to emerge

Operational leverage also continues to drive eps growth

› revenue up 12% and costs up 5% › pushes margin from 26% to 30%

Underlying this is a shift over the past 18 months in the focus of our technology and product development investment from integration to service / product development, continuing to drive quality differentiation

CEO’s Report

40

Geographical and business line diversification provides protection in a volatile environment

› Headwinds evident in some areas in FY08 – most noticeable in US, especially proxy and plans › but our portfolio of assets provides protection – both by business line and by geography › We expect headwinds to remain evident in some (perhaps different?) markets in FY09 › but we are confident that

› the flow through of benefits from recent acquisitions; › further delivery of product, service and operational leverage; and › the portfolio effect of our business line and geographical diversity

will continue to position us to delivery good growth, even in a difficult environment

CEO’s Report

41

North America update - USA

I nvestor Services

› Service quality now market leading, providing a much stronger platform for client engagement › Corporate actions slow

Other

› Fund Services - continues to win vast majority of work, but volumes unpredictable › Communications Services – regional bank commercial offerings getting good traction › Corporate Proxy - aggressively targeting corporate governance consulting and “fights”

CEO’s Report

42

North America update - Canada

I nvestor Services

› Strong local and cross-border corporate action deal flow continues, but deals generally smaller in size › Operations efficiency being enhanced by deployment of CPU best practice › BCE privatisation now proceeding in FY09

Corporate Trust

› Steady business with excellent margin › Any adverse effects from sub-prime more than offset by other

• pportunities

Proxy

› Georgeson dominates the Canadian proxy market

CEO’s Report

43

EMEA update – UK, Russia, Germany, I reland and South Africa

UK

› Market more rational on price post ownership change at main competitor › Deposit Protection Service continues to exceed expectations › Rights issues by major banks › Good new business prospects in Plans space

Russia

› CPU continues to drive consolidation – now 80% NRC and 40% NIKoil › Looking to invest in management for integration

Germany

› VEM acquisition materially extends the range of our services

Other:

› Ireland - Improving margins and revenue growth, esp in ETF space › IML – rolling up distribution network globally – acquisitions complete in Australia, Belgium, US

CEO’s Report

44

Asia Pacific update - Asia

Hong Kong and China

› IPO pipeline healthy but flow stalled by market sentiment › Good proxy deal-flow from PRC › Beijing office now established – PRC plans services relocating there

Japan

› Joint venture with MUTB continues to perform well › While TA opportunity not viable at this stage, working on expanding range of cooperation in other areas

I ndia

› IPO activity slowed dramatically › Fund services growing strongly

CEO’s Report

45

Asia Pacific update – Australia and New Zealand

I nvestor Services

› Rolling out new AGM/EGM management product

Communication Services

› QM integration going well

Plans

› Soon to deliver new option admin functionality

Fund Services

› Now has a solid platform and well positioned to grow into Asia as well as Australia

Proxy

› Georgeson remains market leader in proxy services

CEO’s Report

46

Looking forward to 2009

Computershare has a strong operational and financial platform for continued growth:

› Powerful technology and investing more to build on our competitive advantage › Economies of scale › Stable and long term client base › Healthy margins › Strong balance sheet to support acquisitions › Well positioned to take on new business lines (e.g. Busy Bees Childcare Vouchers acquisition announced today)

CEO’s Report

Computershare Limited Full Year Results 2008 Presentation

Stuart Crosby Tom Honan 1 3 February 2 0 0 8

48

Appendix: Full Year Results 2008 Presentation 13 August 2008

49

Appendix 1: Group Comparisons

Group Comparisons

50

Behind the Headline – NPAT I MPACT

Net profit after tax at 30 June 2008 281,971

Loss on sale of subsidiaries 480 QMT acquisition costs 6,915 Acquisition provisions no longer required (2,628) Intangible assets amortisation 4,641 US property rationalisation 1,913 Marked to market adjustments - derivatives (964) Tax losses recognised (1,748) Other (193)

Management adjusted profit after tax at 30 June 2008 290,387

US$000’s

Financial Results

51

CPU Revenues

Revenue Type

18% 6% 7% 4% 51% 8% 6%

Register Maintenance Corporate Actions Fund Services Stakeholder Relationship Management Employee Share Plans Communication Services T echnology & Other Revenue

Financial Results

52

Regional Analysis – FY08 Revenue

187.9 109.9 29.8 9.0 15.9 73.7 10.8 186.7 65.0 2.3 37.6 43.6 20.9 14.9 23.6 59.5 10.7 42.3 59.2 128.6 443.0

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0

Register Maintenance Corporate Actions Fund Services Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

$USm Asia Pacific EMEA North America

`

Financial Results

53

Full Year Comparisons - Revenue

171.8 110.5 95.8 43.5 725.9 252.5 116.1 86.9 117.1 75.7 44.2 817.6 303.6 91.3 89.0 119.0 105.3 56.8 639.7 90.3 63.2

100 200 300 400 500 600 700 800 900

Register Maintenance Corporate Actions Funds Serv ices Stakeholder Relationship Management Employ ee Share Plans Communication Serv ices Technology & Other Rev enue

$USm

FY06 FY07 FY08

Financial Results

54

Full Year Comparisons – Operating Costs

277.7 29.7 459.4 64.5 284.4 63.9 66.1 156.4 33.5 69.5 56.2 431.1 113.7 278.6 131.3 39.9 77.2 501.6

50 100 150 200 250 300 350 400 450 500 550 Cost of Sales Personnel Occupancy Other Direct T echnology Corporate

$USm

FY06 FY07 FY08

Financial Results

55

Underlying Effective Tax Rate

19.4 23.9 28.5 26.4

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 FY05 FY06 FY07 FY08

%

Financial Results

56

I nterest Rate Sensitivity

Financial Results

• 80
• 60
• 40
• 20

20 40 60 80

• 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% US$m PBT Impact

Exposure Hedged exposure

This graph outlines the sensitivity of northern hemisphere interest rate changes when measured against core client balances (long term sustainable balances), adjusted by the impact of floating rate debt, corporate cash balances and derivative positions.

57

Risk Management - I nterest Rate Sensitivity

Financial Results

Exposure to interest rates 39% Effective hedging in place - both natural & synthetic 38% No exposure 23%

Interest Rate Hedging

Strategy:

• Protect downside risk in current interest rate

environment Policy:

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

* Board approved

• Minimum term 1 year / Maximum term 5 years
• Current hedging: 38%

58

Risk Management – Average Funds Balances for year ending 30 June 2008

Average funds balance US$8.7b

Financial Results

By Category

Broker Trust 15% Corporate Actions 38% Dissenter 3% Dividend 16% Sharesave/ Employee Plans 11% Regular Trust 17%

By Country

Canada 46% UK 25% US 26% Australia 3%

59

Appendix 2: Country Summaries

Country Summaries

Financial Results

60

Appendix 2: Country Summaries

Asia Pacific

Financial Results

61

Australia Half Year Comparison

Revenue Breakdown

66.8 24.7 3.0 4.9 8.6 28.1 7.2 63.2 21.0 3.0 5.6 8.2 28.7 6.8 76.7 35.7 2.8 6.9 8.7 35.0 7.8 63.4 25.2 2.6 2.9 7.5 47.4 3.8

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Register Maintenance Corporate Actions Fund Services Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

$Am

1H07 2H07 1H08 2H08

Total Revenue

143.2 136.5 152.9 173.6

50 100 150 200

1H07 2H07 1H08 2H08

$Am

Financial Results

62

New Zealand Half Year Comparison

Revenue Breakdown

7.0 1.6 5.9 1.0 6.3 1.8

6.4 2.0 0.0 2.0 4.0 6.0 8.0

Register Maintenance Corporate Actions

$NZm

1H07 2H07 1H08 2H08

Total Revenue

8.6 6.9 8.4 8.1

2 4 6 8 10

1H07 2H07 1H08 2H08

$NZm

Financial Results

63

Hong Kong Half Year Comparison

Total Revenue

441.1 212.2 235.4 227.1 50 100 150 200 250 300 350 400 450 500

1H07 2H07 1H08 2H08

$HKm

Revenue Breakdown

103.5 123.4 126.0 109.4 140.7 300.3

161.4 50.8

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0

Register Maintenance Corporate Actions $HKm

1H07 2H07 1H08 2H08

Financial Results

64

I ndia Half Year Comparison

Total Revenue

812.2 1,060.0 533.2 582.2

200 400 600 800 1000 1200

1H07 2H07 1H08 2H08

INRm

Revenue Breakdown

287.0 33.4 261.8 216.3 46.3 270.6 309.8 121.2 381.2 257.9 179.8 622.3 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0 550.0 600.0 650.0

Register Maintenance Corporate Actions Fund Services INRm

1H07 2H07 1H08 2H08

Financial Results

65

Appendix 2: Country Summaries

North America

Financial Results

66

United States Half Year Comparison

Revenue Breakdown

45.5 66.2 12.7 27.9 3.5 9.9 157.2 45.4 33.1 21.6 25.9 3.7 9.7 136.7 44.4 28.8 13.7 24.9 3.1 11.6

149.4 42.6 30.5 21.3 20.6 5.2 11.3

133.7

0.0 50.0 100.0 150.0 200.0 Register Main Corp Actions Fund Services Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

$USm

1H07 2H07 1H08 2H08

Total Revenue

299.4 296.7 280.9 263.2

0.0 50.0 100.0 150.0 200.0 250.0 300.0

1H07 2H07 1H08 2H08

$USm

Financial Results

67

Canada Half Year Comparison

Revenue Breakdown

63.6 21.4 2.9 6.7 1.5 0.1 76.0 24.1 5.1 7.9 1.5 0.1 76.4 27.5 4.1 6.6 1.2 0.4

81.8 14.4 3.2 7.6 1.2 0.3

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0

Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

$CAm

1H07 2H07 1H08 2H08

Total Revenue

96.2 114.6 108.5 116.1

10 20 30 40 50 60 70 80 90 100 110 120 130

1H07 2H07 1H08 2H08

$CAm Financial Results

68

Appendix 2: Country Summaries

EMEA

Financial Results

69

United Kingdom Half Year Comparison

Revenue Breakdown

29.7 10.6 1.8 9.4 1.1 1.0 30.4 4.7 2.7 9.8 1.5 1.4 33.6 8.2 1.6 9.3 0.8 1.8

29.6 10.4 2.4 11.8 1.4 1.5

0.0 10.0 20.0 30.0 40.0

Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

1H07 2H07 1H08 2H08

GBPm

Total Revenue

53.7 50.4 57.1 55.5

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0

1H07 2H07 1H08 2H08 GBPm

Financial Results

70

I reland Half Year Comparison

Revenue Breakdown

2.7 0.7 3.4 0.7 3.0 0.5 0.7 0.2 2.9 0.4 0.8 0.1

1 2 3 4 Register Maintenance Corporate Actions Funds Services Technology & Other Revenue

EURm

1H07 2H07 1H08 2H08

Total Revenue

3.4 4.1 4.2 4.4

1.5 3 4.5

1H07 2H07 1H08 2H08

EURm

Financial Results

71

Germany Half Year Comparison

Revenue Breakdown

0.7 4.1 7.2 0.1 7.0 0.3 0.5 9.8 8.6 0.1 5.7 0.1 0.4 2.9 7.7 0.4 5.7 0.3 0.5 11.6 8.2 0.8 5.5 5.0

1 2 3 4 5 6 7 8 9 10 11 12

Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue EURm 1H07 2H07 1H08 2H08

Total Revenue

19.3 24.8 31.2 17.4

5 10 15 20 25 30 35

1H07 2H07 1H08 2H08 EURm

• Financial

Results

72

South Africa Half Year Comparison

Revenue Breakdown

81.5 6.3 87.6 12.1 102.3 12.9 100.5 12.6 10 20 30 40 50 60 70 80 90 100 110

Register Maintenance Corporate Actions ZARm 1H07 2H07 1H08 2H08

Total Revenue

87.7 99.7 113.1 115.2

20 40 60 80 100 120 140

1H07 2H07 1H08 2H08 ZARm

Financial Results

73

Russia Half Year Comparison

Revenue Breakdown

128.5 179.8 255.6 17.0 277.4 15.6 50 100 150 200 250 300

Register Maintenance Corporate Actions RUBm 1H07 2H07 1H08 2H08

Total Revenue

128.5 179.8 292.9 272.6

50 100 150 200 250 300

1H07 2H07 1H08 2H08 RUBm

Financial Results

74

Appendix 3: Assumptions

Assumptions

Financial Results

75

Assumptions: Exchange Rates

1.00802 CAD 1.0000 USD 7.22773 24.53307 ZAR RUB 0.68296 EUR 0.49783 GBP 40.15670 INR 1.29601 NZD 7.79098 HKD 1.11862 AUD

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

Financial Results