Computershare Limited Half Year Results 2009 Presentation Stuart - - PowerPoint PPT Presentation

Computershare Limited Half Year Results 2009 Presentation

Stuart Crosby Peter Barker 11 February 2009

2

I ntroduction Financial Results CEO’s Report

3 Introduction

Stuart Crosby President & CEO

4 Introduction

Note: all results are in USD except for dividend

• 220bps

+ 260bps 30.5% EBITDA margin up 2% down 5% $544.1m Operating costs down 1% down 1% $783.0m Operating revenues down 7% up 8% $145.2m Management net profit after OEI down 21% up 26% $147.3m Free cash flows up 10% flat AU 11 c Interim Dividend vs 1H 08 vs 2H 08 1H09 vs 20% vs 30% 40% Dividend franking down 7% up 8% $238.6m Management EBITDA down 4% up 8% 26.14 cents Management earnings per share

Results Highlights

5

Computershare Strengths

› Strong balance sheet, low gearing and robust cash generation › More than 70% of revenue recurring in nature › Revenues, cash-flows and margins holding up very well despite the challenging environment › Continued strong investment in R&D and product development › Global diversification across 17 countries including long term growth engines China, India and Russia › Proven technology capabilities and innovation › Demonstrated ability to acquire and integrate businesses › Unique cross-border transaction capabilities

Introduction

6 Introduction

Unchanged from the AGM – we expect USD management earnings per share for financial year 2009 to be about the same as last year, perhaps marginally behind. This assumes equity, interest rate and FX market conditions remain broadly consistent with current levels for the rest of the financial year.

FY08 Mgt EPS AUD/ USD @ 8/ 08 0.87 USD 51.6 cps AUD/ USD @ 2/ 09 0.67 AUD 59.3 cps AUD 77.2 cps

While USD guidance is flat on FY08, AUD guidance at current forex rates is now about 30% up

• n last year (at August 08 rates).

Outlook

7

I ntroduction Financial Results CEO’s Report

8

Peter Barker CFO

Financial Results

9

Drivers behind financial performance

› Corporate action environment › Interest rate levels › Balances › Acquisitions › Cost reductions and operating efficiencies › Foreign exchange › Balance sheet management

10

1H09 2H08 Variance 1H09 t o 2H08 1H08 Variance 1H09 t o 1H08

Sales Revenue 772.7 784.2 (1% ) 779.8 (1% ) Interest & Other Income 10.3 10.1 2% 8.5 22%

Tot al Revenue 783.0 794.3

(1% )

788.2

(1% ) Operating Costs 544.1 573.6 (5% ) 532.4 2% Share of Net (Profit)/ Loss of Associates 0.3 (1.1) (1.6)

Management EBITDA 238.6 221.8

8%

257.4

(7% ) Management Adjustments - Revenue/ (Expense) (16.1) (8.2) 0.9

Report ed EBITDA 222.5 213.6

4%

258.3

(14% )

Management EPS 26.14 24.25

8%

27.36

(4% )

Financial Results

Group Financial Performance – US$m

11 Financial Results

Rolling 12 months

10 20 30 40 50 60 1H05 1H06 1H07 1H08 1H09

US cents

Management EPS Performance

12

0.00 5.00 10.00 15.00 20.00 25.00 30.00 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09

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 24.25 26.14

13

EBITDA - NA

7

EBITDA - AP

6

Interest

5

Depn & Amort

4

OEI

3

Tax

2

EBITDA - EMEA

1 $USm

Financial Results

HY09 Management NPAT Analysis

14 Financial Results

Operat ing Cash Flow Vs. Capit al Expendit ure

65.8 117.8 137.5 206.2 141.1 159.9 24.0 12.6 183.5 18.8 17.9 7.8 10.4 14.6

30 60 90 120 150 180 210 240 1H06 2H06 1H07 2H07 1H08 2H08 1H09

$USm

Operat ing Cash Flow s Capit al Expendit ure

Net Operating Cash Flows

15 Financial Results

Operating Cash Flow s less Capital Expenditure

51.3 107.4 129.7 187.4 117.1 147.3 165.6 50 100 150 200 1H06 2H06 1H07 2H07 1H08 2H08 1H09 $USm

Free Cash Flow:

• 3 year 1H CAGR 42%
• 5 year CAGR 55%

Free Cash Flow

16

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

$USm

Financial Results

794.3

• 783. 0

588.1

• 626. 7

694.0

• 724. 4
• 788. 2

188.7

• 238. 6

221.8

• 99. 7
• 140. 4
• 181. 7
• 257. 4

1 50 300 450 600 750 900 1 H06 2H06 1 H07 2H07 1 H08 2H08 1 H09 50 1 00 1 50 200 250 300 Total Revenue M anagement EBITDA

Half Year Comparisons – Revenue & EBI TDA

17

2nd Half

794.3 724.4 626.7 221.8 181.7 140.4

100 200 300 400 500 600 700 800 2H06 2H07 2H08 $USm 50 100 150 200 250 300 $USm Revenue Management EBITDA

1st Half

783.0 788.2 694.0 1 88.7 257.4 238.6

100 200 300 400 500 600 700 800 1H07 1H08 1H09 $USm 50 100 150 200 250 300 $USm Revenue Management EBITDA

Financial Results

Half Year Comparisons – Revenue & EBI TDA

18 Financial Results

30.5% 27.9% 32.7% 18.5% 20.4% 25.1% 27.2% 22.4% 17.0%

10% 15% 20% 25% 30% 35% 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09

Management EBI TDA Margin

19

1H09 2H08 Variance 1H09 t o 2H08 1H08 Variance 1H09 t o 1H08

Register Maintenance

386.0 411.1 (6% ) 406.5 (5% )

Corporate Actions

155.2 134.2 16% 169.4 (8% )

Fund Services

36.2 49.6 (27% ) 41.7 (13% )

Stakeholder Relationship Mgt

35.9 49.1 (27% ) 39.9 (10% )

Employee Share Plans

54.1 60.0 (10% ) 59.0 (8% )

Communication Services

83.5 60.9 37% 44.4 88%

Technology & Other Revenue

32.1 29.5 9% 27.3 18%

Tot al Revenue 783.0 794.3

(1% )

788.2

(1% )

Note: Included in the revenue results are $86.4m of Margin Income (2H08: 94.1m; 1H08: $123.4m) and $116.4m of Recoverable Income (2H08:139.5m; 1H08: $116.3m).

Financial Results

Revenue Breakdown – US$m

20 Financial Results

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

52.1 65.3 84.0 89.7 123.4 94.1 86.4 20 40 60 80 100 120 140 1H06 2H06 1H07 2H07 1H08 2H08 1H09

US$m

Margin I ncome analysis

Average interest rates: UK 4.55% 4.50% 4.78% 5.31% 5.71% 5.19% 4.16% US 3.70% 4.66% 5.25% 5.25% 4.85% 2.67% 1.53% Canada 2.79% 3.77% 4.25% 4.25% 4.45% 3.51% 2.58% Average balances (US$bn)* 6.4 6.4 6.4 7.0 8.7 8.7 7.2

21

Total Revenue Breakdown

30% 42% 28%

Asia Pacific EMEA North America

EBI TDA Breakdown

23% 38% 39%

Asia Pacific EMEA North America

Financial Results

Regional Analysis – 1H09 Revenue & EBI TDA

22 Financial Results

345.0 355.2 367.4 404.9 395.4 426.2 406.7 144.5 133.2 138.9 139.7 147.4 137.4 137.0

100 200 300 400 500 600 1H06 2H06 1H07 2H07 1H08 2H08 1H09

$USm

Operating Costs excl. COS Cost of Sales (COS)

Half Year Comparisons – Operating Costs

23

Technology Costs – Continued I nvestment to Maintain Strategic Advantage

Financial Results 56.4 61 .7 70.3 77.1 80.1 82.7 59.1

1 0% 1 1 % 1 0% 1 0% 9% 1 0% 9%

10 20 30 40 50 60 70 80 90 100 1H06 2H06 1H07 2H07 1H08 2H08 1H09

US$m

0% 4% 8% 12%

%

Tot al Technology cost s Technology cost s as a % of sales revenue

24

45% 28% 5% 22%

Development Infrastructure Maintenance Administration

Total Costs US$82.7m Development Costs US$36.6m

Financial Results

Analysis of 1H09 Technology Costs

25 18.8 21.1 30.3 36.6 9.3 18.9 21.8 23.2 29.2 20.3 21.9 18.5 4.4 3.1 1.4 1.7

20 40 60 80 100 1H06 1H07 1H08 1H09

$USm

Development Infrastructure Maintenance Admin

Financial Results

Analysis of Technology Costs

26

Variance Variance Dec-08 Jun-08 Dec-07

US$'000s US$'000s US$'000s

Current Assets 439,046 516,129 (15% ) 369,763 19% Non Current Assets 1,754,871 1,721,889 2% 1,520,793 15%

Total Assets 2,193,917 2,238,018

(2% )

1,890,556

16% Current Liabilities 321,255 436,912 (26% ) 332,971 (4% ) Non Current Liabilities 1,082,008 1,030,910 5% 874,854 24%

Total Liabilities 1,403,263 1,467,822

(4% )

1,207,825

16%

Total Equity 790,654 770,196

3%

682,731

16%

Dec-08 to Jun-08 Dec-08 to Dec-07

Financial Results

Balance Sheet as at 31 December 2008

27

EBI TDA interest coverage

12.1 8.7 11.9 11.5 10.4

2 4 6 8 10 12 14 FY05 FY06 FY07 FY08 1H09* times

Net Financial I ndebtedness to EBI TDA

2.48 1.68 0.94 1.64 1.72

0.0 0.5 1.0 1.5 2.0 2.5 3.0 FY05 FY06 FY07 FY08 1H09* times

Financial Results

* Rolling 12 months

Key Financial Ratios

28

Dec-08 Jun-08 Variance Dec-07 Variance US$m US$m US$m Cash 155.7 124.2 25% 108.0 44% I nterest Bearing Liabilities * 947.2 910.9 4% 747.4 27% Net Debt 791.6 786.7 1% 639.3 24%

Management EBITDA * * 460.4 479.2

(4% )

439.1

5% Net Debt to Management EBI TDA 1.72 1.64 5% 1.46 18% Dec-08 to Jun-08 Dec-08 to Dec-07

* Average Tenor of drawn debt at 31 December 2008 was 4.8 years. * * Rolling 12 months

Financial Results

Computershare Borrowings

29

235.0 21.0 124.5 123.0 200.0 600.0

100 200 300 400 500 600 700 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19

US$m

Financial Results

906.2 1303.5 Total

235.0 235.0 FY19 nil nil FY18 21.0 21.0 FY17 nil nil FY16 124.5 124.5 FY15 nil nil FY14 nil nil FY13 123.0 123.0 FY12 402.7 600.0 FY11 nil 200.0 FY10 nil nil FY09

Debt Facility utilised Debt Facility Maturity Profile (USD $m)

Debt Facility Maturity Profile

30

Capital Expenditure Vs. Depreciation

$USm

Financial Results 5.0 13.9 7.2 2.3 2.2 1.6 2.5 1.9 3.0 7.9 4.8 3.0 7.6 2.9 12.1 8.8 0.9 4.1 2.2 3.8 1.4 0.5 2.6 0.6 0.6 0.8 0.5 1.1

5 10 15 20 25 1H06 2H06 1H07 2H07 1H08 2H08 1H09

Other Occupancy Communication Services Facilities I nformation Technology Depreciation

Capital Expenditure

31 Financial Results

Days Sales Outstanding

45 45 43 37 44 38 53 10 20 30 40 50 60 1H06 FY06 1H07 FY07 1H08 FY08 1H09 Days

Working Capital Management

32 Financial Results

6% 12% 18% 24% 30% 36% 42% FY06 FY07 1H08 FY08 1H09 WACC ROI C ROE

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

33

› EPS – Basic

US 23.55 cents

› EPS – Management

US 26.14 cents

› I nterim Dividend (40% franked)

AU 11 cents

› Current Yield*

3.4%

* Based on 12 month dividend and share price of A$6.52 (close 10 February 2009)

Financial Results

Equity Management – I nterim Dividend

• f 11 cps (AU)

34 Financial Results

Financial Summary – Final Remarks

› Maintained revenues, margins and EPS › Continued solid generation of free cash flow › Maintained strong balance sheet › Disciplined cost management › Return on equity > 35% › Dividend maintained at 11 cents (AUD) per share, 40% franked

35

Market Overview Financial Results CEO’s Report

36

Stuart Crosby President & CEO

CEO’s Report

CEO Presentation

37

Long term strategy unchanged: › 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 But the current environment also offers a once in a generation opportunity to lift our market position. Our strong balance sheet and cash flows allow us to invest in further service enhancements and new products for our clients at a time when many of our competitors are having to focus on refinancing and basic survival. We intend to take maximum advantage of this opportunity.

CEO’s Report

Group Strategy

38

Delivery against long term strategy

Delivering on the first 2 limbs of the long term strategy (cost and revenue) has been a key factor in protecting our profits and margins in these challenging times: › operational productivity continues to improve across the globe (eg, increasing self service, some specialised off-shoring); › pay-off from revenue initiatives, especially in business as usual, continues to accelerate; and › operational improvements are putting us on top in independent service surveys everywhere they’re offered, protecting our pricing power and strengthening our client retention. We continue to be interested in value accretive acquisitions, but we will remain prudent about gearing in a world where we expect debt and equity capital to be scarce and expensive. We will carefully monitor

• ur debt maturities and refinancing profile.

CEO’s Report

39

Delivery on the opportunity to lift our market position

› We are consolidating our leading market position by releasing a range

• f new and enhanced products around the world.

› We continue to invest in R&D (1H09 R&D spend USD 36.6M, up 20%

• n 1H08).

› Third party shareholder and investor satisfaction surveys, as well as

• ur own market research, show that the market is recognising our

growing quality edge. › We expect this differentiation to increase as we continue to invest in and roll out service enhancements and new products, in an environment where many competitors are distracted by balance sheet and business viability issues.

40

Other key points at a group level

› The strong US dollar continues to drag on non-US markets contribution to reported earnings (GBP and AUD down > 20%, CAD down > 12% since August 08). › Credit spreads have reduced, cutting slippage in interest rate hedges (natural and synthetic). › Operating margin has held up well at 30% despite the reduction in margin income. › Corporate action revenues have held up well but remain lumpy. › Less market cycle related businesses – Busy Bees vouchers in UK; Administar class actions in US; Canadian Corporate Trust; commercial CCS businesses generally – also help. › Acquisition hurdles are now materially higher for both strategy fit and valuation, but some interesting opportunities are emerging.

41

North America update - USA

I nvestor Services

› Client retention remains strong off the back of robust service delivery › Benefiting from investment in and rationalisation of “business as usual” capacities over past 12 to 18 months › Strong cost management materially mitigates the collapse in transactional revenue streams › Revamped web portal with enhanced reporting tools for issuers well received

Other

› Fund Services - continues to win vast majority of (limited) available work; pipeline promising › Plans – also hurt by collapse of transaction volumes › Writing good business in Administar (class action and bankruptcy admin), but limited earnings impact until FY10 › Proxy – very few M&A fights, but we are winning the majority of “name” friendly deals, eg, Merrill Lynch/Bank of America, Johnson & Johnson/Mentor and Omrix, IBM/ILOG and Abbott/Advanced Medical Optics

CEO’s Report

42

I nvestor Services

› BCE not proceeding reduced 1H09 result › Strong cost management and delivery of operational improvements protecting performance › Benefiting from quality client relationships

Corporate Trust

› Steady business with excellent margin, and holding up well in this tough environment › New ABS programs emerging

Plans

› Good take up of new Tax Free Saving Account product

Proxy

› Georgeson continues to be the leading proxy provider in Canada

CEO’s Report

North America update - Canada

43

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

UK

› CIS performing strongly, with good revenues from recapitalisation transactions › Deposit Protection Scheme continues to exceed expectations › Busy Bees integration going well – targets being met or exceeded › Plans – market leader and good pipeline › HBOS takeover by Lloyds will impact annuity revenues › Gilts register very active

Germany

› VEM balance sheet reviewed; operations stabilised – focus on the strategic integration

Russia, I reland and South Africa

› Tracking creditably given the difficult business environment › Exchange rates hurt SA and Russia

Dubai

› Representative and sales office opened

CEO’s Report

44

Hong Kong and China

› HK IPOs have dried up › Working to expand service offering to investors › Beijing office now established and PRC Plans service being relocated there from Sydney

Japan

› Joint venture with MUTB continues to perform well › Working on expanding range of cooperation

I ndia

› Strong cost management mitigating revenue damage from collapse of mutual fund AUM-based revenues and lack of IPOs

CEO’s Report

Asia Pacific update - Asia

45

Asia Pacific update – Australia and New Zealand

I nvestor Services

› Good news continues: better margins, a range of positive pricing outcomes › OK corporate action flows, but most capital raising in placements, not broader

• ffers

› Steady flow of new product being well received – custodian portal, meetings tools; issuer reporting tools

Communication Services

› QM integration successful – some premises rationalisation to be completed › Investment in inbound processing technology paying dividends

Plans

› Organic growth continues, with new options technology now being rolled out › Strong support for China and other regional business development

Fund Services

› Revenue line hurts as assets under management falls › Now has a solid platform and well positioned to grow

Proxy

› Georgeson remains market leader in proxy services

CEO’s Report

Computershare Limited Half Year Results 2009 Presentation

Stuart Crosby Peter Barker 11 February 2009

47

Appendix: Half Year Results 2009 Presentation 11 February 2009

48

Group Comparisons

Appendix 1: Group Comparisons

49

Net profit after tax at 31 December 2008 130,871

Redundancy provisions 4,813 Acquisition provisions no longer required (642) VEM asset write-downs 14,025 Profits on sales of controlled entities and business units (6,857) Marked to market adjustments - derivatives 844 Intangible asset amortisation 2,192

Management adjusted profit after tax at 31 December 2008 145,246

US$000’s

Financial Results

Behind the Headline – NPAT I MPACT

50

Revenue Type

20% 5% 11% 4% 48% 7% 5%

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

Financial Results

CPU Revenues

51 94.6 31.8 13.8 4.4 8.9 68.8 9.2

96.8 69.0 1.6 17.2 19.6 9.4 6.6

12.7 194.6 54.5 20.8 14.2 5.3 25.7

50 100 150 200 250

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

Regional Analysis – 1H09 Revenue

52 Financial Results

119.7 74.2 34.2 58.2 37.2 20.4 375.8 132.8 41.8 52.7 58.9 38.5 23.8 406.5 169.4 41.7 39.9 59.0 44.4 27.3 411.1 134.2 49.6 49.1 60.0 60.9 29.5 155.2 36.2 35.9 54.1 83.5 32.0 350.1 386.0 50 100 150 200 250 300 350 400 450

Register M aintenance Corporate Actions Funds Services Stakeholder Relationship M anagement Employee Share Plans Communication Services Technology & Other Revenue $USm

1H07 2H07 1H08 2H08 1H09

Half Year Comparisons - Revenue

53 Financial Results

138.9 28.9 41.9 61.3 16.5 139.7 240.5 35.6 35.3 70.1 23.4 137.0 239.7 30.5 27.4 76.7 20.9 147.5 261.9 33.4 38.6 79.7 12.6 137.4 251.5 31.7 23.4 82.2 17.9 218.8

50 100 150 200 250 300 Cost of Sales Personnel Occupancy Other Direct Technology Corporate

$USm

1H07 2H07 1H08 2H08 1H09

Half Year Comparisons – Operating Costs

54

19.4 23.9 28.5 26.4 25.0

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 FY05 FY06 FY07 FY08 1H09 %

Financial Results

Underlying Effective Tax Rate

55

I nterest Rate Sensitivity

Financial Results

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.

• 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

56

Risk Management - I nterest Rate Sensitivity

Financial Results

Exposure to interest rates 35% Effective hedging in place - both natural & synthetic 38% No exposure 27%

I nterest 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 of balances exposed to interest

rates: 52%

57

Risk Management – Average Funds Balances for the six months ending 31 December 2008

Average funds balance US$7.2b

Financial Results

By Category

Corporate Actions 32% Dissenter 3% Dividend 17% Broker Trust 17% Sharesave/ Employee Plans 9% Regular Trust 22%

By Country

Canada 50% UK 25% US 22% Australia 3%

58

Country Summaries

Financial Results

Appendix 2: Country Summaries

59

Asia Pacific

Financial Results

Appendix 2: Country Summaries

60

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 74.9 34 2.3 5.5 9.5 11.2 84.0

10 20 30 40 50 60 70 80 90

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

$Am

1H07 2H07 1H08 2H08 1H09 Total Revenue

221.5 143.2 136.5 152.9 173.6

50 100 150 200 250

1H07 2H07 1H08 2H08 1H09

$Am Financial Results

Australia Half Year Comparison

61 Total Revenue 195.9 441.1 212.2 235.4 227.1 50 100 150 200 250 300 350 400 450 500 1H07 2H07 1H08 2H08 1H09

$HKm

Revenue Breakdown

103.5 123.4 126.0 109.4 140.7 300.3 161.4 50.8 177.6 18.3

50 100 150 200 250 300 350

Register Maintenance Corporate Actions

$HKm

1H07 2H07 1H08 2H08 1H09

Financial Results

Hong Kong Half Year Comparison

62 Total Revenue

836.1 812.2 1,060.0 533.2 582.2 200 400 600 800 1000 1200

1H07 2H07 1H08 2H08 1H09

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

276.9 20.8 538.4 50 100 150 200 250 300 350 400 450 500 550 600 650

Register Maintenance Corporate Actions Fund Services INRm

1H07 2H07 1H08 2H08 1H09

Financial Results

I ndia Half Year Comparison

63

Revenue Breakdown

7.0 1.6 5.9 1.0 6.3 1.8 6.4 2.0 6.4 1.7 2 4 6 8 Register Maintenance Corporate Actions $NZm 1H07 2H07 1H08 2H08 1H09

Total Revenue

8.1 8.6 6.9 8.4 8.1

2 4 6 8 10 1H07 2H07 1H08 2H08 1H09 $NZm

Financial Results

New Zealand Half Year Comparison

64

North America

Financial Results

Appendix 2: Country Summaries

65 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 11.3 125.7 38.4 20.8 11.8 19.1 3.9 12.1 133.7

50 100 150 200 Register Main Corp Actions Fund Services Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue $USm 1H07 2H07 1H08 2H08 1H09

Total Revenue

231.7 299.4 296.7 280.9 263.2

50 100 150 200 250 300 1H07 2H07 1H08 2H08 1H09 $USm

Financial Results

United States Half Year Comparison

66

Revenue Breakdown

6 3 .6 2 1 .4 2 .9 6 .7 1 .5 0 .1 7 6 .0 2 4 .1 5 .1 7 .9 1 .5 0 .1 2 7 .5 4 .1 6 .6 1 .2 0 .4 8 1 .8 1 4 .4 3 .2 7 .6 1 .2 0 .3 7 4 .7 1 7 .4 2 .6 7 .2 1 .5 0 .7 7 6 .4

10 20 30 40 50 60 70 80 90 Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue $CAm 1H07 2H07 1H08 2H08 1H09

Total Revenue

104.1 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 1H09 $CAm

Financial Results

Canada Half Year Comparison

67

EMEA

Financial Results

Appendix 2: Country Summaries

68

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 37.7 32.5 2.7 10.4 1 2.1

10 20 30 40 Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue 1H07 2H07 1H08 2H08 1H09 G BPm

Total Revenue

86.5 53.7 50.4 57.1 55.5

10 20 30 40 50 60 70 80 90 1H07 2H07 1H08 2H08 1H09 G BPm Financial Results

United Kingdom Half Year Comparison

69 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 3.2 0.5 0.5 0.1 1 2 3 4 Register Maintenance Corporate Actions Funds Services Technology & Other Revenue

EURm

1H07 2H07 1H08 2H08 1H09

Total Revenue

4.9 3.4 4.1 4.2 4.4

1.5 3 4.5 6 1H07 2H07 1H08 2H08 1H09 EURm Financial Results

I reland Half Year Comparison

70

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 1 1 .6 8 .2 0 .8 5 .5 5 .0 0 .5 3 .6 7 .4 0 .6 5 .2 1 .8

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 1H09

Total Revenue

19 19.3 24.8 31.2 17.4 5 10 15 20 25 30 35 1H07 2H07 1H08 2H08 1H09

EURm

• Financial

Results

Germany Half Year Comparison

71 Revenue Breakdown

8 1 .5 6 .3 8 7 .6 1 2 .1 1 0 2 .3 1 2 .9 1 0 0 .5 1 2 .6 1 1 2 .8 2 3 .3 10 20 30 40 50 60 70 80 90 100 110 120 Register Maintenance Corporate Actions

ZARm

1H07 2H07 1H08 2H08 1H09

Total Revenue

136.1 87.7 99.7 113.1 115.2

20 40 60 80 100 120 140 160 1H07 2H07 1H08 2H08 1H09 ZARm Financial Results

South Africa Half Year Comparison

72 Revenue Breakdown

1 2 8 .5 1 7 9 .8 2 5 5 .6 1 7 .0 2 7 7 .4 1 5 .6 2 4 7 .7 3 6 .8 50 100 150 200 250 300 Register Maintenance Corporate Actions

RUBm

1H07 2H07 1H08 2H08 1H09

Total Revenue

284.5 128.5 179.8 292.9 272.6

50 100 150 200 250 300 1H07 2H07 1H08 2H08 1H09

RUBm

Financial Results

Russia Half Year Comparison

73

Assumptions

Financial Results

Appendix 3: Assumptions

74

Assumptions: Exchange Rates

1.08330 CAD 1.0000 USD 8.39167 24.96159 ZAR RUB 0.69183 EUR 0.55332 GBP 45.13201 INR 1.48857 NZD 7.78347 HKD 1.22137 AUD

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

Financial Results