MARKET ANNOUNCEMENT Attached is the presentation to be delivered to - - PDF document

MARKET ANNOUNCEMENT

Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile 61 3 9473 2500 www.computershare.com

MARKET ANNOUNCEMENT

Date: Thursday, 7th May 2009 To: Australian Securities Exchange Subject: Presentation for Macquarie Australia Conference Attached is the presentation to be delivered to the Macquarie Australia Conference today, 7th May 2009. For further information contact: Mr Darren Murphy Head of Treasury and Investor Relations Ph + 61-3-9415-5102 Mobile 0418 392 687 darren.murphy@computershare.com.au About Computershare Limited (CPU) Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. We also specialise in corporate trust services, tax voucher solutions, bankruptcy administration and a range of other diversified financial and governance services. Founded in 1978, Computershare is renowned for its expertise in data management, high volume transaction processing, payments and stakeholder engagement. Many of the world’s leading organisations use these core competencies to help maximise the value of relationships with their investors, employees, creditors, members and customers. Computershare is represented in all major financial markets and has over 10,000 employees worldwide. For more information, visit www.computershare.com

Computershare Limited

Stuart Crosby Chief Executive Officer & President Macquarie Australia Conference 7 May 2009 Sydney

About Computershare:

› Computershare (ASX:CPU) is a global leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder

• communications. We also specialise in corporate trust services, tax voucher

solutions, bankruptcy administration and a range of other diversified financial and governance services. › Since floating in 1994, Computershare has grown, mostly by acquisition, along the value chain (from software to full service provision), laterally and geographically, nearly 100 fold. › We now serve 14,000 corporations and 100 million shareholder and employee accounts in 17 countries across five continents. › We have over 11,000 employees globally. › Our market capitalisation is approximately $5 billion, ranking us in the top 50 Australian listed companies.

About Computershare:

Where we operate

Historical financials:

Strong revenue and EBITDA growth

Revenue & EBITDA (USD millions)

200 400 600 800 1,000 1,200 1,400 1,600 1,800 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 Fina nc ia l Ye a r

Revenue EBITDA

Historical financials:

EPS & dividend growth

EPS & dividend history (USD cents)

10 20 30 40 50 60

'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08

Financial Year Dividend EPS

Historical financials:

ROIC vs WACC vs ROE

6% 12% 18% 24% 30% 36% 42% FY06 FY07 1H08 FY08 1H09

WACC ROI C ROE

Historical financials:

EBITDA margin

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

Latest Results:

Highlights – 1H09

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

Latest Results:

Regional Analysis – 1H09 Revenue & EBITDA

Total Revenue Breakdown

30% 42% 28%

Asia Pacific EMEA North America

EBI TDA Breakdown

23% 38% 39%

Asia Pacific EMEA North America

Margin I ncome:

Interest rate sensitivity on core balances

• 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.

Margin I ncome:

Hedge lifecycles

Hedging of client core balances

Jun '12 Jun '11 Jun '10 Jun '09 0% 20% 40% 60% 80% 100%

1 13 25 37

Total Hedging

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

Balance Sheet & Financing:

as at 31 December 2008

Balance Sheet & Financing:

Debt facility maturity profile and utilisation as at end 1H09

402.7 123.0 124.5 21.0 235.0 235.0 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

Debt Facility Maturity Profile Debt Facility Utilised

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)

›

Balance Sheet & Financing:

Key servicing metrics

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

* Rolling 12 months

Acquisitions:

July 2007 onward

Voucher administration UK 175.0 Busy Bees Bankruptcy administration USA 95.0 – 140.0 KCC Investor Services Russia small NRC (+ 15%) Audience interaction South Africa small Audience Alive Electoral Services UK 9.8 Strand Audience interaction USA small Machine Dreams Communication Services Australia 142.6 QMT Audience interaction Australia small Ezicomms Audience interaction UK small Four Points Corporate actions bank Germany 92.3 VEM Governance software USA 14.0 RSS Class action administration USA 33.4 Administar Investor Services USA 8.9 UMB Governance software Ireland 17.6 Datacare

Type of Business Country Cost (USD m) Name

Acquisitions:

Commentary

› Most recent acquisitions have been non-market cyclical (QMT, Busy Bees, Datacare) or counter-cyclical (Administar / KCC). › These have all been comfortably earnings per share accretive on acquisition, with material synergies and/or growth on top. › Our internal acquisition hurdles are now materially higher for both strategy fit and valuation, but interesting opportunities continue to emerge and be pursued. › Our strong balance sheet and robust cash-flows allow us to look at any

• pportunities that emerge.

› We would not hesitate to tap the equity markets to fund the right acquisition rather than risk over-gearing.

Environment:

Remains tough

› Our strong recurring revenue base offers significant protection, but we are starting to feel the effects of client attrition through takeover, bail-out and insolvency. › Margin income has been hit, but good treasury management and hedges will continue to cushion that impact through FY10. › Restructuring and recapitalisation transactions have been very beneficial in

• FY09. We expect these to continue, but they are very lumpy, their financial

impact is difficult to predict (can be large or small) and there are no guarantees. › Our enterprise sales approach has never been more important. › Cost management has always been a major focus, especially since early 2008 - the full benefit of reductions is yet to be seen in reported results. › Non market cyclical and countercyclical businesses help stabilise profitability, but the impact of the “real economy” slowdown is also being felt in some non- market cyclical businesses. › US and UK/Euro-zone economies are hardest hit; we expect China and India to be first to emerge.

Our strategic focus:

Remains the same

› Continue to drive operations quality and efficiency through measurement, benchmarking and technology. › Improve 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.