Computershare | ANNUAL REPORT | 2018

1 Computershare | ANNUAL REPORT | 2018 This financial REPORT covers the consolidated entity consisting of Computershare Limited and its controlled financial REPORT is presented in United States dollars (USD), unless otherwise stated. Computershare Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Computershare Limited Yarra Falls 452 Johnston Street, Abbotsford Victoria 3067 AustraliaThe financial REPORT was authorised for issue by the directors on 17 September 2018. The company has the power to amend and reissue the financial separate notice of meeting including a proxy form is enclosed with this financial *OVERVIEWF inancial highlights and financial calendar3 Chairman s REPORT 4 CEO s Report5 Computershare at a glance7 Key financial metrics9 Growth11 Profitability13 Capital Management14 Corporate Responsibility15 People19 Group Operating Overview21 Business Strategies and Prospects23 GOVERNANCEC orporate Governance Statement25 Directors Report38 Auditor s Independence Declaration55 FINANCIALSC onsolidated Statement of Comprehensive Income56 Consolidated Statement of Financial Position57 Consolidated Statement of Changes in Equity58

2 Consolidated Cash Flow Statement59 Notes to the Consolidated Financial Statements60 REPORTSD irectors Declaration106 Declaration to the Board of Directors107 Independent Auditor s Report108 FURTHER INFORMATIONS hareholder information114 Corporate directory115* The Chairman s REPORT , Chief Executive Officer s REPORT , Group Operating Overview and Business Strategies and Prospects comprise our Operating and Financial Review (OFR) and form part of the Directors Computershare ANNUAL REPORT 2018 FINANCIAL HIGHLIGHTSJUNE 2018 JUNE 2017% CHANGESTATUTORY RESULTST otal revenue 2, million 2, million profit after non-controlling interests (NCI) million million earnings per share cents cents ADJUSTED RESULTSM anagement million million net profit after NCI million million earnings per cents cents earnings per share (in constant currency) SHEETT otal assets 3, million 3, million shareholders equity 1, million 1, million INDICATORSFree cash flow (excluding SLS advances) debt to management EBITDA (excluding non-recourse debt)* timesReturn on equity* Up 110 bps Staff numbers18,36017,706 For a reconciliation between statutory and management adjusted results, refer to note 4 in the notes to the financial statements.

3 * These financial indicators are based on management adjusted results. Management adjusted results are used, along with other measures, to assess operating business performance. The Group believes that the exclusion of certain items permits better analysis of the Group s performance on a comparative basis and provides a better measure of underlying operating performance. Where constant currency (CC) references are used in this REPORT , constant currency equals FY2018 results translated to USD at FY2017 average exchange CALENDAR2018201922 AUGUSTR ecord date for final dividend17 SEPTEMBERF inal dividend paid14 NOVEMBER The ANNUAL General Meeting of Computershare Limited ABN 71 005 485 825 LOCATION: Computershare Conference CentreYarra Falls, 452 Johnston StreetAbbotsford, Victoria 3067 FEBRUARY Announcement of financial results for the half year ending 31 December 2018 4 CHAIRMAN S REPORTYEAR IN REVIEWFY2018 saw Computershare s profit trajectory improve.

4 We upgraded our FY2018 earnings guidance twice during the year landing on with a positive bias . It is pleasing to deliver Management EPS growth of in constant currency. Execution is at the core of Computershare . In FY2018 we completed several large and complex transactions in some of our events-based businesses that achieved great outcomes for our customers, while also progressing our cost-out programmes, laying the foundations for future continue to build out our mortgage services growth engine to plan, and we are tracking towards our target returns. The Equatex acquisition is another highlight of our year. This purchase will enhance our scale, capabilities and earnings in employee share plans, our other strategic growth engine.

5 Our profitability strategies are driving margin expansion. Register maintenance is a high-quality business which continues to perform, and, after a period of compression, the business achieved modest revenue growth and further margin expansion in the second half of the year. Margin income also improved, reaching almost $100 million in the second half of the year, demonstrating the significant leverage we have to rising interest rates. Computershare continues to generate strong free cash flow, an inherent feature of our business model. This cash flow self-funds our technology initiatives, growth plans and strategic investments as well as supporting our share buy-back and reducing debt.

6 Our financial position is strong. The final FY2018 dividend is AU 21 cents, a rise of on pcp, which brings the total dividend for the year to AU 40 cents, an overall increase of year on continue to lay the foundations for sustained growth at Computershare . Our strategy to deliver multi-year earnings growth is on FY2019 we expect to deliver around 10% growth on FY2018 Management EPS in constant currency. We expect stronger contributions from mortgage services, employee share plans and margin income, and we will continue to execute our cost-out programmes. The outlook for corporate actions and fee income from some of our larger events looks slightly more subdued at this stage than in is committed to delivering more value to our shareholders, customers and communities.

7 On behalf of my fellow directors, I thank you for your support as a shareholder and look forward to your continued involvement in would also like to thank all of our people around the world for their tremendous efforts in delivering great outcomes for our customers and, in turn, these financial results. It is Computershare s special culture of doing the right thing that is both our most important asset and our most significant competitive , I thank Stuart Irving, our CEO and President, for his inspirational leadership and tireless commitment to our company, and the rest of my fellow board members for their expertise, skills and Jones ChairmanIn FY2018 Computershare delivered the largest profit recorded in our history, with the fastest rate of earnings growth since continue to make good progress in executing the growth, profitability and capital management strategies that are driving our solid performance.

8 Importantly, we did what we said we would do and we are delivering to Computershare ANNUAL REPORT 2018 CEO S REPORT *In FY2018, revenue was up by came in at cents, an increase of was $ million, an increase of margins expanded by 150 basis points to 2 %.Free cash flow was $ million, up debt leverage ratio fell to as our balance sheet continues to , as an indication of the quality of our results and capital light growth, Return on Invested Capital (ROIC) increased by 270 basis points to LAYING THE FOUNDATIONS FOR SUSTAINED GROWTH AND RETURNSIn FY2018, while we delivered solid results, we also continued to lay the foundations for sustained growth and returns. Our ongoing commitment to enhancing our customer offerings, investing in technology, building scale in our core businesses, and strengthening our competitive advantage, underpins our confidence that we can deliver strong results for shareholders.

9 Computershare is becoming more profitable, predictable and transparent. We are optimistic about our Looking at our FY2018 results first, total management revenue increased by an impressive $ million, with contributions from our growth engines, cyclical improvements and increases in event based activity, particularly in the first services is now our largest business stream by some distance and accounts for almost 40% of total revenues. Within this, mortgage services revenues increased by to $ million. US mortgage services revenues broke through $300 million, up 19%, and UK mortgage services revenues were stable at $ million. This is a good result given the UK book is largely in run-off mode prior to new loan volumes driving US mortgage services we are well into our five-year plan and making good progress, with returns tracking to targets.

10 We are building out our revenue model across the mortgage value chain, capturing more margin and driving scale in servicing volumes. In the US, unpaid principal balances increased by over 35% to $81 billion. Capital light subservicing unpaid principal balances increased by 200% and, pleasingly, our high margin ancillary fees (not related to the underlying servicing) increased by and now contribute 28% of the revenue other strategic growth engine is employee share plans where we are excited about the Equatex acquisition, our first significant acquisition since 2011. Equatex is an excellent geographic fit with our existing European share plans business. It enhances our scale, technology and customer offering, and strengthens our competitive advantage.