Investors & Analyst Briefing - computershare.com Investor and...Investors & Analyst Briefing March 2005. ... Document Services Plans Investor ... • Preliminary analysis of investor

Computershare

Investors & Analyst Briefing

March 2005

ComputershareAsia Pacific

Stuart CrosbyGroup Managing Director

Asia/Pacific

Investor PresentationMarch 2005

Outline

– Computershare Asia Pacific

– Geographical spread

– Markets, offerings and opportunities

– Computershare Australia

– Market overview

– Business lines

Computershare Asia Pacific

Singapore- CRM (SRG)

Seoul- Analytics

Distribution (SRG)

India-Investor Services

- Mutual Funds

New Zealand- Investor Services

Manila-Markets Tech-Analytics Data

Capture & Research

Hong Kong-Investor Services

-Plans

Business lines by geography

KoreaIndia Manila Sing.

Pepper

Analytics

Corporate Proxy

Document Services

Plans

Investor Services

JapanHKNZAust.

Separate Business Unit

Not Offered


Hong Kong

• Mainly investor services, but growing plans opportunities (esp into China).

• Developing analytics and proxy opportunities.

• 80% market share, and dominant in large transactions (eg, Link REIT). Main competitor Tricor(owned by Bank of East Asia).

• Hot IPO market currently (Link REIT attracted over 400K applications).

India

• Mainly investor services, but analytics, proxy, print and mail opportunities being explored.

• Significant mutual fund record-keeping business.

• 35% market share in a very fragmented corporate investor services market (working on consolidation opportunities).

• IPO levels reasonable, but not as many privatisations as had been hoped for if BJP had been re-elected.

Malaysia

• Looked at investor services market, but very small and parochial.

New Zealand

• Mainly investor services.

• Unattractive tax environment for plans. Some analytics opportunities.

• 90% market share in investor services. Sole competitor (BK) recently sold to NZX and ASX Perpetual (50% each), and new owners clearly have plans to move it up-market.

• IPO and M&A levels reasonable.

Philippines

• Markets technology, and significant data capture and research provider to global analytics business.

• Have looked at local investor services market. Initial assessment is that it is very fragmented and highly manual, making a CPU entry difficult.

Korea

• Analytics and proxy distribution arrangement with local IR consultancy.

• Preliminary analysis of investor services market encouraging, but more research needed.


Computershare Asia PacificJapan

• Analytics and proxy distribution arrangements with a range of market players.

• Material interest from some investor services participants in CPU offering as the Japanese market opens up and dematerialises.

Singapore

• Mainly creative and client management for customer relationship services in Pepper / Stakeholder Relationship Group.

• Investor services mostly centralised in CSD, with limited opportunities for “commercial” services. However lack of innovation / service quality from CSD may drive change /create opportunities in the medium term

China

• Like Singapore, investor services centralised in CSD. CPU has a longstanding consulting / advisory relationship with CSD.

• Good flow of PRC IPOs to HK

• Limited PRC internal opportunities while RMB remains unremittable, except some cross-border facilitation.

Australia

Sydney-Investor Services

-Document Services-Plans

-Markets Technology-Analytics (SRG)

-Proxy (SRG)

Brisbane- Investor ServicesPerth

-Investor Services- Document Services

Melbourne-Global Head Office

-Operations-Document Services-Investor Services

-Plans-Analytics (SRG)-Pepper (SRG)

Adelaide- Investor Services

Computershare Australia – market overview

• Very high level of M&A and capital management activities.

• Increased penetration of the Computershare “integrated solution”, especially in the M&A and

IPO spaces. Examples include Westfield triple stapling (processing, print and mail, analytics

and proxy), Newscorp redomicile (processing, analytics and proxy in Australia and USA; print

and mail in Australia), BHP Billiton Buy-back.

• Opportunities for integrated customer management solutions being explored (bringing together

processing and call-centre capacities of investor services, print and mail capacities of

Document Services, and analytical capacities of Pepper).

• Bringing Indian mutual fund (unit trust) capacities to Australian market to service existing book

of non-standard products and enter the currently under-serviced outsourced administration

service for collective investment schemes in Australia.

Computershare Australia – by business line

Investor Services

• 65% market share.

• Coming out of a period of aggressive price competition and hoping for more rational behaviourgoing forward.

• Future ownership of main competitor (ASX Perpetual) uncertain and clear signs that it is limiting capital (esp technology) spending.

• Wins include National Australia Bank, Tattersalls and Seek IPOs.

Document Services

• Now catches over 90% of investor services print and mail.

• Commercial work accounts for 50% of revenue and growing, with recent wins including David Jones, Victorian Workcover Authority, Loyalty Pacific (Fly-buys) and RAC Insurance (WA).

• Bolt on Perth acquisition completed and integrated.

• Not looking to compete with HPA and Salmat at commodity end of the market; rather looking to offer niche and higher value solutions.

Plans

• Dominant provider of premium share plan administration and promotion services.

• Offering enhanced through improved on-line dealing services and Pepper-based plan promotion and education services.

Georgeson Shareholder Communications

• Dominant provider of premium proxy solicitation services.

• Strong beneficiary of M&A boom.

• Part of SRG from 1 July 2005.

Analytics

• Leading provider of shareholder intelligence services.

• Main competitor is Orient Capital, owner by ASX.

• Part of SRG from 1 July 2005.

Pepper

• Covered in SRG report

Computershare Australia – by business line

ComputershareEMEA

Rob ChapmanGroup Managing Director

EMEA


Outline

– Computershare EMEA


– Markets, offerings and opportunities

– Computershare EMEA

– Business challenges

– Market overview

– Business opportunities

Computershare EMEA

Ireland: Dublin

UK: London, Edinburgh, Bristol, Channel Islands

-Investor Services-Document Services-Plans-Analytics (SRG)-Pepper (SRG)-Markets Technology-Corporate Actions-Contact Centre Services-Corporate Proxy

Germany: Munich

Russia: Moscow

Italy: Rome

-Investor Services-Plans-Analytics (SRG)-Custodial Services

South Africa: Johannesburg

.

.... .

Computershare EMEA

South AfricaItaly Russia Germany

Pepper

Analytics

Corporate Proxy

Document Services

Plans

Investor Services

Channel IslandsIrelandUK

Separate Business Unit Not Offeredas part of other services

Computershare EMEA

UK

• Investor Services to 30% of FTSE 100 and 25% of registry market.

• M&A activity has increased – gaining in excess of 40% of recent market activity.

• Employee Share Plans a fragmented market – Computershare well positioned to service global corporations headquartered in UK (and EMEA generally).

• Document Services supporting fulfillment to registry, plans and commercial business.

• Increasing traction between core business and Pepper SRM, ERM and CRM offerings.

Computershare EMEA

UK

• Diversification into market sectors that utilise our core capabilities –such as CORGI (gas regulator); NHS (health care) and Gilts (HMT govt. bonds).

• Analytics and proxy opportunities emerging in the UK market –significant interest.

• Transition of GSC and Analytics to broader IR offering.

• Competitive landscape varied by service offer:

• Registry – LloydsTSB Registrars and Capita

• Plans – HBOS, Mourants, Capita, UBS, Citibank

• Equiserve acquisition will realise Computershare’s potential to be a global provider.

• Push into advisory around corporate governance and corporate social responsibility reporting.

Ireland

• Mainly investor services with 90% market share. Sole competitor Capita.

• Employee Share Plans business important due to global nature of clients –but not large.

• IPO and M&A levels low in recent times – less than five significant transactions a year.

• Potential to expand into new sectors – government, regulated authorities and others.

South Africa

• Mainly investor services with 90%+ market share. Emerging competitor Ultra.

• Social-economic environment requires BEE partnership – agreement reached with BMFI.

• Plans and Analytics markets have been weak.

• IPO and M&A levels have increased in recent period

• Potential to expand into new sectors – government, regulated authorities and others

Computershare EMEA

Germany

• E Magin acquisition to strengthen AGM offering

• Transfer of former JV registry service to German based service and CARE

system – providing control and ability to review over-all go-to-market

approach.

Russia

• Minority interest in NRC – ownership of 45% of the company and with membership of the board.

• Opportunity to expand ownership to a controlling interest – in discussions with other shareholders EBRD (15%) , Nikoil (20%) and Rosbank (20%).

• Consolidating market but current market conditions subject to volatility –creating a cautious approach to further investment.

• Opportunity to assist with AIM listings in London through knowledge and network in Russia.

Computershare EMEA

Computershare EMEA

Channel Islands

• Joint venture with Rawlinson-Hunter to provide specialist off-shore Executive and Employee investment funds.

• Linked closely to Employee Share Plans offered out of mainland UK.

• Potential to expand into more specialist investment, plans and trust instruments being reviewed

Italy

• Opportunity to service proxy and analytics markets in Italy, Spain and South America (Argentina) following the acquisition of GSC Proxitalia as part of the acquisition of GSC.

• Europe is still very much a collection of vastly differing markets – local knowledge is absolutely key.

• Harmonisation of EU financial markets is likely but uncertain – Euroclear SSE project still some way off (2008/10).

• Consolidation of exchanges / CSDs:• OM led through Scandinavia & the Baltics• Acquisition of LSE by Deutsche Bourse / Euronext.

• EU directives on prospectuses and cross border mergers - expected pick up in M&A activity in 2005/6.

• Sarbanes-Oxley driving many European issuers away from the US and back towards European markets.

• EU consultation on shareholder rights and overall drive for greater corporate governance may promote ‘UK model’ (though potentially not a UK Government priority) though registered shares appear to be becoming more common.

Computershare EMEA – business challenges

Computershare EMEA – market overviewExpansion – building around the key market hubs

Registered shares2nd largest ADR market in EuropeSignificant consolidation likely over time in registry market.

Mixture of bearer and registered sharesGermany dominated by RS and AdeusSwitzerland by SAG.

Largely registered marketNCSD is registrar for Sweden & Finland20% owned by OM

Largely registered marketsRegistrar role fulfilled by respective CSDs

Small registered market dominated by banksMarket fragmented and scale is a problem –only 2m registered shareholders yet 6 registrars – only one of which is a stand-alone entity (EEF).

Benelux is a bearer marketHome to some major issuers Opportunities in plans, SRG, ADRs

Computershare EMEA – business opportunities

Expand into registry business; seek to acquire small issuing agent business as lead into market, use as basis for up-sell of Plans / SRG products

OM dominant and leading Scandinavian / Baltic consolidation

Sweden

Open Representative Office with local sales / product specialists to build off Plans traction and sell into SRG product space. Partner with local bank for Plans sell.

No registry industryHolland

Continue current consolidation strategy. Open representative office for Plans / ADR / DI opportunities.

Market risk; undeveloped market presence

Russia

Consolidate AGM market; seek expansion of registry business through acquisition. Review acquisition opportunities in registry business and German CDS operation. Identify key local Plans experts to build out Plans offering.

Small presence (and registry market). Dominant local player.

Germany

Leverage off GSCP presence / relationships. Seek partnerships with exchange and key banks to sell Plans / ADRs over time.

Exchange / CSD dominates; undeveloped employee market

Italy

In short term, investigate potential acquisition of Issuer Services business as starting point. Build up local team to increase Plans / SRG sales. Longer term operate to drive consolidation of market.

Culture; banking dominance; small registry market.

France

ApproachIssuesHub

• Aggressive pursuit of core Investor Service expansion in UK – realising potential of Equiserve and global propositions to global clients.

• Expansion of service offerings in core markets through targeted acquisition, market consolidation and key account development.

• Expansion of regional presence – hubs of growth.

• Development of new market sectors that utilise Computershares capabilities and capacity:• Corgi – gas regulator – expansion into the regulated membership sector• NHS – health care – expansion into the membership sector and

democratisation• Gilts – government bonds – aligned to core registry services• Government – expansion into ‘commercialisation’ of government activities

• Using propositions in corporate proxy, SRM and analytics as ‘bridgeheads’ to expand into new markets and new clients.

• South Africa’s BEE partnership with Black Management Forum (BMFI) provides opportunities to expand into wider business areas.

• Spearhead ADR/CDI/CI proposition development and delivery through the increased traction offered by the Global Capital Markets group.

Computershare EMEA – business opportunities

ComputershareNorth America

Steven Rothbloom

Group Managing Director

North America


Outline

– Computershare North America


– Canada

– Market overview

– Business lines

– US

– Market overview

– Business lines

– Fixed income services initiative

Computershare North America

North America

–Investor Services

–Employee Plans

–Document Services

–Mutual Fund Proxy Services

–Corporate Proxy

–Fixed Income Services

–Analytics

–Pepper

–World Records

Canada

MontrealQuebec

HalifaxNova Scotia

VancouverBritish Columbia

Toronto, Richmond Hill

Ontario

CalgaryAlberta

WinnipegManitoba

Canada

Competitive landscape

– Has remained status quo—environment is relatively stable

– 62% transfer agent market share

– 20% employee plans market share

– One major competitor

Highlights

– Canada rule 54-101 enables TAs to mail to beneficial owners—ADP monopoly broken

– Computershare helped drive this change

– Computershare getting big share of this mailing business—approximately 1.5 million NOBO

mailings by the end of this proxy season

– Canada CDS: Royal & SunAlliance customer and broker communication

– Includes management, design and mailing expertise

– Will save R&SA 15% per year in operational costs

Priorities

– Grow employee plans, corporate trust businesses through increased sales efforts

– Build on R&SA success to increase commercial print/mail business for CDS

– Further consolidation of smaller service providers in western provinces through acquisition

– Fully implement paperless processing through workflow and electronic document capture

systems

United States of America

Burr Ridge, ChicagoIllinois

Edison, Jersey City*

New Jersey

San FranciscoCalifornia

NYC, HauppaugeNew York

ClevelandOhio

CantonMassachusetts*

DallasTexas

SheltonConnecticut

RockvilleMaryland

GoldenColorado

* Locations to be added upon close of EquiServe acquisition

US – Market Overview

– Computershare’s uniqueness in the marketplace is being noticed

– End-to-end service offering

– Independent from any banks

– Technological edge

– Industry is consolidating

– When EquiServe deal closes, Computershare will be the largest transfer agent in the US

– A large Transfer Agent trying to exit transfer agency business, with EquiServe, means close to 50% of the US transfer agent market is consolidating

– More financial institutions will look to do the same because of regulatory, structural and governance changes

US – Highlights

– Recent wins include:

– ALLTEL stock transfer – went live August 2004

– News Corporation stock transfer – went live November 2004• Handled transition of listing from Australia to New York

– Principal Financial Group stock transfer – went live January 2005

– A significant register from BoNY with future corporate action – files to convert April 2005

– AG Edwards employee stock purchase plan – went live November 2004

– Cisco Systems stock option plan – went live December 2004

– Global Crossing restricted stock and options – went live December 2004

– Republic of Argentina debt restructuring – bond exchange – launched January 2005• With Georgeson Shareholder in Italy and the UK

– These wins took place BEFORE EquiServe acquisition announced—first three were won before the deal was announced

– Sales pipeline is strong

US – Highlights

– And of course, McDonald’s Corporation

– Won before EquiServe deal announced

– Went live February 28, 2005

– Ronald even took a few shareholder calls!

US – Highlights

– Integration of Georgeson Shareholder and Transcentive

– Georgeson Shareholder:

– Mutual fund proxy business integrated into Alamo Direct to form Fund Services group

– Corporate proxy services now part of global stakeholder relationship group

– US TA support services (post-merger, etc.) under leadership of head of TA operations group

– Transcentive:

– Employee plans services integrated into employee plans group

– Technology and systems now integrated into CTS

– Sales best practices and top sales leadership from Transcentive and Georgeson Shareholder

US – Priorities

– Close EquiServe deal & integrate the business

– Leverage knowledge, expertise and processing capability to grow business beyond TA and Plans

– Fixed income services—newly launched in US to build on Canadian Trust expertise

– CDS—commercial print/mail for credit unions, check printing, etc.—gaining traction in market

– Mutual fund proxy—acquisition of Alamo Direct, one of largest players in industry in US

– Cross-sell and upsell services to major clients

– Increase IPO wins

– Continue our momentum in winning major large clients

– Continue to push for deregulation of proxy process

– Build brand recognition

– Take advantage of changing regulatory and governance environments to sell additional services

– Position ourselves to gain the benefit of potential improvement in M&A and corporate action activity in the US

Computershare

Stakeholder Relationship

Group

Dr. Oliver Niedermaier

CEO, Stakeholder Relationship Group

Investor Presentation

March 2005

Management of Global Business

A Corporate Perspective

– Unleashing “hidden” value and the true potential of recent acquisitions

– CPU further exploiting recently acquired assets in terms of skills,

brands, technology, etc.

– A global structure for a global businesses

– Optimizing product offering and value for clients

– Adding a new growth dynamic beyond registry

– Transactional and semi-annuity business potential for higher

margins

– Spearheading growth for annuity businesses

– Moving up the value chain towards more advisory services

– Locking in corporate relationships on CxO-level

A Personal Perspective

– Building a global Stakeholder Communications-powerhouse– IR provider from data to high end advisory– “Communication-enabling” of an industry– “Technology-enabling” of an industry– Bringing Stakeholder approach to market

– Giving SRG within the CPU group even greater significance– Increase percentage of revenue of overall group revenues– Increase share of profitability– Drive product innovation– Support shift to market driven organization and cultural drift– Leverage on global foundation

– Striving for uniqueness and sustainability in our business– Achieving something Incepta/Citigate, Thompson or WPP

have or will be failing to achieve in terms of completeness of offering

– Building a true global player

SRG: The Rationale

GeorgesonShareholder

ComputershareAnalytics

Peppertechnologies

Proxy solicitation

Premium IR data contentCommunications consultancyTechnology applications

Investor RelationsPowerhouse

“Georgeson”

SRG: The Rationale within CPU

Computershare core annuity business

– Structure to chase the M&A money with enhanced superior offering

– Adding a communications and marketing consultancy layer

– Leveraging CPU fulfillment infrastructure

– Providing financial stability to a transactional, cyclical business

– Further spearheading Computershare annuity business



Peppertechnologies

Proxy solicitation

Premier IR data contentCommunications consultancyTechnology applications


„Georgeson“

IR Value Chain

Data Distribution Campaigns Advisory

• Global OwnershipDatabase

• Database Applications• Data Reporting• Shareholder ID

• Proxy Solicitation• Shareholder

Communications• Creative Design

• Investor Targeting• Retail Communication

Strategy

Current SRG Assets:

CurrentAssets

FutureRevenueGrowth

IR Value Chain – an example

Example:

- „Dissident Shareholder Group“

Data Distribution Campaigns Advisory

-Identifyingbeneficial holders;Vote predictions

- Multi channelcommunication

- Targeted institutionaland retail campaign

- Financial PR/C-Suite advisory

Why is Computershare fit to build this business?

• A unique combination of technology, communications and content assets

• Brand Strength: Georgeson, a 71 year old name, especially strong in the key market

of the U.S.

• An end to end product and service offering

• Access to the Global Call Center and Fulfillment Infrastructure of the

Computershare Group

• Global Ownership Data as good as the best in the world

Strategic Program in place

• Agenda 24:

– Objective for the end of calendar year 2006 is to:

Significantly increase the value of the business for CPU!

How:

– Aggressive revenue growth (proxy expansion, further regional pepper expansion, etc.)

– Aggressive profitability growth towards high margin business

– Drive core business revenue for other CPU businesses

– Aggressive positioning within the marketplace

Striving for uniqueness and sustainability in our business

Campaigns

Distribution

Campaigns

Advisory

Data

• Longer Revenue Lock-in• Natural Point of Contact• Higher Profile Board level• Assist Registry/Plans wins

Key Priorities for next 6 months

• Significant investment in market positioning

• Address some of the gaps in the M&A advisory space

• Invest in the Global Data Repository (Institutional Ownership etc.)

• Integrate offerings and bundling into client focused solutions (first focus on equiserve client base)

What is being said?

Computershare core annuity business

Sydney Morning Herald

“Australian share registry operatorComputershare…”

The Australian

“..the world’s largest share registry and services company…”

AFR

”global share registry managerComputershare..”

Canberra Times

“Australian share registry operator”

The Age

“Global share registry and shareholder relations company Computershare”

“The shareholder services giant”

“Share registry and shareholder communications company Computershare”

eTree

“Computershare, the investor services and stakeholder communications company”



Peppertechnologies

Proxy solicitation

Premier IR data contentCommunications consultancyTechnology applications


„Georgeson“

Computershare Document Services

Global Review

David Hynes Global Chairman CDS


Agenda

– Story so far…

– Overall Business Model – How it works for CPU

– CDS – adding value…

– Status of regional business units

– Global Summary

Story so far…

– Volumes internal/external have increased 3 fold since acquisition in 2000

– CDS had 3 stable facilities in 2 countries now has 10 in 4 countries (includes 2 Equiserve facilities)

– CDS external revenue streams are constant and annuity based providing resistance against the peaks and troughs in the capital markets

– Strategic acquisitions have supported coverage model (Perth) and provided competitive advantage in our service offering (Technology Partners Group)

Overall Business Model – how it works for CPU

– Start up viability: Internal volumes usually underpin 75% of startup cost base

– Long term viability: Within 3-5 years reach a 50/50 split of internal/external revenue

– Capability: External focus drives people skill, product and technology innovation & ensures competitiveness

– Integration: End to end systems/process’s integrate with CPU core systems. Increased efficiency in the upstream and downstream processes i.e. scanning, set up’s, document design.

– Leverage: Leverage the relationships with Blue Chip companies. Create scalable products/service offerings that can be delivered globally

Overall Business Model – Growth Strategy

– Internal sales - CIS/CPM - Outsourced Work – ensure no leakage- New Products – Quick Certs, Edgar filings, Quorum, Financial Print, Quarterly Reports

– External sales- Targeted client segments: energy, insurance, financial- Leverage all CPU business unit relationships

– Outsourcing / take over existing facilities

– Acquisitions

Overall Business Model – Lessons Learnt

– Inefficient in-house operations are the best targets for off-shore growth

– Large customers are sticky – In Australia we have seen very little movement of large accounts

– Large accounts have been won by using our Consultancy Methodologyto provide tailored communication solutions

– We invest in our people – client facing consultants that add value & provide differentiation – moves us from a commodity based price war.

– Not print & mail company BUT a stakeholder communications company

CDS – adding value…

Benefit

reduced costs

increased revenue

influencing selection of channel choice

influencing payment method choice

influencing purchase of additional products

Payment methodsDelivery channelAdditional purchases

statement marketing

Australian Market

– Almost fully outsourced. Mature market – major competitors are listed players

– Growing National Coverage model with acquisition in Perth (~20 % Market Share WA)

– Electronic delivery sales strong – becoming a competitive advantage

– Influence up-sell & cross-sell campaigns on transactional communications getting support from our pioneering partnership clients

– Strong long term relationship’s underpin our market position

Conclusion: Market fully outsourced moving to value add business model

EMEA Market (UK)

– Expect market to grow with continued outsource trend

– Looking for a UK acquisition to fast track growth

– Other acquisition/greenfield opportunities exist in Ireland and South Africa

– Strong focus on take-over of existing in-house operations

– Added 4 Color Digital Print to Service offering in Feb 05 - ROI is underpinned by outsourced Pepper work transferring to CDS.

– Electronic capability now available expect growth to commence this year with flow on effects coming in 05/06

Conclusion: Make strategic acquisitionFocus on taking over in-house facilities

US Market

• Expect market to grow with continued outsource trend

• Following Equiserve/Alamo Print and Mail facilities integration, we will come a significant player – volumes increase 5 fold with additional facilities providing a wider distribution model

• External sales strategy is now effective in Mid-West.New Clients: 25+ Credit Unions + other external business

• Electronic sales progressing well – 2 large clients sold inc. Harris Bank + Multiple Credit Unions

• Opportunity to bring outsource revenue from Equiserve into CDS facilities(post acquisition)

• Roll out of Credit Union and other specific product offerings that will further utilise existing facilities

• Opportunities for savings in rationalisation of sites, equipment, etc. in USA (post acquisition)

• Size/Perception barrier to win major accounts in US now removed

Conclusion: Integration of Equiserve/Alamo the top priority

Canadian Market

– Expect market to grow with continued outsource trend– Need to expand coverage model– Completing integration of Royal & SunAlliance print and mail

environment into CDS – strong focus on next big deal (energy/utility sector)

– Large registry market share is providing a constant source of new external and cross-sell opportunities

– NI 54 – 101 ruling opened up the market for the distribution of Broker held Proxy material - more than triples the current volumes

Conclusion: External - Focus to secure energy/utility client Internal – Volume growth via leveraging NI 54 - 101

Global Summary

– Current revenue split: 60% internal / 40% external

– Global foot print - best in the world!

– Tech Products - have global suite - deployed globally in Feb 05

– Win major clients to become a major player in each market

– Sales opportunities – work with all CPU businesses to create high margin combined

offerings that can’t be matched by competitors

– Over time CDS/Pepper can change the paradigm in delivering integrated

transactional and direct marketing communications

– USA market opportunity is unleashed - as barriers of size/scope are removed with

Equiserve acquisition.

– The largest markets we have entered have the most upside in the outsourcing trend

– US/UK

Conclusion: The future is looking bright

Investors & Analyst Briefing - computershare.com Investor and...Investors & Analyst Briefing March 2005. ... Document Services Plans Investor ... • Preliminary analysis of investor

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