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2012 Our Year in Review (UK)

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The New Year offers the perfect opportunity to reflect. This concise document highlights new products, technological investments and other accomplishments delivered by the UK Computershare Registry team in the last twelve months.

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2012 Our Year in Review (UK)

  1. 1. 2012: OUR YEAR IN REVIEW
  2. 2. INTRODUCTION CONSISTENT DELIVERY The primary objective of this review is to share with you the new products, technologicalPercentage of favourable responses from clients in the Capital Analytics survey 2012 Overall investments and other accomplishments that satisfaction: we’ve delivered to our clients in the last year. 90% client rating We’re also taking the opportunity to review how far we’ve progressed since 2007 in light of being voted No. 1 registrar in the independent Capital Service to Analytics survey for the fifth year running. shareholders: We were a very different registry provider five years ago and had a lot of 93% improvements to make. We’ve come a long way since then and I strongly believe our efforts in recent years, in terms of product innovation and satisfied service delivery, mean we are truly the UK’s best registrar. We deliver you excellent service and innovation because of the investments Account we make in our people, as well as our systems and processes. Effective Management: succession planning is key to maintaining high service levels, and a great example of this was the appointment of Steve Banfield 97% to the Client Relationship Director post in May. Steve has been with Computershare for 13 years, most recently running satisfied the Depository Interest team and has valuable skills and experience in the operational, client services and product development areas of the registry business. Throughout this brochure you’ll get to ‘meet’ some of our team – some faces will be familiar, others are usually found behind the scenes – but we all share a passion for delivering excellent service to you and your shareholders. Thank you for partnering with Computershare in 2012. If you have any questions or comments, please email me at matt.trevett@computershare.co.uk. Kind regards Matt Trevett Director Computershare Investor Services
  3. 3. INVESTMENT IN TECHNOLOGY AND PRODUCTS Our technology underpins everything we do for our clients. Computershare consistently invests more in technology on a global basis, demonstrating our commitment to creating industry leading products and services. TECHNOLOGY SPEND AS A PERCENTAGE OF SALES REVENUE 15%Technology Spend as % Sales Revenue 10% 10.0% 10.3% 10.7% 11.5% 10.1% 11.8% 9.9% 9.5% 5% 1.5% 1st 2008 Half 2nd Half 2009 1st Half 2nd Half 2010 1st Half 2nd Half 2011 1st Half 2012 2nd Half 2009 2010 2011 2012 Spend on Technology each year Below are some of the new products and service enhancements introduced to you and your shareholders in 2012. Intermediary Online Intermediaries (such as global custodians, nominees and non-broker participants) had told us that one of their major challenges was the lack of transparency and control of information on the share register. This created inefficiencies, including time wasted in searching for information and duplicated instructions, causing intermediaries unnecessary cost. To meet this challenge we developed and launched Intermediary Online (IMO) in the autumn of 2012; the industry’s only secure online platform that facilitates interaction between major shareholders and the register. IMO gives intermediaries real time access to search and view their holdings and associated documentation, gain information about shareholder meetings and dividend details; providing a powerful tool for your largest and most influential shareholders. The service has received great acclaim from intermediaries in Australia where it has been operational since 2009. WITH INTERMEDIARY ONLINE WITHOUT INTERMEDIARY ONLINE Day 1 Day 1 Day 3 + 2 + Dividend paid Dividen Day Dividend tax voucher and tax voucher paid an d payment delivered to the d div tax n available via vouche idend tax end i intermediary’s Intermediary Online r poste Divid arrives ’s d er ary department ch di vou terme in m the mailroo
  4. 4. INVESTMENT IN TECHNOLOGYAND PRODUCTSCHAPs service eProxy Mobile In October 2012, Computershare was the first registrar to introduce proxyIn March, the Bank of lodging via smartphone, tablet or other mobile devices. An extension to theEngland changed the already popular eProxy service, eProxy Mobile is available to you as part ofamounts that can be your Meeting Services package. Providing voting facilities via the gadgetspaid via BACS. Thanks people use in their everyday lives is another way to encourage shareholderto our forward-looking participation and helps to fulfil your corporate governance objectives.compliance reviews,we were ready forthis change and IML Connectordeveloped payments All Computershare clientsthrough the CHAPs can benefit from the leadingbanking system wireless voting handsetto enable single as part of their Meetings Services package. Connectordividend payments is an exciting new productof over £20 million with a range of new featuresto be processed to make running yourelectronically. This meeting easier. These includeeliminates the a full QWERTY keyboard and full colour display asinherent risks and well as a built-in microphonedelays associated with and speaker; potentiallyissuing large amounts eliminating the need forvia cheques and a ‘roving microphone’ forpositions our service shareholder questions, andin the event that increasing the opportunity for interaction with shareholdersfurther changes are through text questions.made in relation toBACS value limits. Dividend document history In response to shareholder feedback, since November 2012, in addition to consolidated tax vouchers being available in the MyDocuments area of Investor Centre, we have been uploading more documents, including standard mandated dividend tax vouchers, as well as SCRIP account statements and DRIP purchase advices. Documents are available within this area for a full seven year period. This gives your shareholders the ability to retrieve past documents and provide them with a better view of the history of their shareholdings as well as tax information going forward. “My client, Vodafone, used the Connector handsets in July so I’ve seen firsthand how these handsets have made AGM participation more interactive than ever before.” Katrina Hagart, Relationship Manager L - Ben Vickery - Product Manager, Meeting Services R - Katrina Hagart - Relationship Manager
  5. 5. LOOKING FORWARD:TECHNOLOGY AND PRODUCTSOur Product Development team are working on many exciting initiativesin the coming twelve months. Here are just a few examples of whatComputershare clients can expect in 2013 and beyond.ISS AlertsAs the 2012 AGM season highlighted, the recommendations of proxyadvisors such as ISS are becoming increasingly influential. Virtual AgentOur ground-breaking ISS Alerts service will be available this Spring to helpyou plan for and proactively respond to any adverse recommendations Already a greatmade. The new alert service will email a client when ISS recommends success in ourabstention or voting against one of your resolutions in the run up to your Australian business,AGM. This will help to ensure you’re as prepared as possible for managing Virtual Agent is athe outcome of your resolutions at your AGM. 24/7 online self- help tool whichThe alert service has been designed by Georgeson, a Computersharecompany, who can also assist you in understanding the exact impact of the allows shareholdersrecommendations on shareholder votes and work with you to minimise the to type questionsrisk of opposition or defeat. and immediately be provided the most relevant responseInvestor Centre 2 from a frequentlyThe launch of the next generation of Investor Centre, with improved updated databasenavigation, modern look and feel and compatibility with mobile devices, will of common queries.offer your shareholders a much improved experience. Investor Centre 2 We are exploring thehas already been successfully rolled out in North America and shareholder introduction of Virtualfeedback has been very positive. This is slated for launch in the autumn of Agent technology to2013 and we will keep you updated during the course of the year. Investor Centre. “As the 2012 ‘Shareholder Spring’ proved, the role of proxy advisors is an ever growing and ever more important consideration. ISS Alerts will help our clients to be forewarned and forearmed.” Steve Banfield, Client Relationship DirectorL - Steve Banfield - Client Relationship DirectorR - Colin Clark - Client Relationship Director
  6. 6. COMPUTERSHARE MILESTONES 2008-2012 We’ve come a long way since being voted No. 1 registrar in the Capital Analytics survey for the first time back in 2008. Here we take a look at the key products and services introduced, as well as the milestones achieved that has helped to ensure we have provided you with the best possible service over the past five years. Shareholder Strategy Aligning the objectives of clients with targeted programmes to deliver tangible outcomes. The introduction of the concept of “the ideal shareholder”. Amongst other objectives, Shareholder Strategy initiatives delivered significant cost savings to clients through the collation of email addresses, bank mandates, or overall Companies Act 2006 reductions in the size of a register. Following on from Computershare’s involvement in shaping the Companies Act 2006, a range of new systems 20 were developed to facilitate new issuer obligations. 2009 20082007 InVision Making cheques a Introduction of market-leading software which supports the thing of the past Contact Centre to enable more Vodafone issued their first The Academy and accurate forecasting of call mandatory direct credit volumes, allocate resources Gold ‘TAP’ status accordingly and provide greater dividend. Following shareholder consistency of service. engagement campaigns, over The Academy was introduced, 170,000 additional shareholders providing intensive training to new had lodged bank details and over recruits contributing to improving 99% of Vodafone’s shares were shareholder satisfaction by mandated. eCommunications 33%. Attainment of The Training sign-ups rose from 33,000 to Foundation’s Trainer Assessment over 100,000. Programme (TAP) Gold standard, through our consistent and professional training programmes, an accreditation Computershare still holds today.
  7. 7. Standard Chartered electronic ShareGift Rights Issue Computershare is a long-time partner of ShareGift, a charity As a result of a successful Shareholder Strategy which allows investors to donate campaign, Standard Chartered were able to execute the unwanted shares to charitable first rights issue in the UK where certificated ordinary causes. By 2012, the charity shareholders could purchase their rights over a secure had raised over £1 million from internet site using a debit card and elect a cashless investors donating shares take-up or sale of their nil-paid rights without having to registered by Computershare. return their Provisional Allotment Letter. This meant Standard Chartered’s many overseas shareholders were able to meet 2013 the tight deadline by viewing the prospectus and applying online. 2012 2011 CSD Regulation Extensive client engagement on the possible implications of the regulations governing010 Central Securities Depositories. Computershare engaged directly with UK, Irish and European central policies makers to ensure issuer’s views are represented at the highest levels. Investors in People Largest UK IPO Computershare Operations Computershare delivered the achieved Investors in People largest IPO in UK history for accreditation, proving our Glencore, with the company commitment to best practice and entering the FTSE 100 the development of our people. immediately without waiting for consideration in the league tables. L - Rich Arberry - Operations Director C - Charlie Hodge - Senior Project Manager R - Ben Carpanini - Business Development Manager
  8. 8. TAKING CARE OF YOUR SHAREHOLDERSWe believe our Bristol-based Contact Centre team are amongst the best in any industry. The proactiveapproach from our Operations team means our clients and their shareholders have seen significantenhancements in the last five years as well as some exciting developments in the last year.SERVICE DELIVERY IMPROVEMENTS 2008 2012 Difference Improvement Handling of shareholder complaints 65% 93% 28% 43% Call centre knowledge about company 46% 86% 40% 87% Overall services to shareholders 60% 93% 33% 55% Percentage of favourable responses from registry clients of Computershare Investor Services PLC Source: Capital Analytics survey of registrars of FTSE 350 Companies conducted 2008-2012.Bereavement process improvementsThe passing of a shareholder needs to be handled with tact, sensitivity and understanding. Following feedback,our dedicated Bereavement team redesigned the pack of information that relatives or estate executors receive.The content was streamlined and forms were redesigned to be intuitive and easy to complete.Since 2008, we have worked hard to minimise the number of times a relative or executor needs to contactus, with this figure falling by 44% in the last five years. Our expectation is that in 2013, the need for repeatedcontact will further reduce by over 25%.We also continue to develop specialist tools such as InSearch, the bespoke broker register search service whichallows legal professionals to locate deceased shareholder details online 24/7. Learning from complaints We have always taken the management of complaints incredibly seriously. In 2012 we appointed Vicky Holloway, who, after 12 years with the Bank of Ireland, had extensive experience of managing a regulated complaints operation. This allowed us to take a fresh look at our approach to complaints handling and take our procedures to the next level. Shareholders benefit from a robust complaints handling procedure, integrated with Root Cause Analysis, ensuring that we respond and resolve swiftly. In the last six months, the financial services complaints arbitrator has agreed with decisions reached in 90% of complaints processed by Computershare, in contrast to an industry average of 42%. This demonstrates that the vast majority of complaints processed are done so in a fair and consistent manner. Our long term commitment to excellence in complaints handling is certainly paying off. Since 2008, the number of ‘justified’ complaints received per 1,000 interactions has reduced by over 77%. “It’s great to see evidence in the 2012 Capital Analytics survey of our hard work paying off with a 14% increase in clients satisfaction of complaints handling.” Vicky Holloway, Head of Written Communications L - Vicky Holloway - Head of Written Communications C - Abdi Muse - Customer Services Representative R - Dave Creber - Senior Relationship Manager
  9. 9. TAKING CARE OF YOUR SHAREHOLDERSEducation in the age of YouTube StaffOnline video is now an important tool in shareholder communication and retentionwe launched our suite of self-help videos to support the use of our clients’employee share plan services in late 2011 and Investor Centre in 2012. The Shareholdersvideos on our YouTube channel have now had over 77,000 views and weplan to extend this offering to more of our online registry products and are reassuredservices in the future. by experienced, confident and knowledgeable staff.Social media: the shareholder experience Our CorrespondenceComputershare monitors social media sites such as Facebook and Twitter team have anfor ‘mentions’ of Computershare’s name so we can respond, resolve orcorrect any issues relating to shareholders. Shareholders generally react average tenure invery positively to a message from our team, as it demonstrates a timely excess of 13 years,and proactive approach to customer service. giving shareholders consistency of serviceWe also use our social media channels to communicate our latest clientinitiatives, such as product releases and industry events. Get updated by from some of thevisiting our social media space: most competent people in the industry. www.facebook.com/ComputershareCPU www.twitter.com/computershare www.linkedin.com/company/computershare www.youtube.com/computershare “Issuers need to keep abreast of what shareholders and others are saying about them online via social media channels, especially in light of the increased shareholder activism we saw in 2012.” Zoe Hodge, Relationship ManagerL - Zoe Hodge - Relationship ManagerR - Sharon Miles - Operations Team Leader
  10. 10. CORPORATE SOCIAL RESPONSIBILITYOffice refurbishmentBy March 2013, we will have completed the refurbishment of our Pavilionshead office in Bristol, and our environmental impact has been considered atevery stage with energy efficient lighting, heating and ventilation systemshaving been installed around the building.PaperLess ChallengeWe have been actively encouraging staff at all UK sites to reduce their paper usage through our PaperLessChallenge. We have installed eco-printers which automatically print on both sides of the page to furtherreduce the amount of paper being used. As a direct result, our paper usage has fallen by 44% between2011 and 2012. Proactively green Our global Green Team has appointed regional ‘Environmental Champions’ to spearhead local initiatives. These management-level volunteers organise projects, engage staff and measure results. At the Pavilions, we’ve recently invested in new recycling units for paper, plastic, cardboard and cans to make recycling as straightforward as possible for all staff. Change a Life cycle ride In September 2012, Matt Trevett, Director of Computershare Investor Services, embarked on a 555km charity cycle challenge in South Africa to raise money for Computershare’s own charitable initiative, Change a Life. With the help of Computershare colleagues, clients and suppliers across the UK, Ireland and the Channel Islands, in excess of £26,000 was raised to fund effective, grassroots community programmes that aim to address the causes and symptoms of crime in South Africa. “Computershare pays much more than lip service to green issues. As one of the Environmental Champions for the UK, I have a specific remit to deliver measurable results in our local region.” Gary Ball, Head of Corporate Actions and Regional Sustainability Champion for the UK
  11. 11. REGULATORY LANDSCAPEThe next 12 months are expected to bring a large amount of regulatory change and we will ensure thatour clients are supported and ready to adapt. We are expecting the pace of regulatory change to be rapidduring 2013 and there are certain areas which Computershare is already actively involved in.Central Securities Depository RegulationThis upcoming legislation, likely to take the form of a European Regulation directly applicable in theUK and Ireland, is heading into final Member States negotiations. Amongst other things, it will likelyintroduce mandatory dematerialisation across Member States and reduce market settlement timescalesto a maximum of no more than two days. It will be critical for issuers and registrars to be engaged on thistopic as the detail is finalised during 2013, in particular with implementing a viable and efficient model fordematerialisation in the UK and Ireland.FATCAFrom January 2013 the US Foreign Account Tax Compliance Act (FATCA) will impact all financialinstitutions in the UK including banks, insurance companies & stockbrokers. The aim of the act is toensure all US citizens and tax payers living outside of the US pay any tax owed to the US government. HMRevenue and Customs (HMRC) published draft UK regulation as part of the 2013 Finance Bill, response tothe consultation started in September 2012 and accompanying draft guidance on the 19th December 2012on the application of FATCA in the UK under an Inter-Governmental Agreement (IGA) with the US. HMRChave now given affected entities a further period for comment with a deadline of 13th February 2013. Theoutcome of that consultation will ultimately clarify the impact of FATCA on clients, share registers andemployee share plans. We will continue our regular and extensive dialogue with HMRC to mitigate, wherepossible, the impact on our issuer clients.Securities Law LegislationWhile progress on European Securities LawLegislation (SLL) slowed during 2012, we anticipatedraft text being published during the first half of2013. The SLL is intended to harmonise aspects ofsecurities law across European Member States andhas possible implications for how the rights attachedto securities are exercised, including those byunderlying beneficial holders. “The pace of regulatory change is set to increase in 2013. Computershare clients are well-placed to receive expert analysis and advice in order to understand the implications for them and shareholders.” Michael Sansom, Head of Industry RelationsL - Michael Sansom - Head of Industry RelationsR - Matt Brimble - Senior Relationship Manager
  12. 12. Computershare is a global market leader in transferagency and share registration, employee equity plans,proxy solicitation and stakeholder communications. Wealso specialise in corporate trust services, tax vouchersolutions and a range of other diversified financial andgovernance services.Founded in 1978, Computershare is renowned forits expertise in data management, high volumetransaction processing, payments and stakeholderengagement. Many of the world’s leading organisationsuse these core competencies to help maximise thevalue of relationships with their investors, employees,creditors, members and customers.Computershare is represented in all major financialmarkets and has over 10,000 employees worldwide.Computershare Investor Services PLC is authorised and regulated by the Financial Services Authority, Registered Office: 25 The NorthColonnade, Canary Wharf, London E14 5HS. Computershare Investor Services PLC is registered in England & Wales, Company No.3498808, Registered Office: The Pavilions, Bridgwater Road, Bristol BS13 8AECISLOB0046v1F

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