REGIONAL REPORTS United Kingdom, Ireland, and South Africa

Some of the highlights in the region during the year include:

• The appointment of Iain Saville CBE as Managing Director UK/Europe
• Our joint venture with Deutsche Börse to provide registry-related services to the German market
• Technology development of new products, improved operational resilience and disaster recovery
• We strengthened our position in the UK registry market with 42% market share up from 36% the previous year and winning in excess of 50% of the IPOs during the year by value
• Growth in CPM business winning more FTSE 100 company accounts as well as our first global contract - BP's employee share plan and option plan administration worldwide
• Significant growth in non-registry revenue for CDS
• Ireland - won the register of First Active plc (largest register in Ireland) and increased services to share dealing, trustee, and fund administration services
• South Africa - Acquisition of Mercantile Registrars increasing registry market share to 90%. We launched CPM and were appointed to administer the Telkom and other government employee schemes.