COMPUTERSHARE LIMITED. — AGM Information 2002

Nov 6, 2002

Annual General Meeting 7 November 2002

Chris Morris Managing Director

Condition of The Market

FACTS

• We are not alone
• Challenging trading conditions
• $\cdot$ IPOs
• ▶ Interest Rates
• ▸ Corporate Actions
• Dealing Services

What we are doing?

• Managing Costs
• Have improved Financial Management $\blacksquare$
• Changing to a client and sales focussed organisation $\blacksquare$
• Restructured the business into geographic regions $\blacksquare$

What we will not do

• Not going to jeopardise the future of CPU by focussing on the bottom line at the expense of longer term strategies
• Stop looking for acquisitions
• Irrationally cut back on technology costs

Changing Profiles

Computershare's Reliance on Registry

Changing Profile

Regional Analysis by Revenue

6

Changing Profiles

Overseas Revenue

Plans – Global

• Global market estimated to be over US\$2bn, only 30% outsourced
• Only Global provider who can manage country specific Employee Share Plans
• Have Employee Options Remuneration have lost their $\blacksquare$ appeal?
• ▶ Phantom Stock
• ▸ Restricted Stock
• ► Repricing Options
• We have seen no slow down in Europe or Australia

Plans - Asia Pacific

• Australia > 80,000 employee plan participants and \$450m $\blacksquare$ under management
• Unique position: CPM Australia is earning revenue on funds $\blacksquare$ under management
• Major wins $\blacksquare$
• $\triangleright$ ANZ
• $\triangleright$ AMP
• TAB Limited

Plans - North America

• Largest ESPP provider
• Traditional owners exiting the business $\blacksquare$
• Charles Schwab: $\blacksquare$
• Acquired Schwab's existing employee stock purchase plan business.
• Formed a strategic alliance with Schwab to exclusively provide this service to their prospective and existing clients.
• Schwab chose Computershare because: "Computershare is the US market leader and the only truly global employee stock purchase plan administrator"

Plans – Europe

• Estimated 12% of the adult population participates in an $\blacksquare$ employee share plan. Significant growth potential.
• The Inland Revenue have received 589 SIP applications, of which 337 (57%) have been approved (Source: Inland Revenue June 02)
• Major wins:
• $\triangleright$ BP
• $\triangleright$ BAT
• $\triangleright$ Philips
• $\triangleright$ Whitbreads
• $\triangleright$ Reckitt Benckiser

Document Services

• A global business leveraging off same technology platform
• Operations now established in Australia, US, Canada & UK
• Totally integrated with registry system
• Substantial growth in selling commercial work to CPU clients
• Major commercial wins in excess of \$8m pa in UK alone $\blacksquare$
• ▶ Bristol Water
• ▶ Cellular Operations
• Powergen

Analytics

• IRtrack (proprietary web based global equity market share $\blacksquare$ ownership & contacts management system) released in Australia, UK and Canada
• Expanding into other issuer services (eg. Proxy solicitation $\blacksquare$ globally)
• Two main business streams, issuers and capital markets
• Established in South Africa as part of Mercantile deal
• American Stock Exchange deal $\blacksquare$
• IRtrack will be provided to their 600 listed companies
• ► Less than 10% are existing CPU clients

Common Market Perceptions

United States

• Slow pace of Growth
• Stuck to our strategy
• ▶ ADR Approval
• Large US Bank
• Chicago Mercantile Exchange
• Dow Jones experienced its best month ever in October $\blacksquare$

Common Market Perceptions

Australia

• Bad service levels
• Losing clients $\blacksquare$
• In open competitive tender we retained:
• David Jones
• TAB Limited

Asia

Hong Kong

• Cheung Kong Life Sciences (approx 40,000 $\blacksquare$ shareholders)
• Bank of China (approx 380,000 shareholders) $\blacksquare$
• Standard Chartered (HK Register) (approx 5000 $\blacksquare$ shareholders)

Global Strategy

• Vision from 5 years ago, to be a Global Service Provider has not changed.
• Done all the hard work $\blacksquare$
• March 2003, SCRIP deployed across all businesses globally
• Global access for multi-national companies