COMPUTERSHARE LIMITED. — AGM Information 2003

Nov 10, 2003

Computershare

Annual General Meeting

Tuesday 11 November 2003

CEO's Presentation

Tuesday 11 November 2003

CEO's Presentation

Where we have come from

$\triangleright$ We grew from 70 people to 5,000 people in nine years

$\triangleright$ Purchased over 30 businesses

$\triangleright$ We remain the only global provider of stakeholder services

$\triangleright$ And we have learnt some lessons

• We have to improve our sales and marketing
• Never compromise with staff especially the quality of senior management
• We excel in IT and Transaction Processing

Technology Customers

Computershare Offices

Penny Maclagan

MD Technology Services

Asia Pacific

$\triangleright$ Australia

• Substantial increase in level of corporate actions
• Won largest IPO's this year eg Virgin Blue, Promina & ALH
• Had solid growth in Plans, Analytics, Document Services
• $\triangleright$ Hong Kong
• Indications that IPO activity (particularly in China) is improving following SARS
• $\triangleright$ New Zealand
• Remains a market leader
• $\triangleright$ Expansion
• Looking to expand Plans/Registry in Asia Pacific

North America

$\triangleright$ Canada

• New executive team
• Restructured Canadian business to reduce costs

$>$ USA

• Winning big name accounts eg PNC, Stanley Works
• Have won \$1 million per annum in new business in the last 2 weeks
• Independently ranked as leader in service delivery
• North American investment community have increased awareness of Computershare since Georgeson announcement
• Revenue growth in Plans due to more employees trading in shares.

$\triangleright$ Expansion

• Actively looking to acquire small Transfer Agencies

Europe, Middle East, Africa

$\triangleright$ Appointed new regional MD and executive team in the UK

$>$ UK

• Centralised operations
• Absence of Merger and Acquisition activity but signs of modest recovery ٠
• Last week won deal worth \$25 million plus over five years
• $\triangleright$ South Africa
• Poor past performance but improving following change in senior management

$\triangleright$ Middle East

• Strong presence in the region through markets technology
• $\triangleright$ Expansion
• Looking to expand Plans business into Europe $\bullet$

Technology Services -Laying the foundations for the future

• $\triangleright$ Controllable costs down, enabling greater spend on R&D
• $\triangleright$ R&D spend lays foundations for
• New revenue streams: Employee $\bullet$ Share Plans
• Greater stakeholder self service

Technology Services -Laving the foundations for the future

• $\triangleright$ Foundations for greater self service 24/7
• Issuer reporting $\bullet$
• Shareholder information access $\bullet$
• Employee information access ٠
• All regions now on base infrastructure
• Web
• Telephone and IVR
• Workflow

Increased Web Usage

Computershare has evolved.

Our services have expanded...

...the same core strengths

Servicing our issuers and their....

Sharcholders

Services For Investors -Since 1978

Servicing our issuers and their....

Institutional Investors

Analytical and Advisory Services - Since 1998

Servicing our issuers and their....

Employees

Employee Share Plans -

Since 1997

Servicing our issuers by

managing their corporate debt holders

Corporate Trust Canada -Since 2000

Fixed Interest Australia -Since 2001

Servicing our issuers and their....

Sharaholdars (SRM) & Employees (FRW) Relationships

Loyalty initiatives and relationship management -Since 2003

$[$ Pepper $]$

Servicing ...

Markets Regulators Brokers

• Technology for:
• Trading
• Clearance
• ·Settlement
• Surveillance
• Since 1995

Expanding our services to issuers and their...

Sharcholders

Georgeson Shareholder Communications is a natural fil

The Deal

Why it makes sense for Computershare

Increased presence in US Market

• Good fit internationally Canada, Australia, the UK & South Africa
• More offices in Europe France, Spain, Italy
• $\triangleright$ A marketing & sales focussed organisation
• Great fit with Computershare that has been traditionally weak in this area
• Huge cross selling opportunities
• Strong product suite
• $\triangleright$ No major technology development required

Georgeson

Synergies

• $\triangleright$ Administration functions –significant savings through shared services
• $\triangleright$ Consolidation of offices
• $\triangleright$ Overflow for our call centres
• $\triangleright$ IT infrastructure global networks
• $\triangleright$ Use of our strong balance sheet
• $\triangleright$ We sell to the same customers

Early financial indications

• $\triangleright$ Their order book looking a lot stronger this financial year
• $\triangleright$ Their International Division will benefit from our global strength
• $\triangleright$ High value add businesses attracting high margins
• $\triangleright$ We remain convinced it will be EPS positive this year

New Business Areas

We are more than a Registry provider

Revenue now

35%

Revenue 4 years ago

Outlook

Outlook

$\triangleright$ First quarter results are strong

• Driven by excellent results in Australia
• Early indications of recovery in other global areas

$\triangleright$ Georgesons contribution excluded

• Awaiting US regulatory approval and formal acquisition (mid December)
• We will provide more detail on the financial impact of this acquisition at our halfyear presentation in February 2004.

$\triangleright$ Guidance

• Provided current trading conditions continue, we expect to be towards the high end of our previous guidance range of \$140 - \$160 million EBITDA (excluding Georgesons) for the fiscal year ending June 2004

Computershare

Annual General Meeting

Tuesday 11 November 2003