COMPUTERSHARE LIMITED. — Capital/Financing Update 2004

Nov 25, 2004

MARKET ANNOUNCEMENT

Melbourne, 26 November 2004

COMPUTERSHARE TEAMS UP WITH EMPOWERMENT GROUP IN SOUTH AFRICA

Computershare Limited (ASX:CPU) today announced that local South African empowerment group, the Black Management Forum Investment Company (BMFI), has purchased a 26% equity stake in Computershare South Africa.

BMFI has subscribed for 26% of the ordinary share capital of Computershare South Africa for an undisclosed sum, financed partly in cash and partly in terms of dividends over a five-year period. The deal is unconditional and therefore not subject to performance targets. The transaction will have no material effect Computershare, 26% by the BMFI, and 5% each by Old Mutual and First Rand.

The transaction is the first direct ownership Black Economic Empowerment deal in South Africa by a foreign-listed company.

BMFI's 26% stake in Computershare South Africa not only ensures compliance with the financial services charter, but will also boost local management expertise and position the company to extend its services in the public and private sectors. The BMFI, which restricts its investments to companies where it can add tangible management expertise, will have two directors on Computershare South Africa's board and will introduce managerial staff and new clients to the company, as well as providing advice on procurement.

Announcing the deal, Computershare's CEO Chris Morris said, "This is a significant transaction for us. Not only do we recognise the importance of empowerment of previously disadvantaged sections of the community in the South African business environment, but we are confident that the BMFI will add strategic and management depth to our local operation."

Managing director of the BMFI, Campbell Bomela, said: "This is our first deal with a global company and complements our investment strategy in the financial services sector. We plan to play an active role in growing the company's client base and strengthening the management team."

For further details please contact:

Dudley Chamberlain Head of Investor Relations Computershare Limited Tel: + 61 3 9235 5500 Mobile: +61 417 374 316

About Computershare Limited (CPU)

Computershare (ASX: CPU) is the world's leading financial services and technology provider to the global securities industry in its provision of services and solutions to listed companies, investors, employees, exchanges and other financial institutions.

With a unique range of integrated services. Computershare provides specialised records management for company share registers and employee share and stock option plans, document design and communication, strategic investor relations and market intelligence, and a variety of sophisticated trading technologies for financial markets.

Computershare is the largest and only provider of global shareholder and employee management services - administering more than 70 million shareholder accounts for over 13,000 corporations across twelve countries on five continents. Founded in Australia in 1978, Computershare today employs almost 8,000 people worldwide. For more information, visit http://www.computershare.com

About Computershare South Africa

Computershare South Africa manages in excess of 2 million shareholders, providing share registry services, custodial services, employee share plan management, investor relations and technology services. It is the only non-bank CSDP (Central Depository Participant) in South Africa focusing on the private investor. Computershare entered the South African market in 1999 having been appointed to carry out the demutualisation of Old Mutual. The company initially acquired Consolidated Share Registrars and Optimum Registrars, before acquiring Mercantile Registrars in April 2002.

About the Black Management Forum Investment Company (BMFI)

The BMFI is a limited liability company established in 1996 as the investment arm of the Black Management Forum. It is owned 60% by the Black Management Forum, 30% by the Sanlam Development Fund and 10% by members and staff. The company focuses on investments in the information and communications, education and training, financial services, energy and mining, and gaming and tourism sectors.