COMPUTERSHARE LIMITED. — Capital/Financing Update 2005

May 22, 2005

MARKET ANNOUNCEMENT

Melbourne, 23 May 2005

COMPUTERSHARE POSITIONED FOR GROWTH IN EUROPE

Computershare Limited (ASX:CPU) Since the beginning of 2005. Computershare has made a number of small acquisitions in Europe as part of its stated strategy to develop its businesses in this important region. Although each of the businesses acquired is not by itself material, in combination they have given Computershare a continental European footprint from which to grow. Services offered by these local businesses may well be extended to other European countries, especially in areas such as employee plan management.

Together, these acquisitions cost A\$12.5 million in shares and cash and will add approximately 170 new staff members. Revenue from these acquisitions is expected to be approximately A\$25 million in FY2006 from the range of stakeholder communications, share registry, plans, print & mail and proxy solicitation services acquired.

The acquired businesses include the following:

• $\bullet$ To complement Computershare's existing German share registry business, the company acquired E-magine in January 2005. This is a German based consultancy that has more than 10 years experience in the preparation, execution and postprocessing of Annual General Meetings.
• The company has added significant additional strength to AGM services through the $\bullet$ acquisition of CPV AG, which is one of the leading suppliers of AGM services in Germany, Austria and Switzerland. Importantly, CPV AG offers a patented wireless voting system that will provide an important competitive advantage in this market sector.
• In a recent move to strengthen its market position in share registry services in Germany, the company has agreed to acquire Acciontec. The acquisition will take effect from 1 September 2005, at which point Computershare's registry business will provide services to more than 60% of all issuers in the registered share market in Germany. An important benefit of this deal is the appointment of the current owner and managing director of Acciontec, Gotz Dickert, as head of operations for Computershare's share registry business in Germany.
• Computershare also acquired a small German plans business called Sopware, which manages employee share plans for some major German companies. Computershare views this acquisition as a first step to achieving its growth ambitions for the employee plans business in the region.
• With a view to bringing its full range of investor services to the Continental European market. Computershare acquired the Lettershop document services business from Acxiom in March 2005. This company provides high-speed laser printing and intelligent mail services and will be re-badged as Computershare Document Services.

As a result of its purchase of Georgeson Shareholder Communication in 2003, the company held a 46% equity stake in Proxitalia, the largest proxy solicitor in Italy and Spain. In April 2005. Computershare purchased the remaining 54% of this company. and the former founders and principals of Proxitalia. Stefano Marini and Alvise Recchi have become senior members of Computershare's global proxy solicitation team.

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 www.computershare.com.

For more information, please contact:

Computershare Australia

Dudley Chamberlain Head of Investor Relations Tel + 61 3 9415 5087 Mobile (Cell) +61 417 374 316