COMPUTERSHARE LIMITED. — Merger & Acquisition 2004

Oct 20, 2004

The Acquisition of EquiServe

A Briefing for Shareholders

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Transaction Details

• $\triangleright$ Total value of US\$292 million(based on share price and FX on basic terms date)
• $\triangleright$ US\$216 in cash

plus

• $\geq$ 29.6 million shares (slightly less than 5% of post transaction issued share capital)
• $\triangleright$ Cash element to be funded by debt
• $\triangleright$ Gearing net debt to equity ratio approximately 45%
• $\triangleright$ Net debt to EBITDA projected to be around two times EBITDA

Company profile

• $\triangleright$ One of America's largest transfer agents (share registrars)
• $\triangleright$ Almost 19 million shareholder accounts
• $\triangleright$ Close to 1300 clients
• $\triangleright$ Over half of companies comprising Dow Jones Industrial Average
• $\geq 1$ million Employees in Share Plan business

Financial Impact

• $\triangleright$ Expected to be EPS accretive in FY05
• $\triangleright$ Targeted synergies estimated to deliver over US\$55 million to EBITDA by Year 3
• ≻ EquiServe expects to close calendar year 2004 with \$US300 million in revenue

Funding Strategy

≻DST Systems, Inc to take equity

$\triangleright$ Debt funding

• $\triangleright$ Initial short-term commitment
• $\triangleright$ Arranging longer term solution
• ≻Likely to be US\$ funded long-term debt

Strategic Impact

• $\triangleright$ CPU will become a major player in US in both Share Registry and Plans
• $\triangleright$ Enhanced annuity revenue stream
• $\triangleright$ Great opportunities to up-sell and cross-sell
• $\triangleright$ Significant benefit for Document Services
• $\triangleright$ Unique global presence to deliver benefit to US companies
• $\triangleright$ Further strengthens Computershare's unique global business model
• $\triangleright$ Inherit skilled and dedicated executive and staff

Strategic Impact (continued)

• $\triangleright$ Now a major player in ADR processing market
• $\triangleright$ Significant opportunities to win registry business of ADR issuers in their home market and deliver a consolidated global view of their shareholder base using CPU's "PORTIS" technology
• $\triangleright$ We can leverage off a common database to deliver improved operational efficiencies and create additional benefits to ADR holders

Computershare

$\triangleright$ We can deliver the unique benefits of our crossborder services to clients

Post EquiServe Revenue Synergies

Cross-sell and up-sell Computershare products and services, including:

• ≻Proxy Solicitation
• ▶ Document Services
• $\triangleright$ Analytics
• $\triangleright$ ADR processing

• Shareholder/Employee Communication

Post EquiServe Cost Synergies

$\triangleright$ Information Technology (from 4 independent systems to 1)

$\triangleright$ Occupancy

• $\triangleright$ Business Integration
• $\triangleright$ Administration
• $\triangleright$ Marketing and Sales

Integration

• $\triangleright$ Measured approach through detailed planning that has;
• $\triangleright$ An established integration team
• $\triangleright$ Identified key milestones and timescales
• $\triangleright$ Agreed priorities
• $\triangleright$ Integration team led by Penny Maclagan Director and the Group's Chief Information Officer
• $\triangleright$ We are able to call on a wide range of people with integration experience
• $\triangleright$ Team to include
• $\triangleright$ Senior management from EquiServe
• $\triangleright$ Senior staff from US business
• $\triangleright$ Experienced staff drawn from around the world