COMPUTERSHARE LIMITED. — Share Issue/Capital Change 2004

Aug 18, 2004

Computershare

Corporate

Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile 61 3 9473 2500 www.computershare.com

Australia Canada Channel Islands Germany Hong Kong India Ireland New Zealand Philippines Russia Singapore South Africa United Kingdom USA

19 August 2004

Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Reset Preference Shares: Company Conversion Notice

In accordance with Listing Rule 3.17, enclosed is a copy of a letter relating to the conversion of the Company's reset preference shares into fully paid ordinary shares. The letter will be mailed to all reset preference shareholders early next week.

Yours faithfully

$AB$

Mark Davis Joint Company Secretary

Computershare

Cornorate

Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbolsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile 61.3.9473.2500 www.computershare.com

Australia Canada Channel Islands Germany Hong Kong India Ireland New Zealand Philippines Russia Singapore South Africa United Kingdom USA

[Name of RPS holder] [Address of RPS holder]

Number of RPS held as at [#]: XXX

Dear RPS holder

Computershare Limited Reset Preference Shares - Company Conversion Notice

This notice is to inform you that in accordance with clause 3.3(a)(ii)(B) of the Company's reset preference shares terms of issue $(70\%$ , the Board has resolved to convert the Company's reset preference shares (RPS) into fully paid ordinary shares.

The Board has made this decision following the release in December 2003 by the Australian Accounting Standards Board with effect from 1 January 2005 of Pending Australian Accounting Standard 132: Financial Instruments Disclosure and Presentation (AASB 132). AASB 132 will have the effect of requiring the RPS (currently treated as equity) to be treated as debt for accounting purposes.

In accordance with clause 3.3(b)(ii) of the TOI, the Conversion Date will be Thursday 30 September 2004. On the Conversion Date, each RPS will convert into one fully paid ordinary share in the capital of the Company. Upon conversion, each RPS will also entitle the holder to be immediately issued an additional number of fully paid ordinary shares in the capital of the Company in accordance with the formula set out in clause 3.7(b) of the TOI.

In accordance with clauses 2.2 and 2.5 of the TOI, the Board has also resolved to pay a fully franked dividend of \$1.8384 per RPS. The record date for entitlements to this dividend will be 16 September 2004 and the payment date will be 30 September 2004.

The date that quotation of the RPS will end on ASX and NZX will be Thursday 23 September 2004 (being 5 ASX business days before the Conversion Date of 30 September 2004).

As at the close of trading on ASX on the day before the date of this notice, the last sale price on ASX of fully paid ordinary shares in the Company was \$3.23. The highest and lowest market price of fully paid ordinary shares in the Company sold on ASX in the 3 months ending on the day before the date of this notice and the dates of the sales were as follows:

Highest Price Date	٠	\$3.28 7 June 2004
Lowest Price Date		\$2.88 19 May 2004

Trading in the ordinary shares arising from the conversion of the RPS is currently expected to commence on ASX and NZX on 1 October 2004.

A notice to shareholders relating to the ordinary shares arising from the conversion of the RPS will be mailed on 5 October 2004.

This notice does not require you to take any action.

For any queries in connection with this notice, please contact the Company's share registry on 1300 307 613 (if calling within Australia) or + 61 3 9415 4222 (if calling from outside Australia).

Yours sincerely

Mark B. Davis Joint Company Secretary 19 August 2004