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Interim Results 2005 Presentation 17 February 2005 1 This presentation is structured around the following framework Introduction Financial CEOs Report Results 2 Summary of Results Introduction Normalised EPS (pre goodwill) of 10.21

  1. Interim Results 2005 Presentation 17 February 2005 1

  2. This presentation is structured around the following framework Introduction Financial CEO’s Report Results 2

  3. Summary of Results Introduction � Normalised EPS (pre goodwill) of 10.21 cents, up 20%. � Total revenue of $502.1m, up 26% or up 2.5% excluding FY04 & 1H05 acquisitions. � Operating Cash Flows of $50.9 m, up 19.5%. � Operating Costs (excluding cost of sales and acquisitions) of $237.4 m, a 1.8% decrease. � Days Sales Outstanding at 60 days, up 3 days on June 2004. � Interim dividend of 5.0 cents per share, 67% increased. � Delivered expected synergies from Georgeson & Transcentive acquisitions. * All comparisons are against 1H04 unless otherwise stated. 3

  4. CPU Revenues are driven by multiple factors Introduction Revenue Type Revenue Driver Risk mitigation Register Maintenance Growth in clients & Retain existing clients, win holders market share 7% Corporate Actions Market conditions & M&A Win new business; link to 4% activities key stakeholders, clients 6% Stakeholder Relationship Growth in products & Management clients. Leverage from existing Governance clients, win new clients & Employee Share Plans Growth in clients develop new products & 12% Document Services Growth in comercial 47% service offerings clients & support internal business. Mutual Funds Growth in clients. Broaden service range Governance 8% 16% Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Document Services Mutual Funds Technology & Other Revenue 4

  5. Global Equities Market Introduction Historical Equity Issuance Data Annual M & A Book to Bill Ratio 4,000 1.8 3,500 3,000 1.5 $ Billions 2,500 1.3 2,000 1,500 1.0 1,000 500 0.8 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Book-to-bill ratio Average Global Completed M&A Volume 2005 YTD 2005 YTD vs. 2000 - 2004 Avg 1.75x 72.3% 2000-2004 Average 2005 YTD vs. 1991 - 2004 Avg. 1.02x 57.0% 1991-2004 Average 1.11x Source: SDC Thomson Financial and UBS Securities Australia Ltd 5

  6. Global Interest Rate Market Introduction % % UK US 8 8 6 6 4 4 2 2 0 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 % Canada 8 6 4 2 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 6

  7. Computershare Strengths Introduction � Recurring Revenue - >70% of revenue is of a recurring nature. � Global Diversification – Across more than 15 countries. � High Margins – EBITDA margins ~ 20%. � Low Capital Requirements – Capex < Depreciation expense. � Exposure to northern hemisphere interest rates. � Integration of businesses. 7

  8. CEO’s Report Financial Results Introduction 8

  9. Group Financial Performance – A$m’s Financial Results 1H05 1H04 Variance Sales Revenue 480.0 378.2 27% Interest & Other Income* 22.1 21.3 4% Total Revenue 502.1 399.5 26% Operating Costs* 408.4 317.9 (28%) Share of Net (Profit)/Loss of Associates (0.6) 1.5 Normalised EBITDA 94.3 80.1 18% Non-Recurring Items (9.5) (5.7) 66% EBITDA 103.7 85.8 21% Normalised EPS (pre goodwill) 10.21 8.49 20% 9 * Excludes proceeds & costs relating to non-recurring items

  10. Normalised Basic EPS Performance (pre goodwill) Financial Results Normalised Basic EPS (pre goodwill) cents (rolling 12 months) 21 19 17 15 13 11 9 7 5 Dec'01 Jun'02 Dec'02 Jun'03 Dec'03 Jun'04 Dec'04 Normalised Basic EPS (pre goodwill) 10

  11. Half Year Comparisons – Revenue & EBITDA Financial Results Revenue & EBITDA $Am $Am 103.3 550 94.3 100 500 80.1 79.5 80 450 R E 54.4 e 400 B 60 v I e T n D 350 u A 40 e 502.1 495.2 399.5 364.1 300 355.7 20 250 200 0 1H03 2H03 1H04 2H04 1H05 11 Revenue Normalised EBITDA

  12. Half Year Comparisons – Revenue & EBITDA Financial Results 2H Revenue & EBITDA 1H Revenue & EBITDA $Am $Am $Am $Am 103.3 500 500 94.3 100 100 450 450 80.1 79.5 74.4 80 R 80 R E E e e B 400 400 B v v I I e e T T n n 54.4 D 60 60 D u u 502.1 A 350 350 495.2 A e e 40 40 300 399.5 300 384.5 364.1 355.7 20 20 250 250 200 0 200 0 1H03 1H04 1H05 2H02 2H03 2H04 Revenue Normalised EBITDA Revenue Normalised EBITDA 12

  13. Regional Analysis – Revenue & EBITDA Financial Results Total Revenue Breakdown EBITDA Breakdown 33% 36% 40% 43% 21% 27% Asia Pacific Europe North America Asia Pacific Europe North America 13

  14. Half Year Comparisons – Costs Financial Results Operating Costs Acquisitions $Am 400 102.2 98.7 19.2 300 200 300.8 283.1 298.7 306.2 294.6 100 0 1H03 2H03 1H04 2H04 1H05 Note: FY03 & 1H FY04 restated for cost of sales adjustment. 14

  15. Synergies realised from GSC and Transcentive Financial Results Expected Realised Surplus / AUD$m Synergies Synergies (Shortfall) GSC 10.4 9.9 (0.5) Transcentive - 1.5 1.5 Total 10.4 11.4 1.0 Since time of ownership 15

  16. Analysis of EPS Financial Results Normalised EPS (pre goodwill, post preference dividend) 12 10 8 cents 6 10.53 10.21 8.49 4 8.02 2 3.76 0 1H03 2H03 1H04 2H04 1H05 Normalised EPS (pre goodwill) 16

  17. Returns improving, Cost of Capital declining Financial Results ROIC vs. WACC 18% 16% 14% 12% 10% 8% 6% 1H03 2H03 1H04 2H04 1H05 WACC ROIC 17

  18. Technology Costs – Establishing Global Platform Financial Results A$m % 22% 51.9 48.4 49.5 50.0 20% 43.6 18% 42.6 40.0 16% 14% � All R&D technology costs 14% 12% are expensed. 11% 11% 30.0 12% 10% � Increase on 1H05 driven 10% by acquisitions. 20.0 8% 6% 10.0 4% 2% 0.0 0% 1H03 2H03 1H04 2H04 1H05 Technology costs Technology costs % of sales revenue 18

  19. Analysis of Technology Costs Financial Results Analysis of Technology Spend 3% 1% 32% 46% 18% Development Infrastructure Maintenance External Bureau Administration 19

  20. Net Operating Cash Flows Financial Results Operating Cash Flows & Capital Expenditure $Am � Gearing increased to 33% 100 93.5 � Leverage ratio low despite acquisitions 80 60 50.9 43.1 42.6 40 33.1 20 16.4 14.2 11.5 7.1 7.2 0 1H03 2H03 1H04 2H04 1H05 Cashflow from Ops Cap Ex - PPE 20

  21. Capital Expenditure Financial Results CPU Group Capex $Am 17.5 0.8 15 0.3 4.1 3.7 12.5 0.6 2.9 10 2.0 2 0.1 7.5 0.3 1.8 0.5 0.7 5 0.9 2.5 4.3 5.3 8.6 8.5 8.7 0 1H03 2H03 1H04 2H04 1H05 Information Technology Document Services Facilities Occupancy Other 21

  22. Receivables Management Financial Results DSO Days 70 66 61 60 57 60 Receivable Days 50 40 30 20 10 0 FY02 FY03 FY04 1H05 22

  23. Interest Rate Sensitivity Financial Results A$m PBT 100 Impact 80 60 40 20 0 -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% -20 -40 Exposure Hedged exposure 100% Hedged -60 23

  24. Equity Management – Interim Dividend of 5 cps Financial Results � EPS – Normalised Basic (post goodwill) 7.99 cents � EPS – Normalised Basic (pre goodwill) 10.21 cents � Interim Dividend (10% franked) 5 cents � Current Yield * 1.5% * Based on share price of AUD $6.50. 24

  25. Franking Account Financial Results Reasons why our dividend is not 100% franked: � Increased level of dividends on ordinary shares – FY02 ($19m ), FY03 ($27m), FY04 ($30m) and 1H05 ($27m); � Dividends on Preference Shares – FY02 ($5m), FY03 ($12m) and FY04 ($8m); � Increased number of ordinary shares; and � Increased proportion of business offshore. 25

  26. Equity Management – Reset Preference Share Conversion Financial Results � Recent changes in Accounting Standards treat Reset Preference Shares (RPS) as debt (at 5.5% post tax). � Announced conversion of RPS to Equity on 19 th August, 2004. � Converting on 30 September 2004 at trailing 20 day VWAP (with 2.5% discount). � At time of announcement, expected dilution of approximately 6%, gross increase in EPS of 1.3 cents. � Actual dilution, 2.2%, net increase in EPS of 0.3 cents . Impact No Conversion of RPS Conversion of RPS EPS (pre goodwill, post pref. 9.91 cents per share 10.21 cents per share dividend) Normalised NPAT after OEI (pre goodwill & post pref $53.5 million $56.3 million dividend) 26

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