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South Africa   Computershare Services (South Africa)   Our subsidiary in South Africa was formed from the acquisition of Consolidated Share Registrars and Optimum Registrars. Together they manage 211 South African companies with an aggregate of around 2.4 million shareholders. On this basis, in a very short period of time, Computershare Services has acquired a significant share of the overall shareholder market.   The strategy underpinning these acquisitions was to provide the vehicle for the provision of registry services to Old Mutual, at the time the largest mutual organisation in South Africa, with well over 3.2 million policyholders largely from Southern Africa, but with members in many countries around the world.   Staff drawn from our registries in both Australia and the United Kingdom combined to provide the consultancy team for the demutualisation and pre-listing phase of the project. The key objective of concurrently listing in the United Kingdom, South Africa, Zimbabwe, Malawi and Namibia was concluded satisfactorily on 12 July 1999.   The logistics of this exercise cannot be underestimated with over 1.1 million sales recorded through the SCRIP system as part of the bookbuild exercise and an eventual register spanning five countries with over two million shareholders.   Computershare Services is undergoing a program of restructuring the combined organisation as we move to migrate current clients from existing systems to a single SCRIP platform. Refurbished office premises have provided staff with a significant improvement in their working environment.   Inevitably, the significant transition we have undergone together with the substantial hike in volumes resulting from the Old Mutual listing, have stretched our limited resources and affected to some degree, our service levels. However, the remedial strategy we have put in place will see service levels returning to normal and, in time, exceeding the overall expectations in the market.   In terms of financial results, Computershare Services has made a positive contribution to revenue for the group which is expected to be significantly enhanced next year when we reap the benefits of the extended business.

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