COMPUTERSHARE ANNUAL REPORT 2008

ConsolidatedParent Entity2008 2007 2008 2007$000 $000 $000 $00018. DERIVATIVE FINANCIAL INSTRUMENTSDerivative assetsCurrent 375 - - -Non-Current 21,075 1,719 - -21,450 1,719 - -Derivative assets – Current and Non-CurrentFair values of interest rate derivatives designated as cash flow hedges (a) 20,316 1,719 - -Fair values of interest rate derivatives designated as fair value hedges (b) 1,134 - - -Total derivative assets 21,450 1,719 - -Derivative liabilitiesCurrent 609 1,364 - -Non-Current 2,864 25,317 - -3,473 26,681 - -Derivative liabilities – Current and Non-CurrentFair values of interest rate derivatives designated as cash flow hedges (a) 2,946 9,043 - -Fair values of interest rate derivatives designated as fair value hedges (b) - 16,499 - -Fair values of interest rate derivatives for which hedge accountinghas not been applied 523 1,036 - -Fair Value of foreign currency contracts for which hedge accountinghas not been applied 4 103 - -Total derivative liabilities 3,473 26,681 - -(a) The gain or loss from remeasuring the designated cash flow hedging instruments at fair value is deferred in equity in the cashflow hedge reserve (note 27), to the extent that the hedge is effective, and reclassified into profit and loss when the hedgedinterest income is recognised. The ineffective portion is recognised in the income statement immediately. In the year ended30 June 2008 a profit before tax of $309,509 was transferred to the income statement (30 June 2007: loss before tax of$254,962).(b) The gain or loss from remeasuring the designated fair value hedging instruments at fair value is recognised immediately in theincome statement. Refer to note 21(b) for further disclosure on the interest rate derivatives designated as fair value hedges.The following table summarises by currency the United States dollar value of forward and spot foreign exchange agreements.Foreign currency amounts are translated at rates current at the reporting date. The ‘buy’ amounts represent the United Statesdollar equivalent of commitments to purchase foreign currencies, and the ‘sell’ amount represents the United States dollarequivalent of commitments to sell foreign currencies. No hedge accounting is applied to these agreements.02-13Overview14-36Governance37-88Financials89-92Reports2008 2007 Average Exchange Rate$000 $000 2008 2007Buy AU dollars, Sell Canadian dollars - 3 months or less - 11,327 - 0.9060Buy AU dollars, Sell Japanese yen - 3 months or less 480 - 102.55 -Sell AU dollars, Buy Canadian dollars - 3 months or less 7 - 0.9720 -Sell AU dollars, Buy Euro - 3 months or less 79 - 0.6120 -Sell AU dollars, Buy South African rand - 3 months or less 3 7 7.5467 5.9840Sell AU dollars, Buy UK pounds - 3 months or less 60 - 0.4816 -Sell AU dollars, Buy US dollars - 3 months or less 100 - 0.9585 -93-96Further InformationPAGE 57