COMPUTERSHARE ANNUAL REPORT 2008

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Defined Benefit Funds1) Karvy Computershare Private Limited maintained a defined benefit superannuation scheme which provides benefits to2,584 employees (30 June 2007: 1,605). Actuarial valuation of plan assets is provided by the Life Insurance Corporation,which maintains the fund and is not material to the Group.2) Computershare GmbH Private Limited maintained a defined benefit scheme which provides benefits to 42 employees(30 June 2007: 47) An actuarial assessment of the scheme was completed as at 30 June 2008 and defined benefits plan liabilityrecognised in accordance with the actuarial valuation. The liability is not material to the Group.02-13Overview(b) Finance lease commitmentsConsolidatedParent entity2008 2007 2008 2007$000 $000 $000 $000Commitments in relation to finance leases are payable as follows:Not later than 1 year 5,347 1,227 - -Later than 1 year but not later than 5 years 11,912 2,503 - -Total commitments 17,259 3,730 - -Less: Future finance chargesNot later than 1 year (543) (111) - -Later than 1 year but not later than 5 years (889) (132) - -Total future finance charges (1,432) (243) - -Net finance lease liability 15,827 3,487 - -Reconciled to:Current liability (note 21) 4,804 1,116 - -Non-current liability (note 21) 11,023 2,371 - -15,827 3,487 - -(c) Operating lease commitments14-36Governance37-88FinancialsCommitments in relation to leases contracted for at the reporting date but notrecognised as liabilities, payable:Not later than 1 year 47,203 44,111 1,774 1,387Later than 1 year but not later than 5 years 132,732 132,824 1,230 2,442Later than 5 years 86,026 112,445 - -265,961 289,380 3,004 3,829The Group leases various offices and warehouses under non-cancellable operating leases expiring within 2 and 15 years. The leaseshave varying terms, escalation clauses and renewal rights. Where the leases have fixed escalation clauses, the operating lease isexpensed on a straight line basis.Operating leases are entered into as a means of acquiring access to office facilities. Rental payments are generally fixed, but withinflation and/or market escalation clauses on which contingent rentals are determined. Operating lease commitments in respectof the rental of various premises are subject to market review at various intervals. Certain leases include an option to renew. Nooperating leases contain restrictions on financing or other leasing activities.89-92Reports93-96Further InformationPAGE 67
Notes to the Financial Statements30. DETAILS OF SUBSIDIARIESSubsidiariesThe financial year of all subsidiaries is 30 June except for Computershare Canada Inc and its subsidiaries, Computershare HongKong Investor Services Limited and its subsidiary, National Registry Company and Karvy Computershare Pty Limited due to localstatutory reporting requirements. These entities prepare results on a 30 June year end basis for group purposes. Voting power isin accordance with the ownership interest held.The consolidated financial statements as at 30 June 2008 include the following subsidiaries:Percentages of shares heldName of subsidiaryPlace of incorporation2008%2007%Computershare Limited Australia (2) - -ACN 080 903 957 Pty Ltd Australia (2) 100 100CDS International Limited Australia (2) 100 100Computershare Communication Services Limited Australia (2) 100 100Global eDelivery Group Pty Ltd Australia 100 100Computershare Communication Services (WA) Pty Ltd Australia 100 100Computershare Communication Services (NSW) Pty Ltd Australia 100 100Communication Services Australia LimitedAustralia (2) 100 -(formerly known as QM Technologies Limited)QM Industries (NSW) Pty Ltd Australia 100 -ACN 081 035 752 Pty Ltd Australia (2) 100 100Georgeson Shareholder Communications Australia Pty Ltd Australia 100 100Source One Communications Australia Pty Ltd Australia 100 100Computershare Finance Company Pty Ltd Australia (2) 100 100Financial Markets Software Consultants Pty Ltd Australia 100 100Computershare Analytics Pty Ltd Australia 100 100Obadele Pty Ltd Australia (2) 100 100Computershare Clearing Pty Ltd Australia 100 100Computershare Depositary Pty Ltd Australia 100 100Computershare Technology Services Pty Ltd Australia (2) 100 100Registrars Holdings Pty Ltd Australia (2) 100 100Computershare Investor Services Pty Ltd Australia (2) 100 100CRS Custodian Pty Ltd Australia 100 100Computershare Plan Managers Pty Ltd Australia 100 100Computershare Plan Co Pty Ltd Australia 100 100CPU Share Plans Pty Ltd Australia 100 100CIS Debt Securities Pty Ltd Australia 100 100Computershare Fund Services Pty Ltd Australia 100 100IML Interactive Pty Ltd Australia 100 -Sepon (Australia) Pty Ltd Australia 100 100Pepper Global Pty Ltd Australia 100 100Pepper Austria GmbH Austria 100 -GS Proxylatina S.A. Argentina 100 100Four Points BVBA Belgium 100 -Georgeson Shareholder Communications Canada Inc. Canada (1) 100 100GSC Shareholder Services Inc. Canada (1) 100 100Computershare Canada Inc Canada (1) 100 100Computershare Trust Company of Canada Canada (1) 100 100Pacific Corporate Trust Company Canada Canada (1) 100 100Pacific Corporate Services Limited Canada (1) 100 100Pacific Corporate Filing Services Limited Canada (1) 100 100Computershare Investor Services Inc Canada (1) 100 100PAGE 68 Computershare Annual Report 2008
Page 7 and 8:
Management Discussion and AnalysisC
Page 9 and 10:
North America Regional OverviewDesp
Page 12:
2008 HIGHLIGHTS> Acted for all majo
Page 16 and 17:
As at the date of this Annual Repor
Page 18 and 19: 4. BOARD INDEPENDENCEThe Board has
Page 20 and 21: With limited exceptions, the Compan
Page 22 and 23: PricewaterhouseCoopers rotates audi
Page 24 and 25: DIVIDENDSThe following dividends of
Page 26 and 27: LIKELY DEVELOPMENTS AND FUTURE RESU
Page 28 and 29: No incentives, either short or long
Page 30 and 31: In the case of key management perso
Page 32 and 33: Key management personnel and most h
Page 34 and 35: Value of options included in key ma
Page 36 and 37: Details of the amounts paid to the
Page 38 and 39: Income Statements for the year ende
Page 40 and 41: Statements of Changes in Equity for
Page 42 and 43: Notes to the Financial Statements1.
Page 44 and 45: Impairment of assetsAll non-current
Page 46 and 47: Business combinationsThe purchase m
Page 48 and 49: HedgingThe Group documents at the i
Page 50 and 51: 2. REVENUE AND EXPENSES FROM CONTIN
Page 52 and 53: 5. INCOME TAXa) Income tax expenseC
Page 54 and 55: Reconciliation of weighted average
Page 56 and 57: ConsolidatedLand atcost$00016. PROP
Page 58 and 59: ConsolidatedParent Entity2008 2007
Page 60 and 61: Impairment tests for goodwillGoodwi
Page 66 and 67: Nature and purpose of reservesi. Fo
Page 70 and 71: Name of subsidiaryPlace of incorpor
Page 72 and 73: Name of subsidiaryPlace of incorpor
Page 74 and 75: The assets and liabilities arising
Page 76 and 77: Computershare Limited Closed Group
Page 78 and 79: 33. RELATED PARTY DISCLOSURESKey ma
Page 80 and 81: (a) Interest rate riskInterest rate
Page 82 and 83: The consolidated entity minimises c
Page 84 and 85: (c) OtherThe Group is subject to re
Page 86 and 87: SECONDARY BASIS - Business Segments
Page 88 and 89: 40. ASSOCIATED ENTITIESDetails of i
Page 90 and 91: Directors’ DeclarationIn the dire
Page 92 and 93: Independent Auditor’s Report02-13
Page 94 and 95: Shareholder InformationThis section
Page 96 and 97: Office Locations02-13Overview14-36G
Page 98: HEAD OfficeComputershare LimitedABN
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COMPUTERSHARE ANNUAL REPORT 2008

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