COMPUTERSHARE ANNUAL REPORT 2008

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Name of subsidiaryPlace of incorporationPercentages of shares heldComputershare Trust Company, N.A. United States of America (1) 100 100Computershare Financial Services, Inc. United States of America (1) 100 100Computershare Investor Services, LLC United States of America (1) 100 100Computershare Trust Company of New York United States of America (1) - 100Georgeson Shareholder Analytics, Inc. United States of America (1) 100 100Computershare Communication Services, Inc. United States of America (1) 100 100Computershare Securities Corporation United States of America (1) 100 100Lord Securities (Delaware), LLC United States of America (1) 100 100Lords Securities Corporation United States of America (1) 100 100Computershare Inc. United States of America (1) 100 100Computershare Pepper NA Inc. United States of America (1) 100 100Administar Services Group LLC United States of America (1) 100 -Computershare Executive Services Inc. United States of America (1) 100 -Alpine Fiduciary Services Inc. United States of America (1) 100 100(1) Subsidiaries audited by other PricewaterhouseCoopers member firms.(2) These wholly owned companies have entered into a deed of cross guarantee dated 26 June 2008 with Computershare Limited which providesthat all parties to the deed will guarantee to each creditor payment in full of any debt of each company participating in the deed on winding-upof that company. As a result of a Class Order 98/1418 (as amended) issued by the Australian Securities and Investments Commission, thesecompanies are relieved from the requirement to prepare financial statements.(3) These companies are subsidiaries as Computershare Limited has the capacity to control the casting of a majority of the votes cast at a meetingof the board of directors, or the capacity to dominate decision making in relation to the financial and operating policies.Acquisition of subsidiariesThe following subsidiaries were acquired by the consolidated entity at the date stated and their operating results have been includedin the income statement from the relevant date.a) On 1 February 2008, Computershare acquired VEM Aktienbank AG based in Germany.2008%2007%02-13Overview14-36Governance37-88FinancialsThis business combination did not contribute materially to total revenue or net profit of the Group.Details of the acquisitions are as follows:$000Cash consideration 82,099Direct costs relating to the acquisition 1,587Total consideration paid 83,686Less fair value of identifiable net assets acquired (47,749)Goodwill on consolidation* 35,937* Identifiable intangible assets to be finalised and separately recognised.The assets and liabilities arising from this acquisition are as follows:Acquiree’scarryingamount$000Fair Value$000Cash 16,334 16,334Receivables 5,986 5,986Held for trading assets 26,046 26,046External investment 5,225 5,225Property, plant and equipment 549 549Other financial assets 4,528 4,528Tax assets 4,205 4,205Intangibles 10,968 10,968Other assets 470 470Payables (11,918) (11,918)Interest bearing liabilities (7,587) (7,587)Tax liabilities (586) (586)Provision (5,382) (5,382)Derivatives (1,089) (1,089)Net assets 47,749 47,74989-92Reports93-96Further InformationPAGE 71
Notes to the Financial StatementsPurchase considerationOutflow of cash to acquire the entities, net of cash acquired:Cash paid 82,099Less cash balance acquired (16,334)Net outflow of cash 65,765b) On 26 March 2008, Computershare acquired QM Technologies Limited based in Australia.This business combination did not contribute materially to total revenue or net profit of the Group.Details of the acquisitions are as follows:Cash consideration 141,496Direct costs relating to the acquisition 1,703Total consideration paid 143,199Less fair value of identifiable net assets acquired (24,780)Goodwill on consolidation* 118,419* Identifiable intangible assets to be finalised and separately recognised.The assets and liabilities arising from this acquisition are as follows:Acquiree’scarryingamount$000$000$000Fair Value$000Cash 9,587 9,587Receivables 15,102 15,102Property, plant and equipment 12,099 12,099Tax assets 2,475 2,475Other assets 2,083 2,083Payables (7,230) (7,230)Lease liabilities (7,075) (7,075)Provisions (969) (969)Other liabilities (1,292) (1,292)Net assets 24,780 24,780Purchase considerationOutflow of cash to acquire the entities, net of cash acquired:Cash paid 141,496Less cash balance acquired (9,587)Net outflow of cash 131,909c) During the year, Computershare also acquired Datacare Software Group Limited, Four Points BVBA, EzicommsPty Limted, Administrar Services Group LLC, Restricted Stock Systems Inc., Strand Business Systems Limited andAudience Alive Pty Ltd.These business combinations did not individually contribute materially to total revenue or net profit of the Group.Details of the acquisitions are as follows:Cash consideration 69,228Direct costs relating to the acquisition 4,515Total consideration paid 73,743Less fair value of identifiable net assets acquired (4,817)Intangible assets including goodwill on consolidation* 68,926* Identifiable intangible assets to be finalised and separately recognised.$000$000PAGE 72 Computershare Annual Report 2008
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Management Discussion and AnalysisC
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North America Regional OverviewDesp
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2008 HIGHLIGHTS> Acted for all majo
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As at the date of this Annual Repor
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4. BOARD INDEPENDENCEThe Board has
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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
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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 68 and 69: Defined Benefit Funds1) Karvy Compu
Page 70 and 71: 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
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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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