COMPUTERSHARE ANNUAL REPORT 2008

Notes to the Financial StatementsShare buy-backOn 15 November 2006, Computershare announced an on-market buy back of up to 25 million ordinary shares for capitalmanagement purposes, commencing in December 2006. On 24 May 2007 Computershare announced that the buy back would beextended so that it would continue until 29 November 2007 or earlier if the maximum number of shares were bought back beforethat date. On 15 August 2007 Computershare announced that the buy-back was being increased up to a total of 45 million ordinaryshares under the existing program and that the buy back period was being extended to 31 January 2008.From 1 July 2007 to 18 October 2007, the Company purchased and cancelled 35,205,009 ordinary shares at a total cost ofAU$343.2 million (US$306.8 million) with an average price of AU$9.75 and a price range from AU$8.76 to AU$11.00.On 18 October 2007, Computershare completed the on-market buy-back program when the total number of shares bought backand cancelled reached 45 million. The total cost of the buy-back program was AU$445.8 million with an average price of AU$9.91and a price range from AU$8.52 to AU$11.00.Employee share plans and optionsRefer to note 28 for employee and executive share plan details. There are no shares reserved for issuance under options.ConsolidatedParent Entity2008 2007 2008 2007$000 $000 $000 $00027. RESERVESCapital redemption reserve 2 2 2 2Foreign currency translation reserve 73,868 43,799 143,511 85,451Cash flow hedge reserve 13,986 (9,060) - -Share based payments reserve 40,090 27,532 38,990 27,435Equity related consideration (2,099) 264 (3,652) 1,539Available for sale asset reserve 590 1,357 (32) 413126,437 63,894 178,819 114,840Movements during the year:Foreign currency translation reserveOpening balance 43,799 5,516 85,451 17,242Translation of subsidiaries 30,069 38,283 58,060 68,209Closing balance 73,868 43,799 143,511 85,451Cash flow hedge reserveOpening balance (9,060) (7,179) - -Revaluation 23,046 (1,881) - -Closing balance 13,986 (9,060) - -Share based payments reserveOpening balance 27,532 18,203 27,435 18,180Share based payments expense 12,558 9,329 11,555 9,255Closing balance 40,090 27,532 38,990 27,435Equity related contingent consideration reserveOpening balance 264 6,623 1,539 1,539Acquisition related consideration (2,363) (6,359) (5,191) -Closing balance (2,099) 264 (3,652) 1,539Available for sale asset reserveOpening balance 1,357 310 413 (29)Revaluation (285) 957 (24) 360Transfer to net profit (482) 90 (421) 82Closing balance 590 1,357 (32) 413PAGE 64 Computershare Annual Report 2008