FAIRFAX MEDIA  LIMITED  2013  97 NOTEs TO THE FINANCIAL sTATEMENTs  22. CONTRIBUTED EqUITY (CONTINUED) FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 30June 2013 no. oFSHAReS 24 JUNE 2012 NO. OF SHARES 30June 2013 $’000 24 JUNE 2012 $’000 (C) DEBENTURES  Balance at beginning of the financial year  281   281   *   *  Balance at end of the financial year  281   281   *   *  Total contributed equity  2,363,678,751   2,363,678,751   4,646,248   4,646,248 NOTE 30June 2013 $’000 24 JUNE 2012 $’000 Asset revaluation reserve, net of tax (A)  41   (259) Foreign currency translation reserve, net of tax (B)  (132,599)  (219,528) Cashflow hedge reserve, net of tax (C)  (4,703)  (7,088) Net investment hedge reserve, net of tax (D)  (10,232)  2,669  Share-based payment reserve, net of tax (E)  8,799   7,764  Acquisition reserve (F)  181,048   177,759  General reserve (G)  (6,837)  (6,837) Total reserves  35,517   (45,520) (A) ASSET REVALUATION RESERVE Balance at beginning of the financial year   (259)  506  Revaluation of available for sale investments  (61)  (675) Impairment losses transferred to the income statement  357   –  Tax effect on available for sale investments  4   (90) Balance at end of the financial year   41   (259) (B) FOREIGN CURRENCY TRANSLATION RESERVE Balance at beginning of the financial year  (219,528)  (233,884) Exchange differences on currency translation  28,033   14,356  Disposal of subsidiaries, net of tax  58,876   –  Tax effect of net changes on foreign currency translation reserve  20   –  Balance at end of the financial year   (132,599)  (219,528) 23. REsERVEs (C) deBenTuReS (B) unVeSTed eMPloyee inCenTiVe SHAReS (A) oRdinARy SHAReS TERMS AND CONDITIONS OF CONTRIBUTED EQUITY *  Amount is less than $1000 Ordinary shares entitle the holder to receive dividends as declared and, in the event of winding up the Company, to participate  in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary  shares entitle their holder to one vote, either in person, or by proxy, at a meeting of the Company.  Shares in Fairfax Media Limited are held by the Executive Employee Share Plan Trust for the purpose of issuing shares under  the Long Term Incentive Plan. Holders of ordinary shares are entitled to receive dividends as declared and are entitled to one  vote per share at a meeting of the Company. Debenture holders terms and conditions are disclosed in Note 1(U).