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(@1@6H6 CJJ3; 86CH15

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%AAC<85@C14

7H; CJJB@C=AB9 BI 6HCD;< A< A9=;9?;? =B P; C< IBJJBR<T

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#JJ3; G8;5@8AAO H1B3;L;@5531

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73AA@1E 0345;@<5@C14 C1 3c@45@1E 4HN45815@8A 7=8;3=CAB3;4

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0384C14 JC; 5=3 ',#

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7HA< %II;D C9? 5bg JA<=A9K A< A9=;9?;? =BT

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hDBR =H; 9M>P;D BI A9=;D9C=AB9CJ @M<=B>;D< <=B@OA9K 1@BECj< FDB?M@=<G

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49:;<= A9 =H; BF;DC=AB9CJ C9? FDB?M@=AB9 A9IDC<=DM@=MD; D;LMAD;? =B <@CJ; =H; PM<A9;<<G

aDB:A?; RBDOA9K @CFA=CJ =B <M<=CA9 =H; BF;DC=AB9< BI =H; PM<A9;<< RHAJ; 1@BEC A9@D;C<;< A=< >B9=HJED;:;9M; <=D;C>G

N;FCE PC9O ?;P= BI 5bi( >AJJAB9G

!J=HBMKH A= A< A9=;9?;? =HC= =H; FDB@;;?< IDB> =H; 4a% RAJJ P; M<;? IBD =H; CPB:; FMDFB<;<S 1@BECS JAO; C9E ;CDJE <=CK; @B>FC9ES 9;;?< =B P; IJ;WAPJ; RA=H A=< <=DC=;KA;<S FJC9<S =CDK;=;? >AJ;<=B9;<S BF;DC=AB9< C9? CIICAD< ; IDCKDC9@; C9? PB?E n PC=H >CDO;=<S A=< @B>F;=A=A:; ;9:ADB9>;9= C9? A9<AKH=< A= KCA9< CPBM= A=< BF;DC=AB9<S @B<=< C9? A9:;<=>;9= D;LMAD;>;9=<G !@@BD?A9KJES 1@BEC D;<;D:;< =H; DAKH= =B :CDE =H; M<; BI FDB@;;?< BM=JA9;? CPB:;G

7H; C>BM9= DCA<;? M9?;D =HA< %II;D <HBMJ? ;9CPJ; 1@BEC =B FMD<M; A=< @MDD;9= PM<A9;<< <=DC=;KEG `BR;:;DS ;:;9=< <M@H C< C @HC9K; A9 <=DC=;KES IA9C9@ACJ F;DIBD>C9@; 9B= >;;=A9K ;WF;@=C=AB9< BD C ?;<AD; =B C@@;J;DC=; A=< ;WFC9<AB9 FJC9< >CE D;LMAD; 1@BEC =B DCA<; IMD=H;D @CFA=CJ A9 =H; IM=MD;G

7H668;O CJ 5=3 #JJ3; 75;H<5H;3

M=$&%&> +&1 HA(-%&> L+,$-

7H; BF;9A9K ?C=; BI =H; %II;D A< _, 8CD@H _'(' [, !FDAJ _'(' A9 !M<=DCJAC^ C9? =H; &JB<A9K $C=; A<_/ !FDAJ _'('G 1@BEC >CE :CDE =H;<; ?C=;< C= A=< ?A<@D;=AB9G

N)%.%&>

7H; %II;D aDA@; IBD =H; 6HCD;< A< 5bi(G'' F;D 6HCD;G

B(C ,( 3==AE

!FFJA@C=AB9< IBD 6HCD;< >M<= P; >C?; B9 =H; !FFJA@C=AB9 eBD> @B9=CA9;? A9 BD C@@B>FC9EA9K =HA< %II;D $B@M>;9=G

!FFJA@C=AB9 eBD>< >M<= P; @B>FJ;=;? A9 IMJJ C9? <MP>A==;? A9 C@@BD?C9@; RA=H =H; A9<=DM@=AB9< <;= BM= P;JBR C9? B9 =H; FCK; FD;@;?A9K =H; !FFJA@C=AB9 eBD> FDABD =B =H; &JB<A9K $C=;G

!9 !FFJA@C=AB9 RAJJ @B9<=A=M=; C9 ADD;:B@CPJ; BII;D PE =H; !FFJA@C9= =B <MP<@DAP; IBD =H; 9M>P;D BI 6HCD;< <F;@AIA;? A9 =H; !FFJA@C=AB9 eBD>S BD <M@H J;<<;D 9M>P;D BI 6HCD;< C< >CE P; CJJB@C=;? =B A=S B9 =H; =;D>< C9? @B9?A=AB9< <;= BM= A9 =HA< %II;D $B@M>;9= C9? =H; !FFJA@C=AB9 eBD>G fE <MP>A==A9K C9 !FFJA@C=AB9 eBD>S !FFJA@C9=< CKD;; =B P; PBM9? PE =HB<; =;D>< C9? @B9?A=AB9< C9? =H; &B9<=A=M=AB9 BI 1@BECG

O%&%*0* 3==A%.+,%(&-

!FFJA@C=AB9< M9?;D =H; %II;D >M<= P; >C?; IBD C >A9A>M> C>BM9= BI 5bi(S''' BD !id'' C9?S =H;D;CI=;DSA9 >MJ=AFJ;< BI 5bi-'' BD !i.''G

3==A%.+,%(& O(&%$-

!JJ !FFJA@C=AB9< >M<= P; C@@B>FC9A;? PE FCE>;9= A9 IMJJ IBD =H; =B=CJ 9M>P;D BI 6HCD;< CFFJA;? IBD C= =H; %II;D aDA@;G aCE>;9= >CE P; >C?; A9 ;A=H;D 5;R b;CJC9? ?BJJCD< BD !M<=DCJAC9 ?BJJCD<G

(+

&H;LM;< IBD 5;R b;CJC9? ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C D;KA<=;D;? 5;R b;CJC9? PC9OS >M<= P; @DB<<;? \5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G

&H;LM;< IBD !M<=DCJAC9 ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C9 !M<=DCJAC9 PC9OS @DB<<;? \5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G !9E FCE>;9=< A9 !M<=DCJAC9 ?BJJCD< RAJJ P; @B9:;D=;? A9=B =H; 5;R b;CJC9? ?BJJCD ;LMA:CJ;9= M<A9K =H; !M<=DCJAC9 ?BJJCD s 5;R b;CJC9? ?BJJCD ;W@HC9K; DC=; C< C= ((G('C> [5b7^ B9 =H; ?CE CJJB@C=AB9< M9?;D =H; %II;D CD; ?;=;D>A9;? LMB=;? PE 7H; N;<;D:; fC9O BI 5;R b;CJC9?P C9? =H; 9M>P;D BI 6HCD;< FCA? IBD RAJJ P; @CJ@MJC=;? C< <M@H 5;R b;CJC9? ?BJJCD ;LMA:CJ;9= ?A:A?;? PE =H; %II;D aDA@; [DBM9?;? ?BR9 =B =H; 9;CD;<= 6HCD;^G

!FFJA@C=AB9 >B9A;< RAJJ P; PC9O;? MFB9 D;@;AF= A9=B C ?;<AK9C=;? PC9O C@@BM9= C9? H;J? B9 =DM<= F;9?A9K =H; CJJB@C=AB9 BI 6HCD;<G 7H; PC9OA9K BI <M@H >B9A;< ?B;< 9B= @B9<=A=M=; @B9IAD>C=AB9 BI =H; CJJB@C=AB9 BI C9E 6HCD;< =B =H; <M@@;<<IMJ !FFJA@C9=<G

!FFJA@C9=< <HBMJ? ;9<MD; =HC= <MIIA@A;9= IM9?< CD; H;J? A9 =H; D;J;:C9= C@@BM9= =B @B:;D =H; @H;LM; RHA@H C@@B>FC9A;< =H;AD @B>FJ;=;? !FFJA@C=AB9 eBD>G !JJB@C=AB9< BI 6HCD;< RAJJ P; >C?; B9 =H; C<<M>F=AB9 =HC= C9 !FFJA@C9=j< @H;LM; RAJJ @J;CDG 4I C9 !FFJA@C9= ICAJ< =B >CO; FCE>;9= IBD =H; 6HCD;< M9?;D =H; %II;DS BD C9 !FFJA@C9=j< @H;LM; ICAJ< =B @J;CDS =H;9 =H; CJJB@C=AB9 BI 6HCD;< =B =HC= !FFJA@C9= >CE P; @C9@;JJ;?G

:#$)$ +&1 :#$& ,( Q(1>$ 3==A%.+,%(&-

!FFJA@C=AB9< >M<= P; D;@;A:;? PE &B>FM=;D<HCD; 49:;<=BD 6;D:A@;< #A>A=;?S aDA:C=; fCK ,_((,S !M@OJC9? ((._S 5;R b;CJC9? PE :G6 U+F)\ C1 9Z %G;@A 9>?>G

!M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9< =B 1@BEC @s) &B>FM=;D<HCD; 49:;<=BD 6;D:A@;<S ha% fBW-_S 8;JPBMD9; 04& +''(S !M<=DCJACG 6M@H !FFJA@C=AB9< >M<= P; D;@;A:;? PE [G6 U%!7)\ C1 9Z %G;@A9>?>G !J=;D9C=A:;JES !M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9 =B &B>FM=;D<HCD; A9 5;R b;CJC9?S C< ?;<@DAP;? CPB:;G

!FFJA@C=AB9< =HDBMKH =H; &B)8C9CK;D< C9? B=H;D 5bg eAD>< >M<= P; JB?K;? A9 <MIIA@A;9= =A>; =B D;C@H &B>FM=;D<HCD; PE 9B JC=;D =HC9 -F> [5b7^ B9 _/ !FDAJ _'('G

1@BEC >CE ;J;@= =B @JB<; =H; %II;D ;CDJES BD ;W=;9? =H; %II;DS BD C@@;F= JC=; !FFJA@C=AB9< ;A=H;D K;9;DCJJE BD A9 FCD=A@MJCD @C<;<G 7H; %II;D >CE P; @JB<;? C= C9E ;CDJA;D ?C=; C9? =A>;S RA=HBM= IMD=H;D 9B=A@;G !FFJA@C9=< CD;S =H;D;IBD;S ;9@BMDCK;? =B <MP>A= =H;AD !FFJA@C=AB9< C< ;CDJE C< FB<<APJ;G

3AA(.+,%(& N(A%.E

7H; CJJB@C=AB9 BI 6HCD;< C9? QCDDC9=< =B !FFJA@C9=< RAJJ P; C= =H; <BJ; ?A<@D;=AB9 BI 1@BECG 1@BEC >CES C= A=< ?A<@D;=AB9S D;Z;@= C9E !FFJA@C=AB9 [A9 RHBJ; BD FCD=^ RA=HBM= KA:A9K C9E D;C<B9G

:+))+&,-

!JJ !FFJA@C9=< CJJB==;? 6HCD;< M9?;D =HA< %II;D RAJJ CJ IBD 9AJ @B9<A?;DC=AB9S KA:A9K !FFJA@C9=< =H; BFFBD=M9A=E =B <MP<@DAP; IBD =RB C??A=AB9CJ 6HCD;< IBD ;:;DE IBMD 6HCD;< =H;E CD; CJJB==;? M9?;D =HA< %II;DG 1C@H QCDDC9= ;9=A=J;< =H; HBJ?;D =B <MP<@DAP; IBD C9? P; CJJB==;? B9; BD?A9CDE <HCD; A9 =H; &B>FC9ES @D;?A=;? C< IMJJE FCA?S C= C9 ;W;D@A<; FDA@; BI 5bi(G'' F;D QCDDC9=G 6;DA;< ( QCDDC9=< RAJJ P; ;W;D@A<CPJ; C= C9E =A>; M9=AJ C IA9CJ ;W;D@A<; ?C=; BI (- $;@;>P;D _'(( C9? 6;DA;< _ QCDDC9=< RAJJ P; ;W;D@A<CPJ; C= C9E =A>; M9=AJ C IA9CJ ;W;D@A<; ?C=; BI (- pM9; _'(+S PB=H C= =H; ;W;D@A<; FDA@; BI 5bi(G''G eMD=H;D ?;=CAJ< A9 D;<F;@= BI =H; QCDDC9=< CD; <;= BM= B9 FCK;< -+ =B --G

R(,%'%.+,%(& (' 3AA(.+,%(&-

!FFJA@C9=< <HBMJ? C<@;D=CA9 RH;=H;D 6HCD;< C9? QCDDC9=< HC:; P;;9 CJJB@C=;? =B =H;> M9?;D =HA< %II;DP;IBD; =DC?A9K A9 =H; 6HCD;< C9? QCDDC9=<G !FFJA@C9=< <HBMJ? P; CPJ; =B ?B ,C> [5b7^ B9 + 8CE_'(' PE @CJJA9K =H; 6HCD; N;KA<=DCDS &B>FM=;D<HCD;S B9 t/. [,^ .dd dkkkG !FFJA@C9=< RAJJ CJ =H;AD CJJB@C=AB9 [AI C9E^S =HDBMKH =H; 5bg eAD> IDB> RHA@H =H;E <BMKH= BD D;@;A:;? =H;AD CJJB@C=AB9 BI 6HCD;<G

(.

!FFJA@C9=< RAJJ P; <;9= 9B=A@;< BI CJJB@C=AB9 B9 =H; !JJB=>;9= $C=; [;WF;@=;? =B P; +' !FDAJ _'('^G !9E D;IM9?< IBD M9<M@@;<<IMJ CFFJA@C=AB9< IBD 6HCD;< RAJJ P; FB<=;? A9 =H; @MDD;9@E BI CFFJA@C=AB9 9B JC=;D =HC9 IA:; PM<A9;<< ?CE< CI=;D =H; !JJB=>;9= $C=;G

!9 !FFJA@C9= ?B;< 9B= HC:; C9E A9=;D;<= A9S BD DAKH= BD ;9=A=J;>;9= =BS C9E 6HCD; BD QCDDC9= M9?;D =HA< %II;D M9J;<< C9? M9=AJS C9? =H;9 B9JE =B =H; ;W=;9= =HC=S 6HCD;< C9? QCDDC9=< CD; CJJB==;? =B =HC= !FFJA@C9=PE 1@BECG

4I EBM <;JJ 6HCD;< BD QCDDC9=< P;IBD; D;@;A:A9K C9 A9A=ACJ CJJB=>;9= 9B=A@;S EBM ?B ;? EBMD CJJB@C=AB9 =HDBMKH C 5bg eAD> BD B=H;DRA<;G 5;A=H;D 1@BEC 9BD C9E BI A=< $AD;@=BD<S BIIA@;D<S ;>FJBE;;<S @B9<MJ=C9=<S CK;9=<S FCD=9;D< BD C?:A<;D< C@@;F=< C9E JACPAJA=E BD D;<FB9<APAJA=E <HBMJ? C9E F;D<B9 C==;>F= =B <;JJ BD B=H;DRA<; ?;CJ RA=H 6HCD;< BD QCDDC9=< P;IBD; =H; CJJB=>;9= 9B=A@; <HBRA9K =H; 9M>P;D BI 6HCD;< C9? QCDDC9=<A<<M;? =B =H; !FFJA@C9= A< D;@;A:;? PE =H; !FFJA@C9= IBD =HB<; 6HCD;<G

S$'0&1-

8B9;E D;@;A:;? A9 D;<F;@= BI !FFJA@C=AB9< =HC= CD; ?;@JA9;? A9 RHBJ; BD A9 FCD= RAJJ P; D;IM9?;? A9 RHBJ; BD A9 FCD= [C< =H; @C<; >CE P;^ RA=HBM= A9=;D;<= A9 =H; @MDD;9@E BI CFFJA@C=AB9G N;IM9?< IBD M9<M@@;<<IMJ !FFJA@C=AB9< RAJJ P; FB<=;? RA=HA9 IA:; PM<A9;<< ?CE< CI=;D =H; !JJB=>;9= $C=;G

73AA@1E 7=8;34 81B I8;;8154 C1 5=3 +F7d

K)(G$)+>$

5B PDBO;DCK; BD @B>>A<<AB9 A< FCECPJ; PE !FFJA@C9=< IBD 6HCD;< C9? QCDDC9=< A<<M;? =B =H;> M9?;D =H; %II;DG

1@BEC RAJJ FCE C PDBO;DCK; I;; BI _G_-q IBD CFFJA@C=AB9< D;@;A:;? FMD<MC9= =B 5bg IAD> CJJB@C=AB9< M9?;D =H; %II;DG 1@BEC RAJJ FCE C PDBO;DCK; I;; BI (Gk-q IBD CJJ B=H;D <M@@;<<IMJ CFFJA@C=AB9< D;@;A:;? IDB> 5bg eAD>< A9 D;<F;@= BI CFFJA@C=AB9< M9?;D =H; 5bg CJJB@C=AB9 FBBJ P;CDA9K C9 5bg eAD>j< <=C>FG 5B PDBO;DCK; RAJJ P; FCA? PE 1@BEC B=H;D =HC9 =H; PDBO;DCK; I;; FCECPJ; =B 5bg eAD><G 7H;D; RAJJ P; 9B PDBO;DCK; FCECPJ; B9 CFFJA@C=AB9< D;@;A:;? M9?;D =H; FMPJA@ FBBJ =HC= ?B 9B= P;CD C9 5bg eAD> <=C>FG

49 C??A=AB9S eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? RAJJ D;@;A:; C @B)>C9CK;D I;; BI i_-S''' ;C@H A9 D;<F;@= BI =H; %II;DG

!??A=AB9CJJES eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? CD; ;9=A=J;? =B C I;; BI 'G_-q B9 =H; =B=CJ C>BM9= BI CFFJA@C=AB9< P;CDA9K =H;AD D;<F;@=A:; 5bg eAD> <=C>F AI =H; =B=CJ C>BM9= BI =H;AD D;<F;@=A:; CFFJA@C=AB9< ;W@;;?< 5bi+ >AJJAB9G

RTU Q%-,%&>

!FFJA@C=AB9 HC< P;;9 >C?; =B 5bg IBD F;D>A<<AB9 =B JA<= =H; 6HCD;< C9? QCDDC9=<S C9? CJJ =H; D;LMAD;>;9=< BI 5bg D;JC=A9K =H;D;=B =HC= @C9 P; @B>FJA;? RA=H B9 BD P;IBD; =H; ?C=; BI =HA< %II;D $B@M>;9= HC:; P;;9 ?MJE @B>FJA;? RA=HG `BR;:;DS 5bg C@@;F=< 9B D;<FB9<APAJA=E IBD C9E <=C=;>;9= A9 =HA< %II;D $B@M>;9=G 49A=ACJ LMB=C=AB9 BI =H; 6HCD;< C9? QCDDC9=< A< ;WF;@=;? =B B@@MD B9 + 8CE _'('G 5bg HC< CM=HBDA<;? 5bg eAD>< =B C@= B9 =H; %II;DG 5bg A< C D;KA<=;D;? ;W@HC9K; D;KMJC=;? M9?;D =H; 6;@MDA=A;< 8CDO;=< !@=G

#23;4384 '12345C;4

7H; %II;D A< B9JE P;A9K >C?; =B >;>P;D< BI =H; FMPJA@ A9 5;R b;CJC9? C9? !M<=DCJAC BD B=H;DRA<; RH;D; JCRIMJJE F;D>A==;?G 5B F;D<B9 >CE BII;DS A9:A=;S <;JJ BD ?;JA:;D C9E 6HCD;< BD QCDDC9=< BD ?A<=DAPM=; C9E ?B@M>;9=< [A9@JM?A9K =HA< %II;D $B@M>;9=^ =B C9E F;D<B9 BM=<A?; 5;R b;CJC9? BD !M<=DCJAC RA=HBM= =H; CFFDB:CJ BI 1@BECG

c9J;<< B=H;DRA<; CKD;;? RA=H 1@BECS C9E F;D<B9 BD ;9=A=E CFFJEA9K IBD 6HCD;< A9 =H; %II;D RAJJS PE :AD=M; BI <M@H !FFJA@C=AB9S P; ?;;>;? =B D;FD;<;9= =HC= H;S <H; BD A= A< 9B= A9 C ZMDA<?A@=AB9 =HC= ?B;< 9B= F;D>A= =H; >COA9K BI =H; %II;D BD C9 A9:A=C=AB9 BI =H; OA9? @B9=CA9;? A9 =HA< %II;D $B@M>;9= C9? A< 9B= C@=A9K IBD =H; C@@BM9= BD P;9;IA= BI C F;D<B9 RA=HA9 <M@H C ZMDA<?A@=AB9G 5;A=H;D 1@BEC 9BD C9E BI A=< $AD;@=BD<S BIIA@;D<S

(-

;>FJBE;;<S @B9<MJ=C9=<S CK;9=<S FCD=9;D< BD C?:A<;D< C@@;F=< C9E JACPAJA=E BD D;<FB9<APAJA=E =B ?;=;D>A9; RH;=H;D C F;D<B9 A< CPJ; =B FCD=A@AFC=; A9 =H; %II;DG

'6GC;5815 *C<H6315

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49 _'',S =H; KJBPCJ PB?E n PC=H >CDO;= HC< P;;9 ;<=A>C=;? =B P; RBD=H CDBM9? c6i__G_ PAJJAB9 F;D C99M>+G 7H; c6! HB>; IDCKDC9@; >CDO;= CJB9; HC< P;;9 ;<=A>C=;? =B P; RBD=H CDBM9? c6i-G( PAJJAB9 F;D C99M> A9 _''k.G 7HA< A< ?A<@M<<;? A9 IMD=H;D ?;=CAJ P;JBRG

9S?S? )=3 =C63 J;8E;81<3 68;M35

49 _''kS =H; c6! HB>; IDCKDC9@; >CDO;= CJB9; RC< ;<=A>C=;? P; RBD=H CDBM9? c6i-G( PAJJAB9 F;D C99M>C9? A< FD;?A@=;? =B KDBR C= C @B>FBM9? C99MCJ KDBR=H DC=; [\&!hN]^ BI +G+q F;D C99M> =B D;C@H C >CDO;= <Ar; BI c6i/G' PAJJAB9 F;D C99M> PE _'(_-G 7H; KJBPCJ HB>; IDCKDC9@; >CDO;= A< JAO;JE =B P; >C=;DACJJE JCDK;D =HC9 c6i-G( PAJJAB9 F;D C99M>G

7H; HB>; IDCKDC9@; >CDO;= A9@JM?;< FDB?M@= @C=;KBDA;< <M@H C< <@;9=;? @C9?J;<S CAD ID;<H;9;D<S DBB> <FDCE<S ?AIIM<;D<S FB=FBMDDA C9? BAJ<G

49 1@BECj< :A;RS =H; IC@=BD< @B9=DAPM=A9K =B =H; KDBR=H BI =H; HB>; IDCKDC9@; >CDO;= A9@JM?;T

49?;F;9?;9= >CDO;= D;<;CD@H A9?A@C=;< =HC= =H; D;@;<<AB9 HC< C <AJ:;D JA9A9K IBD <MFFJA;D< C9? D;=CAJ;D< BI F;D<B9CJ @CD; C9? HB>; IDCKDC9@; FDB?M@=< l M9;>FJBE>;9=S =;J;@B>>M=A9K C9? ID;;JC9@A9K HC< @B9<M>;D< <F;9?A9K >BD; =A>; C= HB>; RA=H @B9<M>;D< ?DA:;9 =B A9:;<= A9 <A>FJ; C9? D;JC=A:;JE A9;WF;9<A:; FJ;C<MD;< =B >CO; =H;AD <FC@; >BD; @B>IBD=CPJ; C9? A9:A=A9K/G

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7H; FDA9@AFCJ C@=A:A=E BI 1@BEC #A>A=;? A< =HC= A= A< C HBJ?A9K @B>FC9E IBD A=< BF;DC=A9K <MP<A?ACDA;<S RHA@H CD; A9:BJ:;? A9 <;JJA9K FDB?M@=< =B @M<=B>;D< A9 =H; HB>; IDCKDC9@; C9? PB?E n PC=H >CDO;=<G 1@BEC #A>A=;? @B>>;9@;? PM<A9;<< A9 e;PDMCDE _''dS C9? A=< >CA9 BF;DC=A9K <MP<A?ACDE RC< ;<=CPJA<H;? A9 !FDAJ _''.G eMD=H;D A9IBD>C=AB9 A9 D;<F;@= BI =H; PM<A9;<< C@=A:A=A;< BI 1@BEC A< @B9=CA9;? A9 <;@=AB9< _ =B . BI =HA< %II;D $B@M>;9=

^CL 6H<= BC ' G8OW

7H; 6HCD;< CD; P;A9K BII;D;? C= =H; %II;D aDA@; BI 5bi(G'' F;D 6HCD;G 7H; QCDDC9=< A<<M;? RA=H =H; 6HCD;< RAJJ P; CJJB==;? IBD 9AJ @B9<A?;DC=AB9G 7H; QCDDC9=< @C9 P; ;W;D@A<;? A9 C@@BD?C9@; RA=H =H;AD =;D>< C< <;= BM= B9 FCK;< -+ =B -- C= 5bi(G''G

!FFJA@C=AB9< =B <MP<@DAP; IBD 6HCD;< >M<= P; >C?; B9 =H; !FFJA@C=AB9 eBD> A9 C@@BD?C9@; RA=H =H; A9<=DM@=AB9< <;= BM= P;JBR A9 =HA< %II;D $B@M>;9= C9? B9 =H; FCK; FD;@;?A9K =H; !FFJA@C=AB9 eBD>G

-/

!FFJA@C=AB9< M9?;D =H; %II;D >M<= P; >C?; IBD C >A9A>M> C>BM9= BI 5bi(S''' BD !id'' 6HCD;< C9? =H;D;CI=;D A9 >MJ=AFJ;< BI 5bi-'' BD !i.''G

!FFJA@C=AB9< >M<= P; C@@B>FC9A;? PE FCE>;9= A9 IMJJ IBD =H; =B=CJ 9M>P;D BI 6HCD;< CFFJA;? IBD C= =H; %II;D aDA@; BI 5bi(G'' F;D 6HCD;G aCE>;9= >CE P; >C?; A9 ;A=H;D 5;R b;CJC9? ?BJJCD< BD !M<=DCJAC9 ?BJJCD<G

&H;LM;< IBD 5;R b;CJC9? ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C D;KA<=;D;? 5;R b;CJC9? PC9OS >M<= P; @DB<<;? \5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G

&H;LM;< IBD !M<=DCJAC9 ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C D;KA<=;D;? !M<=DCJAC9 PC9OS >M<= P; @DB<<;? \5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G !9E FCE>;9=< A9 !M<=DCJAC9 ?BJJCD< RAJJ P; @B9:;D=;? A9=B =H; 5;R b;CJC9? ?BJJCD ;LMA:CJ;9= M<A9K =H; !M<=DCJAC9 ?BJJCD s 5;R b;CJC9? ?BJJCD ;W@HC9K; DC=; C< C= ((G('C> [5b7^ B9 =H; ?CE CJJB@C=AB9< M9?;D =H; %II;D CD; ?;=;D>A9;? LMB=;? PE 7H; N;<;D:; fC9O BI 5;R b;CJC9?P C9? =H; 9M>P;D BI 6HCD;< FCA? IBD RAJJ P; @CJ@MJC=;? C< <M@H 5;R b;CJC9? ?BJJCD ;LMA:CJ;9= ?A:A?;? PE =H; %II;D aDA@; [DBM9?;? ?BR9 =B =H; 9;CD;<= 6HCD;^G

5;R b;CJC9? !FFJA@C9=< >M<= IBDRCD? =H;AD @B>FJ;=;? !FFJA@C=AB9 eBD>< NO :G6 U+F)\ C1 9Z %G;@A =B ;A=H;DT

1@BEC 4a% 6HCD; %II;D&s) &B>FM=;D<HCD; 49:;<=BD 6;D:A@;< #A>A=;?a% fBW ,_)((,!M@OJC9? ((._5;R b;CJC9?

BD =B C9? 5bg eAD>S A9 <MIIA@A;9= =A>; IBD =H; !FFJA@C=AB9 eBD> =B D;C@H &B>FM=;D<HCD; 1C A853; 5=81 :G6 U+F)\ C1 9Z %G;@A 9>?>G

!M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9 =B 1@BEC @s) &B>FM=;D<HCD; 49:;<=BD 6;D:A@;<S ha% fBW -_S 8;JPBMD9; 04& +''(S !M<=DCJACG 6M@H !FFJA@C=AB9< >M<= P; D;@;A:;? PE 1@BEC PE [G6 U%!7)\ C1 9Z %G;@A 9>?>G !J=;D9C=A:;JES !M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9 =B &B>FM=;D<HCD; A9 5;R b;CJC9?S C< ?;<@DAP;? CPB:;G

eMD=H;D A9IBD>C=AB9 B9 HBR =B CFFJE IBD 6HCD;< A< <;= BM= A9 =H; <;@=AB9 BI =HA< %II;D $B@M>;9= ;9=A=J;? \!FFJA@C=AB9 49<=DM@=AB9<] B9 FCK;< // =B /dG

I=85 8;3 5=3 <=8;E34W

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6HCD;< C9? QCDDC9=< FMD@HC<;? BD <BJ? B9 =H; 5b6g CD; JAO;JE =B C==DC@= 9BD>CJ PDBO;DCK; I;;< C9? @HCDK;<G

1@BEC RAJJ FCE CJJ @B<=< C<<B@AC=;? RA=H =H; %II;DG

1@BEC RAJJ FCE C PDBO;DCK; I;; BI _G_-q IBD CFFJA@C=AB9< D;@;A:;? FMD<MC9= =B 5bg IAD> CJJB@C=AB9< M9?;D =H; %II;DG 1@BEC RAJJ FCE C PDBO;DCK; I;; BI (Gk-q IBD CJJ B=H;D <M@@;<<IMJ CFFJA@C=AB9< D;@;A:;? IDB> 5bg eAD>< A9 D;<F;@= BI CFFJA@C=AB9< M9?;D =H; 5bg CJJB@C=AB9 FBBJ P;CDA9K C9 5bg eAD>j< <=C>FG 5B PDBO;DCK; RAJJ P; FCA? PE 1@BEC B=H;D =HC9 =H; PDBO;DCK; I;; FCECPJ; =B 5bg eAD><G 7H;D; RAJJ P; 9B PDBO;DCK; FCECPJ; B9 CFFJA@C=AB9< D;@;A:;? M9?;D =H; FMPJA@ FBBJ =HC= ?B 9B= P;CD C9 5bg eAD> <=C>FG

49 C??A=AB9S eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? RAJJ D;@;A:; C @B)>C9CK;D I;; BI i_-S''' ;C@H A9 D;<F;@= BI =H; %II;DG

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!??A=AB9CJJES eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? CD; ;9=A=J;? =B C I;; BI 'G_-q B9 =H; =B=CJ C>BM9= BI CFFJA@C=AB9< P;CDA9K =H;AD D;<F;@=A:; 5bg eAD> <=C>F AI =H; =B=CJ C>BM9= BI =H;AD D;<F;@=A:; CFFJA@C=AB9< ;W@;;?< 5bi+ >AJJAB9G

I=85 ;35H;14 L@AA ' E35W

2#+)$-

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7H; O;E IC@=BD< =HC= ?;=;D>A9; =H; D;=MD9< CD;T

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! 1@BECj< IA9C9@ACJ F;DIBD>C9@;G

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5B=HA9K @B9=CA9;? A9 =HA< %II;D $B@M>;9= <HBMJ? P; @B9<=DM;? C< C FDB>A<; BI FDBIA=CPAJA=ES C9? 1@BEC ?B;< 9B= KA:; [9BD ?B;< C9E B=H;D F;D<B9 KA:;^ C9E KMCDC9=;; BD FDB>A<; C< =B =H; D;=MD9 BI @CFA=CJ BD =H; C>BM9= BI C9E D;=MD9< [A9@JM?A9K ?A:A?;9?< C9? B=H;D ?A<=DAPM=AB9<^ A9 D;JC=AB9 =B =H; 6HCD;< BD QCDDC9=<G 7H; C>BM9= BI C9E D;=MD9< RAJJ ?;F;9? B9 C 9M>P;D BI IC@=BD<S A9@JM?A9K =HB<; ?A<@M<<;? M9?;D =H; H;C?A9K \QHC= CD; >E DA<O<w] B9 FCK;< -, =B /+G 7H; IC@=BD< ?;<@DAP;? A9 =HC= <;@=AB9 @BMJ? D;?M@; BD ;JA>A9C=; =H; ?A<=DAPM=AB9< BD B=H;D D;=MD9< A9=;9?;? =B P; ?;DA:;? IDB> HBJ?A9K =H; 6HCD;< C9? QCDDC9=<G

L%;%1$&1 N(A%.E

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1@BEC A< =H; ;9=A=E J;KCJJE JACPJ; =B FCE C9E ?A:A?;9?< BD B=H;D ?A<=DAPM=AB9< ?;@JCD;? BD >C?; B9 =H; 6HCD;<G

2+A$ (' 2#+)$- +&1 :+))+&,-

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[C^ K;9;DCJ ;@B9B>A@ @B9?A=AB9<S A9@JM?A9K A9IJC=AB9 DC=;< C9? A9=;D;<= DC=;<X

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[@^ @HC9K;< =B KB:;D9>;9= FBJA@ES J;KA<JC=AB9 BD D;KMJC=AB9X

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5B C<<MDC9@;< @C9 P; >C?; =HC= 1@BECj< >CDO;= F;DIBD>C9@; RAJJ 9B= P; C?:;D<;JE CII;@=;? PE C9E <M@H >CDO;= IJM@=MC=AB9< BD C9E BI =H; CPB:; IC@=BD<G 5;A=H;D 1@BECS 9BD C9E BI A=< $AD;@=BD<S BIIA@;D<S ;>FJBE;;<S @B9<MJ=C9=<S CK;9=<S FCD=9;D< BD C?:A<;D< KMCDC9=;;< =H; 6HCD;<S =H; QCDDC9=< BD 1@BECj< >CDO;= BD IA9C9@ACJ F;DIBD>C9@;G

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4I EBM <;JJ C9E BI EBMD 6HCD;< BD QCDDC9=<S =H; FMD@HC<;D BI =HB<; 6HCD;< RAJJ P; J;KCJJE JACPJ; =B FCE EBM =H; <CJ; FDA@; BI =HB<; 6HCD;< BD QCDDC9=<G

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3./0%-%,%(& (' 2#+)$-X 5B <=C>F ?M=E A< FCECPJ; A9 5;R b;CJC9? B9 6HCD; BD QCDDC9= =DC9<I;D< C9? 9B 9B=A@; BI <M@H =DC9<I;D< A< D;LMAD;? =B P; KA:;9 PE C 6HCD;HBJ?;D =B 5;R b;CJC9? D;:;9M; CM=HBDA=A;<G

L%-=(-+A (' 2#+)$- +&1 :+))+&,-X 7H; 5;R b;CJC9? =CW <E<=;> ?B;< 9B= @MDD;9=JE A9@JM?; C @CFA=CJ KCA9< =CWG &B9<;LM;9=JES RH;D; =H; ?A<FB<CJ BI 6HCD;< BD QCDDC9=< ?B;< 9B= IBD> FCD= BI C F;D<B9j< PM<A9;<<S C>BM9=< ?;DA:;? IDB> =H; ?A<FB<CJ BI 6HCD;< BD QCDDC9=< RAJJ K;9;DCJJE 9B= P; <MPZ;@= =B 5;R b;CJC9? A9@B>; =CWG `BR;:;DS =H;D; CD; ;W@;F=AB9< =B =HA< RH;D; =H; 6HCD;< BD QCDDC9=< R;D; FMD@HC<;? IBD =H; FMDFB<; BI <CJ; BD AI =H; 6HCD;< BD QCDDC9=< R;D; C@LMAD;? C< FCD= BI C FDBIA= >COA9K M9?;D=COA9K BD <@H;>;G QH;D; B9; BI =H;<; ;W@;F=AB9< CFFJA;<S =H; KCA9 [BD JB<<^ IBD =H; 6HCD;HBJ?;D RAJJ P; =H; ?AII;D;9@; P;=R;;9 =H; @B<= BI C@LMADA9K =H; 6HCD;< BD QCDDC9=< C9? =H; >CDO;= :CJM; BI =H; @B9<A?;DC=AB9 D;@;A:;? IBD =H;AD ?A<FB<CJG

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L%;%1$&1-X 49 K;9;DCJS C9E ?A<=DAPM=AB9S A9@JM?A9K C @C<H ?A:A?;9?S PE 1@BEC A9 D;<F;@= BI 6HCD;<S B=H;D =HC9 C 9B9)=CWCPJ; PB9M< A<<M; BI 6HCD;< BD C D;=MD9 BI @CFA=CJ A9 @;D=CA9 @AD@M><=C9@;<S RAJJ P; @B9<A?;D;? C ?A:A?;9? IBD 5;R b;CJC9? =CW FMDFB<;<G $A:A?;9?< FCA? PE 1@BEC =B 5;R b;CJC9? D;<A?;9= 6HCD;HBJ?;D< RAJJ P; <MPZ;@= =B D;<A?;9= RA=HHBJ?A9K =CW C= C DC=; BI MF =B ++q J;<< =H; C>BM9= BI C9E A>FM=C=AB9 @D;?A=< C==C@H;? =B =HB<; ?A:A?;9?<G eBD ?A:A?;9?< FCA? CI=;D +( 8CD@H _'('S =H; >CWA>M> C>BM9= BI A>FM=C=AB9 @D;?A=< =HC= >CE P; C==C@H;? =B =H; ?A:A?;9? A< ;LMCJ =B +'q BI =H; ?A:A?;9?G !9E M9M=AJA<;? A>FM=C=AB9 @D;?A=< @C9 P; @D;?A=;? CKCA9<= =CW B9 B=H;D A9@B>; BI =HC= 6HCD;HBJ?;DG

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66

PricewaterhouseCoopers 188 Quay Street Private Bag 92162 Auckland 1142 New Zealand Telephone +64 9 355 8000 Facsimile +64 9 355 8001 www.pwc.com/nz

The Directors Ecoya Limited PO Box 99276 Newmarket Auckland 1149 25 March 2010 Auditors’ report Dear Directors As auditors of Ecoya Limited (“the Company”) we have prepared this report pursuant to clause 28 of Schedule 1 of the Securities Regulations 2009 for inclusion in a prospectus to be dated 25 March 2010. Directors’ responsibilities The Company’s Directors are responsible for the preparation and presentation of: (a) the financial statements, which comply with generally acceptance accounting practice in New

Zealand, and give a true and fair view of the financial position of Ecoya Limited and its subsidiaries (“the Group”) as at 31 March 2009 and its financial performance and cash flows for the periods ended on that date, as required by clause 23 of Schedule 1 of the Securities Regulations 2009 and the Group interim financial statements as at 31 December 2009 and for the nine month period ended on that date, as provided under clause 24 of Schedule 1 of the Securities Regulations 2009;

(b) the summary of financial statements of the Group for the periods ended 31 March 2009 and 31

December 2009 as required by clause 9 of Schedule 1 of the Securities Regulations 2009; and (c) the prospective financial statements of the Group for the years ending 31 March 2010 and 31 March

2011, including the assumptions on which they are based, as required by clause 11 of Schedule 1 of the Securities Regulations 2009.

Auditors’ responsibilities We are responsible for expressing an independent opinion on the financial statements of the Group for the period ended 31 March 2009 presented by the Directors and reporting our opinion in accordance with clause 28 of Schedule 1 of the Securities Regulations 2009. We are also responsible for reporting, in accordance with clause 28 of Schedule 1 of the Securities Regulations 2009, on the following matters which have been prepared and presented by the Directors: (a) the amounts included in the summary of financial statements of the Group for the periods ended 31

March 2009 and 31 December 2009; and (b) the prospective financial statements of the Group for the years ending 31 March 2010 and 31 March

2011. This report has been prepared for inclusion in the prospectus for the purpose of meeting the requirements of clause 28 of Schedule 1 of the Securities Regulations 2009. We disclaim any assumption of responsibility for reliance on this report or the amounts included in the financial statements, the summary financial statements, or the prospective financial statements for any other purpose other than that for which they were prepared. In addition, we take no responsibility for, nor do we report on, any part of the prospectus not specifically mentioned in this report. We have no relationship with or interests in the Company or any of its subsidiaries other than in our capacities as auditors, tax advisors and providers of other assurance services.

67

Basis of opinion on the financial statements An audit of the financial statements includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing: (a) the significant estimates and judgements made by the Directors in the preparation of the financial

statements; and (b) whether the accounting policies used and described on pages 73 to 78 are appropriate to the

circumstances of the Group and Company, consistently applied and adequately disclosed. We have conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of the information in the financial statements. Basis of opinion on the summary of financial statements We have undertaken procedures to provide reasonable assurance that the amounts set out in the summary of financial statements of the Group on pages 49 to 52, pursuant to clause 9 of Schedule 1 of the Securities Regulations 2009, have been correctly taken from the audited financial statements of the Group for the period ended 31 March 2009 and the unaudited interim financial statements of the Group for the period ended 31 December 2009. Basis of opinion on the prospective financial statements To meet our reporting responsibilities we have examined the prospective financial statements for the years ending 31 March 2010 and 31 March 2011 to confirm that, so far as the accounting policies and calculations are concerned, the prospective financial statements have been properly compiled on the footing of the assumptions made or adopted by the Directors as set out on pages 41 to 48 of this prospectus and are presented on a basis consistent with the accounting policies normally adopted or as set out on page 42 which are intended to be adopted by the Group. Qualification on the financial statements As we were not appointed as auditors of the Company until November 2009, we were not able to observe the counting of physical inventory relating to the inventory acquired with the subsidiary in March 2008 or the closing inventory at 31 March 2009 and we were unable to satisfy ourselves as to the inventory balance by other audit procedures. Any misstatement of the inventory balance at these dates would affect the Group results for the period ended 31 March 2009 and the year ending 31 March 2010. Qualified opinion on the Group financial statements We have obtained all the information and explanations we have required other than as noted in the qualification above. In our opinion: (a) proper accounting records have been kept by the Group as far as appears from our examination of

those records; (b) the financial statements give a true and fair view of the cash flows of the Group for the period ended

on 31 March 2009; and (c) except for any adjustments that might have been found to be necessary had the limitation on the

scope of our work discussed in the qualification outlined above not existed, the financial statements of the Group, on pages 69 to 99 of this prospectus, as required by clauses 23 of Schedule 1 of the Securities Regulations 2009, and that are required to be audited: (i) subject to the Securities Regulations 2009, comply with generally accepted accounting

practice in New Zealand; and (ii) give a true and fair view of the financial position of the Group as at 31 March 2009 and its

financial performance and cash flows for the period ended on that date.

68

Unqualified opinion on the Company financial statements We have obtained all the information and explanations we have required. In our opinion: (a) proper accounting records have been kept by the Company as far as appears from our examination

of those records; (b) the financial statements of the Company, on pages 69 to 99 of this prospectus, as required by

clauses 23 of Schedule 1 of the Securities Regulations 2009, and that are required to be audited: (i) subject to the Securities Regulations 2009, comply with generally accepted accounting

practice in New Zealand; and (ii) give a true and fair view of the financial position of the Company as at 31 March 2009 and

its financial performance and cash flows for the period ended on that date; Unqualified opinion on the summary of financial statements In our opinion the amounts or details set out in the summary of financial statements, on pages 49 to 52 of this prospectus, as required by clause 9 of Schedule 1 of the Securities Regulations 2009, have been correctly taken from the audited financial statements of the Group for the period ended 31 March 2009 and the unaudited interim financial statements of the Group for the period ended 31 December 2009. Unqualified opinion on the prospective financial statements In our opinion, the prospective financial statements for the years ending 31 March 2010 and 31 March 2011 so far as the accounting policies and calculations are concerned, have been properly compiled on the footing of the assumptions made or adopted by the Directors of the Company as set out on pages 41 to 48 of this prospectus and are presented on a basis consistent with the accounting policies normally adopted or as set out on page 42 which are intended to be adopted by the Group. Actual results are likely to be different from the prospective financial statements since anticipated events frequently do not occur as expected and the variation could be material. Accordingly, we express no opinion as to whether the prospective financial statements will be achieved. Yours faithfully PricewaterhouseCoopers Chartered Accountants Auckland

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ecoyainitial public offer investment statement 25 march 2010 ecoya limited

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Ecoya Prospectus

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