Enabling Success - Armillary Private Capital

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Enabling Success - Armillary Private Capital
Enabling Success
Enabling Success - Armillary Private Capital
Contents

   Our Services ....................................................................................................................................................................... 2
   About .................................................................................................................................................................................. 3
   Track Record ...................................................................................................................................................................... 4
   Our People ......................................................................................................................................................................... 5
   Investment Banking ......................................................................................................................................................... 10
   Advisory and Financial Training ..................................................................................................................................... 14
   Asset Management......................................................................................................................................................... 18
   Sample of Assignments Undertaken .............................................................................................................................. 20
   Contact Us ....................................................................................................................................................................... 25

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Enabling Success - Armillary Private Capital
Our Services
Through our mix of services we are your capital solutions partner and have the experience to guide you through your financial and strategic
challenges to achieve success.

Investment Banking       We can help you raise debt or equity, sell your existing business and buy or merge with another.

Advisory Services and    We can help you improve corporate financial decisions, business performance, financial management, establish a
Financial Training       governance model, or assist with a business turnaround.

                         We run financial training programmes covering finance and business performance, based around the
                         income/outcome business simulation game, credit analysis, treasury and risk management and business process
                         engineering.

Asset Management and We manage investment entities aimed at creating value through direct investment in alternative asset classes.
Market Places
                     We also operate a number of markets to assist with capital raising, price discovery and liquidity.

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Enabling Success - Armillary Private Capital
About
Welcome to Armillary Private Capital. We have an experienced team that helps businesses, business owners and investors achieve their
business goals and create value. Our services will assist you to take the next step to grow value in your business or investment portfolio.

We trace our history in the New Zealand private capital markets back to 1992, where we began as part professional services firm McCallum
Petterson. In 2005 we were formally established as a standalone entity and in 2009, we re-branded our firm as Armillary Private Capital. We take
our name from the Armillary Sphere which was developed by the ancient Greeks as a tool for teaching and solving astronomical problems. The
sphere forms the basis of our logo and the name has been adopted as it relates to the core functions of our business - solving business problems.

Our approach is based on a combination of influences grounded in our culture, methodology and experiences. We have worked with a range
of New Zealand businesses through all stage of the business lifecycle from start up to maturity. Be they private, listed or government-related, we
have seen and experienced the roller-coaster rides business owners and managers endure. These experiences allow us to quickly identify your
needs and find the right solution.

An important part of our approach is the use of proven financial tools and methodologies to provide a concise but comprehensive view of
business performance. A key methodology that underpins our work is the DuPont method. This powerful but highly practical method of analysis
allows us to develop a rapid understanding of the underlying performance of a business and to identify key business drivers. This disciplined
approach helps us with quality decision making in our work.

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Enabling Success - Armillary Private Capital
Track Record
In over 25 years of operation, Armillary and its principles have interacted with hundreds of New Zealand and international businesses, assisting
them with their capital needs and providing advice as to how best to improve, grow, fund and exit their businesses.

Over this period Armillary has raised hundreds of millions of dollars of debt and equity, undertaken listings and IPOs and led numerous M&A
transactions. The management team has managed private sector and government funds and has governance experience with private and
listed companies alike.

Understanding capital and capital markets requires not only a deep appreciation of what makes companies work but also how value is
created, grown, maintained and realised.

Our extensive experience across all stages of the value creation process combined with the discipline of our approach, our networks and
commitment, allows us to be an active part of the value proposition for parties looking to benefit from access to or participation in the private
capital markets.

A summary of recent work undertaken by the firm is provided at the end of this profile.

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Enabling Success - Armillary Private Capital
Our People
Whether you are a business manager or an investor, the Armillary team is committed to providing you with an honest assessment and an
innovative, deliverable solution to address your capital needs. Our results-driven team is a collection of experienced professionals from different
backgrounds, industries and areas of expertise.

Collectively the principals and senior staff of the firm have many decades of experience in solving the capital problems of our clients.

Joint Managing Directors:

                             David Wallace has a background in asset management, investment banking, equities research and corporate
                             treasury, with 30 years of experience working in the capital markets in New Zealand. He has had corporate
                             treasury roles for Winstone Limited, NZ Steel, and Clear Communications and worked for JP Morgan (formerly Ord
                             Minnett). Throughout his career he has overseen a broad range of transactions including IPO’s, debt raisings,
                             MBO’s, mergers, acquisitions and divestments, and has been a rated equities analyst for the telco and IT sectors.
                             David currently chairs LHD Media, NZ Crane Hire and CLSA Premium. He also has key responsibility for managing
                             the Unlisted Securities Exchange a prescribed exempt financial product market, Crowdsphere a licenced equity
                             crowdfunding and peer-to-peer lending platform and Residential Property Ventures LP which invests in residential
                             property developments.

                              Leon Grandy has a background in structured finance, corporate banking and executive management, having
                              spent over 25 years working for major financial institutions such as ABN AMRO, AXA, HSBC and Westpac. During
                              his time at Armillary, Leon has trained thousands of people globally in relation to a range of financial, risk and
                              management topics.

                              Leon is currently Chair of the boards of the Keith Andrews Trucks group and the Switched On Property Group.

                              He is also a Trustee of the Scout Youth Foundation and a Fellow of the Finance Insurance and Securities Institute
                              of Australasia.

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Enabling Success - Armillary Private Capital
Our People
Executive Directors:

                       Geoff Davis has over 20 years of experience in finance and investment markets with a particular emphasis on
                       corporate finance, equity capital markets and all aspects of M&A.

                       Prior to joining Armillary Private Capital, Geoff has worked at TeamTalk, Active Equities, Brierley Investments and
                       National Mutual / AXA Funds Management. Geoff holds a Bachelor of Commerce degree from the University
                       of Auckland and is an ACA member of Chartered Accountants Australia and New Zealand.

                       Martin Gray has over 20 years of corporate finance experience in Asia, New Zealand and Europe. He has
                       advised on over 100 transactions with a total value exceeding US$1bn. Martin’s key areas of expertise includes
                       mergers and acquisitions, business disposals, finance raisings, project finance, independent expert reports,
                       valuations, and due diligence, with substantial listed and private company lead advisory experience.

                       Prior to joining Armillary Private Capital, Martin was head of M&A for EY in New Zealand. Martin holds a
                       Bachelor of Commerce and a Diploma in Business (Finance) from the University of Auckland. He also holds the
                       CA qualification and a Certificate of Public Practice from Chartered Accountants Australia and New Zealand.

                       Martin is currently a Director and Chair of the Audit and Risk Committee of Airwork Holdings, a director of
                       Spectrum Consulting, a member of the Setek Therapeutics and UUNZ Advisory Boards and Chair of the College
                       Board of Wanganui Collegiate School. Martin is also a member of the New Zealand Institute of Directors.

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Enabling Success - Armillary Private Capital
Our People
Associates:

                               Peter Bosworth has had executive roles in the commercial, corporate and agribusiness markets having spent 15
                               years working in the banking and finance sector for Westpac and SCF. For the last eight years and prior to
                               joining Armillary Private Capital, he has been advising clients across a number of sectors on strategic initiatives,
                               debt and equity raising, mergers and acquisitions, new growth developments and governance.

                               Peter holds a Bachelor of Commerce (Agricultural) from Lincoln University and a Master’s in Business
                               Administration from Canterbury University.

                               Peter currently sits on and chairs a number of advisory boards for private companies.

Executive, Business Broking:

                               Phil Jones has joined our business broking team having recently been a professional cricket umpire for 15 years.
                               He umpired in New Zealand and overseas at a provincial and international level. Prior to his involvement in
                               cricket, Phil was for several years a successful business broker with Clyth MacLeod Business Sales based in
                               Auckland.

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Enabling Success - Armillary Private Capital
Our People

Rupert Curlett                     Jai Goradia                         Hannah Kim                              Sam Turner
Manager                            Analyst                             Finance and Compliance Officer          Analyst
BE (Hons), MMgt                    BEc, MFinc                          BCom                                    BCom

                                                                                                               Sam joined Armillary Private
Rupert joined Armillary Private     Jai joined Armillary Private       Hannah joined Armillary Private
                                                                                                               Capital in April 2020 as an
Capital in April 2018 as a Manager, Capital in October 2020 as an      Capital in July 2019 as a Finance       Analyst based in our Auckland
providing support to senior         Analyst based in our Wellington    and Compliance Officer. She             office. Sam holds a Bachelor of
members of the team. Rupert         office. Jai holds a Masters of     provides analytical support and is      Commerce from the University of
holds a Bachelor of Engineering     Finance from Victoria University   primarily responsible for the day-to-   Otago - majoring in Finance and
with Honours and a Master’s in      of Wellington and a Bachelors      day financial, administration and       Economics and joins us from
                                                                                                               BNZ.
Management from the University of Economics from the                   compliance management of
of Canterbury.                      University of Mumbai.              Armillary’s group of owned and
                                                                       managed entities. She is currently
                                                                       working towards her CA
                                                                       qualification and holds a Bachelor
                                                                       of Commerce double majoring in
                                                                       Accounting and Commercial Law
                                                                       from Victoria University.

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Enabling Success - Armillary Private Capital
Our People

Chantelle Rickerby                    Taryn Miranda
Administration Assistant              Marketing Assistant

Chantelle joined Armillary Private    Taryn joined Armillary Private
Capital in March 2019 as an           Capital in April 2019 as a
administration assistant. Chantelle   marketing assistant. She is currently
is currently enrolled in a BCom       enrolled in a LLB and BCom
program at Victoria University of     conjoint at the University of
Wellington – majoring in              Auckland – majoring in Marketing
Accounting, Finance and               and Information Systems.
Commercial Law.

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Investment Banking
Think of us as your outsourced transaction team and corporate finance unit. We don’t just do deals, we work with our
clients over an extended period and look to fundamentally improve their businesses and drive value creation.

We are able to support our clients with a range of services from the formulation of requirements through to execution and can advise on the
following:

⎯   Developing a capital plan to give you a clear view of your capital needs, now and in the future
⎯   Assisting you to raise new equity and/or debt capital
⎯   Acquiring or merging with another business
⎯   Selling part or all of your existing business
⎯   Structured and trade finance
⎯   Financial modelling and analysis
⎯   Due diligence
⎯   Changing or exiting shareholders

Recent examples of work carried out by Armillary on the following pages evidence the diverse range of work carried out by our team.

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Capital
Re-financing and Debt Raise; Armillary assisted Earthcare            Debt Raise; Armillary assisted IFS which is a Sydney based
Environmental group, which operates a private green waste            developer of class leading multi-carrier shipping software.
service in Auckland and central North Island and council
collections in the lower North Island.                               IFS was looking to borrow to acquire two competitors but had no
                                                                     success with their incumbent bank. Armillary recast the financials
The group required a review of its capital structure which           to more readily demonstrate IFS’s financial position and limited risk
culminated in a refinancing of its asset-backed debt facilities.     for the lender. The result, all done from NZ, was facilities from a
                                                                     major trading bank to 100% debt fund the acquisitions.

$50m Facility; Armillary assisted FUSO New Zealand, which is NZ’s    Equity raise; Armillary assisted Dodson Motorsport which is a world
second largest importer of commercial vehicles.                      leader in aftermarket dual clutch transmission components for
                                                                     high end and performance vehicles.
As a start-up in 2016, FUSO required a $50m multi currency trade
finance facility to reduce all in credit costs to around 1/3rd of    The organisation was looking to raise growth capital and some cash
prevailing NZD costs. A competitive process with several banks       out for the shareholders. We worked with a number of potential
resulted in favourable covenant, appropriate security, and limited   investors and secured two offers. Booster Tahi was selected as the
credit support terms for the borrower.                               preferred investor investing $3m with one third to Dodson and the
                                                                     balance to the shareholders demand and global opportunities.

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Mergers & Acquisitions
Pivot and exit; Armillary assisted Run The Red, an established       Buy-side mandate; Armillary assisted EDL Acquisitions Limited to
mobile services provider that was transitioning its business from    complete the acquisition of Eurotech Design Limited, specialists in
mobile marketing to enterprise.                                      the importation and distribution of European kitchen appliances.

Run The Red achieved a highly strategic exit to PushPay, a rising    This engagement included negotiation of the purchase and vendor
global payment services provider looking to fully integrate mobile   finance, due diligence on the target, and assistance with arranging
technology into its offering.                                        the debt funding. Armillary continues to be involved in a post
                                                                     transaction governance role.

Late exit; Armillary assisted the founder of SmartPayroll, a SaaS    Early exit; Armillary assisted Dash Tickets, an innovative early stage
company providing payroll services to the SME market.                technology-enabled growth company operating in the ticketing
                                                                     services sector.
With a number of complex restraints at play regarding the
company’s technology and exit options, a discreet and highly         A strategic purchaser was identified, and the founder ultimately
targeted process was required; the highest value buyer was           sold their shareholding to TicketDirect whilst remaining an executive
ultimately the company’s other shareholders, led by Datacom.         within the business.

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Business Broking
In mid-2018 we launched a new business broking joint-venture, Armillary Business Broking, which we see as a natural extension of our existing
services.

In contrast to the traditional business broking model, where producing an Information Memorandum as fast as possible and sending this to as
many people as possible is the focus, we want our clients to be more prepared.

Our approach to business broking is to apply the sophistication of an investment bank through a transparent and targeted process.

We know that the key to a successful business sale is the preparation and the work we do with you upfront to make sure that your business is
properly prepared before taking it to market.

Our approach has a focus on the beginning of the sales process with an aim to decrease settlement issues by:

⎯ Starting with the collation and review of anticipated due diligence materials to identify any existing or potential issues and providing you a
  report of our findings;
⎯ We then use that information to form an opinion of value and to develop a quality Information Memorandum;
⎯ Applying the appropriate selling model for your type of business;
⎯ Overlaying client protections under the Real Estate Agents Act 2008; and
⎯ Leveraging off the wider Armillary team’s experience.

Offering a breadth of exceptional financial services and networks to assist the overall sales process Business Broking also allows us to run a more
public process rather than a bespoke targeted process - giving clients more choice.

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Advisory and Financial Training
We can assist you to improve your business performance and financial management, establish a governance model or assist with
a business turnaround.

We are able to support you with a range of services from formulation of requirements through to execution and can assist you with a wide
range of corporate matters, including:

⎯   The value of your business
⎯   Establishing a board or advisory board and developing best practice board reports
⎯   Strategic planning, financial modelling and reporting
⎯   Virtual CFO and Virtual Treasurer and financial management
⎯   Turnaround and/or interim management
⎯   Independent advisers’ reports as required by the Takeovers Code or under the NZX rules
⎯   Resolution of tensions between stakeholders
⎯   Succession planning
⎯   Risk management

Our team are currently, or have been, members of boards and advisory boards of a number of private and listed companies and of non-profit
organisations and have experience with audit and board sub-committees.

By leveraging our experience and perspective we can create appropriate solutions for your business on an ad-hoc or ongoing basis.

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Advisory
Armillary has assisted Switched On Group, a Christchurch-based        Intercoll is a credit collection agency which has been acquiring
award-winning property development company.                           receivables books and working those out along with contracted
                                                                      collections.
We facilitated their first Annual General Meeting, and consolidated
their current premises.                                               We completed a business valuation taking into account the
                                                                      different constituent parts of the business.

Armillary was commissioned by Martinborough Vineyard, an award-       Armillary assisted Creative HQ, a business incubator and
winning producer of Pinot Noir wine.                                  technology start-up accelerator.

We produced an independent adviser’s report for the Takeovers         We created a Statement of Investment Policy and Objectives
Panel to inform shareholders of the company in regard to the          for the Board of Creative HQ.
Foley Family Wines takeover offer.

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Financial Training
We run financial training courses which are a combination of business simulation with real life experience. Through our
targeted financial training programmes we help businesses to understand the financial impacts of commercial
decisions.

Our courses range from 2-hour seminars to 3-day courses. We use the income/outcome business simulation and actual cases combined with
real life experience to help you and your team permanently improve knowledge and skills.

We deliver either specifically for your team, or as part of a wider programme, courses covering:

⎯   Business simulations
⎯   Specialist lending solutions
⎯   Credit analysis
⎯   Cash flow forecasting
⎯   Risk and treasury management

We are also able to coach you and your team in:

⎯   Identification and allocation of business drivers
⎯   Financial literacy
⎯   Business process engineering
⎯   Financial communication

We are an accredited NZTE Capability Development Partner. This means that if you have aspirations to grow your business you might also be
eligible for an NZTE Capability Voucher, which is offered through the Regional Business Partners network. NZTE Capability Development Vouchers
are available to businesses to use as partial payment towards the cost of capability development and training.

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Other Training Programmes
Business Planning for Owners   Business Simulation. Set up and manage a manufacturing business. Set financial, market share and business goals.
and Managers                   Consider Growth and niche strategies. Develop competitive advantage. Set operational targets. Execute
                               operational plans.

Finance for Owners and         Business Simulation. Prepare 12 balance sheets, profit and loss statements, cash flow forecasts, unit pricing, and
Managers                       budgeting tasks. Prepare and utilise ratios: profitability; performance; leverage and market value ratios to make
                               better business decisions. Prepare bank debt applications. Manage debtors.

Governance 101                 Commences with an introduction to the legal structure of a Company as distinct from the sole trader, and
                               Partnership form of business enterprise and explores the limits of the concept of shareholder limited liability.

Trade Finance                  This programme is focused on Risk identification and Management. It commences with an introduction to sales
                               contracts; agencies, and distributors, before asking you to consider the risks of: political risk; exchange risk; credit
                               risk; and jurisdictional risk.

Capital Ready Process          An introduction for investees and investors on basic early stage business capital raisings.

Managing a Global Business     Participants need to focus on all aspects of establishing and managing a global business. There will be a capital
                               raising process and several rounds of business decision making.

Finance for Entrepreneurs      Participants become directors and managers of a small manufacturing company and then pit themselves
                               against each other to build a business and prepare all the financials that record their success or failure.

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Asset Management
We manage investment entities and market places aimed at creating value through direct investment in alternative
asset classes.

Investing in private companies required not only a deep understanding of what makes companies work but also how value is created and
realised. Our approach allows us to be an active part of the value proposition for investors looking to benefit from exposure to these niches.

Residential Property Ventures

Residential Property Ventures is a limited partnership formed to provide superior returns on New
Zealand Residential Investment Property. We are the investment manager, and utilise an
outsourced approach to bring in the expertise as required for developments being undertaken.
A key partner is RAWA an Auckland-based strategic property adviser.

Armillary Mezzanine Capital

We are currently raising for Armillary Mezzanine Capital which will provide mezzanine debt and
equity funding to NZ businesses to provide short and medium-term growth capital, filling the gap
between what a bank will lend and existing equity or private equity.

Touchstone Capital Partners

We were the manager of Touchstone Capital Partners, an investment company that invested in
underperforming, distressed or destabilised business assets targeting business improvement,
rehabilitation and turnaround opportunities. We made 12 investments and exited 8 over an 80-
month period and made a 2.4x return on equity at 15.3% pre-tax IRR.

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Market Places
Market places are an important part of well-functioning capital markets. In keeping with our approach to creating value
for businesses and owners, we recognise the need for companies, shareholders and investors to have options regarding
liquidity.

Through the market places that we operate, we aim to allow companies to take control of their destiny and to provide investors with unique
opportunities.

Unlisted Securities Exchange

We are the manager of Efficient Market Services Limited, operator of the Unlisted Securities
Exchange (USX) financial product market (www.usx.co.nz). USX provides a cost-efficient and
simple internet-based share trading platform for small to medium sized companies to provide
liquidity for previously allotted securities and keep their shareholders informed. USX operates
under an exemption from subpart 7 of Part 5 of the Financial Markets Conduct Act 2013. USX
has its own Market Rules and monitors compliance by Issuers with those Rules.

Crowdsphere

We operate Crowdsphere (www.crowdsphere.co.nz) in NZ, a licensed equity crowd funding
platform established as a joint venture with Renaissance Wealth Management. Crowdsphere
brings together New Zealand businesses and investors in a more efficient manner. This is
hugely beneficial to the SME engine room of the economy and is in line with the
government’s business growth agenda on Building Capital Markets with further benefits being
gained from the flow-on effects of growing employment.

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Sample of Assignments Undertaken

                             CALGARY PETROLEUM

 Equipment Financing            Private Placement           Sale and Lease Back          Strategic Advisory and   Revolving Credit Facility &        Equity Raising        Strategic Advisory
                                                                                               Refinancing            Factoring Facility

                             PURE NEW ZEALAND LTD

 Corporate Advisory &      Acquisition Due Diligence on Acquisition Due Diligence on      Debt Refinancing &       Review of MBO Funding        Valuation and Advisory    New Business Venture
   Debt Financing             Lombard Finance &           Smartpay New Zealand            Acquisition Facility            Structure                                             Review
                                    investments

     Acquisition by                Acquisition by             Debt Facility &            Arranging Build, Own,    Arranged Debt Facility &        Corporate Advisory         Sale of Assets
    Rubicon Group             Allied Farmers Finance           Equity Raising              Operate, Transfer         Preference Share
                                                                                               structure                Investment

                           PPL CORPORATION LTD

     Structuring &              Sale of Assets to           Corporate Advisory         Review of MBO Governance     Acquisition Advisory &      Operational Risk Review   Acquisition Advisory
     Equity Raising             Hellaby Holdings                                          Structure & Valuation       Due Diligence on
                                                                                                                     United Home Loans

  Advisory in respect of        Debt Refinancing          Financial Performance              Debt Raising           Acquisition of Active         Acquisition by NZX         Equity Raising
 implementing an EVA                                             Review
 Incentive programme

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Private Placement      Strategic Advisory &         Strategic Advisory &      Debtor Financing      Acquisition Advisory &     Capital restructure &    Funding Options Review
                         Debt Refinancing          Funding Options Review                              Debt Financing          Convertible Note Issue

   Equity Raising          Equity Raising            Corporate Advisory          Debt Raising              Valuation          NZX Independent Advisors         Debt Raising
                                                                                                                                       Report

  Takeovers Code       Investment Behaviour      Commercial Advisor and IGF   Business Integration    Acquisition Advisory          Debt Raising          Corporate Advisory &
Independent Advisor           Audit                 Committee Member               Valuation                                                                 Equity Raising
      Report

Governance Review     Capital Structure Review        Strategic Review         Strategic Review          M&A Advisory            Corporate Advisory        Asset Management

     Valuation             Acquisition by            Acquisition Finance      Governance Review        Takeovers Code            Strategic Advisory      Investment Policy Review
                            TicketDirect                                                             Independent Advisor
                                                                                                           Report

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Restructuring and         Capital Advisory           Acquisition by           Strategic Advisory     Sale of Minority Holding to       Restructuring Advisory        Acquisition Advisory
    Capital Raising                                       Pushpay                                               Datacom

    Sale of Business          Sale of Business      Private Placement &           Debtor Financing        Corporate Advisory &             Equity Capital Raise         Asset-Backed Debt
                                                  Convertible Loan Note Issue                              Debt Capital Raise                                              Refinancing

Acquisition Debt Raising   Corporate Advisory &     Equity Capital Raise &      Sale of Business to    Acquisition of Roadlife Trucks          Equity Raising           Acquisition Advisory
                               Debt Raising             Management                                         & Debt Financing
                                                                                 Wells Electrical

    Restructuring &          Due Diligence &           Pre-Sale Review          Debt Capital Raising            Valuation                        Valuation                   Valuation
     Virtual CFO            Acquisition Funding                                   Options Review

     Equity Raising        Arranged Performance      Acquisition Advisory        Corporate Advisory      Acquisition of Eurotech        Acquisition of Hush Interiors       Debt Raise
                               Bonding Facility                                                                   Design

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Leeston Seeds

Valuation and Strategic       Valuation             Strategic Review          Strategic Review &       Virtual Company Secretary    Acquisition Debt Funding       Acquisition Advisory for
        Review                                                                     Valuation                                                                       Noble and Debt Raise

                                                                                                                                                                    Lochside Dairies

  $50m Debt Raising           Valuation                 Valuation           Capital Raising Options            Valuation           Strategic Plan and Valuation    Capital Raising Options
                                                                                    Review                                                                                 Review

      Valuation           Board Effectiveness           Valuation           Strategic Advisory and          Project Review             Advisory Services on       Business Acumen Training
                               Review                                           Capital Raising                                        Corporate Structure

      Valuation              Equity Raise       Valuation and Vendor Due   New Zealand Credit Policy           Valuation                  Management                     Valuation
                                                    Diligence Report               Review

      Valuation           Mezzanine Finance        Equity Capital Raise           Valuation            Independent Expert Report Equity Investment by Booster       Business Plan Review
                                                                                                                                              Tahi

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New Zealand Wool Scours

 Independent Adviser’s    Acquisition of Hush Interiors      Advisory        Valuation and Information      Strategic Acquisition      Preparation of Business Case          Valuation
Report and Independent                Ltd                                         Memorandum
    Appraisal Report

Employee Performance      Sale of Shares to Rinnai New    Sale of Business   Strategic Acquisition Debt   Structured Credit Facility   Equity Capital Raise of $1m      Strategic Acquisition
Option Scheme Review                Zealand                                       and Equity Raise

  Strategic Acquisition            Advisory

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Contact Us
                   Wellington               Auckland               Wanaka               Canterbury

Physical Address   Level 2                  Level 15               Ground Floor         376A Omihi Road
                   City Chambers            Swanson House          1 Foxglove Heights   Waipara, 7447
                   142 Featherston Street   12-22 Swanson Street   Wanaka 9305          Canterbury,
                   Wellington 6140          Auckland 1010                               New Zealand

Postal Address     PO Box 3156              PO Box 105-926                              P.O. Box 109
                   Wellington 6140          Auckland 1143                               Waipara, 7447
                   New Zealand              New Zealand                                 Canterbury,
                                                                                        New Zealand

Phone              04 974 9269              09 280 3161                                 03 314 6020

Fax                04 972 9282

Email              info@armillary.co.nz

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