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Fast seek time, less that 6ms, with instant random foodstuff access. At the time, after AfterMail, TradeMe and 42 Belowwe believed there was an opportunity to fund a business like this properly. To those outside the software business or indeed the company, Xero seems like a hard business to understand. We are very motivated for Xero to do well. Companies such as Dometic and Uflex-as well as the engine brands-offer the proper connectors if you choose to replace them. Flooding or other extensive water damage at least requires and electrical check and can necessitate some degree of rewiring. We can have someone on site that day to get your hot water working again, repair your outside lights or install a new oven. Such non-IFRS financial information/non-GAAP financial measures do not have a standardised meaning prescribed by NZ IFRS or IFRS. Therefore, the non-IFRS financial information may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with by NZ IFRS or IFRS. Securities Exchange Act of 1934, as amended, and are not recognised under International Financial Reporting Standards (IFRS) or International Financial Reporting Standards (NZ IFRS), which is based on IFRS.

Securities Act. Although IFT believes these non-IFRS financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-IFRS financial information/non-GAAP financial measures included in this announcement. Investors are strongly cautioned not to place undue reliance on any forward-looking statements, such as indications of, and guidance on, outlook, future earnings and financial position and performance, which reflect the Company’s views only as of the date of this release. To the maximum extent permitted by law, each of the Company, Barrenjoey Markets Pty Limited, acting jointly with Forsyth Barr Limited, and UBS New Zealand Limited (the "Lead Managers") and their respective affiliates, related bodies corporate, directors, officers, partners, employees, agents and advisers disclaim all liability and responsibility (whether in tort (including negligence) or otherwise) for any direct or indirect loss or damage which may be suffered by any person through use of or reliance on anything contained in, or omitted from, this announcement.

The securities to be offered and sold in the Retail Offer may not be offered or sold, directly or indirectly, in the United States or to any person that is acting for the account or benefit of a person in the United States. New Zealand Reserve Bank on its website at 3.00pm New Zealand time on the closing date of the Retail Offer), shares having a total issue price equal to NZ$50,000 (converted in accordance with the Retail Offer booklet), which may be less than A$45,000, will be issued to the shareholder and they will be refunded the excess cash amount. 10. Infratil’s ability to scale in this manner is subject to the overall size of the Retail Offer and regulatory restrictions on the number of shares that can be offered to eligible Australian shareholders. The Lead Managers and its respective affiliates, related bodies corporate, directors, officers, partners, employees, agents and advisers make no recommendations as to whether you or your related parties should participate in the Placement or Retail Offer nor do they make any representations or warranties to you concerning the Placement or Retail Offer, and you represent, warrant and agree that you have not relied on any statements made by the Lead Managers or its respective affiliates, related bodies corporate, directors, officers, partners, employees, agents or advisers in relation to the Placement and Retail Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them.

I think this is because accounting is quite sticky once you commit and by the time we count a customer they have trialled the software and running their business on it. The market is really just starting and with accelerators like iPads, Google's up comingChrome operating system we think that things are only just getting exciting. We can come and quote, dig the trench, install the mains and other services like phone and fibre and arrange a connection with your supplier. The interior walls of the conduit may comprise a lining made from high-density materials like nylon, Delrin or Teflon. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. I have seen cables that looked quite good externally, but which literally disintegrated upon removal and flexing, revealing complete failure of the internal strands. The securities to be offered and sold in the Placement and the Retail Offer have not been, and will not be, registered under the U.S. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or in any jurisdiction in which such an offer would be illegal. This announcement may not be released or distributed in the United States.

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