CAPRICORN SOCIETY LIMITED

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Entitlements of Authorised Purchasers that are not MembersAuthorised Purchasers that are not Members do not receive any of the entitlementsassociated with holding Shares, such as dividends or voting rights.New Authorised Purchasers are, however, provided an Account that offers them credit withCapricorn for purchases of goods or services from Preferred Suppliers of Capricorn or fromCapricorn directly and also receive many of the entitlements of being a Member (furtherdescribed in the section "What returns will I get?" below).While Authorised Purchasers may accrue reward points they cannot, however, redeemreward points prior to becoming a Member.Authorised Purchasers are not eligible to receive rebates unless they are Qualified NewAuthorised Purchaser and then they may receive any rebates declared, subject to theDirectors discretion and the operation of Capricorn’s rebate policy.As described above, Capricorn may terminate arrangements with any Authorised Purchaserthat fails to become a Member within 12 months.WHAT ARE THE CHARGES?In addition to the purchase price of the Shares and charges for any goods and servicespurchased (including any charges associated with operating Accounts), Capricorn ispermitted to charge the following fees to Members:(a) A fee to register a transfer of Shares in Capricorn – currently A$ 1.00;(b)(c)A fee for Share certificates (and duplicate Share certificates) – currently A$ 0.50; andA fee for the inspection of a Member's Account with Capricorn (excluding the registermaintained by Capricorn for the purposes of the Corporations Act) – currently A$ 0.20.Subject to reserving the right to impose such charges and change such policy, at the date ofthis Investment Statement, it is not the policy of Capricorn to charge Members fees for Sharecertificates (and duplicate Share certificates), or inspecting a Member's Account withCapricorn.Capricorn’s Constitution also allows Capricorn to deduct from any dividend payable to aMember all sums of money presently payable by the Member to Capricorn for any reason.WHAT RETURNS WILL I GET?The main entitlements of holding Shares in Capricorn are as follows:(a)Access to Credit. Capricorn provides Accounts to Members which offer them instantcredit with Capricorn for purchases of goods or services from Preferred Suppliers ofCapricorn or from Capricorn directly. Purchases each month are generally payable bythe last business day of the following month. If the Member fails to pay their Accounton time, interest, administration and default charges may apply.Additionally, Members of Capricorn may apply for extended credit for equipmentpurchases via Capricorn’s range of CAPezifinance products. Capricorn is not obligedto grant an extension of credit to Members.(b) Member Accounts. Members may use their Account to make purchases fromPreferred Suppliers – they do not need to make individual credit or paymentarrangements with each Preferred Supplier. Members also benefit from competitiveprices (although not necessarily the lowest) when placing purchases from PreferredSuppliers on their Account. While Capricorn does not directly negotiate prices withPreferred Suppliers, Preferred Suppliers are incentivised to ensure that MembersCapricorn Investment Statement – 6 December 20126
eceive competitive prices so that Preferred Suppliers maximise sales to Members andalso maintain their status as a Preferred Supplier.(c)(d)Simplified Accounting. Members receive one statement for all their purchases ontheir Account from Preferred Suppliers and from Capricorn during a monthly period.Members may pay the account using a variety of payment options including bycheque, credit card and direct debit.Capricorn Rewards Program. Capricorn operates the Capricorn Rewards Program.Members are awarded 1½ reward points for every NZ$ 1.00 spent through theirAccount on eligible purchases of goods and services from Preferred Suppliers. Forpurchases from a small number of Preferred Suppliers, reward points are awarded at alower rate of 1 reward point for every NZ$ 1.00 spent.Reward points are not awarded for purchases made directly from Capricorn or inrespect of the Capricorn Convention unless the contrary is expressly stated as part ofany promotion.Reward points are redeemed in the same currency in which they were awarded on thatbasis that 100 reward points is generally equivalent to NZ$ 1.00. Options forredemption include the following:(i) vouchers from various retailers (a minimum redemption of reward pointssufficient to obtain NZ$100 of vouchers is required); or(ii) payment in part or full of a Member’s Account.Reward points are awarded, redeemed and otherwise dealt with in accordance withthe Capricorn Rewards Program Terms and Conditions.Redeeming reward points is at the discretion of individual Members.Authorised Purchasers may accrue reward points but they cannot redeem them priorto becoming a Member.(e) Rebates. Capricorn may pay rebates to Members during a year calculated byreference to the business done by the Member though the Member's CapricornAccount.The present rebate policy is to calculate rebates on the volume of purchases placed onthe Member’s Capricorn Account as a proportion of all purchases placed on allMembers’ Capricorn Accounts.For example, if the total trading with Preferred Suppliers by all Members through theirAccounts was NZ$100,000 and a particular Member’s trading with Preferred Suppliersthrough that Member’s Account was NZ$100, then as that Member accounted for 0.1%(1/1000 th ) of the total trading, they would be entitled to 0.1% (1/1000 th ) of any rebatedeclared.Authorised Purchasers that are also either Qualified New Authorised Purchasers arealso eligible to receive any rebates declared subject to the Directors discretion and theoperation of Capricorn’s rebate policy(f) Dividends. Members share in the profits of Capricorn that are distributed asdividends. Capricorn has not adopted a dividend policy, but the directors determine thequantum of dividend from year to year having regard to its financial performance in thecurrent and previous years, retained profits and available cash as permitted by law.Capricorn Investment Statement – 6 December 20127
Page 1 and 2: PO Box 91567Auckland Mail Service C
Page 3 and 4: (a)(b)(c)(d)(e)(f)(g)(h)Allotments
Page 5: HOW MUCH DO I PAY?For New Zealand e
Page 9 and 10: operates in Australia. The possible
Page 11 and 12: In addition, even if Capricorn is i
Page 13 and 14: Capricorn has also agreed that if C
Page 15 and 16: There are other risks associated wi
Page 17 and 18: In the opinion of Capricorn, there
Page 19 and 20: Team Leader - Shares & Loyalty Rewa
Page 21 and 22: IMPORTANT INFORMATION ABOUT COMPLET
Page 23 and 24: PO Box 91567Auckland Mail Service C
Page 25: 4. CAPRICORN’S MOST RECENT ANNUAL

CAPRICORN SOCIETY LIMITED

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