Media release ipo – 1

March 27, 2010

VODKA BLOKES SCENT GROWTH

Ecoya IPO seeks $10 million

The vodka blokes who took 42 Below to the world via a stock market listing and then sold it to Bacardi
are re-entering the public arena.

Former 42 Below executives Geoff Ross, Grant Baker and Stephen Sinclair, and former 42 Below
Australia head Craig Schweighoffer, are the key executive directors behind Ecoya Limited, a body
and bath and home fragrance business. Ecoya’s operating subsidiary was established in on the
shores of Botany Bay Sydney, in April 2004. Craig Schweighoffer is CEO.

Ecoya uses natural ingredients to create environmentally friendly products for consumers and their
homes. The prospectus seeks funds to grow Ecoya’s international markets targeting the “Eco Luxe”
segment of the body and bath and home fragrance markets.

Ecoya’s prospectus was registered on 25 March 2010. It is offering 10 million shares at $1.00 each to
the public in New Zealand and Australia with the option to accept oversubscriptions of up to a further
3.0 million shares.

Ecoya is being advised by investment bankers, Cameron Partners Limited, and lawyers Chapman
Tripp. It also has the support of brokers, First NZ Capital Limited and Craigs Investment Partners
Limited, who are the co-managers of the public share offer.

Allocations and Partial Underwriting

The allocation of shares is intended to be via:
• a public pool of 1.5 million shares;
• a pool of 2.5 million shares for the independent directors and certain private investors known
to the directors and their associates. The independent directors have agreed to apply, in
cash, for $425,000 of shares.
• a pool of 6 million shares for allocation to NZX firms and selected institutional investors.
1 2
The Business Bakery LP is underwriting $2 million of the pool of shares allocated to private
investors known to the Directors and their associates.

1
Neither the Business Bakery LP, nor any other person, guarantees the securities offered. If $2 million or more of
subscriptions are received from the underwritten pool, The Bakery is not required to subscribe for any Shares (regardless of
the aggregate amount of subscriptions received).
2
All $ figures are NZ$ unless otherwise stated.
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Existing substantial shareholders, The Business Bakery LP and Paunui Holdings Pty. Limited (Craig
3
Schweighoffer’s company) , are restricted from selling their shares until after Ecoya has released to
NZX its financial results for the year ended 31 March 2011.

Ecoya is reserving the right to alter the allocations at its discretion and may allocate up to an
additional 3 million shares if the offer is over-subscribed.

Investors through the IPO will also receive one warrant for every two shares allotted to them. Each
warrant will, on exercise, entitle the holder to one ordinary share in Ecoya exercisable at $1 per share.
Half the warrants will be exercisable up until 15 December 2011 and the other half up until 15 June
2013.

If the IPO is fully subscribed, Ecoya will have an issued capital of 43.7 million shares (excluding
oversubscriptions and shares and warrants earmarked for an employee share scheme) and 5.3
million warrants (excluding oversubscriptions and employee shares).

In March 2010, Ecoya wrote to all former 42 Below shareholders in New Zealand inviting them to pre-
register to receive the prospectus and they can participate in the public pool.

The offer opens on Monday, 29 March 2010 (9 April 2010 in Australia) and closes on Monday, 26
April 2010. Proceeds are primarily earmarked to grow markets, recruit staff, invest in infrastructure,
provide working capital funding and repay bank debt of $1 million.

Billion dollar markets

The global body and bath market is estimated to be worth around US$22 billion a year in 2009 and is
4
forecast to grow to around US$25.5 billion a year by 2013 . The US home fragrance market is
5
predicted to be worth US$6 billion a year by 2012 .

Ecoya was founded in Australia and Craig Schweighoffer invested in the business in 2006. The
Bakery took a shareholding in February 2008 and Schweighoffer became CEO.

The offer represents an opportunity to invest in a growing business with an international strategy and
an experienced management team, the prospectus states. It says Ecoya has experienced strong
growth since the 42 Below founders invested, with revenue increasing by 77 percent to $3.9 million in
the 12 months to 31 March 2010.

The company predicts revenue growth of more than 100 per-cent in the 2011 financial year with
revenue of $8 million. Gross profits of $1.2 million and $3.9 million are predicted in 2010 and 2011 but

3
Neither the Business Bakery LP, Paunui Holdings Pty. Limited, nor any other person, guarantees the securities offered.
4
Source: Datamonitor Interactive Consumer Database (www.datamonitor.com), 1 October 2009.
5
Source: Permumer & Flavorist (www.perfumerflavorist.com), 21 March 2008.
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operating expenses are expected to result in losses of $2.3 million and $5.2 million (including non
recurring IPO expenses of $416,000) in the same periods.

Growth category
Executive chairman Geoff Ross says the company is targeting a growth segment within a growth
category.

“Ecoya operates in a multi-billion dollar industry globally,” Ross says. “The board considers that
factors such as Ecoya’s business performance to date, the growth forecast in the category and the
brand’s Australasian origins make a strong case to accelerate our growth plan.”

“Basically we’ve decided a public company structure with visible reporting and good governance suits
the strategy and will help build brand profile and instil confidence among suppliers,” Ross says.

“The board and management team has a strong track record in growing consumer brands. We have
also attracted three first class independent directors in noted Australian fashion designer Collette
Dinnigan, Rich Frank from the US and Air New Zealand CEO, Rob Fyfe. All bring huge marketing
and business strength to the board.”

Ross says the company considers the key ‘battle fields’ to win on are brand and distribution, areas
that were fundamental to 42 Below’s success. The company believes the best people to be selling
Ecoya are Ecoya people, a model that has been successfully deployed in Australia and which it
anticipates rolling out in new international markets.

“Ecoya fits in to a very nice space,” Ross says. “It’s a high value brand in the affordable luxury
segment with efficient distribution and that should help to drive a strong gross margin - probably
around 49 percent on sales to 31 March 2011.”

Ecoya plans to continue generating Australasian sales through its local staff and also to apply the
model in international markets. Current offshore target markets are Australia, Asia, USA and the UK
with the focus on leading gift stores, home stores, department stores, hotels, spas and duty free
stores.

It already has more than 600 outlets in Australia and more than 100 outlets in New Zealand stocking
its products. Clients currently include David Jones and Nuance Group Duty Free in Australia and
Ballantynes in New Zealand.

Ecoya products are produced in Australia and include eco-friendly scented candles, travel candles,
diffusers, hand wash, hand & body lotions and soaps.
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Members of the public in New Zealand or Australia may participate in the offer by requesting the
investment statement dated 25 March 2010 relating to the securities directly from Ecoya, downloading
it from the Ecoya website (www.ecoya,co.nz), or by contacting either of the co-managers, Craigs
Investment Partners or First NZ Capital, or any NZX firm.

Application has been made to NZX Limited (a registered exchange) for permission to list the shares
and warrants and all requirements of NZX relating thereto have been complied with on or before the
date of this announcement. However, NZX accepts no responsibility for any statements in this
announcement, the prospectus or the investment statement.

Ends

Issued for Ecoya Limited by Pead PR

Contacts:
Geoff Ross, Executive Chairman, Ecoya Limited, Tel:09 520 7346, Mob: 021 42 42 19, email:
geoff@thebakery.co.nz
David Paine, Pead PR, Tel: 0-9-918 5556, Mob: 021 660 749, email: david@peadpr.co.nz