Investor Presentaiton

Tax credit as share of R&D spending 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Source: OECD estimates CAON New Zealand Presentation 08-04-01 CK Tax Treatment of R&D in OECD Countries Tax incentives for R&D Spending, Large Companies, 1999 NEW ZEALAND Germany Norway Sweden Switzerland Finland UK Japan Ireland US Korea France Netherlands Australia Canada Spain === 34 Copyright 2001 Professor Michael E. Porter

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