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And Offering to Sell up to 1,377,995* Existing Shares Partially with Vvpr Strips (The “Secondary Offering”)

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(Zetes Industries S.A., a limited liability company organized and existing under the laws of Belgium, with registered offi ce at Da Vinci Science Park, Rue de Strasbourg 3, 1130 Brussels, Belgium) OFFERING TO SUBSCRIBE FOR UP TO €30 MILLION NEW SHARES WITH VVPR STRIPS (THE “PRIMARY OFFERING”) AND OFFERING TO SELL UP TO 1,377,995* EXISTING SHARES PARTIALLY WITH VVPR STRIPS (THE “SECONDARY OFFERING”) THE OFFERED SHARES ARE OFFERED TO THE PUBLIC IN BELGIUM AND PURSUANT TO A PRIVATE PLACEMENT TO INSTITUTIONAL INVESTORS IN BELGIUM AND EUROPE * Including Over-allotment Option The Joint Global Coordinators will be granted an Over-allotment Option, exercisable as of the Listing Date and until 30 days thereafter, corresponding to a maximum of 15% of the shares offered in the Offering, for the sole purpose of allowing the Underwriters to cover over-allotments, if any. The Over-allotment Option consists of an option to purchase Existing Shares owned by the Selling Shareholders. The shares covering the Over-allotment Option will not have a separate VVPR strip. Listing on Eurolist by Euronext Brussels of all Existing Shares of the Company and the New Shares as well as all VVPR strips Joint Global Coordinators Bookrunners Co-Lead Manager Selling Agents KBC Bank, CBC Banque, Bank Degroof and Petercam Advisor to the Company Petercam Prospectus dated November 2005 TABLE OF CONTENTS SUMMARY 7 Business summary 7 Corporate governance 9 Offering summary (key elements of the Offering and calendar) 9 Selected key fi nancials 13 MD&A 14 RISK FACTORS 17 Risks related to the Company’s business 17 Risks related to the Offering 20 DISCLAIMERS AND NOTICES 22 No representation 22 Decision to invest 22 Certain restrictions on the Offering and the distribution of this Prospectus 22 Forward-looking information 24 Industry data, market share, ranking and other data 24 Rounding of fi nancial and statistical information 24 1. GENERAL INFORMATION AND INFORMATION CONCERNING RESPONSIBILITY FOR THE PROSPECTUS AND FOR AUDITING THE ACCOUNTS 25 1.1. Responsibility for the content of the Prospectus 25 1.2. Responsibility for auditing the accounts 25 1.3. Approval of the Prospectus 26 1.4. Legal publications 26 1.5. Available information 26 1.5.1. Prospectus 26 1.5.2. Company documents and other information 26 2. GENERAL INFORMATION RELATING TO THE OFFERING AND ADMISSION TO LISTING ON THE EUROLIST BY EURONEXT BRUSSELS 28 2.1. Information related to the capital increase 28 2.2. Key information 28 2.2.1. Working capital statement 28 2.2.2. Capitalization and indebtedness 29 2.2.3. Background of the Offering and use of proceeds 31 2.3. Interest of natural and legal persons involved in the Offering 32 2.4. Terms and conditions of the Offering 32 2.4.1. Conditions and nature of the Offering 32 2.4.2. Offer Price 33 2.4.3. Offering Period 33 2.4.4. Application procedure 33 2.4.5. Allocation of the shares 34 2.4.6. Payment, settlement and delivery of the shares and the VVPR strips 35 2.4.7. Form of the shares and VVPR strips 35 2.4.8. Dividends 36 2.5. Listing and fi rst trading 36 2.6. Underwriting agreement 37 1 2.7. Over-allotment Option and stabilization 37 2.8. Intentions of the shareholders 38 2.8.1. Selling Shareholders 38 2.8.2. Lock-up arrangements 39 2.8.3. Shareholders’ intentions after the Offering 39 2.9. Costs and remunerations of intermediaries 39 2.10. Financial service 40 2.11. Legislation and competent courts 40 2.12. Employee Offering 40 2.13. Information related to the shares 40 2.13.1. Regulations applicable in Belgium in case of theft or loss of securities 40 2.13.2. Belgian taxation 41 3. GENERAL INFORMATION ABOUT ZETES AND ITS SHARE CAPITAL 47 3.1. General information 47 3.2. Corporate purpose 47 3.3. Group structure 48 3.4. Company capital and shares 49 3.4.1. Share capital and shares 49 3.4.2. Other outstanding fi nancial instruments 49 3.4.3. Development of the capital 49 3.4.4. Description of rights attached to the shares 50 3.4.5. Form and transferability of the shares 53 3.4.6. Purchase and sale of own shares 53 3.5. Option plans / warrants 53 3.6. Outstanding fi nancial instruments prior the Closing Date 53 3.7. Shareholders 54 3.7.1. Selling Shareholders 54 3.7.2. Shareholders prior to the Closing Date and prior to the exercise of the Warrants 55 3.7.3. Shareholders following exercise of the Warrants but before Closing Date 55 3.7.4. Shareholders after the completion of the Offering 55 3.8. Notifi cation of important participations 56 3.9. Public takeover bids 56 3.10. Squeeze-out 57 4. CORPORATE GOVERNANCE 58 4.1. General 58 4.2. Board of directors 58 4.2.1. General provisions 58 4.2.2. Chairman 59 4.2.3. Independent directors 59 4.2.4. Composition of the board of directors 60 4.3. Committees within the board of directors 61 4.3.1. General 61 4.3.2. Audit committee 62 4.3.3. Remuneration committee 62 4.4. Executive management 62 4.4.1. General provisions 62 4.4.2. Chief executive offi cer and managing directors 62 4.4.3. Composition of the executive management 63 2 4.5. Remuneration of directors and executive management 63 4.5.1. Directors 63 4.5.2. Executive management 63 4.6. Shares and warrants held by directors and executive management 64 4.6.1. Shares held by non-executive directors 64 4.6.2. Shares held by the executive management 64 4.7. The statutory auditor 64 4.8. Confl icts of interest of directors and executive management transactions with affi liates 65 4.8.1. Confl icts of interest of directors and executive management 65 4.8.2. Transactions with affi liates 65 4.9. Relations with affi liated companies 66 4.10. Relations with signifi cant shareholders 66 5. THE AUTO-ID INDUSTRY 67 5.1. The Markets 68 5.1.1. Goods Identifi cation 68 5.1.2. People Authentication 68 5.2. Players in the Auto-ID industry 69 5.3. Convergence between Goods Identifi cation and People Authentication 69 5.3.1. Convergence of growth drivers 69 5.4. Auto-ID market size and growth potential 70 5.4.1. Goods Identifi cation 71 5.4.2. People Authentication 71 5.5. Auto-ID technologies 72 5.5.1. Barcodes 72 5.5.2. RFID 73 5.5.3. Voice recognition 75 5.5.4. Smart cards 76 5.5.5. Biometrics 78 5.5.6. Mobile computers 79 6. ZETES’ ACTIVITIES 81 6.1. Brief Company Overview 81 6.2. Brief history 81 6.2.1. Growth – organic and acquisition 82 6.2.2. Other relevant historical facts 83 6.3. Mission, vision and strategy 83 6.3.1. Mission statement 83 6.3.2. Vision: convergence between the Goods Identifi cation and People Authentication 84 6.3.3. Business strategy 86 6.3.4. Corporate strategy 86 6.3.5. Company positioning 87 6.3.6. Geographic presence 91 6.3.7. Customers 92 6.4. Market trends observed by Zetes 93 6.5. Auto-ID Technologies used by Zetes 94 6.5.1. Barcodes 94 6.5.2. RFID 95 6.5.3. Voice recognition 96 6.5.4. Smart cards 96 3 6.5.5. Biometrics 98 6.5.6. Mobile computers 99 6.5.7. Communications 99 6.5.8. Integration 101 6.6. Zetes’ main supplier alliances 102 6.7. Competition 103 6.7.1. Positioning 103 6.7.2. Zetes key differentiators 103 6.7.3. Main competitors 103 6.7.4. Goods Identifi cation 103 6.7.5. People Authentication 104 6.7.6. Conclusion 105 6.8. Human resources 105 Corporate Services 107 Country Managers 108 6.9. Legal procedures 110 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 111 7.1. Overview 111 7.2. Factors affecting results of operations 111 7.2.1. Major evolutions in Goods Identifi cation 111 7.2.2. Major evolutions in People Authentication 112 7.2.3. Sale of distribution activity 112 7.2.4. Acquisitions 113 7.2.5. Business cycles and project nature 113 7.3. Results of operations 114 7.3.1. Overview 114 7.3.2. Turnover 115 7.3.3. Gross Margin 116 7.3.4. Cash Operating Expenses & EBITDA 118 7.3.5. Non-Cash Expenses 120 7.3.6. Restructuring costs 122 7.3.7. EBIT 122 7.3.8. Financial Results 123 7.3.9. Taxes 123 7.3.10. Net Result 124 7.4. Balance Sheet 124 7.4.1. Non-Current Assets 124 7.4.2. Current Assets 127 7.4.3. Trade Debt and Other Liabilities 129 7.4.4. Liquidity and Capital Resources 130 7.4.5. Net working capital 132 7.5. Distribution activity from 2002 to 2004 133 7.6. 2002-2003 consolidated fi nancial statements according to Belgian GAAP 134 7.6.1. Overview income statement 134 7.6.2. Turnover 134 7.6.3. Gross margin 134 7.6.4. Operating expenses 134 7.6.5. EBITDA 135 7.6.6. Non cash expenses 135 7.6.7. Financial results 135 4 7.6.8. Extraordinary result 135 7.6.9. Income taxes 135 7.6.10. Overview balance sheet 136 7.7.
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