Launch of NZ capture program and first commercial sale: NEA has completed a one-off capture of New Zealand’s main economic areas during the period, and has already secured the first commercial sales of the imagery to its Australian customers. The pilot capture program was completed in March and covers approximately 72% of the New Zealand population. Further, this pilot program allows the company to explore the expansion of Nearmap’s world leading technology in the global location content market. For H1FY17, Nearmap posted a revenue growth of 38% year on year (yoy) to $19.4m while EBIT grew by 46% yoy to $10.2m led by solid growth in both Australia and the US. The stock has declined 11.6% in the last six months as on July 04, 2017 over investors’ concerns on NEA’s expansion into the USA, while it has moved up 12.9% in last one month. Given the increasing market opportunity for aerial imagery (market opportunity of USD$1.5 billion in 2017) and NEA’s leadership in Australia, while disrupting the larger US market, we expect the company’s financials to improve.