The following material represents the cover page and summary of the prospectus for the initial public offering of the Pest Investigation Control Corporation SA (PICC), which is going public tomorrow with a firm commitment initial public offering managed by the investment banking firm of Bigelli and Pindado.

(a) Assume that you know nothing about PICC other than the information contained in the prospectus. Based on your knowledge of finance, what is your prediction for the price of PICC tomorrow? Provide a short explanation of why you think this will occur.

(b) Assume that you have several thousand euros to invest. When you get home from class tonight, you find that your stockbroker, whom you have not talked to for weeks, has called. She has left a message that PICC is going public tomorrow and that she can get you several hundred shares at the offering price if you call her back first thing in the morning. Discuss the merits of this opportunity.

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PROSPECTUS 200,000 shares PEST INVESTIGATION CONTROL CORPORATION Of the shares being offered hereby, all 200,000 are being sold by the Pest Investigation Control Corporation SA ('the Company'). Before the offering there has been no public market for the shares of PICC, and no guarantee can be given that any such market will develop. These securities have not been approved or disapproved by the Autorit des Marchs Financiers, nor has the Authority passed judgment upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offence. Price to Public () Underwriting Discount () 11.00 2,200,000 Per share 1.10 Total 220,000 *Before deducting expenses estimated at 27,000 and payable by the company. The Company The Offering Listing Shares Outstanding Use of Proceeds PICC This is an initial public offering. The ordinary shares are being offered, subject to prior sale, when, as, and if delivered to and accepted by the Underwriters and subject to approval of certain legal matters by their Counsel and by Counsel for the Company. The Underwriters reserve the right to withdraw, cancel, or modify such offer and to reject offers in whole or in part. Proceeds to Company* () 9.90 1,980,000 Bigelli and Pindado, Bankers 12 July 2015 Prospectus Summary The Pest Investigation Control Corporation (PICC) breeds and markets toads and tree frogs as ecologically safe insect-control mechanisms. 200,000 ordinary shares of equity, no par value. The Company will seek listing on Euronext. As of 30 June 2015, 400,000 ordinary shares of equity were outstanding. After the offering, 600,000 ordinary shares of equity will be outstanding. To finance expansion of inventory and receivables and general working capital, and to pay for country club memberships for certain finance professors.