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| <NonNumbericText> <div style="font-size:12pt"><p>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br /><br />To Lloyds TSB Offshore Trust Company Limited, Trustee of the Shire Income Access Share Trust and the Board of Directors and Stockholders of Shire plc <br /><br />We have audited the accompanying balance sheets of the Shire Income Access Share Trust (the “Trust”) as of December 31, 2009 and 2008 and the related statements of income, statements of changes in equity and statements of cash flows for the year ended December 31, 2009 and the period from August 29, 2008 to December 31, 2008. These financial statements are the responsibility of the Trustee and Shire plc’s management. Our responsibility is to express an opinion on these financial statements based on our audit. <br /><br />We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust is not required to have an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Trust’s internal control over financial reporting. Accordingly, we express no such separate opinion. Our audit of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.<br /><br />In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Shire Income Access Share Trust at December 31, 2009 and 2008, and the results of its operations and cash flows for the year to December 31, 2009 and the period from August 29, 2008 to December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. <br /><br /><br /><br />DELOITTE LLP<br />London, United Kingdom<br />February 26, 2010<br /><br /></p><p>SHIRE INCOME ACCESS SHARE TRUST<br />BALANCE SHEETS</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">ASSETS</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Total assets</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">LIABILITIES AND EQUITY</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Total liabilities</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Equity:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Capital account</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Total equity</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Total liabilities and equity </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p><br />SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF INCOME</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b> </b></td><td height="17" width="145" align="right"><b>Year to</b></td><td height="17" width="145" align="right"><b>Period to</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Dividend income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p>SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF CHANGES IN EQUITY<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="320" align="left"><b> </b></td><td height="17" width="131" align="right"><b>Capital account</b></td><td height="17" width="131" align="right"><b>Revenue account</b></td><td height="17" width="131" align="right"><b>Total equity</b></td></tr><tr><td height="17" width="320" align="left"><b> </b></td><td height="17" width="131" align="right"><b>$’M</b></td><td height="17" width="131" align="right"><b>$’M</b></td><td height="17" width="131" align="right"><b>$’M</b></td></tr><tr><td height="17" width="320" align="right"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">At December 31, 2007</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Net income for the period</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">7.2 </td><td height="17" width="131" align="right">7.2 </td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Distributions made</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">(7.2)</td><td height="17" width="131" align="right">(7.2)</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">At December 31, 2008</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Net income for the period</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">45.9 </td><td height="17" width="131" align="right">45.9 </td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Distributions made</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">(45.9)</td><td height="17" width="131" align="right">(45.9)</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">As at December 31, 2009</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr></table><p><br />SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF CASHFLOWS</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b> </b></td><td height="17" width="145" align="right"><b>Year to</b></td><td height="17" width="145" align="right"><b>Period to</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Net income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash provided from operating activities(A )</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash provided by investing activities(B)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Distributions made</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">(45.9)</td><td height="17" width="145" align="right">(7.2)</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash used in financing activities(C)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">(45.9)</td><td height="17" width="145" align="right">(7.2)</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net increase in cash and cash equivalents (A+B+C)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left">Cash and cash equivalents at beginning of period</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Cash and cash equivalents at end of period</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p>NOTES TO THE SHIRE INCOME ACCESS SHARE TRUST FINANCIAL STATEMENTS<br /><br /><br />(a) The Trust <br /><br />The Shire Income Access Share Trust (the “Trust”) was established on August 29, 2008 by Shire Biopharmaceuticals Holdings (formerly Shire plc) (“Old Shire”). The Trust is governed by the applicable laws of England and Wales and is resident in Jersey. The Trustee of the Trust is Lloyds TSB Offshore Trust Company Limited, 25 New Street, St Helier, Jersey, JE4 8RG.<br /><br />The Trust was established as part of the Income Access Share mechanism, as outlined in ITEM 5: of this Annual Report on Form 10-K of Shire plc and its subsidiaries (collectively referred to as either “Shire” or the “Company”.<br /><br />(b) Basis of preparation<br /><br />The financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the (“US GAAP”). The financial statements have been prepared under the historical cost convention. <br /><br />The preparation of financial statements in conformity with US GAAP requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust’s accounting policies. Actual results may differ from these estimates. <br /><br /></p><p>The results of operations, and the financial position and cash flows of the Trust are also consolidated in the Company’s financial statements, as contained on pages F-75 to F-76.<br /><br />(c) Summary of significant accounting policies<br /><br />i) Functional currency<br /><br />The functional currency of the Trust is US dollars. <br /><br />ii) Foreign currency translation <br /><br />Income and expense items denominated in currencies other than the functional currency are translated into the functional currency at the rate ruling on their transaction date. Monetary assets and liabilities recorded in currencies other than the functional currency have been expressed in the functional currency at the rates of exchange ruling at the respective balance sheet dates. Differences on translation are included in the statement of income.<br /><br />iii) Dividend income<br /><br />Interim dividends declared on the Income Access Share are recognised on a paid basis unless the dividend has been confirmed by a general meeting of Shire, in which case income is recognised on the record date of the dividend by Shire on its ordinary shares.<br /><br />(d) Capital account<br /><br />The Capital account is represented by the Income Access Share of 5 pence settled in the Trust by Old Shire.<br /><br />(e) Distributions made<br /><br />Distributions are made to those shareholders of Shire who have elected to receive dividends from the Trust in accordance with the Trust Deed. Unclaimed dividends are not included in distributions made. There were no unclaimed dividends at December 31, 2009. Amounts are recorded as distributed once a wire transfer or check is issued. All checks are valid for one year from the date of issue. Any wire transfers that are not completed are replaced by cheques. To the extent that cheques expire or are returned unrepresented, the Trust records a liability for unclaimed dividends and a corresponding amount of cash.<br /><br />(f) Financial instruments<br /><br />The Trust, in its normal course of business, is not subject to market risk, credit risk or liquidity risk. The Trustees do not consider that any foreign exchange exposure will materially affect the operations of the Trust.<br /></p></div> </NonNumbericText> |
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