From July 8, 2024 to July 10, 2024, Arianee engaged Veridise to review the security of their Full-Privacy Extension Smart Contracts. The review covered both the smart contracts and zero-knowledge circuits that allow issuers to privately interact with the Arianee protocol. Note, however, that this report will focus on the smart contract review. Veridise conducted the assessment over 9 person-days, with 3 engineers reviewing code over 3 days. The auditing strategy involved a tool-assisted analysis of the source code performed by Veridise engineers as well as extensive manual code review.