General Capital Dividend Reinvestment Plan

General Capital Limited
Level 8, General Capital House,
115 Queen Street, Auckland CBD
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145


Dividend Reinvestment Plan

General Capital Limited (NZX: GEN) has established a Dividend Reinvestment Plan
(DRP). The DRP offers shareholders the opportunity to reinvest the net proceeds of cash
dividends payable on some or all of their General Capital shares into additional fully paid
shares, free of brokerage charges. Any shareholder who does not choose to participate
in the DRP will continue to receive their dividends in cash.

The Dividend Reinvestment Plan Offer document, Participation Notice and instructions
for participating in the Dividend Reinvestment Plan will be sent to shareholders and are
attached to this announcement. They will also be available on General Capital’s website.

The Dividend Reinvestment Plan will apply to the FY25 final dividend.

ENDS
This announcement was authorised by the Board of General Capital Limited
For further information contact:
Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz
28 May 2025

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General Capital Limited
Level 8, General Capital House,
115 Queen Street, Auckland CBD
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145



28 May 2025

Dear Shareholder

General Capital Dividend Reinvestment Plan

The Board of directors of General Capital Limited has approved adoption of a dividend
reinvestment plan (the Plan). The Plan offers the opportunity to reinvest dividends payable on
existing shares by the issue of additional new shares. This provides an easy and convenient way
for you to increase your investment in General Capital without paying any brokerage fee.

The Board has decided that the new shares will be issued at a 5% discount to an average market
price at the time entitlements are determined. The Board may review the amount of the discount
(if any) at any time.

Participation in the Plan is optional, and you can decide whether to reinvest all, part or none of
your cash dividends in additional shares.

If you decide not to participate, you do not need to do anything, and you will continue to receive
all future dividends as cash. If you change your mind regarding participation, you can elect to
join the Plan at any time.

You can read a copy of the full DRP offer document at www.gencap.co.nz/corporategovernance.
If you wish to participate in the Plan please visit www.investorcentre.com/nz to update your
reinvestment options in the “My Profile” page or complete and return the enclosed Participation
Notice.

To participate in the Plan for the FY25 dividend, make sure your completed Participation Form,
or online election is received by our registrar, Computershare Investor Services Ltd by 5:00pm 16
June 2025.

If you have any queries on the Dividend Reinvestment Plan please contact Computershare by
emailing drp@computershare.co.nz or by calling 09 488 8700.

Yours sincerely



Rewi Bugo
Chairman

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Participation Notice

General Capital Limited - Dividend Reinvestment Plan

YOU SHOULD NOT COMPLETE THIS FORM IF YOU WISH TO RECEIVE ANY DIVIDENDS DECLARED IN CASH

The Dividend Reinvestment Plan (Plan) Offer Document is important. Terms used in this Participation Notice have
the meaning given to them in the Offer Document. If you have any questions in relation to the Plan, please consult
your broker, financial, investment or other professional advisor.

Full details of the Plan are set out in the Offer Document dated 23 May 2025 (“Offer Document”) which is available
to view on our website www.gencap.co.nz/corporate-governance. Complete this form to participate in the Plan or
to amend an existing Participation Election in the Plan. Alternatively, you may make your Participation Election, or
vary an existing Participation Election, by visiting www.investorcentre.com/nz online. If you require a hard copy of
the Offer Document please contact Computershare Investor Services Limited (Computershare) using the contact
details on the back of this form.

Please see instructions on the reverse on how to complete this Participation Notice and where to send it.

General Capital Limited (General Capital) offers its shareholders the ability to participate in the Plan on the terms
set out in the Offer Document.

If you wish to participate in the Plan or to vary your participation in the Plan, you should make a Participation
Election by completing this form and sending it to General Capital’s share registrar, Computershare, or complete
an electronic Participation Notice on the Computershare Investor Centre at www.investorcentre.com/nz.

No action has been taken to permit the offer of the Plan in any jurisdiction outside New Zealand and Australia. The
distribution of this document in a jurisdiction outside New Zealand and Australia may be restricted by law and
persons who come into possession of it (including nominees, trustees or custodians) should seek advice on and
observe any such restrictions. If you complete this form you are representing and warranting to General Capital
that you may lawfully participate in the Plan.

I wish to participate in the Plan and request:

Option 1: Full participation (including any future General Capital Shares acquired)

OR

Option 2: Partial participation (state percentage of your General Capital Shares to participate in the
Plan: %)

Certification

By accepting this offer and participating in the Plan, you are agreeing to the Terms and Conditions set out in the
Offer Document and you are providing the certification set out on the reverse side of this form, under the heading
“Certification”. Read that section carefully.

Full Shareholder Name:


CSN:

Execution




Holder/Director/Authorised Person Holder/Director/Authorised Person Holder/Director/Authorised Person

Date:

• If a joint holding all holders must sign.
• If a company is signing, it must be signed on behalf of the company by a person duly authorised for that
purpose.
• lf this Participation Notice is signed under a power of attorney, a certificate of non-revocation of power of
attorney in the usual form must also be submitted with this Participation Notice.

Participation in the Plan will commence on the first Election Date after receipt by General Capital’s share registrar
of your correctly completed Participation Election. Your participation in the Plan will continue to apply until you
vary or terminate it by written notice in accordance with the terms and conditions of the Plan.

Contact Details: Please provide your contact details below

Contact name


Mobile or Daytime
telephone number



Instructions
How to complete this Participation Notice: Carefully read the Terms and Conditions contained in the Offer
Document. In this Participation Notice, where the context requires, a reference to “I” includes a reference to “we”.
If you do not understand the Terms and Conditions, this Participation Notice or if you have any questions about
what to do in relation to the Plan, please consult your broker, financial, investment or other professional advisor.

1. Participation
• Choose full participation or partial participation in the Plan by ticking the corresponding box.
• If you choose partial participation in the Plan, you must also state the percentage of your Shares that you
wish to participate in the Plan.

2. Certification
I confirm that I wish to apply for the Shares indicated in this Participation Notice to participate in the Plan, and
agree that:
• By applying for participation in the Plan, I acknowledge that I have received the Offer Document containing
the Terms and Conditions dated 23 May 2025, and confirm that I have read this Participation Notice and
the Offer Document in their entirety. I irrevocably and unconditionally agree to the Terms and Conditions.
• If I am not applying through a New Zealand or Australia resident nominee, I certify that my registered
address is in New Zealand or Australia and I currently hold Shares.
• If I am applying through a New Zealand or Australia resident nominee, I represent and warrant to General
Capital that I can lawfully participate in the Plan through my nominee and I currently hold Shares through
my nominee.

3. Execution
You should sign this Participation Notice where indicated.

4. Contact Details
Fill in your daytime telephone number and contact name, as we may need to contact you, for example, if you
have not filled in this Participation Notice correctly.

If you are not completing your election online www.investorcentre.com/nz, your completed Participation Notice
may be returned to General Capital’s share registrar by one of the methods below:

Scan and email
drp@computershare.co.nz
Please put General Capital DRP in the subject line for easy identification

By post:
General Capital Limited
c/- Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142
New Zealand

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1































































































DIVIDEND REINVESTMENT PLAN
MAY 2025
GENERAL CAPITAL
DIVIDEND REINVESTMENT
PLAN OFFER DOCUMENT




















23 MAY 2025
This is an important document. You should
read the whole document before making any
decisions. If you have any doubts as to what you
should do, please consult your broker, financial,
investment or other professional advisor.

2
DIVIDEND REINVESTMENT PLAN
MAY 2025



GENERAL CAPITAL
DIVIDEND
REINVESTMENT
PLAN
General Capital Limited (General Capital) has established a Dividend
Reinvestment Plan (Plan) which offers you the opportunity to reinvest
dividends received on some or all of your existing Shares into Additional
Shares free of brokerage charges. Plan’s are fairly common across listed
companies and provide an opportunity for shareholders to grow their
investment in a company. Participation in this Plan is completely optional.
This Offer Document explains how the Plan works.

Capitalised terms used in this Offer Document have the meaning set out in
the Definitions on page 6.

KEY FEATURES
Shares instead of Dividends
The Plan gives you the opportunity to reinvest the net proceeds of cash
dividends payable or credited on your Shares in Additional Shares. This
provides an opportunity for you to increase your investment in General
Capital free of brokerage charges.
Eligibility
You are eligible to participate in the Plan if, as at 5:00pm on the Record
Date:
• you hold Shares; and

• you are resident in New Zealand or Australia; and

• you either hold your Shares directly or hold your Shares indirectly
through a nominee whose address is recorded in General Capital’s
share register as being in New Zealand or Australia.
If you do not satisfy the criteria above, General Capital reserves the
right to otherwise determine, in its absolute discretion, that you are
eligible to participate.
Full or Partial Participation
You can choose to participate in the Plan in respect of some or all of
your Shares. Your participation in the Plan will apply from the first Record
Date which occurs after your Participation Election is received or, if your
Participation Election is received after a Record Date but before 5:00pm
on an Election Date (being the first Business Day after that Record Date or
such later date as may be set by the Board and advised to NZX), from the
Record Date immediately preceding that Election Date.
Participation in the Plan is optional. If you do not wish to participate in the
Plan, you do not need to do anything. If you do not participate in the Plan
you will continue to receive cash dividends paid on all of your Shares.
If you change your mind at a later date and wish to participate in the Plan,
you can do so by:
• making your Participation Election online at:
www.investorcentre.com/nz; or

• completing a Participation Notice and returning it to the
Share Registrar.
Joining, Variation and Withdrawal Arrangements
You can choose to participate in the Plan, vary your participation, or
withdraw from the Plan at any time. Any variation or withdrawal will take
effect on the first Record Date after receipt of your new Participation
Election or written termination notice or, if your new Participation Election
or written termination notice is received after a Record Date but before
5:00pm on an Election Date (being the first Business Day after that Record
Date or such later date as may be set by the Board and advised to NZX),
from the Record Date immediately preceding that Election Date.
Application of the Plan
The Board retains a discretion to determine that the Plan will not apply to a
particular dividend, or will not apply to some of a particular dividend (rather
than all), with the result being that all or the relevant proportion (and also
taking into account any partial participation in the Plan) of that dividend will
be paid in cash instead of the Plan applying.
Issue Price
Additional Shares will be issued under the Plan at the Strike Price. The
Strike Price will be calculated as the volume weighted average sale price
for a Share based on all trades of Shares on the NZX Main Board over
a period of 5 trading days commencing on and including the relevant
Ex-Date (being, in relation to a dividend, the first Business Day before the
relevant Record Date for that dividend, unless NZX determines otherwise),
subject to adjustment to the Strike Price by General Capital for any
exceptional or unusual circumstances and less any discount determined
by the Board. Any discount will be announced by General Capital no later
than 5 trading days prior to the relevant Record Date. The Board may
adjust the period over which the Strike Price is calculated in its discretion
(and any such adjustment will be advised to NZX no later than 5 trading
days prior to the relevant Record Date).
Shares Rank Equally
Additional Shares issued under the Plan will rank equally in all respects
with each other and with all other Shares on issue at that date.
Financial Markets Conduct Act
The offer of Additional Shares under the Plan is being made in reliance on
clause 10 of Schedule 1 of the Financial Markets Conduct Act 2013.

3
DIVIDEND REINVESTMENT PLAN
MAY 2025



TERMS AND
CONDITIONS
1 Introduction
This Offer Document contains the terms and conditions of the General
Capital Dividend Reinvestment Plan.
The Plan is available to you (“you”) if, subject to clauses 3 and 5, you
are the holder of Shares.

Under the Plan, you may elect to reinvest the net proceeds of cash
dividends payable or credited on all or some of your fully paid Shares
by acquiring Additional Shares.
The Record Date for determining your entitlement to Additional Shares
under the Plan is 5:00pm on the date fixed by General Capital for
determining entitlements to dividends payable or credited on Shares.
This Offer Document has been prepared as at 23 May 2025.

2 Available Options
You may elect to participate in the Plan by exercising one of the
following options:
(a) Full Participation - If you choose full participation, the Plan
will apply to the cash dividends payable or credited from time
to time in respect of all Shares registered in your name on the
Record Date.
(b) Partial Participation – If you choose partial participation, the
Plan will only apply to the cash dividends payable or credited
from time to time in respect of your nominated percentage (%)
of Shares registered in your name on the Record Date.
If you do not wish to participate in the Plan and instead wish to receive
any dividends payable or credited in respect of your Shares from time
to time in cash, you do not need to do anything.
3 Overseas Shareholders
3.1 Subject to clause 3.2, as at the date of this Offer Document, you are
eligible to participate in the Plan if, as at 5:00pm on the Record Date:
(a) you hold Shares; and

(b) you are resident in New Zealand or Australia; and

(c) you either hold your Shares directly or hold your Shares indirectly
through a nominee whose address is recorded in General
Capital’s share register as being in New Zealand or Australia.
If you do not satisfy the criteria above, General Capital reserves the
right to otherwise determine, in its sole discretion, that you are eligible
to participate.
However, the Board may amend this policy at any time, in its
sole discretion.

3.2 General Capital may, in its absolute discretion, elect not to offer
participation in the Plan to shareholders who are outside
New Zealand if General Capital considers that to do so would
risk breaching the laws of any other jurisdiction and it would be
unduly onerous to ensure that the laws of those jurisdictions are
complied with.
3.3 If you are outside of New Zealand or any other jurisdiction in respect
of which the Plan is made available and you participate in the
Plan through a nominee that is resident in New Zealand and has a
registered address in New Zealand or any other such jurisdiction,
you will be deemed to represent and warrant to General Capital that
you can lawfully participate through your nominee. General Capital
accepts no responsibility for determining whether any person is able to
participate in the Plan under laws applicable outside of New Zealand
or any other jurisdiction in respect of which the Plan is made available.
4 Death of Participant
4.1 If a participant dies, participation by that participant will cease upon
receipt by General Capital’s Share Registrar of a notice of death in a
form acceptable to General Capital.
4.2 Death of one of two or more joint participants will not automatically
terminate participation by the remaining joint participant(s).

5 Exclusion where Liens or Charges over Shares
If you hold any Shares over which General Capital has a lien or
charge, those Shares will not be eligible to participate in the Plan.
6 Participation Election
6.1 To participate in the Plan you must make a Participation Election in
one of the following ways:
(a) Online Election – By visiting the website of General Capital’s
Share Registrar, Computershare Investor Services Limited: www.
investorcentre.com/nz
OR

(b) Participation Notice – By completing the Participation Notice in
accordance with the instructions on that form; and forwarding the
completed Participation Form to General Capital’s Share
Registrar in one of the following manners:
Scan and email:
drp@computershare.co.nz

Mail:
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142 New Zealand

or such other person or address as General Capital may
determine from time to time.
6.2 You can make your Participation Election at any time while this Plan
is in effect by following one of the steps in clause 6.1. Participation
Notices can be obtained from General Capital’s Share Registrar at
any time.
6.3 If your Participation Election does not specify your degree of
participation in the Plan, you will be deemed to have chosen full
participation (if your Participation Election is otherwise correctly
completed and signed).

4
DIVIDEND REINVESTMENT PLAN
MAY 2025



TERMS AND
CONDITIONS...
7 Participation Applies from First Election Date
Net proceeds of cash dividends payable or credited on your
Participating Shares will be reinvested in Additional Shares from the
first Record Date which occurs after receipt by General Capital of
a properly completed Participation Election or, if your Participation
Election is received after a Record Date but before 5:00pm on an
Election Date, from the Record Date immediately preceding that
Election Date.
8 Formula for Calculation of Additional Shares and Strike Price
8.1 If you choose to participate in the Plan, the number of Additional
Shares you will be allotted or transferred will be calculated in
accordance with the following formula:

PS x D
N =
———————
Strike Price


Where:

N is the number of Additional Shares you will receive;

PS is the number of your Participating Shares;

D is the net proceeds of cash dividends paid or credited per Share by
General Capital (expressed in cents and fractions of cents, including
any applicable supplementary dividends in respect of Participating
Shares payable to non-resident shareholders but excluding any tax
credits and after deduction of any withholding or other taxes, if any);
and
Strike Price is the volume weighted average sale price in New
Zealand dollars (expressed in cents and fractions of cents) for a
Share calculated on all trades of Shares which took place through
the NZX Main Board over a period of 5 trading days commencing on
and including the relevant Ex-Date, less any percentage discount
determined by the Board in its absolute discretion. If no sales of
Shares occur during those 5 trading days, then the volume weighted
average sale price will be deemed to be the sale price for a Share on
the last trade of Shares which took place prior to such trading days
as determined by NZX. The Strike Price may be reasonably adjusted
by General Capital to allow for any bonus issue or dividend or other
distribution expectation. If, in the opinion of the Board, any exceptional
or unusual circumstances (including any unusual or irregular trades)
have artificially affected the Strike Price, General Capital may
make such adjustment to that price as it considers reasonable. Any
percentage discount determined by the Board shall be notified to NZX
not later than 10 trading days prior to the relevant Record Date.
The Board may adjust the period over which the Strike Price is
calculated in its discretion (and any such adjustment will be advised to
NZX no later than 10 trading days prior to the relevant Record Date).
The price at which your Additional Shares will be allotted or
transferred to you will be the Strike Price. The determination of the
Strike Price by the Board, or by some other person nominated by the
Board, will be binding on all participants in the Plan.
9 Fractional entitlements
9.1 Where the number of Additional Shares you will receive (calculated
in accordance with the formula set out in clause 8.1) is not a whole
number, then the number of Additional Shares you receive will be
rounded down to the nearest whole number of Additional Shares.
9.2 Any net proceeds of cash dividends paid or credited per Share by
General Capital which are not applied to acquire a part of Additional
Shares (due to the operation of clause 9.1) shall be held to your order
and applied under the Plan on your behalf the next time the Plan
operates. You will not accrue interest on any such amount held to your
order in accordance with this clause 9.2.
9.3 Should you:

(a) terminate your participation in the Plan; or

(b) cease to be a shareholder of General Capital,

any amount above NZ$5.00, which at the time is held to your order
in accordance with clause 9.2, will be paid in cash to you on the next
dividend payment date. You will not be paid interest on any such payment.
Amounts of NZ$5.00 or less which are held to your order at that time shall
be forfeited.
10 Compliance with Laws, Listing Rules and Constitution
10.1 The Plan will not operate to the extent that the allotment or
transfer of Additional Shares under the Plan would breach any
applicable law, the Rules or any provision of the Constitution.
10.2 If, for any reason, General Capital cannot allot or transfer your
Additional Shares, the relevant dividend on your Participating
Shares will be paid or distributed to you in the same manner as
to shareholders not participating in the Plan. You will not be paid
interest on any such payment.
11 Issue or transfer of Additional Shares
11.1 General Capital will:

(a) allot your Additional Shares to you in accordance with clauses
8 to 10 on the day that you would otherwise have been paid a
dividend; or
(b) transfer your Additional Shares to you in accordance with clauses
8 to 10 as soon as reasonably practicable on or after the day that
you would otherwise have been paid a dividend,
as applicable, depending on the manner in which your Additional
Shares are sourced.
12 Share Price Information Publicly Available
General Capital will ensure that at the time the Strike Price is set
under clause 8.1 it will have no information that is not publicly
available that would, or would be likely to, have a material adverse
effect on the realisable price of the Shares if the information was
publicly available.
13 Terms of Issue and Ranking of Additional Shares
Your Additional Shares will be allotted or transferred to you on
the terms set out in this Plan, subject to the rights of termination,
suspension and modification set out in clause 16. Any new Shares
issued by General Capital for the purposes of this Plan will, from the
date of allotment, rank equally in all respects with each other and with
all other Shares on issue as at that date.

5
DIVIDEND REINVESTMENT PLAN
MAY 2025



TERMS AND
CONDITIONS...
14 Source of Additional Shares
Your Additional Shares may, at the Board’s discretion, be:

(a) new Shares issued by Genera Capital;

(b) existing Shares acquired by General Capital or a nominee or
agent of Genera Capitall; or
(c) any combination of (a) and (b) above.

15 Statements
If you choose to participate in the Plan, General Capital will send a
statement to your address or electronic mail address (if you have
elected to receive communications electronically) as set out in
General Capital’s share register within five trading days of the
allotment or transfer of Additional Shares detailing:
(a) the number of your Participating Shares as at the Record Date;

(b) the amount of your cash dividend reinvested in Additional Shares
and the amount paid in respect of any of your Shares that are not
participating in the Plan (if applicable);
(c) the Strike Price and number of Additional Shares you were
allotted and/or transferred under the Plan;
(d) any amounts held to your order in accordance with clause 9.2;

(e) the amount of any tax deductions or withholdings, imputations or
other taxation credits in respect of the cash dividend; and
(f) such other matters required by law or the Rules with respect to
dividends, reinvestment, the allotment and/or the transfer
of shares.

16 Termination, Suspension and Modification
The Board may, in its sole discretion, at any time:

(a) terminate, suspend or modify the Plan. If the Plan is modified,
your Participation Election will be deemed to be a Participation
Election under the modified Plan unless you withdraw or modify
your Participation Election in accordance with clause 18;
(b) resolve that some or all of a dividend will be paid in cash only
instead of the Plan applying;
(c) make a determination in respect of any of the matters for which
the Board is granted discretion under clause 8.1 (which, for
the avoidance of doubt, is not a modification to the Plan which
requires notice to be given to you under clause 17);
(d) resolve that in the event of the subdivision, consolidation or
reclassification of the Shares into one or more new classes
of shares, your Participation Election will be deemed to be a
Participation Election in respect of the Shares as subdivided,
consolidated or reclassified unless you withdraw or modify your
Participation Election in accordance with clause 18;

(e) resolve that the Plan or any allotment under the Plan may be
underwritten on such terms as may be agreed between General
Capital and an underwriter;
(f) determine that shareholders in specific jurisdictions outside
New Zealand and Australia may participate in the Plan; or
(g) resolve that your Participation Election will cease to be of
any effect.
17 Prior Notice
You will be sent written notice by General Capital of any modification
or termination to the Plan at your address or electronic mail address
(if you have elected to receive communications electronically) as set
out in General Capital’s share register prior to the Record Date on
which any modification or termination will take effect, unless General
Capital:
(a) modifies or terminates the Plan to comply with any applicable law,
the listing rules of any stock exchange on which the Shares are
quoted or any provision of the Constitution; or
(b) makes minor amendments to the Plan where such amendments
are of an administrative or procedural nature,
in which case no notice need be given.

18 Variation or Termination
You may at any time:

(a) increase or decrease the number of your Participating Shares by
making a new Participation Election in accordance with clause
6.1; or

(b) terminate your participation in the Plan by written notice to
General Capital’s Share Registrar at the address set out in clause
6.1.

Such variation or termination will take effect on the first Record Date
after receipt by General Capital’s Share Registrar of the new
Participation Election or the written termination notice, as the case
may be or,
if your new Participation Election or written termination notice is
received after a Record Date but before 5:00pm on an Election Date,
from the Record Date immediately preceding that Election Date.
19 Partial Dispositions
If you dispose of any of your Participating Shares, you will be deemed
to have terminated your participation in the Plan with respect to the
Participating Shares you disposed of from the date General Capital’s
Share Registrar registers a transfer of those Participating Shares.
20 Dispositions of all of your Participating Shares
If you dispose of all of your Participating Shares, you will be deemed
to have terminated your participation in the Plan from the date
General Capital’s Share Registrar registers a transfer of those
Shares.
21 Taxation
For New Zealand tax purposes, if you reinvest the net proceeds of
your cash dividends to acquire Additional Shares, you should be
treated in the same way as if you had not participated in the Plan.
This means that if you participate in the Plan, you should derive
dividend income of the same amount that you would have derived had
you not participated in the Plan. The taxation summary above is based
on New Zealand taxation laws as at the date of this Offer.

22 Costs
You will not be charged for participation or withdrawal from the Plan.
You will not incur any brokerage charges on the allotment or transfer
of your Additional Shares.

6
DIVIDEND REINVESTMENT PLAN
MAY 2025


TERMS AND
CONDITIONS...
23 Rules
The Plan is subject to the Rules and in the event of any inconsistency
between the Plan and the Rules, the Rules will apply.
24 Governing Law
This Offer Document, the Plan and its operation will be governed by
the laws of New Zealand.

25 Dividend Policy
General Capital’s current dividend policy can be found on the page
that includes information about dividends in its corporate governance
section on its website at www.gencap.co.nz
26 Other Information
You can download an electronic copy of General Capital’s most recent
Annual Report (which contains General Capital’s most recent financial
statements and the auditor’s report on those financial statements)
from General Capital’s website at www.gencap.co.nz.
Alternatively, you can request a copy of these documents free of
charge by writing to General Capital’s registered office at:

General Capital Limited
Level 8
115 Queen Street
PO Box 1314 Shortland Street
Auckland 1140
New Zealand

7
DIVIDEND REINVESTMENT PLAN
MAY 2025


DEFINITIONS


TERMS

MEANING
Additional Shares means the Shares to be issued or transferred to you pursuant to the Plan.
Board means General Capital’s board of directors.
Business Day has the meaning given to that term in the Rules.
Constitution means General Capital’s constitution.
Election Date means, in respect of each Record Date, the first Business Day after that Record Date or such later date as may be set by
the Board and advised to NZX.
Ex-Date means, in relation to a dividend, the first Business Day before the relevant Record Date for that dividend, unless NZX
determines otherwise.
General Capital means General Capital Limited.
NZX means NZX Limited.
NZX Main Board means the main board equity security market operated by NZX.
Offer Document means this booklet which sets out the terms and conditions of the Plan.
Participating Shares means the Shares held by you on a Record Date in respect of which you have made a valid Participation Election.
Participation Election means your chosen participation in the Plan, made in one of the ways specified in clause 6.1 of this Offer Document.
Participation Notice means the form of participation notice accompanying this Offer Document.
Plan means Genera Capital’s Dividend Reinvestment Plan established by the Board on the terms and conditions set out in
this Offer Document, as amended from time to time.
Record Date means 5:00pm on the date fixed by General Capital for determining entitlements to dividends payable or credited on
Shares.
Rules means the NZX Listing Rules.
Share Registrar means Computershare Investor Services Limited.
Shares means ordinary shares in General Capital.
Strike Price means the price at which Additional Shares will be issued or transferred to you, calculated in accordance with clause
8 of this Offer Document.

8
DIRECTORY
ISSUER
General Capital Limited
Level 8
115 Queen Street
PO Box 1314 Shortland Street
Auckland 1140
New Zealand
Phone: +64 (9) 526 5000
Email: info@gencap.co.nz
Website: www.gencap.co.nz


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Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142
New Zealand
Phone +64 9 488 8777
Email: drp@computershare.co.nz







































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MAY 2025