General Capital ASM Presentations

General Capital Limited’s
Annual Shareholder Meeting
3:00pm Friday 25 July 2025
1

Chairman
Rewi Bugo
Chairman
2
Rewi Bugo

Agenda
1.1 Chairman’s Introduction
1.2 Apologies
1.3 Chairman’s Address
1.4 Managing Director’s Address
1.5 Regular Business
1.6 General Business and Shareholder Discussion
1.7 Close
3

1.1 Chairman’s Introduction
4

General Capital Directors
5
Rewi Bugo
Non-Executive
Chairman
Brent King
Managing
Director
Gregory James
Non-Executive
Independent Director
Anita Killeen
Non-Executive Independent
Director

1.2 Apologies
6

1.3 Chairman’s
Address
7

Consideration and Discussion of Annual Report
The meeting will receive, consider and discuss the Annual Report of
the Company for the year ended 31 March 2025, including the
financial statements for that year and the Directors’ and auditor’s
reports to the shareholders.
1.4 Regular Business
8

9
Managing Director
Brent King

General Capital
Annual Report
31 March 2025
10

Key Points
•Total Assets up 34% to $218.2m
•Total Equity up 9% to $29.2m
•Revenue up 32% to $22.6m
•Net Profit Before Tax up 10% to $3.9m
•Net Profit After Tax up 7% to $2.8m
•Credit Rating reaffirmed as BB Stable
11

12

99.13
111.87
122.96
128.96
127.69
129.22
133.22
145.70
155.40
162.42
180.41
196.31
211.92
89.42
101.45
111.67
116.73
111.70
112.54
116.00
127.83
136.65
142.67
159.89
173.86
188.88
9.71
10.41
11.29
12.24
15.99
16.68
17.21
17.87
18.75
19.75
20.52
22.44
23.04
0.00
50.00
100.00
150.00
200.00
250.00
Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25
GROWTH IN GENERAL FINANCE LIMITED (SUBSIDIARY)
Total AssetsTotal LiabilitiesEquity
13

0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
InvercargillQueenstownDunedinCanterburyNelsonWellingtonManuwhatuNew
Plymouth
NapierGisborneWaikatoBay of PlentyAucklandNorthern NZOverseas
SECURED TERM DEPOSIT BY LOCATION 2022 - 2025
2022202320242025
14

0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
HouseCommercialApartmentBare landTerraced
LOAN BY SECURITY TYPE 2022 - 2025
2022202320242025
15

0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
AucklandWellingtonCanterburyOther South IslandOther North Island
LOAN BY LOCATION 2022 - 2025
2022202320242025
16

Long Lunch with Boris Johnson
17

18

19

20

The Depositor Compensation Scheme (DCS) covers eachdepositor up to $100,000 perdeposit takerin the
event of a failure, when money is held inDCS-protected accounts. Deposit Takers are banks and non-bank
deposit takers, including credit unions, building societies, and finance companies that take retail deposits.
The DCS is a government scheme that is funded by deposit takers and administered by the Reserve Bank of
New Zealand.
Compensation not insurance
This includes new and existing General Finance Secured Term Deposit Holders
What is the Deposit Compensation Scheme?
21

Insurance Premium Funding
Purchased 1 November 2024
Bridges Financial Services
22

b) Resolution 1: Auditors fees and expenses
To record that Company’s auditors, Grant Thornton New Zealand Audit Limited, are
automatically reappointed as auditors pursuant to section 207T of the Companies Act 1993 and
to consider, and if thought fit, to pass the following ordinary resolution:
“That the directors of the Company be authorised to fix the fees and expenses of the auditors of
the Company for the financial year ending 31 March 2026.”
1.4 Regular Business
23

1.4 Regular Business
c) Resolution 2: Re-election of Director: Rewi Hamid Bugo
To consider and, if thought fit, pass the following ordinary
resolution:
“That Rewi Hamid Bugo, who retires at the Annual Meeting
and is eligible for reelection, be elected as a director of the
Company.”
24

1.4 Regular Business
c) Resolution 3: Increase to Directors’ fee pool
To consider and, if thought fit, pass the following ordinary resolution:
“That the maximum aggregate amount of remuneration payable by the Company to the Directors (in
their capacity as directors, as that term is defined in the NZX Listing Rules) be increased by 10% from
$600,000 to $660,000 per annum, plus GST (if any), to be paid and allocated among the Directors as the
Board from time to time deems appropriate and that any remuneration payable to such Directors may,
at the Board’s discretion, in whole or in part, be through an issue of Equity Securities (as that term is
defined in the NZX Listing Rules) of the Company.”
25

To consider any other matters that may be brought properly before the Meeting.
1.5 General Business and
Shareholder Discussion
26

Chairman
Rewi Bugo
Thank You
27

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General Capital Limited Annual Shareholder Meeting 2025

Chairman’s Speech

1 Introduction

Good afternoon, everybody.

It is 3:00pm and it is time to start the Annual Meeting of Shareholders of General Capital Limited.

My name is Rewi Bugo, Chairman of General Capital, and I will be chairing the meeting today.

I would ask that all mobile phones be turned off or to silent and that you please note the exits
which we may need to use in the event of an emergency.

I would like to introduce my fellow General Capital Directors:

• Greg James (Independent Director);
• Anita Killeen (Independent Director); and
• Mr. Brent King our Managing Director.
I am advised that:
➢ the notice of meeting has been in Shareholders’ hands for the required period;
➢ the Annual Report has been available to Shareholders for the required period;
➢ we have a quorum of shareholders present.
and thus, we have a correctly constituted meeting.
I therefore declare the meeting open.
It is my pleasure to formally welcome you all here today to the Seventh Annual Meeting of
General Capital Limited.
I am advised that we have received 3,408,339 proxies representing 3.71% of all shares on
issue.

2 Apologies

Greg Pearce, a director of General Finance seeds his apologies.

3 Attendees

We also have in attendance:

• The Chair of General Finance Ltd, Don Hattaway and General Finance Board member
Geoff Sinclair;
• General Capital’s auditors, Grant Thornton represented by Ryan Campbell;
• Covenant Trustee Services, the General Finance trustee, represented by Richard Spong;
and
• General Capital and General Finance Staff including Vik Singh, Group CFO and Richard
McIntosh, Group Corporate Counsel.

We are very pleased with the turnout and look forward to meeting with you all after the
meeting.

4 The Meeting

In the interests of a full and open discussion, the Directors of General Capital have invited
non-shareholders to attend this meeting.

I advise:

• There is no automatic right for a non-shareholder to attend this meeting.
• There is no automatic right for non-shareholders to speak without the consent of
the Chair.
• If you would like to speak at any time:
o Please raise your hand;
o Wait to be acknowledged by the Chair; and
o Please give your name and advise whether you are a shareholder, a member
of the media or a guest.
The Chair will retain the right to accept or reject the comments or questions on a case-by-
case basis.

Rule 6.1 of the NZX Listing Rules requires all voting to be conducted by poll. Accordingly, if
you have not already appointed a proxy, you can vote by completing a voting form and
providing it to the Computershare representatives at any time up to the conclusion of the
formal meeting. All shareholders should have received a voting paper at the door but if not,
one the Computershare representatives can remedy this for you.

Results of the voting will be publicly notified by way of announcement to the NZX.

5 Agenda

I am sure you have all read the Notice of Meeting and the attachments, so we will take
these as read.

We have already dealt with items 1.1 and 1.2 on the Agenda, which brings us to the
Chair’s address.

6 Chair’s Address

It’s been a relatively eventful year for the Group, as you’ll have seen from our public
announcements.

In what’s been a challenging economic environment, even with several interest rate cuts by
the RBNZ — in search of that elusive ‘neutral’ rate — those at the coalface are still reporting
real struggles. Property values and sales remain a key barometer of sentiment and
confidence, if not a direct reflection of the underlying economic reality.

That said, the Group remains resilient. We continue to look for opportunity in the midst of
challenge — we’re well-capitalised, and in a strong position to pursue earnings-accretive
acquisitions. We punch on.

To better reflect the company’s value, we undertook a 4-for-1 share consolidation. I’m
pleased to say the share price is still comfortably above the post-consolidation level — as of
today.

I also trust that the payment of our first two dividends — the first in December 2024, and
the second earlier this month — will help build greater interest in our counter, from both
the public and institutions. With a dividend yield of around 4.5%, we’re hopeful that this will
attract new, larger investors to join us on the journey.

We introduced a Dividend Reinvestment Plan, or DRP, with a 5% discount on the most
recent dividend. While take-up has been modest, I believe that will change — as awareness
grows and shareholders become more familiar with the option. For now, I know it’s been a
long wait for that first payout — and shareholders are understandably happy to see some
cash in their pockets! (I’m looking at you, Owen Daji!)

In March this year, we launched an Employee Share Purchase Scheme as part of our Long-
Term Incentive Plan — designed to bring in new talent, and retain the loyal colleagues who
believe in our business.

We also undertook a brand refresh. You’ll see the results reflected in our Annual Report —
and gradually, across all our marketing materials and public touchpoints.

In November 2024, we completed the acquisition of Bridges Financial Services — an
insurance premium funding firm. This has been a smart diversification of our lending risk
profile, and we expect it to contribute meaningfully to both turnover and profitability as we
continue to grow the business. We’re actively on the lookout for similar high-quality
acquisitions — at the right price, of course.

Just this week, our major subsidiary, General Finance, had its credit rating reaffirmed at “BB”
with a stable outlook. That’s a great outcome, and a strong affirmation of the business. We
continue to promote the value of that credit rating to our depositors — because it helps
build trust and confidence in us as a licensed deposit taker.

On 1 July 2025, the Reserve Bank introduced the Deposit Compensation Scheme. I’m
pleased to confirm that General Finance qualified to participate. Brent will speak more
about this shortly.

The General Capital Board continues to focus on maintaining strong, professional
relationships with our regulators. We’re committed to good governance, to thoughtful
oversight of risk, and to supporting the company’s long-term growth and direction.

To all our valued staff and shareholders — thank you. Your support is what makes our
progress possible.

We don’t take it for granted.

7. Managing Directors Address

I will now move to Agenda Item 1.4 being the Managing Director’s Address which includes a
discussion on the Company’s Annual Report for 31 March 2025.

Over to you Brent

[BK Presentation]

Thank you, Brent.

Do we have any questions on the Annual Report, financial statements or other matters
discussed by Brent?

{Allow 30 seconds for first question}

8. Regular Business

I now move to agenda item 1.5, Regular Business. We have already considered and discussed
the Annual Report under 1.5 (a) so I will now move to the Resolutions before the Meeting.

All resolutions are ordinary resolutions, requiring a 50% majority of those entitled to
vote and voting to be carried.

I will be exercising any discretionary proxies conferred on the Chair. As noted in the Notice of
Meeting, I will be voting any undirected proxies in favour of the resolutions, except in relation

to Resolution 3, where I am ineligible to vote, and will accordingly abstain in relation to any
undirected proxies.

The Board has unanimously recommended that you vote in favour of all of today’s
resolutions.

Resolution 1

Moving to Resolution 1.

The resolution we have before us is:

“That the directors of the Company be authorised to fix the fees and expenses of the auditors
of the Company for the financial year ending 31 March 2026.”

I move the motion.
Do we have a seconder? Thank you.

I now open the matter for discussion. Are there any questions from
Shareholders?

{Allow 30 seconds for first question}

As there are no [further] questions, I remind you to cast your vote on Resolution 1 now
or prior to the close of the meeting if you haven’t done so already.

I note that all shareholders are entitled to vote on this resolution.

Resolution 2

Moving on to Resolution 2.

As I am standing for re-election, I invite Greg James, Chair of our Audit Committee, to
introduce resolution 2.

[Greg James TAKES OVER]

Thank you Rewi.

The resolution is as follows:

“That Rewi Hamid Bugo, who retires at the Annual Meeting and is eligible for re-election, be
elected as a director of the Company.”

Under NZX Listing Rule 2.7.1, no director may hold office without re-election past the third
annual meeting following appointment or 3 years, whichever is the longest. Such directors are
eligible for re-election. Mr Bugo was last elected in 2022 and therefore Mr Bugo retires by
rotation, and being eligible, seeks re-election. The Board unanimously supports Mr Bugo’s re-
election and considers him to be a non-independent Director due to his substantial
shareholding in the Company.

Rewi, do you want to speak to the Resolution?

[Rewi Bugo ADDRESS]

Thank you Rewi

I will now move the resolution; do I have a seconder? Thank you

Do we have any questions or comments from shareholders?

{Allow 30 seconds for first question}

As there are no [further questions], I remind you to cast your vote on Resolution 2
now or prior to the close of the meeting if you haven’t done so already.

All shareholders are entitled to vote on this resolution.

[Rewi Bugo TAKES OVER]

Resolution 3.

Thank you, Greg. Moving on to the final resolution, Resolution 3.

The Resolution is as follows:
“That the maximum aggregate amount of remuneration payable by the Company to the
Directors (in their capacity as directors, as that term is defined in the NZX Listing Rules) be
increased by 10% from $600,000 to $660,000 per annum, plus GST (if any), to be paid and
allocated among the Directors as the Board from time to time deems appropriate and that
any remuneration payable to such Directors may, at the Board’s discretion, in whole or in
part, be through an issue of Equity Securities (as that term is defined in the NZX Listing
Rules) of the Company.”

I would note the following in regards to the Resolution:

• The Director fee pool has not been increased since September 2022.
• Shareholders should be aware that this pool is used to remunerate both the
directors of the Company, and the three non-executive directors of General Finance
Limited who are required to be appointed to comply with the requirements of the
Non-bank Deposit Takers Act.
• The Board considers that the current fee pool should be increased to better align
with the significant asset growth experienced by the Company, and therefore the
oversight and work required of the Directors, since 2022 which has seen the total
consolidated assets of the Company increase from approximately $103 million in
2022 to $218 million as at 31 March 2025, the increasing compliance requirements
and associated complexity of GFL’s business, and the time commitment and level of
governance required of Directors.
• The current remuneration payable per annum to Directors is set out in the Annual
Report. While we have not commissioned any formal benchmarking, the Board
believes that the fees currently paid are comparatively low compared to those paid
for companies managing businesses with a similar quantum of assets and
complexity.
• Finally, I would note the Board has never spent the full fee pool, and do not intend
to do so now. However, the proposal will give us the head room to address the
challenges facing the business and appointment of additional directors as the need
arises.

Further notes are included in sections 4.20 to 4.25 of the Notice of Meeting explanatory notes.
I will now move the resolution; do I have a seconder? Thankyou.
Do we have any questions or comments from shareholders?
{Allow 30 seconds for first question}

As there are no [further questions], I remind you to cast your vote on Resolution 3 now or
prior to the close of the meeting if you haven’t done so already.
The Directors of the Company and any of their associated persons are ineligible to vote on
this resolution. However, they have unanimously recommended that you vote in support
of the resolution.

9 General Business

That brings us to General Business – item 1.6 on the Agenda.

Do we have any questions, comments, or items of general business from
shareholders?

{Allow 30 seconds for any general business or questions}

10 Closing

If there is nothing [more], that concludes the formalities of the meeting.

In a couple of minutes, we will close the voting system. Please ensure that you have cast
your vote on all resolutions.

I wish to thank you all for your attendance. I ask you now to join the Directors for light
refreshments.

On behalf of the Directors, Management and staff thank you very much for your support and
look forward to seeing you all next year.

I declare the meeting closed.

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General Capital – Annual Shareholders Meeting
25 July 2025 – Managing Director Speech

Thank you, Chairman.

Good afternoon, fellow shareholders, ladies and gentlemen.

It is my pleasure to speak with you today at the 7th Annual Shareholders Meeting of
General Capital.

I am very pleased with the progress the Group has made over the past year,
particularly with the result for the period ending 31 March 2025. Our Chair has
already highlighted the key matters, and I will now speak to some of the operational
aspects of the business.

General Finance – Overview

General Finance is a licensed Non-Bank Deposit Taker (NBDT), regulated by the
Reserve Bank of New Zealand. It is authorised to accept deposits from the public.

Please note that many financial entities can only accept investments from wholesale
investors. General Finance is not one of them — we accept deposits from the general
public.

Loan Types

General Finance offers two types of loans:

1. Property Loans

The largest category involves lending to borrowers and taking security over
property, typically secured by a registered first mortgage. The vast majority of this

lending is on residential property, with a smaller portion involving commercial
property.

2. Insurance Premium Funding

The second category involves lending to individuals and entities who prefer to
spread their insurance premium payments over the year rather than paying a lump
sum upfront.

Acquisition of Bridges Financial Services

We acquired Bridges Financial Services on 1 November 2024 and are very pleased
with the progress made since then.

We see strong growth opportunities across both lending categories.

Funding and Deposits

A key strength of General Finance is our ability to raise our own capital. Many of our
competitors simply borrow from banks and then re-lend. We do not have bank
funding. We raise our own capital. We receive deposits from investors on most days
— including weekends.

As a continuous issuer, our offer is always open, similar to how banks operate.

Investor Confidence

Investors are becoming increasingly sophisticated in choosing where to invest.
Being listed on the NZX, General Capital is subject to significant obligations and
regulatory oversight. This enhances investor confidence in both General Capital and
its subsidiary, General Finance.

General Finance is:

- Licensed by the Reserve Bank of New Zealand and must comply with the Non-Bank
Deposit Takers Act.

- Supervised by a Trustee, Covenant Trustee Services, who ensures compliance with
all regulatory and trust deed obligations.

- A member of the Depositor Compensation Scheme, which covers investor losses up
to $100,000 in the unlikely event of failure. Please note that most deposit takers are
not part of this scheme — only registered banks and licensed NBDTs qualify.

Audit and Credit Rating

General Finance is audited twice per year, providing significant transparency and
assurance to investors. Many competing entities are not even audited annually.

We also hold a credit rating from Equifax Australasia, which reviews our
performance every six months and publishes a report which can be found on our
website.

We are proud to maintain a BB rating, which many deposit takers do not have.

These efforts reflect our commitment to transparency and to providing investors
with meaningful, reliable information.

We all know financial markets are cyclical and some financial businesses will fail in
tough times. We have worked hard to ensure we are not one of them.

Community Engagement

You may have noticed our increased involvement in community and promotional
events. Our collaboration with Duco Events has allowed us to reward investors with
unique experiences — such as the “Long Lunch” with Boris Johnson and a rum
tasting event with Chris Gayle.

We also sponsor various events such as the North Shore Veteran Golf Tournament
along with the Royal Akarana Yacht Club, the Kohimarama Tennis Club and the
Parnel Cricket Club.

We continue to leverage our relationships to create value-added experiences for our
investors.

Looking Ahead

Thank you again for your continued support of General Finance and General Capital.

We remain focused on growth, innovation, and value creation. Over the coming year,
we will continue to explore opportunities — including acquisitions, mergers, and
takeovers — to further strengthen and expand the business.

Q&A

I’d be happy to take any questions now.

Thank you — I will now hand you back to the Chair.