General Capital Announces Continued Growth

General Capital Announces Continued Growth

The Directors of General Capital Limited (GEN), the NZX listed Financial Services Group, are pleased to
present another record year of growth for the year ended 31 March 2026. Consolidated Revenue was
18% higher than the previous year, increasing to $26.8m, whilst Net Profit After Tax (NPAT) of $2.7m was
broadly in line with the prior year; Total Comprehensive Income was slightly higher at $2.8m when taking
into account Other Comprehensive Income from a financial reporting perspective. This reflects continued
balance sheet growth, partly offset by higher operating costs, expected credit loss provisioning and the
IRG Goodwill impairment. On a normalised basis, the result would have been higher after adjusting for
one-off items, including a goodwill impairment of $379k in subsidiary Investment Research Group (IRG),
which was absorbed during a challenging global economic environment.

The Group has continued to grow, despite an uncertain economic environment with continuing economic
pressure. General Finance Limited (GFL), a licensed non-bank deposit taker and wholly owned subsidiary
of General Capital, delivered a solid financial result for the year ended 31 March 2026, including a full-
year contribution from Bridges Financial Services Limited (BFSL), an insurance premium funding business.
GFL achieved a 15% increase in net revenue, and a 10% rise in NPAT. These results reflect management’s
continued dedication to operational efficiency, effective cost management and focus on strategic outlook
during challenging economic conditions.


The Group is pleased to announce a final dividend to be paid in addition to the half year dividend,
amounting to a combined payout ratio of 40% of NPAT, which will be fully imputed and payable in July
2026, demonstrating a commitment to delivering shareholder value.

Details of the final dividend are:

• Record Date 12/06/26
• Dividend Payment Date 02/07/26
• Amount Per Share $0.0085
• Imputation Credit $0.0033

Future Outlook
The economic environment remains uncertain with recent global events contributing to the fuel crisis and
a continuing cost of living crisis within the NZ economy. There are also a number of regulatory changes in
motion with the Deposit Taker Act (DTA) which we are continuing to monitor and work closely with the
regulators. We remain focused on future growth and the execution of our growth strategy to continue to
provide value to our shareholders. Although the economic outlook remains uncertain, there are many
opportunities to continue our growth.
This announcement was approved by the Directors of General Capital Limited.

ENDS

For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz

22 May 2026

---

Results announcement

Results for announcement to the market
Name of issuer General Capital Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency New Zealand Dollars ($)
Amount (000s) Percentage change
Revenue from continuing
operations
$26,761 +18%
Total Revenue $26,761 +18%
Net profit/(loss) from continuing
operations
$2,724 -3%
Total net profit/(loss) $2,724 -3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00854086 per share
Imputed amount per Quoted
Equity Security
$0.00332145 per share
Record Date 12 June 2026
Dividend Payment Date 2 July 2026
Current period* Prior comparable period**
Net tangible assets per Quoted
Equity Security (in dollars and
cents per security)
$0.2931 $0.2642
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please refer to Directors Report and Results Announcement
Authority for this announcement
Name of person

authorised to
make this announcement
Vik Singh
Chief Financial Officer
Contact person for this
announcement
Brent King
Managing Director
Contact phone number +64 21 632 660
Contact email address Brent.King@gencap.co.nz
Date of release through MAP

22 May 2026
unaudited financial statements accompany this announcement.

1































































































DIRECTORS’ REPORT
MAY 2026
DIRECTORS’
REPORT
MAY 2026

DIRECTORS’ REPORT
MAY 2026















BACKGROUND
The Directors of General Capital Limited (“the Company”) are pleased to
present another record year of growth for the year ended 31 March 2026.
The Consolidated revenue was 18% higher than the previous year,
increasing to $26,760,760, whilst Net Profit After Tax (NPAT) of
$2,724,333 was broadly in line with the prior year; Total Comprehensive
Income was slightly higher at $2,753,550 when taking into account
Other Comprehensive Income from a financial reporting perspective.
This reflects continued balance sheet growth, partly offset by higher
operating costs, expected credit loss provisioning and the IRG Goodwill
impairment. On a normalised basis, the result would have been higher
after adjusting for one-off items, including a goodwill impairment of
$378,730 in subsidiary Investment Research Group (IRG), which was
absorbed during a challenging global economic environment.
Consistent with the prior year, these results represent sound
performance for the Group, achieving another record year of
revenue and asset growth since it was listed in 2018.
The Group maintained a strong balance sheet with total assets
increasing by a further 30% since March 2025, demonstrating the
Group’s ability to manage its capital in light of continuing economic
uncertainties. Subsidiary Company General Finance Limited has also
maintained its credit rating of BB with an uplift from a ‘Stable’ to
‘Positive’ outlook by Equifax on 10 December 2025 which supplements
the outstanding performance of the Group during the financial year.
2

3
DIRECTORS’ REPORT
MAY 2026



FINANCIAL
PERFORMANCE




YEAR ENDED
31 MAR 2026
YEAR ENDED
31 MAR 2025


VARIANCE


% CHANGE
Revenue $26,760,760 $22,632,150 $4,128,610 +18%
Net profit / (loss) after tax $2,724,333 $2,805,800 -$81,467 -3%
Earnings / (loss) per share* 2.97 cps 3.09 cps -0.12 cps -4%

* Calculated as net profit after income tax expense divided by the weighted average number of ordinary shares.


YEAR ENDED
31 MAR 2026
YEAR ENDED
31 MAR 2025


VARIANCE


% CHANGE
Total assets $283,728,616 $218,184,368 $65,544,248 +30%
Total liabilities $252,430,695 $188,943,206 $63,487,489 +34%
Total equity $31,297,921 $29,241,162 $2,056,759 +7%


Net tangible assets (NTA) per share*


29.31 cps


26.42 cps


2.89 cps


+11%
Net assets (NA) per share** 34.06 cps 31.84 cps 2.22 cps +7%

* Calculated as net assets less deferred tax, goodwill and other intangible assets divided by the total shares on issue as at balance date.
** Calculated as net assets divided by the total shares on issue as at balance date.





The General Capital Group Net Profit after tax was $2,724,333 for the year ended 31 March 2026 (2025: $2,805,800).
The segment breakdown is as follows:


YEAR ENDED
31 MAR 2026
YEAR ENDED
31 MAR 2025


VARIANCE


% CHANGE
Finance Segment $3,502,419 $3,195,958 $306,461 +10%
Other Segments $11,205,823 $1,614,863 $9,590,960 +594%
Group Eliminations ($11,983,909) ($2,005,021) ($9,978,888) +498%
Group $2,724,333 $2,805,800 ($81,467) -3%


Refer to the attached financial information for detailed segmental results.

DIRECTORS’ REPORT
MAY 2026


4














PERFORMANCE
General Finance Limited (GFL), a licensed non-bank deposit taker
and wholly owned subsidiary of General Capital, delivered a solid
financial result for the year ended 31 March 2026, including a full-
year contribution from Bridges Financial Services Limited (BFSL), an
insurance premium funding business. GFL achieved a 15% increase in
net revenue, and a 10% rise in Net Profit After Tax (NPAT). These results
reflect management’s continued dedication to operational efficiency,
effective cost management and focus on strategic outlook during
challenging economic conditions.
Term deposits rose by 34% during the financial year, while loan
receivables increased 63%, contributing to the Group’s asset growth.
There was also notable growth in other regions outside of Auckland,
including Wellington and Christchurch, representing a greater
geographical and demographic diversity in the investor base.
These results demonstrate GFL’s ability to grow through an
uncertain economic environment.

5
DIRECTORS’ REPORT
MAY 2026



DIVIDEND
ANNOUNCEMENT
The Directors are pleased to announce that General Capital Limited will
declare a final dividend of $0.0085 per share to supplement the half year
dividend of $0.0033 per share, bringing the total dividends per share
for FY26 to $0.0118 per share. This reflects the Group’s strong financial
performance and commitment to delivering shareholder value. The
dividend aligns with the policy introduced at the Annual Shareholder
Meeting in July 2025 to allow up to 40% of NPAT to be paid as dividends
and underscores the Board’s confidence in the Group’s growth trajectory
and financial resilience.

GENERAL FINANCE
CREDIT RATING
GFL holds a credit rating from Equifax Australasia Credit Rating Pty Ltd
(“Equifax”), which ranges from AAA to C (excluding ratings for entities
in default). General Finance maintained its BB rating during the period,
with the outlook upgraded from ‘Stable’ to ‘Positive’. Under Equifax’s
standards, this “Near Prime” rating indicates a low to moderate risk
level. General Finance is pleased to retain this rating with an uplift
to a positive outlook, which stands as an endorsement of its stability
and performance.

DIRECTORS
There were no changes to the Directors for the Group.

AUDIT
The attached financial information is in the process of being audited by
Grant Thornton New Zealand Audit Limited. The Group’s Annual Report
for the year ended 31 March 2026 is in the process of being completed
and audited.
SUMMARY
The Group achieved a solid result for the year ended 31 March 2026,
with revenue up 18% and total assets up 30%, supported by strong
growth in term deposits and loan receivables at GFL. GFL grew
its loan book by 63% despite a challenging and uncertain
economic environment.
The Group remains focused on navigating regulatory changes under
the Deposit Takers Act 2023 and sustaining strong financial performance.
The Directors thank our shareholders, investors, and staff for their
continued support.




























Rewi Hamid Bugo
Chairman





Managing Director





Brent Douglas King

6
DIRECTORS’ REPORT
MAY 2026





($mil)
GENERAL CAPITAL CONSOLIDATED BALANCE SHEET

300.0




250.0

283.7




200.0




150.0




100.0




50.0


-
EQUITY
TOTAL LIABILITIES


TOTAL ASSETS


31 MARCH 2021 31 MARCH 2022 31 MARCH 2023 31 MARCH 2024 31 MARCH 2025 31 MARCH 2026
(unaudited)






($mil)
GENERAL CAPITAL CONSOLIDATED PROFIT BEFORE TAX

4.50


4.00



3.94



4.00


3.50


3.00


2.50


2.00


1.50


1.00


0.50


-
PROFIT BEFORE TAX

31 MARCH 2021 31 MARCH 2022 31 MARCH 2023 31 MARCH 2024 31 MARCH 2025 31 MARCH 2026
(unaudited)
3.59
3.33
1.89
0.12
252.4
218.2
188.9
163.3
136.5


102.9
89.4
68.2
58.6
24.3
26.8
29.2

9.5
13.5

7
DIRECTORS’ REPORT
MAY 2026





GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026


2026 2025 Restated

$ $
Interest income* 24,793,216 21,536,757
Interest expense** (15,177,669) (12,657,171)
Net interest income 9,615,547 8,879,586


Fee and commission income*


1,368,136


870,151
Fee and commission expense** (7,787) (19,735)
Net fee and commission income 1,360,349 850,416


Revenue from contracts with customers


516,607


162,179
Cost of sales (8,157) (18,103)
Gross profit from contracts with customers 508,450 144,076


Other income


82,801


63,063
Net revenue 11,567,147 9,937,141


Increase in allowance for expected credit losses


(576,394)


(428,615)
Personnel expenses (2,790,991) (1,999,157)
Occupancy expenses (168,749) (141,191)
Depreciation (17,061) (13,241)
Amortisation and impairment of intangible assets (492,527) (72,306)
Loss on Sale of Asset - (50,000)
Other operating expenses (3,526,050) (3,295,758)
Total operating expenses (7,571,772) (6,000,268)


Profit before income tax expense


3,995,375


3,936,873
Income tax expense (1,271,042) (1,131,073)
Net profit after income tax expense 2,724,333 2,805,800


Other comprehensive income

Items that will not be reclassified to profit or loss

Changes in the fair value of equity investments at fair value through other comprehensive income 29,217 (126,624)
Income tax on these items - -
Other comprehensive income / (loss) for the year, net of tax 29,217 (126,624)
Total comprehensive income 2,753,550 2,679,176


Earnings per share (cents per share)


2.97


3.09
Diluted earnings per share (cents per share) 2.97 3.09

* For FY2025, $3,382,173 of the fee and commission income is reclassified to interest income to better align with the requirements of NZ IFRS 7 and NZ IFRS 9. No impact on overall profit or loss.
** For FY2025, $1,008,919 of the fee and commission expense is reclassified to interest expense to better align with the requirements of NZ IFRS 7 and NZ IFRS 9. No impact on overall profit or loss.

8
DIRECTORS’ REPORT
MAY 2026





GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026


2026 2025


Equity
$ $
Share capital 21,817,771 21,811,606
Accumulated earnings 9,480,150 7,704,556
Reserves - (275,000)
Total equity 31,297,921 29,241,162


Assets

Cash and cash equivalents 22,822,006 35,991,256
Accounts receivables 34,665 23,178
Related party receivables 67,809 102,393
Other current assets 487,590 510,629
Bank deposits 13,006,729 25,042,836
Loan receivables 242,507,633 151,101,609
Property, plant and equipment 430,398 436,175
Deferred tax asset 54,143 153,105
Intangible assets and goodwill 4,317,643 4,823,187
Total assets 283,728,616 218,184,368


Liabilities

Accounts payable and other payables 3,932,401 3,671,025
Related party payables 31,024 5,959
Term deposits 248,020,699 184,680,424
Income tax payable 446.571 369,720
Deferred tax liabilities - 216,078
Total liabilities 252,430,695 188,943,206
Net assets 31,297,921 29,241,162


Net tangible assets (NTA) per share (cents per share)


29.31


26.42
Net assets (NA) per share (cents per share) 34.06 31.84

9
DIRECTORS’ REPORT
MAY 2026





GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026


SHARE CAPITAL RESERVES ACCUMULATED
EARNINGS
TOTAL EQUITY

$ $ $ $
Balance at 1 April 2024 21,561,120 (130,768) 5,381,064 26,811,416

Profit for the year

-

-

2,805,800

2,805,800
Other comprehensive income for the year - (126,624) - (126,624)
Total comprehensive income for the year - (126,624) 2,805,800 2,679,176


Transfer fair value reserve to retained earning for FVTOCI*


-


(17,608)


17,608)


-
Transactions with owners in their capacity as owners:

Contributions of equity net of transaction costs 250,486
- - 250,486
Dividend paid -
- (499,916) (499,916)
Total transactions with owners in their capacity as owners 250,486
- (499,916) (249,430)
Balance at 1 April 2025 21,811,606 (275,000) 7,704,556 29,241,162



Profit for the year



-



-



2,724,333



2,724,333
Other comprehensive income for the year - 29,217 - 29,217
Total comprehensive income for the year - 29,217 2,724,333 2,753,550
Transfer fair value reserve to retained earning for FVTOCI* - 245,783 (245,783) -
Transactions with owners in their capacity as owners:

Contributions of equity net of transaction costs 6,165 - - 6,165
Dividend paid

(702,956) (702,956)
Total transactions with owners in their capacity as owners 6,165 - (702,956) (696,791)
Balance at 31 March 2026 21,817,771 - 9,480,150 31,297,921

*Fair value through other comprehensive income.

10
DIRECTORS’ REPORT
MAY 2026





GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2026


2026 2025 Restated


Cash flow from operating activities
$ $
Interest received* 25,666,402 22,431,262
Receipts from customers* 1,209,392 464,912
Other income 75,361 58,877
Payments to suppliers and employees** (6,193,922) (2,680,182)
Interest paid** (15,275,423) (11,557,767)
Income tax paid (1,311,307) (876,814)
Net cash flows from operating activities before changes in operating assets and liabilities 4,170,503 7,840,288


Term deposits (net receipts)


63,243,432


48,432,344
Loan receivables (net advances) (92,005,385) (14,887,482)
Net cash (used in) / provided by operating activities (24,591,450) 41,385,150


Cash flow from investing activities

Purchase of property, plant and equipment (11,284) (467,509)
Acquisition of subsidiaries (net of cash acquired) - (7,401,297)
Net maturity from / (investment in) bank deposits 12,036,107 (12,328,245)
Investment in equities 29,218 -
Net cash provided by / (used in) investing activities 12,054,041 (20,197,051)


Cash flow from financing activities

Issue of ordinary shares 71,115 -
Dividends paid (702,956) (499,916)
Net cash used in financing activities (631,841) (499,916)


Reconciliation of cash and cash equivalents

Cash and cash equivalents at the beginning of the reporting year 35,991,256 15,303,073
Net (decrease) / increase in cash and cash equivalents held during the reporting year (13,169,250) 20,688,183
Cash and cash equivalents at the end of the reporting year 22,822,006 35,991,256


* For FY2025, $3,382,173 of the receipts from customers is reclassified to interest received to better align with the requirements of NZ IFRS.7 & 9. No impact on overall profit or loss.
** For FY2025, $1,008,919 of the payments to suppliers and employees is reclassified to interest paid to better align with the requirements of NZ IFRS.7 & 9. No impact on overall profit or loss.

11



SEGMENT
REPORTING
Management has determined the operating segments based on
the components of the Group that engage in business activities,
which have discrete financial information available and whose
operating results are regularly reviewed by the Group’s chief
operating decision maker. The chief operating decision maker
has been identified as the Board of Directors. The Board of
Directors makes decisions about how resources are allocated
to the segments and assesses their performance.

Three reportable segments have been identified as follows:



Finance
Deposit taking, short-term property mortgage lending,
and insurance premium funding.


Research & Advisory
Provides investment advisory services and produces
and sells investment research and publications.



Corporate & Other
Corporate function and investment activities.














DIRECTORS’ REPORT
MAY 2026
1
2
3

12
DIRECTORS’ REPORT
MAY 2026





SEGMENT REPORTING

YEAR ENDED 31 MAR 2026 FINANCE RESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONS CONSOLIDATED

$ $ $ $ $ $
Revenue - interest income 24,725,674 256 67,287 24,793,217 - 24,793,217
Revenue - fee income
(finance receivables)
1,368,136 - - 1,368,136 - 1,368,136
Revenue from contracts
with customers

- Advisory fee revenue - 504,412 - 504,412 12,156 516,568
- Yearbook and research - 39 - 39 - 39
Other income 75,361 12,480 1,042,007 1,129,848 (1,047,047) 82,801
Dividend income - - 12,000,000 12,000,000 (12,000,000) -
Total Revenue 26,169,171 517,187 13,109,294 39,795,652 (13,034,891) 26,760,761
Interest expense (15,177,660) - (10) (15,177,670) - (15,177,670)
Fee and commission (7,787) - - (7,787) - (7,787)
Cost of sales - (18,352) - (18,352) 10,194 (8,158)
Net Revenue 10,983,724 498,835 13,109,284 24,591,843 (13,024,697) 11,567,146
Increase in allowance for
expected credit losses
(576,394) - - (576,394) - (576,394)
Personnel expenses (2,085,462) (467,086) (238,443) (2,790,991) - (2,790,991)
Depreciation and amortisation (115,622) - (15,235) (130,857) - (130,857)
Impairment Expense -
intangible assets
- (378,730) - (378,730) - (378,730)
Other expenses (3,439,044) (80,864) (1,221,938) (4,741,846) 1,047,047 (3,694,799)
Income Tax expense (1,264,783) - - (1,264,783) (6,259) (1,271,042)
Net profit / (loss) after tax 3,502,419 (427,845) 11,633,668 14,708,242 (11,983,909) 2,724,333

Total Assets 283,729,128 689,410 8,859,591 293,278,129 (9,549,513) 283,728,616

Total Liabilities 255,006,839 148,767 7,212,827 262,368,433 (9,937,738) 252,430,695





Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):

YEAR ENDED 31 MAR 2026 FINANCE
RESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONS CONSOLIDATED


Other
$ $ $ $ $ $
- - 11,284 11,284 - 11,284

- - 11,284 11,284 - 11,284

13
DIRECTORS’ REPORT
MAY 2026





SEGMENT REPORTING

YEAR ENDED 31 MAR 2025 FINANCE RESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONS CONSOLIDATED

$ $ $ $ $ $
Revenue - interest income 18,083,099 11,523 219,410 18,314,032 (159,448) 18,154,584
Revenue - fee income
(finance receivables)
4,252,324 - - 4,252,324 - 4,252,324
Revenue from contracts
with customers

- Advisory fee revenue - 135,500 - 135,500 26,441 161,941
- Yearbook and research - 238 - 238 - 238
Other income 60,975 - 830,292 891,267 (828,204) 63,063
Dividend income - - 2,000,000 2,000,000 (2,000,000) -
Total Revenue 22,396,398 147,261 3,049,702 25,593,361 (2,961,211) 22,632,150
Interest Expense (11,796,791) (28) (10,882) (11,807,701) 159,448 (11,648,253)
Fee and commission (1,028,654) - - (1,028,654) - (1,028,654)
Cost of sales - (14,325) - (14,325) (3,778) (18,103)
Net Revenue 9,570,953 132,908 3,038,820 12,742,681 (2,805,541) 9,937,140
Increase in allowance for
expected credit losses
(428,615) - - (428,615) - (428,615)
Personnel expenses (1,642,326) (81,990) (274,841) (1,999,157) - (1,999,157)
Depreciation and amortisation (45,562) - (10,348) (55,910) (29,636) (85,546)
Impairment Expense -
intangible assets
- - - - - -
Other expenses (3,125,466) (56,530) (1,133,156) (4,315,152) 828,204 (3,486,948)
Income Tax (expense) / benefit (1,133,026) - - (1,133,026) 1,952 (1,131,074)
Net profit / (loss) after tax 3,195,958 (5,612) 1,620,475 4,810,821 (2,005,021) 2,805,800

Total Assets 216,974,778 1,020,741 3,841,499 221,837,018 (3,652,650) 218,184,368

Total Liabilities 192,806,118 73,193 139,889 193,019,200 (4,075,994) 188,943,206





Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):

YEAR ENDED 31 MAR 2025 FINANCE
RESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONS CONSOLIDATED


Other
$ $ $ $ $ $
- - 417,888 417,888 - 417,888

- - 417,888 417,888 - 417,888

---

Distribution Notice





Section 1: Issuer information
Name of issuer General Capital Limited
Financial product name/description Ordinary Shares
NZX ticker code GEN
ISIN (If unknown, check on NZX
website)
NZMYKE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year x Quarterly
Half Year Special
DRP applies x
Record date 12 June 2026
Ex-Date (one business day before the
Record Date)
11 June 2026
Payment date (and allotment date for
DRP)
2 July 2026
Total monies associated with the
distribution
1

$ 784,716.30
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollar (NZD)
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.01186230
Gross taxable amount
3
$ 0.01186230
Total cash distribution
4
$ 0.00854086
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.00332145
Resident Withholding Tax per
financial product
$ 0.00059312
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
5%
Start date and end date for
determining market price for DRP
11 June 2026 17 June 2026
Date strike price to be announced (if
not available at this time)
18 June 2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
15 June 2026
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Vik Singh, Chief Financial Officer
Contact person for this
announcement
Brent King, Managing Director
Contact phone number 021 632 660
Contact email address brent.king@gencap.co.nz
Date of release through MAP

22 May 2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.