General Capital Releases 2026 Annual Report

ANNUAL
REPORT
FOR THE
YEAR ENDED
31 MARCH 2026

GENERAL CAPITAL LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED
31 MARCH 2026

CONTENTS
01 DIRECTORS’ PROFILES 02
02 GENERAL FINANCE DIRECTORS & EXECUTIVE 03
03 DIRECTORS’ REPORT 04
04 CORPORATE GOVERNANCE STATEMENT 16
05 INDEPENDENT AUDITORS’ REPORT 26
06 CONSOLIDATED FINANCIAL STATEMENTS 32
Consolidated Statement of Comprehensive Income 34
Consolidated Statement of Financial Position 35
Consolidated Statement of Changes in Equity 36
Consolidated Statement of Cashflows 37
Notes to the Consolidated Financial Statements 38
07 SHAREHOLDER & STATUATORY INFORMATION 74
08 CORPORATE DIRECTORY 82
ANNUAL REPORT 2026
|
01

01
DIRECTORS’
PROFILES
REWI BUGO
B.Sc., M.Com
Non‑Executive
Chairman
Rewi Bugo has been a Non
Executive Director of General
Capital Limited since 13 June
2017 and was elected Chairman
of the Board of Directors
following the acquisition of
Corporate Holdings Limited
in August 2018. Mr Bugo is
a graduate of the University
of Canterbury, Christchurch,
where he obtained Master of
Commerce degree in Business
Administration. He has business
experience in several sectors
including property development,
oil and gas services, automotive
importing and distribution,
insurance broking and tourism.
Mr Bugo sits on the Boards
of several private and public
companies in Malaysia
and New Zealand.
GREGORY JAMES
MCom (Hons), CA
Non‑Executive
Independent Director
Greg James is a Senior Partner
of Taxation and Mergers and
Acquisitions at Findex, New
Zealand’s 5th largest accounting
firm. Greg has over 30 years of
tax structuring and consulting
experience and is a member
of Chartered Accountants
Australia and New Zealand. Prior
to joining Findex, Greg worked
for PricewaterhouseCoopers,
including spending 8 years
working in Hong Kong and New
York. During his career, Greg has
worked with numerous listed
and newly listed companies
and has extensive experience
sourcing equity and debt funding
for clients. Greg has a strong
interest in cricket and is currently
a Director of Parnell Cricket Club
and is on the board of Remuera
Parnell Sports Community
Charitable Trust. He is also a
member of China ASEAN and
is a Director of a number of its
group companies.
ANITA KILLEEN
LLB
Non‑Executive
Independent Director
Anita Killeen is a Financial
Services Barrister at Quay
Chambers in Auckland. She has
decision-making experience at
board, executive and statutory
levels and has specialist expertise
in Commercial Mediation. At a
governance level she provides
expertise in audit, risk, regulation
and compliance. Anita also has
certification from MIT Sloan
School of Management in
Cybersecurity Governance for
the Board of Directors. She is the
former Chief Prosecutor of the
Serious Fraud Office and holds
governance roles in the legal,
financial, NZX, local and central
government sectors. Her current
roles include Director of General
Capital Ltd, Director of Public
Trust, Deputy Chair of Ngāi Tai ki
Tāmaki Commercial Investment
Board, Deputy Chair of NetSafe
NZ and Director of UNICEF NZ.
Her previous roles include having
served as Chair of the Auckland
Regional Amenities Funding
Board, Chair of Fertility NZ,
Director of SPCA Auckland and
Domain Name Commission.
BRENT KING
BCom, CA
Managing
Director
Brent King has been the
Managing Director of General
Capital Limited and its
subsidiaries since 3 August
2018. Prior to that date, Mr
King was a Non-Executive
Director since 30 September
2011. He was also the founder
and Managing Director of
the Dorchester Group of
Companies for 17 years until he
resigned in 2005. He holds a
number of public and private
directorships. He has more
than 25 years’ experience in
financial, investment banking,
underwriting, capital raising
and accounting areas and has
assisted a number of public
and private companies
02 | GENERAL CAPITAL

DONALD HATTAWAY
CA, ACG
General Finance Limited Chairman
& Non‑Executive Independent
Director
Don is a member of Chartered
Accountants Australia and New
Zealand (CAANZ) and practised
as a Chartered Accountant
in public practice from 1980
until April 2023. He retired as a
Partner in Price Waterhouse in
1996 and specialised in acting
for small or medium sized
enterprise businesses since then
often fulfilling the role of finance
director for those companies.
Don was the Chairman of listed
banking software technology
company Finzsoft Solutions Ltd.
Don is a previous Chairman of
the Board of Directors of the
Auckland Cricket Association.
He has held a previous public
company directorship with
Cooks Coffee Company Ltd
(previously known as Cooks
Global Foods Ltd) as well as
directorships with a number
of private companies.
GREGORY PEARCE
BCom.
General Finance Limited
Non‑Executive Independent
Director
Greg is a lending and credit
specialist having held roles
with large companies (Telecom
and Air New Zealand) and a
senior role with Dorchester
Finance Limited being General
Manager Lending and Credit.
He subsequently consulted
to receivers in relation to loan
recoveries and in 2017 joined
General Finance as Executive
Director Lending and Credit.
He retired from this role in 2020
and has continued with the
company as an independent
Non-Executive Director.
GEOFF SINCLAIR
B.Com., NZIMDipMgt
General Finance Limited
Non‑Executive Independent
Director
Geoff is a founding Director/
Shareholder of Blackbird
Finance Limited a specialist
trade/asset finance lender to
the wholesale motor vehicle
industry. He also sits on the
board of Japanese owned
Autobridge Limited and has held
a number of senior roles within
the finance sector. After starting
in investment banking/finance
in the late 90’s with Bankers
Trust in London, the majority
of Geoff’s focus has been in
and around the motor vehicle
industry; where he has extensive
experience in import, wholesale,
retail finance, and operations.
Geoff specialises in start-ups
and building on existing business
operations, broad experience
including governance, general
management, marketing,
strategic planning, product
development, lending,
compliance, and credit control.
VIK SINGH
B.Com, Post Grad Dip
Professional Accounting, CA
Chief Financial Officer
Vik joined General Capital in May
2025 as Chief Financial Officer.
Vik is a Chartered Accountant
with extensive global financial
services experience across
New Zealand, Australia and
in the United Kingdom. Vik
commenced his career in
professional services and worked
for Deloitte before migrating to
London. During his seven year
tenure in London, Vik worked
in senior finance roles at HSBC,
global investment management
group M&G Plc, and funds
management group Jupiter.
Prior to joining General Capital,
Vik was a Director in PwC NZ’s
management consulting division
and previously Group Financial
Controller for investment
banking group Jarden.
02
GENERAL
FINANCE
DIRECTORS
& EXECUTIVE
ANNUAL REPORT 2026GENERAL FINANCE DIRECTORS & EXECUTIVE
|
03

03
DIRECTORS’
REPORT
04 | GENERAL CAPITAL

ANNUAL REPORT 2026DIRECTORS’ REPORT
|
05

Net Profit After Tax
(NPAT) for the
General Capital Group was
$2,724,333
for the year ended 31 March 2026.
06 | GENERAL CAPITAL

Financial Performance
YEAR ENDED
31 MAR 2026
YEAR ENDED
31 MAR 2025VARIANCE% 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 cps3.09 cps-0.12 cps
‑4%
YEAR ENDED
31 MAR 2026
YEAR ENDED
31 MAR 2025VARIANCE% 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 cps26.42 cps2.89 cps
+11%
NET ASSETS (NA)
PER SHARE**
34.06 cps31.84 cps2.22 cps
+7%
* Calculated as Net Profit after income tax expense divided by the weighted average number of ordinary shares.
* 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 Directors of General Capital Limited are pleased to present
another record result for the year ended 31 March 2026.
The consolidated revenue for the Group was 18% higher than
the previous year, increasing to $26,760,760 and Net Profit After
Tax (NPAT) of $2,724,333 was broadly in line with the prior year.
Consistent with the prior year, these results represent sound
performance for the Group with year-on-year growth and achieving
another record year of financial performance since General Capital
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 during a challenging economic
environment.
Subsidiary Company General Finance Limited has also maintained
its credit rating of BB with a slight 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.
ANNUAL REPORT 2026DIRECTORS’ REPORT
|
07

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, achieving a 15%
increase in net revenue, and a 10% rise in Net Profit After Tax (NPAT).
These results reflect management’s dedication to operational
efficiency, effective cost management and focus on strategic
priorities 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.
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.
08 | GENERAL CAPITAL

FY26
FY25
FY24
FY23
FY22
FY21
FY26
FY25
FY24
FY23
FY22
FY21
252.4
89.4
111.8
58.6
136.5
188.9
FY26
FY25
FY24
FY23
FY22
FY21
31.3
29.2
13.5
24.3
9.5
26.8
283.7
218.2
102.9
136.1
68.2
163.3
General Capital Consolidated Balance Sheet
Equity ($mil)
Total Liabilities ($mil)
Total Assets ($mil)
ANNUAL REPORT 2026DIRECTORS’ REPORT
|
09

0.12
1.89
3.34
3.59
3.94
4.00
($mil)
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
FY21 FY22 FY23 FY24 FY25 FY26
General Capital Consolidated Profit Before Tax
General Finance Limited at a glance Year Ended 31 March 2026
18%
REVENUE
INCREASED BY
30%
TOTAL ASSETS
ROSE BY
34%
TERM DEPOSITS
GREW BY
63%
TOTAL LOANS
INCREASED BY
10 | GENERAL CAPITAL

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.
Acknowledgments
We would like to express our gratitude to our shareholders,
customers, and employees for their continued support and
confidence in General Capital Ltd. We also extend our appreciation
to our fellow Directors and management team for their dedication
and hard work.
Rewi Hamid Bugo — Chairman
Brent Douglas King — Managing Director
ANNUAL REPORT 2026DIRECTORS’ REPORT
|
11

Leadership
New CFO appointed
Strategy
Dividend policy introduced
Recognition
Credit outlook upgraded to Positive
Growth
Loan book +63%
Scale
Assets reach $283.7M
Performance
Revenue +18%
FY26
MILESTONE
JOURNEY
01
Leadership
Strengthened the executive team
with the appointment of a new
Chief Financial Officer.
02
Strategy
Introduced a dividend policy
aligned to long-term growth and
shareholder returns.
03
Recognition
Credit outlook upgraded to Positive,
reflecting confidence in the Group’s
performance and stability.
04
Growth
Expanded the loan book by 63%,
demonstrating strong demand and
disciplined execution.
05
Scale
Total assets increased to $283.7
million, marking another year of
significant growth.
06
Performance
Revenue increased 18%,
delivering another record
year for the Group.
12 | GENERAL CAPITAL

Leadership
New CFO appointed
Strategy
Dividend policy introduced
Recognition
Credit outlook upgraded to Positive
Growth
Loan book +63%
Scale
Assets reach $283.7M
Performance
Revenue +18%
Guided by experience,
FY26 was a year of growth,
resilience and important
milestones across the Group.
ANNUAL REPORT 2026DIRECTORS’ REPORT
|
13

49%
81
54
37%
111
21%
134
10%
148
63%
240
($mil)
50
75
100
125
150
175
200
225
250
FY21 FY22 FY23 FY24 FY25 FY26
01
02
04
05
06
07
03
14
15
12
11
10
09
08
13
52%
88
58
25%
110
23%
135
37%
185
34%
248
($mil)
50
75
100
125
150
175
200
225
250
FY21 FY22 FY23 FY24 FY25 FY26
GENERAL
FINANCE
GROWTH
Gross Property Loan Average growth 36%
Gross Deposit Average growth 34%
14 | GENERAL CAPITAL

49%
81
54
37%
111
21%
134
10%
148
63%
240
($mil)
50
75
100
125
150
175
200
225
250
FY21 FY22 FY23 FY24 FY25 FY26
01
02
04
05
06
07
03
14
15
12
11
10
09
08
13
52%
88
58
25%
110
23%
135
37%
185
34%
248
($mil)
50
75
100
125
150
175
200
225
250
FY21 FY22 FY23 FY24 FY25 FY26
GEOGRAPHICAL
SPREAD OF
DEPOSITS
01NEW PLYMOUTH1%
02OTHER - NORTH ISLAND4%
03GISBORNE1%
04NAPIER2%
05DUNEDIN1%
06INVERCARGILL1%
07QUEENSTOWN1%
08MANAWATU3%
09NELSON4%
10AUCKLAND37%
11WAIKATO10%
12BAY OF PLENTY7%
13WELLINGTON15%
14CANTERBURY9%
15OVERSEAS4%
ANNUAL REPORT 2026DIRECTORS’ REPORT
|
15

04
CORPORATE
GOVERNANCE
STATEMENT
16 | GENERAL CAPITAL

ANNUAL REPORT 2026CORPORATE GOVERNANCE STATEMENT
|
17

The Board of Directors (“Board”) and management of General
Capital Limited (“the Company”) are committed to ensuring that
the Company adheres to best practice governance principles
where practical and maintains the highest ethical standards. The
Board regularly reviews and assesses the Company’s governance
structures to ensure, where practical, that they are consistent, both
in form and in substance, with best practice.
Key governance documents that have been adopted by the Company
are published on the Company’s website at www.gencap.co.nz/
corporate-governance.
The Board framework and governance practices for the year ended
31 March 2026 was largely compliant with the requirements of the
NZX Code. The Governance Code contains eight (8) principles and
various recommendations for each principle. The Board has reported
on the Company’s compliance with each of the recommendations
which are included below.
The Board is reporting against the revised NZX Corporate
Governance Code dated 31 March 2026, which can be found on the
NZX website at: www.nzx.com/regulation/nzx-rules-guidance/nzx-
listing-rules.
Principle 1 —
Ethical Standards
“ Directors should set high standards of ethical behaviour,
model this behaviour and hold management accountable for
these standards being followed throughout the organisation.”
RECOMMENDATION 1.1
The board should document minimum standards of ethical
behaviour to which the issuer’s directors and employees are
expected to adhere (a code of ethics).
The code of ethics and where to find it should be communicated
to the issuer’s employees. Training should be provided regularly.
The standards may be contained in a single policy document or
more than one policy.
The code of ethics should outline internal reporting procedures for
any breach of ethics, and describe the issuer’s expectations about
behaviour, namely that every director and employee:
(a) acts honestly and with personal integrity in all actions;
(b) declares conflicts of interest and proactively advises of any
potential conflicts;
(c) undertakes proper receipt and use of corporate information,
assets and property;
(d) in the case of directors, gives proper attention to the matters
before them;
(e) acts honestly and in the best interests of the issuer,
shareholders and stakeholders and as required by law;
(f) adheres to any procedures around giving and receiving gifts
(for example, where gifts are given that are of value in order to
influence employees and directors, such gifts should not be
accepted);
(g) adheres to any procedures about whistle blowing (for example,
where actions of a whistle blower have complied with the
issuer’s procedures, an issuer should protect and support them,
whether or not action is taken); and
(h) manages breaches of the code
Compliance with recommendations during the year ended
31 March 2026:
The Board has a strong belief that ethical behaviour is paramount
to good corporate governance and underpins the reputation of the
Company. As such, the ethical principles that were applied by the
Board (and required of Management and employees) were in line
with the recommendations above. Directors have carried out formal
and informal training.
The Group’s code of ethics complies with the recommendation in full.
Employees are required to read the code of ethics. The code of ethics
has been published on the Company’s website at
www.gencap.co.nz/corporate-governance.
RECOMMENDATION 1.2
An issuer should have a financial product dealing policy which
extends to employees and directors.
Compliance with recommendations during the year ended
31 March 2026:
The Board has a financial products trading policy in place for
employees and directors. This policy requires prior approval of all
transactions in General Capital Limited quoted securities and other
restricted securities, specifies blackout periods for trading and
defines prohibited trading.
The financial products trading policy is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
Principle 2 –
Board Composition
& Performance
“ To ensure an effective board, there should be a balance
of independence, skills, knowledge, experience and
perspectives.”
Board Composition
Board members who have a wide range of business, technical
and financial background lead the Company. In November 2021
the Board adopted a board skills matrix to assist in maintaining a
balance ensuring it has a balance of independence, skills, knowledge,
experience and perspectives. The Board believes it complies with the
recommendation.
The Board is responsible and accountable to shareholders and other
stakeholders for the Company’s performance and its compliance with
applicable laws and standards.
Directors
As at 31 March 2026 the Board of Directors comprised four Directors,
three of which are Non-Executive Directors (Rewi Hamid Bugo
(Chairman), Gregory Stephen James, and Anita Maria Killeen) and
one Executive Director (Brent Douglas King).
Gregory Stephen James and Anita Maria Killeen are Independent
Directors of the Company.
Gregory Stephen James was appointed as a Director effective from
28 September 2022. The Board determined that there were no
particular circumstances that would materially interfere with his
ability to exercise independent judgement and he was assessed as
an independent Director of the Company.
18 | GENERAL CAPITAL

Anita Maria Killeen was appointed as a Director effective from
1 February 2024. The Board determined that there were no particular
circumstances that would materially interfere with her ability to
exercise independent judgement and she was assessed as an
independent Director of the Company.
By virtue of the extent of his significant product holding, Rewi Hamid
Bugo has not been assessed as an Independent Director of the
Company due to shares held directly or indirectly in the Company.
As an executive and due to his significant product holding in the
Company, Brent Douglas King has also been assessed as a Non-
Independent Director of the Company.
Refer to the Directors’ Profiles section of this Annual Report for
further details.
There were no Director resignations during the financial year.
Board and Committee Meetings
The Company’s Board meetings are conducted in accordance with
proper process. This enables the Board to peruse any board papers
and review any issues to be deliberated at the Board meeting to
enable Directors to make informed decisions. A total of seven Board
Meetings were held during the financial year under review. The Audit
Committee met five times. Board and Audit Committee attendance
has been recorded as follows:
Board
Members
BoardAudit
Committee
Rewi Hamid Bugo (Chairman)65
Brent Douglas King7N/A
Gregory Stephen James75
Anita Maria Killeen75
Anita Killeen was appointed to the Audit Committee in October 2024.
The Board also met whenever necessary to deal with specific matters
needing attention between scheduled meetings.
The gender balance of the Group’s Directors and officers was as
follows:
as at 31 March 2026as at 31 March 2025
DirectorsOfficers*DirectorsOfficers*
Female1121
Male3232
Total4353
*Officers excludes any Directors of the Company.
RECOMMENDATION 2.1
The board of an issuer should operate under a written charter
which sets out the roles and responsibilities of the board.
The board charter should clearly distinguish and disclose the
respective roles and responsibilities of the board and management.
Compliance with recommendations during the year ended
31 March 2026:
The Board has had in place throughout the year a written Board
Charter which sets out the roles and responsibilities of the Board and
management and complies with the recommendation in full.
The Board Charter has been published on the Company’s website at
www.gencap.co.nz/corporate-governance.
RECOMMENDATION 2.2
Every issuer should have a procedure for the nomination and
appointment of directors to the board.
Compliance with recommendations during the year ended 31
March 2026:
The Company’s nomination procedure is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
The Board follows the requirements of the NZX Rules as well as
the commentary in the NZX Corporate Governance Code and the
requirements of its nomination procedure. In November 2021 the
Board also adopted a board skills matrix to assist when selecting
new Directors.
RECOMMENDATION 2.3
An issuer should enter into written agreements with each newly
appointed director establishing the terms of their appointment.
There was no director appointment during the year ended
31 March 2026.
Compliance with recommendations during the year ended
31 March 2026:
The Company’s nomination procedure sets out the form of
agreement to be used. The Company’s Board Policies and
Procedures document is published on the Company’s website at
www.gencap.co.nz/corporate-governance. Written agreements
have been entered into in accordance with the procedure with all
Directors appointed during the year.
RECOMMENDATION 2.4
Every issuer should disclose information about each director in its
annual report or on its website, including:
(a) a profile of experience, length of service, and ownership
interests.
(b) the director attendance at board meetings; and
(c) the board’s assessment of the director’s independence,
including a description as to why the board has determined the
director to be independent if one of the factors listed in table 2.4
applies to the director, along with a description of the interest,
relationship or position that triggers the application of the
relevant factor.
Compliance with recommendations during the year ended
31 March 2026:
All of the information detailed in the recommendation is included
in the Annual Report and can be found in the Directors Profiles,
Corporate Governance Statement (Principle 2) and Shareholder
and Statutory Information sections.
ANNUAL REPORT 2026CORPORATE GOVERNANCE STATEMENT | 19

RECOMMENDATION 2.5
An issuer should have a written diversity policy which includes
requirements for the board or a relevant committee of the board
to set measurable objectives for achieving diversity (which, at a
minimum, should address gender diversity) and to assess annually
both the objectives and the entity’s progress in achieving them.
An issuer within the S&P/NZX 20 Index at the commencement of its
reporting period should have a measurable objective for achieving
gender diversity in relation to the composition of its board, that is
to have not less than 30% of its directors being male and not less
than 30% of its directors being female, within a specified period.
An issuer should disclose its diversity policy or a summary of it.
Compliance with recommendations during the year ended
31 March 2026:
The Board recognises the wide-ranging benefits that diversity brings
to an organisation.
The Company’s diversity policy is included in the Company’s Board
Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
The Board has set gender diversity targets to have a minimum of 30%
female Directors and 30% female management.
The gender composition of the Company’s Directors and officers
is included above. As at 31 March 2026 25% of Directors and 25%
of Management are female. The composition of female officers has
subsequently increased to 40% following the appointment of a new
Corporate Counsel and Company Secretary.
RECOMMENDATION 2.6
Directors should undertake appropriate training to remain current
on how to best perform their duties as directors of an issuer.
Compliance with recommendations during the year ended
31 March 2026:
The Company’s Board understands their obligations as Directors
of a publicly listed Company and undertake training when necessary
to remain current on how to best perform their duties. In November
2021 the Board adopted a Board skills matrix to assess training and
development needs and have reviewed this during the year to
31 March 2026.
RECOMMENDATION 2.7
The board should have a procedure to regularly assess director,
board and committee performance.
Compliance with recommendations during the year ended
31 March 2026:
Director and Board performance is considered crucial to the success
of the Group. The Board has a procedure for assessing Director,
Board and committee performance which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 2.8
A majority of the board should be independent directors.
Compliance with recommendations during the year ended
31 March 2026:
As detailed in the Board Composition section above, as at 31 March
2026, two of the four Directors have been identified as Independent
Directors of the Company, and one of the Non-Independent
Directors, have been identified as Non-Executive.
The Board continues to assess the Board composition on
a regular basis.
The Board considers that the composition of the Board during
the financial year ended 31 March 2026 was satisfactory to make
decisions in the best interests of the entity and its shareholders.
In addition to this, the Board charter provides the opportunity for
Non-Executive Directors to regularly confer without Executive
Directors or other Senior Executives present. Any Directors who
are conflicted on certain matters are unable to participate in the
decisions made in relation to those matters.
RECOMMENDATION 2.9
An issuer should have an independent chair of the board.
Compliance with recommendations during the year ended
31 March 2026:
The Chair of the Board, Rewi Hamid Bugo, has been assessed as
a Non-Independent Director. Whilst this does not meet the Code
recommendation, the Board believes that the current Chair continues
to contribute to a culture of openness and constructive challenge
that allows for diversity of views to be considered by the Board.
RECOMMENDATION 2.10
The chair and the CEO should be different people.
Compliance with recommendations during the year ended
31 March 2026:
The Chair and the CEO roles were held by different individuals.
Principle 3 –
Board Committees
“ The board should use committees where this will enhance
its effectiveness in key areas, while still retaining board
responsibility.”
RECOMMENDATION 3.1
An issuer’s audit committee should operate under a written
charter. Membership on the audit committee should be majority
independent and comprise solely of non‑executive directors of the
issuer. The chair of the audit committee should be an independent
director and not the chair of the board.
Compliance with recommendation during the year ended
31 March 2026:
General Capital Limited has an Audit Committee which as at
31 March 2026 comprised the following Non-Executive Directors.
Gregory Stephen James (Chair of the Audit Committee, Independent
Director)
Anita Maria Killeen (Independent Director)
Rewi Hamid Bugo (Non-Executive Director)
The Audit Committee operates under a written charter, and its
responsibilities include the following:
1. Ensuring that processes are in place and monitoring those
processes so that the board is properly and regularly informed
and updated on corporate financial matters;
2. Recommending the appointment and removal of the
independent auditor;
3. Meeting regularly to monitor and review the independent and
internal auditing practices;
20 | GENERAL CAPITAL

4. Having direct communication with and unrestricted access to the
independent auditor and any internal auditors or accountants;
5. Reviewing the financial reports and advising all Directors whether
they comply with the appropriate laws and regulations; and
6. Ensuring that the Key Audit Partner is changed at least every
5 years.
The Audit Committee comprises a majority of Independent Directors
and no Executive Directors. Gregory Stephen James has a financial
background in accordance with the requirements of NZX Listing
Rule 2.13.1.
The Company’s Audit Committee Charter has been published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 3.2
Employees should only attend audit committee meetings at the
invitation of the audit committee.
Compliance with recommendation during the year ended
31 March 2026:
Non-Committee members, including employees, only attend Audit
Committee meetings at the invitation of the Chair of the Audit
Committee.
RECOMMENDATION 3.3
An issuer should have a remuneration committee which operates
under a written charter (unless this is carried out by the whole
board). At least a majority of the remuneration committee should
be Independent Directors. Management should only attend
Remuneration Committee meetings at the invitation of the
Remuneration Committee.
Compliance with recommendations during the year ended
31 March 2026:
The Board has a Remuneration Committee. Employees only attended
meetings at the invitation of the Board. The responsibilities of the
Remuneration Committee include recommending remuneration
packages for Directors for consideration by shareholders and to
approve Managing Director and Senior Management remuneration.
A Remuneration Committee meeting was held on 30 March 2026 and
the majority of the Committee members are Independent Directors.
As at 31 March 2026, the Remuneration Committee comprised the
following Non-Executive Directors:
Gregory Stephen James (Chair of the Remuneration Committee,
Independent Director)
Donald Hattaway (Independent Director, Chairman of General
Finance Limited)
Rewi Hamid Bugo (Non-Executive Director)
The Company’s remuneration policy is included in the Company’s
Board Policies and Procedures document and the Remuneration
Charter is published on the Company’s website at www.gencap.
co.nz/corporate-governance.
RECOMMENDATION 3.4
An issuer should establish a nomination committee to recommend
director appointments to the board (unless this is carried out by
the whole board) should operate under a written charter. At least
a majority of the nomination committee should be independent
directors.
Compliance with recommendation during the year ended
31 March 2026:
Nomination committee responsibilities were dealt with by the full
Board during the year ended 31 March 2026.
The Company’s nomination procedure is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 3.5
An issuer should consider whether it is appropriate to have
any other board committees as standing board committees. All
committees should operate under written charters. An issuer
should identify the members of each of its committees, and
periodically report member attendance.
Compliance with recommendations during the year ended
31 March 2026:
Given the size and scale of the Company’s business and the
resources available, the Board has not considered it necessary to
have any other Board committees during the year. The Board will
review this periodically.
RECOMMENDATION 3.6
The board should establish appropriate protocols that set out the
procedure to be followed if there is a takeover offer for the issuer
including any communication between insiders and the bidder.
It should disclose the scope of independent advisory reports
to shareholders. These protocols should include the option of
establishing an independent takeover committee, and the likely
composition and implementation of an independent takeover
committee.
Compliance with recommendation during the year ended 31
March 2026:
The Company has a written takeover response procedure approved
by the Board.
Principle 4 –
Reporting & Disclosure
“ The board should demand integrity in financial and non-
financial reporting, and in the timeliness and balance of
corporate disclosures.”
RECOMMENDATION 4.1
An issuer’s board should have a written continuous disclosure
policy.
Compliance with recommendations during the year ended
31 March 2026:
The Company’s Board is committed to keeping investors and the
market informed of all material information about the Company and
its performance in line with the NZX listing rules and has done so
throughout the period.
The Company’s continuous disclosure policy is included in the
Company’s Board Policies and Procedures document which
is published on the Company’s website at www.gencap.co.nz/
corporate-governance.
ANNUAL REPORT 2026CORPORATE GOVERNANCE STATEMENT | 21

RECOMMENDATION 4.2
An issuer should make its code of ethics, board and committee
charters and the policies recommended in the NZX Code, together
with any other key governance documents, available on its website.
Compliance with recommendations during the year ended
31 March 2026:
Key governance documents that have been adopted by the Company
are published on the Company’s website at www.gencap.co.nz/
corporate-governance.
RECOMMENDATION 4.3
Financial reporting should be balanced, clear and objective.
Compliance with recommendations during the year ended
31 March 2026:
The Board is responsible for ensuring that the financial statements
give a true and fair view of the financial position of the Group
and have been prepared using appropriate accounting policies,
consistently applied and supported by reasonable judgements
and estimates and for ensuring all relevant financial reporting and
accounting standards have been followed.
For the financial year ended 31 March 2026, the Directors believe
that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of
the Company and the Group and facilitate compliance of the financial
statements with the Financial Reporting Act 2014.
The Managing Director and Chief Financial Officer have confirmed in
writing to the Board that the Company’s financial reports present a
true and fair view in all material aspects.
RECOMMENDATION 4.4
An issuer should provide non-financial disclosure at least annually,
including considering material exposure to environmental, social
sustainability and governance factors and practices. It should
explain how operational or non-financial targets are measured.
Non-financial reporting should be informative, include forward
looking assessments, and align with key strategies and metrics
monitored by the board.
Compliance with recommendations during the year ended
31 March 2026:
Due to its nature and size the Company did not provide non-financial
disclosure during the financial year ending 31 March 2026. The
Company continues to assess how and to what extent it should
report on non-financial information such as environmental, social
and governance matters (ESG) as it grows.
Principle 5 –
Remuneration
“ The remuneration of directors and executives should be
transparent, fair and reasonable.”
RECOMMENDATION 5.1
An issuer should have a remuneration policy for the remuneration
of directors. An issuer should recommend director remuneration
packages to shareholders for approval in a transparent manner.
Actual director remuneration should be clearly disclosed in the
issuer’s annual report.
Compliance with recommendation during the year ended
31 March 2026:
The Company’s remuneration policy which covers Directors is
included in the Company’s Board Policies and Procedures document
which is published on the Company’s website at www.gencap.co.nz/
corporate-governance.
Actual Director remuneration is disclosed in the Shareholder and
Statutory Information section of this Annual Report.
RECOMMENDATION 5.2
An issuer should have a remuneration policy for remuneration of
executives which outlines the relative weightings of remuneration
components and relevant performance criteria.
Compliance with recommendations during the year ended
31 March 2026:
Remuneration of executives has been determined in line with the
process noted under recommendation 3.3 above and in accordance
with the Company’s remuneration policy.
The Company’s remuneration policy is included in the Company’s
Board Policies and Procedures document which is published on the
Company’s website at www.gencap.co.nz/corporate-governance.
RECOMMENDATION 5.3
An issuer should disclose the remuneration arrangements in place
for the CEO in its annual report. This should include disclosure of
the base salary, short-term incentives and long-term incentives
and the performance criteria used to determine performance‑
based payments.
Compliance with recommendations during the year ended
31 March 2026:
Information in relation to the remuneration arrangements in place
for Brent Douglas King (Managing Director) is included in the
Shareholder and Statutory Information section of this Annual Report.
Principle 6 –
Risk Management
“ Directors should have a sound understanding of the
material risks faced by the issuer and how to manage
them. The Board should regularly verify that the issuer has
appropriate processes that identify and manage potential
and material risks.”
RECOMMENDATION 6.1
An issuer should have a risk management framework for its
business and the issuer’s board should receive and review regular
reports. An issuer should report on material risks facing the
business and how these are being managed.
22 | GENERAL CAPITAL

(c) to address what, if any, services (whether by type or level) other
than their statutory audit roles may be provided by the auditors
to the issuer; and
(d) to provide for the monitoring and approval by the issuer’s audit
committee of any service provided by the external auditors to
the issuer other than in their statutory audit role.
Compliance with recommendations during the year ended
31 March 2026:
In accordance with the Company’s Board charter and Audit
Committee charter, the Board in conjunction with the Audit
Committee were responsible for oversight of and communication
with the external auditor and reviewed the quality and cost of the
audit undertaken by the Company’s external auditor. The Board in
conjunction with the Audit Committee also assesses the auditor’s
independence on an annual basis.
For the financial year ended 31 March 2026, Grant Thornton New
Zealand Audit Limited was the external auditor for the Company.
The statutory audit services are fully separated from non-audit
services to ensure that appropriate independence is maintained.
The amount of fees paid for audit and other services is identified in
note 15 in the notes to the consolidated financial statements.
Grant Thornton New Zealand Audit Limited has provided the Board
with written confirmation that, in their view, they were able to operate
independently during the year.
RECOMMENDATION 7.2
The external auditor should attend the issuer’s Annual Meeting to
answer questions from shareholders in relation to the audit.
Compliance with recommendations during the year ended
31 March 2026:
Grant Thornton New Zealand Audit Limited is invited to attend
the annual meeting, and the lead audit partner is expected to be
available to answer questions from shareholders at that meeting.
Grant Thornton New Zealand Audit Limited attended the annual
shareholder meetings in prior years and will also attend the annual
meeting in 2026.
RECOMMENDATION 7.3
Internal audit functions should be disclosed.
Compliance with recommendations during the year ended
31 March 2026:
The Group has internal controls in place including monitoring and
checking that internal controls are operating effectively. Due to
its current size, the Board believes that it was uneconomic and
unnecessary for the Company to have a dedicated internal auditor
role during the period. To enhance the internal control environment,
the Board has subsequently appointed an internal auditor.
Compliance with recommendations during the year ended
31 March 2026:
The Group is committed to proactively managing risk and this has
been the responsibility of the entire Board with the assistance of
the Audit Committee during the period. The Board delegates day
to day management of risks to the Managing Director, CFO and the
Corporate Counsel. The executive team and senior management are
required to regularly identify the major risks affecting the business
and develop structures, practices and processes to manage and
monitor these risks and report regularly to the Audit Committee
and Board.
The Company’s Risk Management and Compliance framework
has been reviewed and approved by the Board in the year ended
31 March 2026. The Risk Management Programme includes a
Risk Management Plan, Group Risk Register and a Compliance
Obligations Register. The Programme is further supported by a
number of policies focusing on various key risks for the Group
including credit, liquidity, operational and market risk.
The Group also maintains insurance policies that it considers
adequate to meet its insurable risks.
RECOMMENDATION 6.2
An issuer should disclose how it manages its health and safety risks
and should report on its health and safety risks, performance and
management.
Compliance with recommendations during the year ended
31 March 2026:
The Group operates with a small number of employees in a relatively
low-health and safety risk office environment. Despite this, the
Board recognises that effective management of health and safety is
essential for the operation of a successful business, and endeavours
to prevent harm and promote wellbeing for employees, contractors
and customers.
The Board is responsible for ensuring that the systems used to
identify and manage health and safety risks are fit for purpose,
being effectively implemented, regularly reviewed and continuously
improved. All new incidents, near misses, or hazards identified are
reported to the Board by the Health and Safety Officer.
Principle 7 –
Auditors
“ The board should ensure the quality and independence of the
external audit process.”
RECOMMENDATION 7.1
The board should establish a framework for the issuer’s relationship
with its external auditors. This should include procedures:
(a) for sustaining communication with the issuer’s external
auditors;
(b) to ensure that the ability of the external auditors to carry out
their statutory audit role is not impaired or could reasonably be
perceived to be impaired;
ANNUAL REPORT 2026CORPORATE GOVERNANCE STATEMENT | 23

RECOMMENDATION 8.5
The board should ensure that the notices of annual or special
meetings of quoted equity security holders are posted on the
issuer’s website as soon as possible and at least 20 working days
prior to the meeting.
Compliance with recommendation during the year ended
31 March 2026:
The Board encourages shareholder participation in meetings and
understands that shareholders need sufficient time to consider
information prior to meetings. The notice of the 2026 annual meeting
and extraordinary meeting will be posted on the Company’s website
more than 20 working days prior to the meeting, as done for the prior
year meetings.
Principle 8 –
Shareholder Rights & Relations
“ The board should respect the rights of shareholders and
foster constructive relationships with shareholders that
encourage them to engage with the issuer.”
RECOMMENDATION 8.1
An issuer should have a website where investors and interested
shareholders can access financial and operational information and
key corporate governance information about the issuer.
Compliance with recommendations during the year ended
31 March 2026:
Financial statements, NZX announcements and Directors’ profiles
are included on the website at www.gencap.co.nz. Key governance
documents that have been adopted by the Company are published
on the Company’s website at www.gencap.co.nz/corporate-
governance.
RECOMMENDATION 8.2
An issuer should allow investors the ability to easily communicate
with the issuer, including by designing its shareholder meeting
arrangements to encourage shareholder participation and by
providing shareholders the option to receive communications from
the issuer electronically.
Compliance with recommendations during the year ended
31 March 2026:
The Company has opted for a traditional, in-person annual
shareholder meeting for 2026, keeping it consistent with prior
years. The Board will continue to assess whether to use a hybrid
meeting format in the future taking into account shareholder
feedback. All shareholders are given the option to receive electronic
communications from the Company.
RECOMMENDATION 8.3
Quoted equity security holders should have the right to vote on
major decisions which may change the nature of the company in
which they are invested in.
Compliance with recommendations during the year ended
31 March 2026:
Shareholders have been given the right to vote on all major decisions
in line with the NZX Rules during the year ended 31 March 2026.
RECOMMENDATION 8.4
If seeking additional equity capital, issuers of quoted equity
securities should offer further equity security holders of the same
class on a pro rata basis and on no less favourable terms, before
further equity securities are offered to other investors.
Compliance with recommendations during the year ended
31 March 2026:
During the year ended 31 March 2026 no capital raising activities
were undertaken.
Should the Directors of the Company seek additional capital raising in
the future they will consider whether the offer will be extended to all
shareholders at that time.
24 | GENERAL CAPITAL

ANNUAL REPORT 2026CORPORATE GOVERNANCE STATEMENT | 25

05
INDEPENDENT
AUDITORS’
REPORT
26 | GENERAL CAPITAL

ANNUAL REPORT 2026INDEPENDENT AUDITORS’ REPORT
|
27

Grant Thornton New Zealand Audit Limited
Level 4, Grant Thornton House
152 Fanshawe Street
Auckland Central
Auckland 1010

T +64 9 308 2570
www.grantthornton.co.nz



Grant Thornton New Zealand Audit Limited is a related entity of Grant Thornton New Zealand Limited. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide
services to their clients and/or refers to one or more member firms as the context requires. Grant Thornton New Zealand Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and
the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and
its member firms are not agents of and do not obligate one another and are not liable for one another’s acts or omissions. In the New Zealand context only, the use of the term ‘Grant Thornton’ may refer
to Grant Thornton New Zealand Limited and its New Zealand related entities.











To the Shareholders of General Capital Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position
of General Capital Limited as at 31 March 2026, and its consolidated financial performance and consolidated cash flows for
the year then ended in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS)
issued by the New Zealand Accounting Standards Board and IFRS Accounting Standards issued by the International
Accounting Standards Board.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) issued by the New
Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of
the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor and the provision of other assurance services, we have no relationship with, or interests
in, the Group.
Key Audit Matters
Independent Auditor’s Report

28 | Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd.
We have audited the consolidated financial statements of General Capital Limited (the “Company”) and its subsidiaries (the
“Group ”) on pages 34 to 73 which comprise the consolidated statement of financial position as at 31 March 2026, and the
consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of
cashflows for the year then ended, and notes to the consolidated financial statements, including material accounting policy
information.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.

Why the audit matter is significant How our audit addressed the key audit matter
Allowance for impairment losses from loan
receivables
The allowance for impairment losses from loan
receivables to customers amounts to $ 600,771 in the
consolidated financial statements as at 31 March 2026.
The assessment of the allowance for impairment losses
(expected credit losses) is complex and requires
significant judgement and estimation. Key areas of
judgment included the identification of loans with an
increase in credit risk and assumptions used in the credit
loss model, for both the 12-month and lifetime expected
credit losses.
This was a key audit matter due to the significance of the
judgements and estimates applied in determining the
allowance for impairment losses from loan receivables in
the consolidated financial statements.
The principles for determining the allowance for
impairment losses from loan receivables are described in
Note 4.1 and the review of the allowance for impairment
losses is disclosed in Note 6 of the consolidated financial
statements.
We have:
• For the collective provisioning model, we:
• We assessed the appropriateness of the Group
disclosures in the consolidated financial statements
against the requirements of the accounting standards.



Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd. | 29
• Obtained an understanding of the lending processes and
controls and models used to determine the allowance for
impairment losses from loan receivables, including event
identification, collateral valuation and how management’s
estimates and judgements are determined.
• For a selection of loans issued by the Group , we
inspected the loan agreement and other available
information that formed part of management’s loan
approval process (such as credit scores and security
details), and reviewed management’s approval process
controls, to determine whether loans were appropriately
approved and that the information available supported
any conclusions reached about the expected credit loss
at that point.
• We identified loans for which we believed there may be
indicators of impairment. We considered management’s
conclusions regarding impairment for each of these loans
individually.
• For each significant identified loan with indicators of
impairment, we tested whether there was adequate
security against each loan advanced in order to recover
the outstanding balance. Where provided, we considered
the adequacy of third-party valuations, and also verified
any prior ranking securities to independent sources.
(a) Recalculated the provision based on the input factors

identified by management as part of the expected
credit loss methodology; and
(b) Assessed the calculation of the expected credit losses
model against the requirements of NZ IFRS 9
Financial Instruments for the recognition and
measurement of 12-month and lifetime expected
credit losses on financial assets; and
(c) Assessed the judgements made by management
regarding the assumptions used for the expected
credit loss methodology, including challenging the
appropriateness of current and future external
factors.

Why the audit matter is significant How our audit addressed the key audit matter
Impairment assessment of goodwill
The Group is carrying a goodwill balance of $ 3, 612,827
in the consolidated financial statements as at 31 March
2026.
This matter was considered to be a key audit matter as:
• annual impairment tests involve complex and
subjective estimation and judgement by
Management on the future performance of the
associated Cash Generating Units (CGU ’s),
discount rates applied to the future cashflow
forecasts and future market and economic
conditions. Change in assumptions and the
methodology applied may have a material impact
on the measurement of the impairment of goodwill.
Management has completed the annual impairment test
for each CGU as at 31 March 2026, and the
measurement of the CGU ’s recoverable amount includes
the assessment and calculation of its ‘value-in-use’.
The principles for determining and analysing the
impairment of goodwill are described in Note 4.2 and the
review of the accumulated impairment is disclosed in
Note 1 0 of the consolidated financial statements.
We have:

Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the information included in the Annual
Report but does not include the consolidated financial statements and our auditor’s report thereon. Our opinion on the
consolidated financial statements does not cover the other information and we do not express any form of audit opinion or
assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
30 | Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd.
• Obtained an understanding of the Group’s internal
controls relevant to the accounting estimates used to
determine the recoverable value of the relevant CGU ’s
and assessed for reasonableness.
• Evaluat ed Management’s determination of the associated
CGU ’s based on our understanding of the nature of the
Group’s business and the economic environment in
which the Group operates.
• Challenged Management’s assumptions and estimates
used to determine the recoverable value of the
associated CGU ’s, including those relating to forecasted
revenue, expenditure and discount rates applied.
• Evaluat ed the logic of the value-in-use calculations
supporting Management’s annual impairment test and
testing the mathematical accuracy of these calculations.
• Evaluat ed Management’s process regarding the
preparation and review of forecast financial statements
(statement of financial position, statement of
comprehensive income, and cash flow statement),
including comparing forecasts to Board approved
forecasts, and evaluating the historical accuracy of the
Group’s forecasting to actual historical performance.
• Engaged our own internal valuation experts to evaluate
the logic of the value-in-use calculations and the inputs
to the calculation of the discount rates applied, including
evaluating the key inputs and any underlying assumptions

with a view to identifying Management bias.
• Perform ed our own sensitivity analyses for reasonably
possible changes in key assumptions, the two main
assumptions being: the discount rate and forecast growth
assumptions.
• Evaluat ed the related disclosures (including the
accounting policies and accounting estimates) around
goodwill, which are included in the Group’s consolidated
financial statements.

Directors’ responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial
statements in accordance with New Zealand equivalents to International Financial Reporting Standards issued by the New
Zealand Accounting Standards Board and IFRS Accounting Standards issued by the International Accounting Standards
Board, and for such internal control as the Directors determine is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group fo r assessing the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unles s the Director s either int end to liquidate the Gr oup or to ceas e operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but it is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reas onably be expected to influence the economic decisions of users tak en on the basis of these
consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is located on the
External Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report -1/
Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that we might
state to the Company’s shareholders, as a body, those matters which we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Company and its shareholders, as
a body, for our audit work, for this report or for the opinion we have formed.
Grant Thornton Ne w Zealand Audit Limited
Ryan Campbell
Partner
Auckland
22 June 2026
Chartered Accountants and Business Advisers Member of Grant Thornton International Ltd. | 31

06
CONSOLIDATED
FINANCIAL
STATEMENTS
32 | GENERAL CAPITAL

ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS
|
33

NOTE20262025 RESTATED
$$
Interest income
924,793,21621,536,757
Interest expense
9(15,177,669)(12,657,171)
Net interest income
9,615,5478,879,586
Fee and commission income
91,368,136870,151
Fee and commission expense
9(7,787)(19,735)
Net fee and commission income
1,360,349850,416
Revenue from contracts with customers
9516,607162,179
Cost of sales
9(8,157)(18,103)
Gross profit from contracts with customers
508,450144,076
Other income
982,80163,063
Gross Profit
11,567,1479,937,141
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
10(492,527)(72,306)
Loss on sale of asset
-(50,000)
Other operating expenses
15(3,526,050)(3,295,758)
Total operating expenses
(7,571,772)(6,000,268)
Profit before income tax expense
3,995,3753,936,873
Income tax expense
16(1,271,042)(1,131,073)
Net profit after income tax expense
2,724,3332,805,800
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
12(b)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
2,753,5502,679,176
Earnings per share (cents per share)
132.973.09
Diluted earnings per share (cents per share)
132.973.09
The accompanying notes are an integral part of these consolidated financial statements.
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2026
34 | GENERAL CAPITAL

NOTE20262025
$$
Equity
Share capital
12(a)21,817,77121,811,606
Accumulated earnings
9,480,1507,704,556
Reserves
12(b)-(275,000)
Total equity
31,297,92129,241,162
Assets
Cash and cash equivalents
522,822,00635,991,256
Accounts receivables
34,66523,178
Related party receivables
1867,809102,393
Other current assets
487,590510,629
Bank deposits
513,006,72925,042,836
Loan receivables
6242,507,633151,101,609
Property, plant and equipment
430,398436,175
Deferred tax asset
16.254,143153,105
Intangible assets and goodwill
104,317,6434,823,187
Total assets
283,728,616218,184,368
Liabilities
Accounts payable and other payables
3,932,4013,671,025
Related party payables
1831,0245,959
Term deposits
7248,020,699184,680,424
Income tax payable
446,571369,720
Deferred tax liabilities
16.2-216,078
Total liabilities
252,430,695188,943,206
Net assets
31,297,92129,241,162
The accompanying notes are an integral part of these consolidated financial statements
Rewi Hamid Bugo — Chairman
Brent Douglas King — Managing Director
The financial statements are signed on behalf of the Board.
Authorised for issue on: 22-Jun-2026
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 35

NOTESHARE
CAPITAL
RESERVESACCUMULATED
EARNINGS
TOTAL EQUITY
$$$$
Balance at 31 March 2024
21,561,120(130,768)5,381,06426,811,416
Profit for the year
--2,805,8002,805,800
Other comprehensive income for the year
12(b)-(126,624)-(126,624)
Total comprehensive income for the year
-(126,624)2,805,8002,679,176
Transfer fair value reserve to retained earning for FVTOCI
14-(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)
Balance at 31 March 2025
21,811,606(275,000)7,704,55629,241,162
Profit for the year
--2,724,3332,724,333
Other comprehensive income for the year
-29,217-29,217
Total comprehensive income for the year
-29,2172,724,3332,753,550
Transfer fair value reserve to retained earning for FVTOCI
12(b)-245,783(245,783)-
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs
12(a)6,165--6,165
Dividend paid
--(702,956)(702,956)
Balance at 31 March 2026
21,817,771-9,480,15031,297,921
The accompanying notes are an integral part of these consolidated financial statements.
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2026
36 | GENERAL CAPITAL

NOTE20262025 RESTATED
$$
Cash flow from operating activities
Interest received
25,666,402 22,431,262
Receipts from customers
1,209,392464,912
Other income
75,36158,877
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
4,170,5037,840,288
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
17(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
35,991,25615,303,073
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
522,822,00635,991,256
The accompanying notes are an integral part of these consolidated financial statements.
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASHFLOWS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 37

NOTE 1: REPORTING ENTITY
General Capital Limited (“the Company”) is incorporated and domiciled in New Zealand. General Capital Limited is registered
under the Companies Act 1993.
General Capital Limited is a FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013.
The consolidated financial statements of General Capital Limited and its subsidiaries (together “the Group”) have been prepared in
accordance with the Companies Act 1993 and the Financial Markets Conduct Act 2013.
NOTE 2: BASIS OF PREPARATION
These financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand
(“NZ GAAP”). They comply with New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”) and other
applicable Financial Reporting Standards, as appropriate for profit oriented entities. These consolidated financial statements also
comply with International Financial Reporting Standards (“IFRS”) and accounting standards issued by the International Accounting
Standards Board.
The financial statements are presented in New Zealand dollars which is the Group’s functional currency and the presentation
currency. Unless otherwise indicated, amounts in the financial statements have been rounded to the nearest dollar.
These financial statements have been prepared on a going concern basis, which contemplates continuity of normal business
activities and the realisation of assets and the settlement of liabilities in the ordinary course of business, in accordance with
historical cost concepts, as modified by the fair value of certain assets and liabilities as identified in the accounting policies below.
NOTE 3: MATERIAL ACCOUNTING POLICIES
3.1 Revenue and expense recognition
(a) Interest income and interest expense
Interest income and interest expense are recognised in profit or loss using the effective interest method. The effective interest
method calculates the amortised cost of a financial asset or liability and allocates the interest income and directly related fees
(including loan origination fees) and transaction costs (including commission expenses) that are an integral component of the
effective interest rate over the expected life of the financial asset or liability.
For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the
effective interest rate to the amortised cost of the financial asset. If, in subsequent reporting periods, the credit risk on the
credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is
recognised by applying the effective interest rate to the gross carrying amount of the financial asset.
(b) Fee and commission income and expense
Lending fees income and expense not directly related to the origination of a loan (account maintenance fee & cancellation fee)
are recognised over the period of service.
(c) Revenue from contracts with customers:
Advisory fee revenue
Advisory contracts generally span a period of three months to one and a half years. Management determine the performance
obligation(s) inherent in the contract at contract inception and recognise revenue upon completion of each of the performance
obligations. Performance obligations include advice provided to the entity and sometimes include the success of a project.
There are specific billing milestones built into each contract and payment is generally due within 30 to 60 days of the
milestone.
Assets and liabilities arising from revenue from contracts with customers
Accounts receivables are non-interest bearing and are generally on terms of 30 to 60 days.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
38 | GENERAL CAPITAL
The Group is a for profit entity.
The Group’s principal ac tivities are:
- Finance (deposit taking, mortgage lending, and insurance premium funding);
- Research and advisory (listing and capital management).
The consolidated financial statements were authorised for issue by the directors on 22 June 2026

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
3.2 Financial instruments
Initial recognition
Financial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition.
Financial assets
All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the
classification of the financial assets.
Classification of financial assets
Financial assets that meet the following conditions are measured subsequently at amortised cost:
- the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash
flows; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial assets that meet the following conditions are measured subsequently at fair value through other comprehensive income
(FVTOCI):
- the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling the financial assets; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
The Group’s financial assets measured at amortised cost include cash and cash equivalents, bank deposits, trade receivables,
loan receivables, and other receivables. The Group’s assets measured at FVTOCI include investment in equities. The Group has no
assets measured at fair value through profit or loss (FVTPL).
Financial assets at FVTOCI (Equity Instruments)
On initial recognition, the Group made an irrevocable election (on an instrument-by-instrument basis) to designate investments in
equity instruments as at FVTOCI.
Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are
measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and
accumulated in the financial assets at FVOCI reserve. The cumulative gain or loss is not reclassified to profit or loss on disposal of
the equity investments, instead, it is transferred to retained earnings.
The Group has designated all investments in equity instruments as at FVTOCI on initial recognition.
Modification of financial assets
When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification
does not result in the derecognition of that financial asset, the Group recalculates the gross carrying amount of the financial asset
and recognises a modification gain or loss in profit or loss. The gross carrying amount of the financial asset is recalculated as the
present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset’s original effective
interest rate. Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the
remaining term of the modified financial asset.
Impairment of Financial Assets
The Group recognises a loss allowance for expected credit losses on financial assets that are measured at amortised cost.
The amount of expected credit losses is updated at each reporting date to reflect a significant change in credit risk since initial
recognition of the respective financial assets.
The Group recognises lifetime expected credit losses (ECL) for loan, trade and other receivables. The expected credit losses on
these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for
factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast
direction of conditions at the reporting date, including time value of money where appropriate.
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 39

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
Due to the nature of loan receivables from insurance premium lending, the Group can get a refund from the insurance company
for the loan balance in the event of client default. Furthermore, there is no historical credit loss from insurance premium lending.
Accordingly, the notes below relate only to mortgage lending.
For loan receivables (excluding insurance premium funding), the Group applies a three-stage approach to measuring ECL.
Loans may migrate through the following stages based on their change in credit quality.
Stage 112-month ECL (past due 30 days or less)
Where there has been no evidence of a significant increase in credit risk since initial recognition, ECL that result
from possible default events within 12 months are recognised.
Stage 2Lifetime ECL not credit impaired (between 30 and 90 days past due)
Where there has been a significant increase in credit risk, ECL that result from all possible default events over the
life of the loan are recognised.
Stage 3Lifetime ECL credit impaired (greater than 90 days past due)
Where loans are in default or otherwise credit impaired, ECL that result from all possible default events over the life
of the loan are recognised.
(i) Significant increase in credit risk
In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Group compares
the risk of a default occurring on the financial asset at the reporting date with the risk of a default occurring on the financial asset
at the date of initial recognition. In making this assessment, the Group considers its historical loss experience and adjusts this for
current observable data. This data includes any payment defaults by the borrower, known or expected defaults by the borrower on
similar obligations (other loans), uninsured deterioration of the security property and any changes in the borrowers circumstances
which could impact on their ability to repay either interest or principal amounts on their due date. The Group also considers
changes or forecast changes to macroeconomic factors including property prices, unemployment, interest rates, gross domestic
product and inflation.
The nature of the Group’s loan receivables (excluding insurance premium funding) is property lending with a predominant focus
on the underlying security value of the loan receivable (i.e. the residential property value) in the credit assessment. The loans are
predominantly advanced on twelve-month terms but range between three-month and four-year terms. Credit risk information is
updated and monitored regularly. Loan receivables are subject to ongoing scrutiny, as a key component of credit risk management,
with reporting of summarised credit risk information to the Group’s directors on at least a monthly basis.
Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased
significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable
and supportable information that demonstrates otherwise, for instance when the Group is made aware of a property sale and
purchase agreement or refinancing agreement which provides sufficient evidence that all of the borrower’s obligations including
default interest will be met. The Group regularly monitors the effectiveness of the criteria used to identify whether there has been
a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant
increase in credit risk before the amount becomes past due.
(ii) Definition of default
The Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has
reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate, for instance
when the Group is made aware of a property sale and purchase agreement or refinancing agreement which provides sufficient
evidence that all of the borrower’s obligations including default interest will be met.
(iii) Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows
of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the
following events:
a) an increase in loan to valuation ratio caused by either declining property security values or increases in the loan balance;
b) significant financial difficulty of the borrower; and
c) a breach of contract, such as a default or past due event (see (ii) above).
40 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
(iv) Write-off policy
The Group writes off a financial asset when there is information indicating that the borrower is in severe financial difficulty and
there is no realistic prospect of recovery, for example an unsecured financial asset whereby the borrower has no realistic ability
to meet their financial obligations to the Group. Financial assets written off may still be subject to enforcement activities under
the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in
profit or loss.
(v) Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the
loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on
historical data adjusted for forward-looking information including macroeconomic factors as described above. Given the Group’s
loan book is all secured over property, the single most significant factor for loss given default is the value of the security property,
any known or expected uninsured deterioration of the property, or any forecast reduction in property values.
In regards to insurance premium funding, there is a risk the borrowers might default on their loan repayments leading to financial
losses. We may manage this risk by requiring an upfront payment, a shorter lending term than the period of the insurance cover
and stringent credit monitoring enabling us to cancel the insurance in event of default by the borrower resulting in a refund of
insurance to mitigate any losses.
As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date.
For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the
Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective
interest rate. In instances where the probability of default has increased significantly (a significant increase in credit risk), or where
the loan is in default, the expected credit loss (or loss given default) may not increase significantly due to the Group’s lending
criteria which prohibits lending when the loan to valuation ratio (LVR) exceeds 75%.
This means in general that the Group expects that the present value of expected cash flows from a loan in default to approximate
the carrying value of the loan prior to the default event, except in cases where the LVR has increased considerably due to a
reduction in the security property valuation or a significant increase in the loan balance.
If the Group has measured the loss allowance for a financial asset at an amount equal to lifetime ECL in the previous reporting
period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the
loss allowance at an amount equal to 12-month ECL at the current reporting date.
The Group recognises an impairment gain or loss in profit or loss for all financial assets with a corresponding adjustment to their
carrying amount through a loss allowance account.
Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire.
On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum
of the consideration received and receivable is recognised in profit or loss.
Financial Liabilities
Classification of Financial Liabilities
Financial liabilities are measured at amortised cost.
At initial recognition financial liabilities are measured at fair value plus transaction costs that are directly attributable to the issue
of the financial liabilities. The amortised cost of a financial liability is the amount at which the financial liability is measured at initial
recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference
between that initial amount and the maturity amount.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense
over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including
all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums
or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a
financial liability.
The Group’s financial liabilities measured at amortised cost include other payables, and term deposits. The Group derecognises
financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference
between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in
profit or loss.
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 41

3.3 Cash and cash equivalents
Cash and cash equivalents includes demand deposits with an original term of less than or equal to 3 months which are considered
highly liquid investments that are readily convertible into cash and used by the Group as part of day-to-day cash management.
3.4 Intangible assets
Intangible assets comprise goodwill, acquired licences, Bartercard trade dollars, and customer relationship.
Goodwill and acquired licences are indefinite life intangibles subject to annual impairment testing. Goodwill is allocated to cash-
generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-
generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to
the respective operating segment or cash-generating units. Refer to notes 4.2, 10 and 19.
Licences acquired as part of business combinations are capitalised separately from goodwill as intangible assets if their value can
be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the
asset will flow to the Group.
Bartercard Trade Dollars are units of electronic currency held by the Group which can be used to pay for products and
services from other Bartercard members instead of paying in cash. They are non-monetary assets which are classified as
indefinite life intangible assets. The assets are recognised at cost less accumulated impairment losses. The trade dollars are
acquired as earned and consumed as utilised and are tested at least annually for impairment or when indication of an impairment
exist.An impairment loss is recognised whenever the carrying amount of a Bartercard exceeds its recoverable amount. The
estimated recoverable amount of intangible assets - Bartercard Trade Dollars are the greater of their fair value less costs to sell
or value in use. Trade debits arising from sales to customers and trade credits from purchases of services are recognised in the
statement of comprehensive income in the period in which the transaction occurs. Where trade credits are used to purchase an
asset, the asset is capitalised and recognised in the statement of financial position.
Computer software is recognised in the statement of financial position at cost less accumulated amortisation and impairment
losses. Direct costs associated with the purchase and installation of software licences and the development of software for
internal use are capitalised where project success is probable and the capitalisation criteria is met. Cost associated with planning
and evaluating computer software and maintaining a system after implementation are expensed. Computer software costs are
amortised on a straight-line basis (three years).
Customer relationship is recognised in the statement of financial position at cost less accumulated amortisation and impairment
losses. Direct costs associated with the purchase are capitalised to the cost. Customer relationship cost is amortised on a straight-
line basis (five years).
3.5 Taxation
Income tax for the period comprises current and deferred tax. Current and deferred tax are recognised as an expense or income
in the profit or loss, except when they relate to items that are recognised outside profit or loss (whether in other comprehensive
income or directly in equity), in which case the tax is also recognised outside profit or loss.
3.6 Standards and interpretations to published standards that are not yet effective
NZ IFRS 18 was issued in May 2024 and will apply to reporting periods commencing 1 January 2027. Most of the presentation and
disclosure requirements will largely remain unchanged together with other disclosures carried forward from NZ IAS 1. NZ IFRS 18
primarily introduces the following:
(i) a defined structure for the statement of comprehensive income by classifying items into one of the five categories: operating,
investing, financing, income taxes and discontinued operations. Entities will also present expenses in the operating category by
nature, function, or a mix of both, based on facts and circumstances.
(ii) disclosure of management-defined performance measures in a single note together with reconciliation requirements.
(iii) additional guidance on aggregation and disaggregation principles (applied to all primary financial statements and notes).
Other new standards, amendments to standards and interpretations are issued but not yet effective. None of these are expected to
have a significant effect on the financial statements of the Group.
3.7 Business Combinations
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group
to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred
and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are expensed as incurred.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
42 | GENERAL CAPITAL

If the Group acquires a controlling interest in a business in which it previously held an equity interest, that equity interest is
remeasured to fair value at the acquisition date with any resulting gain or loss recognised in profit or loss or other comprehensive
income, as appropriate.
Consideration transferred as part of a business combination does not include amounts related to the settlement of pre-existing
relationships. The gain or loss on the settlement of any pre-existing relationship is recognised in profit or loss.
Assets acquired and liabilities assumed are measured at their acquisition-date fair values.
NOTE 4: SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS
There are a number of significant material accounting treatments which include complex or subjective material accounting
judgments and estimates that may affect the reported amounts of assets in these financial statements. Estimates and judgments
are continually evaluated and are based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
An explanation of the judgments and estimates made by the Group in the process of applying its accounting policies, that have the
most significant effect on the amounts recognised in the financial statements, are set out below.
4.1 Allowance for expected credit losses
Significant increase in credit risk
Expected credit losses (ECL) are measured as an allowance equal to 12-month ECL, or lifetime ECL for assets with a significant
increase in credit risk or in default or otherwise credit impaired. In assessing whether the credit risk of an asset has increased
significantly, the Group considers its historical loss experience and adjusts this for current observable data. This data includes
any payment defaults by the borrower, known or expected defaults by the borrower on similar obligations (other loans), uninsured
deterioration of the security property and any changes in the borrowers’ circumstances which could impact on their ability to repay
either interest or principal amounts on their due date. The Group also considers changes or forecast changes to macroeconomic
factors including property prices, unemployment, interest rates, gross domestic product and inflation.
Calculation of loss allowance
When measuring ECL the Group uses reasonable and supportable forward-looking information, which is based on assumptions for
the future movement of different economic drivers and how these drivers will affect each other.
Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due
and those that the Group would expect to receive, taking into account cash flows from collateral and integral credit enhancements.
Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical
data, assumptions and expectations of future conditions.
Expected credit losses:
1. Based on the history of the Group’s loan book over the last three years, the average annual write-offs as a percentage of the
average loan receivable balance over the same period was 0.17%.
2. The Group has concluded that adopting a more conservative estimate of 0.25% (March 2025: 0.25%) of the gross loan balance
is a more prudent and appropriate measure for anticipating potential losses over the next 12 months, compared to a less
conservative estimate of 0.20%. This approach aligns with the Group’s risk management strategy and ensures a more robust
provisioning for expected credit losses.
3. Lifetime ECL for loans with a significant increase in credit risk and for loans in default have been calculated based on the
Group’s expectations for discounted net cash flows from the respective loan receivables over the expected remaining life
of the loans.
4. There are no expected credit losses relating to the subsidiary Bridges Financial Services Limited (BFSL) as there is no credit
exposure in the event of non-payment.
4.2 Impairment analysis of goodwill and other indefinite life intangible assets
The carrying value of goodwill and indefinite life intangible assets (including licences and Bartercard trade dollars) is assessed
at least annually to ensure that it is not impaired. With regard to Goodwill and Licences, performing this analysis requires
management to estimate future cash flows to be generated by the cash-generating unit, which entails making judgements,
including the expected rate of growth of revenues and expenditures, assets and liabilities, and the resulting cashflows.
Judgements also need to be made about the appropriate discount rate to apply when valuing future cash flows.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 43

A sensitivity analysis performed by Management has highlighted that the carrying value of the Goodwill and other assets in the
research and advisory CGU are highly reliant on the achievement of revenue forecasts from advisory projects.
Management have performed a fair value less costs of disposal impairment test in relation to the carrying value of the Bartercard
trade dollars asset at 31 March 2026.
When conducting the impairment analysis of goodwill and other indefinite-life intangible assets, the Group has considered all
reasonably known and available information.
Expected impact on cash-generating units
1. Finance (Non-bank deposit taking / property lending) CGU - The Group performed an impairment test as at 31 March 2026
which shows that there is still significant headroom in the unit.
2. Finance (Insurance Premium Funding) CGU - The Group performed an impairment test as at 31 March 2026 which has resulted
in no impairment to the CGU.
3. Research and Advisory CGU - The Group performed an impairment test as at 31 March 2026 which has resulted in an
impairment of $378,730 to the CGU.
NOTE 5: CASH AND CASH EQUIVALENTS AND BANK TERM DEPOSITS
20262025
$$
Bank call deposits1
22,822,00635,991,256
Bank term deposits - Current Portion2
,
3
13,006,72925,042,836
Interest Rates:
1Bank call deposits: Between 0.00% and 2.35% (March 2025: Between 0.00% and 3.85%).
2Bank term deposits: Between 3.40% and 4.00% (March 2025: Between 4.30% and 6.20%).
3Current Portion of Bank term deposits is contractually repayable within 12 months.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
44 | GENERAL CAPITAL

NOTE 6: LOAN RECEIVABLES
20262025
$$
First mortgage advances
240,308,330147,690,833
Unsecured advances (insurance premium funding)
6,107,8426,291,426
246,416,172153,982,259
Less deferred fee income and expenditure
(3,307,768)(2,511,423)
Less impairment allowance
(600,771)(369,227)
Net carrying value
242,507,633151,101,609
Current portion
184,859,765 107,108,064
Non‑current portion
57,647,86843,993,545
242,507,633151,101,609
Primary loan security - first mortgage
2026202620252025
$%$$
Residential housing
222,543,66690.3%133,081,84186.4%
Residential bare land
17,764,6647.2%11,496,0607.5%
Residential development property
-0.0%1,270,0980.8%
Commercial property1
-0.0%1,725,0271.1%
Other security
-0.0%117,8070.1%
Unsecured (insurance premium funding)
6,107,8422.5%6,291,4264.1%
246,416,172100.0%153,982,259100.0%
1The Group’s lending policy allows for a maximum of 30% of total lending to be secured over commercial properties. During the
year ended 31 March 2026 the Group had 0.0% of commercial lending (March 2025: 1.1%).
Loan receivables represent loans at commercial interest rates. Current loan receivables are contractually repayable within 12
months. Non-current loan receivables are contractually repayable within 12 to 36 months of reporting date.
At year end there was $1,696,563 in outstanding loan commitments (loans approved and accepted not yet drawn) including future
capitalised interest (March 2025: $2,739,657).
INTEREST RATE
PROPERTY LOANSINSURANCE PREMIUM LOANS
2026202520262025
Interest rate ‑ minimum
6.45%8.45%3.00%0.00%
Interest rate ‑ maximum
10.75%11.75%20.00%20.00%
Effective interest rate - minimum
7.41%9.62%6.46%0.00%
Effective interest rate - maximum
17.73%26.37%52.48%51.89%
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 45

For property loans that are in default, additional interest of up to 10% is charged.
The core lending activity of the Group is providing, through a broker network, short term and bridging finance secured by mortgage
over residential property. The majority of loans are entered into with a maturity date within 12 months, with a proposal that repayment
will be funded by the sale of the secured property or through refinancing by the borrower. The Group lending policy allows for a
maximum “loan to security value” of 75% (excluding fees and charges) on property advances, unless approved by the board. There are
no loans with loan to valuation ratio above 75% at the reporting date (March 2025: none).
The Group also provides insurance premium funding service. Although this type of lending has no security, there is no credit exposure
on this type of funding as in the event of a client default, the Group is guaranteed a refund of the remaining balance of the loan from
the insurance company.
Sometimes loan repayments do not occur on the contractual maturity date and the term of the loan is extended i.e. rollover occurs.
Before a loan is rolled over, the Group’s standard credit checking and approval processes are re-applied. The current “loan to
security value” position will be re-assessed and updated valuations are obtained where the Directors consider this appropriate.
Loan application fees are charged and evidence is obtained of the borrower’s agreement to the contractual terms and conditions
of the extended loan.
At the reporting date, 24.1% (March 2025: 32.8%) of loans by number and 22.7% (March 2025: 32.2%) by value represent loans that
have been rolled over and are into their second or subsequent credit periods.
Where loans have been rolled over, their classification in these consolidated financial statements as current or non-current, or as past
due, is based on payment due dates as per the terms of the extended contract, and not as per the original or preceding contract.
Borrower payment terms are profiled as follows:
20262025
$$
Principal and interest paid monthly
6,107,8426,863,365
Interest only paid monthly
239,316,942145,680,018
Interest capitalised
991,3881,438,876
Total loan receivables
246,416,172153,982,259

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
46 | GENERAL CAPITAL

Reconciliation of gross loan receivable balance movements through ECL stages:
12 MONTH ECLLIFETIME ECL
NOT CREDIT
IMPAIRED
LIFETIME
ECL CREDIT
IMPAIRED
TOTAL
$$$$
Balance as at 31 March 2024
125,557,8677,780,334802,704134,140,905
Insurance premium funding acquired1
8,586,846--8,586,846
New loan advances
119,785,519--119,785,519
Repayments
(102,581,415)(5,146,893)(270,815)(107,999,123)
Loan balances written off
--(531,888)(531,888)
Transfer to lifetime not credit impaired
(5,434,119)5,434,119--
Transfer to lifetime credit impaired
(1,745,053)(1,014,264)2,759,317-
Balance as at 31 March 2025
144,169,6457,053,2962,759,318153,982,259
New loan advances
264,019,777--264,019,777
Repayments
(161,773,250)(7,053,296)(2,414,467)(171,241,013)
Loan balances written off
--(344,851)(344,851)
Transfer to lifetime not credit impaired
(4,110,790)4,110,790--
Transfer to lifetime credit impaired
----
Balance as at 31 March 2026
242,305,3824,110,790-246,416,172
1 Loan from business acquisition. There is no ECL applied on these loans due to no expected credit losses.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 47

Reconciliation of movements in impairment allowance by stage:
12 MONTH ECLLIFETIME ECL
NOT CREDIT
IMPAIRED
LIFETIME
ECL CREDIT
IMPAIRED
TOTAL
$$$$
Balance as at 31 March 2024
313,89419,451139,155472,500
New loan advances
287,546--287,546
Repayments
(238,797)(12,867)(677)(252,341)
Loan balances written off (collectively assessed)
--(1,330)(1,330)
Loan balances written off (individually assessed)
--(137,148)(137,148)
Transfer to lifetime not credit impaired
(13,585)13,585--
Transfer to lifetime credit impaired (collectively assessed)
(4,363)(2,536)6,899-
Balance as at 31 March 2025
344,69517,6336,899369,227
New loan advances
623,129--623,129
Repayments
(367,053)(17,633)(6,037)(390,723)
Loan balances written off (collectively assessed)
--(862)(862)
Loan balances written off (individually assessed)
----
Transfer to lifetime not credit impaired
(10,277)10,277--
Transfer to lifetime credit impaired (collectively assessed)
----
Balance as at 31 March 2026
590,49410,277-600,771

In instances where the probability of default has increased significantly (a significant increase in credit risk), or where the loan is
in default, the expected credit loss (or loss given default) may not increase significantly due to the Group’s lending criteria which
prohibits lending when the loan to valuation ratio (LVR) exceeds 75%. This means in general that the Group expects that the
present value of expected cash flows from a loan in default to approximate the carrying value of the loan prior to the default event,
except in cases where the LVR has increased considerably due to a reduction in the security property valuation or a significant
increase in the loan balance.
The LVR of loans with a significant increase in credit risk or in default was in a range of 67.5% - 70.5% as at 31 March 2026 (March
2025: in a range of 27.0% - 74.0%), based on the security property valuation at origination.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
48 | GENERAL CAPITAL

NOTE 7: TERM DEPOSITS
20262025
$$
Gross term deposit liability
248,050,740184,724,612
Less deferred commission expenditure
(30,041)(44,188)
Net carrying value
248,020,699184,680,424
Contractual repayment terms:
On call
551,036532,593
Within 12 months
199,890,129137,855,211
Greater than 12 months
47,579,53446,292,620
248,020,699184,680,424
Repayment Terms:On call up to 5 years
Interest Rate:3.35% - 8.20% and 0.15% on call (March 2025: 3.65% - 8.30% and 0.15% on call)
Effective Interest Rate:3.35% - 8.20% and 0.15% on call (March 2025: 3.65% - 8.30% and 0.15% on call)
Security:First ranking security interest over the assets and undertakings of General Finance Limited in favour
of the Trustee (subject only to any prior security interests permitted by the Trust Deed and preferential
claims given priority by operation of law).
The Group has a total of 1,818 depositors as at 31 March 2026 (March 2025: 1,266). As at the reporting date, the largest deposit
the Group has is $1,100,000 (March 2025: $1,300,000) which represents 0.44% (March 2025: 0.70%) of total deposits. As at the
reporting date the largest aggregate of deposits under a single deposit holder totals $2,700,000 (March 2025: $2,800,000) which
represents 1.09% (March 2025: 1.52%) of total deposits and have a weighted average maturity date of 6.19 months from reporting
date (March 2025: 12.30 months from reporting date).
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 49

Further analysis of gross deposit funding is as follows:
CONCENTRATION OF FUNDING
20262025
$$
Northland
9,204,5415,380,998
Auckland
89,174,14066,587,414
Waikato
27,120,36314,009,966
Bay of Plenty
18,053,43519,030,507
Wellington
36,949,20113,685,831
Other North Island
18,022,77627,755,288
South Island
38,554,47628,474,990
Overseas
10,971,8089,799,618
Total gross term deposit liability
248,050,740184,724,612
CONTRACTUAL MATURITY OF FUNDING
20262025
$$
Maturing in 0 ‑ 6 months
129,120,66475,415,742
Maturing in 6 ‑ 12 months
71,334,37962,985,908
Maturing in 12 ‑ 24 months
38,339,12036,489,835
Maturing after 24 months
9,256,5779,833,127
Total gross term deposit liability
248,050,740184,724,612
PROFILE OF DEPOSIT HOLDERS
2026202620252025
$$
Deposits over $200,000
299131,340,958256120,783,910
Deposits $100,000 ‑ $200,000
42758,814,45323031,980,397
Deposits $50,000 ‑ $100,000
55245,103,83728120,361,479
Deposits $20,000 ‑ $50,000
30510,337,0122739,283,778
Deposits $10,000 ‑ $20,000
1311,857,2611211,703,411
Deposits under $10,000
104597,219105611,637
Total gross term deposit liability
1818248,050,7401266184,724,612
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
50 | GENERAL CAPITAL

NOTE 8: RISK MANAGEMENT
The Group is exposed to a variety of financial risks comprising credit risk, liquidity risk, market risk (interest rate risk) and fair
value risk.
8.1 Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations,
and arises principally from the Group’s loan receivables, cash and cash equivalents, bank deposits and accounts receivable.
The maximum credit exposure of the Group, assuming a zero value for collateral is $284,043,944 (March 2025: $217,881,579). This
includes loans receivable of $246,416,172 (March 2025: $153,982,259), undrawn loan commitments of $1,696,563 (March 2025:
$2,739,657), bank deposits of $35,828,735 (March 2025: $61,034,092), accounts receivable of $34,665 (March 2025: $23,178)
and related party receivables of $67,809 (March 2025: $102,393). Of this exposure, 85.2% is covered by collateral over properties
(March 2025: 69.0%) and 12.6% is deposited with registered New Zealand banks (March 2025: 28.0%).
The Group has no foreign exchange exposure.
To manage credit on finance receivables the Group performs credit evaluations on all customers requiring advances. The approval
process considers a number of factors including the value of the security compared to the value of the amount to be borrowed
(“loan to valuation ratio” or “LVR”), the creditworthiness of the borrower and their ability to repay.
The Group operates a credit risk (lending) policy which stipulates the Group’s requirements regarding the security and LVR of the
borrowing, the credit worthiness of borrowers, geographical spread, maximum loan exposure size and credit approval authority
levels. Decisions on whether to approve or decline loans are made by the credit committee in line with the Group’s credit risk
policy. Loan receivables are subject to regular scrutiny, as a key component of credit risk management. This includes a review of
the borrower’s repayment history and any interest arrears; any changes in the borrowers’ circumstances which could impact on
their ability to repay either interest or principal amounts on their due date and any movement in the security value.
As at 31 March 2026, the Group’s loan advances are 97.5% secured over first mortgages (March 2025: 95.9%), and 2.5% unsecured
(March 2025: 4.1%).
Loan receivables credit exposures are concentrated in the residential property sector, particularly in the North Island and the
Auckland Market. As at 31 March 2026, advances by the Group in the North Island residential property sector represented 87.6%
(March 2025: 89.5%) of its total exposure, with 76.0% (March 2025: 69.8%) being in the Auckland market. The geographical profile
of loan receivables is analysed further as follows:
20262025
$$
Northland
3,621,5693,994,155
Auckland
187,204,514107,415,966
Waikato
12,360,26810,228,880
Bay of Plenty
2,350,1621,849,500
Wellington
6,766,8125,270,736
Other North Island
3,651,9019,075,605
Canterbury
6,019,16310,782,014
Otago
20,333,1641,144,299
Marlborough
1,459,1342,315,994
Southland
1,240,63415,569
West Coast
6,541125,964
Other NZ
1,402,3101,763,577
Total
246,416,172153,982,259
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 51

The concentration of the credit exposure to the six largest exposures is 13.2% (March 2025: 17.2%) of the total loan portfolio. The
Group has elected to disclose the largest six exposures as this is considered to provide a meaningful indication of concentration of
credit risk. An exposure is calculated as the total of all loan exposures to a single borrower or group of linked borrowers.
The size of loan exposures is analysed further as follows:
20262025
NUMBER OF
EXPOSURES
NUMBER OF
EXPOSURES
Less than $100,000
1,4981,558
Between $100,000 and $250,000
816
Between $250,000 and $500,000
2416
Between $500,000 and $1,000,000
6752
Between $1,000,000 and $1,500,000
2415
Between $1,500,000 and $2,000,000
2116
Between $2,000,000 and $2,500,000
86
Between $2,500,000 and $3,000,000
91
Between $3,000,000 and $3,500,000
52
Between $3,500,000 and $4,000,000
51
Between $4,000,000 and $4,500,000
26
Between $4,500,000 and $5,000,000
11
Between $5,000,000 and $5,500,000
3-
Between $5,500,000 and $6,000,000
1-
Between $6,000,000 and $6,500,000
1-
Total No. of Exposures
1,6771,690
The provision for expected credit losses for performing and under-performing loans is detailed and explained in note 6. Gross
past due loan receivables total $4,400,893 (March 2025: $10,553,569) which equates to 1.8% (March 2025: 6.9%) of total loan
receivables.
As shown in the aging analysis of past-due loans below, the balance comprises:
Stage 112-month ECL
Gross loans receivable totalling $290,103 (March 2025: $740,954) were past due and the Group has concluded
there has not been a significant increase in credit risk.
Stage 2Lifetime ECL not credit impaired
Gross loans receivable totalling $4,110,790 (March 2025: $7,053,297) were past due by between 30 and 90 days
and the Group has concluded there has been a significant increase in credit risk.
Stage 3Lifetime ECL credit impaired
Gross loans receivable totalling $nil (March 2025: $2,759,318) were past due by greater than 90 days and the Group
has concluded there has been a significant increase in credit risk.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
52 | GENERAL CAPITAL

Aging analysis – past due but not considered under-performing loans:
20262025
$$
Up to 30 Days
290,103740,954
31 ‑ 60 Days
4,110,7902,158,505
61 ‑ 90 Days
-4,894,792
91 ‑ 120 Days
-1,024,527
120+ Days
-1,734,791
Total
4,400,89310,553,569
The Group is also exposed to credit risk from deposits held with banks. As at reporting date, the Group holds deposits in New
Zealand Registered Banks including 20.6% with Bank of New Zealand (March 2025: 19.7%), 1.1% with ASB Bank (March 2025: 1.9%),
15.8% with Heartland Bank (March 2025: 25.6%), 11.3% with Westpac New Zealand (March 2025: 0.0%), 51.2% with ANZ Bank New
Zealand (March 2025: 52.8%), of which 47.4% is held through Forsyth Barr custodial account (March 2025: 49.4%).
Bank of New Zealand, Westpac New Zealand, and ANZ Bank New Zealand each have credit ratings of AA- from Standard & Poor’s
and A+ from Fitch. ASB Bank has a credit rating of AA- from both Standard & Poor’s and Fitch. Heartland Bank has a credit rating of
BBB from Fitch.
8.2 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations associated with financial liabilities as they fall due.
The Group operates a liquidity risk policy and endeavours to maintain sufficient funds to meet its commitments based on
forecasted cash flow requirements. Management has internal control processes and contingency plans to actively manage the
lending and borrowing portfolios to ensure the net exposure to liquidity risk is minimised. The exposure is reviewed on an on-going
basis from daily procedures to monthly reporting as part of the Group’s liquidity management policies and processes.
The following tables set out the undiscounted contractual cash flows, and the undiscounted expected cash flows, of the Group’s
financial assets and liabilities.
2026
CONTRACTUAL CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
22,822,00622,822,006---
Bank deposits
13,182,98612,682,419500,567--
Other financial assets
64,93864,938---
Loan receivables
260,030,168105,210,92293,823,30451,592,5149,403,428
Totals
296,100,098140,780,28594,323,87151,592,5149,403,428
Financial liabilities
Amortised cost
Term deposits
256,517,169132,689,72473,716,90939,846,63410,263,902
Other payables
4,409,9954,409,995---
Totals
260,927,164137,099,71973,716,90939,846,63410,263,902
Net cashflow
35,172,9343,680,56620,606,96211,745,880(860,474)
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 53

2025
CONTRACTUAL CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
36,010,95236,010,952---
Bank deposits
25,474,72222,938,7002,536,022--
Other financial assets
60,29060,290---
Loan receivables
167,023,18255,927,03762,766,90740,878,5267,450,712
Totals
228,569,146114,936,97965,302,92940,878,5267,450,712
Financial liabilities
Amortised cost
Term deposits
194,509,20179,013,66166,372,82838,040,86511,081,847
Other payables
4,046,7044,046,704---
Totals
198,555,90583,060,36566,372,82838,040,86511,081,847
Net cashflow
30,013,24131,876,614(1,069,899)2,837,661(3,631,135)
2026
EXPECTED CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
23,039,00823,039,008---
Bank deposits
13,182,98612,682,419500,567--
Other financial assets
236,184103,56138,62370,50023,500
Loan receivables
281,276,73661,330,71656,964,645127,787,72035,193,655
Totals
317,734,91497,155,70457,503,835127,858,22035,217,155
Financial liabilities
Amortised cost
Term deposits
268,456,48856,247,10932,892,711100,113,36379,203,305
Other payables
15,703,0517,719,3017,983,750--
Totals
284,159,53963,966,41040,876,461100,113,36379,203,305
Net cashflow
33,575,37533,189,29416,627,37427,744,857(43,986,150)
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
54 | GENERAL CAPITAL

2025
EXPECTED CASH FLOWS
TOTAL0 - 6
MTHS
7 - 12
MTHS
13 - 24
MTHS
24+
MTHS
$$$$$
Financial assets
Amortised cost
Cash and cash equivalents
36,674,30336,674,303---
Bank deposits
25,474,72222,938,7002,536,022--
Other financial assets
305,29097,04036,75073,50098,000
Loan receivables
186,678,75235,866,52740,542,86882,367,27127,902,086
Totals
249,133,06795,576,57043,115,64082,440,77128,000,086
Financial liabilities
Amortised cost
Term deposits
204,329,04334,310,50229,821,16666,698,90273,498,473
Other payables
15,563,9617,505,8498,058,112--
Totals
219,893,00441,816,35137,879,27866,698,90273,498,473
Net cashflow
29,240,06353,760,2195,236,36215,741,869(45,498,387)
The table above shows management’s expected maturities of existing financial assets and liabilities. In determining the expected cash
flow, the following assumptions have been made based on management’s best estimate having regard to past experience, current
market conditions and the future outlook including the ongoing post pandemic economic environment, high inflation, high interest rates,
uncertainty in the property market, financial market uncertainties and post natural disaster environment estimated impacts:
- 60% term deposit reinvestment rate for 31 March 2026 (March 2025: 60%).
- Cash and cash equivalents are expected to earn interest for the first six months at 1.90% pa (March 2025: 3.69%).
- Term deposit reinvestments are made for a weighted average 18-month term at 5.30% pa (March 2025: 18-month term at 5.85% pa).
- 50% of property loans (March 2025: 50%) not past due repay on existing contractual maturity date, with the balance rolled over at
their existing interest rates and repaid after a further 12 months.
- 80% of the insurance premium fundings (March 2025: 80%) will be renewed for a further 12 months on existing contractual
maturity date
8.3 Market risk
Market risk is the risk that changes in market prices, such as interest rates will affect the Group’s income or the value of its holdings
of financial instruments.
Interest rate risk is the risk of loss to the Group arising from adverse changes in interest rates. The Group’s financing activities are
exposed to interest rate risk in respect of its interest earning assets and interest bearing liabilities. Changes to interest rates can
impact the Group’s financial results by affecting the interest spread earned on these assets and liabilities. Interest rates for finance
receivables, term deposits, and bank deposits (other than those on call) are fixed for the term of their respective contracts. Interest
rates are repriced on contractual maturity dates of the financial instruments. There is a risk that different financial instruments
(such as loan receivables and term deposits) are repriced on different dates, i.e. a repricing risk (refer to contractual cash flows
under liquidity risk for repricing dates).
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 55

The table below summarises the sensitivity of the Group’s financial assets and liabilities to interest rate risk.
2026
CARRYING
AMOUNT
-1% PROFIT
BEFORE TAX
-1%
EQUITY
+1% PROFIT
BEFORE TAX
+1%
EQUITY
$$$$$
Financial Assets
Cash and cash equivalents
22,822,006(228,220)(164,318)228,220164,318
Loan Receivables
246,416,172(2,464,162)(1,774,197)2,464,1621,774,197
Bank Deposits
13,006,729(130,067)(93,648)130,06793,648
Financial Liabilities
Term Deposits
248,050,7402,480,5071,785,965(2,480,507)(1,785,965)
Total increase / (decrease)
(341,942)(246,198)341,942246,198
2025
CARRYING
AMOUNT
-1% PROFIT
BEFORE TAX
-1%
EQUITY
+1% PROFIT
BEFORE TAX
+1%
EQUITY
$$$$$
Financial Assets
Cash and cash equivalents
35,991,256(359,913)(259,137)359,913259,137
Loan Receivables
153,982,259(1,539,823)(1,108,673)1,539,8231,108,673
Bank Deposits
25,042,836(250,428)(180,308)250,428180,308
Financial Liabilities
Term Deposits
184,724,6121,847,2461,330,017(1,847,246)(1,330,017)
Total increase / (decrease)
(302,918)(218,101)302,918218,101
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
56 | GENERAL CAPITAL

NOTE 9: 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 chief operating
decision maker has been identified as the executive directors.
Three reportable segments have been identified as follows:
- Finance: Deposit taking, short term property mortgage lending, and insurance premium funding.
- Research and Advisory: Provides investment advisory services and produces and sells investment research and publications.
- Corporate and Other: Corporate function and investment activities.
Year ended 31 Mar 2026
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Revenue ‑ interest income
24,725,67425667,28624,793,216-24,793,216
Revenue - fee income (loan receivables)
1,368,136--1,368,136-1,368,136
Revenue from contracts with customers
‑ Advisory fee revenue
-504,412-504,41212,156516,568
- Yearbook and research sales
-39-39-39
Other income
75,36112,4801,042,0071,129,848(1,047,047)82,801
Dividend income
--12,000,00012,000,000(12,000,000)-
Total revenue
26,169,171517,18713,109,29339,795,651(13,034,891)26,760,760
Interest expense
(15,177,660)-(9)(15,177,669)-(15,177,669)
Fee and commission expense (finance
receivables)
(7,787)--(7,787)-(7,787)
Cost of sales
-(18,351)-(18,351)10,194(8,157)
Net revenue
10,983,724498,83613,109,28424,591,844(13,024,697)11,567,147
Increase in allowance for expected credit
losses
(576,394)--(576,394)-(576,394)
Personnel expenses
(2,085,462)(467,087)(238,443)(2,790,992)-(2,790,992)
Depreciation and amortisation
(115,622)-(15,235)(130,857)-(130,857)
Impairment Expense – intangible assets
-(378,730)-(378,730)-(378,730)
Other expenses
(3,439,044)(80,864)(1,221,938)(4,741,846)1,047,047(3,694,799)
Income Tax Expense
(1,264,783)--(1,264,783)(6,259)(1,271,042)
Net profit / (loss) after tax
3,502,419(427,845)11,633,66814,708,242(11,983,909)2,724,333
Total Assets
283,729,128689,4108,859,591293,278,129(9,549,513)283,728,616
Total Liabilities
255,006,839148,7677,212,827262,368,433(9,937,738)252,430,695
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):
Year ended 31 Mar 2026
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Other
- - 11,28411,284-11,284
- - 11,28411,284-11,284
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 57

Year ended 31 Mar 2025
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Revenue ‑ interest income
18,083,09911,523219,41018,314,032(159,448)18,154,584
Revenue - fee income (loan receivables)
4,252,324--4,252,324-4,252,324
Revenue from contracts with customers
‑ Advisory fee revenue
- 135,500-135,50026,441161,941
- Yearbook and research sales
-238-238-238
Other income
60,975-830,292891,267(828,204)63,063
Dividend income
--2,000,0002,000,000(2,000,000)-
Total revenue
22,396,398147,2613,049,70225,593,361(2,961,211)22,632,150
Interest expense
(11,796,791)(28)(10,882)(11,807,701)159,448(11,648,253)
Fee and commission expense
(1,028,654)--(1,028,654)-(1,028,654)
Cost of sales
-(14,325)-(14,325)(3,778)(18,103)
Net revenue
9,570,953132,9083,038,82012,742,681(2,805,541)9,937,140
Increase in allowance for expected
credit losses
(428,615)--(428,615)-(428,615)
Personnel expenses
(1,642,326)(81,990)(274,841)(1,999,157)-(1,999,157)
Depreciation and amortisation
(45,562)-(10,348)(55,910)(29,636)(85,546)
Other expenses
(3,125,466)(56,530)(1,133,156)(4,315,152)828,204(3,486,948)
Income tax (expense) / benefit
(1,133,026)--(1,133,026)1,952(1,131,074)
Net profit / (loss) after tax
3,195,958(5,612)1,620,4754,810,821(2,005,021)2,805,800
Total Assets
216,974,7781,020,7413,841,499221,837,018(3,652,650)218,184,368
Total Liabilities
192,806,11873,193139,889193,019,200(4,075,994)188,943,206
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance
receivables):
Year ended 31 Mar 2025
FINANCERESEARCH &
ADVISORY
CORPORATE &
OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Other
--417,888417,888-417,888
--417,888417,888-417,888
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
58 | GENERAL CAPITAL

NOTE 10: INTANGIBLE ASSETS
GOODWILLLICENCESBARTERCARD
TRADE DOLLARS
CUSTOMER
RELATIONSHIP
TOTAL
$$$$$
Year ended 31 March 2025
Opening net book amount
1,813,589277,000186,024192,012 2,468,625
Additions
1,799,238--652,0002,451,238
Disposals
--(24,370)-(24,370)
Amortisation and impairment charge
---(72,306)(72,306)
Closing net book amount
3,612,827277,000161,654771,7064,823,187
At 31 March 2025
Cost
3,612,827277,000161,654935,6394,987,120
Accumulated amortisation and impairment
---(163,933)(163,933)
Net book amount
3,612,827277,000161,654771,7064,823,187
GOODWILLLICENCESBARTERCARD
TRADE DOLLARS
CUSTOMER
RELATIONSHIP
TOTAL
$$$$$
Year ended 31 March 2026
Opening net book amount
3,612,827277,000161,654771,7064,823,187
Additions
-----
Disposals
--(13,017)-(13,017)
Amortisation and impairment charge
(378,730)--(113,797)(492,527)
Closing net book amount
3,234,097277,000148,637657,9094,317,643
At 31 March 2026
Cost
3,612,827277,000148,637935,6394,974,103
Accumulated amortisation and impairment
(378,730)--(277,730)(656,460)
Net book amount
3,234,097277,000148,637657,9094,317,643
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 59

Impairment testing for cash-generating units (CGU) containing brands and licences
20262025
Goodwill
$$
Allocated to the finance (non-bank deposit taking / property lending) CGU
1,323,7291,323,729
Allocated to finance (insurance premium funding) CGU
1,799,2381,799,238
Allocated to the research and advisory CGU
111,130489,860
3,234,0973,612,827

Licences with an indefinite useful life
Allocated to the finance (non-bank deposit taking / property lending) CGU
247,000 247,000
Allocated to the research and advisory CGU
30,000 30,000
277,000 277,000
The aggregate carrying amounts of goodwill and indefinite life licences are outlined above. Goodwill primarily relates to growth
expectations, expected future profitability and the workforce of the CGU’s. The Group has assessed that there is no foreseeable
limit to the period of time over which the goodwill and licences are expected to generate net cash inflows for the Group and as
such they have been assessed as having an indefinite useful life.
The Group’s indefinite useful life intangible assets have been tested for impairment at least annually. Finance CGUs were last
tested on 31 March 2026 with no impairment required (March 2025: Nil). Impairment of $378,730 pertaining to the Research and
Advisory CGU was recognised in the year ended 31 March 2026 (March 2025: Nil).
The recoverable amount of the CGUs has been determined based on value in use calculations. These calculations use pre-tax
cash flow projections based on financial budgets approved by management covering a five year period. Cash flows beyond the five
year period are extrapolated using the estimated long term growth rates stated below. The growth rate does not exceed the long
term average for the products, industries or country in which the CGUs operate. For each of the CGU’s with goodwill and indefinite
life licences, the key assumptions, long term growth rate and discount rate used in the value in use calculations are as follows.
20262025
$$
Impairment
Impairment expense - Goodwill
378,730-

Finance (Non-bank deposit taking / property lending) CGU
Pre-tax free cash flows to equity holders (FCFE) have been forecasted based on growth in the non-bank deposit taking / property
lending business within the current constraints of the licence / trust deed which prohibits the Capital Ratio to go below 8%. The
forecasted growth in net cash flows is driven primarily by the net interest and fee margin from forecasted growth in deposit funding
and the loan book. Significant expenditure has been incurred since the business was purchased by the Group to ensure that the
business has the capacity and resources to allow for the growth.
Key assumptions used in value-in-use calculations
The key “base” assumptions used in the calculation of value-in-use for Finance CGU are:
1) Loan receivables through the forecast period
2) Term deposits through the forecast period
3) Loan weighted average interest rate growth through the forecast period
4) Term deposit weighted average growth through the forecast period
5) Terminal growth rates used to extrapolate cash flows beyond the forecast period
6) Pre-tax discount rates
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
60 | GENERAL CAPITAL

Loan Receivables and Term Deposits
The most recent historical data on term deposit withdrawals, top-ups, and new deposits was reviewed to estimate trends in term
deposit inflows, which in turn funded the growth in loan receivables. For the year ended 31 March 2026, the actual growth in loan
receivables was 62.7%, and term deposits grew by 34.3%. Both loan and term deposits demonstrated higher growth compared
to the last year’s forecast. This was mainly due to the higher deposit inflows driven by the Deposit Compensation Scheme, which
came into effect in July 2025. The demand on the lending side was also strong due to the downward movement of the OCR
throughout the year.
The forecasted year one growth in loan receivables is 27.8%, which is lower than the most recent three-year average growth of
39.2%. This reflects the Group’s conservative outlook given economic disruption and uncertainty arising from the 2026 Iran conflict.
The forecasted year one growth in term deposits is 34.6%, which is lower than the most recent three-year average growth of 41.9%.
Subsequently, both loan receivables and term deposits are forecasted to grow within the range of 20% to 35%.
Lending and Term Deposit Interest rates
Weighted average interest on loans was assumed based on the interest rates and maturities of the existing loans with an
incremental monthly review for new loans during the first forecast period to 31 March 2027. The weighted average lending rate as
at 31 March 2027 was then carried forward for the remaining forecast period as a proxy.
Group is anticipating a decrease in weighted average rate on term deposits given the existing competitive nature of the industry
and higher levels of inflation rates. The rate from 31 March 2027 was carried forward for the remaining forecast period as a proxy.
Terminal growth beyond year five
Cash flows beyond the five-year period are extrapolated using the estimated long term growth rate of 2.0% which is consistent
with the mid-point of the Reserve Bank of New Zealand medium term Consumer Price Index Policy Target range (1% to 3%), with a
focus on keeping future average inflation near the 2% target midpoint. The growth rate does not exceed the long-term average for
the products, industries or country in which the CGU operate.
Pre-tax discount rate
A pre-tax discount rate of 17.3% was used for the Finance (non-bank deposit taking / property lending) CGU. The discount rate
calculation is based on the industry segment the CGU is engaged in, and is derived from its weighted average cost of capital. The
weighted average cost of capital takes into account both the cost of debt and equity, however for the purposes of 31 March 2026
testing we put target Equity to Capital of 100%. The cost of equity is derived from the expected return on investment by the Group’s
investors using the capital asset pricing model allowing for unsystemic risk adjustments. Segment-specific risk is incorporated
by applying individual beta factors. The beta factors are evaluated based on publicly available market data at the time of testing.
Adjustments to the discount rate are made in order to reflect a pre-tax discount rate.
The specific risk premium includes adjustments to the basic Capital Asset Pricing Model inputs to arrive at a risk adjusted cost of
equity. These adjustments include current market factors (other than systemic risks) and asset specific risks. In arriving at specific
risk premium management have considered factors such as:
1) Small size risk
2) Key personnel dependency risk
3) Limited product line risk
4) Geographical/concentration risk
5) Forecast risk
The uncertainty in the cash flows for future periods has been built into discount rate.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 61

Sensitivity to change in key assumptions
The most sensitive assumptions in the calculation of value-in-use are loan receivable growth, term deposits growth, weighted
average loan interest rate growth and weighted average term deposit interest rate growth. The following summarises the amount
by which the key assumptions would need to change, with all other assumptions remaining constant, for the recoverable amount
to equal the carrying amount:
Loan Receivable Growth102.4%
Term Deposit Growth-50.7%
Term Deposit Interest Rate Growth17.1%
Loan Interest Rate Growth-21.6%
Finance (Insurance Premium Funding) CGU
Pre-tax free cash flows to the firm (FCFF) have been forecasted based on expected revenue and expenditure growth in the
insurance premium funding business. Interest from premium funding is forecasted to increase in year one due to the increase in
loan receivables and interest rates. From year two to year five, interest growth is projected to be increased in line with inflation.
Key assumptions used in value-in-use calculations
The key “base” assumptions used in the calculation of value-in-use for Finance (Insurance Premium Funding) CGU are:
1) Net revenue expectations through the forecast period
2) Expenditure expectations through the forecast period
3) Loan receivables through the forecast period
4) Terminal growth rates used to extrapolate cash flows beyond the forecast period
5) Pre-tax discount rates
Net Revenue
Net Revenue is calculated as interest income less interest expense paid to the parent company.
Forecast Net Revenue consists of:
1) Net Interest Premiums Revenue: The Group expects net interest income from premium funding to increase by 6.3% in year one,
driven by anticipated growth in insurance premiums. Growth rates are assumed to moderate thereafter, remaining within a
range of 1.0% to 2.8%.
2) Contract Admin Fee Revenue: This fee revenue is forecasted to grow in line with the interest premiums revenue.
3) Other Income/Commissions Revenue: This represents incidental and ad hoc income, which is forecasted based on historical
trends.
Expenditure
The Group is expecting expenditure to increase 10.5% for year one, and 1.7% to 2.4% for the remaining forecast period. The referral
expense is the main expenditure, which is driven by the new premium funding.
Loan Receivables
Loan receivables are forecast to grow by 15.3% in year one, driven by increases in insurance premiums and organic growth within
the CGU. For the remaining forecast period, growth rates of 2.0% to 2.4% are applied within the model.
Terminal growth beyond year five
Cash flows beyond the five-year period are extrapolated using the estimated long term growth rate of 2.0% which is consistent
with the mid-point of the Reserve Bank of New Zealand medium term Consumer Price Index Policy Target range (1% to 3%), with a
focus on keeping future average inflation near the 2% target midpoint. The growth rate does not exceed the long-term average for
the products, industries or country in which the CGU operate.
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
62 | GENERAL CAPITAL

Pre-tax discount rate
A pre-tax discount rate of 20.4% was used for the Finance (Insurance Premium Funding) CGU. The discount rate calculation is
based on the industry segment the CGU is engaged in, and is derived from its weighted average cost of capital. The weighted
average cost of capital takes into account both the cost of debt and equity. The cost of equity is derived from the expected return
on investment by the Group’s investors using the capital asset pricing model allowing for unsystemic risk adjustments. The cost
of debt is derived from weighted average interest rate paid by the finance segment as at 31 March 2026. Segment-specific risk is
incorporated by applying individual beta factors. The beta factors are evaluated based on publicly available market data at the time
of testing. Adjustments to the discount rate are made in order to reflect a pre-tax discount rate.
The specific risk premium includes adjustments to the basic Capital Asset Pricing Model inputs to arrive at a risk adjusted cost of
equity. These adjustments include current market factors (other than systemic risks) and asset specific risks. In arriving at specific
risk premium management have considered factors such as:
1) Small size risk
2) Key personnel dependency risk
3) Limited product line risk
4) Geographical/concentration risk
5) Forecast risk
The uncertainty in the cash flows for future periods has been built into the discount rate.
Sensitivity to changes in key assumptions
The most sensitive assumptions in the calculation of value-in-use are revenue and expenditure. The following summarises the
amount by which the key assumptions would need to change, with all other assumptions remaining constant, for the recoverable
amount to equal the carrying amount:
Revenue Growth
-27.0%
Expenditure Growth
64.6%
Research and advisory CGU
Pre-tax free cash flows to the firm (FCFF) have been forecasted based on expected revenue and expenditure growth in the
research and advisory business.
Key assumptions used in value-in-use calculations
The key “base” assumptions used in the calculation of value-in-use for Research and Advisory CGU are:
1) Net revenue expectations through the forecast period
2) Expenditure expectations through the forecast period
3) Terminal growth rates used to extrapolate cash flows beyond the forecast period
4) Pre-tax discount rates
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 63

Net Revenue
Net Revenue is calculated as gross revenue less forecast 50% direct commission.
Forecast Revenue consists of:
1) Debt Structuring/Brokerage Revenue: The Group expects to undertake 5 to 10 projects per annum for year one, based on
historical trends. However, the scale of these projects is anticipated to be significantly smaller than those completed in the
year ended 31 March 2026. As a result, net revenue is forecasted to decrease by 83.8% in year one, followed by a recovery with
growth rates ranging from 5.3% to 6.2% over the remaining forecast period.
2) Capital Raising/Listing Revenue: No capital raising revenue is forecast for the next five years due to the unpredictable state of
the economy & anticipated Group commitments.
3) Other Income/Commissions Revenue: This represents incidental and ad hoc income, which is forecasted based on
historical trends.
It is assumed that all projects will be in the form of cash.
Expenditure
The Group expects expenditure to decrease by 89.5% in year one, primarily due to the resignation of the Corporate Finance. From
year two to year five, expenditure is projected to increase at 2.3% to 2.5% per annum.
Terminal growth beyond year five
Cash flows beyond the five-year period are extrapolated using the estimated long term growth rate of 2.0% which is consistent
with the mid-point of the Reserve Bank of New Zealand medium term Consumer Price Index Policy Target range (1% to 3%), with a
focus on keeping future average inflation near the 2% target midpoint. The growth rate does not exceed the long-term average for
the products, industries or country in which the CGU operate.
Pre-tax discount rate
A pre-tax discount rate of 29.4% was used for the Research and Advisory CGU. The discount rate calculation is based on the
industry segment the CGU is engaged in, and is derived from its weighted average cost of capital. The weighted average cost of
capital takes into account both the cost of debt and equity. The cost of equity is derived from the expected return on investment
by the Group’s investors using the capital asset pricing model allowing for unsystemic risk adjustments. The cost of debt is derived
from weighted average interest rate paid by the finance segment to deposit holders as at 31 March 2026. Segment-specific risk is
incorporated by applying individual beta factors. The beta factors are evaluated based on publicly available market data at the time
of testing. Adjustments to the discount rate are made in order to reflect a pre-tax discount rate.
The specific risk premium includes adjustments to the basic Capital Asset Pricing Model inputs to arrive at a risk adjusted cost of
equity. These adjustments include current market factors (other than systemic risks) and asset specific risks. In arriving at specific
risk premium management have considered factors such as:
1) Small size risk
2) Key personnel dependency risk
3) Limited product line risk
4) Geographical/concentration risk
5) Forecast risk
The uncertainty in the cash flows for future periods has been built into the discount rate.
Sensitivity to changes in key assumptions
The most sensitive assumptions in the calculation of value-in-use are revenue and expenditure. The following summarises the
amount by which the key assumptions would need to change, with all other assumptions remaining constant, for the recoverable
amount to equal the carrying amount:
Revenue Growth
108.7%
Expenditure Growth
-189.9%
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
64 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
NOTE 11: INVESTMENT IN SUBSIDIARIES
OWNERSHIP INTEREST HELD
Subsidiary
20262025
Corporate Holdings Limited (CHL)Holding company
100.0%100.0%
General Finance LimitedFinance
100.0%100.0%
Investment Research Group LimitedResearch and advisory
100.0%100.0%
Bridges Financial Services LimitedInsurance Premium Funding
100.0%100.0%
Commercial and General Finance LimitedDormant
100.0%100.0%
General Finance & Investments LimitedDormant
100.0%100.0%
General Finance & Leasing LimitedDormant
100.0%100.0%
General Leasing LimitedDormant
100.0%100.0%
General Loan and Finance LimitedDormant
100.0%100.0%
Mykco Limited (previously named
General Capital Limited)
Dormant
100.0%100.0%
All subsidiaries have a 31 March balance date.
NOTE 12: EQUITY
(a) Ordinary shares
NUMBER$
Balance at 1 April 2024
363,574,975 21,561,120
1‑ for‑4 share consolidation on 2 August 2024
90,893,81321,561,120
Ordinary shares issued on 14 March 2025
935,039262,653
Transaction costs arising on shares issued, and share consolidation
-(12,167)
Balance at 31 March 2025
91,828, 85221,811,606
Ordinary shares issued on 3 July 2025
22,879 6,802
Ordinary shares issued on 12 December 2025
26,181 7,961
Transaction costs arising on shares issued, and share consolidation
- (8,598)
Balance at 31 March 2026
91,877,912 21,817,771
All ordinary shares rank equally and entitle the holder to participate in dividends and to share in the proceeds of winding up the
Company in proportion to the number of and amounts paid on the shares held. One vote is attached to each fully-paid ordinary
share. Shares have no par value.
On 2 August 2024, General Capital executed a 1-for-4 share consolidation, reducing the total number of shares on issue.
On 14 March 2025, 935,039 shares were issued in accordance with the General Capital Staff Share Scheme and for Director Fee’s.
On 3 July 2025, 22,879 shares were issued as per the Dividend Reinvestment Plan.
On 12 December 2025, 26,181 shares were issued as per the Dividend Reinvestment Plan.
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 65

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
(b) Reserves
FINANCIAL
ASSETS AT
FVOCI*
SHARE-BASED
PAYMENTS
TOTAL
RESERVES
$$$
Balance at 1 April 2024
(148,376)17,608 (130,768)
Expired warrants converted to retained earnings
- (17,608) (17,608)
Revaluation of financial assets at FVOCI*
(126,624)- (126,624
Balance at 31 March 2025
(275,000)- (275,000)
Revaluation of financial assets at FVOCI*
29,218 - 29,218
Disposed financial assets transferred to retained earnings net of tax
245,782- 245,782
Balance at 31 March 2026
-- -
*FVOCI - Fair Value through Other Comprehensive Income
NOTE 13: EARNINGS PER SHARE
2026
CENTS
2025
CENTS
Basic earnings per share attributable to the ordinary equity holders*
2.97 3.09
Diluted earnings per share attributable to the ordinary equity holders*
2.97 3.09
Basic earnings per share
2026
$
2025
$
Profit / (loss) attributable to the ordinary equity holders of the Company used in
calculating basic earnings per share:
2,724,333 2,805,800
Profit / (loss) attributable to the ordinary equity holders of the Company used in
calculating diluted earnings per share:
2,724,333 2,805,800
2026
NUMBER
2025
NUMBER
Weighted average number of ordinary shares used as the denominator in calculating
basic earnings per share*
91,853,657 90,937,363
Weighted average number of ordinary shares used as the denominator in calculating
diluted earnings per share*
91,853,657 90,937,363
* Calculated as Net Profit after income tax expense divided by the weighted average number of ordinary shares.
66 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
NOTE 14: SHARE BASED PAYMENTS
On 3 July 2025, 22,879 shares were issued at $0.297 per share for the Dividend Reinvestment Plan.
On 12 December 2025, 26,181 shares were issued at $0.304 per share for the Dividend Reinvestment Plan.
Warrants issued to directors and senior managers
The Senior Management warrants comprise 4,250,000 warrants which entitled the holder to subscribe for one ordinary share for each warrant
exercisable prior to 30 June 2024, at 9.0 cents per share. These warrants are not transferable and require the relevant senior manager to
remain employed by or to be a contractor to the Company at the date of the exercise. The warrants are not quoted on NZX.
During the year ended 31 March 2026, no warrants lapsed due to non-satisfaction of the terms of the warrant. (31 March 2025: 4,250,000).
DIRECTORS’ AND SENIOR MANAGERS’
WARRANTS1
NUMBER$
Balance at 1 April 2024
4,250,000 17,608
Warrants issued on 27 September 2021 lapsed on non satisfaction of the terms of the warrant
(note 12)
(4,250,000)(17,608)
Balance at 31 March 2025
- -
--
Balance at 31 March 2026
- -
NOTE 15: OTHER OPERATING EXPENSES
Included in other expenses are the following amounts:
20262025
$$
Directors fees
359,419 376,691
Auditors Remuneration

‑ Audit and other assurance services
- Audit of financial statements (Grant Thornton New Zealand Audit Limited)
281,912 282,842
- Other assurance services (Grant Thornton New Zealand Audit Limited)
3,178 3,075
Total remuneration paid to auditors
285,090 285,917
Other operating expenses
2,881,541 2,633,150
Total other operating expenses
3,526,050 3,295,758
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 67

NOTE 16: TAXATION
16.1 Income tax
20262025
$$
Net operating profit before taxation
3,995,375 3,936,873
Income tax expense at prevailing rates (2026: 28%; 2025: 28%)
(1,118,705)(1,102,324)
Tax impact of expenses not deductible for tax purposes
(127,344)(27,375)
Tax impact of OCI deductible loss
--
Under‑provision of tax in prior year
(24,993)(1,374)
Taxation expense per the statement of comprehensive income
(1,271,042)(1,131,073)
Comprising:
‑ Current Tax
(1,388,158)(885,925)
‑ Deferred tax
117,116(245,148)
(1,271,042)(1,131,073)
GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
68 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
16.2 Deferred tax asset
20262025
$$
Balance at beginning of year
(62,973)182,174
(Charged) / credited to profit or loss
Increase / (decrease) in impairment loss provision
64,832(28,917)
Increase / (decrease) in accrued expenses
26,6796,193
(Increase) / decrease in customer relationship
31,863(216,077)
Increase / (decrease) in unearned income
(6,258)(6,346)
54,143(62,973)
Deferred tax attributed to:
20262025
Deferred tax assets:
Impairment loss provision
168,216103,384
Accrued expenses
66,77240,093
Unearned income
3,3709,628
238,358153,105
Deferred tax liabilities:
Customer relationship
184,215 216,078
184,215 216,078
Net deferred tax assets
54,143(62,973)
16.3 Imputation credit account
20262025
$$
Balance at beginning of year
3,265,208 2,411,384
Tax paid
1,635,226 1,141,390
Tax refund received
(99,495)(93,154)
Imputation credits attached to dividend paid
(273,371)(194,412)
4,527,568 3,265,208
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 69

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
NOTE 17: RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
NOTE20262025
$$
Net profit after tax
2,724,3332,805,800
Adjustment for non-cash and other items
Movement in allowance for expected credit losses
576,394428,615
Impairment of Goodwill
10378,730-
Deferred tax movement
16.1(117,116)245,146
Depreciation and amortisation
130,85785,547
Loss on sale of carparks
-50,000
Adjustment for movements in working capital
(Increase) / decrease in loan receivables (net advances)
(92,005,385) (14,887,482)
Increase / (decrease) in term deposits (net receipts)
63,243,432 48,432,344
(Increase) / decrease in accrued interest on loans receivable
(87,992) (167,989)
(Increase) / decrease in capitalised loan fees
(673,352) (396,059)
(Increase) / decrease in capitalised interest
(48,784) (7,245)
(Increase) / decrease in accounts receivable
(11,487) (18,328)
(Increase) / decrease in related party receivable
2,048 (2,158)
(Increase) / decrease in prepayments and other current assets
(9,739) (17,873)
(Increase) / decrease in prepaid commission
11,728 30,129
(Increase) / decrease in Bartercard trade dollars
13,018 24,370
Increase / (decrease) in income tax payable
76,851 9,113
Increase / (decrease) in deferred income
818,696 954,281
Increase / (decrease) in interest payable
82,696 1,099,404
Increase / (decrease) in related party payable
25,065 (407)
Increase / (decrease) in accounts and other payables
278,557 2,717,942
Net cash (used in) / provided by from operating activities
(24,591,450)41,385,150
70 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
NOTE 18: RELATED PARTY BALANCES AND TRANSACTIONS
Key Management Personnel (KMP) includes the Company’s Directors, subsidiary company Directors, Legal Counsel,
and Chief Financial Officer.
RELATED PARTY RECEIVABLES:
20262025
$$
Key Management Personnel
67,464100,000
Moneyonline Limited
3452,393
Total
67,809102,393
RELATED PARTY PAYABLES:
20262025
$$
Key Management Personnel
31,0245,959
The above amounts payable to related parties are unsecured, interest-free and repayable on demand.
OTHER RELATED PARTY BALANCES:
20262025
$$
Term deposits held by related parties1
679,198734,904
Loans receivable from related parties2
608,1671,120,176
1 Includes term deposits held by Key Management Personnel, Directors, their families and their controlled entities. During the
year ended 31 March 2025 $587,108 of the Term deposits held by related parties has been approved for early withdrawal on
1 November 2024 in compliance with the Company’s ‘early repayment’ terms of offer criteria included in the Group’s Product
Disclosure Statement.
2 On 17 March 2025, a further advance on one of the related party capitalised interest loan was approved with balance up to
$518,481. The loan is an arms length transaction conducted on normal commercial terms (31 March 2025: $486,486). On 27
February 2026, a interest-only loan of $112,497 was approved for a related party (31 March 2025: $663,330).
Transactions with related parties
RELATED PARTY
TYPETRANSACTION20262025
$$
Key Management Personnel
(KMP)1
ExpenseShort term Remuneration
1,217,584 1,154,295
ExpenseInterest paid or capitalised on term deposits held by
KMP or their family members
49,065 81,109
RevenueInterest & fee revenue on loans
99,42286,131
ExpenseRecharge of expenses
37,370255,431
Expense"Issuance of 62,844 ordinary shares in payment for
previously incurred Director fees"
-17,653
Staff Share Scheme Shares issued
-100,000
Staff Share SchemeRepayment of staff share loan
32,536-
1 Key Management Personnel (KMP) includes the Company’s Directors, subsidiary company Directors, Corporate Counsel, and
Chief Financial Officer.
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 71

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
NOTE 19: ACQUISITION OF BRIDGES FINANCIAL SERVICES LIMITED
On 1 November 2024, General Finance Limited acquired 100% of the shares in Bridges Financial Services Limited.
The details of the business combination are as follows:
FAIR VALUE OF CONSIDERATION TRANSFERRED
NOTE2025
$
Amount settled in cash
2,877,850
Settlement of original shareholder loan
4,954,031
Total
7,831,881
Trade and Other Receivables
8,586,846
Cash and Cash Equivalents
469,261
Customer Relationship
652,000
Total Current Assets
9,708,107
Accounts Payables
3,310,562
Other Payables
182,342
Deferred Tax
182,560
Total Current Liabilities
3,675,464
Identifiable Net Assets
6,032,643
Goodwill on Acquisition
10 1,799,238
BFSL’s contribution to the Group results
BFSL contributed $506,895 of revenue (gross) and $103,873 of profit after tax to the consolidated results of the Group for the five
months from November 2024 to 31 March 2025. If BFSL had been acquired on 1 April 2024, BFSL’s contribution to the consolidated
revenue (gross) of the Group would have been $1,248,540 for FY2025.
72 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2026
NOTE 20: RECLASSIFICATION FOR COMPARABILITY
During the year ended 31 March 2026, the Company reassessed the classification of certain income and expense items to better
align with the requirements of NZ IFRS 7 – Financial Instruments: Disclosures and NZ IFRS 9 – Financial Instruments.
As a result, certain items previously presented under “Fee and commission income / expense” have been reclassified to “Interest
income / expense” in the Statement of Comprehensive Income. The Statement of Cash Flow have also been updated accordingly
that items previously presented under “Loan fees, commission and other income” have been reclassified to “Interest received”, and
items under “Payments to suppliers and employees” have been reclassified to “Interest paid”.
These reclassifications were made to enhance the consistency and comparability of the financial statements and had no impact on
the Company’s profit, equity, or operating cash flows.
The comparative figures for the year ended 31 March 2025 have been restated accordingly. The impact of the reclassification
is as follows:
AS PREVIOUSLY
REPORTED
RECLASSIFICATION
Line Item in Comprehensive Income
$$
Interest income
18,154,584+ 3,382,173
Fee and commission income
4,252,324 - 3,382,173
Interest expense
(11,648,252) + 1,008,919
Fee and commission expense
(1,028,654) - 1,008,919
Line Item in Cash Flows from Operating Activities
Interest received
19,049,089 + 3,382,173
Receipts from customers
3,847,085 - 3,382,173
Interest paid
(10,548,848) + 1,008,919
Payments to suppliers and employees
(3,689,101) - 1,008,919
NOTE 21: EVENTS SUBSEQUENT TO REPORTING DATE
In May 2026, the Board announced a final dividend of $784,716 to be paid out in July 2026.
There has been no matters or circumstance, which has arisen since reporting date that has significantly affected or may
significantly affect:
- the operations, in financial years subsequent to reporting date, of the Group, or
- the results of those operations, or
- the state of affairs, in financial years subsequent to reporting date, of the Group.
ANNUAL REPORT 2026CONSOLIDATED FINANCIAL STATEMENTS | 73

07
SHAREHOLDER
& STATUATORY
INFORMATION
74 | GENERAL CAPITAL

ANNUAL REPORT 2026SHAREHOLDER & STATUATORY INFORMATION
|
75

GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
General Capital Limited (the Company) is a listed company on the NZX Main Board.
The Company had one class of quoted financial products on issue during the year ended 31 March 2026
Ordinary shares
All ordinary shares rank equally with one vote attached to each ordinary share. Ordinary shares entitle the holder to participate in
dividends and the proceeds on the winding up of the Company in proportion to the number of shares held.
LARGEST HOLDERS OF QUOTED FINANCIAL PRODUCTS (as at 25 May 2026)
Ordinary Shares
RANKREGISTERED HOLDER
ORDINARY
SHARES HELD
%
1Borneo Capital Limited
31,730,47934.54%
2FNZ Custodians Limited
6,180,284 6.73%
3RB New Zealand Pty Ltd
5,719,833 6.23%
4Brent Douglas King
5,528,829 6.02%
5Citibank Nominees (New Zealand) Limited
5,500,001 5.99%
6Joanna Jackson & Malcolm Jackson
4,347,826 4.73%
7Snowdon Peak Investments Limited
3,720,680 4.05%
8New Zealand Depository Nominee Limited
3,114,121 3.39%
9HSBC Nominees (New Zealand) Limited
2,263,327 2.46%
10Custodial Services Limited
2,177,150 2.37%
11Owen Arvind Daji
1,757,616 1.91%
12Olivia Ling
1,666,944 1.81%
13Montezemolo Holdings Limited
1,627,986 1.77%
14John Tomson
1,572,431 1.71%
15Stephen John Sinclair & Jacqueline Margaret Sinclair & Roger Frederick Wallis
1,416,856 1.54%
16Syed Hizam Alsagoff
1,000,000 1.09%
17Brad Nicolas Fris & Elizabeth Caroline Pearce & Caitlin Brianne Day
652,174 0.71%
18Forsyth Barr Custodians Limited
500,000 0.54%
19Garth William Ward
459,781 0.50%
20CLM Trustees 2016 Limited
434,783 0.47%
81,371,10188.56%
76 | GENERAL CAPITAL

GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
SPREAD OF FINANCIAL PRODUCT HOLDERS (as at 25 May 2026)
Ordinary Shares
SIZE OF HOLDING
NUMBER OF
SHAREHOLDERS
%NUMBER OF
ORDINARY SHARES
%
1 ‑ 1,999
48069.9%94,5620.1%
2,000 ‑ 4,999
55 8.0% 163,733 0.2%
5,000 ‑ 9,999
24 3.5% 164,699 0.2%
10,000 ‑ 49,999
54 7.9% 1,311,286 1.4%
50,000 ‑ 99,999
20 2.9% 1,246,547 1.4%
100,000 ‑ 999,999
38 5.5% 9,572,722 10.4%
1,000,000 ‑ 9,999,999
15 2.2% 47,593,884 51.8%
10,000,000 and over
1 0.1% 31,730,479 34.5%
687100%91,877,912100%
Geographic Spread
New Zealand
57383.4% 77,003,054 83.8%
Malaysia
669.6% 2,036,154 2.2%
Rest of World
487.0% 12,838,704 14.0%
687100%91,877,912100%
SUBSTANTIAL PRODUCT HOLDERS (as at 31 March 2026)
The following information is provided pursuant to section 293 of the Financial Markets Conduct Act 2013.
As at 31 March 2026 the Company had the following shareholders that are registered by the company as Substantial Product Holders
in the Company, having disclosed a relevant interest in quoted voting products under the Financial Markets Conduct Act 2013.
ORDINARY SHARES% OF VOTING (ORDINARY)
SHARES AT BALANCE DATE
Borneo Capital Limited
31,730,47934.55%
Brent Douglas King1
9,605,508 10.45%
DMX Asset Management Limited2
7,763,328 8.45%
FNZ Custodians Limited
6,180,287 6.73%
RB New Zealand Pty Limited
5,768,102 6.28%
61,047,70466.45%
Total Ordinary Shares on issue as at 31 March 2026
91,877,912
1Includes holdings by Brent Douglas King personally and as a sole director and shareholder of Snowdon Peak Investments Limited.
2Includes holdings through Citibank Nominees (New Zealand) Ltd and HSBC Nominees (New Zealand) Limited.
ANNUAL REPORT 2026SHAREHOLDER & STATUATORY INFORMATION | 77

DIRECTORS’ REMUNERATION AND OTHER BENEFITS FOR THE PERIOD ENDED 31 MARCH 2026
Ordinary Shares
DIRECTORS FEES2OTHER
REMUNERATION
$$
Rewi Hamid Bugo1
66,52866,000
Brent Douglas King3
41,580 459,478
Gregory Stephen James
53,222 -
Anita Maria Killeen
38,016 -
Donald Frederick Hattaway (director of subsidiary)
64,390 -
Gregory John Pearce (director of subsidiary)5
49,183 4,920
Geoffrey William Sinclair (director of subsidiary)
41,580 -
354,499530,398
1Other remuneration paid to Rewi Hamid Bugo comprises of a travel allowance.
2The above fees are recorded exclusive of GST, if any.
3 Other remuneration paid to Brent Douglas King comprises salaries and other benefits paid to Brent Douglas King in his capacity as
Managing Director of General Capital Limited and its subsidiaries. Brent Douglas King’s other remuneration is broken down below.
$
Base Salary
350,000
FY26 Bonus
-
Other benefits4
109,478
459,478
Other Remuneration of the Managing Director:
4 Other benefits comprise of Kiwisaver, vehicle allowance, and a 10% commission on all consulting revenue charged by Investment
Research Group Ltd.
The employment contract between the Company and Brent Douglas King is deemed to be a Material Transaction as defined by the
NZX Listing Rules (the Rules) and is subject to the exception under 5.2.2(e) of the Rules.
5Other remuneration paid to Gregory John Pearce in his capacity as a director is for credit control / recovery and loan administration.
GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
78 | GENERAL CAPITAL

DIRECTORS INTEREST REGISTER
DIRECTORS DEALINGS IN QUOTED FINANCIAL PRODUCTS DURING THE YEAR ENDED 31 MARCH 2026
DATE OF
TRANSACTION(S)
FINANCIAL
PRODUCT
NUMBER OF
FINANCIAL
PRODUCTS
ACQUIRED /
(DISPOSED)
CONSIDERATION
(RECEIVED) / PAID $
Geoffrey William Sinclair 3 Jul 2025Ordinary Shares28284
Gregory Stephen James3 Jul 2025,
& 12 Dec 2025
Ordinary Shares4,4151,336
Relevant Interests
1 Shares were acquired during pursuant to the Company Staff Share Scheme.
DIRECTORS QUOTED FINANCIAL PRODUCT HOLDINGS AT 31 MARCH 2026
ORDINARY SHARES
NUMBER
Rewi Hamid Bugo1
31,730,479
Brent Douglas King2
9,605,508
Gregory Stephen James
354,034
Donald Frederick Hattaway (director of subsidiary)3
226,252
Geoffrey William Sinclair (director of subsidiary)
21,099
Gregory John Pearce (director of subsidiary)
12,500
41,949,872
Relevant Interests
1 Deemed relevant interest by virtue of Rewi Hamid Bugo owning more than 20% of the voting products of Borneo Capital Limited
(the registered holder).
2 Includes shares owned by Snowden Peak Investments Limited (the registered holder), of which Brent King is the sole director
and shareholder.
3 Deemed relevant interest by virtue of Donald Frederick Hattaway being a director of Casrom Trustee Company Limited a trustee
of Romana Benevolent Trust (the registered holders).
GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
ANNUAL REPORT 2026SHAREHOLDER & STATUATORY INFORMATION | 79

DIRECTORS INTEREST REGISTER (CONTINUED)
During the year ended 31 March 2026, pursuant to section 140 of the Companies Act 1993 the directors disclosed the
following interests:
Brent Douglas King
Moneyonline Limited
Snowdon Peak Investments Limited
Cannabis & Bioscience Corporation Limited
Rewi Hamid Bugo
Borneo Capital Limited
Gregory Stephen James
Burwood Capital Investments Limited
Ladies Mile Property Syndicate LP
Donald Frederick Hattaway (director of subsidiary)
Casrom Trustee Company Limited
Romana Benevolent Trust
INDEMNITY AND INSURANCE
In accordance with section 162 of the Companies Act 1993, the Group has provided insurance for and indemnities to, directors and
employees of the Group for losses from actions undertaken in the course of their duties. The insurance includes indemnity costs
and expenses incurred to defend an action that falls outside the scope of the indemnity.
EMPLOYEE REMUNERATION
During the year ended 31 March 2026, the number of employees or former employees of the Group not being directors of General
Capital Limited or subsidiaries, who received remuneration and other benefits in their capacity as employees, the value of which
exceeded $100,000 for the year was as follows:
GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
80 | GENERAL CAPITAL

NUMBER OF EMPLOYEES
REMUNERATION RANGE
20262025
$100,000 ‑ $109,999
11
$110,000 ‑ $119,999
1-
$120,000 ‑ $129,999
--
$130,000 ‑ $139,999
-2
$140,000 ‑ $149,999
--
$150,000 ‑ $159,999
2-
$160,000 ‑ $169,999
--
$170,000 ‑ $179,999
13
$180,000 ‑ $189,999
2-
$190,000 ‑ $199,999
--
$200,000 ‑ $209,999
--
$210,000 ‑ $219,999
--
$220,000 ‑ $229,999
2-
$230,000 ‑ $239,999
--
$240,000 ‑ $249,999
--
$250,000 ‑ $259,999
-1
$260,000 ‑ $269,999
--
$270,000 ‑ $279,999
--
$280,000 ‑ $289,999
--
$290,000 ‑ $299,999
--
$300,000 ‑ $309,999
--
$310,000 ‑ $319,999
--
$320,000 ‑ $329,999
--
$330,000 ‑ $339,999
--
$340,000 ‑ $349,999
--
$350,000 ‑ $359,999
--
$360,000 ‑ $369,999
--
$370,000 ‑ $379,999
--
$380,000 ‑ $389,999
--
$390,000 ‑ $399,999
--
$400,000 ‑ $409,999
--
$410,000 ‑ $419,999
--
$420,000 ‑ $429,999
1-
DONATIONS MADE
During the year ended 31 March 2026, the Group made total donations of $18,500.
GENERAL CAPITAL LIMITED
SHAREHOLDER AND STATUTORY INFORMATION
ANNUAL REPORT 2026SHAREHOLDER & STATUATORY INFORMATION | 81

08
CORPORATE
DIRECTORY
0102
REGISTERED OFFICE
General Capital Limited
Level 8, General Capital House
115 Queen Street
Auckland 1010
New Zealand
PO Box 1314
Shortland Street
Auckland 1010
New Zealand
E: info@gencap.co.nz
W: www.gencap.co.nz
T: (09) 526 5000:
AUDITOR
Grant Thornton New Zealand Audit Limited
Level 4, Grant Thornton House
152 Fanshawe Street
Auckland CBD
Auckland 1010
82 | GENERAL CAPITAL