General Capital ASM 2026 Presentations

General Capital Limited
Annual Shareholder Meeting 2026
Chair’s Address


Good afternoon everyone,

Thank you to our shareholders, the Boards of Directors of General Finance and General Capital,
our invited guests, the Computershare team, and the staff of our Group for taking the time to be
here today.

The detailed financial performance of the Group for the year ended 31 March 2026 will be
covered shortly by our Managing Director, Brent King, who will provide shareholders with a
comprehensive review of the Group's performance and key operational achievements during
the year.

The past year has been another significant one in the development of our Group. While
economic conditions remained challenging, with continuing cost of living pressures, global
uncertainty, and an evolving regulatory environment, General Capital has continued to
demonstrate resilience, discipline, and a clear focus on long-term growth.

During the year, we were pleased to see continued progress across the Group. General Finance
Limited, our wholly owned subsidiary and licensed non-bank deposit taker, continued to
strengthen its market position and delivered further growth in its lending and deposit-taking
activities. The business also benefited from the full-year contribution of Bridges Financial
Services Limited, further enhancing the diversity of the Group's earnings and revenue streams.

A particularly pleasing development was the independent recognition of General Finance's
strength and direction by our rating agency, Equifax. During the year, Equifax upgraded General
Finance's BB credit rating outlook from Stable to Positive and, more recently, upgraded the
company to a BB+ Stable rating following the release of our full-year results to 31 March 2026.

The Board considers this a strong endorsement of the group's performance, capital
management, and future prospects, particularly given the ongoing global uncertainty and
challenging economic conditions in New Zealand.


Deposit Taker Act

The regulatory environment continues to evolve, particularly with the implementation of the
Deposit Takers Act. This legislation replaces the former Non-Bank Deposit Takers Act and brings

our wholly owned subsidiary, General Finance, under the same single and coherent prudential
framework that applies to registered banks, supervised directly by the Reserve Bank of New
Zealand.

The new regime presents several important opportunities for General Finance.

Firstly, it strengthens depositor confidence in our business. Since 1 July 2025, deposits with
General Finance have been covered by the Government's Depositor Compensation Scheme,
protecting eligible depositors up to $100,000 per person, the same level of protection available
to depositors of registered banks in New Zealand. This parity of protection helps level the playing
field when attracting and retaining deposits, which remain fundamental to our funding base and
future growth.

Secondly, the move to direct Reserve Bank supervision, replacing the former trustee-based
model, represents a prudential framework aligned with international standards. For
shareholders, this supports a business that is highly regulated, more resilient, and better
positioned to compete for deposits and grow lending as the new licensing regime is implemented
over the coming years.

Management remain actively engaged with regulators and are committed to ensuring that the
Group is well positioned to meet all future requirements while continuing to pursue growth
opportunities.

Dividend Policy

As shareholders are aware, the Board has adopted a Dividend Policy under which the group
intends to distribute up to 40% of net profit after tax through interim and final dividends, subject
to maintaining appropriate capital levels to support the Group's growth and regulatory
requirements.

Since adopting this policy, the group has delivered consistent dividend payments, reflecting both
the strength of the business and the Board's commitment to providing sustainable returns to
shareholders. While future dividends will always be subject to earnings, capital requirements
and market conditions, the Board remains committed to this balanced approach of rewarding
shareholders while supporting future growth.

Looking Ahead

The Board remains optimistic about the future. While economic and regulatory conditions will
continue to evolve, we believe General Capital is well positioned to capitalise on opportunities
within New Zealand's financial services sector. Our strong governance framework, experienced
management team, growing customer base, and established market presence provide a solid
foundation for continued expansion.

We remain committed to building a diversified financial services group that generates
sustainable returns for shareholders while maintaining strong governance, prudent risk
management, and disciplined capital allocation.

Concluding Comments

Before I conclude, I would like to thank my fellow directors for their guidance and support
throughout the year. I would also like to acknowledge the management team, and all staff across
the Group for their hard work and commitment in delivering another successful year.

Finally, on behalf of the Board, I thank our shareholders, customers, depositors, business
partners, and regulators for their continued support and confidence in General Capital.

We appreciate your ongoing investment in General Capital and look forward to another year of
growth, progress, and value creation.

Thank you.

---

General Capital Limited’s
Annual Shareholder Meeting
2:00pm Thursday 20 August 2026
1

Chairman
Rewi Bugo
Chairman
2
Rewi Bugo

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

1.1 Chairman’s Introduction
4

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

1.2 Apologies
6

1.3 Chairman’s
Address
7

8
1.4 Managing
Director’s
Address

a) Annual Report
The meeting will receive, consider and discuss the Annual Report of
the Company for the year ended 31 March 2026, including the
financial statements for that year and the Directors’ and auditors’
reports to the shareholders.
1.5 Regular Business
9

General Capital
Annual Report
31 March 2026
10

Key Points
Total Assets up 30% to $283.7m
Total Equity up 7%to $31.3m
Revenue up 18%to $26.8m
Net Profit Before Tax up 1%to $4.0m
Net Tangible Assets up 11%to 29.31 cps
Credit Rating uplifted from BB Stable to Positive (in Dec 25). (upgraded to BB +
Stable in Aug 26)
11

12
9.5
58.6
68.2
13.5
89.4
102.9
24.3
111.8
136.1
26.8
136.5
163.3
29.2
188.9
218.2
31.3
252.4
283.7
0
50
100
150
200
250
300
Equity ($mil)Total Liabilities ($mil)Total Assets ($mil)
GENERAL CAPITAL CONSOLIDATED BALANCE SHEET
FY21FY22FY23FY24FY25FY26

127.69
129.22
133.22
145.70
155.40
162.42
180.41
196.31
211.92
236.89
271.16
280.31
279.99
111.70
112.54
116.00
127.83
136.65
142.67
159.89
173.86
188.88
213.58
245.91
253.98
252.55
15.99
16.68
17.21
17.87
18.75
19.75
20.52
22.44
23.04
23.31
25.25
26.33
27.44
0
50
100
150
200
250
300
Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26
GROWTH IN GENERAL FINANCE LIMITED (SUBSIDIARY)
Total AssetsTotal LiabilitiesEquity
13

0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
Invercargill Queenstown Dunedin Canterbury Nelson Wellington Manawatu New
Plymouth
Napier Gisborne Waikato Bay of Plenty Auckland Northern NZ Overseas
SECURED TERM DEPOSIT BY LOCATION 2022 -2026
20222023202420252026
14

0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
HouseCommercialApartmentBare landTerracedLifestyle
LOAN BY SECURITY TYPE 2022 - 2026
20222023202420252026
15
Terraced & Lifestyle were split from House category
because of the growing numbers in loan book.

0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
180,000,000
AucklandWellingtonCanterburyOther South IslandOther North Island
LOAN BY LOCATION 2022 -2026
20222023202420252026
16

17

0.00
0.20
0.40
0.60
0.80
1.00
1.20
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2
General Finance
Total Assets (mil)Total Liabilities (mil)Equity (mil)Net Profit/(Loss) After Tax (mil)

Cricket Event

GolfEvent

NZ FashionWeek Gala

NZ FashionWeek Gala

General Capital Annual Meeting

Synthony

General Capital Annual Meeting

General Capital Annual Meeting

30
General Capital Annual Meeting

Boris Johnson

Boris Johnson

Boris Johnson

Boris Johnson

Boris Johnson

b) Resolution 1: Auditors
To record that the Company’s auditors, Grant Thornton New Zealand Audit
Limited, are automatically reappointed as auditors pursuant to section 207T of
the Companies Act 1993 and to consider, and if thought fit, to pass the following
ordinary resolution:
“That the directors of the Company be authorisedto fix the fees and expenses
of the auditors of the Company for the financial year ending 31 March 2027.”
36

c) Resolution 2: Re-election of Director -Brent Douglas King
To consider and, if thought fit, to pass the following ordinary resolution:
“That Brent Douglas King, who retires by rotation at the Annual Meeting and is
eligible for reelection, be elected as Director of the Company.”
37

d) Resolution 3: Increase to Directors’ fee pool
To consider and, if thought fit, to pass the following ordinary resolution:
“That the maximum aggregate amount of remuneration payable by the Company
to the Directors (in their capacity as directors, as that term is defined in the NZX
Listing Rules) be increased by 9.85% ($65,000) from $660,000 to $725,000 per
annum, plus GST (if any), to be paid and allocated among the Directors as the
Board from time to time deems appropriate and that any remuneration payable
to such Directors may, at the Board’s discretion, in whole or in part, be through an
issue of Equity Securities (as that term is defined in the NZX Listing Rules) of the
Company.”
38

To consider any other matters that may be brought properly before the Meeting.
1.6 General Business and
Shareholder Discussion
39

Chairman
Rewi Bugo
Thank You
40

---

General Capital Limited
Annual Shareholder Meeting 2026
Managing Director Speech


Opening

Chairman
Fellow Shareholders
Ladies and Gentlemen
Fellow Staff members
Interested attendees.
General Finance Investors and Prize winners
I will speak to the Prize Winners a little later.


It is my privilege to be with you today.

You have all had a chance to see our Annual Report and to also the various releases the
company has made over the year.

Let us deal with the results to 31/3/26

Financial Performance FY26

• It was a good financial year for us.

• We started the year slowly and picked up momentum as the year went on.

• Total assets increased to by 30 % up to $283.7m at year end

• Total Group Equity was up 7% to $31.3m at year end

• Revenue was up 18% to $26.8m - Note this can be misleading as interest rates can
change e.g. OCR can be changed by RBNZ, and this can have a significant effect.

• Net profit before tax was up to $4.0m

• NTA up 11% to 29.31cps

Credit Rating

• Credit Rating lifted from BB stable to BB Positive in December 2025

• It was further upgraded from BB Positive to BB+ with a stable outlook in August 2026,
just this month.

• This is significant as NZ as a Country was downgraded.

• It is very hard to be upgraded when your whole country is downgraded.

• We had not expected it, and we are proud of the success.

Screen - Various Rating Agencies

This schedule is available on our website and in our Product Disclosure statement (PDS). It will
allow you to compare the General Finance product against other companies.

Note other credit rating companies use different numbers.

You should consider this any time you are investing money.


Growth of our Balance sheet

• Our 6 years from 2021 until 2026

• We have grown our total assets from $68m to $283m 416%

• This also applies to Liabilities also.

• We raise deposits from the public to then lend to borrowers.

• Hence our assets grow.

General Finance

• General Finance is our licensed Non-Bank Deposit taker (NBDT).

• This is by far the most active company in our group.

• The company is carefully regulated. There are very strict rules designed to protect
depositors assets and therefore the General Finance Board a fully independent of the
parent Board.

• General Finance undertakes business throughout NZ. We take deposits from all around
NZ and we lend all across NZ.

• Auckland is our major market.

• We do take deposits all around NZ but we also raise capital overseas. Currently the
deposits from offshore are approx. $10.0m. We are an approved issuer. This means an
overseas investor can have their income charged a 2 % levy rather than being taxed at
NZ tax rates.


Deposit Raising

• Clients often say to us that money is just money so interest rates should all be the
same.

• There is no doubt that it is a commodity product.

• $1 is a $1.

• Our key is to give depositors the reason to invest with us rather than with our
competitors,

• Interest rates are easy to change but interest is a biggest expense. We have to manage
this part of our business.

• We try to show people the benefits of investing with us.

• Here are a number of different promotional events we have undertaken

Photos

• Also we have various prizes.

• We gave all of the investors the chance to invest with us and then to pick which country
would will the World Cup football.

• Interestingly over 400 invested 42 people invested and picked Spain.

• We did have 2 people invest and picked New Zealand! They are optimists

• We have with us today we have 3 of the winners along with 2 partners.

• I would like to congratulate them.

• You each got an additional $1000 added to your deposits.

• That was a contribution from General Finance. I hope it comes in handy for you.

• Because we are smaller than the banks, we have to find ways to reward our investors.
Some have meet Elle McPherson or Borris Johnson or Winston Peters etc. or played Golf
with other investors etc. or maybe they have got tickets to a famous concert.

• If you are an investor with us there may be ways, we can help you earn a little bit more,

• You probably know that if you are a shareholder we can give you a little bit more interest
on your deposit.

Closing

• Ladies and gentlemen thank you for support,

• We have been able to build our group from $12m to almost $300,000,000.

• We are proud of what we have achieved.

• We certainly could not have done this without your help.

• Thank you once again.

• We appreciate your support for us. I hand you back to our Chairman Rewi Bugo.