General Capital Announces Growth and Record Profit

General Capital Announces Continued Growth and Another Profit Record

The Directors of General Capital Limited (NZX:GEN), the NZX listed Financial Services Group, are pleased
to present another record financial result for the year ended 31 March 2025, with revenue up 32% to
$22.6m from the prior year, and Net Profit After Tax (NPAT) up 7% to $2.8m from the prior year.

The Group has continued to grow, particularly subsidiary company General Finance, delivering solid
growth and value to the Group despite the challenging economic environment. In November 2024,
General Finance acquired Bridges Financial Services Limited, an insurance premium funding business,
complementing the Group’s business activities and providing future growth opportunities in the lending
sector. These results reflect management’s dedicated efforts to leverage market opportunities and
continued focus on strategic initiatives to provide consistent year on year growth.

The Group has also maintained a strong balance sheet with total assets growing by 34% to $218.2m. The
Group announced and paid its first dividend in December 2024 amounting to 32% of NPAT and also
provided staff with the option to purchase shares, offering an opportunity to invest in the continued
growth of the business.

The Group is pleased to announce a final dividend to be paid in line with the half year dividend payout
ratio of 32% of NPAT, which will be fully imputed and payable in July 2025, demonstrating a commitment
to providing value to shareholders. A dividend reinvestment plan (DRP) will be a feature of the final
dividend with a 5% discount applied for those taking up the DRP. Information regarding the DRP will be
released shortly.

Details of the final dividend are:

• Record Date 13/06/25
• Dividend Payment Date 03/07/25
• Amount Per Share $0.0043
• Imputation Credit $0.0017

Future Outlook

The Depositor Compensation Scheme (“DCS”) will be coming into effect on 1 July 2025 and is expected to
bring increased confidence in deposit activity which is anticipated to provide continued growth to the
Group’s deposit book in FY26. The Group is also positioned well to leverage growth opportunities and
focus on delivering an increased lending book, coupled with effective management of arrears and a low
credit loss ratio. The Group will actively monitor Net Interest Margin (NIM) and focus on strategies to
build further growth to the business, providing continued shareholder value.
This announcement was approved by the Directors of General Capital Limited.

ENDS

For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz
26 May 2025

---

Results announcement

Results for announcement to the market
Name of issuer General Capital Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency New Zealand Dollars ($)
Amount (000s) Percentage change
Revenue from continuing
operations
$22,632 32%
Total Revenue $22,632 32%
Net profit/(loss) from continuing
operations
$2,806 7%
Total net profit/(loss) $2,806 7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00433350 per share
Imputed amount per Quoted
Equity Security
$0.00168525 per share
Record Date 13 June 2025
Dividend Payment Date 3 July 2025
Current period* Prior comparable period**
Net tangible assets per Quoted
Equity Security (in dollars and
cents per security)
$0.2642 $0.0665
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please refer to Director’s Report and Results Announcement
* 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. This
resulted in 91,828,852 total shares on issue at 31 March 2025.
** If the prior comparable period were adjusted for the share
consolidation, the value would be $0.2658.
Authority for this announcement
Name of person

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

26 May 2025
unaudited financial statements accompany this announcement.

DIRECTORS’ REPORT
MAY 2025
1
DIRECTORS’
REPORT
MAY 2025

2
DIRECTORS’ REPORT
MAY 2025
BACKGROUND
The Directors of General Capital Limited (“the Company”) are pleased
to present another record result for the year ended 31 March 2025.
The consolidated revenue was 32% higher than the previous year,
increasing to $22,632,150 and Net Profit After Tax was up 7% with
a solid result of $2,805,800 for the year ended 31 March 2025.
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 the Company
was listed in 2018.
The Group maintained a strong balance sheet with total assets
increasing by a further 34% since March 2024, demonstrating
the Company’s ability to manage its capital during a challenging
economic environment. Subsidiary Company General Finance has
also maintained its credit rating of BB which was reaffirmed by Equifax
on 10 December 2024.

DIRECTORS’ REPORT
MAY 2025
3
FINANCIAL
PERFORMANCE
YEAR ENDED
31 MAR 2025
YEAR ENDED
31 MAR 2024VARIANCE% CHANGE
Revenue$22,632,150$17,171,443$5,460,707+32%
Net profit / (loss) after tax$2,805,800$2,633,161$172,639+7%
Earnings / (loss) per share*3.09 cps2.90 cps0.19 cps+6%
YEAR ENDED
31 MAR 2025
YEAR ENDED
31 MAR 2024VARIANCE% CHANGE
Total assets$218,184,368$163,330,631$54,853,737+34%
Total liabilities$188,943,206$136,519,214$52,423,992+38%
Total equity$29,241,162$26,811,417$2,429,745+9%
Net tangible assets (NTA) per share*26.42 cps6.65 cps19.78 cps+298%
Net assets (NA) per share**,***31.84 cps7.37 cps24.47 cps+332%
* Calculated as Net Profit after income tax expense divided by the weighted average number of ordinary shares. The prior year comparative has been restated to reflect the share
consolidation impacting the weighted average number of 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.
*** 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. This resulted in 91,828,852 total shares on issue at 31 March 2025. If the prior comparable period of 31 Mar 2024 were
adjusted for the share consolidation, the NTA per share and NA per share would be 26.58 cps and 29.50 cps respectively.
Net Profit After Tax (NPAT) for the General Capital Group was $2,805,800 for the year ended 31 March 2025 (2024: $2,633,161).
The segment breakdown is included in the accompanying financial statement segmental reporting.

DIRECTORS’ REPORT
MAY 2025
4
PERFORMANCE
General Finance Limited (GFL), a licensed non-bank deposit taker and
wholly owned subsidiary of General Capital, delivered a solid financial
result for the year ended 31 March 2025, achieving a 20% increase in
net revenue, and a 11% rise in Net Profit After Tax (NPAT). These results
reflect management’s dedication to operational efficiency, effective
cost management and focus on strategic outlook during challenging
economic conditions.
GFL has experienced significant growth in term deposits which rose
37% during the financial year, contributing to the Group’s healthy asset
growth. GFL also expanded its geographical reach beyond Auckland,
with notable growth in non-Auckland regions and greater demographic
diversity in its investor base.
Total loans rose by 10% during the year as GFL’s management adopted
a conservative lending strategy, balancing asset growth with a focus
on liquidity. This approach was particularly prudent in the face of New
Zealand’s challenging economic environment in 2025, aiming to protect
the Group’s financial health while ensuring long-term stability.
GFL acquired Bridges Financial Services Limited (BFSL), an insurance
premium funding business which has complemented the growth of the
Group. Management see great potential in further expanding BFSL to
leverage market opportunities to continue the growth of the Group.
GFL’s performance has positively contributed to General Capital’s
growth in revenue and profitability, affirming the Group’s strategic
direction and highlighting its resilience in navigating market challenges.

DIRECTORS’ REPORT
MAY 2025
5
SUMMARY
The Group achieved good results for the year ended 31 March 2025
given the current challenging economy, with a 32% increase in revenue
and a 7% rise in net profit after tax. Total assets grew by 34% since
31 March 2024, driven by a solid performance from GFL, which saw
significant growth in term deposits and good growth in loans while
maintaining a conservative lending strategy. Wholly owned subsidiary
GFL acquired BFSL during the financial year, which has strengthened our
presence in Waikato and broadens our product offerings.
In line with General Capital’s commitment to delivering shareholder
value, the Board is pleased to announce a final dividend of 0.0043
cents per share, supplementing the half year dividend of 0.0055, which
brings the total dividends per share for the financial year to 0.0098. This
milestone reflects our confidence in the Group’s financial resilience and
growth trajectory, as well as our dedication to rewarding shareholders.
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.
DIVIDEND
ANNOUNCEMENT
The Directors are pleased to announce that General Capital Limited
declared a final dividend of 0.0043 cents per share to supplement the
half year dividend of 0.0055, bringing the total dividends per share for
FY25 to 0.0098. This milestone reflects the Group’s strong financial
performance and commitment to delivering shareholder value. The
dividend aligns with the policy introduced at the last Annual Shareholder
Meeting in July 2024 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). GFL has successfully maintained its BB rating with a Stable
Outlook throughout the period. Under Equifax’s standards, this “Near
Prime” rating indicates a low to moderate risk level. GFL is pleased to
retain this rating, which stands as a strong endorsement of its stability
and performance.
DIRECTORS
Ms. Megan Glen has resigned as a non-executive independent director,
effective 31 March 2025, and the Board thanks her for her service during
her tenure.
AUDIT
The attached financial information is in the process of being audited by
Grant Thornton New Zealand Audit Limited. The Group’s Annual Report
for the year ended 31 March 2025 is in the process of being completed
and audited.
Rewi Hamid Bugo
Chairman
Brent Douglas King
Managing Director

9.4
9.5
13.5
24.3
26.8
29.2
41.8
58.6
89.4
111.8
136.5
188.9
51.2
68.2
102.9
136.1
163.3
218.2
0.19
0.12
1.89
3.34
3.59
3.94
EQUITY
TOTAL LIABILITIES
PROFIT BEFORE TAX
TOTAL ASSETS
-
50.0
100.0
150.0
200.0
250.0
($mil)
($mil)
31 MARCH 202031 MARCH 202131 MARCH 202231 MARCH 202331 MARCH 202431 MARCH 2025
(unaudited)
31 MARCH 202031 MARCH 202131 MARCH 202231 MARCH 202331 MARCH 202431 MARCH 2025
(unaudited)
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
DIRECTORS’ REPORT
MAY 2025
6
GENERAL CAPITAL CONSOLIDATED BALANCE SHEET
GENERAL CAPITAL CONSOLIDATED PROFIT BEFORE TAX

DIRECTORS’ REPORT
MAY 2025
7
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
20252024
$$
Interest income18,154,58413,679,143
Interest expense(11,648,252)(8,096,442)
Net interest income6,506,3325,582,701
Fee and commission income4,252,3243,327,444
Fee and commission expense(1,028,654)(862,307)
Net fee and commission income3,223,6702,465,137
Revenue from contracts with customers162,179138,466
Cost of sales(18,103)(17,426)
Gross profit from contracts with customers144,076121,040
Other income63,06326,390
Net revenue9,937,1418,195,268
Increase in allowance for expected credit losses(428,615)(59,087)
Personnel expenses(1,999,157)(1,791,560)
Occupancy expenses(141,191)(105,378)
Depreciation(13,241)(11,313)
Amortisation and impairment of intangible assets(72,306)(21,334)
Loss on Sale of Asset(50,000)-
Other operating expenses(3,295,758)(2,620,994)
Total operating expenses(6,000,268)(4,609,666)
Profit before income tax expense3,936,8733,585,602
Income tax expense(1,131,073)(952,441)
Net profit after income tax expense2,805,8002,633,161
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(126,624)(31,240)
Income tax on these items-(43,273)
Other comprehensive loss for the year, net of tax(126,624)(74,513)
Total comprehensive income2,679,1762,558,648
Earnings per share (cents per share)*3.092.90
Diluted earnings per share (cents per share)3.092.90
*Calculated as Net Profit after income tax expense divided by the weighted average number of ordinary shares. On 2 August 2024, General Capital executed a 1-for-4 share consolidation,
reducing the total number of shares on issue from 363,574,975 to 90,893,813. On 14 March 2025, General Capital issued 935,039 shares in accordance with the General Capital Staff
Share Scheme and for Director Fee’s, bringing the total number of shares on issue to 91,828,852 at the reporting date. The prior year comparative has been restated to reflect the share
consolidation impacting the weighted average number of shares.

DIRECTORS’ REPORT
MAY 2025
8
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
20252024
$$
Equity
Share capital21,811,60621,561,120
Accumulated earnings7,704,5565,381,065
Reserves(275,000)(130,768)
Total equity29,241,16226,811,417
Assets
Cash and cash equivalents35,991,25615,303,073
Accounts receivables23,1784,850
Related party receivables102,393235
Other current assets510,629334,828
Bank deposits25,042,83612,714,591
Loan receivables151,101,609132,163,725
Property, plant and equipment436,17531,907
Investments-126,624
Deferred tax asset153,105182,173
Intangible assets and goodwill4,823,1872,468,625
Total assets218,184,368163,330,631
Liabilities
Accounts payable and other payables3,671,0251,033,694
Related party payables5,9596,366
Term deposits184,680,424135,118,547
Income tax payable369,720360,607
Deferred tax libailities216,078-
Total liabilities188,943,206136,519,214
Net assets29,241,16226,811,417
Net tangible assets (NTA) per share (cents per share)*26.426.65
Net assets (NA) per share (cents per share)**,***31.847.37
* 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.
*** 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. This resulted in 91,828,852 total shares on issue at 31 March 2025. If the prior comparable period of 31 Mar 2024 were
adjusted for the share consolidation, the NTA per share and NA per share would be 26.58 cps and 29.50 cps respectively.

DIRECTORS’ REPORT
MAY 2025
9
SHARE CAPITALRESERVESACCUMULATED
EARNINGS
TOTAL EQUITY
$$$$
Balance at 1 April 202321,561,120(319,511)3,011,16024,252,769
Profit for the year--2,633,1612,633,161
Other comprehensive income for the year-(74,513)-(74,513)
Total comprehensive income for the year-(74,513)2,633,1612,558,648
Transfer fair value reserve to retained earning for FVTOCI*
equity investment263,256(263,256)-
Balance at 1 April 202421,561,120(130,768)5,381,06526,811,417
Profit for the year--2,805,8002,805,800
Other comprehensive income for the year-(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*-(17,608)17,608-
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs250,486--250,486
Dividend paid(499,916)(499,916)
Total transactions with owners in their capacity as owners250,486-(499,916)(249,430)
Balance at 31 March 202521,811,606(275,000)7,704,55629,241,162
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
*Fair Value Through Other Comprehensive Income

DIRECTORS’ REPORT
MAY 2025
10
GENERAL CAPITAL LIMITED
CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025
20252024
$$
Cash flow from operating activities
Interest received19,049,08913,795,341
Receipts from customers3,847,0853,312,918
Other income58,8773,190
Payments to suppliers and employees(3,689,101)(5,419,578)
Interest paid(10,548,848)(7,377,800)
Income tax paid(876,814)(1,475,434)
Net cash flows from operating activities before changes in operating assets and liabilities7,840,2882,838,637
Term deposits (net receipts)48,432,34424,485,709
Loan receivables (net advances)(14,887,482)(23,144,390)
Net cash provided by operating activities41,385,1504,179,956
Cash flow from investing activities
Purchase of property, plant and equipment(467,509)(9,488)
Purchase of Intangible assets-(213,346)
Acquisition of subsidiaries (net of cash acquired)(7,401,297)-
Investment in bank deposits(12,328,245)(2,776,617)
Investment in equities-50,374
Net cash used in investing activities(20,197,051)(2,949,077)
Cash flow from financing activities
Dividends paid(499,916)-
Net cash provided by financing activities(499,916)-
Reconciliation of cash and cash equivalents
Cash and cash equivalents at the beginning of the reporting year15,303,07314,072,194
Net increase in cash and cash equivalents held during the reporting year20,688,1831,230,879
Cash and cash equivalents at the end of the reporting year35,991,25615,303,073

11
DIRECTORS’ REPORT
MAY 2025
SEGMENT
REPORTING
Management has determined the operating segments based on
the components of the Group that engage in business activities,
which have discrete financial information available and whose
operating results are regularly reviewed by the Group’s chief
operating decision maker. The chief operating decision maker
has been identified as the Board of Directors. The Board of
Directors makes decisions about how resources are allocated to
the segments and assesses their performance.
Three reportable segments have been identified as follows:
Finance
Deposit taking, short term property mortgage lending,
and insurance premium funding.
Research & Advisory
Provides investment advisory services and produces
and sells investment research and publications.
Corporate & Other
Corporate function and investment activities.
3
2
1

DIRECTORS’ REPORT
MAY 2025
12
YEAR ENDED 31 MAR 2025FINANCERESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Revenue - interest income18,083,09911,523219,41018,314,032159,44818,154,584
Revenue - fee income
(finance receivables)
4,252,324--4,252,324-4,252,324
Revenue from contracts
with customers
- Advisory fee revenue-135,500-135,50026,441161,941
- Yearbook and research-238-238-238
Other income60,975-830,292891,267(828,204)63,063
Dividend income--2,000,0002,000,000(2,000,000)-
Total Revenue22,396,398147,2613,049,70225,593,361(2,961,211)22,632,150
Interest expense(11,796,791)(28)(10,882)(11,807,701)159,448(11,648,253)
Fee and commission(1,028,654)--(1,028,654)-(1,028,654)
Cost of sales-(14,325)-(14,325)(3,778)(18,103)
Net Revenue9,570,953132,9083,038,82012,742,681(2,805,541)9,937,140
Increase in allowance for
expected credit losses
(428,615)--(428,615)-(428,615)
Personnel expenses(1,642,326)(81,990)(274,841)(1,999,157)-(1,999,157)
Depreciation and amortisation(45,562)-(10,348)(55,910)(29,636)(85,546)
Other expenses(3,125,466)(56,530)(1,133,156)(4,315,152)828,204(3,486,948)
Income Tax expense(1,133,026)--(1,133,026)1,952(1,131,074)
Net profit / (loss) after tax3,195,958(5,612)1,620,4754,810,821(2,005,021)2,805,800
Total Assets216,974,7781,020,7413,841,499221,837,018(3,652,650)218,184,368
Total Liabilities192,806,11873,193139,889193,019,200(4,075,994)188,943,206
YEAR ENDED 31 MAR 2025FINANCERESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Investment in subsidiary
7,401,118--7,401,118-7,401,118
Other
--417,888417,888-417,888
7,401,118-417,8887,819,006-7,819,006
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):
SEGMENT REPORTING

DIRECTORS’ REPORT
MAY 2025
13
YEAR ENDED 31 MAR 2024FINANCERESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Revenue - interest income13,399,35516,118266,94513,682,418(3,276)13,679,142
Revenue - fee income
(finance receivables)
3,327,444--3,327,444-3,327,444
Revenue from contracts
with customers
- Advisory fee revenue-135,695-135,6952,361138,056
- Yearbook and research-409-409-409
Other income3,1904,000681,468688,658(662,268)26,390
Dividend income------
Total Revenue16,729,989156,222948,41317,834,624(663,183)17,171,441
Interest Expense(8,096,442)-(3,276)(8,099,718)3,276(8,096,442)
Fee and commission(862,307)--(862,307)-(862,307)
Cost of sales-(20,354)-(20,354)2,929(17,425)
Net Revenue7,771,240135,868945,1378,852,245(656,978)8,195,267
Increase in allowance for
expected credit losses
(59,087)--(59,087)-(59,087)
Personnel expenses(1,530,721)(21,956)(238,883)(1,791,560)-(1,791,560)
Depreciation and amortisation(23,825)-(8,823)(32,648)-(32,648)
Other expenses(2,336,156)(54,373)(998,109)(3,388,638)662,268(2,726,370)
Income Tax (expense) / benefit(938,360)-(12,600)(950,960)(1,481)(952,441)
Net profit / (loss) after tax2,883,09159,539(313,278)2,629,3523,8092,633,161
Total Assets156,967,691955,7915,940,759163,864,241(533,609)163,330,631
Total Liabilities136,525,5493,796482,404137,011,749(492,534)136,519,214
Acquisition of property, plant and equipment, intangible assets, and other non-current assets (excluding non-current finance receivables):
YEAR ENDED 31 MAR 2025FINANCERESEARCH
& ADVISORY
CORPORATE
& OTHER
TOTAL
SEGMENTS
ELIMINATIONSCONSOLIDATED
$$$$$$
Other
219,219-3,593222,812-222,812
219,219-3,593222,812-222,812
SEGMENT REPORTING

DIRECTORS’ REPORT
MAY 2025
14

---

Distribution Notice




Section 1: Issuer information
Name of issuer General Capital Limited
Financial product name/description Ordinary Shares
NZX ticker code GEN
ISIN (If unknown, check on NZX
website)
NZMYKE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year x Quarterly
Half Year Special
DRP applies x
Record date 13 June 2025
Ex-Date (one business day before the
Record Date)
12 June 2025
Payment date (and allotment date for
DRP)
3 July 2025
Total monies associated with the
distribution
1

$ 397,940.03
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollar (NZD)
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.00601875
Gross taxable amount
3
$ 0.00601875
Total cash distribution
4
$ 0.00433350
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

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

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

28%
Imputation tax credits per financial
product
$ 0.00168525
Resident Withholding Tax per
financial product
$ 0.00030094
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
5%
Start date and end date for
determining market price for DRP
12 June 2025 18 June 2025
Date strike price to be announced (if
not available at this time)
19 June 2025
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
16 June 2025
Section 5: Authority for this announcement
Name of person

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

26 May 2025






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