Half Year Report For the six months ended 30 September Dorchester

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1 Half Year Report For the six months 30 September 2011 Dorchester

2 CONTENTS Summary of activity Financial summary Executive summary - chairman and executive director s report Condensed consolidated statement of comprehensive income Condensed consolidated statement of changes in equity Condensed consolidated statement of financial position Condensed consolidated cash flow statement Notes to the interim financial statements Corporate directory Shareholder information

3 01 SUMMARY OF ACTIVITY 22 August September September September 2011 Announcement of intention to raise up to $12million of Convertible Notes Dorchester Pacific Limited Annual Meeting Shareholder approval for Optional Convertible Notes issue Shareholder and option holder approval for variation to options SIGNIFICANT EVENTS Since period end 22 November November 2011 Announced unaudited interim results for the six month period to 30 September 2011 reporting a net loss after tax of $1.0million (2010: $15.7million profit). Offer to buy-back up to $4.0million of secured capital notes. FINANCIAL SUMMARY 2011 $millions 2010 $millions Change % Revenue (10) Total comprehensive income attributable to shareholders (1.0) 15.7 (106) Total assets (9) Total equity (9) Interim dividend - - -

4 02 EXECUTIVE SUMMARY - Chairman s & Executive Director s Report Dorchester Pacific announced its results for the six months to 30 September 2011 on 21 November The unaudited interim result was a net loss after taxation of $993,000 (2010: $15.7 million profit). The result includes a fair value adjustment interest expense (loss) of $508,000. The operating loss before fair value adjustment for the 6 months to 30 September 2011 is $485,000 compared to an operating loss before fair value adjustments of $921,000 for the corresponding 6 month period last year. Dorchester has traded ahead of forecast for the first half, although both lending and insurance markets have been quieter than hoped, particularly in the recent months. Dorchester Life The Reverse Annuity Mortgage (RAM) book continued to contribute strongly and Super Life Savings and insurance sales were well ahead of last year. But, as noted at the AGM held on 27 September 2011, Dorchester Life s insurance business has become complex for its overall scale, (i.e. Life insurance, Super Life savings products, the RAM book and a range of other insurance products), and the new regulatory environment will likely add considerable costs to the operation of the business in its present form. So, a review of our strategy in the insurance and savings business is being undertaken. Dorchester Finance New lending interest rates achieved, general loan quality, receivables book arrears and bad debts recovered on the legacy Senate book all remain at or ahead of forecast. We are continuing to develop new broker and additional lending channels. Dividend The Directors have declared that no interim dividend be paid. Convertible Note Issue The Company announced in August 2011 that it proposed to make a placement of Convertible Notes to raise up to $12 million subject to shareholder approval. The terms and conditions of the Convertible Notes were approved at the Annual and Special meetings held on 27 September Subscriptions for $11 million (110,000,000 Convertible Notes) have been received and the first tranche of the Notes will be issued in early December Notes Buy Back Offer On 22 November 2011 Dorchester announced an offer to buy back up to $4 million of the notes issued as part of its Capital Reconstruction Plan. The notes are due to mature in July 2013 and bear interest at 5% p.a. The offer is for seventy cents ($0.70) per note to be paid in cash on the 16 December 2011, with no brokerage payable. Outlook Over the last 12 months Dorchester has achieved the key objectives we had set for the Company following the successful implementation of the Capital Reconstruction Plan and exit from moratorium in August last year. The operating performance before fair value adjustments has continued to track ahead of forecast. However, we have yet to achieve a better than break-even result on a month-by-month basis and this is our key focus in the short term. The Convertible Note issue of $11 million and realisation of the balance of non-core property assets (approximately $5 million) will provide funding to continue to grow the receivables book over the next 12 months and enable the Company to achieve profitable trading. Grant Baker Chairman Paul Byrnes Executive Director and CEO

5 03 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Continuing operations Six months 30/09/2011 Six months 30/09/2010 Year 31/03/2011 Audited Note Interest income 2,402 2,315 4,599 Commission received Loan fee income Life insurance and life investment contract income 1,296 1,798 3,242 Rental income Other operating income ,146 Profit on repurchase of secured capital notes Operating revenue 4,305 4,774 10,014 Interest expense (824) (654) (1,518) Impairment (charge)/release on finance receivables and reverse annuity mortgages Other bad debts written off - - (54) Life insurance and life investment contract expenses (1,513) (2,034) (3,425) Interest expense on debentures and notes (relates to fair value adjustment reversal) - (4,227) (5,021) Interest expense on capital notes (relates to fair value adjustment reversal) (508) - (599) Other operating expenses (2,678) (3,174) (6,810) Profit / (loss) before fair value adjustments and taxation (964) (5,183) (7,230) Fair value adjustments relating to the Capital Raising and Capital Reconstruction Plan - 20,827 22,407 Profit / (loss) before taxation (964) 15,644 15,177 Taxation Profit / (loss) from continuing operations (964) 15,644 15,177 Discontinued operations Profit / (loss) from discontinued operations (net of income tax) 6 (29) 35 (1,080) Other comprehensive income for the year, net of tax Total comprehensive income attributable to shareholders (993) 15,679 14,097 Earnings/(loss) per share 2 ($0.01) $0.09 $0.08 Basic earnings/(loss) per share on continuing operations 2 ($0.01) $0.09 $0.09 The accompanying notes form part of these financial statements

6 04 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Capital Share Option Reserve Retained Earnings Total Note Balance at 31 March 2010 (audited) 46,907 - (49,745) (2,838) Net proceeds of share issue 2 9, ,582 Shares issued to debenture holders 2 3, ,651 Shares issued to subordinated unsecured note holders Shares issued to executive director Fair value of share options issued to debenture holders Total comprehensive income attributable to shareholders ,679 15,679 Balance at 30 September 2010 (unaudited) 60, (34,066) 27,349 Total comprehensive income attributable to shareholders - - (1,582) (1,582) Balance at 31 March 2011 (audited) 60, (35,648) 25,767 Total comprehensive income attributable to shareholders - - (993) (993) Balance at 30 September 2011 (unaudited) 60, (36,641) 24,774 The accompanying notes form part of these financial statements

7 05 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2011 Assets 30/09/ /09/ /03/2011 Audited Note Cash and cash equivalents 2,902 8,488 4,439 Financial assets at fair value through profit or loss - Insurance 18,245 18,915 19,369 - Other Finance receivables 3 19,611 16,449 18,203 Receivables 1,440 1,832 1,528 Current tax asset - 1,433 - Reverse annuity mortgages 3 21,917 24,265 23,998 Property, plant and equipment Deferred tax asset 1,430-1,430 Intangible assets 1,170 1,210 1,200 67,873 73,995 71,381 Assets classified as held for sale and discontinued operations 4 2,620 3,662 3,020 Total assets 70,493 77,657 74,401 Liabilities Other payables ,113 Deferred revenue Life Investment contract liabilities 17,771 18,411 18,835 Life Insurance contract liabilities 3,048 3,167 3,048 Borrowings 7,257 9,342 9,197 Secured capital notes 5 16,174 17,694 15,666 Total liabilities 45,719 50,308 48,634 Shareholders' equity Share capital 2 60,850 60,850 60,850 Share option reserve Retained earnings (36,641) (34,066) (35,648) Total shareholders' equity 24,774 27,349 25,767 Total shareholders' equity and liabilities 70,493 77,657 74,401 G.K. Baker Chairman Authorised for issue on 21 November 2011 P.A. Byrnes Executive Director The accompanying notes form part of these financial statements

8 06 CONDENSED CONSOLIDATED CASH FLOW STATEMENT Cash flows from operating activities Six months 30/09/2011 Six months 30/09/2010 Year 31/03/2011 Audited Interest received 1,245 1,160 2,320 Receipts from customers 1,095 3,818 3,449 Interest paid (824) (761) (1,625) Payment to suppliers and employees (4,677) (8,035) (11,086) Income tax paid - (13) (10) Net cash (outflow)/inflow from operating activities before changes in operating assets and liabilities (3,161) (3,831) (6,952) Net (increase)/decrease in finance receivables (1,239) 3, Net decrease in reverse annuity mortgages 3, ,082 Purchase/(sale) of insurance assets at fair value through profit and loss ,672 Purchase of trading assets at fair value through profit and loss - (160) - Net decrease in subordinated unsecured notes - (864) (864) Net decrease in secured capital notes - - (1,022) Net contribution from life investment contracts Changes in operating assets and liabilities arising from cash flow movements 3,204 3,876 3,560 Net cash (outflow)/inflow from operating activities (3,392) Cash flows from investing activities Proceeds from sale of assets classified as available for sale 400 1,447 1,197 Proceeds from sale of fixed assets Purchase of fixed assets and intangible assets (40) (142) (232) Purchase of investments - - (40) Net cash inflow from investing activities 360 1, Cash flows from financing activities Proceeds of share issue - 9,582 9,582 CRP and share issue costs - (1,299) (1,372) Mortgage loan received/(repaid) - (3,500) (3,500) Bank loan repayment (1,940) (40) (185) Net cash inflow/(outflow) from financing activities (1,940) 4,743 4,525 Net movement in cash and cash equivalents (1,537) 6,114 2,065 Add opening cash and cash equivalents 4,439 2,374 2,374 Closing cash and cash equivalents 2,902 8,488 4,439 The accompanying notes form part of these financial statements

9 07 CONDENSED CONSOLIDATED CASH FLOW STATEMENT Six months 30/09/2011 RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES Six months 30/09/2010 Year 31/03/2011 Audited Profit or loss (993) 15,679 14,097 Adjustment for Non-cash items Fair value adjustment - capital raising & capital reconstruction - (20,827) (22,407) Interest expense on debentures and notes (relates to fair value adjustment reversal) 508 4,227 5,620 Bad debt write-off 3,634 1,171 2,120 Provision for impairment (3,888) (1,303) (2,249) Net gain on sale of fixed assets and assets classified as held for sale - (271) 27 Depreciation and amortization Unrealised loss on properties held for sale and investments - - 1,161 Deferred fee revenues 89 (210) (300) Financial assets at fair value through profit or loss 645 (315) (1,665) Net annuity and premium change to policyholders accounts (1,803) (928) (1,121) Movement in reverse annuity mortgage (1,157) (1,179) (2,419) Profit on repurchase of secured notes - - (746) Adjustment for Movements in Working Capital Receivables and pre-payments Finance receivables (1,239) 3, Payables (377) (546) (226) Net decrease in insurance assets at fair value through profit or loss ,672 Deferred taxation - - (1,430) Taxation - (13) 1,420 Subordinated unsecured notes - (864) (864) Net decrease in secured capital notes - - (1,022) Reverse annuity mortgages 3, ,082 Net contribution from life investments Net Cash (Outflow)/Inflow from Operating Activities (3,392) The accompanying notes form part of these financial statements

10 08 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES These unaudited consolidated condensed interim financial statements of Dorchester Pacific Limited ( the Company) and its subsidiaries (the Group) have been prepared in accordance with NZ IAS 34: Interim Financial Reporting Standard. The Company is registered under the Companies Act 1993, listed on the New Zealand Exchange and is an issuer for the purposes of the Financial Reporting Act The unaudited consolidated condensed interim financial statements of the Group for the six months 30 September 2011 have been prepared using the same accounting policies and methods of computation as, and should be read in conjunction with, the financial statements and related notes included in the Group s annual report for the year 31 March The same significant judgments, estimates and assumptions included in the notes to the financial statements in the Group s Annual Report for the year to 31 March 2011 have been applied to these interim financial statements. The business does not experience notable seasonal variations. There has been no change to the basis of segmentation from that applied at 31 March To ensure consistency with audited figures, 30 September 2010 comparatives have been regrouped where appropriate. 2. SHARE CAPITAL 30/09/ /09/ /03/2011 Number of ordinary shares Audited Ordinary Shares : shares fully paid with no par value Opening balance 175,226,722 35,794,690 35,794,690 Shares issued in rights issue - 95,818,530 95,818,530 Shares issued to debenture holders - 36,512,702 36,512,702 Shares issued to subordinated unsecured note holders - 4,600,800 4,600,800 Shares issued to executive director - 2,500,000 2,500,000 Total issued shares 175,226, ,226, ,226,722 Dollar value of ordinary shares ($ 000's) Opening balance 60,850 46,907 46,907 Proceeds of share issue - 9,582 9,582 Shares issued to debenture holders - 3,651 3,651 Shares issued to subordinated unsecured note holders Shares issued to executive director Total issued share capital 60,850 60,850 60,850 All ordinary shares have equal voting rights and share equally in dividends and surplus on winding up. No dividend has been declared subsequent to 30 September 2011 (30 September 2010 & 31 March 2011: NIL).

11 09 NOTES TO THE INTERIM FINANCIAL STATEMENTS 2. SHARE CAPITAL (continued) Share options In the previous financial year 152,307,557 options were granted as part of the Capital Raising and Capital Reconstruction Plan ( CRP ) and 2,500,000 share options were granted to the executive director. The 56,489,027 share options granted to former debenture holders under the CRP were ascribed a fair value of $565,000, no value was attributed to the other share options granted as they were not granted as part of a share based payment. At 30 September 2011 there were 154,807,557 share options outstanding (30 September 2010: 154,807,557; 31 March 2011: 154,807,557). On 27 September 2011, shareholders and option holders, approved a variation to the terms of the share options, to permit each option to be exercised for 10 cents per share, on 20 July Options not exercised on 20 July 2012 can be exercised under the original terms of the issue for 12.5 cents per share on 15 June The change to the terms relating the options have had no impact on their carrying value for financial reporting purposes. Options do not carry dividend or voting rights. Shares issued on the exercise of options will rank equally in all respects with the shares on issue at the option exercise date. Earning/(loss) per Share Basic earnings/(loss) per share The calculation of basic earnings per share at 30 September 2011 was based on the loss from continuing operations of $964,000 (30 September 2010 $15,644,000 profit; 31 March 2011 $15,177,000 profit) and number of share in issue at the end of the period of 175,226,722 (30 September 2010: 175,226,722, 31 March 2011: 175,226,772). The calculation of basic earnings per share on weighted average number of shares would be as follows: Six months 30/09/2011 Six months 30/09/2010 Year 31/03/2011 Audited Profit/(loss) from continuing operations ($ 000's) (964) 15,644 15,177 Weighted number of shares Issued ordinary shares 1 April 175,226,722 35,794,690 35,794,690 Shares issued in rights issue - 18,849,547 57,228,601 Shares issued to debenture holders - 7,182,827 21,807,586 Shares issued to subordinated unsecured note holders - 905,075 2,747,875 Shares issued to executive director - 327,869 1,410, ,226,722 63,060, ,989,712 Basic earnings per weighted average number of shares ($0.01) $0.25 $0.13 No diluted earnings per share has been presented as the average share price over the reporting period was lower than the exercise price.

12 10 NOTES TO THE INTERIM FINANCIAL STATEMENTS 3. FINANCE RECEIVABLES AND REVERSE ANNUITY MORTGAGES 30/09/ /09/ /03/2011 Audited Gross finance receivables 27,618 29,306 30,131 Deferred fee revenue and commission expenses (117) (100) (137) Provision for impairment (7,890) (12,757) (11,791) 19,611 16,449 18,203 Total reverse annuity mortgages 21,979 24,384 24,130 Deferred fee revenue and commission expenses (62) (86) (79) Provision for impairment - (33) (53) 21,917 24,265 23, ASSETS CLASSIFIED AS HELD FOR RESALE 30/09/ /09/ /03/2011 Audited Opening balance 3,020 37,956 37,956 Assets acquired Transfer to Dorchester Property Trust on CRP restructure - (33,078) (33,078) Disposals (400) (1,216) (1,095) Write down of valuations - - (1,263) Total disposal group 2,620 3,662 3,020 At the end of the period the disposal group comprised assets and liabilities of: Property 2,620 3,662 3,020 2,620 3,662 3,020 Non-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are re-measured in accordance with the Group s accounting policies. Thereafter the assets are measured at the lower of their carrying amount and fair value less cost to sell. Impairment losses on initial classification as held for sale and subsequent gains or losses on measurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss. These properties are being actively marketed for sale at a price that is reasonable in relation to their current fair value. Description of the properties sold during the period and of the remaining properties are included in Note 6 Discontinued operations.

13 11 NOTES TO THE INTERIM FINANCIAL STATEMENTS 5. SECURED CAPITAL NOTES 30/09/ /09/ /03/2011 Audited Secured capital notes 18,207 19,975 18,207 Effective interest rate adjustment (2,033) (2,281) (2,541) 16,174 17,694 15,666 The secured capital notes were issued as part of the CRP in partial settlement of the secured debenture stock and subordinated notes. The secured capital notes were initially recognised at fair value. The secured capital notes bear interest at 5%, the discount rate applied to the secured capital notes was 12%. The discount rate was determined with reference to market rates for similar debt instruments. The secured capital notes are constituted under a Trust Deed dated 11 June 2010 between the Group and Perpetual Trust Limited (the Deed ). The charge created by the Deed gives note holders a security interest over all Group assets and undertakings other than excluded assets. Within defined parameters the Deed also permits security interests over assets which will take priority to the note holders security interest. The effective interest rate adjustment for the secured capital notes reverses over the period of the notes Six months to 31 March Financial Year to 31 March Financial Year to 31 March ,033

14 12 NOTES TO THE INTERIM FINANCIAL STATEMENTS 6. DISCONTINUED OPERATIONS The disposal group at 30 September 2011 consisted of apartment units in Taupo and a block of land in West Auckland. These are all being actively marketed for sale. Results of discontinued operations 30/09/ /09/ /03/2011 Audited Revenue 39 2,058 2,075 Expenses (68) (2,023) (3,155) Results from operating activities (29) 35 (1,080) Taxation Results from operating activities (net of income tax) (29) 35 (1,080) Basic earnings/(loss) per share (cents) - - (0.01) Cash flows from discontinued operation: Cash flows from operating activities (29) (35) 82 Cash flows from investing activities 400 1,477 1,197 Cash flows from financing activities - (3,500) (3,500) Net Cash from/(used in) discontinued operation 371 (2,058) (2,221) Effect of disposal on the financial position of the Group Assets classified as held for resale 2,620 3,662 3,020 Cash and cash equivalents Other payables Net identifiable assets and liabilities 2,620 3,662 3,020 Consideration received, satisfied in cash 400 1,477 1,197 Cash disposed of Net cash inflow/(outflow) 400 1,477 1, CONTINGENT LIABILITIES There are no contingent liabilities at 30 September 2011 (30 September 2010: nil; 31 March 2011: nil). 8. SUBSEQUENT EVENTS AFTER BALANCE DATE On 27 September 2011 shareholders approved the issue of convertible notes to raise up to $12,000,000, at an issue price of 10.0 cents per note. The notes will be interest bearing and will be secured by a first-ranking general security agreement over the assets of the Group (excluding Dorchester Life Limited, which will provide a limited guarantee to the convertible note holders). Subscriptions for $11,000,000 have been received and the first tranche of notes are expected to be issued in early December On 22 November 2011 the Company announced an offer to buy back up to $4.0 million of the notes issued as part of its Capital Reconstruction Plan. The offer is for seventy cents ($0.70) per note to be paid in cash on the 16 December 2011, with no brokerage payable.

15 13 NOTES TO THE INTERIM FINANCIAL STATEMENTS SEGMENT INFORMATION For the period 30 September 2011 Finance Insurance Corporate & Other Eliminations Continuing Operations Discontinued Operations Group Total Interest Income from external customers 1,193 1, ,402-2,402 Other external revenue 578 1, , ,942 Total Operating Revenue 1,771 2, , ,344 Interest expense - (369) (455) - (824) - (824) Impairment (charge)/release on finance receivables and reverse annuity mortgages 266 (12) Life insurance and investment contract expenses - (1,493) - - (1,493) - (1,493) Depreciation and amortization (27) (20) (79) - (126) - (126) Interest expense on capital notes (relates to fair value adjustment reversal) - - (508) - (508) - (508) Other Operating expenses (1,563) - (1,009) - (2,572) (68) (2,640) Segment profit/(loss) before tax (1,998) - (964) (29) (993) Income tax Total comprehensive income attributable to shareholders (964) (29) (993) Segment Assets 19,788 42,381 39,192 (33,488) 67,873 2,620 70,493 Segment Liabilities 9,427 31,554 16,315 (11,577) 45,719-45,719 Acquisition of property, plant & equipment and intangible assets

16 14 NOTES TO THE INTERIM FINANCIAL STATEMENTS SEGMENT INFORMATION For the period 30 September 2010 Finance Insurance Corporate & Other Eliminations Continuing Operations Discontinued Operations Group Total Interest Income from external customers 1,043 1, , ,320 Other external revenue 599 1, ,459 1,780 4,239 Total Operating Revenue 1,642 3, ,774 1,785 6,559 Interest expense (2) (402) (250) - (654) (107) (761) Impairment (charge)/release on finance receivables and reverse annuity mortgages 165 (33) Life insurance and investment contract expenses - (2,008) - - (2,008) - (2,008) Depreciation and amortization (38) (26) (58) - (122) - ( 122) Interest on debentures and notes (relates to fair value adjustment reversal) (4,227) (4,227) - (4,227) Realised gain on sale of held for sale properties Other Operating expenses (1,856) - (1,222) - (3,078) (1,916) (4,994) Segment profit/(loss) before fair value adjustments (4,316) 537 (1,404) - (5,183) 35 (5,148) Fair value Capital Raising and Capital Reconstruction Plan 18,546-2,281-20,827-20,827 Segment profit/(loss) before taxation 14, , ,679 Income tax Total comprehensive income attributable to shareholders , ,679 Segment Assets 17,822 45,335 47,430 (36,592) 73,995 3,662 77,657 Segment Liabilities 11,798 35,873 17,319 (14,682) 50,308-50,308 Acquisition of property, plant & equipment and intangible assets

17 15 NOTES TO THE INTERIM FINANCIAL STATEMENTS SEGMENT INFORMATION For the year 31 March 2011 Finance Insurance Corporate & Other Eliminations Continuing Operations Discontinued Operations Group Total Interest Income from external customers 2,048 2, , ,604 Other external revenue 1,201 3, ,669 2,071 6,740 Profit on capital notes buy back Total Operating Revenue 3,249 5,607 1,158-10,014 2,076 12,090 Interest expense (4) (814) (700) - (1,518) (107) (1,625) Impairment (charge)/release on finance receivables and reverse annuity mortgages 182 (53) Life insurance and investment contract expenses - (3,372) - - (3,372) - (3,372) Depreciation and amortization (76) (53) (159) - (288) - (288) Additional assets write-down (1,262) (1,262) Interest expense on debentures and notes (relates to fair value adjustment reversal) (5,021) (5,021) - (5,021) Interest expense on capital notes (relates to fair value adjustment reversal) - - (599) - (599) - (599) Other operating expenses (3,878) - (2,697) - (6,575) (1,787) (8,362) Segment profit/(loss) before fair value adjustments (5,548) 1,315 (2,997) - (7,230) (1,080) (8,310) Fair value Capital Raising and Capital Reconstruction Plan 19,267-3,140-22,407-22,407 Segment profit/(loss) before taxation 13,719 1, ,177 (1,080) 14,097 Income tax Total comprehensive income attributable to shareholders ,177 (1,080) 14,097 Segment Assets 21,669 45,512 36,370 (32,170) 71,381 3,020 74,401 Segment Liabilities 9,107 35,273 15,850 (11,596) 48,634-48,634 Acquisition of property, plant & equipment and intangible assets Assets acquired as part settlement of a finance receivable

18 16 CORPORATE DIRECTORY DIRECTORS Grant Baker Chairman Appointed as Director on 10 September 2009 and Chairman on 6 September 2010 Paul Byrnes Executive Director Appointed 2 February 2004 Michael Fisher Non-executive Director Appointed 19 December 2006 John Gosney Independent Director Appointed 21 May 2008 Stephen Sinclair Non-executive Director Appointed 6 October 2009 REGISTERED OFFICE AND ADDRESS FOR SERVICE Level 8, Auckland Club Tower 34 Shortland Street, Auckland, New Zealand PO Box 1232, Auckland 1140, New Zealand Telephone: Facsimile: AUDITOR Staples Rodway BANKERS Bank of New Zealand SOLICITORS Simpson Grierson Greg Peebles Independent Director Appointed 17 February 2011 SHAREHOLDER INFORMATION COMPANY PUBLICATIONS The Company informs investors of the Company s business and operations by issuing an Annual Report, an Interim Report and regular newsletters. Financial Calendar Half year results announced Half year report Interim dividend paid End of financial year Annual results announced Annual report Annual dividend paid November December N/A 31 March May June N/A ENQUIRIES Shareholders with enquiries about transactions, change of address or dividend payments should contact Computershare Investor Services on Other questions should be directed to the Company at the registered address. SHARE REGISTRAR Computershare Investor Services Limited Level 2, 159 Hurstmere Road Takapuna, Auckland 0622 Private Bag , Auckland 1142, New Zealand Telephone: Facsimile: STOCK EXCHANGE The Company s shares trade on the New Zealand Exchange under the code DPC. The minimum marketable parcel on the NZX is 50 shares.

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