Dividend policy

Subject to Z`s performance and other relevant factors including the Directors` discretion, their assessment of investment opportunities available to Z, and Z`s outlook, the Directors expect to distribute to Shareholders approximately 80% of Z`s Replacement Cost Net Profit After Tax (after adjusting for any significant non-cash items), and to impute dividends to the extent possible.

Dividends to Shareholders, to the extent they will be paid, are expected to be payable in arrears for the six month periods ended 30 September (interim dividend) and 31 March (final dividend). Interim dividends (to the extent declared) are expected to be paid in November/December, and are expected to represent approximately 35% of the total full year forecast dividend. Final dividends (to the extent declared) are expected to be paid in May/June following the completion of the relevant financial year.

No guarantee can be given about future dividends, the level of imputation of such dividends (if any) or the extent of pay-out ratios for any future period as these matters will depend upon future events, including the profitability, growth opportunities, and financial and taxation position of Z and its subsidiaries. The payment of dividends by Z will be at the complete discretion of the Board.