Dividend Policy

The Company’s dividend policy is to declare dividends at an annual rate of approximately 50% of net profit after tax (NPAT) in conjunction with the release of its half year and full year results. Payment of dividends is proposed to be in April and September each year. The interim dividend paid in September will represent approximately 45% of the expected dividend for each financial year.  The ability of Opus to pay dividends and make distributions, and the market price of the Offer Shares, will depend on a number of factors, including, but not limited to:

• economic conditions in New Zealand and elsewhere;
• the operational and financial performance of Opus;
• prevailing government policies and the levels of interest rates or currency markets; and
• other factors discussed in the section of our Investment Statement and Prospectus headed “What are my risks?”. The factors described in that section could reduce or eliminate the distributions or other returns intended to be derived from holding the Offer Shares.

It is the current expectation of the Directors that dividends will carry imputation credits to the extent that imputation credits are available.

The Directors reserve the right to amend the dividend policy at any time. Each dividend will be determined after due consideration of the current financial position and projected capital requirements, operating performance and cash flows of the Company at the time.