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Half Year Report For the six months ended 30 September Dorchester

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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

(3)

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

SUMMARY OF ACTIVITY

For the six months ended 30 September 2011

22 August 2011

27 September 2011

27 September 2011

27 September 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.

SIGNIFICANT EVENTS

Since period end

22 November 2011

22 November 2011

2011 $millions 2010 $millions Change % Revenue 4.3 4.8 (10)

Total comprehensive income attributable to shareholders (1.0) 15.7 (106)

Total assets 70.5 77.7 (9)

Total equity 24.8 27.3 (9)

Interim dividend - -

-FINANCIAL SUMMARY

(4)

EXECUTIVE SUMMARY

-Chairman’s & Executive Director’s Report

Dorchester Pacific announced its results for the six months to 30 September 2011 on 21 November 2011. 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 2011. 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 2011.

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 Paul Byrnes

(5)

CONDENSED CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

For the six months ended 30 September 2011

Six months ended 30/09/2011 Six months ended 30/09/2010 Year ended 31/03/2011 Unaudited Unaudited Audited Note $’000 $’000 $’000 Continuing operations

Interest income 2,402 2,315 4,599

Commission received 6 41 47

Loan fee income 72 123 220

Life insurance and life investment contract income 1,296 1,798 3,242

Rental income - 2 14

Other operating income 529 495 1,146

Profit on repurchase of secured capital notes - - 746

Operating revenue 4,305 4,774 10,014

Interest expense (824) (654) (1,518)

Impairment (charge)/release on finance receivables and

reverse annuity mortgages 254 132 183

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

(6)

CONDENSED CONSOLIDATED STATEMENT

OF CHANGES IN EQUITY

For the six months ended 30 September 2011

Share

Capital Option Share Reserve

Retained Earnings

Total Note $’000 $’000 $’000 $’000 Balance at 31 March 2010 (audited) 46,907 - (49,745) (2,838)

Net proceeds of share issue 2 9,582 - - 9,582

Shares issued to debenture holders 2 3,651 - - 3,651 Shares issued to subordinated unsecured note

holders 2 460 - - 460

Shares issued to executive director 2 250 - - 250

Fair value of share options issued to

deben-ture holders 2 - 565 - 565

Total comprehensive income attributable to

shareholders - - 15,679 15,679

Balance at 30 September 2010 (unaudited) 60,850 565 (34,066) 27,349

Total comprehensive income attributable to

shareholders - - (1,582) (1,582)

Balance at 31 March 2011 (audited) 60,850 565 (35,648) 25,767

Total comprehensive income attributable to

shareholders - - (993) (993)

Balance at 30 September 2011 (unaudited) 60,850 565 (36,641) 24,774

(7)

CONDENSED CONSOLIDATED STATEMENT

OF FINANCIAL POSITION

As at 30 September 2011

30/09/2011 30/09/2010 31/03/2011 Unaudited Unaudited Audited Note $’000 $’000 $’000 Assets

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 585 685 585

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 573 718 629

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 752 744 1,113

Deferred revenue 717 950 775

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 2 565 565 565

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

(8)

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 September 2011

Six months ended 30/09/2011 Six months ended 30/09/2010 Year ended 31/03/2011 Unaudited Unaudited Audited $’000 $’000 $’000 Cash flows from operating activities

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) 3,245 823 Net decrease in reverse annuity mortgages 3,225 488 2,082 Purchase/(sale) of insurance assets at fair value through profit

and loss 479 796 1,672

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 739 371 869

Changes in operating assets and liabilities arising from cash

flow movements 3,204 3,876 3,560 Net cash (outflow)/inflow from operating activities 43 45 (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 - 21 7

Purchase of fixed assets and intangible assets (40) (142) (232)

Purchase of investments - - (40)

Net cash inflow from investing activities 360 1,326 932 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

(9)

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

For the six months ended 30 September 2011

Six months ended 30/09/2011 Six months ended 30/09/2010 Year ended 31/03/2011 Unaudited Unaudited Audited $’000 $’000 $’000 RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES

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 126 122 288

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 55 562 878

Finance receivables (1,239) 3,245 823

Payables (377) (546) (226)

Net decrease in insurance assets at fair value through profit or

loss 479 636 1,672

Deferred taxation - - (1,430)

Taxation - (13) 1,420

Subordinated unsecured notes - (864) (864)

Net decrease in secured capital notes - - (1,022)

Reverse annuity mortgages 3,225 488 2,082

Net contribution from life investments 739 371 869

(10)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

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 1993.

The unaudited consolidated condensed interim financial statements of the Group for the six months ended 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 ended 31 March 2011.

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 2011.

To ensure consistency with audited figures, 30 September 2010 comparatives have been regrouped where appropriate.

2. SHARE CAPITAL

30/09/2011 30/09/2010 31/03/2011 Number of ordinary shares Unaudited Unaudited 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 175,226,722 175,226,722 175,226,722 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 - 460 460

Shares issued to executive director - 250 250

Total issued share capital 60,850 60,850 60,850

(11)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

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 2012. 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 2013. 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 ended 30/09/2011 Six months ended 30/09/2010 Year ended 31/03/2011 Unaudited Unaudited 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 1,410,959

175,226,722 63,060,008 1 18,989,712

(12)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

3. FINANCE RECEIVABLES AND REVERSE ANNUITY MORTGAGES

30/09/2011 30/09/2010 31/03/2011 Unaudited

$’000 Unaudited$’000 Audited$’000

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 23,998

4. ASSETS CLASSIFIED AS HELD FOR RESALE

30/09/2011 30/09/2010 31/03/2011 Unaudited

$’000 Unaudited$’000 Audited$’000

Opening balance 3,020 37,956 37,956

Assets acquired - - 500

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.

(13)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

5. SECURED CAPITAL NOTES

30/09/2011 30/09/2010 31/03/2011 Unaudited

$’000 Unaudited$’000 Audited$’000

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 $’000

Six months to 31 March 2012 558

Financial Year to 31 March 2013 1180

Financial Year to 31 March 2014 295

(14)

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 30/09/2011 30/09/2010 31/03/2011 Unaudited $’000 Unaudited $’000 Audited $’000 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 1,197

7. 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 2011.

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.

NOTES TO THE INTERIM FINANCIAL STATEMENTS

(15)

INFORM

ATION

iod ended 30 S

ept

ember 2011

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

ed Financ e Insur anc e Corpor at e & O ther Elimina tions Con tinuing O per ations D isc on tinued O per ations G roup T otal ter est I nc ome fr om e xt er nal cust omers 1,193 1,158 51 -2,402 -2,402 xt er nal r ev enue 578 1,323 2 -1,903 39 1,942 per ating R ev enue 1,771 2,481 53 -4,305 39 4,344 ter est e xpense -(369) (455) -(824) -(824) men t (char ge)/r elease on financ e r ec eiv ables ev erse annuit y mor tgages 266 (12) -254 -254 e insur anc e and in vestmen t c on tr ac t e xpenses -(1,493) -(1,493) -(1,493) ecia

tion and amor

tiza tion (27) (20) (79) -(126) -(126) ter est e

xpense on capital not

(16)

SEGMENT

INFORM

ATION

For the per

iod ended 30 S

ept

ember 2010

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

Unaudit ed $’000 Financ e Insur anc e Corpor at e & O ther Elimina tions Con tinuing O per ations D isc on tinued O per ations G roup T otal In ter est I nc ome fr om e xt er nal cust omers 1,043 1,208 64 -2,315 5 2,320 O ther e xt er nal r ev enue 599 1,798 62 -2,459 1,780 4,239 Total O per ating R ev enue 1,642 3,006 126 -4,774 1,785 6,559 In ter est e xpense (2) (402) (250) -(654) (107) (761) Impair men t (char ge)/r elease on financ e r ec eiv ables and r ev erse annuit y mor tgages 165 (33) -132 -132 Lif e insur anc e and in vestmen t c on tr ac t e xpenses -(2,008) -(2,008) -(2,008) D epr ecia

tion and amor

tiza tion (38) (26) (58) -(122) -( 122) In ter est on deben tur es and not es (r ela tes t o fair value adjustmen t r ev ersal) (4,227) -(4,227) -(4,227)

Realised gain on sale of held f

(17)

INFORM

ATION

ear ended 31 M

ar

ch 2011

NOTES TO THE INTERIM FINANCIAL STATEMENTS

For the six months ended 30 September 2011

ed Financ e Insur anc e Corpor at e & O ther Elimina tions Con tinuing O per ations D isc on tinued O per ations G roup T otal ter est I nc ome fr om e xt er nal cust omers 2,048 2,365 186 -4,599 5 4,604 xt er nal r ev enue 1,201 3,242 226 -4,669 2,071 6,740

ofit on capital not

es buy back -746 -746 -746 per ating R ev enue 3,249 5,607 1,158 -10,014 2,076 12,090 ter est e xpense (4) (814) (700) -(1,518) (107) (1,625) men t (char ge)/r elease on financ e r ec eiv ables ev erse annuit y mor tgages 182 (53) -129 -129 e insur anc e and in vestmen t c on tr ac t e xpenses -(3,372) -(3,372) -(3,372) ecia

tion and amor

tiza tion (76) (53) (159) -(288) -(288) ite -do wn -(1,262) (1,262) ter est e xpense on deben tur es and not es (r ela tes alue adjustmen t r ev ersal) (5,021) -(5,021) -(5,021) ter est e

xpense on capital not

(18)

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 Greg Peebles Independent Director Appointed 17 February 2011

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: +64 9 300 4800 Facsimile: +64 9 300 4801 Email: info@dorchester.co.nz www.dorchester.co.nz AUDITOR Staples Rodway BANKERS

Bank of New Zealand

SOLICITORS

Simpson Grierson

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 November Half year report December Interim dividend paid N/A End of financial year 31 March Annual results announced May Annual report June Annual dividend paid N/A

ENQUIRIES

Shareholders with enquiries about transactions, change of address or dividend payments should contact Computershare Investor Services on +64 9 488 8777. 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 92 119, Auckland 1142, New Zealand Telephone: +64 9 488 8777

Facsimile: +64 9 488 8787

STOCK EXCHANGE

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