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Declared dividends

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Dividend Payment date Record date Amount
FY 14 Interim Dividend 04 December 2013 22 November 2013 7.7 cents per share
FY 14 Final Dividend 04 June 2014 23 May 2014 14.3 cents per share
FY 15 Interim Dividend 03 December 2014 21 November 2014 7.7 cents per share
FY 15 Final Dividend 03 June 2015 22 May 2015 16.5 cents per share
FY 16 Interim Dividend 02 December 2015 20 November 2015 8.5 cents per share
FY 16 Final Dividend 08 June 2016 27 May 2016 18.1 cents per share

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.

Shareholder support

View or update your holdings and other investor details on the website of our Registry, Link Market Services: www.linkmarketservices.co.nz

Alternatively, contact our Registry via:
Emailoperations@linkmarketservices.co.nz
Mail: Link Market Services, PO Box 91976, Auckland 1142, New Zealand
Fax+64 9 375 5990
Phone+64 9 375 5998

For investor relations contact:
Jonathan Hill
EmailJonathan.Hill@z.co.nz
Phone+64 4 498 0212