Dividend Policy

Cavalier Corporation usually pays dividends three times a year as follows:

• First interim announced at the Annual Meeting in early November and payable in early December.
• Second interim announced together with the half year result in mid February and payable in early March.
• Final dividend announced together with the annual result in late August and payable in early October.

The Company has established a dividend reinvestment plan under which shareholders may elect to reinvest the net proceeds of cash dividends to be paid or credited on some or all of their ordinary shares held in the Company from time to time towards acquiring further fully paid up ordinary shares in the Company.

The Directors may, in their sole discretion, at any time terminate, suspend or modify the plan.

The terms and conditions of the plan can be viewed by downloading theDividend Reinvestment Plan or obtained from the Company's share registrar, Computershare Investor Services Ltd, Private Bag 92119, Auckland 1142.

Shareholders who receive their dividends in cash have the option of having a dividend cheque mailed to them or having the payment directly credited to their nominated bank accounts in New Zealand. The Company strongly recommends that shareholders choose to have their dividend payments directly credited to their nominated bank accounts in New Zealand. To do this, shareholders should contact the Company's share registrar by phoning Computershare on 09 488 8777 or by visiting the Computershare website.

Dividends paid for the last three years are listed below. A full list of dividends paid since 1996 can be found in the attached document: Dividends payment history.