Marlin manages through uncertain market environment

Marlin Global Limited
Results for announcement to the market
Reporting period 6 months to 31 December 2016
Previous reporting period 6 months to 31 December 2015

The interim financial statements attached to this report have been reviewed by
PricewaterhouseCoopers and are not subject to a qualification. A copy of the independent review
report applicable to the interim financial statements is attached to this announcement.



Current period NZ$000;
up/(down)%
Previous reporting period
NZ$000
Total net income from ordinary activities 5,015; 136%, 2,129;
Profit from ordinary activities after tax
attributable to security holders
3,573; 1,296%, 256;
Net profit attributable to security holders 3,573; 1,296%, 256;



Dividend
Marlin will pay a dividend of 1.66cps as part of its
quarterly distribution policy.
Ex-dividend date 15 March 2017
Record date 16 March 2017
Dividend payment date 31 March 2017

Net asset value per share 31 December 2016: $0.83

---

For immediate release:
20 February 2017

Marlin manages through uncertain market environment
 Interim 2017: net profit $3.6m (interim 2016 net profit $0.3m)
 Total shareholder return¹ +5.7%
 Adjusted net asset value return¹ per share +3.8%
 3.44 cents per share in dividends paid during the period
In an uncertain global equities market, NZX-listed investment company Marlin Global Limited (NZX:
MLN) today announced a net operating profit after tax for the six month period ended 31 December
2016 of $3.6m (1H2016: $0.3m).
For the first half of the 2017 financial year, Marlin’s benchmark² lifted 10.9% and the Marlin
portfolio also achieved a positive but more subdued return of +5.3%³ for the six months.
In accordance with the company’s distribution policy (2.0% of average NAV per quarter), a total of
3.44 cents per share was paid to Marlin shareholders during the six months ended 31 December
2016. On 20 February 2017, the Board declared a dividend of 1.66 cents per share to be paid to
shareholders on 31 March 2017 with a record date of 16 March 2017.
Marlin’s Chairman, Alistair Ryan, said: “The six months to 31 December 2016 were a useful reminder
that the global political and economic environment can be changeable and unpredictable. This
reinforces the Manager’s strategy of focusing on well managed, quality businesses whose
sustainable competitive advantages enable them to adapt and respond to an ever changing
environment over the medium to long term.”

Marlin’s Senior Portfolio Manager Roger Garrett announced his retirement last month. Ashley
Gardyne, previously a Senior Investment Analyst in the Fisher Funds international equities team, was
appointed to the role of Senior Portfolio Manager for Marlin, effective 01 January 2017 and Roger is
providing a full handover of the portfolio before his retirement takes effect.

Marlin’s Portfolio Manager, Ashley Gardyne, said: “While the Marlin portfolio was up +5.3% in the
six months to 31 December 2016, the change in market dynamics saw us underperform the S&P
Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) which was up 10.9%. Our overweight
positions in quality IT and healthcare stocks, and limited exposure to more cyclical financial,
industrial and energy stocks accounted for a large part of this underperformance.”

For further information please contact:

Carmel Fisher

Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342


¹The total shareholder return and adjusted net asset value methodologies are described in the Marlin Non-
GAAP Financial Information policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-
policies/
² Benchmark index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD).
³ Gross of fees and tax and adjusting for capital management initiatives.


About Marlin Global
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand
and Australia. The Marlin portfolio is managed by Fisher Funds, a specialist investment manager with a track
record of successfully investing in growth company shares. The aim of Marlin is to offer investors competitive
returns through capital growth and dividends, and access to a diversified portfolio of investments through a
single, tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may
invest in companies that are listed on any approved stock exchange (excluding New Zealand or Australia) or
unlisted international companies not incorporated in New Zealand or Australia. /ends

---

PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent Review Report
to the shareholders of Marlin Global Limited


Report on the Interim Financial Statements
We have reviewed the accompanying financial statements of Marlin Global Limited (the Company) on
pages 1 to 9, which comprise the statement of financial position as at 31 December 2016, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash
flows for the period ended on that date, and a summary of significant accounting policies and selected
explanatory notes.
Directors’ Responsibility for the Financial Statements
The Directors are responsible on behalf of the Company for the preparation and presentation of these
financial statements in accordance with New Zealand Equivalent to International Accounting Standard
34 Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors determine
are necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the accompanying financial statements based on our
review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the financial statements, taken as a whole, are not prepared in
all material respects, in accordance with NZ IAS 34. As the auditor of the Company, NZ SRE 2410
requires that we comply with the ethical requirements relevant to the audit of the annual financial
statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement.
The auditor performs procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these financial
statements of the Company are not prepared, in all material respects, in accordance with NZ IAS 34.
Restriction on Distribution or Use
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:



Chartered Accountants Auckland
20 February 2017