KFL – renews Management Agreement

Kingfish Limited
Phone +64 9 489 7094
Fax +64 9 489 7139
Private Bag 93502, Takapuna
Auckland, New Zealand




29 March 2019


Kingfish Limited renews Management Agreement with Fisher Funds Management
Limited


The directors of Kingfish Limited are pleased to advise that the Management Agreement
with Fisher Funds Management Limited has been renewed in accordance with the terms
and process set out in the Management Agreement for a further five years to 31 March
2024.

The decision to renew followed a comprehensive review of the requirements of the
Management Agreement both in terms of investment performance and the provision of
administrative and corporate services.

As part of the renewal process, the Kingfish board has negotiated a 33% reduction to the
performance fee earn rate (above the performance hurdle) from 15% to 10% together
with the introduction of a cap (1.25%) on the total performance fee amount in
conjunction with moving to payment of any performance fee 100% in cash rather than
50% cash and 50% shares. The changes take effect from 1 April 2019. The Kingfish board
wishes to acknowledge the positive response from Fisher Funds Management Limited to
enter into fee discussions and for agreeing to these changes which will be of significant
benefit for Kingfish shareholders in the circumstances where a performance fee has
been earned.

There has been no change to the fulcrum fee, where the base management fee can be
reduced on a sliding scale below 1.25% to as low as 0.75% depending on the
performance of the fund. The combination of the fulcrum fee, (down to as low as 0.75%
for lower performance) with the potential for the Manager to receive upside benefit for
performance above the nominated threshold level is a good fee combination.





Alistair Ryan
Chairman
Kingfish Limited