Barramundi ASM Presentation 11 October 2019

ANNUAL MEETING
OF SHAREHOLDERS
11 OCTOBER 2019

Agenda
•Preliminary matters
•Chair’s Overview
•Manager’s Review
•Q&A
•Annual Meeting Resolutions

Board of Directors
Alistair RyanCarmel Fisher
Andy Coupe
Carol Campbell
Barramundi Team
Robbie
Urquhart
Snr Portfolio
Manager
Terry Tolich
Snr Investment
Analyst
Delano
Gallagher
Investment
Analyst
Wayne Burns
Corporate
Manager

Chair’s Overview

Barramundi’s Investment Objectives
Absolute Returns
Achieve a high real rate of return, comprising both
income and capital growth within acceptable risk
parameters
Diversified Portfolio
Access to a diversified portfolio of Australian
quality, growth stocks in a single tax-efficient
vehicle

Corporate Governance
•Investment Committee
•Audit and Risk Committee
•Performance Fee Reduction

2019 Overview
Net profitDividendNAV per shareShare price
$7.4m
(2018: $20.5m)
5.38cps
(2018:5.32cps)
$0.69
(2018: $0.71)
$0.63
(2018: $0.60)
Total shareholder
return*
Dividend return
Adjusted NAV
return*
Share price
discount to NAV^
+15.5%
(2018: 10.1%)
+9.0%
(2018: +8.9%)
+5.6%
(2018: 22.6%)
8.7%
(2018: 15.5%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-
GAAP Financial Information Policy which is available on the Barramundi website.
^Share price discount/(premium) to NAV (including warrant price on a pro-rated basis).

*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the
Barramundi Non-GAAP Financial Information Policy which is available on the Barramundi website.
^S&P/ASX Small OrdsIndustrial Gross Index until 30 September 2015 & S&P/ASX 200 Index (hedged 70%
to NZD) from 1 October 2015.
Portfolio Performance
For the year
ended
30 June
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV
return*
(Net return to an
investor after expenses,
fees and tax)
+5.6%
(2018: +22.6%)
+10.0%+9.2%
Benchmark
Index^
+10.2%
(2018: +14.9%)
+13.3%+11.1%
2019 Overview -Continued

Movements in Shareholders’ Funds
12 Months to 30 June 2019 ($m)

Quarter 1, 2020
30 June –30 September 2019
Total shareholder return*
+2.7%
Net profit
$9.0m
NAV per share
$0.73
Adjusted NAV Return*
+7.6%
Share price
$0.63
Benchmark Index
+3.3%
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the
Barramundi Non-GAAP Financial Information Policy which is available on the Barramundi website.

Warrants
•31 October 2018: Eligible shareholders were
issued 1 warrant for every 4 shares (BRMWE).
•13 September 2019: Final Exercise Price of $0.59
announced.
•25 October 2019: Exercise Date for the warrants
(BRMWE).

Manager’s Review
11 OCTOBER 2019

Agenda
Running our own race
Time-split analysis: 12 months to 30 June 2019
Portfolio changes & next leg of the race

Running our own race

Core elements of our investment process
STEEPP
Focus on quality, growing companies
Long term time horizon
In-depth research
Investment team continually seeking improvement

Reflected in our portfolio positioning
Difference between BRM & ASX200 sector weights at 30 September 2019

Running to its own beat
“We are not tempted to investat uneconomic rates of return because we have three
profitable businesses operating in separate markets with different dynamics.” CEO: 2017Annual Report
“We have seen some very high prices being paidfor purchased debt ledgers (PDLs) by
competitors. Our response is to remain disciplined”CEO: February 2019
“...signs of competitor stressin that market create the prospect of increased
investment”July 2019results announcement

Long term value vs short term earnings
*SEEK revenues exclude discontinuing operations
SEEK’s Share Price vs Index ReturnsSEEK’s Revenue vs Earnings Growth

Chinese strategy a case in point

Time-split analysis:
12 months to June 2019

Kept pace with the market in 2019
Fiscal Year to 30 June 2019Quarter Ending 30 September 2019
*ASX200 Index 70% hedged into NZ$
Good start to FY 2020

Performance compares well to competitors
* Source of competitor returns: FundSource
** Performance is on an after fees, before tax, basis for the 12 months ended 30 June 2019. Australian fund returns are in NZ$ terms
*** Where managers had multiple fund entries in the FundSourcedata, we show funds most closely matching ‘Australian equity’ description

Portfolio company performance
For 12 Months Ended 30 June 2019

Portfolio changes &
next leg of the race

New portfolio additions
#1 supplier of cooling products to motorsports
Expanded into super cars & adjacent technologies
Earnings growth of 18% pa since listing
#1 global gaming machine manufacturer
38% pa earnings growth (5yrs) driven by innovation
Investment in online gaming -platform for growth

Our Responsible Investing Policy excludes companies producing thermal
coal
Rio Tinto has completely exited its thermal coal assets
BHP continues to own two thermal coal assets in NSW and Colombia
Unremedied–it is in breach of our policy
Portfolio exit

Upcoming terrain
Low interest rates = low growth
Stimulatory central bank policy vs global trade concerns
Clearer air on Australian political & regulatory front
Tax cuts & infrastructure spending to boost local economy
....Reflected in higher market valuations
Our portfolio companies are well positioned for longer term growth

General Questions from
Shareholders
(not relating to resolutions)

Annual Meeting
2019 resolutions

2019 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Enter your vote on voting paper and lodge
your voting paper at end of resolutions

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Alistair Ryan
–Re-elect Carmel Fisher
–Auditor remuneration
–Constitution changes

Proxy Count
Proxy votes to date: 18.8 million
ResolutionForAgainst DiscretionaryTotalAbstain
Re-elect Alistair
Ryan
14,395,77778,2814,351,06318,825,1212,266
Re-elect Carmel
Fisher
10,473,94737,1884,278,45914,789,5944,037,793
Auditor
remuneration
14,109,971275,3164,339,83418,725,121102,266
Constitution
amendments
13,691,38867,3834,928,51618,687,287140,100

Resolution 1
Re-election of Alistair Ryan
To re-elect Alistair Ryan as a Director of
Barramundi Limited

Resolution 2
Re-election of Carmel Fisher
To re-elect Carmel Fisher as a Director of
Barramundi Limited

Resolution 3
Auditor Remuneration
That the Board of Directors be authorised to
fix the remuneration of the auditor for the
ensuing year

Resolution 4
Constitution changes
To revoke the existing constitution and adopt
a new Constitution of the Company in the
form described in the Explanatory Notes to
the Notice of Meeting, and tabled at the
Annual Meeting of Shareholders on
11 October 2019.

Conclusion
•Complete and sign voting paper
•Voting papers in the voting boxes
•If you need a voting paper please see
Computershare
•Results to NZX

THANK YOU

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Barramundi Limited
Phone +64 9 489 7074
Fax +64 9 489 7139
Private Bag 93502
Takapuna, Auckland

11 October 2019
Barramundi Limited Annual Meeting
Chair’s Address from Alistair Ryan
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 13th Barramundi Annual Meeting of Shareholders. I am Alistair Ryan, Chair of
Barramundi.
We are duly convened as a notice of meeting has been circulated to shareholders and I can confirm
that a quorum is present so I declare the meeting open.
Please note that the exits are at the back and front of the room. Please ensure you turn off your cell
phones.
At the conclusion of the meeting there will be a light lunch. We look forward to meeting many of you
after the meeting.
[Slide: Agenda]
To briefly cover off preliminary matters:
 The minutes of the 2018 annual shareholders’ meeting held on 19 October 2018 are
available at the registration desk and are also on the Barramundi website.
 The 2019 annual report has been circulated to shareholders – additional copies are available
at the registration desk.
Today I’ll give a brief update on the Barramundi 2019 financial year, and then Barramundi’s Senior
Portfolio Manager, Robbie Urquhart will review the Barramundi portfolio.
After the Manager’s Review, we will have a Q&A session, and will then move to the formal business
of the meeting. There are four resolutions for you to consider and vote on today, which are set out
in the notice of meeting.
[Slide: Introductions]
Let me introduce the front table.
Firstly, the directors. To my right is Carmel Fisher, then Andy Coupe and Carol Campbell.

Next to Carol is Robbie Urquhart, Senior Portfolio Manager for Barramundi. Next to Robbie, is
Wayne Burns the Corporate Manager for Barramundi.

Also here today are Senior Investment Analyst, Terry Tolich and Investment Analyst, Delano
Gallagher who are in the audience, please stand up Terry and Delano.
We are also pleased to have representatives from our share registrar, Computershare, auditor,
PricewaterhouseCoopers, our tax agent, Deloitte and our legal advisors, Bell Gully in the audience
today.
[Slide: Chair’s Overview]
Shareholders, it is my pleasure to again present the Chair’s Overview at this meeting.
[Slide: Barramundi’s Investment Objective]
Before we begin the review of the year ended 30 June 2019, it is useful to refresh ourselves as to the
key investment objectives of Barramundi, namely:
 to achieve a high real rate of return, comprising both income and capital growth, within risk
parameters acceptable to the directors; and
 to provide access to a diversified portfolio of Australian quality, growth stocks through a
single tax-efficient investment vehicle.
Both of these objectives were achieved for the 2019 financial year.
[Slide: Corporate Governance]
The Board is committed to strong governance principles and to overseeing the Manager’s portfolio
performance on behalf of shareholders. The Investment Committee generally meets twice a year,
on a six monthly basis, to hear from the Manager about what has gone well and what has
disappointed, and to engage in a comprehensive review session covering key performance metrics,
some of which we will go through on the following slides. The Audit and Risk Committee meets at
least twice a year to review not only the financial accounts, but also all internal control structures,
risk management systems and the external audit function. Thereby ensuring full financial and
regulatory compliance.
The Board generally meets formally six times per annum plus other meetings as required.
Further details with regards to the corporate governance can be found in the Barramundi Annual
Report.
As announced to the market on 20 August this year, the 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 this change
any future performance fees will be settled 100% in cash rather than 50% cash and 50% shares. The
changes took effect from 1 July 2019.
The Barramundi 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 Barramundi shareholders in the circumstances where a performance fee has been earned
by the Manager.
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) along with the
potential for the Manager to receive upside benefit for performance above the nominated threshold
level, is a good fee combination.

[Slide: 2019 Overview]
So how has 2019 treated shareholders?
Barramundi has performed well for shareholders against a challenging market backdrop. It’s worth
noting that the volatile market conditions reduced Barramundi’s half year (31 December 2018) NPAT
to a loss of ($12.2m), which was turned around in the second half of the financial year to a full year
NPAT of $7.4m, a recovery of almost $20m. This significant turnaround and the difference between
the first half and second half shows the volatility of equity markets but also, we believe, the
underlying quality of Barramundi’s portfolio.
The first half loss meant that the portfolio was not then able to match last year’s very strong full year
NPAT performance of $20.5m.

We are pleased with the total shareholder return of 15.5% for the period, which was ahead of the
2018 total shareholder return of 10.1%.
Barramundi’s regular dividends continued to contribute to the total shareholder return with 5.38
cents per share paid in dividends during the 2019 financial year, which is equivalent to a dividend
return of +9.0% (2018: +8.9%).
The NAV per share at year end was $0.69, slightly down on the previous year end NAV per share of
$0.71, but that was of course after dividends were paid out.
The Adjusted NAV return for the year was +5.6%, being the net return to an investor after expenses,
fees and tax. This was behind the very strong 2018 adjusted NAV return of +22.6%.
Over the 2019 financial year, the share price to NAV discount narrowed from 15.5% (30 June 2018)
to be 8.7% at 30 June 2019. However, for a reasonable part of the year the discount was below 8%.
Since year end, the share price to NAV discount has continued to fluctuate. Total shareholder return
is a combination of the adjusted NAV return and the share price discount to the adjusted NAV. The
narrowing of the discount helps explain why the total shareholder return is higher than the adjusted
NAV return.
The Board has a number of initiatives in place to help manage the share price to NAV discount
including the buyback programme. Over the 12 months to 30 June 2019, 672k Barramundi shares
were purchased under the buyback programme when the shares were trading at sufficiently deep
discounts. Shares purchased under the buyback programme are held as treasury stock and primarily
utilised under the dividend reinvestment plan. In the first quarter of the new financial year (that is to
30 September 2019) the company has purchased an addition 244k shares under the buyback
programme.
[Slide: 2019 Overview - Continued]
As mentioned in the previous slide the Adjusted NAV return was +5.6% for the period which
represents the net return to an investor after expenses, fees and tax.
This slide compares that return to Barramundi’s benchmark, which rose by 10.2% over the same
period. Robbie will discuss the Australian market dynamics and how the portfolio performed shortly
in the Manager’s Review.

[Slide: Movements in Shareholders’ Funds]
The chart shows the Barramundi NAV of $117m as at June 2018, increased $1m to $118m at the end
of the June 2019 reporting period.
The movements during the year as represented by the green and orange columns were:
• plus $7.4m net profit,
And movements due to our capital management initiatives:
• less $9m dividends paid, and
• adding back $3m for dividends reinvested by shareholders.

[Slide: Quarter 1, 2020]
The first quarter of Barramundi’s 2020 financial year has been relatively settled and markets have
risen slightly.
This slide provides a snapshot of the first three months of the current financial year to 30 September
2019:
• Total shareholder return for the quarter was +2.7% - primarily driven by dividend paid
during the quarter.
• Barramundi’s unaudited net profit for the three months to 30 September was $9.0m.
• As at 30 September, the NAV per share of $0.73 was consistent with that at 30 June, i.e.
a flat result as the 3 month net profit was offset by the dividend payment of 1.39 cents
per share (paid on 26 September) and share buybacks whilst the discount was wider
than 8%. The share price to NAV discount widened to 13.1% at 30 September, from
8.7% at 30 June.
• Barramundi’s adjusted NAV return for the first three months of the 2020 financial year
was +7.6%, which represents the net return to an investor after expenses, fees and tax.
The adjusted NAV return compared favourably to the benchmark index.

[Slide: Warrants]
Warrants give holders the right, but not the obligation, to purchase additional shares in Barramundi
at a discounted exercise price, in this instance $0.59.
Warrant holders have the option to exercise their warrants, sell their warrants on market or let their
warrants lapse.
All warrants must be exercised by 25 October 2019. Any warrants not exercised by then will lapse.

Closing remarks
In closing, on behalf of the Board, thank you shareholders for your continued support of Barramundi.
I will now hand over to Robbie Urquhart, Senior Portfolio Manager of Barramundi, who will discuss
the key performance drivers for this year’s performance.

ENDS

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Notes accompanying Barramundi Manager’s Review for the ASM 11 October 2019

Slide 13

 It is important to run one’s own race in ultra-marathons and in investing

Slide 17: Reflected in our portfolio positioning

 This slide shows the difference in sector weights between Barramundi & the ASX 200 Index

 Barramundi’s investment process results in a portfolio of quality & growth companies that is different
to the mix in the ASX 200 Index

 Barramundi runs its own race in investing

 Barramundi expects the same from its portfolio companies, and Credit Corp and Seek provide two
examples of this

Slide 19: Running to its own beat

 Credit Corp deemed the pricing environment to be unfavourable in the Australian purchased debt
ledger market for a number of years

 Credit Corp remained disciplined and was prepared to lose out on buying debt ledgers for over 2 years
because of this.

 It was only after market conditions began improving post February 2019 that they saw scope for
increased investment in the market.

Slide 21: Long term value vs short term earnings
 SEEK is a high growing business with strong mid-teens revenue growth for the past seven years

 After tax earnings growth has not been as high, because SEEK is investing back in its business to
create value in the future – they think long term

 The market has rewarded SEEK through time for this (although the share price has been volatile)

Slide 22: Chinese strategy a case in point
 SEEK’s Chinese subsidiary (Zhaopin) was prepared to cut pricing in 2017 to increase hirer volumes on
its website

 Only once Zhaopin had a substantial lead over its nearest competitor was it prepared to look at
increasing prices and drive earnings growth

 SEEK & Zhaopin are focussed on their own race – delivering long term value to shareholders