Barramundi ASM Presentation 23 October 2020

ANNUAL MEETING
OF SHAREHOLDERS
23 October 2020

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

ONLINE Attendees –Question Process
•When the Question function is
available, the Q&A icon will
appear at the top of the app.
•To send in a question, simply click
in the ‘Ask a question’ box, type
your question and the press the
send
arrow
•Your question will be sent
immediately for review

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
•July 2019 –January 2020
•February –March 2020
•April –September 2020

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
•Board meetings
•Investment Committee meetings
•Audit and Risk Committee meetings

2020 Overview
Net profitDividendNAV per shareShare price
$12.5m
(2019: $7.4m)
5.56cps
(2019:5.38cps)
$0.68
(2019: $0.69)
$0.69
(2019: $0.63)
Total shareholder
return*
Dividend return
Adjusted NAV
return*
Share price
(premium)/
discount to NAV^
+21.6%
(2019: 15.5%)
+8.8%
(2019: +9.0%)
+10.6%
(2019: 5.6%)
(1.5%)
(2019: 8.7%)
*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 (premium)/ discount 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*
+10.6%
(2019: +5.6%)
+12.7%+9.3%
Gross
Performance *
+13.5%
(2019: +5.6%)
+15.8%+12.8%
Benchmark
Index^
(-6.6%)
(2019: +10.2%)
+5.8%+7.0%
2020 Overview -Continued

Movements in Shareholders’ Funds
12 Months to 30 June 2020 ($m)

Quarter 1, 2021
30 June –30 September 2020
Total shareholder return*
+12.2%
Net profit
$9.1m
NAV per share
$0.71
Adjusted NAV Return*
+6.4%
Share price
$0.76
Benchmark Index
+0.1%
*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 –BRMWE –October 2019
•74% exercised their warrants -in October
2019
•Warrant exercise price $0.59 -when shares
trading at $0.65, a 9% discount to share price
•$18.4m of new funds -invested in Barramundi

Warrants -BRMWF
•5 October 2020: Eligible shareholders were issued
1 warrant for every 4 shares (BRMWF).
•Exercise Price: Initial Exercise Price of $0.70, to be
adjusted down for dividends declared over
approximately a twelve month period.
•29 October 2021: Exercise Date for the warrants
(BRMWF).

Manager’s Review
23 October 2020

Agenda
COVID-19 and Bushfires –A Unique Year
Barramundi All-Weather Portfolio Delivered for Shareholders
Managing a Portfolio Through a Crisis

COVID-19 and Bushfires
A Unique Year

What a Year
ASX 200 Index over the Fiscal Year to 30 June 2020

Unpredictability Reigned Supreme
”...impacted by rapid, deep falls inbase business revenues (March/April/May)”
Sonic Healthcare
“we are seeing signs that volume declines are bottoming out at around -50% to -60%.”
Quest –US competitor (22 April 2020)
“Strong COVID-19 testing volumes currently augmenting growth”
Sonic Healthcare
“..near normal [base business] revenue run rate by year end”
Sonic Healthcare

Famine and Feast in Equal Measure
“...rapiddecline in customer orders from around the world through the second half of March 2020 and ultimately a
collapse in customer orders in April...”
“The rapid return of customer orders in May 2020 following the removal of shut downs was unexpected
and reversed the declines in orders that occurred in March and April 2020.”
“...consecutive record sales months in June and
July 2020”
“The recent strengthening of the Australia
dollar....has more recently reduced the cost of the
Company’s Thai manufacturing product”
THB:AUD Exchange Rate vs ARB Share Price

Speaking of Feasts....
Record profit despite COVID-19 challenges
Introduced a zero contact delivery & carry-out and Car
Park Delivery
13,000+ team members hired in all regions
220,000+ hot fresh meals donated to those in need
15m+ additional PPE including masks, gloves and perspex

Importance of an All-Weather Portfolio
21
Deep recession
Economy muddles
through
Strong economy
Economic ScenariosCOVID Scenarios
Structural change in
behaviour
Vaccine soon social
distancing abates
Tech & growth stocks
outperform
Cyclicals outperform
(housebuilders,
industrials, banks)
Defensives outperform
(consumer staples,
utilities)
advertising, recruitment,
hospitality
cloud, working from home,
tech
Blend of portfolio companies across sectors, cyclicals / defensives and COVID exposure
reduces exposure to any one economic scenario

Barramundi All-Weather
Portfolio Delivered for
Shareholders

Strong Performance in Tumultuous Times
Fiscal Year to 30 June 2020Quarter Ending 30 September 2020
*ASX200 Index 70% hedged into NZ$

Performance Compares well to Competitors
12 months to 30 June 2020
* Source of competitor returns: FundSource
** Performance is on an after fees, before tax, basis for the 12 months ended 30 June 2020. 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 2020

Managing a Portfolio
through a Crisis

Focussed on our Process
Balance Sheet and access to funding
Safety First –Added to higher quality positions
Opportunistic–Added quality companies to the portfolio at bargain prices

New Additions: Bolstering All-Weather Portfolio
#1 online classified real estate advertising portal
in Australia
Rational competitive structure: stable duopoly
Benefits from a strong network-effect moat
Had a record ~114m monthly visitors as housing
market rebounded during COVID
Leading food retailer in Australia and NZ
Significant scale advantages
Favourable competitive dynamics

Tapping Further into Growth of Digital Economy
Global leader in digital audio network technology
Displacing analogue networked systems
Cyclical softness marks long, structural growth
runway –opportune entry point
Best-in-class provider of policy administration
systems software to the global Life, Accident &
Health insurance industry
Benefitting from the need for insurers to
upgrade to the cloud from old legacy
mainframe systems
Strong alignment: Michael Kelly (founder / CEO)
is largest shareholder with 56% shareholding

Portfolio Exits
ESG discomfort
Signs of thesis drift in digital gaming
Share price fairly valued when we exited
Funding sources for higher quality positions

The Future...Will be Interesting
COVID-19 likely to keep markets and economies on their toes
Co-ordinated fiscal and monetary stimulusis equal to the task
Low interest rates likely to persist
Supportive for share markets...
...butshare prices and valuations have also strongly rebounded
Our high quality portfolio companies are well positioned for longer term

General Questions from
Shareholders
(not relating to resolutions)

Online Attendees –Voting Process
•When the poll is open, the vote
will be accessible by selecting
the voting icon at the top of the
screen
•To vote simply select the
direction in which you would like
to cast your vote, the selected
option will change colour.
•There is no submit or send
button, your selection is
automatically recorded.

Annual Meeting
2020 resolutions

2020 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 Andy Coupe
–Auditor remuneration

Resolution 1
Re-election of Andy Coupe
To re-elect Andy Coupe as a Director of Barramundi Limited

Resolution 2
Auditor Remuneration
That the Board of Directors be authorised to
fix the remuneration of the auditor for the
ensuing year

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

---

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

23 October 2020
Barramundi Limited Annual Meeting
Chair’s Address from Alistair Ryan
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 14th Barramundi annual meeting of shareholders. I am Alistair Ryan, Chair of
Barramundi.
It is pleasing to be able to hold this annual shareholders meeting in-person, and to also be able to
offer the virtual meeting option to those who are unable to attend in-person, & have joined the
meeting via the Lumi virtual ASM platform.
An annual meeting is an important event in a company’s calendar and we hope that in future the
familiar in-person annual meeting will be able to continue without the COVID-19 and lockdown
uncertainty that we’ve had to deal with this year.
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.
For those here in-person there will be a light lunch at the conclusion of the meeting. We look
forward to meeting many of you after the meeting.

[Slide: Agenda]
The Agenda for today.
Firstly preliminary matters.
• The minutes of the 2019 annual shareholders’ meeting held on 11 October 2019 are
available at the registration desk and are also on the Barramundi website.
• The 2020 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 2020 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 two resolutions for you to consider and vote on today, which are set out in the Notice of
Meeting.

[Slide: Online attendees – Question Process]
Before we start though, a bit of guidance on how to submit any questions if you’re joining this
meeting via the online portal.
You should be able to see a Q&A icon at the top centre of your screen.
To send in a question, simply click in the “Ask a Question” box, type your question and press the
send arrow.
This method won’t allow you to take into account any questions already asked by other online
participants, as will be the case for those actually here at the physical meeting. Because of this
Wayne Burns, our Corporate Manager, will be consolidating any duplications and overlaps.
We’ve set aside a time at the end of the two presentations for general questions relating to the
operations and management of the business.
For today’s meeting, if you’re joining us online then you can submit your questions at any time
during the meeting – up until we close the questions session.
Questions relating to the two resolutions will be dealt with in conjunction with each of those
resolutions.
To facilitate the smooth running of this hybrid (i.e. in-person and online) ASM, can we ask that
shareholders limit themselves to a maximum of two questions please.
We’d also like to point out that general shareholder questions, not covered at this meeting, can also
be sent to the company via the website via enquire@barramundi.co.nz and we will endeavour to
answer them as they are received.

[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.
And it was certainly a turbulent period of ups, downs and ups.
As Barramundi shareholders we gained strongly up until the middle of February, with the
Barramundi share price reaching $0.75 on the 20 February, then we dropped rapidly and
significantly to $0.45 on 23 March. These were volatile and uncertain times. One could even use the
word “unprecedented”, and there continues to be future uncertainty in regards to COVID and future
stock market strength.
However the period April to September has generally been one of recovery, and as of Wednesday
night the Barramundi share price closed at $0.82.

As shareholders we’re all well aware that markets can be volatile, especially over short periods and
this was certainly the case this year. And they may, of course, prove to be again. The future is
pretty unclear at the present time.
Fortunately for Barramundi with a 30 June balance date, there has been time for the recent recovery
phase to occur.
The recovery of the Barramundi portfolio clearly demonstrates how well the portfolio is constructed
and managed, based on a rigorous and robust investment approach, which has held your investment
in good stead during the COVID-19 pandemic.
So let’s have a quick review of our investment objectives.

[Slide: Barramundi’s Investment Objective]
As directors, and managers, we typically start our annual meetings with a quick reminder of what we
are here to achieve, being:
• 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 2020 financial year.

[Slide: Corporate Governance]
Turning now to corporate governance....
The board is committed to strong governance principles and to overseeing the Manager’s portfolio
performance on behalf of shareholders.
In a normal year the board generally meets formally six times per annum, plus other meetings as
required, but during the initial period of the COVID-19 crisis, when market volatility was at its peak
(March and through April 2020), the board scheduled a number of additional meetings with the
Manager to check that appropriate risk management processes and procedures, including rigorous
application of the STEEPP process, were being adhered to.
The board has continued to have additional monthly meetings with the portfolio manager.
These additional meetings enable the board to monitor and closely oversee the portfolio
management process undertaken by the Manager as part of its mandated approach.
In addition to the special meetings referred to above, the Investment Committee 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 Barramundi Audit and Risk Committee generally meets twice a year, on a six monthly basis, to
review the company’s financial reporting, internal controls and risk management systems, and to
meet with the external auditor and receive their report on both the interim and year end accounts.
The Barramundi 2020 result was announced in August, but I’ll highlight some of the key performance
measurements on the next slide, and Robbie will discuss the underlying performance in his
presentation.

[Slide: 2020 Overview]
So how has 2020 treated shareholders?
• Barramundi has performed well for shareholders against a challenging market backdrop. It’s
worth noting that the volatile market conditions of February and March reduced
Barramundi’s nine month result to a NPAT loss of ($16.2m), which was turned around in the
last quarter of the financial year to a year end NPAT of $12.5m, a recovery of almost $29m.
This significant turnaround and the difference between the position as at March verses the
year end result shows the volatility of equity markets but also, we believe, the underlying
quality of Barramundi’s portfolio.

• We are pleased with the total shareholder return of 15.5% for the year, which was ahead of
the 2019 total shareholder return of 15.5%.This return measure looks at the share and
warrant price movements, the dividends paid and the warrants exercised. Over the course of
the financial year the share price moved from $0.63 to $0.69, (a 10% increase). Barramundi
paid almost 6 cents per share in quarterly dividends, (a dividend yield of just under 9%). In
addition to this, the Barramundi warrants that were exercised in October last year (2019),
were able to be exercised by warrant holders at a price that was 6 cents, (approximately 9%)
below the price at which the share were trading on the NZX. All of this helped contribute to
the overall shareholder return.

• The NAV per share at year end was $0.68 , slightly down on the previous year end NAV per
share of $0.69, but that was of course after dividends were paid out.

• The Adjusted NAV return for the year was +10.6%, being the net return to an investor after
expenses, fees and tax. This was ahead of the 2019 adjusted NAV return of +5.6%.

• Over the 2020 financial year, the share price to NAV discount narrowed from 8.7% (30 June
2019) to be a small premium of 1.5% at 30 June 2020. 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 between a small discount or small premium. 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 and the move to a premium position at year end, 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 2020, 1.1m
Barramundi shares were purchased under the programme when the shares were trading at
sufficiently deep discounts. Shares purchased under the programme are held as treasury
stock and primarily utilised under the dividend reinvestment plan.

[Slide: 2020 Overview - Continued]
As mentioned in the previous slide the Adjusted NAV return was +10.6% for the period which
represents the net return to an investor after expenses, fees and tax.
This slide compares that return and the gross performance return to Barramundi’s benchmark,
which was down -6.6% over the same period.
As you can see from this slide the three and five year annualised adjusted NAV returns, and the gross
performance returns, compare well with the equivalent period benchmark returns.

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 $118m as at June 2019, increased $24m to $142m at the
end of the June 2020 reporting period.
The movements during the year as represented by the green, orange and blue columns were:
• plus $12.5m net profit,
And movements due to our capital management initiatives:
• less $11m dividends paid,
• adding back $4m for dividends reinvested by shareholders
• less $1m for buybacks, and
• plus $18m for shares issued when warrants were exercised.

[Slide: Quarter 1, 2021]
The first quarter of Barramundi’s 2021 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
2020:
• Total shareholder return for the quarter was +12.2% - driven by the increase in share
price and the dividend paid during the quarter.
• Barramundi’s unaudited net profit for the three months to 30 September was $9.1m.
• As at 30 September, the NAV per share of $0.71 slightly up from the NAV at 30 June –
and that was after the dividend payment of 1.34 cents per share (paid on 25
September). The share price premium to the NAV widened to 7.3% at 30 September,
from a 1.5% premium as at 30 June.
• Barramundi’s adjusted NAV return for the first three months of the 2021 financial year
was +6.4%, which represents the net return to an investor after expenses, fees and tax.
The adjusted NAV return compared favourably to the benchmark index, which was
0.1% for the three months.


[Slide: Warrants - BRMWE - October 2019]
A quick recap on the previous Barramundi warrants.
These were issued in October 2018, and exercised in October last year, 2019.
74% of the 42m BRMWE warrants issued were exercised, at a exercise price of $0.59, which was 9%
below where the shares were trading at that time, & 14% below where the Barramundi share price
ended the 2020 financial year at i.e. $0.69
The exercise of the warrants meant that $18.4m of new funds was invested into Barramundi.

[Slide: Warrants - BRMWF]
Barramundi issued new warrants in earlier this month, (BRMWF).

Warrants give the holders the right, but not the obligation, to purchase additional shares in
Barramundi at a discounted exercise price, in this instance $0.70, less the dividends that will be
declared over the next year.
Warrant holders have the option to exercise their warrants, sell their warrants on market or let their
warrants lapse.
The exercise date for the latest Barramundi warrants is 29 October next year, i.e. 2021.

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