Marlin Global ASM Presentation 30 October 2020

Annual Meeting
of Shareholders
MARLIN GLOBAL LIMITED
30 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
Marlin Team
Alistair Ryan
Carmel Fisher
Andy Coupe
Carol Campbell
Ashley Gardyne
Snr Portfolio
Manager
Chris Waters
Snr
Investment
Analyst
Wayne Burns
Corporate
Manager
Harry Smith
Snr Investment
Analyst

Chair’s Overview
•July 2019 –January 2020
•February –March 2020
•April –September 2020

Marlin’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 international 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
$22.6m
(2019: $8.4m)
7.90cps
(2019:7.87cps)
$1.03
(2019: $0.96)
$0.98
(2019: $0.90)
Total shareholder
return
Dividend return
Adjusted NAV
return
Share price
discount to NAV
+15.5%
(2019: 15.5%)
+8.8%
(2019: +9.2%)
+16.6%
(2019: 6.8%)
2.9%
(2019: 6.2%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP
Financial Information Policy which is available on the Marlin website.
^Share price discount to NAV (including warrant price on a pro-rated basis).

2020 Overview -Continued
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is
available on the Marlin website.
^ Benchmark Index: World Small Cap Gross Index until 30 October2015 & S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)from 1 October 2015
For the year ended
30 June
12 months3 years (annualised)5 years (annualised)
Adjusted NAV return *
+16.6%
(2019: +6.8%)
+15.3%+10.8%
Gross Performance *
+19.8%
(2019: +10.1%)
+18.6%+14.5%
Benchmark Index ^
+0.04%
(2019: +2.1%)
+6.1%+6.5%

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

Quarter 1, 2021
30 June –30 September 2020
Total shareholder return
+16.1%
Net profit
$11.6m
NAV per share
$1.08
Adjusted NAV Return
+7.4%
Share price
$1.10
Benchmark Index
+5.7%
.

Marlin Warrants -MLNWD
•Final Exercise Price $0.86 –announced via
NZX and the Marlin website in late September
•Exercise Letter / Exercise Form / Marlin
Warrant Website Details sent to all MLNWD
warrant holders in early October
•Exercise Date -6 November 2020

Manager’sReview
Ashley Gardyne (Senior Portfolio Manager)

Agenda
1.Review of markets in 2020
2.Company performance
3.Portfolio activity and positioning
4.Outlook
Why Marlin

1. Review of markets in 2020

Why Marlin
A dramatic year in financial markets

Why Marlin
27% decline on COVID concerns
Jul-19Oct-19Jan-20Apr-20
-27%
MSCI World Index (NZ$)

Why Marlin
Partial recovery by June
Jul-19Oct-19Jan-20Apr-20
-11%
MSCI World Index (NZ$)
✓Monetary policy
✓Fiscal stimulus
✓Covidcurve flattened
×Job losses and sluggish
economy

The recovery has not been uniform
-57%
-57%
+187%
+28%
Figures show % change from 12 Feb to 30 June 2020
Why Marlin

2. Company Performance

20%
0%
MarlinBenchmark*
Strong performance in a difficult market
Marlin gross portfolio performance
vs Global benchmark (%)
* S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
Why Marlin

Why Marlin
-50
-30
-10
10
30
50
70
Stock performance by company
Total Shareholder Return (%)
Marlin portfolio companies
Marlin gross return
%

Why Marlin
Separating the winners and losers
What drove stock price performance in 2020?
•Business quality, profitability and
balance sheet strength
•Structural growth companies and
Covid-beneficiaries
•Dynamic companies that adapted

Why Marlin
Separating the winners and losers
Adidas’s digital pivot
What drove stock price performance in 2020?
•Business quality, profitability and
balance sheet strength
•Structural growth companies and
Covid-beneficiaries
•Dynamic companies that adapted

Why Marlin
-Primed to be a structural winner
6%
16%
27%
20092010201120122013201420152016201720182019
Apr 2020
Online retail penetration
(% of US retail sales)

3. Portfolio activity and
positioning

Why Marlin
1
8
55
6
2017201820192020
Pre-covid
Post-covid
Managing the portfolio through a crisis
•Safety first approach
•Portfolio high grading
•Opportunistic acquisitions
New portfolio additions

Why Marlin
Selected portfolio changes -Additions
•Leading aerospace parts manufacturer
•#1 share in non-OEM aftermarket parts
•Track-record of accretive acquisitions
•World’s largest coffee chain
•40% market share in the US
•Compelling growth story in China
•Attractive store economics
•#1 IT research company
•Limited competition
•Large underpenetrated market
•Growing into adjacent verticals
•One of largest hotel brands globally
•Branded chains taking share
•Asset-light and cash generative model
•Digital payment provider in Brazil
•Taking share from legacy players
•Digital penetration low but increasing
•Well-run founder-led business
•Leading hard flooring retailer
•Strong value proposition for customers
•Taking share in a fragmented industry
•Long runway for new store openings

-Early stage category killer
•Bunnings scale stores, but only sell hard flooring
•Taking market share in highly fragmented industry
•Unique business model and direct sourcing edge
•Significant growth ahead –potential to nearly
quadruple store footprint
Why Marlin
Store count
72
83
101
120
400+
2016201720182019Potential

Why Marlin
Why Marlin
Building an all-weather portfolio
Deep recession
Economy muddles
through
Strong economy
Economic scenariosCovidreopening scenarios
Structural change in
behaviour
Vaccine soon and old
habits return
Tech & growth stocks
outperform
Cyclicals outperform
(housebuilders,
industrials, banks)
Defensives outperform
(consumer staples, utilities)
Travel, aerospace,
hospitality
Ecommerce, digital
payment, cloud, WFH
Diversification across sectors, cyclicals / defensives and covidexposure helps reduce exposure
to any one economic scenario

4. Outlook

Why Marlin
Outlook: weak economy offset by stimulus
•Covid-19 will continue to drag on economies and create market volatility
•Coordinated fiscal and monetary stimulus provides an offset
•Low interest rates likely to persist
•Supportive for share markets, although valuations are elevated
•Creates a world of lower growth, interest rates and returns
Active management increasingly important in world of lower growth and market returns

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
Marlin Global 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

---

Marlin Global Limited
Phone +64 9 484 0365
Fax +64 9 489 7139
Private Bag 93502
Takapuna, Auckland

30 October 2020
Marlin Global Limited Annual Meeting
Chair’s Address from Alistair Ryan
[Slide: Marlin Global Limited Annual Meeting of Shareholders]
Welcome to the 13
th
Marlin annual meeting of shareholders. I am Alistair Ryan, Chair of Marlin.
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 today.
Firstly preliminary matters:
• The minutes of the 2019 annual shareholders’ meeting held on 18 October 2019 are
available at the registration desk and are also on the Marlin 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 Marlin 2020 financial year, and then Marlin’s Senior Portfolio
Manager, Ashley Gardyne will review the Marlin 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@marlin.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 Ashley Gardyne, Senior Portfolio Manager for Marlin.
Next to Ashley, is Wayne Burns Corporate Manager for Marlin.
Also here today are Senior Investment Analysts, Chris Waters and Harry Smith who are in the
audience, please stand up Chris and Harry.
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 Marlin shareholders we gained strongly up until the middle of February, with the Marlin share
price reaching $1.10 on the 19 February, then we dropped rapidly and significantly to $0.71 on 23
March. These were volatile and uncertain times.
Since late March we’ve seen global sharemarkets seek to recover the ground lost in February and
March, and on Wednesday night this week the Marlin share price closed at $1.15
However, we can’t be complacent about the impact that COVID & lockdowns can & will continue to
have on the global economy, as the future is still somewhat unclear.

Fortunately for Marlin, with a 30 June balance date, there has been time for the recent recovery
phase to occur.
The recovery of the Marlin 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 on-going COVID-19 pandemic.
So let’s have a quick review of our investment objectives
[Slide: Marlin’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 international 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 Marlin 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 Marlin 2020 result was announced in August, but I’ll highlight some of the key performance
measurements on the next slide, and Ashley will discuss the underlying performance in his
presentation.

[Slide: 2020 Overview]
So how has 2020 treated shareholders?

• We are pleased with Marlin’s performance during what was a particularly volatile and
challenging period. It’s worth noting that the volatile market conditions of February
and March reduced Marlin’s nine month result to a NPAT loss of ($1.9m), which was
turned around in the last quarter of the financial year to a year end NPAT profit of
$22.6m, a recovery of $24.5m. 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 Marlin’s portfolio.

• Despite the very strong recovery in the last quarter of the financial year we weren’t
quite able to match the recorded NPAT from the 2018 financial year of $23.8m.

• The total shareholder return for the year was 21.5%, well up from last years 15.5%
return. 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 $0.90 to $0.98, (a 9% increase). Marlin paid almost 8 cents per
share in quarterly dividends, (a dividend yield of just under 9%). All of this helped
contribute to the overall shareholder return.

• The NAV per share at year end was $1.03, up from last years closing NAV per share of
$0.96, which is of course after dividends were paid out.

• The adjusted NAV return was +16.6% for the period which represents the net return to
an investor after expenses, fees and tax, which was significantly up from the 2019
result of +6.8%.

• Over the 2020 financial year, the share price to NAV discount narrowed from 6.2% (30
June 2019) to be 2.9% at 30 June 2020. In fact for almost all of the financial year the
discount was below 8%, and more recently we’ve seen periods when the Marlin share
price has been at a premium to the NAV per share.

• It’s worth noting that while one of the Board’s initiatives for managing the share price
to NAV discount remains the buyback programme, the narrowing of the discount
meant that Marlin did not acquire any of its own shares during the 2020 financial year.

[Slide: 2020 Overview - Continued]
As mentioned in the previous slide the Adjusted NAV return was +16.6% 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 Marlin’s benchmark return,
the S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD), which was flat for the same
period.
As you can see from this slide both the three & five year annualised adjusted NAV returns compare
favourably with the equivalent period benchmark returns.
Ashley will discuss the global market dynamics and how the portfolio performed shortly in the
Manager’s Review.

[Slide: Use of Shareholder Funds]
The chart shows the Marlin NAV of $141m as at June 2019, increased $15m to $156m at the end of
the June 2020 reporting period.
The movements during the year as represented by the grey and purple columns were:
• plus $22.6m net profit,
And movements due to our capital management initiatives:
• less $12m dividends paid, adding back $5m for dividends reinvested by shareholders.

[Slide: Quarter 1, 2021]
The first quarter of Marlin’s 2021 financial year has seen global sharemarkets continue to show
strong momentum, but we’ve also seen ongoing market volatility.
This slide provides a snapshot of those first three months of the current financial year to 30
September 2020, where you can see that:
• Total shareholder return for the quarter was +16.1%.
• Unaudited net profit for the three months was $11.6m.
• NAV per share was $1.08, (bearing in mind that Marlin made a quarterly dividend
payment of 2.06 cents per share in late September, paid on 25 September).
• As at 30 September the share price was actually at a 1.5% premium to the NAV, but has
generally been at a small discount or small premium through all of the first quarter.
• Marlin’s adjusted NAV return for those first three months was +7.4%, which represents
the net return to an investor after expenses, fees and tax, and
• The benchmark index for the same three months was up 5.7%.

[Slide: Marlin Warrants]
The final exercise price for the Marlin warrants (MLNWD) of $0.86 was announced to the market on
Friday 25 September.
All warrant holders have been sent details with regards to the exercise of the warrants, which
included details for the special purpose Marlin warrant website, hosted for us by Computershare, as
well as the separate Exercise Letter and Exercise Form.
It’s worth noting, for those who are still using cheques to pay for the likes of the exercise of
warrants, that this will probably be the last warrant exercise where Computershare will accept
cheques, which as you’ll all be aware are being phased out by the banks.

Closing remarks
In closing, on behalf of the Board I’d like to thank you shareholders for your continued support of
Marlin. I will now hand over to Ashley Gardyne, Senior Portfolio Manager of Marlin.
ENDS