Barramundi ASM Presentation 15 October 2021

ANNUAL MEETING
OF SHAREHOLDERS
15 October 2021

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

ONLINE Attendees –Question Process
Written Questions:If you have a question
to submit please select the Q&A tab on the
right half of your screen. Type your question
into the field and press submit. Your
question will be immediately submitted.
Help:The Q&A tab can also be used for
immediate help. If you need assistance,
please submit your query in the same
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to you directly.

Board of Directors
Alistair RyanCarol CampbellAndy CoupeDavid McClatchy
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.

2021 Overview
Net profitDividendNAV per shareShare price
$52.3m
(2020: $12.5m)
6.00cps
(2020:5.56cps)
$0.87
(2020: $0.68)
$1.10
(2020: $0.69)
Total shareholder
return*
Dividend return #
Adjusted NAV
return*
Share price
premium/
(discount) to
NAV^
+83.3%
(2020: 21.6%)
+6.6%
(2020: +8.5%)
+37.6%
(2020: 10.6%)
26.7%
(2020: (1.8%))
*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.
# Dividend return –how much Barramundi pays out in dividends each year relative to its average share price during the period.
(Dividends paid by Barramundi may include dividends received, interest income, investment gains and/or return of capital).
^Share price premium to NAV (excluding warrants).

*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 200 Index (hedged 70% to NZD).
Portfolio Performance
For the year
ended
30 June
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV
return*
+37.6%
(2020: +10.6%)
+17.2%+15.1%
Gross
Performance *
+41.6%
(2020: +13.5%)
+20.9%+18.4%
Benchmark
Index^
+28.1%
(2020: -6.6%)
+9.7%+11.7%
2021 Overview -Continued

Earnings Per
Share
20212020201920182017
Basic
Earnings per
Share
(cents)
24.826.444.4012.991.82
Diluted
Earnings Per
Share
(cents)
23.436.424.3712.841.80
Earnings Per Share

Barramundi Share Performance
•Share Price Gain (30/6/20 to 30/9/21) $0.32
•Gain from Warrants (centsper share)$0.07
•Dividends (cps)$0.08
$0.47
On a starting share price of :$0.69

Movements in Shareholders’ Funds
12 Months to 30 June 2021 ($m)

Quarter 1, 2022
30 June –30 September 2021
Net profit
$13.1m
NAV per share
$0.91
Adjusted NAV Return*
+7.1%
Benchmark Index
+0.9%
Share price
$1.01
Total shareholder return*
-(7.3%)
*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 –BRMWF –October 2021
•52.5m warrants issued free to shareholders in
October 2020
•Exercise date 29 October 2021
•Final warrant exercise price $0.64

Manager’s Review
15October 2021

Agenda
Lockdowns, Re-Opening & Innovation
A Great Year for the Barramundi Portfolio
Portfolio Changes and Outlook

Lock-Downs, Re-Opening,
Innovation

Market return helped by the starting point
ASX 200 Index 31 December 2019 –30 June 2021

Sector leadership changed hands a few times
ASX 200 Index Returned 28% in A$ Over the Year
Sticking to our investment process ‘knitting’ served us well during the year
Tech-led
Vaccine data boosted
Energy & Financials
Tech-led

Innovation: Sowing the seeds of future earnings growth
These companies kept spending on innovation despite the uncertainty of COVID-19

A cool company
Who wouldn’t want to fly in an electric helicopter?
Returned 44% p.a. since we invested in 2019
•Initially focused on Formula One and luxury cars
•Incubated an ‘emerging technology’ division
•Applying its expertise to designing cooling
products for EV vehicles (land and aerospace)
•Revenue from emerging tech doubled in FY21

COVID-19 helped some healthcare companies....
+20%*
+30%*
*Total return for 12 months to 30 June 2021

....while others were negatively impacted
0%*
-14%*
Source: Jefferies
*Total return for 12 months to 30 June 2021

24
positions
CAR
OML
REA
SEK
DMP
PWH
WOW
AUB
ANZ
CBA
CCP
NAB
WBC
ANN
CSL
NAN
RMD
SHL
BXB
AD8
FCL
NXT
WTC
XRO
A balanced blend of companies
HEALTHCARE
FINANCIALS
INFORMATION
TECHNOLOGY
CONSUMER
SERVICES
INDUSTRIALS
CONSUMER
DISCCRETIONARY
CONSUMER
STAPLES
CAR
CARSALES
OML
OOH!MEDIA
REA
REA GROUP
SEK
SEEK LTD
DMP
DOMINO'S
PWH
PWR HOLDINGS
WOW
WOOLWORTHS
AUB
AUB GROUP
ANZ
AUST AND NZ BANKING GROUP
CBA
COMMONWEALTH BANK OF AUSTRALIA
CCP
CREDIT CORP
NAB
NATIONAL AUSTRALIA BANK
WBC
WESTPAC BANKING CORP
ANN
ANSELL
CSL
CSL
NAN
NANOSONICS
RMD
RESMED
SHL
SONIC HEALTHCARE
BXB
BRAMBLES
AD8
AUDINATE
FCL
FINEOS
NXT
NEXTDC
WTC
WISETECH
XRO
XERO

A Great Year for the
Barramundi Portfolio

Strong performance in tumultuous times
Fiscal Year to 30 June 2021Quarter Ending 30 September 2021
*ASX200 Index 70% hedged into NZ$

Portfolio company performance
For 12 months ended 30 June 2021

Performance compares well to competitors
12 months to 30 June 2021
* Source of competitor returns: FundSource
** Performance is on an after fees, before tax, basis for the 12 months ended 30 June 2021. 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
Barramundi, 38.3%

Portfolio Changes &
Outlook

Portfolio exits
Signs of thesis drift and lack of pricing power
Exited after contested takeover offers were tabled
ARB has benefitted from COVID-19 demand tailwinds which
we felt would abate in time
Market in contrast was pricing the COVID uplift in sales as a
permanent feature
Exited because of valuation
Endeavour not core to Woolworths investment thesis
Sold our shares on de-merger

The future...remains interesting
✓Increased confidence in the economic outlook
✓High vaccination rates in key states = Australia on the cusp of sustained re-opening
✓High savings rates, pent up demand & dovish central bank is supportive for asset prices
✓Australia’s Government debt levels manageable even after funding COVID fiscal stimulus
programmes
ꓫCost pressures & supply chain disruption
ꓫInflationary pressures and labour shortages
?Timing of the federal election
?Living with COVID, and the evolution of the economy post pandemic
Our high quality portfolio companies are well positioned for the longer term

General Questions from
Shareholders
(not relating to resolutions)

Online Attendees –Voting Process
Shareholder & Proxyholder Voting
Once the voting has been opened, the
resolutions and voting options will allow
voting.
To vote, simply click on the Vote tab,
and select your voting direction from the
options shown on the screen. You can
vote for all resolutions at once or by
each resolution.
Your vote has been cast when the tick
appears. To change your vote, select
‘Change Your Vote’.

Annual Meeting
2021 resolutions

2021 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Lodge your vote per the digital portal

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Carol Campbell
–Elect David McClatchy
–Auditor remuneration

Resolution 1
Re-election of Carol Campbell
To re-elect Carol Campbell as a Director of Barramundi
Limited

Resolution 2
Election of David McClatchy
To elect David McClatchy 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

Retirement –Carmel Fisher

Conclusion
•Enter your votes via the digital portal
•Results to NZX

THANK YOU

---

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

15 October 2021
Barramundi Limited Annual Meeting
Chair’s Address from Alistair Ryan
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 15
th
Barramundi annual meeting of shareholders, our first virtual only meeting of
shareholders.
Unfortunately we are not able to meet in person this year due to the government alert level
restrictions. We’ve therefore moved to virtual meeting format and I trust that all the technology
and other aspects will work well for all of us today.
I am Alistair Ryan, Chair of Barramundi.
We are duly convened as a notice of meeting has been circulated to shareholders and a quorum is
present on line so I can declare the meeting open.

[Slide: Agenda]
The Agenda for today.
Firstly preliminary matters.
• The minutes of the 2020 annual shareholders’ meeting held on 23 October 2020 are
available on the Barramundi website.
• The 2021 annual report has been circulated to shareholders and is available on the
Barramundi website.

Today I’ll give a brief update on the Barramundi 2021 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 which will be a little different this year as
we will receive written questions during the course of the meeting and respond via the webcast, and
we’ll then move to the formal business of the meeting.
There are three 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 via the online portal. We
will talk about voting online when we get to that stage of the meeting.
You should be able to see a Q&A icon at the top right of your screen.
To send in a question, please select the Q&A tab on the right half of your screen anytime. Type your
question into the field and press send. Your question will be immediately submitted.

Should you require any assistance, you can type your query and one of the Computershare team will
assist with the chat function and reply to your query.
Alternatively, you can call Computershare on 0800-650-034.
We’ve set aside time at the end of the two presentations for general questions relating to the
operations and management of the business.
To assist the meeting, we may moderate questions, or if we receive multiple questions on one topic,
we may amalgamate multiple questions together.
Finally, due to time constraints we may run out of time to answer all your questions. If this happens,
we will answer them in due course via email.
Questions relating to the three resolutions will be dealt with in conjunction with each of those
resolutions.
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]
Portfolio Manager Robbie Urquhart and our Corporate Manager Wayne Burns are participating in
this telecast in person with me today, and we have directors Carol Campbell, Andy Coupe and David
McClatchy on line.
Carol is on the other side of Auckland, while Andy is based in Tamahere in the Waikato and David is
based in Tauranga, so Andy and David are currently prohibited from travelling to Auckland to join us
in the Fisher Funds boardroom for this meeting.
Also online today we have Senior Investment Analysts, Terry Tolich and Delano Gallagher
Also connected to this meeting are representatives from our share registrar, Computershare,
auditor, PricewaterhouseCoopers, our tax agent, Deloitte and our legal advisors, Bell Gully.

[Slide: Chair’s Overview]
It is my pleasure to present the Chair’s Overview at this meeting.
The performance of the Barramundi portfolio through the course of the year ended 30 June
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 initial pandemic
market shock in the first quarter of calendar 2020, and since then.

[Slide: Barramundi’s Investment Objective]
As per previous meetings we start our annual meetings with a quick reminder of our purpose, 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 well-achieved for the 2021 financial year.

[Slide: 2021 Overview]
Looking back on the 2021 year:
• Barramundi performed well for shareholders against a challenging market backdrop.
Barramundi’s record NPAT of $52.3m is a significant achievement.

• Total shareholder return was very strong at 83.3% for the year, well ahead of the 2020
total shareholder return of 21.6%. 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 $0.69 to $1.10, (a 59% increase).
Barramundi paid 6 cents per share in quarterly dividends, (a dividend return, over the
average share price, of 6.6%). In addition to this, Barramundi issued free warrants in
October last year (2020), which were, as at year end, trading at $0.35 on the NZX. All of
this helped contribute to the overall shareholder return or TSR.

• NAV per share at year end was $0.87, well up on the previous year end NAV per share
of $0.68, which is of course after dividends were paid out.

• The Adjusted NAV return for the year was +37.6%, being the net return to an investor
after expenses, fees and tax. This was well ahead of the 2020 adjusted NAV return of
+10.6%.

• Over the 2021 financial year, the share price to NAV difference (excluding warrants)
lifted from a 1.8% discount at the start of the year, to an 11.2% premium as at
Wednesday 13 October.

[Slide: 2021 Overview - Continued]
This chart compares the Adjusted NAV return, (the net return to an investor after expenses, fees and
tax), and the gross performance return (the return before expenses, fees and tax), to the benchmark
index return over the periods of 1, 3 and 5 years.
Over all of the 1,3 & 5 year periods, the Barramundi portfolio has consistently out-performed the
well-performing benchmark index.
Robbie will discuss the Australian market dynamics and how the portfolio performed shortly in the
Manager’s Review.

[Slide: Earnings Per Share
Given the increase in the number of shares through the warrants and dividend reinvestment
programmes, it is pleasing to note good results for the Earnings per Share over the last five years,
with stand-out years in 2018 and again this year.

[Slide: Barramundi Share Performance ]
Barramundi’s Share Price Performance
• The ratios and percentages on the previous slides can be a bit confusing to
shareholders who simply want to know, how did we do ?
• So, to keep things simple, let me work you through the basics of the share and warrant
performance for Barramundi shareholders over the last 15 months.

• The share price has moved up from $0.69 to $1.01, a gain of $0.32.
• The net benefit of the free warrants is a quarter of the closing warrant price at 30
September, that is 7 cents per share.
• And the five quarterly distributions during this period have totalled a further 8 cents
per share.
• All in all, a total gain of $0.47. An excellent return on a starting share value of $0.69.
• Shareholders can be very pleased with their Barramundi result.

[Slide: Movements in Shareholders’ Funds]
The chart shows the Barramundi NAV of $142m as at June 2020, increased $44m to $186m at the
end of the June 2021 reporting period.
The movements during the year as represented by the green and orange columns were:
• plus $52.3m net profit,
And movements due to our capital management initiatives:
• less $13m dividends paid, and
• adding back $5m for dividends reinvested by shareholders

[Slide: Quarter 1, 2022]
The first quarter of Barramundi’s 2022 financial year has been relatively settled. Markets rose in July
and August but pulled back in September.
This slide provides a snapshot of the first three months of the current financial year to 30 September
2021:
• Barramundi’s unaudited net profit for the three months to 30 September was $13.1m.
• As at 30 September, the NAV per share of $0.91 is up 4 cents per share from the NAV at
30 June of $0.87 – and that was after the dividend payment of 1.69 cents per share
(paid on 24 September). The share price premium to NAV was 10.6% as at 30
September 2021.
• Barramundi’s adjusted NAV return for the first three months of the 2022 financial year
was +7.1%, 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
0.9% for the three months.
• Total shareholder return for the quarter was –(7.3%) - driven by the decrease in share
price from $1.10 to $1.01, partly offset by the dividend paid in September.


[Slide: Warrants - BRMWF - October 2021]
A quick recap on the current Barramundi warrants.
These were issued in October 2020, and the final exercise date is later this month, 29 October 2021.
The exercise price of $0.64 was announced to the market in early September and warrant exercise
information was sent to all holders in mid September.
If you have not yet exercised your Barramundi warrants and wish to do so, please make sure you do
so before the cut-off date – 29 October being the final date. To be safe best not to leave it until the
last minute. Once the warrants lapse the opportunity to exercise them is lost.

To exercise your warrants please go to the Computershare website (Barramundi, warrants) and
follow the instructions. If you are unsure or have any questions, please contact Computershare
directly and they will be able to assist you.

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