Marlin Global ASM Presentation 08 November 2021

Annual Meeting
of Shareholders
MARLIN GLOBAL LIMITED
8 November 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
manner as typing a question and a
Computershare representative will
respond to you directly.

Board of Directors
Marlin Team
Alistair Ryan
David McClatchy
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

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

2021 Overview
Net profitDividendNAV per shareShare price
$69.2m
(2020: $22.6m)
8.84 cps
(2020:7.90cps)
$1.28
(2020: $1.03)
$1.60
(2020: $0.98)
Total shareholder
return
Dividend return #
Adjusted NAV
return
Share price
premium /
(discount) to NAV
+88.5%
(2020: 15.5%)
+6.9%
(2020: +8.3%)
+40.3%
(2020: 16.6%)
24.6%
(2020: (4.7%))
*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.
# 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 discount to NAV (excluding warrants).

2021 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: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)
For the year ended
30 June
12 months3 years (annualised)5 years (annualised)
Adjusted NAV return *
+40.3%
(2020: +16.6%)
+20.4%+20.2%
Gross Performance *
+46.7%
(2020: +19.8%)
+24.6%+24.6%
Benchmark Index ^
+37.8%
(2020: +0.04%)
+12.1%+14.5%

Earnings Per Share
Earnings Per
Share
20212020201920182017
Basic
Earnings per
Share
(cents)
35.5515.186.6820.2013.51
Diluted
Earnings Per
Share
(cents)
38.6015.096.4920.0813.51

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

Quarter 1, 2022
30 June –30 September 2021
Net loss
($4.7m)
NAV per share
$1.24
Adjusted NAV Return
(2.0%)
Benchmark Index
(0.5%)
Share price
$1.49
Total shareholder return
(5.7%)
.

Marlin Warrants -MLNWE
•47.3m warrants issued free to shareholders in May2021
•Exercise date 20 May 2022
•Exercise price $1.28, less dividends between 17 May
2021 and announcement of final exercise price in
early April 2022

Manager’sReview
Ashley Gardyne (Senior Portfolio Manager)

Agenda
1.Review of markets in 2021
2.Company performance
3.Portfolio activity and positioning
4.Outlook
Why Marlin

1. Review of markets in 2021

Why Marlin
Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21
+36%
+0%
MSCI World Index (USD)
What a difference a year makes
20212020

Why Marlin
For context –it was the best year in two decades
-30%
-15%
0%
15%
30%
45%
1991199319951997199920012003200520072009201120132015201720192021
MSCI World Index –annual returns
Year end 30 June

Why Marlin
One-way traffic driven by improving corporate earnings
Jul-20Oct-20Jan-21Apr-21
MSCI World Index (LHS)Blended 12mo. EPS Est. (RHS)
MSCI World
earnings growth (+41%)
MSCI World Index
(+36%)

Reopening driving a strong economic rebound
Jan-19Jul-19Jan-20Jul-20Jan-21
US Retail Sales
Retail sales trending strongly......and travel is coming back
Jan-19Jul-19Jan-20Jul-20Jan-21
US Domestic and International Passenger Index

Cyclicals outperform last year’s COVID-beneficiaries
+134%
+25%
38%
50%
69%
S&P 500S&P 500
Industrials
S&P 500 Banks

2. Company Performance

Strong performance in a buoyant market
Marlin gross portfolio performance
vs Global benchmark (%)
* S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
Why Marlin
47%
38%
MarlinBenchmark*

134%
100%
83%
47%
0%
20%
40%
60%
80%
100%
120%
140%
Stock performance by company
Total Shareholder Return (%)
Marlin portfolio companies

Why Marlin
New portfolio additions drove outperformance
New additions +6.8%

Hilton: The Waldorf-Astoria of hotel stocks
•Leading global portfolio of hotel brands
•Fee-based business with minimal capital requirements
•5% market share, but c.20% market share of future
hotel openings
•Engaged customers with 118m loyalty members
Why Marlin
13%
2%2%
3%
9%
23%
6%
15%
13%
18%
USAEuropeAPACMEALatAm
Hilton -Market share by region
Share of rooms
Share of pipeline

Why Marlin
China’s regulatory crackdown impacting Alibaba
and Tencent
Significant share market impact, but key regulatory
changes seem measured and manageable for now
•Anti-trust / competition
–End exclusive agreements, opening up platforms
•Data and security
–Giving consumers more control of data
•Fintech regulation
–Increased fintech oversight / regulation
•Online gaming
–Limit children’s time and money spent on gaming
50
100
150
200
250
300
350
20142015201620172018201920202021
Alibaba share price
200
400
600
800
20142015201620172018201920202021
Tencent share price
-46%
-39%

3. Portfolio activity and
positioning

New additions bring diversity
•4th largest homebuilder in the US
•Capital light business model
•Economies of scale benefits
•Taking share in a fragmented market
•Manufacturer of medical devices
•Taking share in a fast growing industry
•Proven track record of innovation and
strong pipeline of new devices
•Leading UK food-on-the-go brand
•Vertically integrated model
•High quality product at discount pricing
•Gaining share in fragmented market
•US bank for high-net-worth households
•Superior service offering
•Long track-record of growth
•Extremely prudent lending standards
•Well-run founder led business
Why Marlin

First Republic: Service that delights
•Founder-led with a high touch relationship
banking model
•Client satisfaction 2x the US banking industry
•Conservative lending and limited credit losses
•15% pa revenue growth over last decade
Satisfaction measured by Net Promoter Score.
83
36
68
62
68
First
Republic
US Bank
Average
NetflixAmazonApple
Client Satisfaction Score

Why Marlin
Building an all-weather portfolio
Deep recession
Economy muddles through
Strong economy
Economic scenarios
Tech & growth stocks outperform
Cyclicals outperform
(housebuilders, industrials, banks)
Defensives outperform
(consumer staples, utilities)
Diversification across sectors and economic sensitivity (cyclicals vs defensives) helps reduce
exposure to any one economic scenario

4. Outlook

Why Marlin
Outlook: a fork in the road
•COVID recovery & healthy consumer driving economic growth,
supply chain bottlenecks and inflation
•The inflation debate has broad implications for monetary policy,
interest rates and financial markets
•High quality companies with pricing power have historically
outperformed in periods of elevated inflation
–e.g. Mastercard and PayPal well placed
•Portfolio now has greater exposure to cyclical companies, which
would benefit from a prolonged upturn (e.g. banks and homebuilders)

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
Marlin Global Limited

Resolution 2
Election of David McClatchy
To elect David McClatchy as a Director of
Marlin Global 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

---

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

8 November 2021
Marlin Global Limited Annual Meeting
Chair’s Address from Alistair Ryan
[Slide: Marlin Global Limited Annual Meeting of Shareholders]
Welcome to the 14th Marlin annual 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 an online virtual meeting format and we trust that all
aspects work well for us today.
I am Alistair Ryan, Chair of Marlin.
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 30 October 2020 are
available on the Marlin website.
• The 2021 annual report was circulated to shareholders in September and is available on
the Marlin website.
Today I’ll give a brief update on Marlin’s 2021 financial year, and then Marlin’s Senior Portfolio
Manager, Ashley Gardyne will review the Marlin portfolio.
After the Manager’s Review, we’ll have a Q&A session, which will be a bit different this year as
shareholders will need to submit written questions during the course of the meeting and we will in-
turn respond to those at the appropriate time. We’ll then move to the formal business of the
meeting.
There are three resolutions for you to consider and vote on today, as 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. 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.
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 at enquire@marlin.co.nz

[Slide: Introductions]
Portfolio Manager Ashley Gardyne 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.
Also online today we have Senior Investment Analysts, Chris Waters and Harry Smith.
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]
Shareholders, it is my pleasure to present the Chair’s Overview at this meeting.
Marlin has performed very well during what was always anticipated could be a very turbulent
period.
The rigorous approach adopted to manage the Marlin portfolio has proven its value and delivered
very good results.

[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.
Marlin certainly achieved both of these objectives, and more, during the 2021 financial year.

[Slide: 2021 Overview]
Looking back on the 2021 year:
• Marlin’s NPAT of $69.2m is a new milestone for the Company. A record year.
• Marlin’s Total Shareholder Return was very high at 88.5%, largely driven by a dual
combination of profit and share price. Share price increased by a significant 63% during
the 12 month period - from 98cps to $1.60. A transition from price discount to NAV to
a premium to NAV during the year, the continuing quarterly dividend stream, the
warrant issue, not to mention the strong net earnings all contributed to the very good
TSR result.
• NAV per share at year end at $1.28, was well up on last year’s $1.03, which is of course
after dividends were paid out.
• Adjusted NAV return for the year was +40.3%, being the net return to an investor after
expenses, fees and tax. This was also well ahead of the 2020 return of +16.6%.


[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 last 1, 3 and 5 years.
Over all of the 1,3 & 5 year periods, the Marlin portfolio has consistently out-performed the
benchmark index.
Ashley will discuss the global market dynamics and how the portfolio performed shortly in his
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 strong results for the Earnings per Share in four of the last five
years, with FY21 being a particular stand-out.

[Slide: Use of Shareholder Funds]
The chart shows the Marlin NAV of $156m as at June 2020 increased by $88m to $244m at the end
of the June 2021 reporting period.
The movements during the year as represented by the grey and purple columns were:
• plus $69.2m net profit,
And movements due to our capital management initiatives:
• less $16m dividends paid, adding back $6m for dividends reinvested by shareholders,
• plus $29m for the shares issued when warrants were exercised in November last year
(2020).

[Slide: Quarter 1, 2022]
The first quarter of Marlin’s 2022 financial year has seen global sharemarkets experience some
volatility.
This slide provides a snapshot of those first three months of the current financial year to 30
September 2021, where you can see that:
• Unaudited net loss for the three months was -$4.7m.
• NAV per share was $1.24, (which is after Marlin’s September dividend of 2.59 cents per
share).
• Marlin’s adjusted NAV return for those first three months was down -2.0%, which
represents the net return to an investor after expenses, fees and tax,
• The benchmark index for the three months was down -0.5%, and
• Total shareholder return for the quarter was down -5.7%.
• A positive October will have improved the negative YTD result for the first 4 months.
The first half year result, ending 31 December, will be released in February.

[Slide: Marlin Warrants]
A quick recap on the current Marlin warrants.
These were issued in May 2021, with an exercise date of 20 May 2022.
The exercise price is $1.28, less dividends per share declared by the company with a record date
between 17 May 2021 and announcement of the final exercise price in early April 2022.
The final exercise price will be advised to all warrant holders at least six weeks before the exercise
date.

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