Marlin Global ASM Presentation 4 November 2022

Annual Meeting
of Shareholders
MARLIN GLOBAL LIMITED
4 November 2022

Board of Directors
Marlin Team
Andy Coupe
Carol Campbell
David McClatchyFiona Oliver
Ashley Gardyne
Chief Investment
Officer
Chris Waters
Snr Investment
Analyst
Wayne Burns
Corporate
Manager
Lily Zhuang
Investment
Analyst
Sam Dickie
Snr Portfolio
Manager
Daniel Moser
Investment
Analyst

New Senior Portfolio Manager –Sam Dickie
•Sam Dickie replaced Ashley Gardyne as Senior Portfolio
Manager for Marlin effective 1 October 2022
•Ashley retains oversight as Chief Investment Office at Fisher
Funds Management
•Sam has extensive experience in managing international
portfolios and is supported by a strong team of investment
analysts

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

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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

2022 Overview
Net profitDividendNAV per shareShare price
($60.4m)
(2021: $69.2m)
9.68 cps
(2021:8.84cps)
$0.89
(2021: $1.28)
$1.12
(2021: $1.60)
Total shareholder
return
Dividend return #
Adjusted NAV
return
Share price
premium to NAV
-27.6%
(2021: +88.5%)
+7.0%
(2021: +6.9%)
-25.6%
(2021: +40.3%)
25.8%
(2021: 24.6%)
*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 Marlin pays out in dividends each year relative to its average share price during the period. (Dividends paid
by Marlin may include dividends received, interest income, investment gains and/or return of capital).
^Share price premium to NAV (excluding warrants).

2022 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 *
-25.6%
(2021: +40.3%)
+6.8%+9.9%
Gross Performance *
-24.9%
(2021: +46.7%)
+9.7%+13.0%
Benchmark Index ^
-12.8%
(2021: +37.8%)
+6.4%+7.5%

Earnings Per Share
Earnings Per
Share
20212020201920182017
Basic
Earnings per
Share
(cents)
-31.3435.5515.186.6820.20
Diluted
Earnings Per
Share
(cents)
-31.3438.6015.096.4920.08

Movements in Shareholders’ Funds
12 Months to 30 June 2022 ($m)

Quarter 1, 2023
30 June –30 September 2022
Net profit
$0.1m
NAV per share
$0.87
Adjusted NAV Return
0.1%
Benchmark Index
-1.8%
Share price
$1.03
Total shareholder return
-6.4%
.

Closing Remarks

Manager’s Review
Ashley Gardyne

Agenda
1.Review of markets in 2022
2.Company performance
3.Portfolio activity and positioning
4.Outlook
Why Marlin

1. Review of markets in 2022

Why Marlin
-20%
-10%
0%
10%
20%
30%
40%
50%
Jun-12Jun-13Jun-14Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22
Weak global equity markets after a record 2021
MSCI World –annual return
+12% pa
Prior 10 years
average return
+39%
-14%

Why Marlin
Gravity returns to financial markets

Why Marlin
Suspended for a decade, but gravity now back at full strength
0.0%
1.0%
2.0%
3.0%
4.0%
201120122013201420152016201720182019202020212022
Interest rates: From decade lows to decade highs in 12 months
(Yield on Bloomberg Global Agg Index)

Why Marlin
Jun-21Sep-21Dec-21Mar-22Jun-22
Markets driven lower by higher interest rates
20222021
MSCI World Index
(USD)
+7%
-21%
Year to Jun-22 down -14%

Why Marlin
2021
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
2,000
2,200
2,400
2,600
2,800
3,000
3,200
3,400
Jun-21Sep-21Dec-21Mar-22Jun-22
Markets driven lower by higher interest rates
Implied Fed Funds
Rate –Dec-22
2022

2022
Why Marlin
Jun-21Sep-21Dec-21Mar-22Jun-22
Markets driven lower by higher interest rates
2021
Year to Jun-22 down -14%
×Inflation
×Interest rates
×Risk of recession
MSCI World Index
(USD)

Why Marlin
-30%
-20%
-10%
0%
10%
20%
30%
40%
Energy
Utilities
Health Care
Cons. Staples
Real Estate
Financials
Materials
MSCI World
Industrials
Info Tech.
Cons. Disc.
Comm. Services
-13.9%
-5.9%
-22.2%
MSCI WorldValueGrowth
Growth stocks have been penalised by high inflation
Annual returns to Jun-22
Growth stocks underperformAll sectors fell for the year, except Energy and Utilities

2. Portfolio Performance

Disappointing performance in a challenging year
Marlin gross portfolio performance
vs Global benchmark (%)
Why Marlin
* S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
22%
27%
10%
20%
47%
-25%
19%
17%
2%
0%
38%
-13%
Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22
Marlin Gross PerformanceGlobal Benchmark*
+37%
cumulative
outperformance
(6% pa)

Why Marlin
-600
-500
-400
-300
-200
-100
0
100
200
300
400
Attribution (bps)
Portfolio performance: attribution by company
Marlin portfolio companies

Why Marlin
PayPal: leading digital payments
PayPal -Earnings vs. share price
•Global leader in digital payments, average 60m
transactions processed each day
•429m active accounts
•Earnings likely to grow at least in line with the
structural growth in ecommerce long term
0
50
100
150
200
250
0
2
4
6
8
201720182019202020212022F
Share price (US$)
(
US$bn
)
Adjusted EBITDAShare price

Dollar stores: a defensive business model
Why Marlin
•Compelling customer proposition
-Great value everyday necessities
-~20% cheaper than grocery stores
-34,000 stores conveniently located
for 75% of US population
•Defensive characteristics
-Consumers trade down in a recession
-Beneficiary in cost-of-living crisis
•Long growth runway
-Runway for another 17,000 US stores
20
22
24
26
28
30
32
34
36
201620172018201920202021
Number of US dollar stores (000s)

Reflections from the past year
Why Marlin
•What is the right mix of high growth vs
defensive growth companies?
•How sensitive should we be to valuation
levels?
•Did we move too slowly on stocks with
controversies (e.g. Alibaba, Meta)?

3. Portfolio activity and
positioning

40
60
80
100
120
140
160
180
0
10
20
30
40
50
60
70
80
201720182019202020212022F
Share price (US$)
Adj. EBITDA (US$bn)
Adjusted EBITDAShare price
Attractive opportunities within the portfolio
Why Marlin
Earnings vs. share price
20
40
60
80
100
120
140
0
100
200
300
400
500
600
700
800
201720182019202020212022F
Share price (US$)
Adj. EBITDA (US$mn)
Adjusted EBITDAShare price
Earnings vs. share price

•Leading provider of cloud customer
relationship management technology
•Used by 90% of Fortune 500 companies
•Sticky business-critical offerings
•Beneficiary of digitisation trend
Portfolio changes –additions and exits
Why Marlin
ExitsAdditions
•Largest global software maker
•Critical for businesses and consumers
•Strong network effects
•Beneficiary of secular shift to the cloud
•Leading global streaming service
•Best-in-class subscriber retention
•Award winning content
•Upside from introducing ad-tier and
monetising account sharing
•Leader in carbon fibre composites
•Supplies Boeing & Airbus
•Valuation became stretched for
moderate growth profile
•2
nd
largest sportswear manufacturer
•Lack of confidence in China demand
which is a key profitability driver
•One of the largest hotel brands globally
•Asset light and cash generative model
•Valuation stretched with market
recognising full recovery in travel

Portfolio snapshot as at 30 June 2022
# of companies
22
# ofcountries
5
EBITDA growth
+12%
Marlin portfolio –Sector split

Why Marlin
High quality, growth companies, at attractive valuations
Growth
Sales growth
(next 3 years)
Earnings growth*
(next 3 years)
3%
11%
4%
12%
Quality
Return on capital
EBITDA margin
20%
26%
6%
16%
Value
P/E ratio**
PEG ratio
†
15x
20x
4x
2x
Marlin
Benchmark
Why
Marlin
* Earnings = earnings before interest, tax, depreciation and amortisation
** P/E = price to earnings
† PEG = price to earnings ratio, divided by the next 3 years’ earnings growth

4. Outlook

Why Marlin
Outlook
×Central Bank rate hikes risk causing a recession
×Low consumer and business confidence
×Geopolitical instability
✓Unemployment still low and consumer balance sheets strong
✓Inflationary pressures appear to be easing
✓Lower equity valuations underpin future returns
Near term economic uncertainty, but improved medium-term return expectations

Thank You

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
2022 resolutions

2022 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Lodge your vote

Matters of Business
•Annual Report
•Resolutions:
–Elect Fiona Oliver
–Auditor remuneration

Resolution 1
Election of Fiona Oliver
To elect Fiona Oliver 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
Private Bag 93502
Takapuna, Auckland


4 November 2022
Marlin Global Limited Annual Meeting
Chair’s Address from Andy Coupe

[Slide: Marlin Global Limited Annual Meeting of Shareholders]
Welcome to the 15th Marlin annual meeting of shareholders, I’m Andy Coupe, the Chair of Marlin.
Its pleasing to again be able to hold this annual meeting in-person. However we have put in place
the virtual meeting option for those who are unable to attend in-person, and we welcome those
who have joined the meeting via the Computershare virtual meeting platform.
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.
Also please ensure you turn your cell phones off or put them on mute.
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: Introductions]
Let me introduce the front table. Firstly the directors. To my right is Carol Campbell (Chair of the
Audit & Risk Committee), next to her is David McClatchy (Chair of the Investment Committee) and
next to him is Fiona Oliver, who is standing for election today.
Next to Fiona is Ashley Gardyne the Fisher Funds Chief Investment Officer and previous Marlin
Senior Portfolio Manager, and next to Ashley is Sam Dickie, the new Marlin Senior Portfolio
Manager.
Next to Sam is Wayne Burns the Corporate Manager.
Also here today in the audience we have Senior Investment Analyst Chris Waters, and Investment
Analysts Lily Zhuang and Daniel Moser.
We are also pleased to have representatives from our share registrar, Computershare, auditor,
PricewaterhouseCoopers, our tax advisors, Deloitte and our legal advisors, Bell Gully in the audience
today.

[Slide: New Senior Portfolio Manager]
As we announced to the market on 23 September, Ashley will now be focussing soley on his role as
Chief Investment Officer at Fisher Funds. As a consequence, and after consultation with the Marlin

board, the Marlin senior portfolio manager responsibilities were assumed by Sam with effect from 1
October.
Ashley, in his CIO role at the Manager, will still have oversight in regards to the investment
management of Marlin, but Sam has taken over all of the senior portfolio manager duties.
Since joining Fisher Funds in 2017, Sam has been the Senior Portfolio Manager for New Zealand
equities and managed the Kingfish Limited portfolio.
Prior to joining Fisher Funds, Sam spent 13 years managing international equity portfolios in Hong
Kong and the United Kingdom.
As per my previous slide we see the Marlin investment management team as having significant
experience investing in global equities and researching the quality companies that Marlin targets.

[Slide: Agenda]
The Agenda for today.
Firstly preliminary matters.
• The minutes of the 2021 annual shareholders’ meeting held on 8 November 2021 are
available at the registration desk and also available on the Marlin website
• The 2022 annual report was circulated to shareholders in September - additional copies are
available at the registration desk and can also be found on the Marlin website.
Today I’ll give a brief update on Marlin’s 2022 financial year, and then Ashley will present his review
of the Marlin portfolio.
After the Manager’s Review, we’ll have a Q&A session, and then we’ll move to the formal business
of the meeting.
There are two resolutions for you to consider and vote on today, as set out in the Notice of Meeting.

[Slide: Online Attendees – Question Process]
If you’re attending the meeting online there’s 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.
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.
Questions relating to the two resolutions will be dealt with in conjunction with each of the
resolutions.
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.

[Slide: Chair’s Overview]
It is now my pleasure to present the Chair’s Overview of the 2022 financial year.

[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.

[Slide: 2022 Overview]
I imagine that all shareholders will be aware of the battering that share markets globally have
recently experienced and the Marlin result over the reporting period reflects that.
Marlin suffered a net loss of $60.4m. This is in stark contrast to the previous year’s net profit of
$69.2m.
Total shareholder return was down 27.6%, well down on last year’s record 88.5% return.
Marlin’s quarterly dividends during the 2022 financial year were equivalent to a dividend return, not
a dividend yield, of +7.0% (2021: +6.9%). This return is calculated based on the average share price
for the year.
The overall NAV per share fell from $1.28 (as at June 2021), to $0.89 as at 30 June 2022.
The Adjusted NAV return, which is the percentage change in the Adjusted NAV for the year, was
negative 25.6% .
The share price to NAV difference remained at a premium, 25.8% as at 30 June 2022, as compared to
the 24.6% premium as at 30 June 2021.
As the footnote to this slide states, 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.


[Slide: 2022 Overview - Continued]
This chart compares the Adjusted NAV return 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.
While Marlin has underperformed the benchmark in the most recent year, it has outperformed the
index over the three and five year annualised performance.
Ashley will discuss the global market dynamics and comment in more detail on how the portfolio
performed in his Manager’s Review.

[Slide: Earnings Per Share]
This chart shows the earnings, or in the case of this year, the loss per share.
It’s a sobering reminder of the degrees of volatility that equity markets can experience from time to
time

[Slide: Use of Shareholder Funds]
This chart shows the Marlin NAV of $244m as at June 2021 decreased by $66m to $178m at the end
of the June 2022 reporting period.
The movements during the year as per the columns were:
the $60.4m net loss,
and movements due to our capital management initiatives: being
$19m dividends paid, adding back $7m for dividends reinvested by shareholders,
and $6m for the shares issued when warrants were exercised in May of this year (2022).


[Slide: Quarter 1, 2023]
The first quarter of Marlin’s 2023 financial year has seen global sharemarkets experience continued
volatility.
This slide provides a snapshot of those first three months of the current financial year to 30
September 2022, where you can see that:
• The unaudited net profit for the three months was flat at $0.1m.
• NAV per share was $0.87, (which is after Marlin’s September dividend of 1.85 cents per
share).
• Marlin’s adjusted NAV return for those first three months was 0.1%.
• The benchmark index for the three months was down 1.8%, and
• Total shareholder return for the quarter was down 6.4%, due to the decrease in the
share price over the quarter, slightly offset by the September dividend.

[Slide: Closing Remarks]
Closing remarks
In closing my annual meeting address, and on behalf of the Board, I’d like to thank you for your
continued support of Marlin.
The twelve months under review have been very challenging and I don’t doubt the results for this
period were disappointing for shareholders, especially relative to the experiences of previous years.
However, the investment strategy of focusing on quality growth stocks, as detailed in the prospectus
so many years ago, has not changed. We remain confident that over the medium term the strategy
will bring its rewards.
I will now hand over to Ashley Gardyne, Fisher Funds Chief Investment Officer and the previous
Senior Portfolio Manager of Marlin.

ENDS