Barramundi ASM Presentation 13 October 2023

ANNUAL MEETING
OF SHAREHOLDERS
13 October 2023

Board of Directors
Andy CoupeCarol CampbellDavid McClatchyFiona Oliver
Barramundi Team
Robbie
Urquhart
Snr Portfolio
Manager
Terry Tolich
Snr
Investment
Analyst
Delano
Gallagher
Snr
Investment
Analyst
Wayne Burns
Corporate
Manager

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

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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.

Corporate Governance
•ESG
•Climate Related Disclosure
•Director skill matrix reporting

2023 Overview
Net profit / (loss)DividendNAV per shareShare price
$38.3m
(2022: $-34.6m)
5.52cps
(2022: 6.68cps)
$0.72
(2022: $0.64)
$0.71
(2022: $0.77)
Total shareholder
return*
Dividend return #
Adjusted NAV
return*
Share price
(discount) /
premium to NAV^
-1.1%
(2022: -23.5%)
+7.5%
(2022: +7.1%)
23.1%
(2022: -16.2%)
(1.4%)
(2022: premium
of 21.1%)
*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.
# 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) / 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*
+23.1%+12.4%+10.7%
Gross
Performance *
+26.4%+14.9%+13.6%
Benchmark
Index^
+14.8%+11.7%+7.5%
2023 Overview - Continued

Earnings Per
Share
20232022202120202019
Basic
Earnings per
Share
(cents)
14.15-13.9924.826.444.40
Diluted
Earnings Per
Share
(cents)
14.15-13.9923.436.424.37
Earnings Per Share

Movements in Shareholders’ Funds
12 Months to 30 June 2023 ($m)

Quarter 1, 2024
30 June – 30 September 2023
Net loss
$27k
NAV per share
$0.71
Adjusted NAV Return*
-0.01%
Benchmark Index
-0.9%
Share price
$0.72
Total shareholder return*
3.5%
*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
•Announced on NZX 9 October 2023
•Full details will be sent to shareholders circa 17 October
2023
•Pro rata issue of circa 69.5m warrants 26 October 2023 to
eligible shareholders
•Initial exercise price $0.69
•The final exercise price will be announced in early
September 2024
•Exercise date will be 25 October 2024

Manager’s Review
13 October 2023

Know your philosophy & style

What a difference a year makes
ASX 200 Index 30 June 2021 – 30 June 2023
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
6,250
6,550
6,850
7,150
7,450
7,750
8,050
8,350
8,650
8,950
Jun-21Dec-21Jun-22Dec-22Jun-23
Australian 10yr Government Bond Yield
ASX 200 Index
ASX 200Australian 10yr Government Bond Yield

Information Technology has led the market higher
ASX 200 index rose 15% over the year to 30 June 2023
48%
21%
18%
15%
14%
11%
11%
8%
5%
4%
4%
0%
10%
20%
30%
40%
50%
60%
ASX Sector ReturnASX Total Return

How our companies have
navigated this environment

A strong rebound for Barramundi
*ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
Performance in FY2023

Portfolio company performance in FY2023
111%
70%
55%
34%
38%
30%
41%
19%
50%
39%
25%
16%
24%
28%
23%
8%
16%
15%
13%
4%
6%
0%
4%
1%
2%
-30%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
Contribution AUD (%)
Contribution (AUD)
Notes: Labels (%) on the bars are the total return for the stock over the period owned

Cost discipline in tech companies rewarded by investors
82%
81%
78%
84%
81%
75%
70%
75%
80%
85%
FY19FY20FY21FY22FY23FY24 Target
Operating Expenses as Percentage of Revenue

23% annualised return over 5 years
$0
$5
$10
$15
$20
$25
$30
$35
Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23
AUB Share Price (AUD)
New CEO

A number of companies continued lifting prices....
“Net sales increased 9% to a record $2.8bn driven
by strong price mix growth of 11%.”
(James Hardie CFO commenting on FY23 North American results)
increased component costs passed on to customers -
“with an increase of 18% in average selling
price”
(Audinate’s CFO commenting in H123 results on one of their product lines)

....although Domino’s pushed price too far
In 2022...
ꓫAcute inflationary pressures
ꓫPrices increased without extensive trials
ꓫDelivery service fee introduced
ꓫ‘Dining-out’ favoured over delivery as COVID
subsided
...in 2023
✓Inflation pressures have eased
✓Delivery service fee removed
✓‘Flex’ pricing introduced
✓Accelerating product innovation

Portfolio management: FY2023 and FY2024 to date
LargerSmaller
Target weight
changes (net)

Johns Lyng Group
“Our brand is our people, and
our people are our culture.”
CEO, Scott Didier
Johns LyngRevenue Growth

A balanced blend of companies
CAR
OML
REA
SEK
DMP
PWH
WOW
AUB
ANZ
CBA
CCP
MQG
NAB
WBC
ANN
CSL
NAN
RMD
JHX
BXB
JLG
AD8
FCL
NXT
WTC
XRO
INFORMATION
TECHNOLOGY
CONSUMER
SERVICES
CONSUMER
DISCCRETIONARY
CONSUMER
STAPLES
FINANCIALSHEALTHCARE
MATERIALS
INDUSTRIALS
Target weights as at 30/09/2023
CARCARSALES
OMLOOH!MEDIA
REAREA GROUP
SEKSEEK LTD
DMPDOMINO'S
PWHPWR HOLDINGS
WOWWOOLWORTHS
AUBAUB GROUP
ANZAUSTRALIA AND NZ BANKING GROUP
CBA
COMMONWEALTH BANK OF
AUSTRALIA
CCPCREDIT CORP
MQGMACQUARIE GROUP LTD
NABNATIONAL AUSTRALIA BANK
WBCWESTPAC BANKING CORP
ANNANSELL
CSLCSL
NANNANOSONICS
RMDRESMED
JHXJAMES HARDIE
BXBBRAMBLES
JLGJOHNS LYNG GROUP
AD8AUDINATE
FCLFINEOS
NXTNEXTDC
WTCWISETECH
XROXERO

A positive start to the FY24 year
*ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
**Period from 30/06/2023-30/09/2023
Performance in FY24** to date

Our portfolio companies are well positioned for the future
➢Interest rate hikes by central banks have so far delivered the desired effect
➢Economic activity is slowing, but remains resilient
➢Central banks have tempered interest rate hikes recently
➢Australia is in a sound position relative to many other countries
➢Employment remains strong & net migration is boosting the domestic economy
➢Easing of remaining pandemic disruption, likely assists a number of our companies
➢Ongoing focus on responsible investment considerations
➢Our portfolio companies typically provide goods/services that customers need

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,
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Annual Meeting
2023 resolutions

2023 Annual Meeting Resolutions
•Introduce and propose
•Questions
•Lodge your vote

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Andy Coupe
–Increase directors’ fee pool
–Approve auditor remuneration

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

Resolution 2
Increase Directors’ fee pool
To authorise an increase in the Directors’ fee
pool from $157,500 (plus GST if any) to
$185,500 (plus GST if any), with effect from
1 July 2023.

Resolution 3
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
Private Bag 93502
Takapuna, Auckland


13 October 2023
Barramundi Limited Annual Meeting
Chair’s Address from Andy Coupe
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 17
th
Barramundi annual meeting of shareholders, I’m Andy Coupe, Chair of
Barramundi.
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. 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.
Next to Fiona is Robbie Urquhart the Barramundi Portfolio Manager, and next to Robbie is Wayne
Burns the Corporate Manager.
Also here today, in the audience, are Senior Investment Analysts Terry Tolich and Delano Gallagher.
We are also pleased to have in the audience today representatives from our share registrar,
Computershare, auditor, PricewaterhouseCoopers, our tax advisors, Deloitte and our legal advisors,
Bell Gully.

[Slide: Agenda]
The Agenda for today.
Firstly, preliminary matters.
• The minutes of the 2022 annual shareholders’ meeting held on 14 October 2022 are
available at the registration desk and are also available on the Barramundi website.
• The 2023 annual report has been circulated to shareholders – additional copies are
available at the registration desk and can also be found on the Barramundi website.
Today I’ll give a brief overview of the Barramundi 2023 financial year, an update on the 2024
financial year to date, 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 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]
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 three 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.

[Slide: Barramundi’s Investment Objective]
As directors, and managers, we typically start our annual meetings with a quick reminder of what we
are striving 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.

[Slide: Corporate Governance]
Turning now to corporate governance.
Barramundi does not have a formal environmental, social, and governance (ESG) framework. The
board considers that, given the nature of its operations (as an investment company), it is neither
helpful or meaningful to maintain an ESG framework due to the lack of available metrics relevant to
its business against which it could report on such matters. However importantly, the Manager does
have a formal ESG framework which governs stock selection, to which the Barramundi board is fully
supportive and committed.
The Board, in conjunction with Barramundi’s manager, is well advanced in regard to the new Climate
Related Disclosures that Barramundi will be required to start publishing next year.
Furthermore, the board has decided that from next year we will commence including in the Annual
Report a director skills matrix.
The Barramundi 2023 result was announced in August, but I’ll highlight some of the key performance
measurements on the next slide.

[Slide: 2022 Overview]
Looking back on the 2023 year:
• Barramundi performed well for shareholders against a challenging market backdrop.
Barramundi’s record NPAT of $38.3m is a significant achievement.
• Total shareholder return was down 1.1%. This return takes into account the dividends
paid out during the year, and also the change in the share price, which moved from
being at a 21% premium to the NAV at the start of the year, to a 1.4% discount to the
NAV at year end.
• Barramundi’s regular dividends continued to contribute to the shareholder return with
5.52 cents per share paid in dividends during the 2023 financial year, which represents
a dividend return, not a dividend yield, of +7.5% (2022: +7.1%). These returns are
calculated based on the average share price for the year.
• The overall NAV per share increased from $0.64 (as at June 2022), to $0.72 as at 30
June 2023.
• The Adjusted NAV return, which is the percentage change in the Adjusted NAV for the
year, was up 23.1%.
• As the footnote to this slide states, 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.

[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 periods of 1, 3 and 5 years.
Over all three periods, Barramundi has outperformed the benchmark.
Robbie will discuss the Australian share market dynamics and how the portfolio performed shortly in
the Manager’s Review.

[Slide: Earnings Per Share]
This chart shows the earnings per share.
It’s a potent reminder of how variable sharemarket returns can potentially be and the degrees of
volatility that equity markets can experience from time to time.

[Slide: Movements in Shareholders’ Funds]
Turning now to Shareholders’ Funds
This chart shows the Barramundi NAV of $171m (as at 30 June 2022) increased by a net $28m to
$199m (as at 30 June 2023).
The movements during the year as represented by the orange, yellow and green columns were:
- the $38m net profit, and
- less $15m dividends paid but adding back $5m for dividends reinvested by
shareholders.

[Slide: Quarter 1, 2024]
The first quarter of Barramundi’s 2024 financial year has seen continued volatility. 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
2023:
• Barramundi’s unaudited net loss for the three months to 30 September 2023 was $27k.
• As at 30 September, the NAV per share of $0.71 is down 1 cent per share from the NAV
at 30 June of $0.72 – but that was after the dividend payment of 1.44 cents per share
(paid on 22 September).
• The share price premium to NAV was 1.8% as at 30 September 2023.
• Barramundi’s adjusted NAV return for the first three months of the 2024 financial year
was flat, while the benchmark index return was down -0.9% for the three months.
• Total shareholder return for the quarter was 3.5% - driven by the increase in share price
from $0.71 to $0.72, and adding on the dividend paid in September.

[Slide: Warrants]
• As part of Barramundi’s overall capital management programme and as announced to
the market earlier this week, Barramundi plans to make a pro rata issue of warrants
later this month.
• Full details on the warrants, as per the NZX announcement, will be sent to all
shareholders around 17 October.
• On 26 October a pro rata issue of circa 69.5m warrants will be made to eligible
shareholders.
• The initial exercise price of $0.69 less the dividends declared between the issue date of
26 October 2023 and the announcement date of the final exercise price.
• The final exercise price will be announced in early September 2024 and exercise date is
25 October 2024.

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 Barramundi.
I will now hand over to Robbie Urquhart, Senior Portfolio Manager of Barramundi.

ENDS