Kingfish ASM Presentation 8 August 2024

ANNUAL MEETING
OF SHAREHOLDERS
Kingfish Limited
8 August 2024

Board of Directors
Kingfish Team
Andy
Coupe
Carol
Campbell
David
McClatchy
Fiona
Oliver
Matt Peek
Portfolio
Manager
Zoie Regan
Senior Investment
Analyst
Wayne Burns
Corporate
Manager
Michael
Bacon
Senior Investment
Analyst

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

Chair’s Overview

Kingfish’s Investment Objectives
Achieve a high real rate of return, comprising both income
and capital growth within acceptable risk parameters
Access to a diversified portfolio of New Zealand quality,
growth stocks through a single tax-efficient vehicle
Absolute Returns
Diversified Portfolio

Corporate Governance
•ESG
•Climate Risk reporting

2024 Overview
Net profit / (loss)DividendNAV per shareShare price
$19.9m
(2023: -$19.5m)
10.83cps
(2023: 11.64cps)
$1.34
(2023: $1.40)
$1.25
(2023: $1.32)
Total shareholder
return*
Dividend return
Adjusted NAV
return*
Share price
discount to
NAV ^
+3.7%
(2023: -18.8%)
+8.5%
(2023: +7.7%)
4.6%
(2023: -3.6%)
6.5%
(2023: (5.7%))
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is
available on the Kingfish website.
^Share price discount/ (premium) to NAV (including warrant price on a pro-rated basis, when warrants are on issue).

2024 Overview – Continued
Portfolio Performance
For the year ended
31 March
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV
return*
+4.6%
(2023: -3.6%)
-0.9%+6.6%
Gross performance *
+6.3%
(2023: -2.7%)
+0.3%+8.6%
Benchmark Index ^
+1.9%
(2023: -1.9%)
-1.2%+4.2%
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP
Financial Information Policy which is available on the Kingfish website.
^ The S&P/NZX50G Index

Earnings per share
Earnings per
Share
20242023202220212020
Basic Earnings
per Share
(cents)
5.96-6.00-5.4956.280.75
Diluted
Earnings per
Share (cents)
5.96-6.00-5.4954.650.75

Use of Shareholders’ Funds
























12 months to 31 March 2024 ($m)

First three Months, FY 2025
1 April – 30 June 2024
Total shareholder return*
-4.4%
Adjusted NAV return*
-0.5%
NAV per share 30 June 2024
$1.31
Share price 30 June 2024
$1.17
Net loss
($2.4m)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial
Information Policy which is available on the Kingfish website.

Warrants
•Capital Management Programme
•83.1m KFLWH warrants issued 6 July 2023 with an initial
exercise price of $1.37
•Final exercise price $1.26
•Exercise date 26 July 2024
•1.28% (1.1m) warrants exercised

Matt Peek
Portfolio Manager
Manager’s Review

Agenda
1.FY2024 review
2.Kingfish portfolio insights
3.20 years of the Kingfish approach
4.Outlook

1. FY2024 review

Manager performance in Financial Year 2024
+6.3%
+1.9%
-
+1%
+2%
+3%
+4%
+5%
+6%
+7%
Kingfish gross performance returnS&P/NZX50G index

NZ economy weakened materially over FY2024
-2%
-
+2%
+4%
+6%
Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24
(Trend through COVID period)
Weakness
during
FY2024
NZ annual real GDP growth
“New Zealand is experiencing an economic
downturn as interest rates have been increased
to tackle high inflation. This downturn is deeper
and more persistent than previously expected”
NZ Government Budget, May 2024

Inflation and interest rate dynamic has matured
Source: Bloomberg
NZ inflation is nearing the 1-3% target ...... with restrictive interest rate settings still in place
◼ NZ OCR
◼ NZ CPI
◼ US CPI
0%
2%
4%
6%
8%
10%
Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024
FY2024
progress
-
2%
4%
6%
8%
10%
Jun 2006Jun 2009Jun 2012Jun 2015Jun 2018Jun 2021Jun 2024
Long term
neutral
(2.75%)

2. Kingfish portfolio insights

Portfolio company performance in FY2024
Source: Bloomberg; Note: Total shareholder return, Vulcan since first purchase
-24%
-18%
-13%
-11%
-3%
-2%
-2%
2%
9%
16%
17%
19%
21%
33%
44%
-50%
-25%
0%
25%
50%
EBOS
Delegat
Ryman
Healthcare
Port Of Tauranga
Auckland Airport
Freightways
F&P Healthcare
Mainfreight
a2 Milk
Meridian Energy
Contact Energy
Vulcan Steel
Infratil
Summerset
Vista
Total shareholder return

Portfolio management: FY2024 and FY2025 to date
LargerSmaller
Target weight
changes (net)

Acyclical growth drove performance
Source: Company releases
118
126
175
300+
-
$100m
$200m
$300m
$400m
2022
(actual)
2023
(actual)
2025
aspiration
Post
transition
New product suite driving recurring revenue growth
Strong demand led capacity growth
0 MW
500 MW
1000 MW
1500 MW
2000 MW
2H201H212H211H222H221H232H231H242H241H25
Development pipeline
Capacity under construction
Data Centre capacity (built)

Short-term dynamics create opportunity
Source: Bloomberg, Fisher Funds; Note: * Estimate
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
FY17FY18FY19FY20FY21FY22FY23FY24*
Underlying business and growth remains strong despite contract loss
c8% per year
ex CW contract
c12% earnings per share
growth (per year)
FY19-FY24

2. 20 years of the Kingfish approach

A long-term quality growth mentality
Benefiting from backing quality growth companies...
(2004 +)
(2004 +)
(2010 +)
(2009 +)
(2011 +)
... but adapting as required
(2015 +)
(2012 +)
(2015 +)

... and the results are in
6.6%
10.1%
4.2%
8.0%
0%
2%
4%
6%
8%
10%
12%
Last 5 years (p.a.)
FY20-FY24
20 years since inception (p.a.)
FY05-FY24
Kingfish (Adj. NAV Return)S&P/NZX 50

3. Outlook

FY2025 first 4 months performance (to 31 July 2024)
5.6%
2.5%
+1%
+2%
+3%
+4%
+5%
+6%
Kingfish gross performance returnS&P/NZX50G index

Outlook
•NZ economy remains subdued (especially consumer, cyclical)
•RBNZ poised to cut interest rates from cyclical highs
•Global economic growth despite geopolitical tensions
•Ongoing focus on responsible investment considerations
•Maintain consistent strategy: wide moats, long growth runways,
exceptional management

General Questions from
Shareholders
(not relating to resolutions)

Annual Meeting
2024 Resolutions

2024 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
–Re-elect David McClatchy
–Auditor remuneration

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

Resolution 2
Re-election of David McClatchy
To re-elect David McClatchy as a Director of Kingfish Limited

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

---

Kingfish Limited
Phone +64 9 489 7094
Fax +64 9 489 7139
Private Bag 93502
Takapuna, Auckland

8 August 2024
Kingfish Limited Annual Meeting
Chair’s Address from Andy Coupe
[Slide: Kingfish Limited Annual Meeting of Shareholders]
Welcome to the 20th Kingfish annual meeting of shareholders, I’m Andy Coupe, Chair of Kingfish.
We’ve again 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 Matt Peek the Kingfish Portfolio Manager, and next to Matt is Wayne Burns the
Corporate Manager.
Also here today, in the audience, are Senior Investment Analysts Zoie Regan and Michael Bacon.
We are also pleased to have here 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 2023 annual shareholders’ meeting held on 4 August 2023 are
available at the registration desk and are also on the Kingfish website.
• The 2024 annual report has been circulated to shareholders – additional copies are
available at the registration desk and can also be found on the Kingfish website.

Today I’ll give a brief summary of the Kingfish 2024 financial year and an update of the year to date,
and then Kingfish’s Portfolio Manager, Matt Peek will review the Kingfish 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 as set out in the Notice
of Meeting.
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 at 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 at this meeting.

[Slide: Kingfish’s Investment Objective]
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 New Zealand quality, growth stocks
through a single tax-efficient investment vehicle.

Matt will speak to the portfolio over the past financial year and the growth characteristics of the
stocks that form the portfolio in his manager review.


[Slide: Corporate Governance]
Turning now to corporate governance.
Kingfish does not have a formal environmental, social, and governance (ESG) framework. However,
the Manager does have a formal ESG framework which governs stock selection, to which the Kingfish
board is fully supportive and committed.
The Financial Sector (Climate-related Disclosure and Other Matters) Amendment Act 2021
introduced the new financial reporting requirement for Climate Reporting Entities (CREs), and
Kingfish is designated as a CRE and is therefore required to produce an annual climate-related
disclosure report.
The purpose of the climate reporting is to provide transparency regarding a company’s contributions
to climate change and the efforts being made to mitigate those impacts. In the case of an
investment company like Kingfish, this means that we’re talking about the underlying portfolio
companies that Kingfish invests in.
The evaluation of climate risks and opportunities has always been part of the Manager’s STEEPP
analysis, ESG framework and responsible investing policy. However, the Manager has developed a
new and more detailed lens on climate risks and opportunities, evaluating all of the investments in
the portfolio in terms of their disclosed exposure to climate change and the potential impact of that
change on portfolio company performance.

Kingfish lodged it first Climate Statement last week on the 31
st
July. It’s available on the Kingfish
website. Next year we will be required to include Scope 3 emissions in addition to the Scope 1 and 2
requirements this year. This will make an already complex Climate Statement even more complex.

[Slide: 2024 Overview]
Those of you who have had a chance to review the annual report will be aware of many of the
following performance numbers.
• Kingfish recorded a NPAT of $19.9m. (A healthy turnaround from the prior year).
• Total shareholder return, being the performance of the share price and warrant price
plus dividends paid to shareholders, was 3.7%, the return being negatively impacted by
share price weakness.
• Kingfish’s regular dividends continued to contribute to the Total Shareholder Return
with 10.83 cents per share paid in dividends during the year, which is equivalent to a
dividend return, not a dividend yield, of +8.5%. These returns are calculated based on
the average share price for the year.
• The overall net asset value (NAV) per share fell from $1.40 (as at 31 March 2023) to
$1.34 (as at 31 March 2024)
• The adjusted NAV return was 4.6% for the year, which represents the net return to an
investor after capital allocation decisions and after expenses, fees and tax.


[Slide: 2024 Overview - Continued]
This table 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.
The Kingfish portfolio has out-performed the benchmark index over all these periods. So, while
returns have been volatile over the last 3 years, we are pleased that the portfolio has achieved its
objectives over the longer term, and we believe it represents a very reasonable outcome for most
shareholders.
Matt will discuss the New Zealand share market dynamics and a more detailed description of how
the portfolio performed and how it is positioned shortly in the Manager’s Review.


[Slide: Basic and Diluted Earnings per Share]
This chart shows the earnings, or in the case of 2022 and 2023 years, the loss per share.
Looking at the 2021 years spectacular return, it’s a potent reminder of how variable share market
returns can be, and the degrees of volatility that equity markets can experience from time to time.


[Slide: Use of Shareholders’ Funds]
Turning now to Shareholders’ Funds
This chart shows that the Kingfish NAV of $462m (as at 31 March 2023) decreased by a net $4m to
$458m (as at 31 March 2024).
The movements during the year as represented by the blue, yellow and red columns were:
- the $19.9m net profit,
- less $36m dividends paid and $1m of share buybacks,

- but adding back $13m for dividends reinvested by shareholders.

[Slide: First three months, FY 2025]
The first three months of the new financial year show the ongoing impact from pressures and
concerns regarding inflation, high central bank interest rates, supply chain disruption, and the
ongoing geo-political issues.
This slide provides a snapshot of the first three months of the current financial year to 30 June 2024:
• Total shareholder return for the three months was down -4.4% - driven by the share
price decrease from $1.25 (31 March) to $1.17 (30 June) and the June dividend.
• As at 30 June, the NAV per share was $1.31, slightly down on the March NAV of $1.34 –
but again that was after a dividend of 2.65 cents per share paid on 27 June.
• The adjusted NAV return for the first three months of the 2025 financial year was down
slightly -0.5%.
• This performance to date, translates to a net loss of -$2.4m for the three months to 30
June.

[Slide: Warrants]
As part Kingfish capital management programme we made a pro rata warrant issue to eligible
shareholders in July last year.
83.1m warrants were issued, with an exercise date of 26 July 2024.
The final exercise price for the warrants was $1.26
The warrants were just out-of-the-money in the lead up to the exercise date and therefore only
1.28% (1.1m) warrants were exercised.

Closing remarks
The past twelve months have been challenging. However, we were pleased to see the strong second
half performance, with the Manager turning around a half year (30 September 2023) loss of
($14.7m) to end the financial year with a $19.9m net profit.
The investment strategy of focussing 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.
In closing my annual meeting address, and on behalf of the board, I’d like to thank you for your
continued support of Kingfish.
I will now hand over to Matt Peek, Portfolio Manager of Kingfish.

ENDS